TCRAP_Public/110302.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, March 2, 2011, Vol. 14, No. 43

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Sells U.S. Assets to Blackstone for US$9.4MM
GIACONDA LIMITED: Placed in Voluntary Administration
GRIFFIN COAL: Creditors Approve Asset Sale to Lanco
NSW SUGAR: Broadwater Co-Generation Plant in Receivership
OPES PRIME: Former CEO to Stand Trial to 26 ASIC Charges

REDGROUP RETAIL: Owes Creditors $118 Million
REDGROUP RETAIL: Troubled Bookstores Face Closure This Week


C H I N A

HONG LEONG: Fitch Affirms Support Rating Floor at 'BB+'


H O N G  K O N G

ART CITY: Commences Wind-Up Proceedings
CHENGYI CULTURAL: Placed Under Voluntary Wind-Up Proceedings
EASY POINT: Huen Ho and Huen Yuen Appointed as Liquidators
HOUGHTON OIL: Creditors' Proofs of Debt Due March 11
JARDINE TECHNICAL: Creditors' Proofs of Debt Due March 18

SINOTRANS (HK): Members' Final Meeting Set for March 30
STAREASTWORKS CONCEPT: Chan Chung Mo Steps Down as Liquidator
WELL BRIGHT: Chan Chung Mo Steps Down as Liquidator
WELWITCHIA RESSURGENCIA: Creditors' Proofs of Debt Due April 15


I N D I A

BHAVIN STEEL: ICRA Assigns 'LBB-' Rating to INR10cr Bank Debts
CHANVIM ENGINEERING: ICRA Puts 'LBB+' Rating on INR5cr Bank Debts
CYBERWALK TECH: ICRA Reaffirms 'LBB' Long-Term Rating
ELLENBARRIE INDUSTRIAL: ICRA Puts 'LBB+' Rating on Term Loans
EURO SAFETY: CRISIL Assigns 'B+' Rating to INR79.7MM Term Loan

JOGANI EXPORTS: CRISIL Assigns 'P4+' Rating to Packing Credit
M.P. SHAN: CRISIL Rates INR424.3 Million LT Loan at 'B+'
MITSU CHEM: ICRA Assigns 'LBB-' Rating to INR11.89cr Bank Lines
NAGARSING SANGMA: CRISIL Assigns 'BB-' Rating to INR1M Cash Credit
NAJEEM CASHEW: CRISIL Assigns 'B-' Rating to INR5MM Cash Credit

POLYCHROIC PETROCHEMICALS: CRISIL Cuts Cash Credit Rating to 'B-'
PSTS HEAVY: ICRA Assigns 'LC' Rating to INR1.5cr Cash Credit
PSTS LOGISTICS: ICRA Assigns 'LC' Rating to INR6cr Cash Credit
R. T. STAR: CRISIL Cuts Rating on INR182MM Packing Credit to 'P5'
R. T. STAR SOLITAIRES: CRISIL Cuts Rating on Bank Debts to 'P4'

RANA GIRDERS: ICRA Suspends Ratings on INR38cr Bank Limits
ROGER INDUSTRIES: CRISIL Assigns 'BB' Rating to INR27.3MM Loan
ROYAL ENERGY: ICRA Assigns 'LBB-' Rating to INR13cr Bank Limits
SHAHEEN FROZEN: CRISIL Assigns 'B+' Rating to INR65 Mil. LT Loan
SHIVANGI METAL: CRISIL Assigns 'BB' Rating to INR16.2MM Term Loan

SREE AKKAMAMBA: ICRA Reaffirms 'LBB+' Rating on INR38.68cr Loans
STAR COTSPIN: ICRA Assigns 'LBB' Rating to INR15cr LT Loan
SUPREET CHEMICALS: ICRA Assigns 'LBB+' Rating to INR5.9cr Limits
TRISHA INFRASTRUCTURE: CRISIL Rates INR200MM Term Loan at 'B'
VARRON INDUSTRIES: CRISIL Assigns 'BB' Rating to INR86.6MM Loan

WADPACK: CRISIL Downgrades Rating on INR60MM Cash Credit to 'B+'


I N D O N E S I A

BERLIAN LAJU: S&P Affirms Corporate Credit Rating at 'B-'


J A P A N

JAPAL AIRLINES: To Shift Fleet to Smaller Planes


M A L A Y S I A

EON BANK: Fitch Maintains Individual Rating at 'C/D'
HOCK SIN: 36th Annual General Meeting Slated for March 25
NAM FATT: RBS Sues Thailand Unit Over THB852.47 Million Debt
NV MULTI: Posts MYR7.65 Million Net Loss in Qtr Ended December 31
VASTALUX ENERGY: Appoints Rosthman Bin Ibrahim as Chairman


N E W  Z E A L A N D

EQUITABLE MORTGAGES: Too Soon to Estimate Recovery, Receivers Say
NEW ZEALAND LOCAL: AM Best Cuts Financial Strength Rating to 'B'


S I N G A P O R E

PASIR PANJANG: Creditors Get $1.922 Per Share Recovery on Claims
PWB - RUHLATEC ASIA: Creditors Get 6.4% Recovery on Claims
RAYMOND FORKLIFT: Creditors Get 20% Recovery on Claims
SITOCA MARKETING: Court to Hear Wind-Up Petition on March 11
STD IMPEX: Court Enters Wind-Up Order


V I E T N A M

DOT VN INC: Hi-Tek Inks Pact to Develop Vietnam Language IDNs


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


CENTRO PROPERTIES: Sells U.S. Assets to Blackstone for US$9.4MM
---------------------------------------------------------------
Centro Properties Group announced Tuesday a proposed restructure
as follows:

* US Assets Sale

   Following a competitive market process, Centro and its managed
   funds have entered into a binding stock purchase agreement
   with BRE Retail Holdings, Inc, an affiliate of Blackstone Real
   Estate Partners VI, L.P. to sell all of their U.S. assets and
   platform for an enterprise value of approximately US$9.4
   billion;

* Headstock Debt Restructure

   Centro has agreed with holders of approximately 73% of Centro's
   senior debt to progress a creditors scheme of arrangement to
   effect the cancellation of all Centro's senior debt in
   consideration for substantially all Centro's Australian
   assets.  The Senior Lender Group has agreed that, subject to
   conditions (including all relevant approvals being provided
   for the creditors scheme and the amalgamation described below
   being implemented), $100 million will be made available for
   ordinary securityholders and other stakeholders who are junior
   to the senior lenders; and

* Discussions of Australian Funds Amalgamation

   Centro has entered into discussions with its senior lenders,
   Centro Retail Trust, and other Australian managed funds with
   a view to amalgamating their respective portfolios to create
   a listed fund owning a retail property portfolio of high
   quality Australian regional and sub-regional shopping centres.
   Centro's share of the Amalgamated Fund would be distributed
   to its senior lenders as part of the scheme of arrangement
   described above.

Centro Chairman Paul Cooper said, "We have previously said that
the capital structure of Centro is unsustainable in its current
form.  The Headstock Debt Restructure, if approved, will return
Centro to a positive equity position and potentially allow Centro
to return some value to its stakeholders."

"Separately, for those managed funds of Centro which are involved
in the funds amalgamation, likely to include CER, Centro Australia
Wholesale Fund and the Direct Property Fund, this proposal will
address capital structure issues and result in a stable and
appropriately capitalized new entity with a leading Australian
portfolio of retail centres, a market leader in retail syndicate
funds management and a demonstrably strong property management
team."

                          US Assets Sale

Following the completion of a competitive market process, Centro
and its managed funds received a number of bids for its U.S.
platform and portfolios.  After thorough due diligence and review
of alternative proposals, Centro and its managed funds have
entered into a binding stock purchase agreement with Blackstone
(subject to conditions described below) to sell the group's US
assets and its US Services Business.  The sale is expected to
close around the middle of 2011.

Centro's US platform is being acquired for an enterprise value of
approximately US$9.4 billion, including the US real estate assets
acquired at a 1.3% discount to Dec. 31, 2010, book values, with
value also being attributed to the US Services Business and other
net tangible assets.  The total equity proceeds for Centro, Centro
Retail Trust and its other managed funds are US$1.38 billion.

Proceeds that will flow to CNP from its direct US property
investments and equity investments in managed funds likely to be
wound-up as a result of the US sale, are anticipated to be
approximately US$600 million, facilitating the repayment of debt.

The US sales contract contains conditions customary for a
transaction of this nature.

As at Dec. 31, 2010, CNP had net tangible assets attributable to
members of negative $2.43.  The 1.3% discount plus transaction
costs will result in a reduction in net tangible assets
attributable to members of $0.08 per security.  This would cause
net tangible assets attributable to members to move to negative
$2.51.

Governance protocols and memoranda of understanding between Centro
and its managed funds setting out governance and due diligence
measures were observed during the process.  This has enabled each
fund to assess the transaction as being in the best interests of
its investors and to manage conflicts.

Proposed Amalgamation of Assets of Centro, CER and Centro's
Australian Asset Owning Managed Funds

Centro has entered into discussions with CER, CAWF, DPF and
certain Australian Centro MCS syndicates to aggregate the assets
of the funds following the completion of the US assets sale.  The
proposed amalgamation would aim to create a premier portfolio of
Australian regional and sub-regional shopping centres.

Substantial further work is required to finalize and implement a
funds restructure.  At this stage, there can be no certainty that
it will occur, in precisely what form or of the composition of the
entities which will ultimately form part of the Amalgamated Fund.

Further updates around a potential amalgamation will be provided
to all securityholders in due course.

                     Headstock Debt Restructure

Centro and its Senior Lender Group have entered into a Heads of
Agreement to effect a restructure of Centro's headstock debt
facilities.

As part of this debt restructure, the Senior Lender Group have
made available $100 million to be applied for the benefit of
ordinary securityholders and other stakeholders who are junior to
the senior lenders, as determined by the Centro Board of
Directors.

The Centro Board of Directors believe this amount is the best
outcome that can be achieved for stakeholders in the circumstances
having regard to Centro's negative net asset position, and
following extensive and prolonged negotiations with the Senior
Lender Group.

Stakeholders should be aware that the Headstock Debt Restructure,
and therefore receipt of these funds, is contingent on a number of
events occurring, including the amalgamation of the Australian
funds in a form acceptable to the Senior Lender Group, and
relevant stakeholder approvals being obtained once the transaction
structure is finalized.

On completion of the debt restructure, all Centro's external
senior debt would be extinguished, and Centro would have no
substantial assets other than a cash sum of up to $100 million.

An Independent Expert will be appointed to opine on the
transaction for the benefit of investors.

                Further Comments from Chairman &
                 Group Chief Executive Officer

Centro Chairman, Paul Cooper, said "The steps announced []
represent major milestones for Centro and its managed funds.  The
detailed and complex restructure analysis we have undertaken has
finally come to fruition.  We believe that these outcomes
represent the best possible solution for all stakeholders."

"After the completion of our competitive market process, we are
very pleased to announce the sale of our US assets. We carefully
reviewed and analyzed all bids for our entire US platform as well
as individual portfolios and the final bid from Blackstone
represented the best offer for our stakeholders," said Mr Cooper.

"As we have previously stated, in view of Centro's Dec. 31, 2010,
equity position of negative $1.6 billion and the Dec. 15, 2011,
maturity of its senior debt facilities, we did not underestimate
the challenge of delivering value to all stakeholders through this
process.  The $100 million made available for ordinary security
holders and other stakeholders who are junior to the senior
lenders is the result of intensive negotiations between Centro and
its lender group, but remains contingent on a number of
conditions," said Mr. Cooper.

Centro Group Chief Executive Officer and Managing Director,
Robert Tsenin, said "The thorough and rigorous restructure process
we have undertaken with our advisers, and working constructively
with our lenders and their advisers, has resulted in this outcome,
which we believe delivers the maximum value to all stakeholders."

"While it will no longer be held for the benefit of Centro stapled
securityholders, the potential amalgamation of the group's
Australian property and management interests could be a very
attractive, stable and appropriately capitalized new fund.  It
would also enable the Amalgamated Fund to preserve its leading
Australian property portfolio and syndicate and property
management business.  There are significant organic development
opportunities embedded within the portfolio that could be
undertaken following an amalgamation with an appropriately
capitalized balance sheet," said Mr. Tsenin.

Centro cautions that the structuring of these transactions is not
yet complete, and they are subject to a number of conditions and
all relevant approvals being obtained.  Until all conditions are
met, there can be no assurance that any transaction will take
place. Centro stapled securityholder approval will be required.
Until the transaction structure is finalized it is not possible to
be definitive about what other approvals, if any, are required.

In order to obtain the commitment of the senior lenders that $100
million will be made available for ordinary securityholders and
other junior stakeholders, Centro has agreed with the Senior
Lender Group that if the necessary approvals are not obtained to
implement the Fund Amalgamation and the Headstock Debt Restructure
despite the best endeavors of the parties, Centro will work with
the Senior Lenders to implement a transaction by alternative
means.  In that case, the $100 million would not be available for
ordinary securityholders and other stakeholders which are junior
to the senior lenders.

Centro will continue to update the market with further information
as appropriate.

Moelis & Company and J.P. Morgan Securities LLC acted as financial
advisers to Centro on the sale of its US interests.  Freehills and
Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates acted as
legal advisers to Centro.  Moelis & Company and Lazard continue as
restructuring advisers to Centro.

Blackstone's advisors are Wells Fargo, Deutsche Bank Securities
and Barclays Capital.  Blackstone's attorneys are Simpson, Thacher
& Bartlett LLP.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2010, the Sydney Morning Herald said indicative bids for
Centro Properties' AU$13.5 billion worth of assets were lodged on
Dec. 17, 2010, and the list of bidders includes large Australian
retail landlords.  Offers for the U.S. assets are said to be
coming mainly from private investors and hedge funds, which pay
lower costs due to the low interest rates in the U.S. but are
happy to take on some of the Centro debt.  Another interested
party is said to be the Israel-based Gazit Globe.  Among the
interested buyers for some or all of the malls are Westfield, Lend
Lease's Australian Prime Property Fund, CFS Retail Trust,
Queensland Investment Corp, and the Singapore Government
Investment Corp.  According to SMH, Centro decided in Nov. 2010 to
put all its assets on the block after having received approval to
refinance the next round of debt.

SMH said the sale of the assets comes almost three years to the
day that Centro's former chief executive, Andrew Scott, and the
board revealed the group did not have the funds needed to pay the
AU$4 billion of debt that was due in December 2007.  That resulted
in the shares of the company dropping in value by as much as 90%,
SMH added.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2010, CNP secured a one-year extension from December 31, 2010, to
December 31, 2011, for US$2.3 billion of debt within Super LLC (a
joint venture of CNP, Centro Retail Trust and Centro MCS 40).  The
extension includes Super LLC's US$1.7 billion bridge term loan
(US$1.2 billion CNP, US$0.5 billion CER) and US$580.0 million of
additional debt.

                       About Centro Properties

Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.


GIACONDA LIMITED: Placed in Voluntary Administration
----------------------------------------------------
Giaconda Limited on Feb. 25, 2011, appointed Nicholas Crouch of
Crouch Amirbeaggi Insolvency Accountants as its voluntary
administrator.  The directors of Giaconda Limited also applied to
the Australian Securities Exchange for the suspension of its
securities from trading.

"The Company has attempted to conserve its cash and raise
additional funds to support its ongoing operations until RedHill
Biopharma Ltd had commenced paying royalties on one of the
Myoconda, Heliconda, or Picoconda patents which were sold on
Aug. 31, 2010.  However, those patents are still early stage
treatments which have yet to be commercialized," CEO and Acting
Chairman Patrick McLean said in a statement.

"The Company had also unsuccessfully sought funding to develop the
two remaining patents in its portfolio (being Hepaconda and
Ibaconda) to the point where those patents could be licensed or
sold.  However, difficult market conditions and an ability to
obtain sufficient funding have impeded the Company's progress in
attempting to commercialize those patents.

"The directors have resolved to place the Company into voluntary
administration as the outlook for the immediate future remains
unchanged and are of the view that the Company is no longer a
going concern," Mr. McLean added.

                       Administration Process

The administrator will contact creditors of the Company as part of
the administration process and will explain to creditors the
process and likely timeframe of the administration.  Shareholders
should note that any off market transfer of shares during the
period of administration is void, except if the transfer is with
the administrator or Courts consent.

Minimum Risk Pty Ltd has agreed to fund the administration
process.  Minimum Risk is a creditor of the Company.  It presently
intends to propose a deed of company arrangement which be put to
creditors at the second creditors meeting.  The provision by
Minimum Risk of funding for the voluntary administration process
is conditional upon its proposed deed of company arrangement being
approved.

                       About Giaconda Limited

Based in Australia, Giaconda Limited (ASX: GIA) --
http://www.giacondalimited.com/-- is engaged in the development
and commercialization of therapies for gastrointestinal diseases
and disorders.  It operates from Sydney, New South Wales,
Australia.  It will conduct clinical trials in the United Kingdom,
Australia, Europe and North America.  Myoconda is a triple
antibiotic therapy to treat moderate to severe Crohn's disease.
Hepaconda is a dual therapy to treat Hepatitis C virus, especially
genotype one. Heliconda is a triple therapy to treat resistant
Helicobacter pylori infection. Ibaconda is a dual therapy to treat
constipation predominant Irritable Bowel Syndrome. Picoconda1 is a
bowel preparation designed to reduce the poor taste of present
bowel preparation products.  On Aug. 16, 2010, the Company entered
into an agreement to sell all of the intellectual property in
Myoconda, Picoconda and Heliconda.


GRIFFIN COAL: Creditors Approve Asset Sale to Lanco
---------------------------------------------------
Amanda O'Brien at The Australian reports that creditors of Griffin
Coal Mining Co. approved the sale of the company to Lanco
Infratech Ltd. for AU$830 million.

A meeting in Perth of about 60 creditors, including overseas
firms, on Monday approved the sale, which will be finalized early
next week, The Australian relates.

Administrator Korda Mentha said the first dividend of about 48
cents in the dollar would be paid in early May, followed by a
series of installments over four years, according to The
Australian.

The Australian notes that there was no dissent to the sale on
Monday, after Korda Mentha's Brian McMaster warned the creditors
they would get far less if they wound up the business.  "Placing
the company into liquidation will prevent the Lanco sale agreement
from completing and, in our view, make it more difficult to
attract a purchaser," Mr. McMaster said at the meeting.

"Further, in the event of a forced closure of the business, we
consider that any return to unsecured creditors would be
substantially less than that offered."

                         About Griffin Coal

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

                           *     *     *

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


NSW SUGAR: Broadwater Co-Generation Plant in Receivership
---------------------------------------------------------
The Northern Star reports that joint owner NSW Sugar Milling of
the troubled co-generation plant at Broadwater said it placed the
plant into receivership.

The co-op's Chief Executive Officer Chris Connor said the project
suffered cash flow problems after the price of renewable energy
certificates plummeted, according to The Northern Star.

"The appointment (of receivers Ferrier Hodgson) comes after the
joint venture partners had travelled down a lot of paths to try
and make the project successful," The Northern Star quotes Mr.
Connor as saying.  The co-op, which has already written off its
share of the AU$22 million project, would now also write down
assets of about AU$30 million, he added.

Mr. Connor said troubles at the plant would not significantly
affect the financial position of the co-op nor would any jobs be
lost, The Northern Star discloses.


OPES PRIME: Former CEO to Stand Trial to 26 ASIC Charges
--------------------------------------------------------
Former CEO and director of Opes Prime Stockbroking Ltd,
Lirim (Laurie) Emini, was on Monday, Feb. 28, committed to stand
trial in the Victorian Supreme Court after pleading not guilty to
26 charges brought by the Australian Securities and Investments
Commission.

Mr. Emini of Templestowe, Victoria, did not contest his committal
in the Melbourne Magistrates' Court and was ordered to appear in
the Supreme Court on March 21, 2011.

ASIC alleges that on a number of occasions between July 2006 and
February 2008, Mr. Emini caused the transfer of securities between
OPSL and another company of which he was a director, Leveraged
Capital Pty Ltd.  The value of those securities are reported to be
over AU$100 million.

Mr. Emini is facing 22 charges that, in causing the transfers to
be made, he was intentionally dishonest and failed to exercise and
discharge his duties in good faith in the best interests of OPSL
and Leveraged Capital.

Mr. Emini is also charged with four separate offences of breaching
his duties as a director of OPSL and associated companies.  ASIC
alleges that on March 20, 2008, shortly before OPSL collapsed, the
directors signed financial documentation with ANZ Bank to obtain a
term loan for OPSL and its parent company, Opes Prime Group
Limited and pledged the companies' assets as security to meet the
obligations of Leveraged Capital.

Mr. Emini was released on bail subject to these conditions:

    * He surrenders his passport;
    * He does not leave Australia or attend any international
      point of departure;
    * He does not contact any witnesses or his co-accused ; and
    * He resides at his residential address.

Mr. Emini's co-directors, Anthony Blumberg and Julian Smith, also
appeared in the Magistrates' Court on Monday for the first day of
their committal on the ASIC charges.  Messrs. Smith and Blumberg
have each been charged with four offences of breaching their
duties as directors of OPSL and of OPGL in relation to the
March 20, 2008 transaction with the ANZ Bank.

Mr. Blumberg requested and was granted an adjournment of his
committal until March 11, 2011.  He has yet to enter a plea.

Mr. Smith has pleaded not guilty and his committal was adjourned
until March 7, 2011.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

                             Background

In addition to the criminal investigation undertaken by ASIC
following the collapse of OPSL on March 27, 2008, which has
resulted in the charges detailed above, ASIC's investigation into
OPSL has also considered how any return available to OPSL
creditors might be maximized.

ASIC entered into a formal mediation process with the OPSL
liquidators, ANZ Bank and Merrill Lynch to consider a commercial
resolution to claims by ASIC and the administrators.

On March 6, 2009, ASIC announced that that it would provide the
necessary releases to allow a settlement offer to be put to OPSL
creditors.  Following a meeting of creditors on Aug. 4, 2009, the
Federal Court approved the Schemes of Arrangement.  The schemes
are expected to deliver a sum of AU$253 million and a return of
around 37 cents in the dollar to OPSL creditors.  An interim
dividend of 30 cents was paid by the scheme administrators on
Dec. 16, 2009.

ASIC's investigation also considered issues arising from the
disclosure obligations of the OPSL financiers and the ANZ's
internal review of its securities lending/equity financing
business.  On March 6, 2009, ASIC announced that it had put in
place an enforceable undertaking from the ANZ which required ANZ
to complete a program to remedy deficiencies in operational
procedures across the ANZ Custodian Services business, including
its securities lending operations.

                         About Opes Prime

Opes Prime Group Ltd was an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducted business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.

Sal Algeri and Chris Campbell from the Deloitte Corporate
Reorganization Group were appointed by a secured creditor, ANZ
Banking Group Ltd., as Receivers and Managers of Opes Prime Group
Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and
Hawkswood Investments Pty Ltd.

The TCR-AP reported on Oct. 17, 2008, that Opes Prime's creditors
voted on Oct. 15, 2008, to liquidate Opes Prime Stockbroking
Limited.  According to the Australian Associated Press, the
decision of the creditors will allow the liquidator to pursue
claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.

About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of Opes
-- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a pool
of nearly AU$1.6 billion in shares soon after the Opes collapse,
in a bid to recover money owed to them by Opes, the AAP said.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on Sept. 22, 2008, the AAP
noted citing Ferrier Hodgson.


REDGROUP RETAIL: Owes Creditors $118 Million
--------------------------------------------
Inside Retailing Online reports that REDgroup Retail Pty has debts
of $118 million.

Creditors of the failed company were told by administrator Ferrier
Hodgson that the company had cash of just $6.4 million when it
went into administration, according to Inside Retailing Online.
The report relates that it has stock worth $119.9 million and $6.4
million in cash.  However, staff is owed $7.8 million, Inside
Retailing Online says.

Inside Retailing Online notes that Ferrier Hodgson's Steve Sherman
said the first round of store closures will be decided upon early
this week.

But it appears from initial reports that the Supa News Business,
the Singapore Borders operation and the Calendar Club venture will
continue to operate unaffected by the administration as these arms
are reportedly trading profitably, the report adds.

                     About REDgroup Retail

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

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

The REDgroup companies in Administration include:

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

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


REDGROUP RETAIL: Troubled Bookstores Face Closure This Week
-----------------------------------------------------------
ABC Melbourne reports that some of the poorer performing Angus &
Robertson and Borders bookstores could be shut down within a week.

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

The REDgroup companies in Administration include:

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

Steve Sherman, the administrator of the bookstores, said he will
know within days which stores will be forced to close, according
to ABC Melbourne.  The report relates that Mr. Sherman said while
some of the 193 stores could face imminent closure, fewer than
half will shut down.

"If stores close, there will be retrenchments.  That's inevitable.
What we need to do is ensure that is communicated directly to the
staff and we will do that with the assistance of management," ABC
Melbourne quotes Mr. Sherman as saying.

ABC Melbourne notes that National Workers Union spokesman Dominic
Melling said employees are not being told whether they will be
made redundant and they feel as though they are being left out of
the loop.

                      About REDgroup Retail

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


=========
C H I N A
=========


HONG LEONG: Fitch Affirms Support Rating Floor at 'BB+'
-------------------------------------------------------
Fitch Ratings has affirmed Hong Leong Bank Berhad's Long-Term
Foreign Currency Issuer Default Rating at 'BBB+' with Stable
Outlook'.  The agency is also maintaining HLB's '3' Support Rating
and 'BB+' Support Rating Floor on Rating Watch Positive.

The rating actions consider HLB's proposed MYR5.06bn acquisition
of the assets and liabilities of EON Capital, the holding company
of EON Bank ('BBB-'/RWP).  The legal dispute between Primus
Pacific and certain shareholders and directors of EON Cap
continues to delay the acquisition.  Primus Pacific is a private
equity fund and EON Cap's largest shareholder.

Because of the legal dispute and the consequent uncertainty over
the proposed deal's completion, the Support Rating and Support
Rating Floor have been kept on Watch.  Fitch expects to resolve
the Watch once there is greater clarity on the outcome of the
proposed deal.  The acquisition is expected to increase the bank's
systemic importance and the likelihood of state support, should
the need arise.

HLB's IDR and other ratings have been affirmed as Fitch expects
the bank's financial fundamentals to remain satisfactory after the
proposed acquisition.  Although the transaction will consume
capital, Fitch expects management to restore capital to
satisfactory levels.  This reflects the agency's expectation that
financing plans made in early 2010 will be reassessed to take into
account the growth of both HLB and EON Bank, should the deal
materialize.  The Stable Outlook reflects the agency's view that
the bank's credit profile will continue to be reasonably robust
post-acquisition, and that potential integration issues are likely
to be mitigated by HLB's conservative management.

Fitch took similar rating actions on 26 November 2010 and 12 July
2010 with regard to the proposed deal to reflect capital-
restorative measures such as a proposed rights issue and hybrid
capital issues, the prospect of greater diversification and
enhanced systemic importance.

The proposed acquisition will make HLB the fourth-largest bank in
Malaysia (previously sixth-largest) by asset size, and also
increase its branch network.  With the acquisition, Fitch
estimates the bank's market share of loans and deposits will
respectively rise to 9% and 10% from 5% and 6% at end-September
2010.

If the proposed acquisition does not occur, Fitch expects HLB's
financial profile to remain little changed prior to its bid for
EON Cap.  The Support Rating and Support Rating Floors are likely
to be affirmed at their current levels.

HLB's ratings are:

  -- Long-term foreign currency IDR affirmed at 'BBB+' with a
     Stable Outlook;

  -- Short-term foreign currency IDR affirmed at 'F2';

  -- Individual rating affirmed at 'C';

  -- Support Rating of '3' remains on RWP;

  -- Support Floor of 'BB+' remains on RWP; and

  -- Long-term deposits affirmed at 'A-'.


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


ART CITY: Commences Wind-Up Proceedings
---------------------------------------
Members of Art City (Hong Kong) Limited, on Feb. 23, 2011, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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


CHENGYI CULTURAL: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Feb. 12, 2011,
creditors of Chengyi Cultural Institute Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Chai Shi
         Unit A, 6/F, Block 2
         Venice Garden
         1 Po Wing Street
         Sheung Shui
         N.T., Hong Kong


EASY POINT: Huen Ho and Huen Yuen Appointed as Liquidators
----------------------------------------------------------
Messrs. Huen Ho Yin and Huen Yuen Fun on Jan. 21, 2011, were
appointed as liquidators of Easy Point Logistics Limited.

The liquidators may be reached at:

         Messrs. Huen Ho Yin
         Huen Yuen Fun
         22nd Floor
         9 Des Voeux Road West
         Hong Kong


HOUGHTON OIL: Creditors' Proofs of Debt Due March 11
----------------------------------------------------
Creditors of Houghton Oil and Chemicals (Far East) Company
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by March 11, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 11, 2011.

The company's liquidator is:

         Kan Ping Kee
         Units A & B, 15/F
         Neich Tower
         128 Gloucester Road
         Wanchai, Hong Kong


JARDINE TECHNICAL: Creditors' Proofs of Debt Due March 18
---------------------------------------------------------
Creditors of Jardine Technical Products Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 18, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 15, 2011.

The company's liquidators are:

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


SINOTRANS (HK): Members' Final Meeting Set for March 30
-------------------------------------------------------
Members of Sinotrans (Hong Kong) Express Company 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 Wen Qi, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


STAREASTWORKS CONCEPT: Chan Chung Mo Steps Down as Liquidator
-------------------------------------------------------------
Chan Chung Mo stepped down as liquidator of Stareastworks Concept
Ltd on Feb. 18, 2011.


WELL BRIGHT: Chan Chung Mo Steps Down as Liquidator
---------------------------------------------------
Chan Chung Mo stepped down as liquidator of Well Bright (Asia) Ltd
on Feb. 18, 2011.


WELWITCHIA RESSURGENCIA: Creditors' Proofs of Debt Due April 15
---------------------------------------------------------------
Creditors of Welwitchia Ressurgencia Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 15, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 14, 2011.

The company's liquidator is:

         J P Walsh
         2310 Dominion Centre
         43-59 Queen's Road East
         Hong Kong


=========
I N D I A
=========


BHAVIN STEEL: ICRA Assigns 'LBB-' Rating to INR10cr Bank Debts
--------------------------------------------------------------
ICRA has assigned an LBB- rating to the INR10.00 crore fund-based
bank facilities of Bhavin Steel Private Limited.  The outlook on
the long-term rating is 'stable'.  ICRA has also assigned an A4
rating to the INR5.00 crore short-term non-fund based bank
facilities (sub-limit of fund-based limits) of BSPL.

The assigned ratings take into account the significant experience
of the promoters of BSPL in the steel trading business and low
working capital intensity of the operations due to low inventory
levels maintained by the company.  The ratings also favorably
factors the company's diversified customer base with the top 10
customers accounting for about 24% of the total sales in 2009-10.
However, the ratings are constrained by the relatively small scale
of current operations of BSPL; the cyclicality of the steel
industry and low operating profit margins on account of intense
competition and low value adding nature of the trading business.
ICRA also notes the high gearing and weak coverage indicators that
indicates an unfavourable financial risk profile of the company.

Incorporated in 2007, BSPL is in the business of trading of TMT
bars, structural steel and cement.  BSPL purchases steel from
medium size manufacturers in Maharashtra and sells them to real
estate developers and contractors in Mumbai and Navi Mumbai. BSPL
also sells cement to its customers on a commission basis.  The
company is an authorized distributor of Kamdhenu Steel, Jai
Jyotiwali Steel Private Limited, Shreenathji Ispat Private Limited
and Gurunanak Metal Works in the steel segment and Binani Cement,
JK Lakshmi Cements Limited, ACC Limited, Birla Cements Works and
India Cements Limited in the cement segment.

Recent Results

As per the audited results of 2009-10, BSPL reported a profit
after tax (PAT) of INR0.19 crore on an operating income of
INR94.04 crore as compared to a PAT of INR0.13 crore on an
operating income of INR 67.64 crore in 2009-09. As per the
provisional results in the period between April 2010 to
December 2010, BSPL reported an operating income of INR 81.50
crore and a profit before tax of INR0.16 crore.


CHANVIM ENGINEERING: ICRA Puts 'LBB+' Rating on INR5cr Bank Debts
-----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR 5.00 crore fund-
based bank facilities and the INR6.67 crore term loan of Chanvim
Engineering (India) Private Limited.  The outlook on the long-term
rating is 'stable'.  ICRA has also assigned an A4+ (pronounced
A four plus) rating to the INR2.75 crore short-term non-fund-based
bank facilities of CEPL.

The assigned ratings take into account the extensive experience of
the promoters in roll bond manufacturing; approval of its plant
and product by key customers, which acts as an entry barrier to a
certain extent; healthy, medium-term demand outlook for white
goods - the company's key customer segment; its reputed client
base including large white goods manufacturers, which helps to
reduce its counterparty risk to a considerable extent and the
locational advantage of the plant in proximity to its key clients.
The ratings are, however, constrained by the company's moderate
scale of operations; high sales concentration risk, with top five
customers contributing to more than 95% of companies overall
turnover in 2009-10; limited bargaining power against well-
established, large-sized corporate customers; low net margins and
return of capital employed; high working capital intensity and
gearing along with weak coverage indicators

Established in 1987, CEPL is involved in the manufacture of roll
bond evaporator panels at its plant in Gondkhairi, Nagpur.  The
plant has an installed capacity to manufacture 1.4 million roll
bond panels per annum and about 2.4 million copper driers per
annum. CEPL is now in the midst of an ongoing capacity expansion
and backward integration project, which it expects to complete
during the second half of 2011-12.  CEPL is part of the Borana
group (founded in 1970) having interests in plastics and
distribution of FMCG products and aluminum.

Recent Results

In 2009-10, CEPL reported a profit after tax (PAT) of INR 0.81
crore on an operating income (OI) of INR 31.58 crore as against a
PAT of INR 0.54 crore on an OI of INR 19.62 crore in 2008-09.


CYBERWALK TECH: ICRA Reaffirms 'LBB' Long-Term Rating
-----------------------------------------------------
ICRA has reaffirmed the long-term rating of 'LBB' outstanding for
INR 172.0 crore fund based facilities of Cyberwalk Tech Park
Private Limited (erstwhile Sofed Retailer Private Limited).

The rating reaffirmation takes into account CTPPL's majority
shareholder's long experience in the real estate sector and low
funding risk for the project as the entire debt has been tied up
and around 77% of the proposed equity contribution has already
been brought in by the promoters.  However the rating continues to
remain constrained by the delay in project execution; lower
absorption of IT/ITES related office space on account of the
overall economic slowdown and market risk for the project given
the moderate level of lease/sale achieved till date; which is
further accentuated by the significant supply expected in the
vicinity of the project.  Going forward, the ability of the
company to lease/sell the available space at desired rates will be
key rating sensitivity factor.

Cyberwalk Tech Park Private Limited (Sofed Retailer Private
Limited) was taken over by Mr. Amit Kumar Modi and Parabolic Real
Estate Private Limited (jointly promoted as a Special Purpose
Vehicle by Mr. Pranav Gupta and Mr.Vineet Gupta) to set up an IT
Park at Manesar, Gurgaon.  Thereafter, Aarone Promoters Private
Limited (a group company of Aarone Group) was included in the
management of CTPPL in the capacity of a real estate developer.
Presently Aarone Promoters Private Limited is the largest
shareholder with 44.20% stake followed by Mr.Amit Kumar Modi and
Parabolic Real Estate Private Limited at 27.9% each.  The IT Park
is titled 'Cyber Walk' and is being developed in two phases, with
a total leasable/saleable area of 11.28 lakh sq.ft; with 8.8 lakh
sq.ft to be developed in phase one.  The cost of phase one is
INR217.23 crore and is proposed to be funded through promoter
contribution of INR70.34 crore and a term loan of INR 146.89
crore.


ELLENBARRIE INDUSTRIAL: ICRA Puts 'LBB+' Rating on Term Loans
-------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR113.65 crore term
loan, INR14.00 crore fund based and INR12.35 crore non fund based
bank facilities of Ellenbarrie Industrial Gases Limited.  The
outlook on the rating is Stable.  The non-fund based facilities
are interchangeable between long term and short term, for which
ICRA has assigned an A4+ rating.

The ratings reflect the established market position of EIGL as one
of the major industrial gas manufacturers in India, favorable
demand outlook for industrial gases from the manufacturing
industries that mitigates offtake risks to an extent, the
company's wide distribution network of dealers in packaged gases,
and the improvement in turnover and profits in the current year
post stabilization of the plant in Visakhapatnam.  The ratings are
however constrained by the significant drop in EIGL's
profitability in the past because of increasing power costs and
competitive pressures on realizations, deteriorating capital
structure and depressed coverage indicators attributable to debt
funded capital expansion.  Since the industrial gas business is
capital intensive in nature, ICRA believes that the company's
profits would be sensitive to its ability to run the plants at
high capacity utilization levels.  The ratings also factor in the
project risks associated with the new project being planned at
Hyderabad.

                     About Ellenbarrie Industrial

Ellenbarrie Industrial Gases Limited, incorporated on Nov. 23,
1973, is an established industrial gases company.  The company
manufactures and supplies industrial oxygen, nitrogen, argon,
acetylene, carbon dioxide and other speciality gases from its
plants in Uluberia and Kalyani in West Bengal and Visakhapatnam in
Andhra Pradesh.  The company has a diversified customer base and
caters to different industries like steel, oil & gas,
pharmaceutical, aerospace & defense, food & beverage, healthcare
etc.

Recent Results

EIGL registered a profit before tax of INR4.40 crore on the back
of net sales of INR47.92 crore in the nine months of operation
from April to December in 2010-11.  In 2009 -10, the company
registered a profit after tax of INR1.65 crore on the back of net
sales of INR47.18 crore.


EURO SAFETY: CRISIL Assigns 'B+' Rating to INR79.7MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Euro Safety
Footwear (India) Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR79.7 Million Term Loan              B+/Stable (Assigned)
   INR70.0 Million Packing Credit/FOBP    P4 (Assigned)
   INR15.0 Million Letter of Credit       P4 (Assigned)
   INR1.0 Million Bank Guarantee          P4 (Assigned)

The ratings reflect ESFL's weak financial risk profile, marked by
high gearing, small net worth and average debt protection metrics,
and exposure to risks related to small scale of operations,
customer concentration in revenue profile, and intense competition
in the footwear industry.  These rating weaknesses are partially
offset by ESFL's promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that ESFL will maintain its market position over
the medium term on the back of its promoters' experience in the
leather industry.  However, the company's financial risk profile
will remain constrained by high gearing and moderate debt
protection metrics.  The outlook may be revised to 'Positive' if
ESFL's topline growth and profitability exceed expectations, and
its capital base improves because of equity infusion, thereby
improving its financial risk profile.  Conversely, the outlook may
be revised to 'Negative', if the company's order book shrinks, or
its financial risk profile deteriorates because of stretch in
working capital cycle or large, additional, debt-funded capital
expenditure.

                         About Euro Safety

ESFL was incorporated in 2004 by Mr. Kulbir Singh.  The company
manufactures safety footwear at its facilities at Agra (Uttar
Pradesh) with capacity of around 0.7 million pairs per annum. It
mainly exports to USA and Europe.

ESFL reported a profit after tax (PAT) of INR5 million on net
sales of INR244 million for 2009-10(refers to financial year,
April 1 to March 31), against a loss of INR3.1million on net sales
of INR189.5million for 2008-09.


JOGANI EXPORTS: CRISIL Assigns 'P4+' Rating to Packing Credit
-------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Jogani Exports.

  Facilities                               Ratings
  ----------                               -------
  INR20.00 Million Packing Credit          P4+ (Assigned)
  INR40.00 Million Post Shipment Credit    P4+ (Assigned)
  INR39.90 Million Proposed Short-Term     P4+ (Assigned)
                   Bank Loan Facility

The rating reflects JE's modest scale of operations, and moderate
financial risk profile, marked by low net worth and weak debt
protection metrics.  These weaknesses are partially offset by the
extensive experience of JE's partners in the gems and jewellery
industry, and its established customer and supplier relationships.

                         About Jogani Exports

JE, a partnership firm established in 1995, is in the business of
manufacturing and exporting polished diamonds.  Its manufacturing
unit is in Surat (Gujarat), and its administrative office is in
Opera House (Mumbai).

JE reported a profit after tax (PAT) of INR3.3 million on net
sales of INR461 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.5 million on net sales
of INR211 million for 2008-09.


M.P. SHAN: CRISIL Rates INR424.3 Million LT Loan at 'B+'
--------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term loan
facility of M.P. Shan Tex Pvt Ltd.

  Facilities                           Ratings
  ----------                           -------
  INR424.3 Million Long-Term Loan      B+/Stable (Assigned)

The ratings reflect MPST's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and its
large working capital requirements.  These rating weaknesses are
partially offset by the extensive experience of MPST's promoters
in the textile industry.

Outlook: Stable

CRISIL believes that MPST will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if MPST scales up its
operations and maintains profitability, while significantly
improving its capital structure.  Conversely, the outlook may be
revised to 'Negative' if MPST undertakes a larger-than-expected
debt-funded capital expenditure (capex) programme, or if its
profitability declines sharply thereby weakening its financial
risk profile

                        About M.P. Shan Tex

MPST, incorporated in 1992, is promoted and managed by its
promoter director Mr. P Umashankar.  The company manufactures
ready-to-stitch knitted fabric, and dyeing processes fabrics.
Based in Tirupur (Tamil Nadu), MPST is partially integrated, and
has facilities for manufacturing cotton and lycra fabrics, dyeing,
and compacting. The company has installed capacity of 300 MT/
month of fabric manufacturing and dyeing capacity of 5 MT/day.

MPST reported a profit after tax (PAT) of INR16.8 million on net
sales of INR725 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.7 million on net
sales of INR561 million for 2008-09.


MITSU CHEM: ICRA Assigns 'LBB-' Rating to INR11.89cr Bank Lines
---------------------------------------------------------------
ICRA has assigned ratings of 'LBB-' and 'A4' to the bank lines of
INR 11.89 Cr. of Mitsu Chem Private Limited.  ICRA has also
assigned 'Stable' outlook on the long term rating.  The ratings
are constrained by its small scale of operations, high financial
risk profile and intense competitive pressures in the business due
to fragmented nature of industry with low entry barriers.  The
company's financial risk profile remains high with significantly
high level of gearing (Total Debt/ TNW at 4.35 times as on March
2010) due to high working capital intensity, largely debt-funded
capital expenditure undertaken in the past periods, and low levels
of net profitability.  The profitability is further exposed to any
adverse fluctuations in key raw materials (HDPE/LDPE1), however
the same is largely offset through price variation clause & short
duration of sales orders.  The ratings also take into account
strengths of the company such as its long experience in blow
molding products as reflected in its reputed customer profile,
locational advantages of having proximity to some of its large
industrial customers surrounding Mumbai region, and relatively
diversified exposure to the customers across the industry
segments.  While blow molding containers for packaging
applications have primarily constituted its sales, the company's
ability to improve the sales of custom-molded products so as to
improve the profitability on sustained basis remains to be seen.

                          About Mitsu Chem

Mitsu Chem Pvt Ltd was promoted in 1990, by Mr. Jagdish L. Dedhia,
and is into the business of manufacturing of molding products for
packaging solutions such as bottles & containers.  The company
started with a small scale production unit of 300 TPA at Tarapur
(MIDC), Maharashtra and subsequently, it has gradually expanded
capacity to 4800 TPA till date.  The company's production facility
at Tarapur is now equipped with 12 blow molding and 6 injection
molding machines & auxiliary equipments.  The company is into
manufacture of a) blow molded containers for packaging with wide
range of capacity from 50 ml upto 150 litres, b) injection molded
articles and c) customised molding products.  The company thus
caters to customers across the diversified business segments, such
as Chemicals, Pharmaceuticals, Food & Processsing, Lube Oil,
Edible Oil, Agro/Fertilisers, Automobiles, Furniture, Toys,
Medical and the like. During FY 2010, company recorded operating
income of INR33.4 Cr. and profit after tax of INR 1.1 Cr.


NAGARSING SANGMA: CRISIL Assigns 'BB-' Rating to INR1M Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Nagarsing Sangma.

  Facilities                           Ratings
  ----------                           -------
  INR1.00 Million Cash Credit          BB-/Stable (Assigned)
  INR95.00 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect NSS'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 firm's small net worth.  These
weaknesses are partially offset by the longstanding presence of
NSS's promoter in the construction industry.

Outlook: Stable

CRISIL believes that NSS 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 NSS strengthens its business risk profile by
enhancing geographical diversity in its revenue base, and if the
firm's revenues and profitability increase significantly, thus
improving the financial risk profile.  Conversely, the outlook may
be revised to 'Negative' in case of any large, debt-funded capital
expenditure (capex) programme or acquisition, or a decline in
operating profitability, leading to deterioration in the firm's
financial risk profile.

                      About Nagarsing Sangma

NSS is into civil construction, mainly in Meghalaya.  It also
trades in rice locally. NSS is a proprietorship firm under
Mr. Nagar Singh Sangma who has been involved in civil construction
activities for 30 years.  The firm undertakes construction of
roads, buildings, irrigation systems, and the construction of
small dams for government agencies and departments.  The firm has
a current order book of around INR450 million; civil construction
is expected to contribute to the majority of revenues over the
medium term.

NSS reported a profit after tax (PAT) of INR4.1 million on net
sales of INR175.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR8.2 million on net sales
of INR278.3 million for 2008-09.


NAJEEM CASHEW: CRISIL Assigns 'B-' Rating to INR5MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Najeem Cashew Industries.

   Facilities                                Ratings
   ----------                                -------
   INR5.00 Million Cash Credit               B-/Stable (Assigned)
   INR60.00 Million Export Packing Credit    P4 (Assigned)
   INR5.00 Million Foreign Bill Purchased    P4 (Assigned)

The ratings reflect NCI's weak financial risk profile marked by a
high gearing and weak debt protection metrics.  The ratings also
factor in the firm's large working capital requirements, small
scale of operations, and exposure to intense competition in the
cashew processing industry.  These rating weaknesses are partially
offset by the extensive experience of NCI's promoters in the
cashew processing business.

Outlook: Stable

CRISIL believes that NCI will continue to benefit over the medium
term from the extensive experience of its promoters in the cashew
industry.  The outlook may be revised to 'Positive' if NCI
substantially increases its revenues, while improving its
profitability and capital structure.  Conversely, the outlook may
be revised to 'Negative' if NCI's financial risk profile
deteriorates because of sharp decline in revenues and
profitability, or if the firm undertakes a larger-than-expected,
debt-funded capital expenditure programme, or in case of
significant withdrawal of capital by the promoter, leading to
deterioration in its capital structure.

                       About Najeem Cashew

Set up in 1991 as a proprietary concern by Mr. S Najeemudeen
Musaliar, NCI is into trading and processing of raw cashew nuts
and cashew kernels.  The firm is based in Kollam (Kerala) and has
a processing capacity of 28 tonnes per day. It exports primarily
to Dubai, the US, and Europe.

NCI reported a profit after tax (PAT) of INR2 million on net sales
of INR391 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR2 million on net sales of INR184
million for 2008-09.


POLYCHROIC PETROCHEMICALS: CRISIL Cuts Cash Credit Rating to 'B-'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Polychroic Petrochemicals Pvt Ltd to 'B-/Stable' from
'B/Stable', while reaffirming the rating on the short-term
facility at 'P4'.

   Facilities                       Ratings
   ----------                       -------
   INR5 Million Cash Credit         B-/Stable (Downgraded from
                                              'B/Stable')

   INR139.5 Million LT Loan         B-/Stable (Downgraded from
                                              'B/Stable')

   INR10 Million Proposed LT Bank   B-/Stable (Downgraded from
                 Loan Facility             'B/Stable')

   INR10 Million Letter of Credit   P4 (Reaffirmed)

   INR5 Million Bank Guarantee      P4 (Reaffirmed)

   INR17.5 Million Packing Credit   P4 (Reaffirmed)

   INR27.5 Million Post-Shipment    P4 (Reaffirmed)
                   Credit

The downgrade reflects CRISIL's belief that PPPL's liquidity will
remain weak over medium term because of the company's weak
operating profitability resulting in low cash accruals vis--vis
debt servicing commitments.

The ratings continues to reflect PPPL's weak financial risk
profile, marked by a small net worth, a high gearing, and modest
cash accruals.  The ratings also factor in the company's subdued
pricing flexibility because of exposure to intense industry
competition.  These rating weaknesses are partially offset by
PPPL's integrated facility for manufacturing flexible intermediate
bulk containers (FIBC) and the expected improvement in the
company's capacity utilization.

Outlook: Stable

CRISIL believes that PPPL will maintain its business risk profile
on the back of improvement in capacity utilization levels, over
the medium term. The outlook may be revised to 'Positive' if there
is significant improvement in PPPL's accruals, thereby improving
the company's debt protection metrics.  Conversely, the outlook
may be revised to 'Negative' in case of further deterioration of
PPPL's capital structure, or weakening of the company's liquidity.

                   About Polychroic Petrochemicals

Set up in 2006 by Mr. Anirudha Joshi, a Mumbai (Maharashtra)-based
distributor of polymers, PPPL manufactures FIBC, with capacity of
7200 tonnes per annum (tpa).  PPPL commenced manufacturing in
April 2008 by acquiring a sick unit at Pune (Maharashtra), with
capacity of 3600 tpa; the company added to its capacity by
acquiring another sick unit of equivalent capacity, in April 2009.

The company manufactures FIBC in the range of 500 tonnes to 2500
tonnes. PPPL derives a significant portion of its revenues from
exports.  The products are sold via distributors in Spain, Italy,
France, Netherlands, and the UK. PPPL's operations are ISO
9001:2000 certified, and the products are certified by European
Flexible Intermediate Bulk Containers Association, and National
Engineering Laboratory, UK.

Polychroic Petrochemicals reported a net loss of INR40.4 million
on net sales of INR318.2 million for 2009-10, against a net loss
of INR13.3 million on net sales of INR142.1 million for 2008-09.


PSTS HEAVY: ICRA Assigns 'LC' Rating to INR1.5cr Cash Credit
------------------------------------------------------------
ICRA has assigned a long term rating at 'LC' to the INR1.50 crore
cash credit and INR4.45 crore term loan facilities of PSTS Heavy
Lift and Shift Ltd. ICRA has also assigned a rating of LC/A5
(pronounced A 5) to the INR1.0 crore bank guarantee facility of
PHLS. Further, ICRA has assigned a long term rating of LC to the
INR5.27 crore proposed fund based facilities and LC/A5
rating to the INR0.50 crore proposed non-fund based facilities of
PHLS.

The assigned rating takes into account significant delays in the
term loan repayments by PHSL on account of weak cash flow
generation.  The ratings are further constrained by the highly
competitive nature of the industry and thin net profit margins of
the company. The ratings however draw comfort from the company's
long track record in the port logistics business, its established
relationship with clients, its in house maintenance of equipment
and vehicles resulting in low down time & maintenance
costs thereby improved service levels.

PSTS Heavy Lift and Shift Ltd. was established in 1995 to provide
port related logistics services in Chennai and Tuticorin ports
using its equipment and machinery.  The company's equipment
include cranes for handling granite blocks and containers,
forklifts, front end loaders, grabs, reach stalker, trailers and
tippers, It provides Material Handling, CFS Management, in-plant
logistics, and transportation services.

Recent Results

PHSL's revenue for FY10 was INR20.62 crore, which translated to a
net profit of INR0.12 crore as compared with revenue of INR17.15
crore and net profit of INR0.02 crore in FY09.


PSTS LOGISTICS: ICRA Assigns 'LC' Rating to INR6cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a long term rating at 'LC' to the INR6.0 crore
cash credit and INR4.73 crore term loan facilities of PSTS
Logistics Private Ltd.  ICRA has also assigned a rating of
LC/A5 (pronounced A 5) to the INR1.0 crore bank guarantee facility
of PLPL. Further, ICRA has assigned a long term rating of LC to
the INR11.0 crore proposed fund based facilities and LC/A5 rating
to the INR0.25 crore proposed non-fund based facilities of PLPL.

The assigned rating takes into account significant delays in the
term loan repayments by PLPL on account of weak cash flow
generation in the past.  Further, the ratings are constrained by
the competitive nature of the industry and moderate operating
margins of the company.  The ratings however draw comfort from
PLPL's long track record in the port logistics business and its
established relationship with clients & port authorities.

PSTS Logistics Private Ltd was established in 1991 to provide port
related logistics services in Tuticorin. Currently, PLPL provides
port related logistic services in ports at Tuticorin, Chennai,
Vishakhapatnam and Karaikal.  The major business activities of the
company are shipping agency, stevedoring agency, and clearing and
forwarding agency.

Recent Results

PLPL's revenue for FY10 was INR77.73 crore, which translated to a
net profit of INR0.33 crore as compared with revenue of INR85.95
crore and net profit of INR0.44 crore in FY09.


R. T. STAR: CRISIL Cuts Rating on INR182MM Packing Credit to 'P5'
-----------------------------------------------------------------
CRISIL has downgraded and suspended its rating on the bank
facilities of R. T. Star Jewellery Pvt Ltd to 'P5' from 'P4'.  The
company has been delaying on the payments of its bills because of
weak liquidity. RT Star Jewellery has also been classified as a
non-performing asset by one of its bankers.

  Facilities                             Ratings
  ----------                             -------
  INR182.0 Million Export Packing        P5 (Downgraded from 'P4'
           Credit                            and Suspended)

  INR168.0 Million Post-Shipment Credit  P5 (Downgraded from 'P4'
                                             and Suspended)

  INR50.0 Million Proposed ST Bank Loan  P5 (Downgraded from 'P4'
           Facility                          and Suspended)


The aforementioned rating on the bank facilities has also been
suspended.  This is because RT Star Jewellery has not been
providing information on its operations and financials to CRISIL.
The suspension reflects CRISIL's inability to maintain a valid
rating in the absence of information from the company.

Set up in 2002 by Mr. Nitin Shah, RT Star Jewellery manufactures
and exports diamond-studded jewellery.


R. T. STAR SOLITAIRES: CRISIL Cuts Rating on Bank Debts to 'P4'
---------------------------------------------------------------
CRISIL has downgraded and suspended its rating on the bank
facilities of R. T. Star Solitaires to 'P5' from 'P4'.  The firm
has been delaying on the payments of its bills because of weak
liquidity.  RT Star Jewellery Pvt Ltd, a group company, has been
classified as a non-performing asset by one of its bankers.

  Facilities                               Ratings
  ----------                               -------
  INR65.0 Million Export Packing Credit    P5 (Downgraded from
                                           'P4' and Suspended)

  INR195.0 Million Post-Shipment Credit    P5 (Downgraded from
                                           'P4' and Suspended)

  INR47.0 Million Line of Credit           P5 (Downgraded from
                                           'P4' and Suspended)

  INR93.0 Million Proposed ST Bank Loan    P5 (Downgraded from
          Facility                         'P4' and Suspended)

The aforementioned rating on the bank facilities of RT Star
Solitaires has also been suspended.  This is because the company
has not been providing information on its operations and
financials to CRISIL. The suspension reflects CRISIL's inability
to maintain a valid rating in the absence of information from the
company.

RT Star Solitaires was set up by Mr. Nitin Shah in 2003, with Mr.
Rupesh Shah joining as a partner.  The firm manufactures large
diamonds/solitaires from 0.5 to 3 carats at its manufacturing
facility at Surat (Gujarat).  RT Star Solitaires is the wholesale
exporter of solitaires to markets in Israel, Hong Kong, Japan, and
Europe.


RANA GIRDERS: ICRA Suspends Ratings on INR38cr Bank Limits
----------------------------------------------------------
ICRA has suspended the rating of 'LB+' and 'A4' assigned to the
INR38.00 crores bank limits of Rana Girders Limited.  The
suspension follows ICRA's inability to carry out a rating
surveillance in absence of the relevant information.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during surveillance.  ICRA will withdraw the
rating in case it remains under suspension for a period of three
years.


ROGER INDUSTRIES: CRISIL Assigns 'BB' Rating to INR27.3MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Roger
Industries Ltd's bank facilities.

  Facilities                       Ratings
  ----------                       -------
  INR27.3 Million Term Loan        BB/Stable (Assigned)
  INR250.0 Million Packing         P4+ (Assigned)
           Credit/FOBP*
  INR10.0 Million Letter of Credit P4+ (Assigned)

The ratings reflect customer concentration in Roger's revenues,
the company's small scale of operations, and moderate financial
risk profile, marked by large working capital requirements.  These
rating weaknesses are partially offset by Roger's long track
record in footwear industry, and established relationships with
large customers.

Outlook: Stable

CRISIL believes that Roger will continue to benefit from
established relationships with its customers. Roger's financial
risk profile will remain moderate over the medium term, backed by
moderate gearing and debt protection metrics.  The outlook may be
revised to 'Positive' if Roger's topline growth and profitability
exceed expectations, leading to significant improvement in
financial risk profile.  Conversely, the outlook may be revised to
'Negative', if the company's order book shrinks, or its financial
risk profile deteriorates because of unfavorable working capital
management or large, additional, debt-funded capital expenditure.

                       About Roger Industries

Roger (formerly, Roger Exports) was set up as a proprietorship in
1979 by Mr. Kulbir Singh.  The firm was reconstituted as a
partnership firm with introduction of Mr. Dalbit Kaur, wife of Mr.
Kulbir Singh in August 2007.  It was reconstituted as a private
limited company, Roger Industries Pvt Ltd, in November 2007 and
into a public limited company in December 2007.

Roger manufactures fashion footwear for men, women and children at
its facilities in Agra (Uttar Pradesh), with capacity of around
1.2 million pairs per annum.  It mainly exports its footwear to
Europe and USA.

Roger reported a profit after tax (PAT) of INR11 million on net
sales of INR710 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR21 million on net sales
of INR792 million for 2008-09.


ROYAL ENERGY: ICRA Assigns 'LBB-' Rating to INR13cr Bank Limits
---------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB-' to the INR 13
crores fund-based limits of Royal Energy Limited. ICRA has also
assigned an A4 rating to the INR 13 crores Non-Fund based limits
of REL.  The outlook on the long term ratings is stable.

The ratings are constrained by high financial risk profile as
reflected in its loss-making operations since the commencement of
the bio-diesel manufacturing in January 2009, high working capital
intensity as well as uncertain business outlook for domestic bio-
diesel sector.  The operations remain constrained with low
capacity utilization due to uncompetitive cost of production using
palm fatty acid distillate (PFAD) as a key raw material which has
seen significant price volatility with an upward trend in the last
two year period.  Lack of availability of input raw materials at
cost-competitive price remains a key issue, as net realization
from domestic sales to industrial/retail customers is at certain
discount to the prevailing price of HSD/LSHS.  Also, the business
outlook for domestic bio-diesel sector still remains uncertain
given the lack of clarity in policy framework, issues in
availability of non-edible feedstocks at commercial scale & non-
mandatory blending norms for bio-diesel as of now.

The ratings are further constrained by the execution risks
associated with the turnkey order on build & operate basis for
setting up of bio-diesel unit (30 TPD) for Indian Railways in the
medium term.

The ratings however take into account of the company's operating
track record, although limited, in supplies of bio-diesel as per
BIS and ASTM standards to retail/industrial customers. While the
export order is in place with Washakie Renewable LLC (Washakie),
USA which is expected to provide revenue visibility in the near
term, commencement of the supplies of bio-diesel as per the terms
of the order is yet to start by the company and the same remains a
key rating sensitivity.  The ratings also factor the expected
benefits from the tyre oil availability (which can be blended with
the bio-diesel) at competitive price from Sept. 2011 from the
group concern, Royal Carbon Black Pvt. Ltd (Rated at LBB/A4,
Stable) which is setting up a tyre oil unit adjacent to the
company's plant premises.

                          About Royal Energy

Royal Energy Limited, incorporated in July 2003 & promoted by
Mr. Vishesh Agarwal & family, is into manufacturing of Bio-diesel.
The latter is a renewable energy source based on edible or non-
edible feedstock, which burns clean emitting up to 85% lesser
health hazardous polluting gases, and it can be used in its pure
form (Methyl Ester) or blended with Petroleum Fuel (i.e. HSD) in
varying proportion. The manufacturing unit of the company, located
at Patalganga, in MIDC Area, is multi-feedstock based with
feedstocks such as Palm Fatty Acid Distillate (PFAD), Used Cooking
Oil, Soya Oil, Fish Oil or any other form of fatty acids.  The
unit capacity is 100 TPD based on Palm Fatty Acid Distillate
(PFAD) as a raw material, else at 300 TPD based on Jatropha/Soya
Oil/Crude palm oil.  The plant site is approx. 30 Km away from
JNPT, and about 120 Km from Mumbai. The unit was set up as an
Export Oriented Unit (EOU) with a total project cost of INR 45
Cr., entirely funded through equity contribution from the
promoters.  The unit started operations in January 2009. The
company at present sells its output, bio-diesel, to both retail
customers (through retail franchisee depots in Maharashtra) and to
industrial/institutional customers.  The company also has recently
purchased a fuel ethanol plant (i.e. distillation facility from
rectified spirit to ENA) for about INR 4 Cr. which is yet to be
put into operations. REL, during FY 2009-10 being the first full
year of operations, has recorded revenues of INR 19 Cr. and loss
of INR 2.5 Cr.


SHAHEEN FROZEN: CRISIL Assigns 'B+' Rating to INR65 Mil. LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
loan facilities of Shaheen Frozen Foods.

  Facilities                          Ratings
  ----------                          -------
  INR17.50 Million Proposed Cash      B+/Stable (Assigned)
                   Credit
  INR65.00 Million Proposed LT Loan   B+/Stable (Assigned)
  INR12.50 Million Proposed Lt Bank   B+/Stable (Assigned)
                   Loan Facility

The rating reflects SFF's susceptibility to risks associated with
new project at Balapur (Maharashtra), and vulnerability of the
business to the regulatory environments in domestic and overseas
markets.  This rating weakness is partially offset by the
extensive business experience of SFF's promoters in the buffalo
meat trading and export industry.

Outlook: Stable

CRISIL believes that SFF will benefit from the extensive industry
experience of its promoters, over the medium term. The outlook may
be revised to 'Positive' if the project is operationalised as per
schedule without any significant cost overruns and generates
significantly higher than expected revenues and accruals while
maintaining gearing at moderate levels.  Conversely, the outlook
may be revised to 'Negative' in case of any significant delay in
commencement of commercial operations, or post commissioning
lower-than-expected offtake leading to high gearing and weak debt
protection metrics.

                        About Shaheen Frozen

Incorporated in December 2009, SFF is a partnership firm of three
friends, Mr. Sharfuddin Baig Mirza, Mr. Sheikh Wazeer Qureshi, and
Mr. Syed Ainuddin Khatib.  The firm is expected to commence
operations in June 2011, and will be engaged in processing of
frozen buffalo meat, bones, and fat from the raw buffalo meat.
The unit is being set up in Balapur with an installed processing
capacity of 9,000 tonnes per annum of raw buffalo meat.  The
promoters have an existing presence in the buffalo meat trading
business through their family concerns.


SHIVANGI METAL: CRISIL Assigns 'BB' Rating to INR16.2MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Shivangi Metal Industries Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR55.0 Million Cash Credit Limit      BB/Stable (Assigned)
   INR16.2 Million Term Loan              BB/Stable (Assigned)
   INR31.0 Million Proposed Long-Term     BB/Stable (Assigned)
                   Bank Loan Facility
   INR91.8 Million Bank Guarantee/Letter  P4+ (Assigned)
                   of Credit

The ratings reflect Shivangi's average financial risk profile,
small scale of operations and limited pricing power in the
intensely competitive metal ingots industry.  These rating
weaknesses are partially offset by the benefits that Shivangi
derives from its established track record and promoters'
experience in the metal ingots business.

Outlook: Stable

CRISIL believes that Shivangi will continue to benefit from its
promoters' experience in the metal ingots industry.  The outlook
may be revised to 'Positive' in case of better-than-expected
growth in revenues and profitability, leading to significant
improvement in the company's financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of less-than-
expected increase in revenues or operating margin, thereby
adversely impacting Shivangi's profitability, or if the company
undertakes a large, debt-funded capital expenditure programme,
leading to deterioration in its debt protection metrics.

                        About Shivangi Metal

Incorporated in 1995 by Mr. Murlidhar Agarwal, SMIL manufactures
and trades in ingots of various metals, such as aluminium and
brass (together account for around 60 per cent of the company's
revenues), besides copper and zinc.  These products are used in
the automobile and home appliances industries.  SMIL, based in
Mathura (Uttar Pradesh), has two manufacturing facilities: one in
Mathura and the other in Udhampur (Jammu & Kashmir).  These
facilities have combined capacity of 19,000 tonnes per annum.
Currently, the company's day-to-day operations are managed by Mr.
Murlidhar Agarwal and his sons, Mr. Arvind Agarwal and Mr. Anoop
Agarwal.

Shivangi reported a profit after tax (PAT) of INR19.7 million on
net sales of INR682.1 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR1.1 million on net
sales of INR503 million for 2008-09.


SREE AKKAMAMBA: ICRA Reaffirms 'LBB+' Rating on INR38.68cr Loans
----------------------------------------------------------------
ICRA has re-affirmed the rating assigned to the INR38.68 crore
term loans and the INR20.0 crore fund based facilities of Sree
Akkamamba Textiles Limited at LBB+.  ICRA has also re-affirmed the
rating assigned to the INR 2.0 crore fund based facilities and INR
3.0 crore non-fund based facilities of SATL at A4+.  The outlook
on the long term rating is stable.

The re-affirmation of ratings takes into account the favourable
demand environment for yarn industry, established client
relationship resulting in steady revenue growth, presence in finer
count yarn which entails healthy margins and effective procurement
strategy with locational advantage of being near the cotton
growing area.  SATL also enjoys financial flexibility by virtue of
being a part of the Andhra Sugars group.  However, the rating
continues to be constrained by the stretched financial profile
characterized by high gearing owing to the debt funded capital
expenditure, company's relatively small scale of operations,
moderate customer concentration and intense competition in a
highly fragmented industry which suffers from limited product
differentiation.  The ratings also factor in the continuous
increase in cotton prices witnessed which coupled with restriction
of cotton yarn exports is likely to impact the earnings going
forward.  While the spinners have largely been able to pass on the
increase in raw material costs till now, the ability of the
company to exhibit this pricing flexibility is likely to become
increasingly difficult and would be a key rating sensitivity.

                          About Sree Akkamamba

Sree Akkamamba Textiles Limited (a group company of The Andhra
Sugars Ltd) was set up as a Public Limited Company in the year
1954 with an initial capacity of 17,200 spindles by its Chairman,
Dr. Mullapudi Harischandra Prasad. The company is involved in the
manufacturing of medium to fine counts of cotton and blended yarn
with an average count ranging from 60's to 64's.  The company
largely caters to the weaving markets in Gujarat and Maharashtra
and also southern markets of Andhra Pradesh and Tamil Nadu. From
time to time, the capacity of the spindleage was augmented upto
50,000 by the year 1990. During the years 2006-07 and 2007-08, the
company had taken up a major expansion by installing about 32,000
spindles and thus increased the spindleage up to 86,304.


STAR COTSPIN: ICRA Assigns 'LBB' Rating to INR15cr LT Loan
----------------------------------------------------------
ICRA has assigned an LBB rating to INR 15.00 crore long-term loan
(including unallocated limit of INR 0.85 crore) of Star Cotspin
Limited. ICRA has assigned stable outlook to the rating.

The rating take into account the current upturn in the spinning
industry and moderate financial risk profile marked with healthy
operating profit margin.  The rating is however constrained by
SCL's limited track record of operations, restricted product
profile, vulnerability to raw material price and highly
competitive nature of business. The spinning business is a highly
competitive and commoditized nature of yarn coupled with
fragmented industry structure leads to limited pricing power
thereby keeping profitability margins under pressure. ICRA has
favorably factored in SCL's presence in institutional sales,
exports and dealer/distributor network and operating efficiency as
reflected in over 90% capacity utilization since commencement of
production.

While ICRA expects SCL's gearing to improve and timely conversion
of share application money to equity, lower than expected cash
accruals, higher debt funded capital structure and fall in
operating profit margin would be the key rating sensitivity.

                         About Star Cotspin

Star Cotspin Limited was incorporated in 1995 but did not
undertake any operating activity until a polyester yarn spinning
unit was set-up.  The company has manufacturing facility in
Chittorgarh (near Bhilwara) in Rajasthan having installed capacity
of 12,672 spindles.  The company manufactures polyester yarn from
polyester fibre having count range of 20s to 60s.


SUPREET CHEMICALS: ICRA Assigns 'LBB+' Rating to INR5.9cr Limits
----------------------------------------------------------------
ICRA has assigned a rating of 'LBB+' to the INR 5.9 Cr. Cash
Credit limits and INR 4.0 Cr. Term Loans of Supreet Chemicals Pvt
Ltd.  ICRA has also assigned an A4+ rating to the INR 3.0 Cr. Non-
Fund based limits of SCPL.  The outlook on the long term ratings
is stable.

The ratings are constrained by the company's small size of
operations, exposure to foreign exchange fluctuations & risks of
adverse fluctuations in the cost of input materials.  ICRA further
notes that the company's operations remain exposed to both intense
competition from the local players in commodity dye-intermediates
and exposure to demand risks from textiles sector -- being the key
end user industry.  The ratings however take into account of the
company's long operating track record in the manufacture of dye-
intermediates (both speciality & commodity) with a reputed
customer profile.  Also, the new initiatives such contract
manufacturing & job work arrangements for manufacture of agro-
chemical & pharma intermediates with the leading players is
expected to benefit it gradually over the period in terms of
diversification in product profile and industry exposure, besides
the relatively better margins. Notwithstanding the same, the
company's financial risk profile should remain moderately high in
the medium term due to high working capital intensity in the
operations.

Supreet Chemicals Pvt. Ltd was promoted in 1992, by Mr. H. S.
Sarna, and is into the business of manufacturing of dye
intermediates.  The company has manufacturing facilities at Vapi
(GIDC), Gujarat., which are multi-purpose facilities which can
handle variety of process chemistry [reactions could involve mix
of processes such as Nitration, Sulphonation, Alkylation,
Oxidation, Halogenation, Reduction, Condensation and the like].
In FY 2010, the company reported a net profit of INR0.78 Cr. on an
operating income of INR48.3 Cr.


TRISHA INFRASTRUCTURE: CRISIL Rates INR200MM Term Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the term loan
facility of Trisha Infrastructure Ltd (TIL, part of the Trisha
group).

  Facilities                   Ratings
  ----------                   -------
  INR200.0 Million Term Loan   B/Stable (Assigned)

The rating reflects the Trisha group's weak financial risk
profile, marked by high gearing, small net worth, and weak ratio
of net cash accruals to total debt, and susceptibility to
cyclicality in the real estate industry.  These rating weaknesses
are partially offset by the established track record of the
group's promoters, and its lease agreement with Linde Engineering
India Pvt Ltd (Linde).

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TIL and its subsidiary, Sangrah
Warehouse Ltd (Sangrah), together referred to as the Trisha group.
This is because TIL owns more than 80 per cent stake in Sangrah,
and the two companies have the same management and promoters.

Outlook: Stable

CRISIL believes that the Trisha group will continue to benefit
from its established relationship with Linde, over the medium
term.  The outlook may be revised to 'Positive' if the group
completes its ongoing projects within the scheduled time and
funding mix, leading to better-than-expected profit. Conversely,
the outlook may be revised to 'Negative' if the Trisha group
undertakes a large project, putting pressure on its liquidity, or
if any adverse regulatory changes affect its debt servicing
ability.

                          About the Group

TIL, incorporated in 2005, constructs commercial and residential
complexes, develops real estate, leases its commercial complex,
and undertakes warehousing.  The company is promoted by Mr. Vikram
Gupta and family.

The company's commercial property, Corrum 1 at Kerelbaug, Vadodara
(Gujarat), has a built-up area of 100,000 square feet, which has
been leased out to Linde; TIL has availed a lease-rental
discounting loan of INR200 million by assigning the future rent
due from Linde to an escrow account.

TIL is also developing a residential project, Lotus Residency, at
Sevasi, Vadodara.  The project comprises three low-rise apartment
buildings, having a total of 21 three bedroom-hall-kitchen flats
with a total saleable area of 65,000 square feet (sq ft).  The
average selling rate is around INR1700 per sq ft. All flats have
been booked and the project is expected to be completed by
November 2011.

TIL has also taken over a warehousing company, Sangrah in 2011.
The warehouse, located at Pipavav port (Gujarat), has an area of
76,000 sq ft.  The company is in talks with some potential clients
for leasing this warehouse.

TIL reported a profit after tax (PAT) of INR1.2 million on net
sales of INR36.4 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR1.2 million on net
sales of INR36.0 million for 2008-09.


VARRON INDUSTRIES: CRISIL Assigns 'BB' Rating to INR86.6MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' rating to the bank
facilities of Varron Industries Ltd.

  Facilities                          Ratings
  ----------                          -------
  INR550.0 Million Cash Credit        BB/Stable (Assigned)
  INR86.6 Million Long-Term Loan      BB/Stable (Assigned)
  INR113.4 Million Letter of Credit   P4+ (Assigned)

The rating reflects VIL's modest financial risk profile, marked by
high gearing and average debt protection metrics, and
susceptibility of operating performance to volatility in prices of
raw materials.  These rating weaknesses are partially offset by
the extensive experience of VIL's promoters in the auto ancillary
industry.

Outlook: Stable

CRISIL believes that VIL will continue to benefit from its
established customer relationships, and experience of promoters in
the line of business.  The outlook may be revised to 'Positive' if
the company is able to generate significant growth in revenues and
earnings on the back of higher demand for its products, while
maintaining its debt protection metrics and improving its working
capital management.  Conversely, the outlook may be revised to
'Negative' if VIL's financial risk profile weakens because of
lower profitability margins arising from significant increase in
raw material prices, or larger-than-expected debt-funded capital
expenditure or deterioration in its working capital cycle.

                      About Varron Industries

VIL, promoted by Mr. Shrikaant Sawaiikar, manufactures and sells
aluminium and aluminium- based alloy ingots to auto-ancillary
companies such as Jaya Hind Industries, Bajaj Auto Ltd (CRISIL
rated 'AAA/FAAA/Stable/P1+'), and Tata Motors Ltd (CRISIL rated
AA-/Stable/P1+'').  VIL has a capacity of 30,000 tonnes per annum.
Mr. Shrikaant Sawaiikar hails from Sangli (Maharashtra) and has
extensive experience in the castings and forgings industry through
his family business Sangli Forging & Metal Industries Pvt Ltd.

He is also the promoter of Varron Aluminium Pvt Ltd (VAPL, rated
'B+/Stable' by CRISIL), which is presently implementing a project
that will manufacture aluminium and aluminium-based alloy ingots,
aluminium castings, extrusions, and steel forgings. VAPL is
expected to cater to the aluminium castings and forgings
requirements of VIL's existing customers.

VIL reported a profit after tax (PAT) of INR40.4 million on net
sales of INR1935 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR33.6 million on net
sales of INR1354 million for 2008-09.


WADPACK: CRISIL Downgrades Rating on INR60MM Cash Credit to 'B+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Wadpack Pvt Ltd to 'B+/Stable/P4' from 'BB-/Stable/P4+'.

  Facilities                       Ratings
  ----------                       -------
  INR60 Million Cash Credit        B+/Stable (Downgraded from
                                              'BB-/Stable')

  INR123.2 Million LT Loans        B+/Stable (Downgraded from
                                              'BB-/Stable')

  INR11.3 Million Proposed LT      B+/Stable (Downgraded from
           Bank Loan Facility                 'BB- /Stable')

  INR20 Million Letter of Credit   P4 (Downgraded from 'P4+')

The rating downgrade reflects deterioration in Wadpack's financial
risk profile as a result of net losses in the company since 2009-
10 (refers to financial year, April 1 to March 31) because of
intense competitive pressures and rising raw material costs.  The
company is expected to continue to incur net losses in 2010-11 as
well; this is expected to further impact its already high gearing
and modest debt protection metrics. Wadpack also has large debt
obligations of about INR23.5 million each in 2010-11 and 2011-12,
which CRISIL believes will be met through support from Wadpack's
promoters. The rating continues to reflect Wadpack's established
market presence, supported by the company's longstanding customer
relationships, and the expected improvement in its revenues and
profitability over the medium term, supported by improving
utilisation levels at its newly commissioned unit at Doddaballapur
in Bengaluru (Karnataka).

Outlook: Stable

CRISIL believes that Wadpack's attempts to diversify its customer
and product base, supported by better operating benefits derived
out of its newly commenced unit at Doddaballapur will help it
improve business levels and operating profitability over the
medium term.  In the interim, CRISIL expects support from the
company's promoters to continue and help tide over financial
exigencies, as Wadpack's accruals are not expected to suffice to
meet term debt obligations.  The rating outlook may be revised to
'Positive' in case Wadpack improves its gearing and net worth
through additional equity infusion or through proceeds from sale
of its Yeshwantpur (Karnataka) property, or in case of better-
than-anticipated revenues and profitability, leading to higher
cash generation and better liquidity.  Conversely, the rating
outlook may be revised to 'Negative' in case of lower-than-
expected business growth and profitability, significant debt-
funded capital expenditure, or delayed support from promoters.

                         About Wadpack Pvt

Wadpack, incorporated in 1977 by Mr. K C Wadhwa, manufactures
corrugated boxes from kraft paper. Wadpack is a private company
closely held by the Wadhwa family, which has been engaged in the
corrugated box business since 1965.  Mr. K C Wadhwa (managing
director) manages the company's day-to-day operations, assisted by
his son Mr. Sandeep Wadhwa (joint managing director).

Wadpack was previously operating from its Yeshwantpur plant.  The
company has discontinued operations at this plant and has proposed
to sell it. The newly commissioned plant at Dodaballapur in
Bengaluru has become fully operational and has capacity to
manufacture over 15,000 tonnes per annum of corrugated boxes.

For 2009-10, Wadpack reported net losses of INR14.2 million on
gross sales of INR417.4 million, against a net profit of INR23.04
million on gross sales of INR324.1 million in 2008-09. For the six
months ended September, 2010, the company has reported a loss
(before tax) of INR12.1 million on net sales of INR211.7 million.


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


BERLIAN LAJU: S&P Affirms Corporate Credit Rating at 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B-' corporate credit rating on PT Berlian Laju Tanker Tbk. and
removed it from CreditWatch, where it was placed with negative
implications on Aug. 26, 2010.  The outlook is stable.
S&P also affirmed and removed from CreditWatch the 'CCC' issue
ratings on the US$400 million senior unsecured notes due 2014, and
the US$125 million five-year convertible bonds due 2012
(outstanding of US$0.1 million as at Sept. 30, 2010), both issued
by BLT Finance B.V., a wholly-owned subsidiary of BLT.

"S&P removed the ratings from CreditWatch after BLT signed a
US$685 million, five-year secured syndicated loan.  The loan
refinances US$593 million of the Indonesia-based shipping
company's existing debt, reducing debt installments by US$167
million over the next three years.  The loan will also finance
most of BLT's committed capital expenditure for 2011 and replace
some tight covenants that were the reason for the company's
CreditWatch listing," said Standard & Poor's credit analyst Manuel
Guerena.

The rating on BLT reflects these weaknesses:

The company's aggressive financial profile, evident from a high
operating-lease-adjusted ratio of debt to annualized EBITDA of
about 7.7x as at Sept. 30, 2010.  While the ratio is better than
in 2009, S&P does not expect it to improve significantly in the
next few quarters, given the supply-demand balance in the shipping
sector and the bunker-raising costs.  The competitive, capital-
intensive and cyclical nature of the shipping industry.  S&P
expects revenues and margins to remain under pressure in the next
few years.

These factors, however, support the rating:

Good competitive position.  The recent economic slowdown affected
the chemical tanker segment less than other shipping sectors.  In
addition, BLT's stainless steel, double-haul IMO II and III parcel
tankers are in a good position, given the phasing out of single-
hull vessels, as required by the International Maritime
Organization.

Earnings stability and downside protection through contracts of
affreightment and charters.  These deals provide little more than
50% of BLT's revenues.

Favorable local cabotage regulation for all intra-Indonesian
seaborne transportation, which is to be carried by Indonesian-
controlled -and flagged vessels.

BLT's liquidity position is adequate, in S&P's view.  Cash and
short-term investments were US$161 million as of Sept. 30, 2010.
In addition, S&P expects BLT's annual funds from operations to
exceed US$200 million during 2010.  The new loan will refinance
most of BLT's short-term debt and its offshore bank loans.  The
company's additional sale and lease-back contracts should finance
its remaining capital expenditure commitments.

"The stable outlook is based on S&P's expectation that BLT will
not face liquidity or covenant pressures in the next few quarters,
largely because of the new loan.  S&P also do not expect the
operating conditions, while still challenging, to deviate
significantly from those in September 2010," said Mr. Guerena.

As at Sept. 30, 2010, BLT managed 95 tankers, representing 2.2
million deadweight tonnage, with a weighted average age of 7.5
years.  The company's key businesses are operation of chemical and
oil tankers, which provide about 74% and 19% of BLT's revenues,
respectively.


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


JAPAL AIRLINES: To Shift Fleet to Smaller Planes
------------------------------------------------
Anna Mukai and Kiyotaka Matsuda at Bloomberg News report that
Japan Airlines Corp. said it will shift its fleet toward smaller
aircraft to better compete with bullet trains, which are
increasing services in Japan.  President Masaru Onishi said the
expansion of bullet-train services in Japan will also lead to
expansion of Japan Airlines, Bloomberg says.

Separately, Bloomberg News reports that Japan Airlines will decide
on investments in the company next month.

Hideo Seto, Enterprise Turnaround Initiative Corp. of Japan
chairman, commented about investment plans in response to a Nikkei
newspaper story saying the company would get investments of as
much as JPY20 billion from Daiwa Securities Group Inc. and seven
others.

The Troubled Company Reporter-Asia Pacific, citing Kyodo News,
reported on Monday that eight companies, including Daiwa
Securities Group Inc. and Tokio Marine & Fire Insurance Co, are
considering making JPY10 billion to JPY20 billion investments in
Japan Airlines.  Kyodo, citing sources close to the matter, said
the eight, also including JTB Corp and Kyocera Corp, will provide
the money in addition to the already set JPY350 billion investment
by the government-backed Enterprise Turnaround Initiative Corp. of
Japan.  The remaining four companies are Sompo Japan Insurance
Inc, Mitsui Sumitomo Insurance Co, Aioi Nissay Dowa Insurance Co
and Hankyu Travel International Co, Kyodo disclosed.

                       About Japan Airlines

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

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

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


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


EON BANK: Fitch Maintains Individual Rating at 'C/D'
----------------------------------------------------
Fitch Ratings is maintaining Malaysia-based EON Bank's ratings,
including its 'BBB-' Long-term Foreign-Currency Issuer Default
Rating and its 'C/D' Individual Rating, on Rating Watch Positive.

EON Bank's ratings have been maintained on Positive Watch as Hong
Leong's proposed takeover offer for all the assets and liabilities
of EON Capital (the investment holding company of EON Bank) is
still pending completion.  This is because of the ongoing
arbitration over the disputes between Primus Pacific (a private
equity fund and EON Capital's largest shareholder) and certain
other shareholders and directors of EON Capital.  Fitch expects to
resolve the Rating Watch once there is greater clarity on the
outcome of the proposed deal.

The ratings were placed on Positive Watch in July 2010 to reflect
the positive impact on EON Bank's risk profile from the proposed
takeover by Hong Leong, which in Fitch's view has a better credit
standing than EON Bank.  EON Bank's Support Rating and Support
Rating Floor are also on Positive Watch due to the expected
increase in its systemic importance from the proposed deal.  The
merged entity is likely to be the fourth-largest local bank, with
a 9% share in banking system assets.

Should the proposed deal fail to materialize, Fitch expects the
Outlook on EON Bank's ratings to be Stable given its satisfactory
capital position, which helps to mitigate its moderate earnings
and less diversified business profile amid the still uncertain
global economic environment.  While EON Bank's CEO has recently
tendered his resignation, Fitch believes that there have been no
major disruptions to the bank's strategy and operations, which
continue to be overseen by its senior management team.  For more
details on EON Bank's credit profile, please refer to EON Bank's
Credit Update dated 29 September 2010.

These ratings of EON Bank have been maintained on Rating Watch
Positive:

  -- Long-term foreign currency IDR of 'BBB-';
  -- Short-term foreign currency IDR of 'F3';
  -- Individual rating of 'C/D';
  -- Support rating of '3';
  -- Support Rating Floor of 'BB'; and
  -- Long-term deposit rating of 'BBB'.


HOCK SIN: 36th Annual General Meeting Slated for March 25
---------------------------------------------------------
Hock Sin Leong Group Berhad will hold its 36th Annual General
Meeting on March 25, 2011, at 11:00 a.m., at 1-11, 3rd Floor,
Jalan Perdana 10/6, Pandan Perdana, Selangor, 55300 Kuala
Lumpur, in order to:

   -- receive and consider the Audited Financial Statements
      together with the related reports of the Directors and
      Auditors for the year ended Sept. 30, 2010;

   -- re-elect Lee Ah Lan @ Lee Keok Hooi and Lee Yoke Huah, who
      retire pursuant to Article 126 of the Company's Articles
      of Association;

   -- appoint Messrs. Yeap Cheng Chuan & Co. as Auditors of the
      Company and to authorize the Directors to fix their
      remuneration;

   -- consider and if thought fit, to pass the allotment and
      issuance of the Company's shares provided that the
      aggregate number of shares to be issued does not exceed
      10% of the issued share capital of the Company for the
      time being; and

   -- transact any other business of which due notice will
      have been given.

                          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.


NAM FATT: RBS Sues Thailand Unit Over THB852.47 Million Debt
------------------------------------------------------------
Nam Fatt Corporation Berhad disclosed that on Feb. 21, 2011, the
Company was notified that The Royal Bank of Scotland NV Labuan
Branch, formerly known as ABN AMRO Bank NV Labuan Branch, issued a
suit against Phuket Long Island Development Co Ltd, which is an
indirect subsidiary of the Company.  PLID is a company
incorporated in Thailand.

PLID does not have an operating office in Thailand and:

   (i) was unable to ascertain the suit and nature and details
       of the suit as the same was issued in the Thai national
       language; and

  (ii) took steps to seek and agree on the terms of engagement
       with a firm of solicitors in Thailand.

PLID had on Feb. 28, 2011, appointed a firm of solicitors in
Thailand to represent PLID in the matter.

RBS filed a lawsuit at the Central Intellectual Property and
International Trade Court, Bangkok, Thailand, against PLID on Jan.
31, 2011, to demand (i) the repayment of THB852,478,141.31; or
otherwise (ii) the foreclosure and sale by public auction of 17
groups of vacant land belonging to PLID, on the western part of Ko
Yao Yai Island within Pru Nai Sub-district, Ko Yao District,
Phangnga Province, in Thailand (Charged Property).

PLID is the registered owner of the Charged Property.  The Charged
Property is charged to RBS as security for a facility by RBS to
Nam Fatt Investments (Hong Kong) Limited, a corporation related to
PLID.

PLID is seeking advice from its appointed solicitors in Thailand
on the matter with an intention of defending the suit brought by
RBS.

                         About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company.  The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities.  The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing.  The Company's
subsidiaries include Nam Fatt Fabricators Sdn. Bhd., which is
engaged in the construction of bridges, heavy concrete
foundations, roads, factory complexes and similar construction
activities; Agenda Istimewa Sdn Bhd, which is engaged in property
development; P & N Construction Sdn. Bhd. which is engaged in the
business of general contractors; Nam Fatt Marketing Sdn. Bhd.,
which is a sales distributor and marketing agent, and Maddusalat
Berhad, which is the owner and developer of golf resort and its
recreational amenities, property developer, and property manager.

                           *     *     *

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

The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated December 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.


NV MULTI: Posts MYR7.65 Million Net Loss in Qtr Ended December 31
-----------------------------------------------------------------
NV Multi Corporation Berhad reported net income of MYR60.20
million on revenue of MYR83.73 million for the quarter ended
Dec. 31, 2010, compared with net income of MYR7.61 million on
revenue of MYR65.97 million for the same period in 2009.

At Dec. 31, 2010, the company's consolidated balance sheet
showed MYR303.43 million in total assets, MYR1.39 million in total
liabilities, and MYR302.04 million in total shareholders' equity.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?7429

On Dec. 30, 2010, the Company completed the disposal of the entire
business and undertakings (including the entire assets and
liabilities) and the exceptional gain of MYR47.157 million has
been recognised and included in the profit before tax of the
current quarter 2010 and also current year to date 2010.

NV Multi Corporation Berhad is a Malaysia-based company engaged in
investment holding and provision of management services.  Through
its subsidiaries, NV Multi is engaged in the business of
bereavement care.  Its products and services include exhibition
halls, pet memorial garden, funeral services packages, funeral
services, golden care plan, tombs, burial plots, um compartments
and ancestral tablets.

NV Multi Corporation Berhad has been considered as a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

NV Multi on December 30, 2010, completed the proposed disposal of
its entire business and undertakings (including the entire assets
and liabilities) to NV Multi Asia Sdn Bhd (formerly known as
Mutual Tactic Sdn Bhd).  With the completion of the proposed
disposal, NV Multi has triggered these criteria prescribed under
PN17 of the Listing Requirements:

    (i) NV Multi has ceased all of its business and entire
        operations as a result of the Proposed Disposal; and

   (ii) NV Multi has insignificant business or operations
        after the Proposed Disposal.


VASTALUX ENERGY: Appoints Rosthman Bin Ibrahim as Chairman
----------------------------------------------------------
Vastalux Energy Berhad has appointed Rosthman Bin Ibrahim as
Chairman of the company effective Feb. 25, 2011.

Ibrahim replaces Tan Sri Dato' Zainol Abidin bin Abd Rashid, who
resigned as Chairman on Feb. 1, 2011.

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
====================


EQUITABLE MORTGAGES: Too Soon to Estimate Recovery, Receivers Say
-----------------------------------------------------------------
Interest.co.nz reports that the receivers of Equitable Mortgages
said it's too soon to say how much of the property lender's
NZ$188.4 million worth of loans they are likely to recover.

According to interest.co.nz, receivers Grant Graham and Brendon
Gibson of KordaMentha said in their first report that Equitable
Mortgages had NZ$188.4 million worth of loans outstanding when it
was placed in receivership on Nov. 26 last year.

Interest.co.nz relates that Messrs. Graham and Gibson said it's
not possible at this time to estimate the level of recovery from
the loans, but noted that Equitable Mortgages, which was covered
by the extended Crown retail deposit guarantee scheme, had a
"significant" amount of cash on hand.

"The receivers are in the process of verifying the debenture
investment register and will provide this information to the
Treasury," Interest.co.nz quotes Messrs. Graham and Gibson as
saying.  "This will enable the Treasury to commence its payout
process."

The receivers added that it was not yet possible to say whether
unsecured creditors would get any money back, Interest.co.nz says.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2010, Equitable Mortgages have called in receivers for
the company.  According to The New Zealand Herald, institution
has around 6,000 depositors and approximately NZ$178 million in
Crown-guaranteed deposits.  Treasury's deputy secretary of
financial operations Phil Combes said eligible depositors with
Equitable Mortgages can claim repayment from the Crown, the report
related.  The NZ Herald reported that Equitable Mortgages asked
its trustee to appoint receivers to the company, which is a
default triggering the Crown's guarantee under the terms of the
Extended Retail Deposit Guarantee Scheme.  The NZ Herald said that
the company also had about NZ$12 million of non-guaranteed
deposits it marketed as "Classic Debentures."  Mr. Combes said the
Crown would not repay deposits it had not guaranteed, the report
added.

Deloitte's Rod Pardington and David Levin were initially appointed
Equitable Mortgages' receivers but were replaced by Messrs. Graham
and Gibson on Dec. 17, 2010.

Headquartered in Auckland, New Zealand, Equitable Mortgages
provides first ranking loans for commercial, industrial and
residential property.


NEW ZEALAND LOCAL: AM Best Cuts Financial Strength Rating to 'B'
----------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B
(Fair) from B++ (Good) and issuer credit rating to "bb" from "bbb"
of New Zealand Local Authority Protection Programme Disaster Fund
(LAPP) (New Zealand).  The ratings have been placed under review
with negative implications.

The downgrades reflect A.M. Best's view of the impact of the
recent earthquake in Christchurch on LAPP's capitalization and
A.M. Best's concern about the ongoing viability of LAPP.  LAPP was
designed to withstand two major catastrophic events, and on this
occasion it is expected to utilize most of its capital and surplus
in fulfilling its obligations.

A.M. Best anticipates that LAPP will not be able to withstand a
third event; therefore, A.M. Best has put the ratings under review
with negative implications while discussions continue with
management regarding loss development and capitalization plans.


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


PASIR PANJANG: Creditors Get $1.922 Per Share Recovery on Claims
----------------------------------------------------------------
Pasir Panjang Industries Pte Ltd declared the fourth and final
dividend to creditors on Feb. 25, 2011.

The company paid in cash S$1.922 per share to the received claims.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


PWB - RUHLATEC ASIA: Creditors Get 6.4% Recovery on Claims
----------------------------------------------------------
PWB - Ruhlatec Asia Pte Ltd declared the first and final dividend
to creditors on Feb. 25, 2011.

The company paid 6.4% to the received claims.

The company's liquidator is:

          Aw Eng Hai
          47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce & Industry
          Building
          Singapore 179365


RAYMOND FORKLIFT: Creditors Get 20% Recovery on Claims
------------------------------------------------------
Raymond Forklift Trading (S) Pte Ltd declared the preferential
dividend to creditors on Feb. 17, 2011.

The company paid 20.29926% to the received claims.

The company's liquidator is:

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


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

Standard Chartered Bank filed the petition against the company on
June 16, 2010.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


STD IMPEX: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Feb. 18, 2011, to
wind up STD Impex Marketing (S) Pte Ltd's operations.

Tomaz Kne filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         URA Centre (East Wing)
         45 Maxwell Road #05-11 #06-11
         Singapore 069118


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


DOT VN INC: Hi-Tek Inks Pact to Develop Vietnam Language IDNs
-------------------------------------------------------------
Dot VN, Inc., an Internet and Telecommunications Company and the
exclusive online global domain name registrar for the Country of
Vietnam, announced that its wholly owned subsidiary, Hi-Tek
Multimedia, Inc. has been designated as the Vietnam Internet
Network Information Centre's sole partner in developing and
managing Vietnam's native language internationalized domain names.

Through this IDN management agreement with VNNIC, Dot VN has
received approval to implement a new registration platform and
manage the development of the Vietnamese IDNs.  Further, in
connection with the IDN Agreement, Dot VN will oversee the
monetization of the IDNs and creation of value added services
related to the development of the Vietnamese IDNs.

"When we started working with VNNIC over ten years ago, we never
imagined that the internet in Vietnam would grow as it did.  The
IDNs are the next evolution in the Vietnamese Internet and we are
honored by VNNIC's trust in us.  Dot VN is fully committed to
ensuring the successful launch and long term success of the
Vietnamese IDNs," said Dot VN President Lee Johnson.

Historically, Vietnam's Internet growth has proven to be
incredibly strong as evidenced by the exponential increase in the
number of Internet users in Vietnam.  In 2000, there were 430,000
Internet users.  VNNIC's most recent statistics as of December
2010 show that there over 26.7 million internet users, an increase
of over 6,100 percent in just ten years.  Indeed, Vietnam's
remarkable growth has propelled it into the top 20 Countries in
terms of internet usage trailing only slightly behind Canada
according to a recent report by Pingdom, a U.S. based website
monitoring service.  The Vietnamese IDNs are expected be available
for registration by the end of April and will be open both
domestically and internationally to all individuals, corporations
or organizations that are interested in securing a Vietnamese
native language domain name.

"We are preparing for a strong response to the new class of native
language domains as it gives the over 90 million Vietnamese
speakers world wide the opportunity to interact with the internet
in their native tongue.  It will also allow local and global
advertisers the ability to interact with clients and customers in
their native Vietnamese" said Dot VN's Chief Executive Officer,
Thomas M. Johnson.  "Recent IDN launches by other countries have
been well received and it is my hope that we can follow the
Russian IDN's example of over 760,000 domains registered since its
launch in November of 2010."

Vietnam Internet Network Information Centre, (www.vnnic.net.vn) is
an agency of the Ministry of Information and Communication of
Vietnam.  VNNIC was founded on April 28, 2000, and carries out the
functions of managing, allocating, supervising and promoting the
use of Internet domain names, addresses, autonomous system numbers
in Vietnam, providing Internet-related guidance, statistics on
Internet usage, and representing Vietnam at Internet related
events.

                           About Dot VN

Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
www.INFO.VN.  The Company is the "exclusive online global domain
name registrar for .VN (Vietnam)."  Dot VN is the sole distributor
of Micro-Modular Data Centers(TM) solutions and E-Link 1000EXR
Wireless Gigabit Radios to Vietnam and Southeast Asia region.  Dot
VN is headquartered in San Diego, California with offices in
Hanoi, Danang and Ho Chi Minh City, Vietnam.

Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.

The Company's balance sheet at Oct. 31, 2010, showed $2.43 million
in total assets, $10.83 million in total liabilities, and a
stockholders' deficit of $8.39 million.

Dot VN reported a $7.3 million net loss on $1.1 million of
revenues for the fiscal year ended April 30, 2010, compared with a
$5.4 million net loss on $1.0 million of revenues for the same
period a year ago.

Following the Company's results for fiscal 2010, Chang G. Park CPA
expressed substantial doubt against Dot VN's ability to continue
as a going concern, citing the Company's losses from operations.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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