TCRAP_Public/110307.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, March 7, 2011, Vol. 14, No. 46

                            Headlines



A U S T R A L I A

ADX 1: Taps SellersMuldoonBenton as Administrators
AUSTRALIAN COMPUTER: Placed Into Administrator Danny Vrkic' Hands
NEPTUNE MARINE: To Resume Trading on March 10
RB DOUGLAS: Director Moves to Liquidate Firm Amid Massive Debts
REDGROUP RETAIL: No NZ Bookstore Closures, Administrators Say


C H I N A

LONGFOR PROPERTIES: Moody's Assigns 'Ba2' Corporate Family Rating
LONGFOR PROPERTIES: S&P Assigns 'BB+' Corporate Credit Rating


H O N G  K O N G

AIG FINANCIAL: Creditors' Proofs of Debt Due March 25
ASIAN WAY: Members' Final Meeting Set for April 4
ASIA WINNER: Members' Final Meeting Set for April 8
BOLD WARE: Creditors and Members' Meetings Set for March 23
CHARM TREE: Court to Hear Wind-Up Petition on March 16

CROSSPOOL LIMITED: Ying and Chan Step Down as Liquidators
EXPERT WHEEL: Sung Mi Yin Steps Down as Liquidator
FAME STRONG: Court to Hear Wind-Up Petition on March 30
FRESH MEDIA: Eyles and Yick Step Down as Liquidators
GANG AO: John James Toohey Steps Down as Liquidator

GOLD HARVEST: Commences Wind-Up Proceedings
HONOR BRIDGE: Creditors' Proofs of Debt Due April 4
NEW COLOR: Court to Hear Wind-Up Petition on April 20
RATONAL INDUSTRIAL: Creditors Get 100% Recovery on Claims
SOLAR WAY: Court to Hear Wind-Up Petition on April 20

WEALTH PERFECT: Court to Hear Wind-Up Petition on April 20


I N D I A

EVERSHINE WOOD: ICRA Assigns 'LBB' Rating to INR2.88cr Term Loan
GOPALA KRAFT: CRISIL Assigns 'B' Rating to INR5.2 Million LT Loan
I BLUE MINERALS: CRISIL Assigns 'D' Rating to INR115.9MM Term Loan
KRISHNA POLYPACKS: ICRA Assigns 'LBB+' Rating to INR7.79cr Loan
KUTTY FLUSH: Fitch Migrates 'B-' Rating to 'Non-Monitored' Status

METRO INSTITUTE: CRISIL Places 'BB+' Rating to INR722MM Term Loan
PINNACLE BROCOM: CRISIL Rates Bank Guarantee Facility at 'P4+'
R. KANTILAL: ICRA Assigns 'LBB' Rating to INR73.35cr Bank Limits
RAJESH FILAMENTS: CRISIL Assigns 'B' Rating to INR32.1MM Term Loan
SHREE JAGDAMBA: CRISIL Rates INR80 Million Cash Credit at 'B'

SHREE JEE: CRISIL Assigns 'BB-' Rating to INR10 Million LT Loan
SHRI DNYANESHWAR: CRISIL Reaffirms 'BB+' Rating to INR236MM Loan
SINGHAL INDUSTRIES: CRISIL Assigns 'B+' Rating to INR79.7MM Loan
SOLIDUS HI-TECH: ICRA Places 'LBB' Rating on INR6.86cr Bank Limits
STERLING ESTATES: CRISIL Puts 'C' Rating on INR100MM Cash Credit

VAIDYANATH SAHAKARI: CRISIL Reaffirms 'BB+' Rating on LT Loan
VAISHNO DEVI: CRISIL Assigns 'B' Rating to INR54.6MM Term Loan
VINOD KUMAR: CRISIL Assigns 'BB+' Rating to INR40MM Cash Credit
VISHAKHA IRRIGATION: CRISIL Assigns 'BB-' Rating to INR180MM Loan
VISHALA INDIA: ICRA Assigns 'LBB' Rating to INR70cr Term Loan

VYSHNAVI INFRASTRUCTURE: ICRA Rates INR12.0cr Bank Limits at 'LBB'
YASH CERAMICS: CRISIL Assigns 'D' Rating to INR55MM Term Loan


M A L A Y S I A

METECH GROUP: Posts MYR3.04 Million Net Loss in Dec. 31 Quarter
NAM FATT: Posts MYR115.92 Million Net Loss for Dec. 31 Quarter


N E W  Z E A L A N D

NZF MONEY: S&P Downgrades Issuer Credit Ratings to 'CCC/C'


S I N G A P O R E

ESLONG TRADING: Court Enters Wind-Up Order
HOCK CHUAN: Members and Creditors' Meetings Set for March 9
MARINE PROPERTIES: Court to Hear Wind-Up Petition on March 18
ORHIS PTE: Court to Hear Wind-Up Petition on March 11
TROWBRIDGE DELOITTE: Creditors' Proofs of Debt Due April 1


T A I W A N

AMERICAN INT'L: Ruen Wins Shareholder Nod to Buy AIG's Taiwan Unit
CATHAY DUN: Fitch Affirms 'BBsf' Rating on Class C Notes


                            - - - - -


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A U S T R A L I A
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ADX 1: Taps SellersMuldoonBenton as Administrators
--------------------------------------------------
SmartCompany reports that Mathew Muldoon and Ken Sellers from
insolvency firm SellersMuldoonBenton have been installed as
administrators of data centre operator ADX 1, which collapsed on
Feb. 24.

The company promoted its data centre in the Melbourne suburb of
Port Melbourne as one of Australia's first "green" data centres,
running on low-carbon energy, according to SmartCompany.  The
report relates that it is unknown how many clients have been
affected by the collapse. It does not appear that the data centre
is still operational.

SmartCompany notes that it is believed that investors from Hong
Kong and Australia backed ADX1, which started having problems in
late 2010.

ADX 1 is one of Australia's first "green" data centers.


AUSTRALIAN COMPUTER: Placed Into Administrator Danny Vrkic' Hands
-----------------------------------------------------------------
SmartCompany Reports that Australian Computer Doctors was placed
in the hands of administrator Danny Vrkic on March 1.  The report
relates that Mr. Vrkic told SmartCompany in an interview that was
too early to pinpoint a reason for the collapse.

The business is continuing to trade and Mr. Vrkic said a director
intends to put forward a deed of company arrangement to
restructure the company, according to SmartCompany.  The first
meeting of creditors will be held on March 11.

Headquartered in the New South Wales city of Wollongong,
Australian Computer Doctors is a computer repair business.


NEPTUNE MARINE: To Resume Trading on March 10
---------------------------------------------
Andrew Main at The Australian reports that shares in Neptune
Marine Services will resume trading this Thursday, March 10.  This
follows the successful raising of the required minimum $60 million
from a highly dilutive rights issue, The Australian says.

According to The Australian, Neptune Marine had been teetering on
the edge of insolvency with National Australia Bank seeking
repayment of half its AU$50 million outstanding, but a 3.6 for 1
issue at 5 cents a share, which closed on March 1, passed the
threshold.

The Australian relates that Singapore-listed marine group MTQ came
in as a cornerstone investor and, post the raising, will have a
12% interest in Neptune.

The company's shares have been in voluntary suspension since
November 2010.

                         Six Months Results

Upstream Online reports that Neptune Marine posted a net loss of
AU$111 million for the six month period through Dec. 31, 2010,
however, it was boosted by a recovery in business performance
during the fourth quarter.

Upstream Online relates that Neptune said the AU$111 million loss
was largely dominated by AU$99.5 million in write downs in asset
values.

The company added that it experienced a 'significant turn-around'
during the fourth quarter of last year, recording a near break-
even operating result for the quarter, before write downs and one-
off costs, following an earnings before interest and taxes loss of
AU$6 million during the September quarter, according to Upstream
Online.

Upstream Online discloses that total revenues for the second half
of 2010 were AU$71.3 million, with AU$41.2 million of that being
generated during the December quarter.

According to Upstream Online, Neptune acting chief executive,
Robin King, said the improved underlying performance of the
company provided a good platform for the restructuring of the
business.

Upstream Online reports that the struggling company announced last
month it was launching a major operational restructure as it
continued in its attempt to return to profitability.  Upstream
Online notes that the restructure will see Neptune exit its US
businesses and run its global operations from two offices in
Australia and the UK.

"We are focused on cutting unnecessary costs, selling the
businesses and assets that are not strategic to Neptune and
achieving adequate returns, and importantly strengthening the
balance sheet with capital raising," Upstream Online quotes
Neptune Marine acting chief executive, Robin King, as saying.

In December, Upstream Onlines adds, Neptune announced it would
launch an AU$80.6 million equity raising to assist with the
recapitalization of its balance sheet by reducing bank debt,
settling deferred payments to vendors of acquired businesses and
providing working capital.

                        About Neptune Marine

Based in Australia, Neptune Marine Services Limited (ASX:NMS) --
http://www.neptunems.com/-- operates in two segments: offshore
services and engineering services.  The offshore services division
provides the oil and gas, marine and associated industries with a
range of specialized services, including commercial diving;
inspection, repair and maintenance support; difficult and confined
area access via rope access, tension netting and modular platform;
DP construction support vessels; remotely operated vehicles
(ROVs); subsea pipeline/cable stabilization and protection;
hydrographic surveying, positioning and geophysical support, and
project management.  The engineering services division provides
the oil and gas, marine, renewable energy and associated
industries with a range of specialized services, including subsea
and pipeline engineering; fabrication; assembly and testing;
refurbishment; installation; maintenance; the patented NEPSYS dry
underwater welding technology; and project management.


RB DOUGLAS: Director Moves to Liquidate Firm Amid Massive Debts
---------------------------------------------------------------
Mark Bode at Sunshine Daily Coast reports that RB Douglas Pty Ltd
has been placed in liquidation.

Sunshine Daily Coast relates that RB Douglas director Bill Douglas
moved to liquidate the business on February 25 in the face of
massive debts.  Doucon Pty Ltd, a Warana-based construction
company owned by Mr. Douglas, was also placed in voluntary
liquidation on the same day.

According to the report, liquidator David Stimpson of SV Partners
said RB Douglas and Doucon owed unsecured creditors about
AU$1.5 million and about AU$3 million, respectively.  The Sunshine
Coast Daily relates that Mr. Stimpson said secured creditors for
both companies, including employees, were owed between AU$4
million and AU$5 million.

Mr. Stimpson, says Sunshine Coast Daily, stressed that those
amounts were "very preliminary figures".

Mr. Stimpson said his early investigations indicated that there
was unlikely to be "any significant recovery" of assets that could
be used to pay RB Douglas' unsecured creditors, mostly tradesmen
and suppliers.

As for Doucon's unsecured creditors, the liquidator said there
would be a "significant shortfall" in what they were owed, the
report notes.  Mr. Stimpson said there were more than 100 RB
Douglas creditors and about 220 Doucon creditors.

RB Douglas Pty Ltd is a Warana-based construction company.


REDGROUP RETAIL: No NZ Bookstore Closures, Administrators Say
-------------------------------------------------------------
The Administrators of REDgroup Retail said that no New Zealand
bookstores would be closed as part of the initial phase of the
group's restructuring announced in Australia on March 3.

As a result, there are no redundancies planned in New Zealand as
part of the restructuring effort.

In Australia, a total of 321 REDgroup Retail staff were made
redundant following the announcement of the closure of 38
bookstores (37 Angus & Robertson stores and one Borders store).
The closures will be effected over the next three weeks.

"While book retailing has been difficult for some REDgroup outlets
in Australia, there is no present requirement for us to close any
stores in New Zealand," said Administrator Mr. Steve Sherman.  "I
think this is a reflection of the New Zealand community support of
the Whitcoulls brand."

Mr. Sherman said the closures in Australia were necessary to
protect as best as possible the future of the business.  He said
the 38 stores destined for closure were the least viable of the
260 REDgroup retail outlets.

"It is unfortunate, but we need to take some difficult decisions
in order to give people at the remaining stores their best chance
at a long-term future," Mr. Sherman said.

                        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


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LONGFOR PROPERTIES: Moody's Assigns 'Ba2' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating to Longfor Properties CO. Ltd.  The ratings outlook
is stable.

The Ba2 corporate family rating reflects Moody's opinion of
Longfor's ability to honour its financial obligations as if it had
a single class of debt and as if it were a single consolidated
legal entity.

If any of Longfor's senior unsecured debt obligations are rated in
the future, the senior unsecured debt rating would be notched down
from the Ba2 level to reflect legal and structural subordination,
depending on the proportion of secured and project-level debt
versus total debt and assets.

                        Ratings Rationale

"Longfor's Ba2 corporate family rating reflects its established
market position in China's property market and its fairly
diversified land bank," says Kaven Tsang, a Moody's AVP/Analyst.

"The rating further captures Longfor's solid operating track
record in its core markets -- Chongqing, Chengdu, and Beijing,"
says Tsang, also Moody's lead analyst for Longfor.

"Additionally, Longfor's access to funding is good, which is
critical to maintaining adequate liquidity.  Liquidity is key to
operating in China's property market, which is highly sensitive to
regulatory measures," adds Tsang.

"On the other hand, the Ba2 rating is constrained by the company's
fast growth, which results in financial and operating risks," says
Tsang, adding that "these risks are further escalated by the
stricter implementation of regulatory measures that will likely
result in tighter bank credit and reduced property sales volume in
the next 12-18 months."

Longfor's projected credit metrics -- adjusted debt/capitalization
at 45%-50% and EBITDA interest coverage between 5.5-7.5x over the
next two to three years -- position the company at the Ba2 rating
level.

The stable outlook reflects Moody's expectation that Longfor's
liquidity, comprising its cash holdings, operating cash flow, and
borrowings, will be sufficient to fund its current projects.

The ratings could be pressured downward if (1) Longfor's sales are
materially weaker than planned; (2) operating cash flow weakens
due to over-expansion of new projects; (3) liquidity deteriorates
because of aggressive land acquisitions; or (4) debt increases
substantially.

Moody's would consider adjusted debt/capitalization above 50-55%
or EBITDA/interest under 4-5x as indicators for a downgrade.

Upgrade pressure could emerge over the medium term if the company
can (1) successfully implement its business plan and maintain
financial discipline; (2) maintain stable sales growth, with an
EBITDA margin between 30%-35% throughout the cycle; and (3)
maintain good liquidity, with a minimum cash balance of no less
than 10%-15% of total assets, as well as access to the offshore
bank and debt markets.

Moody's would consider an upgrade if the company can strengthen
its credit metrics, for adjusted debt/capitalization below 35%-40%
and EBITDA/interest above 7-8x.

Longfor was founded in 1994 and listed on the Hong Kong Stock
Exchange in November 2009.  It is majority-owned (around 75.9%)
and controlled by its chairwoman -- Madam Wu Yajun -- and her
associates.  The company is one of the leading developers in
China's residential and commercial properties sector, and has an
attributable land bank of 28.97 million sq. m. in gross floor area
in 13 cities in three major regions in China.  It also operates
six retail malls in Chongqing and Chengdu.


LONGFOR PROPERTIES: S&P Assigns 'BB+' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'BB+'
long-term corporate credit rating to Chongqing-based real estate
developer Longfor Properties Co. Ltd.  The outlook is stable.

"The rating on Longfor reflects the company's rapid growth
strategy, short track record as a large-scale developer, and
exposure to the high-end property market and tier-one cities.  S&P
has also factored in the company's good competitive position and
strong execution capability, which S&P believes are likely to
improve its financial performances despite the uncertain outlook
for China's real estate market," said Standard & Poor's credit
analyst Bei Fu.

Longfor has a limited track record of consistent operational and
financial management, given its short history of large-scale
operation following fast expansion in recent years.  Its financial
performances have been historically weak and volatile.
Nevertheless, S&P expects increased sales and margins to generate
EBITDA interest coverage of more than 7x and a debt-to-EBITDA
ratio of less than 3x over the next two years.  S&P also note that
the company was one of the few Chinese developers to generate
positive cash flow from operations (before land acquisition costs)
while undergoing high growth.  In S&P's view, Longfor can continue
this trend, reflecting its more conservative cash and debt
management than 'BB'-rated peers.

Longfor's strong execution capability, reputation and good product
quality underpin its competitiveness.  These strengths have helped
it to quickly establish good positions in new markets, including
Beijing, a particularly competitive market.  The company was
ranked among the top three developers by sales value in five out
of the 10 cities in which it had projects in 2010.  It was ranked
number two in Beijing for residential sales in the four years
after it started sales there in 2007.

Longfor has somewhat good diversification in terms of projects,
geographic coverage, and product range.  It has 33 million square
meters in land reserves in seven provinces plus Beijing, Shanghai,
and Chongqing.  The company's land costs were reasonable, at
Chinese renminbi 1,954/sqm in 2010, accounting for 14% of its
average selling price.  It has more than 50 mid- to high-end
residential and commercial property projects for sale in 2011.
The company's growing, albeit small, leasing portfolio provides
limited recurring income.

S&P believes visibility is good regarding Longfor's likely
financial performances.  S&P estimates that the company has
secured more than 70% of its target revenue for 2011 and 30% of
that in 2012, with higher margins than in the past three years.
S&P expects its EBITDA margins to improve to more than 30% as the
company increases penetration in tier-one cities and higher-value
products.

Longfor targets growth of 30% for contract sales, but S&P expects
its debt to grow at a slower pace.  Given the uncertain market
outlook, in its sensitivity analysis, S&P assumed contract sales
would be lower in 2011 than in 2010.  Under this scenario, S&P
would still expect the company's financial metrics to improve
materially in 2011-2012 due to its increased project margins and
number of projects in 2010 and onwards.

Longfor's liquidity is adequate, in S&P's view.  The company's
unrestricted cash and projected contract sales should more than
cover its short-term debt, outstanding land premiums, and budgeted
construction expenditure.  The company achieved over RMB7 billion
in contract sales in the first two months of 2011.

The company has reasonable financial flexibility.  It has access
to offshore bank facilities as well as various financing channels
onshore China.  In addition, its controlling shareholder holds
more than 75% of the outstanding shares.  If needed, equity
financing is an option.  Longfor has close to RMB40 billion
uncommitted undrawn bank facilities in China.

Financial covenants in Longfor's financing documents include a
threshold for consolidated net worth, net borrowings, fixed charge
ratios, and a change-of-control clause.  Based on its latest
results, S&P believes Longfor has sufficient financial headroom.

"The stable outlook reflects S&P's expectation that the company
can demonstrate conservative cash and debt management to generate
positive cash flow while pursuing high growth.  In S&P's view, the
company's good competitive position and strong execution will help
to improve sales and margins, leading to improved credit ratios.
S&P expects Longfor's sales in 2011 to be satisfactory despite the
uncertain market conditions," said Ms. Fu.

S&P may lower the rating if the company's sales or margins are
materially lower than S&P's expectation or its expansion is more
aggressive than S&P anticipated.  Downward triggers for the rating
would be EBITDA interest coverage of less than 5x, a ratio of
debt-to-capital of more than 50%, or a cash balance of less than
RMB3 billion.

S&P may raise the rating if Longfor: (1) establishes a good track
record of consistent and disciplined financial management; (2)
maintains credit ratios that are materially stronger than in the
past three years; (3) improves and sustains its recurring income;
and (4) demonstrates its ability to manage larger and more diverse
operations.


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


AIG FINANCIAL: Creditors' Proofs of Debt Due March 25
-----------------------------------------------------
Creditors of AIG Financial Products (International) Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by March 25, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 23, 2011.

The company's liquidators are:

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


ASIAN WAY: Members' Final Meeting Set for April 4
-------------------------------------------------
Members of Asian Way International Investments Limited will hold
their final general meeting on April 4, 2011, at 11:00 a.m., at
31/F., Gloucester Tower, The Landmark, 11 Pedder Street, Central,
in Hong Kong.

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


ASIA WINNER: Members' Final Meeting Set for April 8
---------------------------------------------------
Members of Asia Winner Development Limited will hold their final
meeting on April 8, 2011, at 10:00 a.m., at 76/F., Two
International Finance Centre, 8 Finance Street, Central, in Hong
Kong.

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


BOLD WARE: Creditors and Members' Meetings Set for March 23
-----------------------------------------------------------
Creditors and members of Bold Ware Optical (Metal) Manufactory
Limited will hold their annual meetings on March 23, 2011, at
11:00 a.m., at 14th Floor, The Hong Kong Club Building, 3A Chater
Road, Central, in Hong Kong.

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


CHARM TREE: Court to Hear Wind-Up Petition on March 16
------------------------------------------------------
A petition to wind up the operations of Charm Tree Company Limited
will be heard before the High Court of Hong Kong on March 16,
2011, at 9:30 a.m.

Equinox 2, Inc., filed the petition against the company on Jan.
10, 2011.

The Petitioner's solicitors are:

          Oldham, Li & Nie
          Suite 503, St. George's Building
          2 Ice House Street
          Central, Hong Kong


CROSSPOOL LIMITED: Ying and Chan Step Down as Liquidators
---------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Crosspool Limited on Feb. 24, 2011.


EXPERT WHEEL: Sung Mi Yin Steps Down as Liquidator
--------------------------------------------------
Sung Mi Yin stepped down as liquidator of Expert Wheel Limited on
March 4, 2011.


FAME STRONG: Court to Hear Wind-Up Petition on March 30
-------------------------------------------------------
A petition to wind up the operations of Fame Strong (China)
Limited will be heard before the High Court of Hong Kong on
March 30, 2011, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Jan. 26, 2011.

The Petitioner's solicitors are:

          Arthur K.H. Chan & Co.
          Unit C1, 15th Floor, United Centre
          No. 95 Queensway, Hong Kong


FRESH MEDIA: Eyles and Yick Step Down as Liquidators
----------------------------------------------------
Michael Roger Eyles and Yick Wing Keung stepped down as
liquidators of Fresh Media Limited on Feb. 26, 2011.


GANG AO: John James Toohey Steps Down as Liquidator
---------------------------------------------------
John James Toohey stepped down as liquidator of Gang AO
International (Holdings) Company Limited on Feb. 25, 2011.


GOLD HARVEST: Commences Wind-Up Proceedings
-------------------------------------------
Members of Gold Harvest Limited, on March 4, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Sze Sau Wan
         Rm 602, 447 Lockhart Road
         Hong Kong


HONOR BRIDGE: Creditors' Proofs of Debt Due April 4
---------------------------------------------------
Creditors of Honor Bridge Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by April 4,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Wong Wai Nam William
         14A, Yat Wing Mansion
         Lei King Wan, Hong Kong


NEW COLOR: Court to Hear Wind-Up Petition on April 20
-----------------------------------------------------
A petition to wind up the operations of New Color International
Limited will be heard before the High Court of Hong Kong on
April 20, 2011, at 9:30 a.m.

New Color Equipment Company Limited filed the petition against the
company on Feb. 14, 2011.

The Petitioner's solicitors are:

          Squire, Sanders & Dempsey
          24th Floor, Central Tower
          28 Queen's Road
          Central, Hong Kong


RATONAL INDUSTRIAL: Creditors Get 100% Recovery on Claims
---------------------------------------------------------
Ratonal Industrial Limited, which is in liquidation, declared
preferential payment to its creditors on March 4, 2011.

The company paid 100% for ordinary claims.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


SOLAR WAY: Court to Hear Wind-Up Petition on April 20
-----------------------------------------------------
A petition to wind up the operations of Solar Way Development
Limited will be heard before the High Court of Hong Kong on
April 20, 2011, at 9:30 a.m.

The Incorporated Owners of Kwai Wan Industrial Building filed the
petition against the company on Feb. 11, 2011.

The Petitioner's solicitors are:

          Messrs. Lui & Law
          Suite 2202, 22/F
          Austin Plaza
          83 Austin Road
          Kowloon, Hong Kong


WEALTH PERFECT: Court to Hear Wind-Up Petition on April 20
----------------------------------------------------------
A petition to wind up the operations of Wealth Perfect Financial
Services Limited will be heard before the High Court of Hong Kong
on April 20, 2011, at 9:30 a.m.

Zurich International Life Limited filed the petition against the
company on Feb. 11, 2011.

The Petitioner's solicitors are:

          Winnie Mak, Chan & Yeung
          8th Floor, Two Chinachem Plaza
          68 Connaught Road
          Central, Hong Kong


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EVERSHINE WOOD: ICRA Assigns 'LBB' Rating to INR2.88cr Term Loan
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR2.88 crore term loan
facilities and INR6.50 crore long term fund based bank facilities
of Evershine Wood Packaging Private Limited.  The outlook on the
rating is stable. ICRA has also assigned 'A4' rating to the
INR13.00 crore non-fund based bank facilities of the company.

The assigned ratings reflect the company's small scale of
operations restricting economies of scale, high customer
concentration and weak financial profile characterized by low
accruals, high gearing and weak coverage indicators.  The ratings
also take into account the high competitive business environment
due to low entry barriers which restricts the bargaining power of
the company.  The fluctuation in raw material prices and the
volatility in foreign exchange rates exert further pressure on
profits.  The ratings however, factor in the promoter's experience
in the timber industry.

Incorporated in the year 2005, Evershine Wood Packaging Private
Limited is closely held by its promoters and family members.  The
Company specializes in wood packaging products and its factory is
spread across nine acres at the SIPCOT Industrial park,
Sriperambadur near Chennai.

Recent Results

During the year ended March 31, 2010, EWPPL reported net profit of
INR0.6 crore on operating income of INR27.8 crore.  For the half-
year ended September 2010, the Company reported net sales
(unaudited) of INR18.4 crore.


GOPALA KRAFT: CRISIL Assigns 'B' Rating to INR5.2 Million LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the long-term bank
facilities of Gopala Kraft Pack Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR10.0 Million Cash Credit          B/Stable (Assigned)
   INR5.2 Million Long-Term Loan        B/Stable (Assigned)
   INR74.8 Million Proposed Long-Term   B/Stable (Assigned)
                   Bank Loan Facility

The rating reflects GKP's modest scale of operations and weak
financial risk profile, marked by high gearing and modest debt
protection indicators.  These rating weaknesses are partially
offset by the extensive industry experience of GKP's promoters and
its strong customer relationships.

Outlook: Stable

CRISIL believes that GKP will benefit from the extensive industry
experience of its promoters and stable demand outlook for its
products, over the medium term.  The outlook may be revised to
'Positive' if the company generates higher-than-expected operating
revenues and profitability leading to significant improvement in
its financial risk profile.  Conversely, the outlook may be
revised to 'Negative' if GKP contracts larger-than-expected debt
to fund its capital expenditure programme (capex), thereby
weakening its debt servicing capability.

                         About Gopala Kraft

Incorporated in 1996 by the Somani family, GKP manufactures and
sells corrugated boxes.  Its manufacturing unit in Baramati
(Maharashtra) has a monthly capacity to convert about 300 tonnes
of paper into boxes.  Gopala's major customers include Oriental
Containers Ltd (rated 'BBB+/Positive/P2' by CRISIL), Cargill Foods
India Ltd, Cargill India Pvt Ltd (rated 'P1+' by CRISIL), Nagreeka
Exports Ltd, Spentex Industries Ltd, and Technocraft Industries
(India) Ltd (rated 'A+/Stable/P1+' by CRISIL), among others.  Mr.
Gautam Somani, Managing Director, looks after the day-to-day
operations of the company.

GKP reported a profit after tax (PAT) of INR1.2 million on net
sales of INR65.6 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.3 million on net
sales of INR49 million for 2008-09.


I BLUE MINERALS: CRISIL Assigns 'D' Rating to INR115.9MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to I Blue Minerals Pvt Ltd's
bank facilities.  The rating reflects delay by IBMPL in servicing
its term loan; the delay has been caused by IBMPL's weak
liquidity.

   Facilities                      Ratings
   ----------                      -------
   INR115.90 Million Term Loan     D (Assigned)
   INR20.00 Million Cash Credit    D (Assigned)

IBMPL has large working capital requirements, small scale of
operations, and below-average financial risk profile marked by
high gearing and average debt protection metrics.  IBMPL, however,
benefits from its promoter's experience in trading in building
materials, such as steel, cement, paints, of about two decades.

IBMPL, incorporated in 2007, commenced commercial operations in
February 2008. IBMPL processes boulders into metal aggregates and
crushed sand (an alternative for river sand); crushing operations
are carried out from its factory near Karur (Tamil Nadu).  IBMPL
has a processing capacity of 300 tonnes per hour (tph) for blue
metal and 100 tph for crushed sand. The company is promoted by Mr.
Veerappan Ganesh and others.  The company markets its products
under the brands I blue metals and I blue sand in Tamil Nadu.

IBMPL reported a profit after tax of INR1.0 million on net sales
of INR94.0 million for 2009-10 (refers to financial year, April 1
to March 31), against a net loss of INR0.3 million on net sales of
INR0.2 million for 2008-09.


KRISHNA POLYPACKS: ICRA Assigns 'LBB+' Rating to INR7.79cr Loan
---------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR7.79 crore fund based
facilities of Krishna Polypacks Private Limited.  The outlook on
the long-term rating is Stable.

The rating draws comfort from the financial profile of KPPL
characterized by moderate gearing of 0.79 times as on March 31,
2010, and OPBITDA/Interest of 6.16 times and Total Debt/OPBIDTA of
1.90 times in FY 10.

The rating also draws comfort from the low off take risks. KPPL is
the sole supplier for KCP Ltd, Kakatiya Cements & Keerthi
Industries Ltd.  The demand prospects for cement sector are
favorable, thereby pushing up the potential for poly woven sacks.

The rating is, however, constrained by low net margins of 1.35% as
on March 31, 2010, due to non operating expenses incurred as a
result of erosion in the investment made by the company in retail
marts which led to decline in ROCE from 12.15% in FY 09 to 8.79%
in FY 10.

ICRA notes that the company's profitability is exposed to
cyclicality and movements in PP (Poly Propylene) prices. However,
the monthly revision of prices by the cement manufacturers
mitigates the risk to some extent.  The Indian poly woven sacks
industry is characterized by high fragmentation and competitive
intensity, resulting from low capital intensity.  Since the cement
manufacturers are large players in terms of their size and
operations, KPPL exhibits weak bargaining power with them, leaving
its profitability vulnerable particularly in a scenario of
increasing competitive pressure.

                      About Krishna Polypacks

Krishna Polypacks Pvt. Ltd. has been incorporated in the year 1983
as a private limited company.  It was promoted by Mr. Murali.  In
2006, it has started two 750 KW power generation plants through
wind mills at Veeranam in Tamilnadu.

The company is catering to the packaging needs of cement industry.
It has a production capacity of 8.27 crore bags.


KUTTY FLUSH: Fitch Migrates 'B-' Rating to 'Non-Monitored' Status
-----------------------------------------------------------------
Fitch Ratings has migrated India's Kutty Flush Doors and Furniture
Co Pvt Ltd's 'B-(ind)' National Long-Term rating to the "Non-
Monitored" category.  The rating will now appear as 'B-(ind)nm' on
Fitch's website.  Simultaneously, the agency has classified these
instruments' ratings as "Non-Monitored":

  -- INR26m long-term loans: Migrated to 'B-(ind)nm' from 'B-
     (ind)';

  -- INR40m fund-based working capital limits: Migrated to 'B-
     (ind)nm'/'F4(ind)nm' from 'B-(ind)'/'F4(ind)'; and

  -- INR34m non-fund based working capital 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 Kutty.  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 re-activated and will be communicated through
a "Rating Action Commentary".


METRO INSTITUTE: CRISIL Places 'BB+' Rating to INR722MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Metro Institute of Medical Sciences Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR722.0 Million Rupee Term Loan    BB+/Stable (Assigned)
   INR65.0 Million Cash Credit         BB+/Stable (Assigned)

The rating reflects expectations of stress on MIMS's financial
flexibility, on account of its large, debt-funded capital
expenditure (capex) plans of more than INR5 billion and lower
profitability, due to intense competition in the healthcare
industry.  These weaknesses are partially offset by MIMS's
moderate financial risk profile, marked by strong net worth and
low gearing, established brand name, and experienced management.

Outlook: Stable

CRISIL believes that MIMS's financial risk profile will weaken on
account of increased debt requirements to fund its capex plans and
to support the operations of its subsidiaries.  The outlook may be
revised to 'Positive' in case the company is able to secure equity
infusion, thereby substantially improving its financial risk
profile, or if the company registers strong improvement in
profitability.  Conversely, the outlook may be revised to
'Negative' in case the company's working capital management and
liquidity deteriorate, or in case of a larger-than-expected debt-
funded capex plan, leading to further deterioration in its
financial risk profile.

                        About Metro Institute

MIMS acquired a hospital run by U G Hospitals Pvt Ltd in 1997 to
start the Metro chain of hospitals.  The 110-bed hospital in Noida
(Uttar Pradesh) was the first venture of the group.  The promoter
of the company, Dr. Purshotam Lal was awarded the Dr. V V Shah
Oration Gold Medal by Cardiological Society of India in 1992,
Lifetime Achievement Award by Delhi Medical Association in 2002,
Padma Bhushan in 2003, and the Dr. B C Roy National Award in 2005.
The group has acquired several smaller hospitals and set up
greenfield projects.

MIMS reported a profit after tax (PAT) of INR124 million on net
sales of INR1569 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR102 million on net sales
of INR1621 million for 2008-09.


PINNACLE BROCOM: CRISIL Rates Bank Guarantee Facility at 'P4+'
--------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank guarantee
facility of Pinnacle Brocom Pvt Ltd, a part of the Pinnacle group.
The rating reflects the Pinnacle group's modest earnings profile
and capitalisation, and exposure to uncertainties inherent in the
commodities broking business.  These rating weaknesses are
partially offset by the company's moderate market position in the
commodities broking business.

   Facilities                                Ratings
   ----------                                -------
   INR50.0 Million Bank Guarantee Facility   P4+ (Assigned)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PBPL and Pinnacle Forex and Securities
Pvt Ltd, together referred to, herein, as the Pinnacle group.
This is because these two entities have significant management,
business, and financial linkages with each other.

The Pinnacle group's earnings remain modest despite improvement
over the past two years.  For the first six months of 2010-11
(refers to financial year, April 1 to March 31), the group
reported a total income and profit after tax (PAT) of INR22.8
million and INR4.3 million, respectively.  In 2009-10, the group's
total income and PAT were INR40.6 million and INR5.0 million
respectively.

In addition, the Pinnacle group has a small capital base, with an
absolute net worth of INR26.7 million as on March 31, 2010.  The
group's volumes and earnings from its main business, commodities
broking, are inherently volatile, susceptible to adverse economic
and political events.

The Pinnacle group is a medium-sized player in the commodities
broking space.  It had a market share of 0.38% of the total
turnover of Multi Commodities Exchange of India Ltd and National
Commodity & Derivatives Exchange Ltd, in the first nine months of
2010-11.  CRISIL believes that the Pinnacle group will maintain
its moderate market position in the commodities broking business
over the medium term.

                          About the Group

Set up in 2003 as a partnership firm, PBPL (formerly, A Pradip
Commodities) was reconstituted as a private limited company with
its current name in 2006. PBPL is into commodities broking, and is
a member of MCX and NCDEX.

Set up in 2009, PFSPL (formerly, Pinnacle Forex Pvt Ltd) was
initially in the currency derivatives business.  After it decided
to enter into equity broking, its name was changed to the current
one. PFSPL will start its equity broking operations in March 2011.


R. KANTILAL: ICRA Assigns 'LBB' Rating to INR73.35cr Bank Limits
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating with stable outlook and
reaffirmed the short term rating at 'A4+' to the INR73.35 crores
(enhanced from INR48 crores) fund-based bank limits of R. Kantilal
& Company.  The fund based limits are rated on both long term and
short term scales.

The rating continues to factor in RKC's weak financial risk
profile characterized by low profitability, low cash accruals,
leveraged capital structure as reflected in debt-equity of 2.0x as
on 31st March, 2010 and stretched liquidity position resulting in
negative fund flow from operation and high utilization of working
capital limits.  ICRA also takes note of the high competitive
intensity inherent in the Gems and Jewellery business.
Nevertheless, the rating draws comfort from the established track
record of RKC in cut and polished business together with the
overall improvement in the industry outlook in recent times.

Incorporated in the year 1965, RKC is a partnership firm. RKC is
engaged in import of rough diamonds and processing and export of
Cut and Polished Diamonds.  RKC deals in diamonds of sizes ranging
from 0.30 carat to 3 carats.  The firm has its state of art
manufacturing units and a marketing office in Mumbai.

Recent Results

RKC reported a profit after tax (PAT) of INR3.05 crores on an
operating income of INR163.56 crores in 2009-10, against a PAT of
INR0.45 crores on an operating income of INR88.25 crores in
2008-09. For the unaudited period of 6 months of FY11, RKC
reported PAT of INR2.11 crores on an operating income of INR81.13
crores.


RAJESH FILAMENTS: CRISIL Assigns 'B' Rating to INR32.1MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Rajesh Filaments Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR60.0 Million Cash Credit    B/Stable (Assigned)
   INR32.1 Million Term Loan      B/Stable (Assigned)

The rating reflects Rajesh's weak financial risk profile, marked
by small net worth, high gearing, and weak debt protection
metrics, small scale of operations, intensifying competition in
the polyester yarn industry, and the susceptibility of its
operating margin to volatility in the prices of raw materials,
which account for 90% of cost of sales.  These weaknesses are
partially offset by the extensive industry experience of Rajesh's
promoters.

Outlook: Stable

CRISIL believes that Rajesh will continue to maintain its credit
risk profile over the medium term, backed by its promoters'
extensive industry experience. Its financial risk profile is,
however, expected to remain weak, on account of its large working
capital requirements.  The outlook may be revised to 'Positive' in
case of significant improvement in its scale of operations and net
worth, leading to an improved financial risk profile. The outlook
may be revised to 'Negative' if the company undertakes a larger-
than-expected debt-funded expansion plan or its working capital
management deteriorates, leading to significant deterioration in
its financial risk profile.

                         About Rajesh Filaments

Rajesh was incorporated in 1992, promoted by the Poddar family of
Surat.  The company is engaged in texturisation of partially
oriented yarn (POY).  The company has capacity to texturise 480
tonnes per month of POY.  It currently utilizes 85% of its
capacity; the company can manufacture textures yarn in the range
of 50 to 1500 deniers.

Rajesh reported a profit after tax (PAT) of INR2.7 million on net
sales of INR624.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.0 million on net sales
of INR490.6 million for 2008-09.


SHREE JAGDAMBA: CRISIL Rates INR80 Million Cash Credit at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the cash credit
facility of Shree Jagdamba Cotton Ginning & Pressing Factory.

   Facilities                      Ratings
   ----------                      -------
   INR80.0 Million Cash Credit     B/Stable (Assigned)

The rating reflects SJC's weak financial risk profile, marked by
small net worth, and weak debt protection metrics, and
susceptibility to adverse government regulations. These rating
weaknesses are partially offset by the extensive experience of
SJC's promoters in the cotton industry.

Outlook: Stable

CRISIL believes that SJC will benefit from its promoters'
extensive industry experience, over the medium term.  The outlook
may be revised to 'Positive' in case of significant equity
infusion, resulting in improved capital structure and improvement
in scale of operations. Conversely, the outlook may be revised to
'Negative' in case of significant debt-funded capital expenditure
or higher-than-expected debt because of incremental working
capital requirements.

                     About Shree Jagdamba Cotton

Set up as a partnership firm in the 1980s by Mayurkumar Shah and
family, SJC is engaged in ginning and pressing of raw cotton-kapas
to make cotton bales, and separating the seeds at its facility in
Handod in Vadodara district (Gujarat).  SJC's facility has a
capacity of 250 bales per day.

SJC reported a profit after tax (PAT) of INR0.01 million on net
sales of INR277.0 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.6 million on net
sales of INR17.8 million for 2008-09.


SHREE JEE: CRISIL Assigns 'BB-' Rating to INR10 Million LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Shree Jee Flour Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       BB-/Stable (Assigned)
   INR10 Million Long-Term Loan     BB-/Stable (Assigned)
   INR2 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect SJFMPL's below-average financial risk profile,
marked by a small net worth, weak debt protection metrics, a low
profitability, and a moderate gearing, and exposure to intense
competition in the wheat industry.  These rating weaknesses are
partially offset by the benefits that SJFMPL derives from its
promoter's experience in the wheat industry.

Outlook: Stable

CRISIL believes that SJFMPL will continue to benefit over the
medium term from its promoter's considerable experience in the
wheat processing industry.  The outlook may be revised to
'Positive' in case of improvement in the company's financial
profile, supported by improvement in operating profitability or
infusion of funds by promoters.  Conversely, the outlook may be
revised to 'Negative' in case of decline in operating profit, or
if SJFMPL undertakes any debt-funded capital expenditure
programme, adversely impacting its financial risk profile,
particularly its liquidity.

                        About Shree Jee Flour

SJFMPL manufactures and sells ground wheat products such as atta,
maida, and suji.  The company has a manufacturing plant in Asansol
(West Bengal), with an installed capacity of 40,000 tonnes per
annum (tpa), enhanced from 30,000 tpa in February 2011. The
company procures wheat from the open markets in Bihar, Uttar
Pradesh, and West Bengal on spot payment; majority of the purchase
is from Bihar.  The company sells 100% of its production in West
Bengal to the broker and wholesalers in bulk packaging of 50
kilograms on a credit period of 25 to 30 days. The company's day-
to-day operations are looked after by its promoter-director, Mr.
Anit Saraogi.

SJFMPL reported a profit after tax (PAT) of INR1.04 million on net
sales of INR410.1 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.54 million on net
sales of INR316.2 million for 2008-09.


SHRI DNYANESHWAR: CRISIL Reaffirms 'BB+' Rating to INR236MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Shri Dnyaneshwar
Sahakari Sakhar Karkhana Ltd continues to reflect SDSSK's below-
average financial risk profile, marked by a highly leveraged
capital structure, because of distribution of profits and
aggressive debt-funded expansions.

   Facilities                      Ratings
   ----------                      -------
   INR236 Million Term Loan        BB+/Stable (Reaffirmed)
   INR120 Million Cash Credit      BB+/Stable (Reaffirmed)

The rating also reflects SDSSK's exposure to regulatory risks
governing the sugar industry.  These rating weaknesses are
partially offset by the benefits that SDSSK derives from its
healthy operational efficiencies, supported by the semi-integrated
nature of its operations.

Update

SDSSK's operating income in 2010-11 (refers to financial year,
April 1 to March 31) is expected fall marginally short of CRISIL
expectations because of negligible quantities of raw sugar
processing during the year.  The society could not process raw
sugar in the current year because of high Sugar prices in global
markets and not-so-competitive domestic sugar realizations.  For
the current sugar season, the sugarcane crushing volumes are
expected to be 25% higher than those in the previous year; the
sugarcane procurement cost is expected to be lower than that in
the previous year, as the society has paid only INR1500 per tonne
as the first instalment as against INR2200 per tonne paid in the
previous year.

Benefits of lower procurement cost, however, will be offset by
lower recovery rate, higher cost of opening inventory, and
moderate sugar realizations (expected to average around INR2550 to
2600 per quintal for 2010-11).  Therefore, the operating
profitability for the current year ending March 31, 2011 is
expected to be slightly lower than that in the previous year.
SDSSK's liquidity will continue to remain stretched; the society
is expected to continue to service its debt obligations through a
mix of internal accruals and unutilized bank lines.  The bank
limit utilization has been close to 90% levels even at times of
peak season; adequate stock levels ensure sufficient drawing
power, thereby offering sufficient buffer to cover the term loan
obligations.  The society does not have any firm capital
expenditure (capex) plan at this stage, though the management is
mulling over increasing its co-generation capacities to 21
megawatts (MW) from the existing 12 MW.  The capex plans are
currently in the nascent stage and, therefore, not factored in by
CRISIL for arriving at the credit rating.

SDSSK reported a profit after tax (PAT) of INR2.9 million on net
sales of INR2.72 billion for 2009-10, against a PAT of INR1.1
million on net sales of INR2.33 billion for 2008-09.

Outlook: Stable

CRISIL believes that SDSSK's financial risk profile will remain
constrained over the medium term, by the society's policy of
distributing its profits to its members.  The outlook may be
revised to 'Positive' if the society's financial performance,
especially the gearing, improves substantially.  Conversely, the
outlook may be revised to 'Negative' if SDSSK undertakes a large,
debt-funded, capex programme, resulting in further deterioration
in its financial risk profile.

SDSSK, incorporated in 1972, is a fully integrated sugar
manufacturer, with distillery and co-generation facilities. SDSSK,
a cooperative society, functions as a non-profit organization and
distributes most its profits to sugarcane farmers, after factoring
in the maturing debt obligations.  The company's facilities in
Ahmednagar (Maharashtra) include capacity to crush 6000 tonnes of
sugar per day, a distillery with capacity of 45 kilolitres per
day, and a 16-MW cogeneration plant.  The cooperative society, set
up by the late Mr. Marutrao Ghule, is currently managed by his
sons, Mr. Chandrasekhar Ghule and Mr. Narendra Ghule, along with
an elected board of directors.


SINGHAL INDUSTRIES: CRISIL Assigns 'B+' Rating to INR79.7MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Singhal Industries Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR36.0 Million Cash Credit Facility    B+/Stable (Assigned)
   INR3.0 Million Standby Line of Credit   B+/Stable (Assigned)
   INR79.7 Million Term Loan               B+/Stable (Assigned)
   INR61.3 Million Proposed Long-Term      B+/Stable (Assigned)
                   bank Loan Facility
   INR10.0 Million Letter of Credit        P4 (Assigned)

The ratings reflect SIPL's weak financial risk profile, marked by
a small net worth, a high gearing, and weak net cash accruals to
total debt ratio, and exposure to risks related to limited track
record of operations and intense industry competition.  These
rating weaknesses are partially offset by the benefits that SIPL
derives from its promoter's extensive industry experience.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from its promoter's extensive experience in the packaging
industry.  The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals or equity infusion resulting in
significantly better-than- expected capital structure for the
company.  Conversely, the outlook may be revised to 'Negative' if
the company is unable to sustain its profit margins, leading to
lower-than-expected cash accruals, or in case it contracts larger-
than-expected debt to fund its capital expenditure, thereby
deteriorating its financial risk profile.

                       About Singhal Industries

Incorporated in 2007, Gujarat-based SIPL manufactures leno bags,
various types of high density polyethylene and polypropylene bags,
and wide width fabric.  These products are used as packaging
material in industries such as sugar, cement, fast moving consumer
goods, and others. The company is promoted by Mr. Pradeep Agarwal
and his two sons, Mr. Tushar Agarwal and Mr. Pulkit Agarwal.


SIPL reported a profit after tax (PAT) of INR1.4 million on net
sales of INR152.8 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR3.3 million on net
sales of INR16.1 million for 2008-09.


SOLIDUS HI-TECH: ICRA Places 'LBB' Rating on INR6.86cr Bank Limits
------------------------------------------------------------------
ICRA has assigned the 'LBB' to INR6.86 crores fund based limits
and to the INR7.29 crores term loans of Solidus Hi-Tech Products
Private Limited.  The outlook on the long term rating is stable.
ICRA has also assigned A4 rating to the INR0.75 crores non-fund
based limits of the company.

The rating takes into account the small size of operations, high
client concentration and stretched financial profile of the
company characterized by high gearing, tight liquidity position
and weak coverage indicators.  Solidus primarily manufactures
press metal components, Aluminium heat sinks and Copper bus bars
for various companies such as APC, John Deere, ABB among others.
Solidus has high client concentration with more than 70% of the
revenues contributed by single client currently.  Solidus is in
the process of diversifying its client base which is likely to
mitigate the risk to some extent.  Solidus undertook large debt
funded capex plan during 2006-10.  This coupled with global
meltdown led to underutilization of capacities resulted in losses
during 2008-10, though it has posted profitability during the
April-November 2010 period.  However past losses and debt funded
capex has led to high gearing, weak coverage indicators and tight
liquidity position as reflected in high working capital
utilization.  Going forward, the company is expected to post
improving profitability led by improving demand scenario and
higher utilization of assets.  Coupled with the fact that majority
of the capex cycle is over the financial profile is expected to
remain stable.  The ratings would be sensitive to any large scale
debt funded capex plans undertaken by the company in the future.

                           About Solidus

Solidus is a part of Metagraph, Pune group of companies which have
operations in labeling solution for Automobile industry, Press
Metal components, Aluminium Heat Sinks and Copper Bus Bars.
Solidus is engaged in manufacturing of Press Metal components,
Aluminium Heat Sinks and Copper Bus Bars.  The company started
supplying the above part to APC (a Schneider group company) for
their UPS (Uninterrupted Power supply) equipments for industries
and gradually grew with them as the APC scale of operations
increased. The company has manufacturing locations in Bangalore,
Karnataka and Pune, Maharashtra.

Recent results:

During FY10 and April-November 2010(Provisional), the company
posted Operating Income of INR 49.3 crores and INR 45.6 crores
respectively and Profit after Tax of (0.7) crores and 1.4 crores
respectively.


STERLING ESTATES: CRISIL Puts 'C' Rating on INR100MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'C' rating to the bank facilities of
Sterling Estates and Properties Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR100.00 Million Cash Credit             C (Assigned)
   INR2.40 Million Proposed Long Term Loan   C (Assigned)

The rating reflects Sterling's weak liquidity, which has resulted
in the company's delays in servicing its unrated debt.

Sterling is also susceptible to risks related to limited revenue
diversity.  This rating weakness is partially offset by the
extensive industry experience of Sterling's promoters in real
estate development with proven project execution capabilities.

Incorporated in 1986 by Mr. K L V Rama Rao, Sterling constructs
residential properties in and around Chennai and the suburbs of
Bangalore.  The company has completed over 30 projects since
inception.  The company was converted into a public company in
1995 and is listed on the Madras and Bangalore stock exchanges.
The company focuses primarily on affordable housing projects and a
few premium projects catering to the middle income and upper-
middle income customers.  The company is currently executing its
Sterling Pradhan project in Ayanambakkam, on the outskirts of
Chennai.  The total cost of the project is INR238.3 million which
is being funded with debt of INR100 million and the remaining
through customer advances and internal accruals.  The company has
currently completed 25% of the construction and has received
customer advances for 10 units totalling INR13.5 million.
Sterling is currently launching two residential real estate
projects Sterling Bhandari and Sterling Nature Point in the
outskirts of Chennai city.

Sterling reported a profit after tax (PAT) of INR4.6 million on
net sales of INR132.5 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR4.5 million on
net sales of INR129.6 million for 2008-09.


VAIDYANATH SAHAKARI: CRISIL Reaffirms 'BB+' Rating on LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vaidyanath Sahakari
Sakhar Karkhana Ltd continue to reflect VSSK's below-average
financial risk profile marked by a high gearing and weak debt
protection metrics.  The ratings also factor in the society's
exposure to regulatory risks governing the sugar industry. These
rating weaknesses are partially offset by the benefits that VSSK
derives from its healthy operating efficiency, supported by the
semi-integrated nature of its operations.

   Facilities                         Ratings
   ----------                         -------
   INR661.1 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR57.8 Million Long-Term Loan     BB+/Stable (Reaffirmed)
   INR360.4 Million Short-Term Loan   P4+ (Reaffirmed)
   INR17.3 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that VSSK's financial risk profile will remain
constrained over the medium term, by the society's policy of
distributing its profits to its members.  The outlook may be
revised to 'Positive' if the society's financial performance,
especially the gearing, improves substantially.  Conversely, the
outlook may be revised to 'Negative' if VSSK undertakes any large,
debt-funded capital expenditure programme, resulting in
deterioration in its credit risk profile.

Update

VSSK's revenues in 2010-11 (refers to financial year, April 1 to
March 31) is expected to be in line with CRISIL's expectations on
the back of stable price realizations, which is expected to
average at INR2550 to INR2600 per quintal (qtl) of sugar for the
current financial year, up from the average realization of INR2498
per qtl in 2009-10.  For the current sugar season, the sugarcane
crushing is expected to be 25 percent higher than that in the
previous year; sugarcane procurement costs are expected to be
lower than those in the previous year, as the society has paid
only INR1750 per tonne as the first installment as against INR2000
per tonne paid in the previous year.

Benefits of lower procurement cost, however, will be offset by
lower recovery rate and higher cost of opening inventory.
Therefore, the operating profitability for the current year ending
March 31, 2011, is expected to be slightly lower than that in the
previous year.  The society is expected to service its maturing
debt of around INR145 million in 2011-12 through a mix of internal
accruals and unutilized bank lines.  The average bank limit
utilization has been less than 90% even during the peak
procurement season, thereby providing sufficient buffer to meet
debt obligations. Adequate stock levels ensure sufficient drawing
power.

VSSK has almost completed the expansion of its distillery capacity
from 30 kilolitres per day (klpd) to 60klpd entailing an outlay of
INR223.7 million, funded through INR167.8 million term loan and
the balance through equity.  The unit is expected to become
operational by end of February 2011.  Furthermore, the society has
embarked upon setting up a 21-MW cogeneration plant at a project
cost of INR850 million.  Out of the total generation of
electricity, 8 MW will be consumed for captive purpose and the
balance is expected to be sold at merchant power rates.  The
project is to be funded by term loans of INR425 million from Union
Bank of India (50%), Sugar Development Fund loan of INR340 million
(40%), loan from Government of Maharashtra of INR42.5 million
(5%), and the rest through internal accruals.  About INR280
million has already been spent towards this expansion and the
plant is expected to become operational before the start of the
next sugar season in October 2011.

VSSK reported a profit after tax (PAT) of INR6.8 million on net
sales of INR2.24 billion for 2009-10, against a PAT of INR56.87
million on net sales of INR2.41 billion for 2008-09.

VSSK, incorporated as a co-operative society in 1996, functions as
a non-profit organization and distributes most of its profits to
the members (sugarcane farmers), after factoring in the maturing
debt obligations.  The society has a total cane crushing capacity
of 7950 tonnes per day (including the capacity of three leased
sugar units), distillery capacity of 30 klpd.  The society is
enhancing its distillery capacity from 30 klpd to 60 klpd, which
is expected to become operational by the end of February 2011. The
society is also setting up a 21-MW power plant at its owned unit
in Pangari (Maharashtra), expected to be completed by October
2011.

VSSK is promoted by Mr. Gopinathrao Munde (former deputy chief
minister of Maharashtra).  The Government of Maharashtra invested
INR160 million in preference shares of the society at the time of
inception.  The equity capital is held primarily by 8604 producer
members.


VAISHNO DEVI: CRISIL Assigns 'B' Rating to INR54.6MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Vaishno devi Dairy Products Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR34.00 Million Cash Credit       B/Stable (Assigned)
   INR54.60 Million Term Loan         B/Stable (Assigned)
   INR121.40 Million Proposed LT      B/Stable (Assigned)
              Bank Loan Facility
   INR10.00 Million Bank Guarantee    P4 (Assigned)

The ratings reflect VDP's weak financial risk profile marked by
small net worth, high gearing, and weak debt protection metrics.
The ratings also factor in the company's large, debt-funded
capital expenditure (capex) programme, exposure to implementation-
related risks associated with its ongoing project, which is
significantly larger than the projects the company executed
earlier, small scale of operations, low operating margin, and
susceptibility to adverse regulations and to adverse environmental
factors such as epidemics.  These rating weaknesses are partially
offset by the extensive industry experience of VDP's promoters,
the company's established supplier and customer relationships, and
the benefits the company is expected to reap from its recent entry
into the value-added products segment in the dairy products
industry.

Outlook: Stable

CRISIL believes that VDP's financial risk profile will remain weak
over the medium term because of the company's large debt-funded
capex programme and as its scale of operations is expected to
remain small.  The outlook may be revised to 'Positive' if VDP
completes the project without any time or cost overrun, and
generates more-than-expected revenues and cash accruals from the
project.  Conversely, the outlook may be revised to 'Negative' if
the company faces time or cost overrun in executing the project or
delays in increasing its scale of operations, leading to liquidity
pressures.

                         About Vaishno devi

VDP was established in 2007 by Mr. Nandkishore Attal and Mrs.
Mayura Attal.  The company processes and sells pasteurised milk,
and sells packaged milk as per customer demand.  Mr. Nandkishore
Attal has been in the dairy business since 2003. VDP commenced
operations in October 2007 by acquiring a sick unit in Hinjewadi
near Pune (Maharashtra). After the unit was acquired, the capacity
was enhanced to 5,000 litres per hour (lph) from 2000 lph at the
time of acquisition, which made the unit generate profits from its
very first year of operations.  Of the total handling capacity of
100,000 litres per day (lpd), VDP sells about 80,000 lpd (30,000
lpd of chilled milk and 50,000 lpd of pasteurised milk).  The
company sells its pasteurised milk to large players such as Mother
Diary (National Diary Development Board) and Amul (Gujarat
Cooperative Milk Marketing Federation Ltd), and chilled milk to
Sampatrao Deshmukh Co-Op Milk and Dynamix Diary Industries Pvt
Ltd, among others.

VDP is setting up a new unit in Sahajpur in Nandur village
(Maharashtra) for value-added products such as milk, butter, ghee,
milk powder, dahi, paneer, flavoured milk, and condensed milk, as
part of its forward-integration programme.

VDP reported a profit after tax (PAT) of INR4.9 million on net
sales of INR488.2 million for 2009-10 (refers to financial year,
April 1 to March 31) , against a PAT of INR5.3 million on net
sales of INR300.9 million for 2008-09. The company's revenues in
2010-11 are expected to be more than INR700 million.


VINOD KUMAR: CRISIL Assigns 'BB+' Rating to INR40MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the long-term
bank facilities of Vinod Kumar Jain.

   Facilities                      Ratings
   ----------                      -------
   INR40 Million Cash Credit       BB+/Stable (Assigned)
   INR75 Million Bank Guarantee    P4+ (Assigned)

The rating reflects VKJ's revenue concentration, and small scale
of operations in the intensely competitive civil construction
industry.  These rating weaknesses are partially offset by VKJ's
above-average financial risk profile, marked by a low gearing,
healthy debt protection metrics, and low capital base.  The firm
also benefits from the extensive experience of its partners in the
civil construction industry.

Outlook: Stable

CRISIL believes that VKJ will maintain its financial risk profile,
supported by low debt level, over the medium term; the company is
also expected to continue to benefit from its partners' experience
in road construction activity.  The outlook may be revised to
'Positive' in case of more-than-expected revenue growth and
diversification of customer base, while maintaining its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of significant volatility in raw material prices leading
to low profitability, thereby deteriorating its financial risk
profile.

                          About Vinod Kumar

Set up in 2002, VKJ is a partnership firm which undertakes
construction of civil works, particularly road construction.  The
firm's partners are Mr. Vinod Kumar Jain, Ms. Sanjana Devi Jain,
and Mr. Mukesh Jain. VKJ has executed road construction and
maintenance projects for various state government departments such
as Chhattisgarh Public Works Department, and Pradhan Mantri Gram
Sadak Yojna in Madhya Pradesh.

VKJ reported a book profit of INR26.3 million on revenue of
INR394.1 million for 2009-10 (refers to financial year, April 1 to
March 31), against a book profit of INR19.6 million on revenue of
INR316.7 million for 2008-09.


VISHAKHA IRRIGATION: CRISIL Assigns 'BB-' Rating to INR180MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vishakha Irrigation Pvt
Ltd continue to reflect the company's weak financial risk profile,
marked by high gearing and weak debt protection metrics, large
working capital requirements, and its susceptibility to adverse
regulatory changes in the micro-irrigation systems industry.
These rating weaknesses are partially offset by the fact that VIPL
has stabilized its operations and improved its market position,
leading to an increase in revenues.

   Facilities                                Ratings
   ----------                                -------
   INR180.0 Million Cash Credit Facility     BB-/Stable
        (Enhanced from INR100.0 Million)

   INR100.0 Million Term Loan (Enhanced      BB-/Stable
        from INR37.5 Million)

   INR60.0 Million Letter of Credit          P4
    (Enhanced from INR30.0 Million)

   INR20.5 Million Bank Guarantee            P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that VIPL's sales will increase over the medium
term, given the approvals and certifications obtained by it and
its plans to venture into new markets.  The outlook may be revised
to 'Positive' if the company significantly improves its working
capital cycle, generates more-than-expected sales, or in case of
significant improvement in profitability, leading to stronger debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' if VIPL continues to face delays in receiving payments
from its customers, leading to further deterioration in its
working capital cycle, or if it undertakes a large, debt-funded
capital expenditure (capex) programme, leading to deterioration in
its capital structure.

Update

VIPL successfully completed its first full year of operations in
2009-10 (refers to financial year, April 1 to March 31), achieving
sales of INR 119.9 million.  The company achieved sales of
INR176.8 million in the first half of 2010-11 and is targeting
sales of INR450 million for 2010-11. The expected increase in its
sales will be driven by enhanced capacity, high capacity
utilization, and deeper penetration in newer regions of states in
which it is already present.

VIPL generated a healthy operating margin of 14.1% in 2009-10 on
account of improved cost efficiencies due to stabilization of
manufacturing capacity and increase in scale of operation.

VIPL incurred a debt-funded capex of INR25 million to expand its
capacity of drip irrigation and sprinkler irrigation systems to
6660 tonnes per annum (tpa) from 2010 tpa; this was commissioned
in September 2010.  It is undertaking a debt-funded capex
programme of INR101.5 million to enhance the capacity of its drip
irrigation systems by 2160 tpa and is setting up a facility to
manufacture Polyvinyl Chloride (PVC) pipes having a capacity of
2400 tpa, as a backward integration initiative.  The project is
being funded by a term loan of INR67.5 million, equity infusion,
and internal accruals; it is expected to be commissioned by March
2011. VIPL's gearing, as on March 31, 2010, was high, at 2.4
times, and is expected to remain high over the near term, on
account of the debt-funded capex being undertaken by the company.

VIPL's credit risk profile is constrained by its weak liquidity,
marked by large working capital requirements, on account of
delayed payments from its customers, resulting in moderately high
bank limit utilization averaging around 76% over the 12 months
ended December 2010, and nearly 100% over the two months ended
December 2010. CRISIL believes VIPL's utilization levels will
remain high over the near term, given the large incremental
working capital requirements and growing scale of business. In
order to efficiently manage its working capital cycle, the company
is planning to change its business model by ensuring receivables
collection at the time of sale, in exchange for an additional
discount, instead of collecting the same after subsidy is received
by farmers from the government. This model may reduce pressure on
its liquidity but can adversely affect its profitability. However,
the success of this model will be critical to the overall
financial risk profile of the company over the medium term and
will be a key rating sensitivity factor.

VIPL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR119.9 million for 2009-10.

                      About Vishakha Irrigation

Incorporated in March 2008 as a wholly owned subsidiary of
Vishakha Industries, VIPL, a 50:50 joint venture between the Doshi
family and Adani Agro Pvt Ltd, manufactures irrigation products,
such as drips and sprinklers, used in farming.  The installed
capacity of the company is 2010 tpa for in-line and online drips
and 4650 tpa for sprinklers.  The company is based in Ahmedabad
(Gujarat) and commenced commercial production in April 2009. Its
day-to-day operations are managed by the Mr. Jigishbhai Doshi,
Bhadreshbhai Doshi and Mr. Umeshbhai Doshi.


VISHALA INDIA: ICRA Assigns 'LBB' Rating to INR70cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of 'LBB' to the INR70 crore
term loan of Vishala India Commercial Developers Private Limited.
The long-term rating carries a stable outlook.

The rating takes into account VICDPL's experienced and
professional management, financial support extended by the
promoters and the advantageous location of the company's project
located in the Banerghatta Road area of Bangalore.  The rating
also positively factors in the advance stage of construction for
the project which reduces execution risks and the limited market
risk for the project given the fact that significant area has been
leased.  The rating, however, is constrained by possible mismatch
in VICDPL's cash flows and shortfall in revenues to service debt
repayments given the current leasing status and the future
dependency of revenues on signage's & promotions and parking
revenues which will be further dependent on the footfalls in the
mall.  ICRA also notes that approx. 20% of the area leased has a
lock-in period of 1 year, which increases the occupancy risk in
the medium term.  Going forward, the company's ability to place
the un-leased portion at higher rentals and generate adequate
revenues from other ancillary activities like parking and
signage's & promotions and the adequacy of its revenues for
servicing the debt repayments will remain key rating sensitivity.

                        About Vishala India

Established in 2007, Vishala India Commercial Developers Private
Limited was promoted by Mr. U B Venkatesh and his associates.  The
company is developing its maiden project in Bengaluru under a
joint development agreement with the land owners.  The project has
a total leasable area of 3, 73,000 square feet, of which, Vishala
India's share is 58%; the remainder belongs to land owners.  The
total cost of development is estimated at INR145 crore, which is
proposed to be funded through bank debt of INR70 crore and
promoter contribution of approx. INR75 crore which includes
approx. INR10 crore of customer security deposits.


VYSHNAVI INFRASTRUCTURE: ICRA Rates INR12.0cr Bank Limits at 'LBB'
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR12.0 crore long term
bank limits of Vyshnavi Infrastructure and Concrete Products.
ICRA has assigned a stable outlook to the long term rating.

The rating is constrained by the limited track record of operation
of the firm, high gearing, small order book size and high
dependence on a few clients.  The rating is also constrained by
the risk inherent in the partnership firm.  Nevertheless, the
rating favorably factors in the growth witnessed in the operating
income during FY10 and the experience of the managing partner in
the civil construction business.  The key rating sensitivity would
be VICP's ability to secure fresh orders while maintaining margins
given the competitive nature of the construction industry.

Vyshnavi Infrastructure & Concrete Products is a Hyderabad based
construction contractor.  VICP was started in FY08 as a
proprietorship concern by Mr. Garapati Vasanth Kumar.  He has 17
years of experience in infrastructure development and specializes
in organizing earth excavation works, tunnelling works, power
house complex and transport business. Despite small track record
of operations VICP has a reputed clientele and expects to achieve
higher value projects in the future. The work executed in the past
includes earth work, buildings, erection or dismantling work at
power projects.  The projects are located in Andhra Pradesh,
Madhya Pradesh and Tamil Nadu.


YASH CERAMICS: CRISIL Assigns 'D' Rating to INR55MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Yash Ceramics Pvt Ltd.  The ratings reflect instances of delay by
YCPL in servicing its debt; the delays have been caused by the
company's weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR16.00 Million Cash Credit           D (Assigned)
   INR55.00 Million Term Loan             D (Assigned)
   INR5.00 Million Proposed Long-Term     D (Assigned)
                        Bank Facility
   INR30.00 Million Packing Credit        P5 (Assigned)
   INR4.00 Million Post Shipment Credit   P5 (Assigned)
   INR20.00 Million Bank Guarantee        P5 (Assigned)

YCPL has a weak financial risk profile, marked by a small net
worth, a high gearing, and weak debt protection metrics, driven by
the start-up nature of its operations.  The company also has large
working capital requirements, a small scale of operations, and is
exposed to risks related to intense industry competition and to
volatility in raw material prices.  These rating weaknesses are
partially offset by the established track record of YCPL's
promoters in the wire manufacturing industry, and the healthy
demand prospects for the power cable industry.

                         About Yash Ceramics

Promoted by the Garg family of Bahadurgarh (Haryana), YCPL
manufactures aluminium wires, aluminium alloy wires, and copper
clad aluminium wires.  Incorporated in 1997, the company
manufactured ceramic items in the past.  YCPL discontinued its
ceramic items business and shifted to the wire manufacturing
business in 2008-09 (refers to financial year, April 1 to
March 31). YCPL operates a manufacturing unit in Bahadurgarh.  The
Garg family has been in the metal wires business for the past two
decades through another company, Garg Inox Ltd (GIL).  GIL
manufactures stainless steel wires, bright bars, zinc wires,
aluminum wires, and copper clad aluminium wires.

YCPL reported a profit after tax (PAT) of INR2.1 million on net
sales of INR180.0 million for 2009-10, against a PAT of INR1.0
million on net sales of INR86.7 million for 2008-09.


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


METECH GROUP: Posts MYR3.04 Million Net Loss in Dec. 31 Quarter
---------------------------------------------------------------
Metech Group Berhad posted a net loss of MYR3.04 million on
revenue of MYR8.48 million for the three months ended Dec. 31,
2010, compared with net income of MYR3.88 million on revenue of
MYR41.40 million in the same quarter of 2009.

As of Dec. 31, 2010, the Company's consolidated balance sheet
showed MYR68.55 million in total assets, MYR22.38 million in total
liabilities, and MYR46.16 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?745d
                 http://ResearchArchives.com/t/s?745e

                          About Metech Group

Metech Group Berhad -- http://www.metech.com.my/-- is a
Malaysia-based company engaged in investment holding and provision
of management services for its subsidiaries.  Through its
subsidiaries, Metech is engaged in the manufacture and sales of
steel storage racking systems, aluminum extrusion and related
products, steel doors, metal doors frames and trading of aluminum
fittings and extrusion parts, roller shutters parts and
accessories. Metech distributes its products within the domestic
market and to other Asean countries, the Middle East countries and
European countries. As of December 31, 2009, Metech's direct
subsidiaries were Mefu Industries Sdn. Bhd., Durack Metal System
Sdn. Bhd., Metech Aluminium Industries Sdn. Bhd., Metech Kenzai
Sdn. Bhd., Metech Properties Holdings Sdn. Bhd., Metech Industries
Sdn. Bhd. and Metech-Chaun Choung Technology Sdn. Bhd.

In August 2010, Metech Group Berhad was considered as an Affected
Listed Issuer pursuant to the Practice Note 17 of the Main Market
Listing Requirements of Bursa Malaysia Securities Berhad after the
Company suspended or ceased its major operations as a result of
the disposal of its major business.

Metech said it had completed the disposal of its entire equity
interest in Metech Aluminium Industries Sdn Bhd, comprising
5,100,000 'A' class ordinary shares of MYR1.00 each in MAI,
representing 51% equity interest in MAI to Tong Herr Resources
Berhad.


NAM FATT: Posts MYR115.92 Million Net Loss for Dec. 31 Quarter
--------------------------------------------------------------
Nam Fatt Corporation Berhad disclosed with the Bursa Malaysia
Securities its unaudited financial results for the quarter ended
Dec. 31, 2010.

The Company posted a MYR115.92 million net loss on MYR15.57
million of revenue in the quarter ended Dec. 31, 2010, compared to
a net loss of MYR527.25 million on MYR45.37 million of revenue in
the same quarter of 2009.

At Dec. 31, 2010, the Company's consolidated balance sheet
showed MYR987.75 million in total assets and MYR1,070.61 million
in total liabilities, resulting in a shareholders' deficit of
MYR82.86 million.

The Company's consolidated balance sheets at Dec. 31, 2010, also
showed strained liquidity with MYR986.89 million in total current
assets available to pay MYR1,070.53 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?745c

                           About Nam Fatt

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

                           *     *     *

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

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


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


NZF MONEY: S&P Downgrades Issuer Credit Ratings to 'CCC/C'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
issuer credit ratings on New Zealand finance company NZF Money
Ltd. to 'CCC/C' from 'B/B', reflecting Standard & Poor's view that
NZF's liquidity position has weakened and is delicately placed.
At the same time, the 'CCC/C' issuer credit ratings were placed on
CreditWatch with negative implications.

"The rating action reflects S&P's view that NZF's liquidity
position has weakened, largely as a result of a material rise in
past-due loans, compounded by some volatility in NZF's debenture-
reinvestment experience," Standard & Poor's credit analyst Nico De
Lange said.

Although Standard & Poor's understands that the company is
positioned to meet its liquidity needs over the next few months
from cash flows generated from the repayment of a number of past-
due loans, Standard & Poor's believes NZF's liquidity position is
delicately placed.

"In S&P's view, the company could run short of cash if loan
repayments are not progressed as anticipated--notwithstanding that
forecast loan repayments over this period are on loans where there
is an unconditional sale contract in place and NZF's confidence
around prospects that loans will be settled," Mr De Lange said.

Standard & Poor's said that its CreditWatch negative, which
implies a one-in-two likelihood that the rating may be lowered
within the next three months, is expected to be resolved after a
further review of NZF's liquidity profile and cash flow
expectations through 2011.  Evidence of success of settlement of
past due loans in the next two months could help stabilize ratings
at the current level, in Standard & Poor's view.  Cash flow
concentrations in the next few months relating to anticipated loan
repayments support the prospect that ratings could potentially
move to 'D' upon a delay in scheduled loan repayments over this
period.


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


ESLONG TRADING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Feb. 18, 2011, to
wind up the operations of Eslong Trading Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

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


HOCK CHUAN: Members and Creditors' Meetings Set for March 9
-----------------------------------------------------------
Members and creditors of Hock Chuan Ann Construction Pte Ltd will
hold a meeting on March 9, 2011, at 4:00 p.m., at One Raffles
Quay, North Tower, Level 18, in Singapore 048583.

Agenda of the meeting include:

   a. to receive the liquidators' report on the progress of the
      liquidation pursuant to section 307(1) of the Companies Act
      (Cap 50).;

   b. to approve minutes of the last meeting of creditors held on
      October 20, 2009; and

   c. discuss other business.

The company's liquidator is Seshadri Rajagopalan.


MARINE PROPERTIES: Court to Hear Wind-Up Petition on March 18
-------------------------------------------------------------
A petition to wind up the operations of Marine Properties Pte Ltd
will be heard before the High Court of Singapore on March 18,
2011, at 10:00 a.m.

Regency Steel Asia Pte Ltd filed the petition against the company
on Feb. 18, 2011.

The Petitioner's solicitors are:

          Sterling Law Corporation
          137 Telok Ayer Street #07-05
          Singapore 068602


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

Malayan Banking Berhad filed the petition against the company on
Feb. 15, 2011.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No. 9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


TROWBRIDGE DELOITTE: Creditors' Proofs of Debt Due April 1
----------------------------------------------------------
Creditors of Trowbridge Deloitte Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by April 1,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


===========
T A I W A N
===========


AMERICAN INT'L: Ruen Wins Shareholder Nod to Buy AIG's Taiwan Unit
------------------------------------------------------------------
Crystal Hsu at Taipei Times reports that Ruen Chen Investment
Holding Co, which won the bid to buy American International
Group's Taiwan life insurance unit, has received approvals from
the shareholders of its parent companies to proceed with the
US$2.16 billion acquisition.

However, the company did not announce plans for a capital increase
to support the acquisition as widely expected, Taipei Times
relates.

Taipei Times relates that supermarket operator Ruentex Development
Co, cement and chemical fiber maker Ruentex Industries Ltd and
shoemaker Pou Chen Corp, owners of Ruen Chen Investment, held
separate shareholder meetings in Taipei and Changhua County to
approve the purchase plan.

The three companies own 25%, 23% and 20% respectively of Ruen Chen
Investment, which in January won the bid for AIG's 97.57% stake in
Nan Shan Life Insurance Co.  Ruentex Group chairman Samuel Yin
holds the remaining shares in the investment firm.

The share transfer proposal is currently under review by the
Financial Supervisory Commission.  Last August, the commission
rejected another buyer's acquisition proposal amid concern over
its long-term commitment and ability to raise capital.

According to the report, Ruentex Development chairman Davis Liu
said he was confident about winning regulatory approval, for which
the group must also pledge to safeguard the rights of about 40,000
employees and 4 million policyholders as well as follow rules
governing capital sources.

Mr. Liu declined to comment on the capital issue except to say
that the consortium would take necessary steps when required to do
so, Taipei Times adds.

                             About AIG

American International Group, Inc. -- http://www.aig.com/-- is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies are leading providers of life insurance
and retirement services around the world.  AIG common stock is
listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  AIG almost
collapsed under the weight of bad bets it made insuring mortgage-
backed securities.  The Company, however, was bailed out by the
Federal Reserve, but even after an initial infusion of
$85 billion, losses continued to grow.  The later rescue packages
brought the total to $182 billion, making it the biggest federal
bailout in U.S. history.

AIG has been working to protect and enhance the value of its key
businesses, execute an orderly asset disposition plan, and
position itself for the future.  AIG has sold a number of its
subsidiaries and other assets to pay down loans received from the
U.S. government, and continues to seek buyers of its assets.


CATHAY DUN: Fitch Affirms 'BBsf' Rating on Class C Notes
--------------------------------------------------------
Fitch Ratings has affirmed Taiwan's Cathay Dun Nan Commercial
Building Real Estate Asset Trust beneficiary certificates and
removed them from Rating Watch Negative.  The rating actions are:

  -- TWD1,134.5m Class A affirmed at 'AAAsf(twn)'; off RWN;
     Outlook Negative

  -- TWD285m Class B affirmed at 'Asf(twn)'; off RWN; Outlook
     Negative

  -- TWD310m Class C affirmed at 'BBsf(twn)'; off RWN; Outlook
     Negative

The rating action follows the confirmation of liquidation plans of
the entrusted property proposed by the trustee, Mega International
Commercial Bank Company Limited, and the property manager, Cathay
Real Estate Management, as well as of the expected renewal of
leases upon expiry in 2011 by some existing large tenants.
According to the transaction documents, the trustee will start
liquidating the entrusted property through auction from July 2011.
The property manager and trustee plan to have the underlying
property re-appraised by 15 July 2011 and complete the first
auction by 10 August 2011.  Based on the latest appraisal report
by the real estate adviser DTZ in July 2009, the value of the
entrusted property (TWD4,757.55m) is about 2.75x the total
outstanding balance of Class A, B and C.

The Negative Outlook reflects the entrusted property's
deteriorating ability to generate cash flow due to persistent low
occupancy (74.1% as of end-December 2010).  The transaction's debt
servicing capability may deteriorate further if no new tenants are
found to fill the rental income gap that will be caused by the
early departure of two major tenants in May 2011 and July 2011.
Although the property manager has been negotiating with potential
tenants over the past few months, no new leases have been
finalized as of March 2.

The transaction benefits from various reserves to provide
liquidity.  The current balance of interest and liquidity reserves
is sufficient to cover approximately 13 months of fixed interest
payments on class A, B and C, bar principal amortization.  Fitch's
ratings do not address the timely payment of principal
amortization and any unpaid amount can be carried forward to the
next payment date.

The legal final maturity date is December 2013.  The beneficiary
certificates are backed by cash flows generated by the entrusted
property, as well as by the land and property value.


                             *********

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

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

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


                            *********


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

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

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

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

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





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