TCRAP_Public/110303.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, March 3, 2011, Vol. 14, No. 44

                            Headlines



A U S T R A L I A

BEMAX RESOURCES: Moody's Gives Stable Outlook on 'Caa1' Rating
MANACCOM: Gets AU$500,000 Rescue Deal; Creditors to Get 100%


C H I N A

CHINA GINSENG: Posts US$188,900 Net Loss in Dec. 31 Quarter
NEW ORIENTAL: Shares Copy of Xinyang Indebtedness Conversion Pact
NEXTMART INC: Posts US$103,300 Net Loss in Dec. 31 Quarter


H O N G  K O N G

AIMBEST INVESTMENT: Creditors' Proofs of Debt Due March 28
ART CITY: Creditors' First Meeting Set for March 7
CAN HOLDINGS: Placed Under Voluntary Wind-Up Proceedings
CELEBRITY EXPORTS: Final Meetings Set for March 28
CEUTA LIMITED: Creditors' Proofs of Debt Due March 28

CHENGYI CULTURAL: Members' Final General Meeting Set for March 31
CHEONG HANG: Creditors' Proofs of Debt Due March 28
CHESTWORLD LIMITED: Creditors' Proofs of Debt Due March 28
CP ADALTIS: Creditors' Meeting Set for March 9
DAILOY DEVELOPMENT: Placed Under Voluntary Wind-Up Proceedings

DELORES LIMITED: Placed Under Voluntary Wind-Up Proceedings
I-STAR INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
KINCHEER LIMITED: Creditors' Proofs of Debt Due March 28
KO CHUN: Creditors' Proofs of Debt Due March 11


I N D I A

ABS ELECTROPLATERS: CRISIL Puts 'BB-' Rating on INR110MM Term Loan
ANDREW YULE: Fitch Affirms National Long-Term Rating at 'D'
AVANI PROJECTS: Fitch Upgrades National Long-Term Rating to 'B'
BALAJI GINNING: CRISIL Assigns 'B' Rating to INR45MM LT Bank Loan
BLA INFRASTRUCTURE: CARE Puts 'CARE BB' Rating on INR10.7cr Loan

CHOCOLATE HOTELS: CRISIL Reaffirms 'BB-' Rating on INR92MM Loan
CRS INFRA: CRISIL Reaffirms 'C' Rating on INR100MM Cash Credit
D V S STEELS: CRISIL Assigns 'BB-' Rating to INR40MM Cash Credit
ESWAR RUBBER: Fitch Assigns National Long-Term Rating at 'BB-'
FINE JEWELLERY: CRISIL Reaffirms 'B' Rating on INR76MM LT Loan

GEEKAY WIRES: CRISIL Assigns 'D' Rating to INR60MM Cash Credit
GURUDEVA TRUST: Fitch Affirms National Long-Term Rating at 'B'
INTER INDIA: CRISIL Rates INR70 Million Cash Credit at 'B'
JALNIDHI BITUMEN: CRISIL Reaffirms 'BB-' Rating on Cash Credit
KALYAN JEWELS: CARE Rates INR25cr LT Bank Facilities at 'CARE BB+'

KARTHIKA MODERN: CRISIL Assigns 'C' Rating to INR55MM Cash Credit
K.A.R. LEATHERS: CRISIL Assigns 'BB' Rating to INR45MM Cash Credit
K.K.R. FLOUR: CRISIL Rates INR80 Million Cash Credit at 'C'
K.K.R. FOOD: CRISIL Assigns 'C' Rating to INR4.9 Million LT Loan
KKR AGRO: CRISIL Assigns 'D' Ratings on Various Bank Facilities

KKR MILLS: CRISIL Assigns 'D' Rating to INR3.20MM Long-Term Loan
NEKKANTI SEA: CARE Assigns 'CARE BB+' Rating to INR33.25cr Loan
PEARL POLYMERS: Fitch Affirms National Long-Term Rating at 'BB+'
RAIN CII: Fitch Withdraws All Outstanding Ratings
RASHMI CEMENT: Fitch Puts 'BB+' Rating on 'Non-Monitored' Status

RONIT NIRMAN: Fitch Puts 'B' Rating on 'Non-Monitored' Status
SHRI MAHAVIR: Fitch Puts 'BB-' Rating on 'Non-Monitored' Status
SK WHEELS: Fitch Corrects Press Release on Ratings
TRIMEX MINERALS: Fitch Affirms 'B-' National Long-Term Rating


I N D O N E S I A

TELEKOMUNIKASI INDONESIA: Fitch Changes Outlook to Positive
* Fitch Places Positive Outlook on Seven Indonesian Banks' Ratings


J A P A N

CORSAIR NO 2: S&P Corrects Rating on Series 45 Default Swaps
HUMMINGBIRD SECURITISATION: S&P Raises Rating on JPY4-Bil. Notes
JAPAN AIRLINES: Revives Crane Logo to Rehabilitation Exit


K O R E A

SSANGYONG MOTOR: Swings to KRW8.1 Billion Net Profit in 2010


M A L A Y S I A

AKN TECHNOLOGY: Post MYR421,000 Net Income in December 31 Quarter
ARK RESOURCES: Post MYR51,000 Net Loss in Quarter Ended Dec. 31
BASWELL RESOURCES: Posts MYR685,000 Net Loss for Dec. 31 Quarter
HAISAN RESOURCES: Posts MYR18.31MM Net Loss in Qtr. Ended Dec. 31


N E W  Z E A L A N D

REDGROUP RETAIL: Administrators Yet to Know Value of NZ Brands


P H I L I P P I N E S

BENGUET CORP: To Transfer Nickel Mining Assets to Unit


                            - - - - -


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


BEMAX RESOURCES: Moody's Gives Stable Outlook on 'Caa1' Rating
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on its Caa1
corporate family rating and senior unsecured bond rating for Bemax
Resources Ltd to stable from negative.

"The reversion of the outlook to stable reflects the ongoing support
(via capital injections) from Bemax's owner the National Titanium
Dioxide Co. Limited (Cristal; unrated), the ongoing development of the
Snapper mineral sands mine and the improved outlook for the mineral
sands market" says Matthew Moore, a Moody's Assistant Vice President
-- Analyst.

The rating continues to reflect the company's weak stand alone
liquidity position and financial profile, continued execution risk
with the commissioning and ramp up of the Snapper mine, and high
product concentration.

Balancing this is the company's good quality reserves with relatively
high mineral grades, particularly in the Murray Basin, improved
industry dynamics for the mineral sands market and the strategic
importance and ongoing demonstrated liquidity support from the
company's parent.

Bemax has begun commissioning on the Snapper project and expects to
reach full production capacity by April 2011, leading to meaningful
improvement in the company's credit metrics.  "Upward pressure on the
rating could emerge as the company makes continued progress towards
commissioning and ramp up of the mine", says Mr. Moore.

"On the other hand, downward pressure on the rating could emerge if
Bemax experiences material difficulties with the ramp up of Snapper
and/or negative developments in the mineral sands markets combined
with reduced support from Cristal such that the company is unable to
fund itself", adds Mr. Moore.

The last rating action on Bemax was on May 13, 2009, when Moody's
downgraded Bemax's ratings to Caa1 with a negative outlook.

Bemax is an Australian based mineral sands explorer, miner and
processor, producing Zircon and other Titanium Dioxide based separated
feedstock products including Rutile, Illmenite and Leucoxene.  The
company's mining operations are centered around the Murray Basin of
NSW (Ginko and Snapper mines) and Western Australian operations near
Burnbury.

Bemax is a private company 100% owned by the National Titanium Dioxide
Co. Limited, which is based in Saudi Arabia.  Bemax provides full and
half-year audited financial statements, plus quarterly production
reports on the Singapore Stock Exchange.


MANACCOM: Gets AU$500,000 Rescue Deal; Creditors to Get 100%
------------------------------------------------------------
James Thomson at SmartCompany reports that creditors of collapsed
software distributor Manaccom will receive up to 100 cents in the
dollar after the company's former owner, Jumbo Interactive, said it
would make a AU$500,000 payment.

Manaccom went into administration on Jan. 31, 2011, after Jumbo
Interactive decided to stop funding the business.  Manaccom was placed
in the hands of administrators Nick Harwood and Richard Hughes of
Deloitte, but immediately ceased trading, with the loss of 37 jobs.

However, SmartCompany relates, Jumbo Interactive, which now runs an
international lottery business, has stepped in to ensure creditors
will not be left out of pocket.

According to SmartCompany, Jumbo Interactive on Tuesday announced it
would make a AU$500,000 contribution to creditors via deed of company
arrangement.  SmartCompany states that this will ensure creditors
receive a return of up to 100c in the dollar, or at least 43 cents in
the dollar, depending on the size of creditors claims and asset sales.

The administrators have recommended the deal to creditors, who will
vote on it on March 7, SmartCompany adds.

Jumbo Interactive chief executive Mike Veverka told SmartCompany the
deed of company arrangement "should be the final chapter in a story
that started out pretty well but pretty quickly turned sour".

SmartCompany relates Mr. Veverka said that when Jumbo bought the
business in 2007, it was travelling well but a "single bad deal" with
McAfee proved difficult to recover from.  A deteriorating market
simply compounded Manaccom's woes, SmartCompany points out.

Headquartered in Australia, Manaccom is a software specialist
distributor.  Manaccom specialized in providing publishing and re-
publishing services for software developers.  Its distribution
line-up included McAfee, Acronis, Net Nanny and MYOB.


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


CHINA GINSENG: Posts US$188,900 Net Loss in Dec. 31 Quarter
-----------------------------------------------------------
China Ginseng Holdings, Inc., filed its quarterly report on Form
10-Q with the U.S. Securities and Exchange Commission, reporting a net
loss of $188,916 on $919,877 of revenue for the three months ended
Dec. 31, 2010, compared with a net loss of $106,310 on $58,579 of
revenue for the same period ended Dec. 31, 2009.

The Company's balance sheet at Dec. 31, 2010, showed $10.1 million in
total assets, $4.7 million in total liabilities, and stockholders'
equity of $5.4 million.

The Company has accumulated deficits of $2,224,961 and $1,727,592 as
of Dec. 31, 2010, and June 30, 2010, respectively, and there are
existing uncertain conditions the Company foresees relating to its
ability to obtain working capital and operate successfully," the
Company said in the filing.

The Company says that if it doesn't raise sufficient capital to
support its operating expenses and generate adequate revenues, there
can be no assurances that the revenues will be sufficient to enable it
to develop business to a level where it will generate profits and cash
flows from operations.  These matters raise substantial doubt about
the Company's ability to continue as a going concern.

A full-text copy of the Form 10-Q filing is available for free at:

               http://researcharchives.com/t/s?742c

Changchun City, China-based China Ginseng Holdings, Inc., was
incorporated on June 24, 2004, in the state of Nevada.  The
Company conducts business through its four wholly owned
subsidiaries located in Northeast China.  The Company has been granted
20-year land use rights to 3,705 acres of lands by the Chinese
government for ginseng planting and it controls control through lease
approximately 750 acres of grape vineyards.


NEW ORIENTAL: Shares Copy of Xinyang Indebtedness Conversion Pact
------------------------------------------------------------------
New Oriental Energy & Chemical Corp. filed Amendment No. 1 to the
Current Report on a Form 8-K filing with the U.S. Securities and
Exchange Commission to include a copy of an Indebtedness Conversion
Agreement with Xinyang Hongchang Channel Gas Engineering Co., Ltd.

On Oct. 18, 2010, New Oriental entered into the Xinyang Agreement
for the conversion of $3,010,200 of debt into 3,010,200 shares of
common stock of the Company.  The converted debt consisted of loans
used to fund the construction of the Company's methanol production
facility.  A full-text copy of the Xinyang
Agreement is available for free at:

                http://ResearchArchives.com/t/s?7420

                        About New Oriental

New Oriental Energy & Chemical Corp. (NASDAQ: NOEC)
-- http://www.neworientalenergy.com/-- was incorporated in the
State of Delaware on November 15, 2004.  The Company is an
emerging coal-based alternative fuels and specialty chemical
manufacturer based in Henan Province, in the Peoples'
Republic of China.  The Company's core products are urea and other
coal-based chemicals primarily utilized as fertilizers.  All of
the Company's sales are made through a network of distribution
partners in the Peoples' Republic of China.

The Company's balance sheet at Sept. 30, 2010, showed
$76.09 million in total assets, $74.32 million in total
liabilities, and stockholders' equity of $1.76 million.

As reported in the Troubled Company Reporter on July 2, 2010,
Weinberg & Company, P.A., in Boca Raton, Florida, expressed
substantial doubt about the Company's ability to continue as a
going concern, following its results for the fiscal year ended
March 31, 2010.  The independent auditors noted that the Company
incurred a net loss of $12.8 million and has negative cash flows
from operations of $7.5 million for the year ended March 31, 2010,
and has a working capital deficit of $44.1 million at March 31,
2010.


NEXTMART INC: Posts US$103,300 Net Loss in Dec. 31 Quarter
----------------------------------------------------------
NextMart, Inc., filed its quarterly report on Form 10-Q with the U.S.
Securities and Exchange Commission, reporting a net loss of $103,356
on $0 revenue for the three months ended Dec. 31, 2010, compared with
a net loss of $82,360 on $0 revenue for the same period of the prior
fiscal year.

The Company's balance sheet at Dec. 31, 2010, showed $1.38 million
in total assets, $3.04 million in total liabilities, and a
stockholders' deficit of $1.66 million.

As reported in the Troubled Company Reporter on Jan. 19, 2011.
Bernstein & Pinchuk LLP, in New York, expressed substantial doubt
about NextMart, Inc.'s ability to continue as a going concern,
following the Company's results for the fiscal year ended
Sept. 30, 2010.  The independent auditors noted that the Company has
incurred significant losses from operations for the two years ended
Sept. 30, 2010, and has a working capital deficiency.

A full-text copy of the Form 10-Q filing is available for free at:

               http://researcharchives.com/t/s?7424

Beijing, PRC-based NextMart, Inc., was originally incorporated
under the laws of Minnesota in 1972 and was previously known as SE
Global Equity.  In May 2007, the Company reincorporated into the
State of Delaware and changed its name to NextMart, Inc.  The
Company plans to leverage the art event and art media advertising
and marketing channels acquired from Beijing Chinese Art
Exposition's Media Co., Ltd. ("CIGE"), a leading Chinese art
services, events and media company, to offer unique art related
marketing and advertising services targeting China's wealthy
consumers.


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


AIMBEST INVESTMENT: Creditors' Proofs of Debt Due March 28
----------------------------------------------------------
Creditors of Aimbest Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt by
March 28, 2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Choy Man Yick
         12th Floor, V Heun Building
         138 Queen's Road
         Central, Hong Kong


ART CITY: Creditors' First Meeting Set for March 7
--------------------------------------------------
Creditors of Art City (Hong Kong) Limited will hold their first
meeting on March 7, 2011, at 3:00 p.m., for the purposes provided for
in Sections 228A(8)), 242, 243, 244 and 245A of the Companies
Ordinance.

The meeting will be held at Meeting Room 5m, 4/F, South Tower, 41
Salisbury Road, YMCA of Hong Kong, Tsimshatsui, Kowloon, in
Hong Kong.


CAN HOLDINGS: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on Feb. 17, 2011, creditors
of Can Holdings Limited resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

         Law Yui Lun
         Room 502, 5/F
         Properous Building
         48-52 Des Voeux Road
         Central, Hong Kong


CELEBRITY EXPORTS: Final Meetings Set for March 28
--------------------------------------------------
Members and creditors of Celebrity Exports International Limited will
hold their final meetings on March 28, 2011, at 2:00 p.m., and 2:30
p.m., respectively at the 20th Floor, Prince's Building, Central, in
Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CEUTA LIMITED: Creditors' Proofs of Debt Due March 28
-----------------------------------------------------
Creditors of Ceuta Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 28, 2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Choy Man Yick
         12th Floor, V Heun Building
         138 Queen's Road
         Central, Hong Kong


CHENGYI CULTURAL: Members' Final General Meeting Set for March 31
-----------------------------------------------------------------
Members of Chengyi Cultural Institute Limited will hold their final
general meeting on March 31, 2011, at 7:00 p.m., at Unit A, 6/F, Block
2, Venice Garden, 1 Po Wing Street, Sheung Shui, N.T.

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

The company was placed into creditors' voluntarily liquidation on Feb. 12, 2011.

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


CHEONG HANG: Creditors' Proofs of Debt Due March 28
---------------------------------------------------
Creditors of Cheong Hang Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt by
March 28, 2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Chan Wai Ling
         21/F, Fee Tat Commercial Centre
         No. 613 Nathan Road
         Kowloon, Hong Kong


CHESTWORLD LIMITED: Creditors' Proofs of Debt Due March 28
----------------------------------------------------------
Creditors of Chestworld Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by March 28,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Choy Man Yick
         12th Floor, V Heun Building
         138 Queen's Road
         Central, Hong Kong


CP ADALTIS: Creditors' Meeting Set for March 9
----------------------------------------------
Creditors of CP Adaltis Hong Kong Company Limited will hold their
meeting on March 9, 2011, at 9:15 a.m., for the purposes provided for
in Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 2601, 26th Floor, China Insurance
Group Building, 141 Des Voeux Road Central, in Hong Kong.


DAILOY DEVELOPMENT: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on Feb. 14, 2011, creditors
of Dailoy Development Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Ms. Lo Shui San Zue
         7/F, Pearl Oriental Tower
         225 Nathan Road
         Kowloon, Hong Kong


DELORES LIMITED: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on Feb. 15, 2011, creditors
of Delores Limited resolved to voluntarily wind up the company's
operations.

The company's liquidator is Tam Kei Wai.


I-STAR INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on Feb. 14, 2011, creditors
of I-Star Investment Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Chu King Hei Victor
         Rooms 905-909, Yu To Sang Building
         37 Queen's Road
         Central, Hong Kong


KINCHEER LIMITED: Creditors' Proofs of Debt Due March 28
--------------------------------------------------------
Creditors of Kincheer Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 28, 2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Choy Man Yick
         12th Floor, V Heun Building
         138 Queen's Road
         Central, Hong Kong


KO CHUN: Creditors' Proofs of Debt Due March 11
-----------------------------------------------
Creditors of Ko Chun Hing Dyeing & Finishing Factory 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's liquidator is:

         Osman Mohammed Arab
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


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


ABS ELECTROPLATERS: CRISIL Puts 'BB-' Rating on INR110MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to ABS Electroplaters
(India) Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR110 Million Rupee Term Loan     BB-/Stable (Assigned)
   INR40 Million Cash Credit          BB-/Stable (Assigned)

The ratings reflect ABS's weak financial risk profile marked by a
small net worth, high gearing and moderate debt protection indicators.
This rating weakness is partially offset by the benefits that ABS
derives from its strong association with LG Electronics India Ltd and
other refrigerator manufacturing companies, leading to healthy growth
in ABS's revenues in the medium term.

Outlook: Stable

CRISIL believes ABS's operating income will grow at a healthy rate
over the medium term, supported by ABS's plastic moulding business and
its direct association with LG.  The outlook may be revised to
'Positive' if the promoters infuse substantial capital, and if the
company reports significant improvement in revenues and profitability,
resulting in sustained improvement in ABS's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is a
substantial decline in ABS's revenues or margins, or if the company
undertakes large, debt-funded capital expenditure, resulting in
weakening of its financial risk profile.

                      About ABS Electroplaters

ABS was established by Ms. Ishwari Prakash Bhat as a proprietorship
concern. Later in 2003, it was incorporated as private limited company
and the name changed to ABS Electroplaters India Pvt Ltd. ABS is
engaged in activity of plastic moulding and anodising, chrome plating,
electroplating, galvanizing, gold plating, plastic plating and silver
plating of electrical appliances parts and automobiles parts.

ABS reported a profit after tax (PAT) of INR6.1 million on net sales
of INR237.5 million for 2009-10 (refers to financial year, April 1 to
March 31), against a PAT of INR1.4 million on net sales of INR120.3
million for 2008-09.


ANDREW YULE: Fitch Affirms National Long-Term Rating at 'D'
-----------------------------------------------------------
Fitch Ratings has affirmed India-based Andrew Yule & Company Limited's
National Long-term at 'D(ind)'.  The agency has also affirmed AYCL's
bank loans:

  -- INR466.6 million fund-based loans: 'C(ind)'
  -- INR12.9 million non-fund based loans: 'F5(ind)'

The ratings reflect the company's continued net losses from FY01-FY07
(INR895.7 million in FY07).  AYCL is still registered with the Board
for Industrial and Financial Reconstruction and is trying to implement
the rehabilitation scheme, as approved by the Board for Reconstruction
of Public Sector Enterprises, Union Cabinet and BIFR, to restructure
its debt and operations.

The ratings also reflect irregularities in statutory dues payments,
including sales tax, wealth tax, agricultural income tax, professional
tax and excise duty for FY10.  AYCL is in default over some of its
loans from banks, even after taking into account the relief,
concessions and loan restructuring as per BIFR's sanctioned scheme.
However, the company is not in default on the abovementioned rated
bank loans.

The ratings may be upgraded if the company successfully completes its
rehabilitation scheme, allowing it to exit BIFR.

AYCL is headquartered in Kolkata and is the flagship company of the
Andrew Yule group.  The Government of India holds 94.72% of the
company's equity, with the balance being held by financial
institutions and the public.  Its shares are listed on the Bombay
Stock Exchange.  AYCL presently operates four divisions, namely tea,
engineering, electrical and general divisions.


AVANI PROJECTS: Fitch Upgrades National Long-Term Rating to 'B'
---------------------------------------------------------------
Fitch Ratings has upgraded India's Avani Projects and Infrastructure
Limited's National Long-Term Rating to 'B(ind)' from 'B-(ind)' with a
Stable Outlook.  The agency has also upgraded the ratings on APIL's
bank loans:

  -- Outstanding INR976.8 million long-term loans (enhanced
     from INR660.1 million): upgraded to 'B(ind)' from the
     expected 'B- (ind)(exp)'; and

  -- Sanctioned INR200 million fund-based limits (reduced from
     INR290 million): upgraded to 'B(ind)' from the expected 'B-
     (ind)(exp)'.

The upgrades reflect the progress of APIL's ongoing projects and the
improved real estate market.  As the projects are close to completion,
Fitch expects the liquidity of the company to improve as cash flows
from operations commence.

APIL's ratings are however constrained by the delays in the completion
of three projects.  Moreover, the company has entered into agreements
and MOUs for only around 40% of the total space for its commercial
projects.

Timely completion of the Riverside and Galaxy Malls and successful
leasing of a substantial portion of the space could lead to a ratings
upgrade.  Conversely, delays in leasing and selling of space, leading
to deterioration in liquidity, would move the ratings downwards.  Any
debt-led capex would also be negative for the ratings.

Established in 2005, APIL is a Kolkata-based real estate development
company.  The company's activities include the sales and development
of residential, commercial and retail properties.  The company
generated positive cash flow from operations of INR295.1 million in
FY10 (FY09: negative INR350.7 million).


BALAJI GINNING: CRISIL Assigns 'B' Rating to INR45MM LT Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities of
Balaji Ginning & Pressing.

   Facilities                            Ratings
   ----------                            -------
   INR55.0 Mil. Cash Credit Facility     B/Stable (Assigned)
   INR45.0 Million Proposed LT Bank
                        Loan Facility    B/Stable (Assigned)

The rating reflects BGP's weak financial risk profile, marked by small
net worth, high gearing, and weak debt protection metrics, and the
adverse impact the government's minimum support prices regime has on
players in the cotton industry.  These weaknesses are partially offset
by the experience of BGP's promoters in the cotton ginning industry.

Outlook: Stable

CRISIL believes that BGP will benefit over the medium term from its
promoters' established experience in the cotton ginning industry.  The
outlook may be revised to 'Positive' in case of significant
improvement in accruals and equity infusion, leading to improvement in
the capital structure and financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the firm's operating margin
declines, leading to smaller cash accruals, or if a debt-funded
capital expenditure adversely impacts its debt protection metrics.

                        About Balaji Ginning

BGP, based in Yavatmal (Maharashtra), is in the business of cotton
ginning and pressing. The firm was established in 2003, with
Mr. Ashok Nilwar and Mr. Sainath Motewar as equal partners.  The firm
has an installed capacity to manufacture 70,000 bales of cotton per
annum.

BGP reported a profit after tax (PAT) of INR1.2 million on net sales
of INR334.2 million for 2009-10 (refers to financial year, April 1 to
March 31), against a PAT of INR0.5 million on net sales of INR121.2
million for 2008-09.


BLA INFRASTRUCTURE: CARE Puts 'CARE BB' Rating on INR10.7cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities of
BLA Infrastructure Pvt. Ltd.

                                   Amount
   Facilities                     (INR cr)   Ratings
   ----------                     --------   -------
   Long-term Bank Facilities        10.7     'CARE BB' Assigned
   Short-term Bank Facilities       14.0     'PR4' Assigned

Rating Rationale

The aforesaid ratings are constrained by relatively small size of the
company, low profit levels & cash accruals and declining profit
margin, stretched liquidity position and high gearing levels due to
capital intensive nature of its business.  The ratings, however,
factor in experience of BIPL's promoters and moderate financial
position of the company.  The company's ability to secure orders
regularly, maintain healthy order book position and timely complete
contracts will remain the key rating sensitivities.

BLA Infrastructure Pvt. Ltd., incorporated in July, 2005, is engaged
in the business of coal mining & transportation and construction of
roads.  The company was promoted by Shri B.L.
Agarwalla, a Kolkata based entrepreneur.  Post incorporation, the
company has executed road projects related to National Highway
Authority of India, Central and various State Public Works
Department, IRCON International Ltd. etc.  This apart, BIPL is engaged
in coal mining related jobs encompassing removal of overburden and
lifting & transportation of coal to nearest
railway sidings.

In FY10, the company earned PBILDT and PAT (after deferred tax) of
INR5.6 crore and INR1.5 crore respectively on gross billing of INR42.7
crore.


CHOCOLATE HOTELS: CRISIL Reaffirms 'BB-' Rating on INR92MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank guarantee of
Chocolate Hotels Pvt Ltd, while reaffirming its rating on CHPL's
long-term bank facilities at 'BB-/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR92 Million Term Loan            BB-/Stable (Reaffirmed)

   INR53.00 Million Proposed LT       BB-/Stable (Reaffirmed)
            Bank Loan Facility

   INR5 Million Proposed Short-Term   P4+(Assigned)
            Bank Loan Facility

The ratings reflect CHPL's concentration in revenue profile (revenues
generated only from Chrome Hotel at Kolkata [West Bengal]),
susceptibility of margins to economic cyclicality, and constrained
financial profile because of a high gearing and a small net worth.
The impact of these rating weaknesses is mitigated by CHPL's location
advantage and the experience of the company's promoters in the
hospitality business.

Outlook: Stable

CRISIL believes that CHPL will maintain its business risk profile over
the medium term, supported by improving occupancy rates and moderate
growth in room demand expected in Kolkata.  The outlook may be revised
to 'Positive' if the company's financial risk profile improves
significantly as a result of increase in cash accruals.  Conversely,
the outlook may be revised to 'Negative' if sustained low occupancy
rates and average room rates, because of competitive pressures,
results in deterioration in CHPL's debt repayment capability, or if
the company undertakes a significant debt-funded capital expenditure
programme or acquisition.

                       About Chocolate Hotels

Set up in 1994, as a non-banking financial company named Alpha Vincom
Pvt Ltd, CHPL was acquired by the Tibrewala and Tantia families and
given its current name in 2003 with a view to set up a hotel.  In
January 2010, the Tantia family sold their holdings to the Tibrewala
family. Hotel Polo Towers Pvt Ltd (operates a four-star hotel named
Hotel Polo Towers in Shillong [Meghalya]), a company promoted by the
Tibrewala family owns 57% stake in CHPL, while the remaining stake is
held by the Tibrewala family. CHPL operates a full-service, four-star
hotel, named Chrome, at Kolkata.  The property features 63 rooms, one
restaurant, one coffee shop, one pub, a business centre, and a
swimming pool. The hotel is aimed at corporate customers and tourists.
The company has entered into a marketing alliance with 'small luxury
hotels of the world' in July 2010. It is currently in the process of
opening a fashion bar in collaboration with Fashion TV Paris.

CHPL reported a net loss of INR16 million on an operating income of
INR56 million in 2009-10 (refers to financial year, April 1 to March
31)


CRS INFRA: CRISIL Reaffirms 'C' Rating on INR100MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of CRS Infra Projects Ltd
continue to reflect delays by CRS Infra in servicing its equipment
finance obligations (not rated by CRISIL); the delays have been caused
by the company's weak liquidity.  The ratings also reflect the
company's modest scale of operations and limited revenue diversity.
These rating weaknesses are partially offset by CRS Infra's moderate
order book and capital structure.

   Facilities                         Ratings
   ----------                         -------
   INR100 Million Cash Credit         C (Reaffirmed)
   INR50 Million Bank Guarantee       P4 (Reaffirmed)

CRS Infra was incorporated in 1993 as a private limited company (CR
Sons Builders and Developers Pvt Ltd), promoted by Mr. Inder Kapoor
and family, and reconstituted as a public limited company in 2010. The
company executes civil construction projects, primarily in the
building and housing segments, in the National Capital Region, Uttar
Pradesh, and Uttarakhand.

CRS Infra reported a profit after tax (PAT) of INR20.6 million on net
sales of INR657.6 million for 2009-10 (refers to financial year, April
1 to March 31), against a PAT of INR20.9 million on net sales of
INR597.9 million for 2008-09.


D V S STEELS: CRISIL Assigns 'BB-' Rating to INR40MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank loan
facilities of D V S Steels and Alloys Pvt. Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR40.0 Million Cash Credit         BB-/Stable (Assigned)
   INR15.0 Million Buyer Credit        P4+ (Assigned)

The ratings reflect DVS's average financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics, and
limited revenue diversity in the fragmented secondary steel segment.
These rating weaknesses are partially offset by the competency of the
company's promoters and strong customer relationships.

Outlook: Stable

CRISIL believes that DVS will continue to benefit from the secular
growth in its revenues and stable cash accruals, over the medium term.
The outlook may be revised to 'Positive' in case the company's
financial risk profile improves significantly because of substantial
equity infusion by the promoters or significant growth in operating
margin and revenues.  Conversely, the outlook may be revised to
'Negative' in case of larger-than-expected debt-funded capital
expenditure or lower-than-expected cash accruals.

                          About Alloys Pvt.

Incorporated in 2004, DVS, a New Delhi-based company, is promoted by
Ankur Kumar Agarwal and his brother, Shilpi Kumar Agarwal.  The
company manufactures and sells mild steel (MS) ingots, used primarily
in manufacturing MS bars (thermo-mechanically treated bars).  The
company's manufacturing unit in Ghaziabad (Uttar Pradesh) has a
capacity of 18,000 tonnes per annum. The company makes most of its
sales in and around New Delhi.

DVS reported a profit after tax (PAT) of INR2.76 million on net sales
of INR443.24 million for 2009-10 (refers to financial year, April 1 to
March 31) as against a PAT of INR2.15 million on net sales of
INR396.07 million for 2008-09.


ESWAR RUBBER: Fitch Assigns National Long-Term Rating at 'BB-'
--------------------------------------------------------------
Fitch Ratings has assigned India's Eswar Rubber Products Pvt Ltd a
National Long-term rating of 'BB-(ind)'.  The Outlook is Stable.  The
agency has also assigned ratings to ERPL's bank facilities,

  -- INR48.4 million of Long term loan: 'BB-(ind)'; and
  -- INR100.0 million of Cash Credit limit: 'BB-(ind)'/'F4(ind)'

The ratings are underpinned by the track record of ERPL's promoters in
the tyre/tube reclaiming business, their moderate size and profitable
operations, and established relationships with tyre manufacturers.
Since setting up their first tyre reclaiming company in 1986, ERPL's
promoters have now taken over four sick entities in the tyre
reclaiming business in the last one and a half decades (ERPL is one of
them) and have been fairly successful in turning them around.  For the
purpose of rating ERPL, Fitch has taken a view of the consolidated
financial profile of all the Group entities in the business of tyre
reclaiming.  ERPL has the largest revenue in the Group.

The ratings are constrained by the slightly volatile nature of
realizations and margins.  ERPL's revenues and EBITDA margin of ERPL
declined in FY10 and financial leverage -- total debt/EBITDA -- as of
March 31, 2010, was high at 5.3x.  Ongoing debt led capex may further
deteriorate ERPL's financial leverage going forward.  Further key
concerns are the limited bargaining position with customers, low
EBITDA margins and the multiple units in various locations that may be
challenging to manage.

In anticipation of greater demand from tyre manufacturers for
reclaimed rubber, ERPL is undertaking a capacity expansion programme
of about INR27.5 million to increase its capacity by about 5760 metric
tonnes per annum that will add about 50% to its existing capacity.
The new facilities are expected to be commissioned by June 2011.

Any deterioration in net debt/EBITDA to more than 6.0x would act as a
negative ratings trigger.

ERPL is engaged primarily in manufacturing reclaimed rubber from tyre
and tube scrap which it buys from traders.  In FYE10, company reported
revenue of INR352.0 million (FY09: INR461.4 million), EBITDA of
INR24.2 million (FY09: INR40.1 million) and profit after tax of INR3.0
million (FY09: INR14.2 million).  As per ERPL's H1FY11 figures
(provisional and unaudited), its revenues were INR338.9 million,
EBITDA of INR32.1m and profit after tax of INR4.9 million.


FINE JEWELLERY: CRISIL Reaffirms 'B' Rating on INR76MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the packing and
post-shipment credit facilities of Fine Jewellery Manufacturing Ltd
(FJML); these facilities were earlier short-term facilities rated 'P4'
by CRISIL.  CRISIL has also reaffirmed its 'B/Stable' rating on the
company's other long-term facilities, and its 'P4' rating on the
company's short-term bank guarantee facility.

   Facilities                       Ratings
   ----------                       -------
   INR76 Million Long-Term Loan     B/Stable (Reaffirmed)
   INR24 Million Proposed LT Bank   B/Stable (Reaffirmed)
         Loan Facility
   INR260.5 Million Packing Credit  B/Stable (Reassigned)
   INR209.5 Million Post-Shipment   B/Stable (Reassigned)
            Credit
   INR100 Million Bank Guarantee    P4 (Reaffirmed)

The ratings continue to reflect FJML's weak financial risk profile,
marked by a high gearing and weak debt protection metrics,
working-capital-intensive operations, and exposure to revenue
concentration risks.  These rating weaknesses are partially offset by
FJML's healthy operating efficiencies, supported by strong back-end
infrastructure and designing capabilities.

Outlook: Stable

CRISIL believes that FJML will continue to benefit over the medium
term from its established market position and the increased demand in
its key markets.  The outlook may be revised to 'Positive' if FJML's
liquidity improves further and the company continues to repay its debt
in a timely manner.  Conversely, the outlook may be revised to
'Negative' if FJML's cash accruals decline.

Update
During 2010-11 (refers to financial year, April 1 to March 31), FJML's
revenues are expected to grow by nearly 10% (to around INR1.4
billion).  The company is expanding into new European markets such as
Norway and Sweden in a bid to reduce its exposure to the US. Its
working capital requirements are still large, with receivables at 150
days of sales as on December 31, 2010, because of the long credit
period offered to customers. Inventory holding has reduced
substantially to 127 days as on December 31, 2010, from nearly 180
days as on March 31, 2010. However, FJML's bank limit utilization
remains high, averaging at 97%, over the 12 months ended December 31,
2010. The company's gearing reduced to 2.1 times as on December 31,
2010 from 2.4 times as on March 31, 2010.

                       About Fine Jewellery

FJML, promoted by Mr. Premkumar Kothari, manufactures diamond-studded
gold/platinum jewellery exclusively for the export markets. FJML is
part of the Fine Jewellery group.  Set up in 1987, FJML was among the
first six companies to set up a jewellery unit in Santacruz
Electronics Export Processing Zone, Mumbai (Maharashtra).  In 2001,
the Fine Jewellery group established FJML to cater to the export
market.  In April 2005, FJML commenced operations at its manufacturing
facility in SEEPZ.

FJML reported a profit after tax (PAT) of INR8.13 million on net sales
of INR1.26 billion for 2009-10, against a PAT of INR1.56 million on
net sales of INR1.23 billion for 2008-09.


GEEKAY WIRES: CRISIL Assigns 'D' Rating to INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Geekay Wires Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR60 Million Cash Credit Facility     D (Assigned)
   INR25 Million Letter of Credit         P5 (Assigned)
         and Bank Guarantee

The ratings reflect GWPL's overdrawn bank limits; the bank limits have
been overdrawn on account of the company's weak liquidity, resulting
from delays in collection of receivables.

GWPL has a below-average financial risk profile, driven by large
working capital requirements, and is exposed to risks related to a
small scale of operations in the intensely competitive galvanized
steel wire industry.  These rating weaknesses are partially offset by
the industry experience of GWPL's promoters, and the company's
established customer relationships.

                        About Geekay Wires

Set up as a partnership firm in 1983, GWPL was reconstituted as a
private limited company in 1989.  From 1983 to 2007, the company
traded in mild steel rods and channels.  Since 2007, the company has
been manufacturing galvanised steel wires and cables, used in the
power and construction industries.  GWPL has capacity to manufacture
8500 tonnes of galvanised steel wire at its facility in Medak (Andhra
Pradesh).

GWPL reported a profit after tax (PAT) of INR3.2 million on net sales
of INR193 million for 2009-10 (refers to financial year, April 1 to
March 31), against a PAT of INR6.4 million on net sales of INR207
million for 2008-09.


GURUDEVA TRUST: Fitch Affirms National Long-Term Rating at 'B'
--------------------------------------------------------------
Fitch Ratings has affirmed India-based Gurudeva Trust's National
Long-term rating at 'B(ind)' with Stable Outlook.  Fitch has also
affirmed Gurudeva's term loan amounting to INR113.5 million and
overdraft limit of INR4.5 million at 'B(ind)'

The ratings continue to reflect the established position of the
trust's sponsored educational institute, Sree Narayana Guru Institute
of Science and Technology, located in the North Paravur district of
Ernakulam, Kerala.  However, the ratings are constrained by the
institute's mixed track record in the number of applications,
admissions-to-seats ratio, pass percentages and student placements.

Gurudeva's ratings are also constrained by its short track record of
about six years and the limited number of courses offered to date,
which is reflected in its small scale of operations and net losses
during FY04-FY06.  The ratings are further limited by the trust's
exposure to the regulatory framework for self-financing colleges in
India and by its affiliations to operationally inefficient
government-sponsored universities.  The ratings also take into account
the trust's stretched financial profile - in the form of high overall
debt levels - due to capital expenditure.  Debt/EBIDTA increased to
8.16x in FY10 from 6.56x in FY09.

The ratings are further constrained by the delay in executing the
trust's large capex programme for new courses in engineering, science
and management.  This is because of a delay in obtaining both
financing for the project and approvals from regulatory authorities.
Gurudeva has only been able to raise funding from trust members in the
form of interest-free, long-term (average tenor of about five years)
unsecured loans to fund the capex.  The trust is now expected to
obtain additional term loans from banks during FY12 for completing the
project.

Successful completion of the project leading to maximum levels of
admissions, and in turn sustained improvement in income and operating
surplus may lead to positive rating action.  Conversely, significant
delays in the project impacting revenue and operational surplus levels
may result in negative rating action.

Gurudeva Trust is a public charitable trust formed in 2001 to run Sree
Narayana Guru Institute of Science and Technology.  The institute
offers courses in management, computer applications and
bio-informatics.  For FY10, Gurudeva Trust reported income of INR49
million, an operating surplus of INR21.9 million and net surplus of
INR3 million.


INTER INDIA: CRISIL Rates INR70 Million Cash Credit at 'B'
----------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the cash credit facility
of Inter India Roadways.

   Facilities                          Ratings
   ----------                          -------
   INR70.0 Million Cash Credit         B/Stable (Assigned)

The rating reflects IIR's large working capital requirements,
resulting in a weak financial risk profile, marked by small net worth,
high gearing, and weak debt protection metrics, and its exposure to
risks related to customer concentration in its revenue profile, and
high fragmentation in the road transportation business.  These
weaknesses are partially offset by the extensive experience of IIR's
promoters in the road transportation business.

Outlook: Stable

CRISIL believes that IIR will benefit over the medium term on account
of the established track record of the promoters and the strong
customer base.  The company's financial risk profile and liquidity
are, however, expected to remain constrained by its large working
capital requirements.  The outlook may be revised to 'Positive' in
case of an increase in cash accruals and equity infusion, leading to
improvement in financial risk profile and liquidity. Conversely, the
outlook may be revised to 'Negative' if the firm undertakes a
larger-than-expected debt-funded capital expenditure programme or if
its working capital requirements increase significantly, weakening its
liquidity.

                         About Inter India

IIR was established as a proprietorship firm in 1996 by
Mr. Rajnish Gautam.  It was reconstituted as a partnership firm in
2004, with Mr. Gautam and Mr. Krishnakumar Tanwar as partners. Based
in Gandhidham (Gujarat), IIR is engaged in full truck load transport
services, and has 15 branches across India. The firm has 11 owned
trailers and hires 90 to 100 trucks daily to meet its requirements.

IIR reported a book profit of INR2.6 million on net sales of INR526.2
million for 2009-10 (refers to financial year, April 1 to March 31),
against a book profit of INR2.9 million on net sales of INR422.0
million for 2008-09.


JALNIDHI BITUMEN: CRISIL Reaffirms 'BB-' Rating on Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jalnidhi Bitumen
Specialities Pvt Ltd continue to reflect the working-capital-intensive
nature and small scale of Jalnidhi's operations in the bitumen
products industry.  These rating weaknesses are, however, partially
offset by the benefits that Jalnidhi derives from its promoters'
industry experience.

   Facilities                         Ratings
   ----------                         -------
   INR70 Million Cash Credit          BB-/Stable (Reaffirmed)
   INR38 Million Letter of Credit     P4+(Reaffirmed)
   INR2 Million Bank Guarantee        P4+(Reaffirmed)

Outlook: Stable

CRISIL believes that Jalnidhi will maintain its business risk profile
over the medium term, backed by stable demand for its products.  The
outlook may be revised to 'Positive' if Jalnidhi strengthens its
financial risk profile considerably, backed by scale-up in operations,
and improved margins and accruals. Conversely, the outlook may be
revised to 'Negative' if Jalnidhi takes on substantial debt to fund
its capital expenditure, or if its debt protection metrics and margins
deteriorate.

Update

Jalnidhi reported a topline of INR397 million for 2009-10 (refers to
financial year, April 1 to March 31), an increase of 13% over the
company's 2008-09 turnover of INR351 million.  There has been a
decline in Jalnidhi's operating margin to 3.3% in 2009-10 from 5.2% in
2008-09, because of increased raw material costs.  The company's
turnover till January 2011 has been at INR480 million.

Jalnidhi's liquidity is likely to remain weak.  Utilization of the
fund-based bank limit remained high at 97% during the 10 months
through January 2011. The company's accruals are, however, expected to
be sufficient to service its minimal vehicle obligations of INR500,
000 for 2010-11.

Jalnidhi reported a profit after tax (PAT) of INR2.7 million on net
sales of INR397 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR2.2 million on net sales of INR351
million for 2008-09.

                        About Jalnidhi Bitumen

Set up as a private limited company in 1994 by Mr. Sanjay Kumar
Dalmia, Jalnidhi manufactures bitumen products at its facilities at
Howrah (West Bengal). Its products include blow and polymer-modified
bitumen, bitumen emulsions, crumb rubber, and roofing felts.  The
products are used mostly in construction of roads, bridges, flyovers,
airport runways, tunnels, and dams.


KALYAN JEWELS: CARE Rates INR25cr LT Bank Facilities at 'CARE BB+'
------------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the long-term bank facilities of
Kalyan Jewels Pvt. Ltd.

                                Amount
   Facilities                  INR cr)    Ratings
   ----------                  -------    -------
   Long-term Bank Facilities     25.00    'CARE BB+'

Rating Rationale

The ratings are constrained due to modest size of operations, low
profitability, limited geographical presence and risks associated with
volatility in gold and diamond prices.  The ratings do take into
account the experience of the promoters in the gems & jewellery
business of nearly five decades, healthy growth in turnover during the
last two years and equity infusion by the promoters during FY10
resulting in improvement in leverage ratios.  The ability of the
company to expand the scale of operations, improve its profitability
margins in light of price fluctuation risk associated with precious
metals and efficient working capital management are the key rating
sensitivities going forward.

The Ahmedabad-based Kalyan Jewels Pvt Ltd, incorporated in 2004, is
promoted by Mr. Babulal Shah and his three sons Mr. Kaushik Shah, Mr.
Pinakin Shah and Mr. Virat Shah.  KJPL is engaged in trading and
manufacturing of gold, silver & diamond jewellery on wholesale as well
as retail basis.  It has a single showroom, located at C. G. Road in
Ahmedabad.  The promoters have a
very long track record in this business and have been operating
through other group concerns.

During FY10 (as per audited results), KJPL reported a total operating
income of INR126.51 crore (FY09: INR53.15 crore) with a PAT of INR0.51
crore (FY09: INR0.18 crore).


KARTHIKA MODERN: CRISIL Assigns 'C' Rating to INR55MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
Karthika Modern Rice Mill.

   Facilities                           Ratings
   ----------                           -------
   INR55.00 Million Cash Credit         C (Assigned)
   INR30.00 Million Bank Guarantee      P4 (Assigned)

The ratings reflect instances of delay in debt repayment by other
entities in the KKR group; the delays have been caused by the group's
weak liquidity resulting from large working capital requirements.

The rating also reflects the KKR group's weak financial risk profile,
marked by a high gearing and below-average debt protection metrics,
and exposure to risks related to adverse changes in government
regulations and to volatility in raw material prices.  These rating
weaknesses are partially offset by the KKR group's established track
record in the rice milling industry, marked by significant brand
recall for its products in the Kerala market.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KMRM, with those of its group entities, KKR
Agro Mills Pvt Ltd, SN Rice Mills, KKR Mills, KKR Flour Mills, KKR
Food Products, and KKR Products and Marketing Pvt Ltd.  This is
because all these entities, together referred to as the KKR group, are
under a common management, and have strong operational and financial
linkages with each other.

                          About the Group

Set up in 1976 by Mr. K K Karnan, the KKR group commenced operations
with a small rice trading business in Okkal near Kochi (Kerala). Over
the years, the group has entered into rice milling, and manufacturing
of food products.  It has a total processing capacity of 440 tonnes
per day (tpd) of rice and 20 tpd of other food products. The KKR group
sells its products under the Nirapara brand name. Set up in 2007, KMRM
is engaged in the business of rice milling. The firm has a processing
capacity of 120 tonnes per day.

The KKR group reported a profit after tax (PAT) of INR11.2 million on
net sales of INR1230 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR6.1 million on net sales of
INR1114 million for 2008-09.


K.A.R. LEATHERS: CRISIL Assigns 'BB' Rating to INR45MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank facilities
of K.A.R. Leathers Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR45.00 Million Cash Credit         BB/Stable (Assigned)
   INR30.00 Million Proposed LT Bank    BB/Stable (Assigned)
            Loan Facility
   INR4.00 Million Letter of Credit     P4+ (Assigned)

The ratings reflect KAR's small scale of operations in the fragmented
leather industry, its large working capital requirements, and limited
presence in the leather industry value chain.  These weaknesses are
partially offset by KAR's moderate financial risk profile, marked by
healthy gearing and moderate debt protection metrics, and its
established presence in the lather tanning industry and strong
customer relationships.

Outlook: Stable

CRISIL believes that KAR will continue to benefit over the medium term
from its established presence in the leather tanning industry.  The
outlook may be revised to 'Positive' if the company is able to
substantially improve its scale of operations and efficiently manage
its working capital requirements over the medium term.  Conversely,
the outlook may be revised to 'Negative' in case of any significant
pressure on KAR's revenues or margins, or large, debt-funded capital
expenditure programme, adversely impacting its financial risk profile.

                       About K.A.R. Leathers

Incorporated in 1988, KAR is managed by its promoter director
Mr. Y Faizul Rahman.  The company is into manufacturing of
semi-finished leather from raw goat skin.  It uses the vegetable
tanning process for conversion of raw hides (goat skin) into
semi-finished leather. KAR's vegetable tannery processing facility at
Dindigul (Tamil Nadu) currently has a tanning capacity of 26250 square
feet per day.

KAR reported a profit after tax (PAT) of INR3 million on net sales of
INR206 million for 2009-10 (refers to financial year, April 1 to March
31), as against a PAT of INR2 million on net sales of INR106 million
for 2008-09.


K.K.R. FLOUR: CRISIL Rates INR80 Million Cash Credit at 'C'
-----------------------------------------------------------
CRISIL has assigned its 'C' rating to the cash credit facility of
K.K.R. Flour Mills (KFM, part of the KKR group).

   Facilities                         Ratings
   ----------                         -------
   INR80.00 Million Cash Credit       C (Assigned)

The rating reflects instances of delay in debt repayment by other
entities in the KKR group; the delays have been caused by the group's
weak liquidity resulting from large working capital requirements.

The rating also reflects the KKR group's weak financial risk profile,
marked by a high gearing and below-average debt protection metrics,
and exposure to risks related to adverse changes in government
regulations and to volatility in raw material prices.  These rating
weaknesses are partially offset by the KKR group's established track
record in the rice milling industry, marked by significant brand
recall for its products in the Kerala market.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KFM, with those of its group entities KKR
Agro Mills Pvt Ltd, SN Rice Mills, KKR Mills, KKR Food Products,
Karthika Modern Rice Mills, and KKR Products and Marketing Pvt Ltd.
This is because all these entities, together referred to as the KKR
group, are under a common management, and have strong operational and
financial linkages with each other.

                         About the Group

Set up in 1976 by Mr. K K Karnan, the KKR group commenced operations
with a small rice trading business in Okkal near Kochi (Kerala). Over
the years, the group has entered into rice milling, and manufacturing
of food products.  It has a total processing capacity of 440 tonnes
per day (tpd) of rice and 20 tpd of other food products.  The KKR
group sells its products under the Nirapara brand name. Set up in
2000, KFM is engaged in the rice milling business. The firm has a
processing capacity of 40 tonnes per day.

The KKR group reported a profit after tax (PAT) of INR11.2 million on
net sales of INR1230 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR6.1 million on net sales of
INR1114 million for 2008-09.


K.K.R. FOOD: CRISIL Assigns 'C' Rating to INR4.9 Million LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'C' rating to the bank loan facilities of
K.K.R. Food Products (KFP, part of the KKR group).

   Facilities                               Ratings
   ----------                               -------
   INR4.90 Million Long-Term Loan           C (Assigned)
   INR105.00 Million Overdraft Facility     C (Assigned)

The ratings reflect instances of delay in debt repayment by other
entities in the KKR group; the delays have been caused by the group's
weak liquidity resulting from large working capital requirements.

The ratings also reflect the KKR group's weak financial risk profile,
marked by a high gearing and below-average debt protection metrics,
and exposure to risks related to adverse changes in government
regulations and to volatility in raw material prices.  These rating
weaknesses are partially offset by the KKR group's established track
record in the rice milling industry, marked by significant brand
recall for its products in the Kerala market.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KFP, with those of its group entities, KKR
Agro Mills Pvt Ltd, S N Rice Mills, KKR Mills, KKR Flour Mills,
Karthika Modern Rice Mills, and KKR Products and Marketing Pvt Ltd.
This is because all these entities, together referred to as the KKR
group, are under a common management, and have strong operational and
financial linkages with each other.

                         About the Group

Set up in 1976 by Mr. K K Karnan, the KKR group commenced operations
with a small rice trading business in Okkal near Kochi (Kerala). Over
the years, the group has entered into rice milling, and manufacturing
of food products.  It has a total processing capacity of 440 tonnes
per day (tpd) of rice and 20 tpd of other food products. The KKR group
sells its products under the Nirapara brand name. Set up in 2003, KFP
manufactures spices and pickles. The firm has a processing capacity of
20 tonnes per day.

The KKR group reported a profit after tax (PAT) of INR11.2 million on
net sales of INR1230 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR6.1 million on net sales of
INR1114 million for 2008-09.


KKR AGRO: CRISIL Assigns 'D' Ratings on Various Bank Facilities
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to the long-term bank loan
facilities of KKR Agro Mills Pvt Ltd (KKR Agro, part of the KKR
group).

   Facilities                         Ratings
   ----------                         -------
   INR28.10 Million Long-Term Loan    D (Assigned)
   INR130.00 Million Cash Credit*     D (Assigned)

The rating reflects the instances of delay by KKR Agro in servicing
its debt; the delays have been caused by the group's weak liquidity
resulting from large working capital requirements.

The KKR group has a weak financial risk profile, marked by a high
gearing and below-average debt protection metrics, and is exposed to
risks related to adverse changes in government regulations and to
volatility in raw material prices.  These rating weaknesses are
partially offset by the KKR group's established track record in the
rice milling industry, marked by significant brand recall for its
products in the Kerala market.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KKR Agro Mills, with those of its group
entities, SN Rice Mills, KKR Mills, KKR Flour Mills, KKR Food
Products, Karthika Modern Rice Mill, and KKR Products and Marketing
Pvt Ltd.  This is because all these entities, together referred to as
the KKR group, are under a common management, and have strong
operational and financial linkages with each other.

                            About the Group

Set up in 1976 by Mr. K K Karnan, the KKR group commenced operations
with a small rice trading business in Okkal near Kochi (Kerala). Over
the years, the group has entered into rice milling, and manufacturing
of food products.  It has a total processing capacity of 440 tonnes
per day (tpd) of rice and 20 tpd of other food products. The KKR group
sells its products under the Nirapara brand name. Set up in 2003, KKR
Agro is engaged in the business of rice milling. The company's rice
mill in Okkal has a processing capacity of 120 tonnes per day.

The KKR group reported a profit after tax (PAT) of INR11.2 million on
net sales of INR1230 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR6.1 million on net sales of
INR1114 million for 2008-09.


KKR MILLS: CRISIL Assigns 'D' Rating to INR3.20MM Long-Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of KKR
Mills (part of the KKR group).

   Facilities                              Ratings
   ----------                              -------
   INR3.20 Million Long-Term Loan          D (Assigned)
   INR70.00 Million Overdraft Facility     D (Assigned)
   INR30.00 Million Bank Guarantee         P5 (Assigned)

The ratings reflect the instances of delay by KKR Mills in servicing
its debt; the delays have been caused by the group's weak liquidity
resulting from large working capital requirements.

The KKR group has a weak financial risk profile, marked by a high
gearing and below-average debt protection metrics, and is exposed to
risks related to adverse changes in government regulations and to
volatility in raw material prices.  These rating weaknesses are
partially offset by the KKR group's established track record in the
rice milling industry, marked by significant brand recall for its
products in the Kerala market.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KKR Mills, with those of its group
entities, KKR Agro Mills Pvt Ltd, S N Rice Mills, KKR Food products,
KKR Flour Mills, Karthika Modern Rice Mills and KKR Products and
Marketing Pvt Ltd. This is because all these entities, together
referred to as the KKR group, are under a common management, and have
strong operational and financial linkages with each other.

                         About the Group

Set up in 1976 by Mr. K K Karnan, the KKR group commenced operations
with a small rice trading business in Okkal near Kochi (Kerala). Over
the years, the group has entered into rice milling, and manufacturing
of food products.  It has a total processing capacity of 440 tonnes
per day (tpd) of rice and 20 tpd of other food products. The KKR group
sells its products under the Nirapara brand name. Set up in 1993, KKR
Mills is engaged in the business of rice milling.  The firm has a
processing capacity of 80 tonnes per day.

The KKR group reported a profit after tax (PAT) of INR11.2 million on
net sales of INR1230 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR6.1 million on net sales of
INR1114 million for 2008-09.


NEKKANTI SEA: CARE Assigns 'CARE BB+' Rating to INR33.25cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' rating to the bank facilities of
Nekkanti Sea Foods Ltd.

                               Amount
   Facilities                 (INR cr)    Ratings
   ----------                 --------    -------
   Long-term Bank Facilities   33.25     'CARE BB+' Assigned
   Short-term Bank Facilities   3.00     'PR4+' Assigned

Rating Rationale

The rating is constrained by the relatively small size of operations,
very low profitability, continuously declining sales, seasonal
availability of raw material leading to high inventory levels and
associated cost thereof, stiff competition from within India and other
South East Asian countries, dependence on government policies and
investments into unrelated ventures.

The rating is however underpinned by the experience and long track
record of the promoters, location of the plant in aquaculture zone,
approvals from Hazard Analysis Critical Control Point, European Union
(EU) and British Retail Consortium, and satisfactory capital
structure.  The ability of NSFL to improve sales and profitability
margin and meet investment commitments in unrelated ventures without
any deterioration in capital structure are the key rating
sensitivities.

                          About Nekkanti Sea

Nekkanti Sea Foods Limited, promoted by Shri N S R Murthy, is engaged
in manufacture of value added frozen Aqua & Sea food products -
Shrimp/Prawn varieties (Black Tiger, Sea Tiger, Sea
Whites, PUD shrimps etc.) and various categories of Sea and fresh
water fish in individually frozen and block frozen forms, through its
frozen seafood processing plants at Visakhapatnam and
Ravulapalem (near Rajahmundry).

NSFL has registered net sales of INR88.59 cr in FY10.  The Company has
reported losses at the PBILDT level of INR1.56 cr and PAT of INR1.13
cr in FY10.


PEARL POLYMERS: Fitch Affirms National Long-Term Rating at 'BB+'
----------------------------------------------------------------
Fitch Ratings has affirmed India's Pearl Polymers Limited's National
Long-term rating at 'BB+(ind)'.  The Outlook is Stable.  The agency
has simultaneously affirmed PPL's various instruments:

  -- INR57 million long-term debt 'BB+(ind)';

  -- INR240 million fund-based working capital limits:
     'BB+(ind)'/'F4(ind)'; and

-- INR105 million non-fund based working capital limits:
     'BB+(ind)'/'F4(ind)'

The ratings reflect PPL's experience in the manufacture of
polyethylene terepthalate bottles & containers of more than two
decades and its well known brand, "Pearlpet".

The ratings are supported by a diversified customer base and high
exposure to less cyclical end segments such as pharmaceuticals, food
and beverages and fast-moving consumer goods.  Its largest customer
contributed around 12% and top 10 customers accounted for 48% of total
revenues in FY10.  The ratings also factor in the benefit of multiple
plant locations, enabling proximity to customers and hence freight
savings, particularly given its high volume-to-weight ratio.

The ratings are constrained by its moderate EBITDA margins and low net
income margins, small size and moderate to high leverage.  It had an
EBITDA margin of 10.23% and profit after tax margin of 1.3% in FY10,
which is lower than most of its industry peers'.

Key risks to PPL's business include competition with smaller low-cost
regional players in the retail segment, and pressure on margins from
small manufacturers starting up near its industrial customers.  PPL's
margins are also susceptible to adverse movements in crude oil prices
and its derivatives.  In Q3FY11 results, PPL saw its profit margin
shrink as low supply resulted in a sharp increase in PTA (purified
terephthalic acid) prices; however, this risk is partly mitigated by
PPL's ability to pass on most of the raw material price rises to
customers, albeit with a time lag.  PPL sources PET chips (its main
raw material) from its group company, Pearl Engineering Polymers
Limited.

Significant debt-led capex or increased investment in group companies,
or margin pressure leading to an increase in debt/EBITDA ratio on a
sustained basis may result in negative rating action.  Conversely,
sustained significant improvement in margins and scale, along with a
reduction of leverage, may lead to positive rating action.

PPL reported revenues of INR1403.4 million for 9MFY11 and had EBITDA &
PAT of INR122.8 million and INR9.3 million respectively.


RAIN CII: Fitch Withdraws All Outstanding Ratings
-------------------------------------------------
Fitch Ratings has withdrawn all outstanding ratings on Rain CII Carbon
(India) Ltd following the transfer of the Indian calcining business,
including all loans and assets, into a new entity, Rain CII Carbon
(Vizag) Ltd.  With the migration of RCCIL's rated instruments and the
underlying business to the new entity, Fitch has simultaneously
assigned the same ratings to the newly formed RCCVL.  Prior to this
transfer, the agency notes that RCCVL had no material operations,
assets or liabilities.  The ratings remain on Watch Negative.  A full
list of rating actions is at the end of this commentary.

Fitch awaits clarity on the business performance, including industry
performance, future plans, impact of the restructuring, and extent of
linkages, if any, with US-based Rain CII Carbon LLC, of the standalone
Indian calcined petcoke business.  The agency plans to resolve the
Rating Watch Negative by March 2011 following an analysis of these
factors and discussions with the management.

RCCIL:

  -- Long-Term Foreign-Currency Issuer Default Rating (LT FC IDR):
     'B'/RWN; withdrawn;

  -- FC senior secured term loans Tranche D (US$120.7m):
     'B+'/'RR3'/RWN; withdrawn;

  -- FC senior secured revolver Tranche E1 (US$15m) and Tranche E2
      (US$39.3m): 'B+/RR3/RWN'; withdrawn;

  -- National Long-Term Rating: 'A-(ind)/RWN'; withdrawn; and

  -- Senior secured revolver Tranche E1 (US$15m) and Tranche E2
      (US$39.3m): 'A-(ind)/F2+(ind)/RWN)'; withdrawn.

RCCVL:

  -- LT FC IDR: assigned at 'B'/RWN;

  -- FC senior secured term loans Tranche D (US$120.7m): assigned
     at 'B+'/'RR3'/RWN;

  -- FC senior secured revolver Tranche E1 (US$15m) and Tranche E2
      (US$39.3m): assigned at 'B+'/'RR3'/RWN;

  -- National Long-Term Rating: assigned at 'A-(ind)'/RWN;

  -- Senior secured revolver Tranche E1 (US$15m) and Tranche E2
      (US$39.3m): assigned 'A-(ind)'/'F2+(ind)'/RWN.


RASHMI CEMENT: Fitch Puts 'BB+' Rating on 'Non-Monitored' Status
----------------------------------------------------------------
Fitch Ratings has migrated India's Rashmi Cement Ltd.'s 'BB+(ind)'
National Long-Term Rating to the "Non-Monitored" category.  The rating
will now appear as 'BB+(ind)nm' on Fitch's website.  Other ratings
that have migrated to the "Non-Monitored" category are:

  -- INR137.2m long-term debt: Migrated to 'BB+(ind)nm' from
     'BB+(ind)';

  -- INR1,045m fund based limits: Migrated to 'BB+(ind)nm' from
     'BB+(ind)'; and

  -- INR722m non-fund based limits: Migrated to 'F4(ind)nm' from
     'F4(ind)'.

The ratings have been migrated to the "Non-Monitored" category due to
lack of adequate information, and Fitch will no longer provide ratings
or analytical coverage of RCL.  The ratings will remain in the
"Non-Monitored" category for a period of six months and be withdrawn
at the end of that period.  However, in the event the issuer starts
furnishing information during this six-month period, the ratings could
be reinstated and will be communicated through a "Rating Action
Commentary".


RONIT NIRMAN: Fitch Puts 'B' Rating on 'Non-Monitored' Status
-------------------------------------------------------------
Fitch Ratings has migrated the 'B(ind)' National Long-Term Ratings on
India's Ronit Nirman Pvt. Ltd. and its INR200 million fund based
limits to the "Non-Monitored" category.  The ratings will now appear
as 'B(ind)nm'.

The ratings have been migrated to the "Non-Monitored" category due to
lack of adequate information, and Fitch will no longer provide ratings
or analytical coverage of RNPL.  The ratings will remain in the
"Non-Monitored" category for a period of six months and be withdrawn
at the end of that period.  However, in the event the issuer starts
furnishing information during this six-month period, the ratings could
be reinstated and will be communicated through a "Rating Action
Commentary".


SHRI MAHAVIR: Fitch Puts 'BB-' Rating on 'Non-Monitored' Status
---------------------------------------------------------------
Fitch Ratings has migrated India's Shri Mahavir Ferro Alloys Pvt.
Ltd.'s 'BB-(ind)' National Long-Term Rating to the "Non-Monitored"
category.  The rating will now appear as 'BB-(ind)nm'.  Other ratings
that have migrated to the "Non-Monitored" category are:

  -- INR658.36 million long-term debt: Migrated to 'BB-(ind)nm'
     from 'BB-(ind)';

  -- INR319.7 million fund based limits: Migrated to 'BB-(ind)nm'
     from 'BB-(ind)'; and

  -- INR85.0 million non-fund based limits: Migrated to
     'F4(ind)nm' from 'F4(ind)'.

The ratings have been migrated to the "Non-Monitored" category due to
lack of adequate information, and Fitch will no longer provide ratings
or analytical coverage of SMFAPL.  The ratings will remain in the
"Non-Monitored" category for a period of six months and be withdrawn
at the end of that period.  However, in the event the issuer starts
furnishing information during this six-month period, the ratings could
be reinstated and will be communicated through a "Rating Action
Commentary".


SK WHEELS: Fitch Corrects Press Release on Ratings
--------------------------------------------------
Fitch Ratings corrects a ratings release published on Feb. 24, 2011,
which incorrectly stated SK Wheels Pvt. Ltd's non fund-based limits.
The corrected version provides that:

Fitch Ratings has assigned India's SK Wheels Private Ltd a National
Long-Term Rating of 'BB-(ind)' with Stable Outlook.  The agency has
also assigned SKWL's INR234m term loans a National Long-term
'BB-(ind)' rating, its fund-based limits of INR200m 'BB-(ind)' rating
and non-fund based limits of INR100m Short-term 'F4(ind)' rating.

The ratings reflect SKWL's market position as one of the largest
sellers of Maruti Cars in Western India.  The ratings also reflect the
company's above-industry profit margins of around 7.8% in FY11, though
the margins are likely to moderate over the next two years.  Fitch
notes that revenues from SKWL's four-wheeler business increased by
around 3% in 9MFY11, after declining in FY09 and FY10, and are
expected to benefit from its agreements to supply cars to large
companies like ONGC and Reliance.

The ratings are constrained by the fall in the company's revenues in
FY09 and FY10 as it is exiting its lower margin two- and three-wheeler
vehicle business.  The ratings are also affected by SKWL's weak credit
metrics and tight liquidity position due to its high working capital
requirements.  In FY10, SKWL had financial leverage (total adjusted
debt/operating EBITDAR) of 5.39x (FY09: 2.93x) and interest coverage
of 1.28x (FY09: 1.91x).

Positive rating guidelines include any sustained reduction in SKWL's
financial leverage to below 5.0x and interest coverage ratio to above
1.5x.  Conversely, any further deterioration in the company's
financial leverage to above 7.5x level and interest coverage ratio to
below 1.1x could result in a negative rating action.

SKWL is a dealer of MSIL (Maruti Suzuki India Ltd) in Mumbai, Thane
and Raigarh.  It also provides after-sales services, related
accessories and financial services for the selling and purchasing of
cars.  In FY10, SKWL recorded revenues of INR1.1bn, operating EBITDA
margin of 7.8% and net income of INR15.4m.  Majority (70.7%) of the
revenues were from the sale of four wheelers, with the service income
accounting for 11% of the total revenues.


TRIMEX MINERALS: Fitch Affirms 'B-' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has affirmed India-based Trimex Minerals Private
Limited's National Long-Term rating at 'B-(ind)' with Negative
Outlook.  The agency has also affirmed the rating on the various bank
facilities:

  -- Fund-based working capital limits amounting to INR200m
      (reduced from INR490m): 'B-(ind)'/'F4(ind)'; and

  -- Non-fund based working capital limits amounting to INR45m:
     'B-(ind)'/'F4 (ind)'

The ratings reflect Trimex's weak operational performance in FY10, due
to the suspension of iron ore exports from Karnataka during 2010.  It
was unable to undertake any iron ore export shipments during FY10 and
9MFY11, causing turnover to fall sharply during FY10 (INR93m) and
9MFY11 (INR162.4m) compared with INR806m in FY09.  The company also
reported a EBIDTA loss of INR22.2m and a net loss of INR28.9m in FY10.
Trimex has, however, been able to continue the sale of barytes, which
led to (provisional unaudited) revenues and EBIDTA of INR178.73m and
INR11.74m, respectively, during 10MFY11.

Due to the suspended exports, Trimex has not been able to enter into
long-term contracts with suppliers for procuring iron ore and acquire
iron ore mining lease as previously envisaged.  The Negative Outlook
reflects Fitch's expectation that the financial profile will remain
stretched due to the lack of positive developments to turn around the
business in the medium term.

Stability in revenues and profitability through higher sales of
barytes leading to a sustained reduction in leverage may lead to the
Outlook being revised to Stable.  Conversely, a sustained decline in
EBIDTA margins below 3% and in interest cover below 1x may result in
negative rating action.

Trimex is a Chennai-based company engaged in the trading of iron ore,
barytes and kerbstones since 1991.


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


TELEKOMUNIKASI INDONESIA: Fitch Changes Outlook to Positive
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on PT Telekomunikasi Indonesia
Tbk's Long-Term Foreign and Local Currency Issuer Default Ratings to
Positive from Stable.  Fitch has also revised its Outlook on PT
Telekomunikasi Selular's Long-Term Local Currency IDR to Positive from
Stable.  A full rating breakdown is detailed below.

The revisions follow Fitch's recent revision of Indonesia's Outlooks
to Positive from Stable.

Telkom's ratings are closely correlated with those of the sovereign.
This is because the Indonesian government holds a 52.44% majority
stake in the company and exerts significant influence on key business
and financial decisions.

Telkomsel's LTLC IDR is rated higher than the sovereign's LTLC IDR by
two notches, reflecting a strong credit profile and Singapore
Telecom's strategic shareholding and influence, which Fitch views as
an important counterbalance to the Indonesian government's ownership.
The Outlook revision reflects Fitch's expectations that Telkomsel's
LTLC IDR will be upgraded in the event of a sovereign rating upgrade
in order to maintain the two-notch differential.

Telkom:

  -- LTFC IDR affirmed at 'BB+'; Outlook revised to Positive from
     Stable;

  -- LTLC IDRs affirmed at 'BB+'; Outlook revised to Positive from
     Stable; and

  -- Senior unsecured rating affirmed at 'BB+'

Telkomsel:

  -- LTLC IDR affirmed at 'BBB'; Outlook revised to Positive from
     Stable;

  -- LTFC IDR affirmed at 'BBB-'; Outlook Stable;

  -- National long Term rating affirmed at 'AAA(idn)'; Outlook
     Stable; and

  -- Senior unsecured rating affirmed at 'BBB-'


* Fitch Places Positive Outlook on Seven Indonesian Banks' Ratings
------------------------------------------------------------------
Fitch Ratings has revised the Outlook to Positive from Stable for the
Long-Term Issuer Default Ratings of seven Indonesian banks.  They are
PT Bank Mandiri (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk,
PT Bank Negara Indonesia (Persero) Tbk, PT Bank Central Asia Tbk, PT
Bank CIMB Niaga Tbk, PT Bank OCBC NISP Tbk, and PT Bank Internasional
Indonesia Tbk.  Concurrently, the agency has revised the Support
Rating Floor of Mandiri, BRI, and BNI to 'BB+' from 'BB'.

The Outlook revision follows Fitch's recent change in the Outlook of
Indonesia's Long-Term IDRs of 'BB+' to Positive from Stable (see
"Fitch Revises Indonesia's Outlook to Positive; Affirms at 'BB+'",
dated 24 February 2011).

While Fitch has already factored in a high propensity of state support
for Mandiri, BRI and BNI in their Support Rating of '3' due to their
systemic importance to the Indonesian economy and their government
ownership status, the agency expects that the government's ability to
provide support - if needed - to gradually improve.  This is reflected
in the revision of the three banks' Support Rating Floor, which now
matches the 'BB+' LT IDRs of the sovereign.  This, together with the
sovereign IDRs on a Positive Outlook, underpins the corresponding
revision of the Outlook of the three banks to Positive.

Separately, the Positive Outlook on BCA reflects Fitch's expectations
that the bank's already strong performance will likely benefit from
the improved economic conditions in Indonesia.  The agency notes BCA's
consistently above-average financial performance, even during the
economic downturn in 2008/2009.

Meanwhile, the Positive Outlook on CIMB Niaga, OCBC NISP, and BII
reflects Fitch's expectation that the banks will be upgraded in the
event of a sovereign rating upgrade.  The banks' ratings are driven by
strong support from their foreign parent banks, which are rated higher
than Indonesia's sovereign rating.

Broadly, Fitch expects the Indonesian banks to continue exhibiting
robust profitability in 2011 as strong loan demand and manageable
credit costs should counterbalance the pressure on margins from
competition and, potentially, higher funding cost.  The agency also
expects the banks' capital ratios to ease but remain satisfactory for
protection against loss, on expected favorable economic conditions.
Plans to reduce dividend payouts and inject new capital, if needed,
should also somewhat mitigate the downward pressure on capital ratios
arising from moderating but still fast loan growth and from
implementation of Basel II operational risk in 2011.  The ratings of
foreign-owned banks in Indonesia may also benefit if there is further
evidence that their fast loan growth and earnings can be sustained
without comprising asset quality, capital and liquidity.

The details of the rating actions are:

Mandiri

  -- Long-Term Foreign-Currency and Long-Term Local-Currency IDRs
     affirmed at 'BB+', Outlook revised to Positive from Stable;

  -- Support Floor Rating revised to 'BB+' from 'BB';

  -- Short-Term Foreign Currency IDR affirmed at 'B';

  -- National Long-Term Rating affirmed at 'AAA(idn)' with Stable
     Outlook;

  -- Individual Rating affirmed at 'C/D'; and

  -- Support Rating affirmed at '3'.

BRI:

  -- LTFC IDR affirmed at 'BB+', Outlook revised to Positive from
     Stable;

  -- Support Floor Rating revised to 'BB+' from 'BB';

  -- Short-Term Foreign Currency IDR affirmed at 'B';

  -- National Long-Term Rating affirmed at 'AAA(idn)' with Stable
     Outlook;

  -- Individual Rating affirmed at 'C/D';

  -- Support Rating affirmed at '3'; and

  -- Rupiah subordinated debt affirmed at 'AA(idn)'.

BCA:

  -- LTFC IDR affirmed at 'BB+', Outlook revised to Positive from
     Stable;

  -- Short-Term Foreign Currency IDR affirmed at 'B';

  -- National Long-Term Rating affirmed at 'AAA(idn)' with Stable
     Outlook;

  -- Individual Rating affirmed at 'C/D';

  -- Support Rating affirmed at '3'; and

  -- Support Floor Rating affirmed at 'BB'.

BNI:

  -- LTFC and LTLC IDR affirmed at 'BB+', Outlook revised to
     Positive from Stable;

  -- Support Floor Rating revised to 'BB+' from 'BB';

  -- Short-Term Foreign Currency IDR affirmed at 'B';

  -- National Long-Term Rating affirmed at 'AA(idn)' with Stable
     Outlook;

  -- Individual Rating affirmed at 'C/D'; and

  -- Support Rating affirmed at '3'.

BII:

  -- LTFC IDR affirmed at 'BB+', Outlook revised to Positive from
     Stable;

  -- Short-Term Foreign Currency IDR affirmed at 'B';

  -- National Long-Term Rating affirmed at 'AAA(idn)' with Stable
     Outlook;

  -- Individual Rating affirmed at 'C/D';

  -- Support Rating affirmed at '3'; and

  -- Rupiah subordinated debt affirmed at 'AA(idn)(exp)'.

CIMB Niaga:

  -- LTFC IDR affirmed at 'BB+', Outlook revised to Positive from
     Stable;

  -- Short-Term Foreign Currency IDR affirmed at 'B';

  -- National Long-Term Rating affirmed at 'AAA(idn)' with Stable
     Outlook;

  -- Individual Rating affirmed at 'C/D';

  -- Support Rating affirmed at '3';

  -- Rupiah subordinated debt affirmed at 'AA(idn)'; and

  -- FC subordinated debt affirmed at 'BB'.

OCBC NISP:

  -- LTFC and LTLC IDR affirmed at 'BB+', Outlook revised to
     Positive from Stable;

  -- Short-Term Foreign Currency IDR affirmed at 'B';

  -- National Long-Term Rating affirmed at 'AAA(idn)' with Stable
     Outlook;

  -- Individual Rating affirmed at 'C/D';

  -- Support Rating affirmed at '3'; and

  -- Rupiah subordinated debt affirmed at 'AA(idn)'.


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


CORSAIR NO 2: S&P Corrects Rating on Series 45 Default Swaps
------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on the Corsair
(Jersey) No. 2 Ltd. series 45 credit default swap transaction by
lowering the rating to 'Bsrp (sf)' from 'B+srp (sf)' and placing it on
CreditWatch with negative implications, and also corrected its rating
on the series 46 credit default swap transaction by placing it on
CreditWatch with negative implications.  In addition, S&P corrected
the rating on the series 52 floating rate secured portfolio
credit-linked notes by removing it from Credit Watch with positive
implications.  The corrections follow the reflection of credit events
that occurred to reference entities in the transactions' portfolios
several years ago.  The notifications had not been delivered to us
until February 2011.

          Rating Lowered, Placed On Creditwatch Negative

                    Corsair (Jersey) No. 2 Ltd.

                   Series 45 credit default swap

            To                     From         Amount
            --                     ----         ------
            Bsrp (sf)/Watch Neg    B+srp (sf)   JPY3 bil.

               Rating Placed On Creditwatch Negative

                  Series 46 credit default swap

            To                     From         Amount
            --                     ----         ------
            B+srp (sf)/Watch Neg   B+srp (sf)   JPY3 bil.

             Rating Removed From Creditwatch Positive

Series 52 floating rate secured portfolio credit-linked notes due
                      2012 (Portfolio F360)

         To          From                  Issue amount
         --          ----                  ------------
         CCC+ (sf)   CCC+ (sf)/Watch Pos    JPY1 bil.


HUMMINGBIRD SECURITISATION: S&P Raises Rating on JPY4-Bil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Hummingbird
Securitisation Ltd.'s series 1 loan, and at the same time removed the
rating from CreditWatch with positive implications.

The rating action is part of S&P's regular monthly review of synthetic
collateralized debt obligations, for which ratings have been placed on
CreditWatch with positive or negative implications.  The action
incorporates, among other things, the effect of rating migration
within reference portfolios.

         Rating Raised, Removed From Creditwatch Positive

                 Hummingbird Securitisation Ltd.
                          Series 1 loan

   To            From                     Initial issue amount
   --            ----                     --------------------
   BBB- (sf)     BB+ (sf)/Watch Pos       JPY4.0 bil.



JAPAN AIRLINES: Revives Crane Logo to Rehabilitation Exit
---------------------------------------------------------
The Japan Times reports that Japan Airlines Corp. on Monday
resurrected its red crane logo hoping the logo will bring new lift
once the revised symbol is formally readopted April 1.

The carrier said a JAL midsize Boeing 767-300 ER jetliner became the
first plane to sport the new "tsurumaru" crane circle design, which
has a more pronounced feather pattern than the original to denote
speed, according to Japan Times.

The Japan Times relates that JAL's roughly 150-plane fleet's shift to
the new logo is expected to take some eight years as each aircraft
comes up for its repainting interval.  The earlier JAL crane logo
disappeared for good in 2008, Japan Times notes.

"We adopted the logo with the determination of going back to the
basics, when we had the spirit of challenge," Japan Times quotes JAL
President Masaru Onishi as saying.  "We want to create a regenerated
JAL."

According to the report, the tsurumaru logo first surfaced in the
1950s and graced the tail fins of JAL's fleet during several decades
of sharp growth.  The current logo was adopted when JAL merged with
Japan Air System in 2002.  By 2008, however, the cranes had deserted
the tail fins.

After nearly three years, Japan Times says, the carrier has decided to
revive its traditional logo to mark its March exit from court-led
rehabilitation.

                       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.


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


SSANGYONG MOTOR: Swings to KRW8.1 Billion Net Profit in 2010
------------------------------------------------------------
Yonhap News reports that Ssangyong Motor Co. posted a profit in 2010
for the first time in three years on brisk sales in domestic and
overseas markets.

Yonhap discloses that the company reported net profit of KRW8.1
billion (US$7.18 million) last year, compared with a
KRW346 billion net loss a year earlier.

It was Ssangyong Motor's first profit since 2007, according to Yonhap.

                        About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection.  The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.

Mahindra & Mahindra Ltd. in November 2010 agreed to acquire a
controlling stake in Ssangyong Motor Co. for KRW522.5 billion.
Mahindra will acquire a 70% stake in Ssangyong Motor by issuing
new shares worth KRW427.1 billion and it will also purchase
95.4 billion of Ssangyong's existing corporate bonds.  The deal is
expected to be concluded by March 2011.

Creditors and shareholders of Ssangyong Motor Company passed an
Amended Rehabilitation Plan by an overwhelming majority on
Jan. 28, 2011, taking a major step in the finalization of the M&A
process with India's Mahindra & Mahindra Ltd., and establishing a
significant bedrock for revival.


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


AKN TECHNOLOGY: Post MYR421,000 Net Income in December 31 Quarter
-----------------------------------------------------------------
AKN Technology Berhad reported net income of MYR421,000 on revenue of
MYR9.79 million for the quarter ended Dec. 31, 2010, compared with net
income of MYR250,000 on revenue of MYR13.54 million for the same
period in 2009.

For the six months ended Dec. 31, 2010, the Group recorded revenue of
MYR19.69 million which is a decline of MYR3.8 million to the revenue
recorded in the corresponding period of the preceding year of MYR23.49
million.  However, the Group recorded a year to date profit before
taxation of approximately MYR0.92 million as compared to a loss before
taxation of MYR0.41 million in the corresponding period of the
preceding year.

The improved performance was mainly attributable to the Group's focus
on aggressively managing operating cost from its ongoing operations as
well as an increase in other income due to the rental of its building
at MYR103,000 per month to two parties from mid October 2010.

At Dec. 31, 2010, the company's consolidated balance sheet showed
MYR111.17 million in total assets, MYR58.88 million in total
liabilities, and MYR52.29 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?7432

                         About AKN Technology

AKN Technology Berhad -- http://www.akn.com.my/-- is a Malaysia-
based investment holding company.  The Company operates in two
business segments: manufacturing and DDD division.  The
manufacturing segment includes electroplating and provision of
metal surface protection services, recycling of parts and
components, manufacturing and trading of coating products. This
segment offers products and services in areas of electronics,
consumer and healthcare industry.  The DDD division includes
designing, development and engineering of application systems and
distribution of related semiconductor chips/ products and
application software.  The DDD division is classified as
discontinued operation.  The wholly owned subsidiaries of the
Company include Paramount Discovery Sdn. Bhd. (PDSB) and CTE
Technology (M) Sdn. Bhd.  On January 20, 2009, PDSB, a wholly
owned subsidiary of the Company completed the disposal of all its
wholly owned subsidiary companies.

AKN Technology Berhad has been listed as an Amended Practice
Note 17 company as its auditors have expressed disclaimer opinion
on the Company's annual audited accounts for the financial year
ended June 30, 2008.  The Group submitted a Regularization Plan to
Bursa Securities on Oct. 16, 2009.  Subsequent to the submission of
the plan, the Group on Nov. 20, 2009, was requested to resubmit
an Enhanced Regularization Plan.  The Group has appointed Hwang
Investment Bank Berhad to assist in the preparation and submission of
the enhanced regularization plan.


ARK RESOURCES: Post MYR51,000 Net Loss in Quarter Ended Dec. 31
---------------------------------------------------------------

ARK Resources Bhd reported a net loss of MYR51,000 on MYR1.24 million
of revenue for the fourth quarter ended Dec. 31, 2010, compared with
net income of MYR953,000 on MYR61,000 of revenue for the quarter ended
Dec. 31, 2009.

The Company's balance sheet as of Dec. 31, 2010, showed MYR11.72
million in total assets and MYR120.93 million in total liabilities,
resulting in a stockholders' deficit of MYR109.42 million.

In its latest quarter report, the Company discloses that as of
Dec. 31, 2010, it incurred an accumulated deficit of MYR163.37
million, and that its current liabilities exceed its current
assets by MYR109.8 million, which may not be sufficient to pay
for the operating expenses in the next 12 months.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering.

On April 24, 2006, ARK Resources was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.

On Jan. 23, 2007, the Company submitted to the Securities Commission
its Proposed Corporate Restructuring Exercise.  The SC in April 2007
approved the company's proposed restructuring scheme, which is to be
implemented within 12 months from the first approval date.

The Company's adviser, Maybank Investment Bank, had on a number of
occasions sought the SC's approval for an extension of time to
implement the PCRE.  On June 25, 2010, the SC approved a further
extension of time for the company to implement the PCRE up to
Dec. 31, 2010.  The Company's current adviser, ECM Libra Investment
Bank Berhad, again applied for a further extension up to April 30,
2011, to implement the scheme and are presently awaiting for the SC's
approval.


BASWELL RESOURCES: Posts MYR685,000 Net Loss for Dec. 31 Quarter
----------------------------------------------------------------
Baswell Resources Berhad posted a net loss of MYR685,000 on revenue of
MYR1.68 million for the three months ended Dec. 31,
2010, compared with a net loss of MYR1.89 million on revenue of
MYR3.66 million for the same period ended Dec. 31, 2009.

At Dec. 31, 2010, the Company's consolidated balance sheet showed
MYR27.70 million in total assets and MYR32.27 million in total
liabilities, resulting in a MYR4.57 million shareholders' deficit.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?7433

Based in Malaysia, Baswell Resources Berhad --
http://www.baswell.com.my/-- is an investment holding company
engaged in the provision of management services to its
subsidiaries.  It operates in three segments: furniture, which
includes the manufacturing of knockdown wooden furniture and
furniture parts, and the provision of preservative treatment and
kiln drying of wood and timber; packing, which includes the
manufacturer and dealer in papers, paper carton boxes and boards,
and other related products, and others, which comprises investment
holding and provision of management services.  The Company's
subsidiaries include Aimwood Furniture Industries Sdn Bhd, Baswood
Industries Sdn Bhd, Deswell Packaging (M) Sdn Bhd and Woodmaster
Furniture Consolidation Sdn Bhd.

Baswell Resources Berhad has been classified as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the company ceased all its furniture-manufacturing
operations effective August 9, 2010.

The company's wholly owned furniture-manufacturing subsidiaries
Baswood Industries Sdn Bhd and Aimwood Furniture Industries Sdn
Bhd also defaulted in loan payment.


HAISAN RESOURCES: Posts MYR18.31MM Net Loss in Qtr. Ended Dec. 31
-----------------------------------------------------------------
Haisan Resources Berhad filed its quarterly report showing a net
loss of MYR18.31 million on MYR14.98 million of revenue for the
three months ended Dec. 31, 2010, compared with a net loss of
MYR23.93 million on MYR12.11 million of revenue for the same period in 2009.

The Company's balance sheet as of Dec. 31, 2010, showed MYR197.85
million in total assets and MYR198.30 million in total liabilities,
resulting in a MYR30.14 million total stockholders' deficit.

The Company's balance sheet as of Dec. 31, 2010, also showed strained
liquidity with MYR21.38 million in total current assets available to
pay MYR191.45 million in total current liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?7434

                       About Haisan Resources

Based in Malaysia, Haisan Resources Berhad --
http://www.haisan.com/-- is principally engaged in the investment
holding and provision of management services to subsidiaries.  The
Company operates in three business segments. Its engineering
segment is engaged in the refrigeration, civil, mechanical,
electrical, general engineering works and construction, trading of
refrigerating equipment, spare parts, hot dip metal galvanizing
and electroplating. The temperature controlled logistics/
warehousing segment is engaged in the temperature-controlled
logistics services, handling, value added processing, refrigerated
transportation and distribution services, leasing of cold rooms,
bonded and general warehousing services. Its ice manufacturing
segment is engaged in the manufacturing and marketing of tube ice.
The Company's other segment is engaged in the investment holding,
provision of information technology maintenance and support
services.

Haisan Resources Berhad has been considered a PN17 Company as the
external auditors of the Company, Messrs. BDO had expressed a
modified opinion with emphasis of matter on going concern in the
Company's Audited Financial Statements for financial year ended
December 31, 2009.  Based on its quarterly report for the period
ended March 31, 2010, the Company's shareholders' equity is less
than 50% of its issued and paid-up capital.


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


REDGROUP RETAIL: Administrators Yet to Know Value of NZ Brands
--------------------------------------------------------------
William Mace at BusinessDay.co.nz reports that administrators of
REDgroup Retail said it's too early to say how much the company might
get by selling Whitcoulls, Borders and Bennetts in New Zealand.

According to the report, John Melluish of Ferrier Hodgson told the
company's first creditors meeting on March 1 that if the brands are
separated for sale, the process will take months because their head
office functions were so integrated.

BusinessDay.co.nz says REDgroup's accounts were opened at the meeting,
showing that the company owes NZ$21.5 million to unsecured creditors
and NZ$2.1 million to employees on this side of the Tasman.

"It would take probably a couple of months to separate out to ensure
we're in a position to sell the Whitcoulls, Bennetts and Borders NZ
business in one line here in New Zealand," BusinessDay.co.nz quotes
Mr. Mellish as saying.

BusinessDay.co.nz discloses that REDgroup also owes AU$118 million in
secured debt.  The company included a AU$140 million goodwill asset on
its books and Melluish said its realization will go a long way to
determining what creditors will recover, BusinessDay.co.nz reports.

A further meeting will decide whether the companies will be
liquidated, handed back to their owners, or continued under a deed of
arrangement, BusinessDay.co.nz 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.


=====================
P H I L I P P I N E S
=====================


BENGUET CORP: To Transfer Nickel Mining Assets to Unit
------------------------------------------------------
Jenniffer B. Austria at Manila Standard Today reports that Benguetcorp
Nickel Mines Inc., a unit of Benguet Corp., is increasing its capital
stock to PHP2 billion from PHP10 million through a property infusion.

Citing documents filed with the Securities and Exchange Commission,
the Manila Standard discloses that Benguet Corp. would transfer its
1.4-hectare nickel mining area in Sta. Cruz, Zambales province to
Benguetcorp in exchange for 1 million shares of the company valued at
PHP1 billion.

According to the report, Benguet Corp. will assign all its mineral
property registration and all related technical and financial data
pertaining to the 1.4-hectare property in Zambales to Benguetcorp.

The Manila Standard says Benguet Corp. earlier planned to list
Benguetcorp.  The mother unit also earlier tapped First Metro
Investment Corp. to act as financial advisor, issue manager and lead
underwriter for the nickel project in Sta. Cruz, Zambales, the report
adds.

The Zambales property, a nickel laterite mine with a total area of
1,406 hectares, is covered by an approved mineral production sharing
agreement with the government.

Benguet Corp. said in February this year that, based on the interim
audited financial statements, the Company generated net revenue of
PHP2.26 billion for the ten-month period ended
October 31, 2010, on an unconsolidated basis.  This positive
performance considerably reduced the Company's retained earnings
deficit to PHP2.19 billion from PHP4.46 billion, as of end-2009.
Furthermore, net equity now stands at positive PHP1.04 billion
compared to a negative PHP1.39 billion.

The company, in the recent past, has experienced cumulative losses.
This was principally brought about by low global metal prices in the
late '80s and '90s, and various natural disasters which severely
hampered its operations.   Moreover, the Company was burdened by a
high level of bank obligations.  The latter, however, has been
substantially reduced in 2010 and the Company expects to fully resolve
the balance of its outstanding loans by the end of 2011.

                       About Benguet Corp.

Benguet Corporation (PSE:BC) -- http://www.benguetcorp.com/-- is
engaged in chromite and gold mining and production, exploration,
research and development, and water projects.  The Company
explores for mines, produces and markets gold, refractory
chromite, nickel laterite ore, limestone and aggregates, and
through its subsidiaries, provides eco-tourism, engineering and
construction, reforestation, trucking and warehousing services,
sells industrial equipment and supplies, develops water resources
and real estate projects.

                           *     *     *

Jaime F. Del Rosario at Sycip Gorres Velayo and Co. raised
significant doubt on Benguet Corporation's ability to continue as
a going concern saying that the group has incurred cumulative
losses of PHP4.8 billion and PHP4.3 billion in 2008 and 2007,
respectively, which resulted to a capital deficiency of PHP1.6
billion and PHP1.3 billion as of December 31, 2008, and 2007,
respectively.  The Group's current liabilities exceeded its
current assets by PHP3.8 billion and PHP3.1 billion as of Dec. 31,
2008 and 2007, respectively.  In addition, the Group was unable to
pay its maturing bank loans and related interests of PHP3.6
billion and PHP3.1 billion as of December 31, 2008 and 2007,
respectively.


                             *********

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.





                 *** End of Transmission ***