TCRAP_Public/110308.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

              Tuesday, March 8, 2011, Vol. 14, No. 47

                            Headlines


C H I N A

SUNAC CHINA: Fitch Assigns 'BB-' Long-Term Issuer Default Rating
SUNAC CHINA: S&P Assigns 'BB-' Corporate Credit Rating


H O N G  K O N G

HVB CAPITAL: Members' Final Meeting Set for April 6
JARDINE M&E: Ying and Chan Step Down as Liquidators
JIU FENG: Creditors' Proofs of Debt Due April 4
LANDFORD HOLDINGS: Creditors' Proofs of Debt Due April 7
LITAO COMPANY: Placed Under Voluntary Wind-Up Proceedings

OFFICEMAX HK: Members' Final Meeting Set for April 6
OXON LIMITED: Members' Final Meeting Set for April 8
PERFECT SMART: Creditors' Proofs of Debt Due April 4
RAINBOW TRADE: Commences Wind-Up Proceedings
SENCO INDUSTRIES: Lam and Boswell Step Down as Liquidators

SHARPGAIN INTERNATIONAL: Commences Wind-Up Proceedings
SHELL NANHAI: Ying and Chan Step Down as Liquidators
ZOPPAS INDUSTRIES: Members' Final Meeting Set for April 4


I N D I A

AHW STEELS: CRISIL Reaffirms 'BB+' Rating on INR45.6MM Term Loan
APT PACKAGING: CRISIL Assigns 'D' Rating to Various Bank Debts
ASTRA CHEMTECH: CRISIL Places 'BB-' Rating on INR75MM Cash Credit
BLACK BURN: CRISIL Assigns 'BB-' Rating to INR35MM Term Loan
B.N. EXPORTS: CRISIL Reaffirms 'B+' Rating on INR3.7MM Term Loan

BORSE BROTHERS: CRISIL Assigns 'C' Rating to INR15MM Cash Credit
CANARA BANK: Fitch Assigns 'BB-' Ratings on Foreign Currency Bonds
CIBI INTERNATIONAL: CRISIL Assigns 'B-' Rating to Cash Credit
DEEPAK SPINNERS: Fitch Puts 'BB-' Rating to 'Non-Monitored' Status
DIAGEMS EXPORTS: CRISIL Assigns 'P4' Rating to Packing Credit

EVERPLUS PLASTICS: CRISIL Puts 'B' Rating on INR27.5MM Cash Credit
IMPERIAL READYMADE: Fitch Assigns 'B' National Long-Term Rating
KJ'S EDUCATIONAL: CRISIL Reaffirms 'D' Rating on INR245MM Loan
MACHHI RAM: CRISIL Rates INR150 Million Cash Credit at 'B'
MALIRAM JEWELLERS: CRISIL Rates INR65 Million Cash Credit at 'BB

MEGHA FRUIT: CRISIL Reaffirms 'BB+' Rating on INR20MM Term Loan
MERCURY FABRICS: CRISIL Assigns 'BB+' Rating to INR166.3MM Loan
MSL IMPEX: CRISIL Reaffirms 'P4' Rating on INR10MM Packing Credit
ORIENTAL PLANTS: CRISIL Assigns 'BB+' Rating to INR20.4MM Loan
PENVER PRODUCTS: CRISIL Upgrades Rating on INR26MM Loan to 'B+'

PHOENIX FOILS: CRISIL Reaffirms 'B+' Rating on INR19.6MM LT Loan
SHREE BABA: CRISIL Reaffirms 'B+' Rating on INR75.6MM Term Loan
SHREE SAI: CRISIL Reaffirms 'BB+' Rating on INR120.6MM LT Loan
SHREE SAI ROLLINGS: CRISIL Reaffirms 'BB+' Rating on Term Loan
SHREE SAI SMELTERS: CRISIL Reaffirms 'BB+' Rating on LT Loan

TIRUPATI MEDICARE: CRISIL Upgrades Rating on Term Loan to 'B+'


J A P A N

CLOVER LLC: Moody's Assigns Definitive Ratings to Corporate Loans
TAKEFUJI CORP: Bidding Deadline Moved March 22
TAKEFUJI CORP: Receives 776,000 Customer Claims for Refunds
YAMAGUCHI FINANCIAL: Fitch Affirms Ratings on Two Subsidiary Banks


N E W  Z E A L A N D

CENTURY CITY: Serepisos Gets Three Day Reprieve from Liquidation
EQUITABLE MORTGAGES: S&P Affirms 'D' Financial Strength Ratings
NATHANS FINANCE: Ex-Director Pleads Guilty, Gets Home Detention


X X X X X X X X

* BOND PRICING: For the Week February 28 to March 4, 2011


                            - - - - -


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C H I N A
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SUNAC CHINA: Fitch Assigns 'BB-' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned Chinese property developer, Sunac China
Holdings Limited, a Long-term Foreign Currency Issuer Default
Rating of 'BB-' with Stable Outlook.  Fitch has also assigned
Sunac a senior unsecured rating of 'BB-' and its proposed USD
senior unsecured notes issue an expected rating of 'BB-(exp)'.
The final rating is contingent upon the receipt of final documents
conforming to information already received.

Sunac's ratings are constrained by its limited geographical
diversification and relatively small scale.  Its focus on high
quality mid- and high-end properties implies that it is more
exposed to the home purchase restrictions recently imposed by the
government, though Fitch notes that this niche position is the
main driver of its high profitability, a key rating driver.  The
high quality of the company's land bank, its strong market
position in Tianjin and low debt levels are also supportive of its
ratings.  Fitch views Sunac's liquidity position to be moderate.

Sunac's land bank size and diversification is low compared with
other residential developers rated in the 'BB' category.  The
company's land bank by available gross floor area is 6.8m square
metres and spread over 15 ongoing and new developments
concentrated in Tianjin and Chongqing.  Each of the two cities
make up roughly 30% of the total with the rest spread out in
Beijing, Wuxi and Suzhou, though contracted sales are evenly
spread in Tianjin, Wuxi and Chongqing.  The company's contracted
sales volume reached CNY8.3bn in 2010 and is likely to grow to
levels that are more in line with other mid-sized developers.

With the exception of Chongqing, the cities that Sunac operates in
have materially higher rates of disposable income than the
national average.  This, along with the company's focus on high-
end and luxury housing development, allowed it to achieve high
average selling prices (ASPs) of CNY11,438 per square metre and
high EBITDA margin of 42% in 2010.  Sunac has a particularly
strong presence in Tianjin, with the largest number of high-end
housing developments.  Its strong brand name, good locations and
spacious estate designs have allowed its developments to achieve
higher ASPs than neighbouring developments by competitors.

However, Fitch believes that Sunac's markets, being major
municipalities and large second tier cities, are more likely to be
impacted by government policy measures that aim to curb excessive
investment in residential properties.  The company's plans to
launch a larger floor area for sale in coming years may offset the
effects of these policies.

Sunac's conservative financial profile is supported by its low
leverage with its net debt/inventory ratio remaining consistently
below 30% since 2007.  Fitch believes that Sunac will be able to
generate a stable earnings stream over the next three years from
its existing projects; more than half of its developments are into
their later phases, offering sales visibility.  This will allow
the company to maintain the net debt/inventory ratio around 30%
despite a program to replenish land bank amid increasing land
prices.  The company's policy is to replenish its land bank at
land cost of no higher than 20% of the ASP for the locality.

Fitch estimates that 2011 funds from operations generation and
end-2010 cash balance of CNY4 billion will be sufficient to meet
the company's CNY4.2 billion land premium payments and CNY1.1
billion short-term debt maturities in 2011.  The proposed notes
issue, if successful, will lengthen Sunac's debt maturity profile
and improve its liquidity position.

The Stable Outlook reflects Fitch's expectations that despite
government policies, Sunac's financial profile and liquidity
position are likely to remain consistent with its current rating
parameters.  Factors that may lead to a negative rating action
include adverse changes to Sunac's markets and product mix leading
to an EBITDA margin below 25% and aggressive acquisition of land
bank resulting in FFO interest coverage below 2x and/or a net
debt/inventory ratio above 35%.  No positive rating action is
envisaged over the next 24 months given the constraints posed by
scale and diversification.


SUNAC CHINA: S&P Assigns 'BB-' Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating to Tianjin-based real
estate developer Sunac China Holdings Ltd.  The outlook is stable.
At the same time, Standard & Poor's assigned its 'B+' issue rating
to the company's proposed issue of senior unsecured notes.  Sunac
will use the bond proceeds to finance land acquisitions and for
general corporate purposes.  The rating on the notes is subject to
S&P's review of the final issuance documentation.

"The rating on Sunac reflects the company's project and geographic
concentration risks, and the sensitivity of China's high-end
residential property market to policy changes.  In addition, Sunac
has a record of weak corporate governance and an aggressive growth
appetite," said Standard & Poor's credit analyst Bei Fu.  "These
weaknesses are tempered by Sunac's proven operating track record
in Tianjin, Chongqing, and Wuxi, which account for over 80% of its
attributable land reserves.  The rating also factors in the
company's reasonable financial performances in the past three
years and its low-cost land bank."

Sunac has limited diversity compared with similarly rated peers'.
Almost all of its land bank is for mid- to high-end residential
property development.  Tianjin, Chongqing, and Wuxi accounted for
more than 90% of contract sales in 2010.  Demand is less volatile
in such cities, and mainly driven by owner-occupiers.  However,
the company's exposure to mid- to high-end development is likely
to create challenges, given the tight regulatory environment.

As Sunac's fund-raising efforts boost its liquidity, S&P believes
its expansion is likely to accelerate.  It has already spent more
than Chinese renminbi 5 billion on land acquisitions during the
past three months.  S&P is likely to review the rating if the pace
of Sunac's acquisitions does not slow down in the remainder of
this year.

Many of Sunac's management team was previously employed at Sunco
China Holdings Ltd., a property company that nearly defaulted in
2007 due to aggressive expansion.  Sunac's chairman, Mr.  Sun Hong
Bin, still holds 5.26% in one of Sunco's subsidiaries, but is no
longer involved in its management.  S&P note that Sunac's growth
to date has been less aggressive than Sunco's.

S&P expects Sunac's financial performances to be in line with
those over the past three years and therefore commensurate with
the current rating, in its opinion.  Its results have been less
volatile than those of its peers.  In 2008-2010, its EBITDA
interest coverage was well above 3.5x and its ratio of debt to
EBITDA below 3x.  In its base-case scenario, S&P expects higher
revenue to be offset by greater leverage in 2011.  The company has
locked in 25% of its revenue target for 2011 and mature projects
will contribute more than 70% of the contract sales target for
2011 and 2012.

Sunac's liquidity is adequate, in S&P's view.  As at Dec. 31,
2010, it had unrestricted cash on hand totaling RMB3,958 million
against short-term debt of RMB1,068 million.  At the end of
February 2011, it also had about RMB2.00 billion in unused and
uncommitted bank facilities and RMB3.21 billion in outstanding
land premiums.

S&P expects Sunac's construction spending to increase over the
next 12 months as it grows in scale.  S&P believes it can satisfy
most of its cash outflow needs with cash sales as well as proposed
financing activities, despite the more challenging credit
environment in China.

"The stable outlook reflects S&P's expectation that Sunac will
maintain adequate liquidity while pursuing growth mainly in its
existing markets.  S&P also expects the company to expand in a
disciplined manner, keep its EBITDA margin at more than 30% in
2011-2012, and hold at least RMB1.5 billion cash balances
annually," said Ms. Fu.

S&P could lower the rating if Sunac's presales or margins are
materially weaker than S&P expected, and debt-funded expansion is
more aggressive than S&P expected, such that its debt-to-EBITDA
ratio is above 5x and its EBITDA interest coverage is less than
3x.

The upside to the rating is currently limited due to the
concentration risk that Sunac faces.  S&P could raise the rating
if the company can demonstrate reasonable growth discipline and
deliver consistent financial management while expanding its scale
and diversification.


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


HVB CAPITAL: Members' Final Meeting Set for April 6
---------------------------------------------------
Members of HVB Capital Asia Limited will hold their final meeting
on April 6, 2011, at 10:00 a.m., at 31/F., The Center, 99 Queen's
Road Central, in Hong Kong.

At the meeting, Ng Kit Ying Zelinda and Michel Henricus Bots, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JARDINE M&E: Ying and Chan Step Down as Liquidators
---------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Jardine M&E Contracting (China) Limited on Feb. 24, 2011.


JIU FENG: Creditors' Proofs of Debt Due April 4
-----------------------------------------------
Creditors of Jiu Feng Arco Shipping Co. 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 commenced wind-up proceedings on Feb. 18, 2011.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


LANDFORD HOLDINGS: Creditors' Proofs of Debt Due April 7
--------------------------------------------------------
Creditors of Landford Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 7, 2011, to be included in the company's dividend
distribution.

The company's liquidator is Yuen Shu Tong.


LITAO COMPANY: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on Feb. 25, 2011,
creditors of Litao Company Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Siu Yee Cheong Stephen
         Room 1003, Easey Commercial Building
         253-261 Hennessy Road
         Hong Kong


OFFICEMAX HK: Members' Final Meeting Set for April 6
----------------------------------------------------
Members of Officemax Hong Kong Limited will hold their final
meeting on April 6, 2011, at 10:00 a.m., at 7th Floor, Alexandra
House, 18 Chater Road, Central, in Hong Kong.

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


OXON LIMITED: Members' Final Meeting Set for April 8
----------------------------------------------------
Members of Oxon Limited will hold their final general meeting on
April 8, 2011, at 3:00 p.m., at Block D, 15/F., 30-36 Mongkok
Road, in Kowloon.

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


PERFECT SMART: Creditors' Proofs of Debt Due April 4
----------------------------------------------------
Creditors of Perfect Smart 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:

         Sung Mi Yin
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


RAINBOW TRADE: Commences Wind-Up Proceedings
--------------------------------------------
Members of Rainbow Trade Company Limited, on Feb. 25, 2011, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Ko Chi Keung
         5/F., Dah Sing Life Building
         99-105 Des Voeux Road
         Central, Hong Kong


SENCO INDUSTRIES: Lam and Boswell Step Down as Liquidators
----------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Senco Industries Limited on Feb. 22, 2011.


SHARPGAIN INTERNATIONAL: Commences Wind-Up Proceedings
------------------------------------------------------
Members of Sharpgain International Limited, on Feb. 25, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Ko Chi Keung
         5/F., Dah Sing Life Building
         99-105 Des Voeux Road
         Central, Hong Kong


SHELL NANHAI: Ying and Chan Step Down as Liquidators
----------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Shell Nanhai Limited on Feb. 28, 2011.


ZOPPAS INDUSTRIES: Members' Final Meeting Set for April 4
---------------------------------------------------------
Members of Zoppas Industries Asia Limited will hold their final
general meeting on April 4, 2011, at 10:00 a.m., at 5/F., Dah Sing
Life Building, 99-105 Des Voeux Road Central, in Hong Kong.

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


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I N D I A
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AHW STEELS: CRISIL Reaffirms 'BB+' Rating on INR45.6MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of AHW Steels Ltd continue
to reflect AHW's below-average financial risk profile marked by an
aggressive total outside liabilities to tangible net worth ratio
and inadequate debt protection metrics.

   Facilities                          Ratings
   ----------                          -------
   INR490.0 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR45.60 Million Term Loan          BB+/Stable (Reaffirmed)
   INR164.4 Million Letter of Credit   P4+ (Reaffirmed)

The ratings also factor in the company's working-capital-intensive
operations, and susceptibility to intense competition and
cyclicality in the secondary steel industry.  These rating
weaknesses are partially offset by AHW's established position in
the eastern markets of India, supported by the experience of its
promoters in the steel industry.

Outlook: Stable

CRISIL believes that AHW will continue to benefit over the medium
term from its established market position, supported by its
promoters' industry experience, its strong relationships with its
customers and suppliers, and its overall buoyancy in the steel
sector.  The outlook may be revised to 'Positive' in case the
capital structure improves significantly, primarily backed by
fresh equity infusion, or if there is sharp and sustained
improvement in profitability levels. Conversely, the outlook may
be revised to 'Negative' if there is any further stretch in AHW's
working capital cycle, or any significant debtors' write-off, or
if the company undertakes any aggressive debt-funded capital
expenditure programme, leading to further deterioration in its
capital structure.

                          About AHW Steels

AHW is part of the Bagaria group, which has business interests in
the tea estate, steel, and power sectors. AHW, the steel and power
arm of the group, began rolling mill operations in 1985.
Currently, the company's mill in Sodepur (West Bengal) has an
installed capacity to manufacture up to 72,000 tonnes per annum of
steel rods and bars; the company derives around 60% of its
revenues from trading in steel products, and the rest from sale of
thermo-mechanically treated bars and wire rods. In 2005-06 (refers
to financial year, April 1 to March 31), the company entered the
power business, and currently has two wind turbine generators,
with a total power generation capacity of 2.5 megawatts, in
Maharashtra.  The TMT bars are sold under the brand name, Shan.

AHW reported a profit after tax (PAT) of INR37.7 million on an
operating income of INR4.5 billion for 2009-10, against a PAT of
INR29.3 million on an operating income of INR3.4 billion for the
previous year.


APT PACKAGING: CRISIL Assigns 'D' Rating to Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Apt Packaging Ltd's bank
facilities.  The ratings reflect delay by Apt in servicing its
debt; the delay was primarily because of company's weak liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR61.1 Million Rupee Term Loan          D (Assigned)
   INR22.5 Million Cash Credit-Book Debt    D (Assigned)
   INR22 Million Cash Credit-Stock          D (Assigned)
   INR11 Million Packing Credit             P5 (Assigned)
   INR24 Million Deferred Payment           P5 (Assigned)
                        Guarantee
   INR11 Million Post Shipment Credit       P5 (Assigned)
   INR22 Million Letter of Credit           P5 (Assigned)

Apt has a weak financial risk profile, marked by high gearing,
weak debt protection metrics, and small net worth, and small scale
of operations.  These rating weaknesses are partially offset by
Apt's established customer relationships.

Apt, set up in 1979 as Anil Chemicals Pvt Ltd, was listed on the
Bombay Stock Exchange in 1985 as Anil Chemicals and Industries
Ltd; it got its current name in 2008. Apt currently manufactures
co-extruded plastic tubes for fast-moving consumer goods
companies.  Around 40% of Apt's products are exported to various
international markets in Australia, Egypt, the US, and the Middle
East, while the remainder is sold in India. The company has been
registered with the Board for Industrial and Financial
Reconstruction since 2002.

Apt reported a profit after tax (PAT) of INR101.3 million on net
sales of INR172.1 million for 2008-09, against a PAT of INR141.6
million on net sales of INR212.7 million for 2007-08.


ASTRA CHEMTECH: CRISIL Places 'BB-' Rating on INR75MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Astra Chemtech Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR75.0 Million Cash Credit          BB-/Stable (Assigned)
   INR2.5 Million Cheque Discounting    BB-/Stable (Assigned)
   INR57.0 Million Rupee Term Loan      BB-/Stable (Assigned)
   INR5.0 Million Proposed Long-Term    BB-/Stable (Assigned)
                  Bank Loan Facility
   INR20.0 Million Letter of Credit     P4+ (Assigned)

The ratings reflect Astra's weak financial risk profile, marked by
high gearing, small net worth and average debt protection metrics,
small scale of operations, and large working capital requirements.
These weaknesses are partially offset by the longstanding
experience of Astra's promoters in the adhesives industry.

Outlook: Stable

CRISIL believes that Astra will benefit over the medium term from
the healthy demand for adhesives on account of growth in end-user,
packaging and construction, industries.  The outlook may be
revised to 'Positive' in case of significant improvement in its
financial risk profile, most likely because of large equity
infusion and significant improvement in its turnover and
profitability.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
because of delays in receivable collection, or a large debt-funded
capital expenditure programme.

                        About Astra Chemtech

Astra was incorporated as S S Formulations Pvt Ltd by Mr. Rashid
Ibrahim Sorathiya in 2000.  The company got its present name in
2007. The company manufactures water- and solvent-based synthetic
adhesives. It also manufactures construction chemicals, textile
speciality chemicals, speciality resins, speciality coating and
speciality esters on a smaller scale.  The company has an
installed capacity to produce around 1000 tonnes of adhesive per
month at its manufacturing facilities in Boisar (Maharashtra).

Astra reported a profit after tax (PAT) of INR7.5 million on net
sales of INR381.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR7.0 million on net sales
of INR297.1 million for 2008-09.


BLACK BURN: CRISIL Assigns 'BB-' Rating to INR35MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Black Burn & Company Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR100 Million Cash Credit         BB-/Stable (Assigned)
   INR35 Million Term Loan            BB-/Stable (Assigned)
   INR45.5 Million Letter of Credit   P4+ (Assigned)
   INR3.5 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect Black Burn's large working capital
requirements, small scale of operations, and weak capital
structure.  These weaknesses are partially offset by the company's
diversified product profile.

Outlook: Stable

CRISIL believes that Black Burn will benefit over the medium term
from the extensive experience of its promoters in the plastic
products industry, and its diversified product offering. The
outlook may be revised to 'Positive' if the company reports strong
increase in revenues and profitability.  Conversely, the outlook
may be revised to 'Negative' if the company reports lower-than-
expected revenues and profitability, or undertakes a larger-than-
expected debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

                          About Black Burn

Black Burn, established in 1982 by Mr. Alok Somani and his father,
the late Mr. Bhimraj Somani, manufactures various plastic
products. The company has two manufacturing units: one in Kolkata
(West Bengal) and another in Baddi (Himachal Pradesh).  It offers
products such as cable accessories, glass-filled nylon liners, and
dowels. Black Burn also manufactures plastic-based products used
in lighting electronics for Philips Electronics India Ltd, and the
plastic bodies of electric meters manufactured by Landis + Gyr AG.
Recently, Black Burn developed self-lubricating and wear-resistant
plastic products in technical collaboration with the UK-based
Tenmat Ltd; the main customer for this product line is the Indian
Railways.

Black Burn reported a profit after tax (PAT) of INR6.2 million on
net sales of INR168.5 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR8.4 million on net
sales of INR187.3 million for 2008-09.


B.N. EXPORTS: CRISIL Reaffirms 'B+' Rating on INR3.7MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of B.N. Exports (BNE; part
of the BN group) continue to reflect the BN group's weak financial
risk profile marked by large working capital requirements, the
vulnerability of its operating margin to volatility in raw
material prices and vagaries of monsoon, and the vulnerability of
its business to unfavorable changes in government policies. The
impact of these rating weaknesses is mitigated by the steady
growth in the group's revenues, backed by its promoters'
experience in the rice industry.

   Facilities                         Ratings
   ----------                         -------
   INR150 Million Cash Credit Limit   B+/Stable (Reaffirmed)
   INR150 Million Working Capital
                      Demand Loan     B+/Stable (Reaffirmed)
   INR3.7 Million Term Loan           B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BNE and Shree Baba Naga Food Stuff Pvt
Ltd, together referred to as the BN group.  This is because of the
two entities' common line of business, management, and buyers in
the export markets, and operational and financial linkages.

Outlook: Stable

CRISIL believes that the BN group's financial risk profile will
remain weak over the medium term because of the group's large
working capital requirements.  However, the business risk profile
is expected to improve on the back of the group's increased
domestic presence and brand recognition.  The outlook may be
revised to 'Positive' in case of significant and sustainable
improvement in the group's capital structure. Conversely, the
outlook may be revised to 'Negative' if the BN group's revenues
and profitability declines or its capital structure deteriorates.

                          About the Group

BNE was promoted in the year 2000 as a partnership firm by Mr.
Surinder Kumar Chadha, Mr. Krishan Kumar Chadha, Mr. Vinod Kumar
Chadha, and Mr. Vijay Kumar Chadha. In 2004-05, the firm came
under the control of Mr. Surinder Kumar Chadha and Mr. Krishan
Kumar Chadha.  BNE is engaged in milling, processing, and selling
basmati rice in both the export and Indian markets, and it has a
rice milling capacity of 7 tonnes per hour (tph). Its plant is
located in Amritsar, Punjab.

SBN was incorporated in 2007 as a private limited company by BNE's
promoters and their sons, Mr. Varun Chadha, Mr. Ankush Chadha, and
Mr. Deepak Chadha. The company has rice milling capacity of 12
tph. Its plant is located in Amritsar.

The BN group exports basmati rice to the United Arab Emirates and
Iran; and sells rice through 125 distributors in India.  Exports
contributed about 75% to the group's revenue in 2009-10. The group
had launched the 'Season's Fresh' brand in 2008-09 to increase its
presence in India.

BNE reported a profit after tax (PAT) of INR7.5 million on net
sales of INR1384 million for 2009-10, against a PAT of INR3.4
million on net sales of INR491 million for 2008-09.


BORSE BROTHERS: CRISIL Assigns 'C' Rating to INR15MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
Borse Brothers Engineers & Contractors Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR15.00 Million Cash Credit       C (Assigned)
   INR60.00 Million Proposed LT       C (Assigned)
             Bank Loan Facility
   INR11.00 Million Bank Guarantee    P4 (Assigned)
   INR14.00 Million Proposed Short-   P4 (Assigned)
           Term Bank Loan Facility

The ratings reflect Borse's weak liquidity, resulting in delays in
the repayment of its equipment loan these loans have not been
rated by CRISIL.  The rating also reflects Borse's small scale of
operations in the fragmented construction industry, its large
working capital requirements, weak financial risk profile, marked
by small net worth, and geographical concentration in its revenue
profile.  These weaknesses are partially offset by the extensive
experience of Borse's promoters in the construction industry.

Incorporated in April 2010, Borse is in the civil construction
business, undertaking civil work in the road and irrigation
segments.  The business was initially carried out under the
proprietorship firm Borse Brothers Engineers and Contractors,
which was established in 1986.

The road projects are executed under Pradhan Matri Grahan Sadak
Yojana, and irrigation under Tapi Irrigation Development
Corporation, both of which are funded by Government of India. The
current order book position is around INR340 million, which
primarily constitutes civil work for irrigation facilities.

The proprietorship firm, Borse Brothers Engineers and Contractors
reported a profit before tax (PBT) of INR5 million on operating
income of INR122 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PBT of INR7.3 million on net
sales of INR89 million for 2008-09.


CANARA BANK: Fitch Assigns 'BB-' Ratings on Foreign Currency Bonds
------------------------------------------------------------------
Fitch Ratings has assigned India's Canara Bank's senior notes a
Long-Term rating of 'BBB-'.  The notes will be issued under
Canara's USD1bn medium-term note programme.  The expected tenure
of the issue is five years.

The senior notes' rating is equalised to Canara's Long-Term
Foreign-Currency Issuer Default Rating of 'BBB-'.  The IDR
reflects the bank's reasonably strong credit metrics, which is
underpinned by its well-established franchise, adequate
capitalization and an improvement in its funding profile that
continues to support its growing margins.  This is coupled with
Fitch's expectation of a high probability of support from the
bank's parent - Government of India, given Canara's position as
the sixth-largest bank in India (by assets).

A full list of Canara's ratings is provided below:

  -- Long-Term Foreign-Currency IDR: 'BBB-'; Outlook Stable;
  -- Short-Term Foreign-Currency IDR: 'F3';
  -- Foreign currency senior debt: 'BBB-';
  -- Foreign currency upper tier II bonds: 'BB-';
  -- Foreign currency perpetual tier 1 bonds: 'BB-';
  -- Support Rating Floor: 'BBB-';
  -- National Long-Term rating: 'AAA(ind)'; Outlook Stable;
  -- Individual rating: 'C/D'; and
  -- Support rating: '2'.


CIBI INTERNATIONAL: CRISIL Assigns 'B-' Rating to Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank loan
facilities of CIBI International (CIBI; part of the Lakshmivel
group).

   Facilities                          Ratings
   ----------                          -------
   INR100 Million Cash Credit          B-/Stable (Assigned)
   INR50 Million Proposed Cash Credit  B-/Stable (Assigned)
                             Facility
   INR4 Million Bank Guarantee         P4 (Assigned)

The ratings reflect customer concentration in the Lakshmivel
group's revenue profile and the susceptibility of its margins to
volatility in raw material prices.  Furthermore, there are
instances of delay by group company Sri Hari Process (Sri Hari) in
servicing its debt (facility not rated by CRISIL).  These
weaknesses are partially offset by the Lakshmivel group's
established presence across the value chain in the textile sector
and its moderate financial risk profile, marked by moderate
gearing and adequate liquidity.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Sri Gugan Pvt Limited, Lakshmivel Mills
Pvt Limited, Sri Hari, and CIBI, together referred to as the
Lakshmivel group. T his is because all the companies are engaged
in the textile value chain, and share common management.  Also,
the companies share close business synergy and have inter-company
commercial transactions, a centralized system for procurement of
raw materials, and marketing arrangements.

Outlook: Stable

CRISIL believes that Lakshmivel group will maintain a stable
business risk profile over the medium term, supported by its
established market presence and sizeable order book.  The outlook
may be revised to 'Positive' if there is an improvement in the
group's cash accruals along with a diversification in its revenue
profile.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes more-than-expected, large, debt-funded
capex programme, or report significantly lower cash accruals due
to fall in order book or operating margin.

                           About the Group

The Lakshmivel group was set up in 1991 by Mr. G. Sakthivel and
his wife Mrs. S. Punithavathi.  The group's operations span the
entire value chain of the textile business. LMPL was set up in
2006; it manufactures cotton yarn, primarily for Gugan and CIBI.
LMPL has a capacity of 12,000 spindles.  CIBI, the group's
flagship entity, manufactures knitted garments.  Sri Hari, a
proprietary concern, undertakes activities such as washing,
compacting, embroidery, printing, and other processes in the
textile value chain.  Gugan was set up in 1999; it manufactures
fabric and has capacity to produce around 100 tonnes of fabric per
day. The group has three windmills with an aggregate capacity of
1.75 mega watts.

The Lakshmivel group reported a profit after tax (PAT) of INR92.5
million on net sales of INR3.72 billion for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR8.8
million on net sales of INR3.06 billion for 2008-09.


DEEPAK SPINNERS: Fitch Puts 'BB-' Rating to 'Non-Monitored' Status
------------------------------------------------------------------
Fitch Ratings has migrated India's Deepak Spinners Limited's 'BB-
(ind)' National Long-Term rating to the "Non-Monitored" category.
The rating will now appear as 'BB-(ind)nm' on Fitch's website.
Simultaneously, the agency has classified these bank loan ratings
as "Non-Monitored":

  -- INR526.2m term loans: migrated to 'BB-(ind)nm' from 'BB-
      (ind)';

  -- INR540m fund-based working capital limits: migrated to 'BB-
      (ind)nm'/'F4(ind)nm' from 'BB-(ind)'/'F4(ind)'; and

  -- INR120m non-fund based working capital limits: migrated to
     'BB-(ind)nm'/'F4(ind)nm' from 'BB-(ind)'/'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 DSL.  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".


DIAGEMS EXPORTS: CRISIL Assigns 'P4' Rating to Packing Credit
-------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of
Diagems Exports Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Packing Credit    P4 (Assigned)
   INR40 Million Bill Purchase-     P4 (Assigned)
           Discounting Facility

The rating reflects DEPL's weak financial risk profile, marked by
high gearing, small net worth, and high bank utilization levels,
small scale of operations, and high geographic and customer
concentration in its revenue profile.  These weaknesses are
partially offset by the extensive experience of DEPL's promoters
and its established presence in the premium segment of diamond-
studded jewellery.

DEPL was incorporated in October 2009, promoted by Mr. G K Shenoy,
the erstwhile proprietor of Diagems Exports.  In February 2010,
DEPL commenced commercial operations in diamond-studded jewellery,
the same line of business as Diagems. The previous bank facilities
of Diagems have now been extended to DEPL by its banker. For
arriving at DEPL's rating, CRISIL has therefore also considered
Diagems' past business track record.  The two are together
referred to as the combine.

                       About Diagems Exports

DEPL was incorporated in October 2009, promoted by Mr. G K Shenoy
(the proprietor of the erstwhile Diagems). DEPL began commercial
operations in the same line of business as Diagems-diamond studded
jewellery.  DEPL is a 100% export-oriented unit, and is engaged in
export of diamond studded jewels.  Mr. Shenoy, who has experience
of more than 20 years in the jewellery industry, looks after every
aspect of the business.  The operations of the company are spread
across the Indian sub-continent and the Middle East through Shenoy
Jewellers LLC, which is the marketing and distribution arm of the
combine.  About 90% of the combine's sales are generated through
Shenoy Jewellers LLC.

DEPL reported a loss of INR1 million on net sales of INR17 million
for 2009-10 (refers to financial year, April 1 to March 31) which
was the first year of company's operations.


EVERPLUS PLASTICS: CRISIL Puts 'B' Rating on INR27.5MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Everplus Plastics Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR27.5 Million Cash Credit          B/Stable (Assigned)
   INR22.5 Million Rupee Term Loan      B /Stable (Assigned)
   INR22.5 Million Proposed Long-Term   B/Stable (Assigned)
                   Bank Loan Facility
   INR2.5 Million Letter of Credit      P4 (Assigned)

The ratings reflect EPPL's exposure to intense competition in the
masterbatches business, small scale of operations, weak financial
risk profile, marked by small net worth and high gearing, and
susceptibility to fluctuations in raw material prices.  These
weaknesses are partially offset by the benefits EPPL is expected
to derive from the healthy demand for masterbatches.

Outlook: Stable

CRISIL believes that EPPL will benefit over the medium term from
the healthy demand for masterbatches, led by growth in the end-
user industry.  The outlook may be revised to 'Positive' if the
financial risk profile of the company improves significantly, most
likely because of significant equity infusion, or if the company
is able to achieve more-than-expected growth in turnover and
profitability.  Conversely, the outlook may be revised to
'Negative' if EPPL's financial risk profile deteriorates on
account of a larger-than-expected debt-funded capital expenditure
programme, or if growth in turnover and profitability is lower
than expected.

                       About Everplus Plastics

EPPL, promoted by Mr. Gautam Somani and his brother, Mr.
Siddhartha Somani in 2002, manufactures masterbatches, especially
anti-fibrillation1 compounds.  The company began commercial
operations in 2006.  Its manufacturing facilities are in Silvassa
(Dadra and Nagar Haveli).  Currently, the company has a capacity
of around 400 tonnes per month.

EPPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR115.5 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR1.8 million on net
sales of INR87.4 million for 2008-09.


IMPERIAL READYMADE: Fitch Assigns 'B' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Imperial Readymade Garments
Private Limited (Imperial) a National Long-Term rating of
'B(ind)'.  The Outlook is Stable.  The agency has also assigned
'B(ind)'/'F4(ind)' ratings to Imperial's fund-based working
capital bank limits of INR80.0m, non-fund-based bank limits of
INR35.0m, and term loan of INR134.8m.

The ratings reflect Imperial's small scale of operations and
limited operational track record (commercial operations started
from FY08).  It also reflects the company's operational
constraints in the form of labor shortages and attrition, which
have resulted in low capacity utilization (FY10: 44%) and negative
financial performance (FY10: net loss INR7.0m), leading to low
EBIDTA margins (4%-5%), net losses and high gearing (debt/EBIDTA:
17.4x in FY10).  The ratings are also moderated by the high level
of customer concentration as more than 90% of the revenues are
contributed by a single customer - Jones Apparel Group Inc.

Imperial's positive rating factors include the experience of
management in the textile industry since the late 1980s and the
long-standing relationship with the key customer.

Positive rating guidelines include a sustained improvement in
capacity utilization and EBIDTA margins, leading to an improvement
in interest coverage to above 1.5x and leverage to below 10.0x.
Any sustained deterioration in EBIDTA margins to below 5.0% and
interest cover to below 1.2x would be considered as a negative
rating guideline.

Imperial Readymade Garments is a Chennai b INRased company,
promoted by Mr. A. George in 2006.  The company is engaged in the
manufacturing and exporting of men's and women's apparel.  During
FY10, Imperial reported operating income of254.6m, EBIDTA of
INR13.9 million and EBIDTA margins of 5.4%.


KJ'S EDUCATIONAL: CRISIL Reaffirms 'D' Rating on INR245MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of KJ's Educational
Institute continues to reflect instances of delay by KEI in
servicing its term debt; the delays have been caused mainly by the
trust's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR245.00 Million Term Loan       D (Reaffirmed)
   INR255.00 Million Propsoed LT     D (Reaffirmed)
                   Bank Facility

KEI has a weak financial risk profile, marked by a small net worth
and weak debt protection metrics, and a small scale of operations
in the intensely competitive education sector.  The trust is also
exposed to adverse regulatory changes.  These rating weaknesses
are partially offset by the extensive experience of KEI's
promoters in managing educational institutions, and the healthy
demand prospects for the education industry.

KEI, registered in 2005, runs three colleges: KEI's Trinity
College of Engineering and Research and KJ College of Engineering
& Management Research (offer master of business administration
[MBA] and undergraduate engineering courses), and the Trinity
Institute of Management & Research (offers MBA course).  These
colleges have the requisite approvals from the All India Council
for Technical Education, Directorate of Technical Education, and
Government of Maharashtra, and are affiliated to the University of
Pune.

KEI reported a deficit (excess of expenditure over income) of
INR43.6 million on net income of INR59.36 million for 2009-10
(refers to financial year, April 1 to March 31), against a deficit
of INR27.1 million on net sales of INR22.9 million for 2008-09


MACHHI RAM: CRISIL Rates INR150 Million Cash Credit at 'B'
----------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the cash credit
facility of Machhi Ram Kishan Chand Sidana.

   Facilities                       Ratings
   ----------                       -------
   INR150 Million Cash Credit       B/Stable (Assigned)

The rating reflects MRKCS's weak financial risk profile, marked by
high gearing and weak debt protection metrics.  The rating also
reflects MRKCS's large working capital requirements, and its
susceptibility to adverse regulatory changes, volatility in raw
material prices, and to vagaries of the monsoon. These weaknesses
are partially offset by the industry experience of MRKCS's
promoters.

Outlook: Stable

CRISIL believes that MRKCS will continue to benefit over the
medium term from its experienced promoters' and well established
customer relationships. The outlook may be revised to 'Positive'
if MRKCS improves its capital structure significantly, most likely
through equity infusion by partners, while maintaining its
profitability.  Conversely, the outlook may be revised to
'Negative' if the firm undertakes a large, debt-funded capital
expenditure programme, or if its realizations and margins are
adversely impacted by an unexpected slowdown in the basmati export
industry.

                          About Machhi Ram

Established in 1983, MRKCS is a partnership firm primarily engaged
in milling and processing of basmati rice. Raw, boiled, and
parboiled rice constitute a small portion of its revenues.  The
firm sells its produce to wholesalers and distributors in both
domestic and export markets. The firm's plant located in Jalalabad
(Punjab) has a milling capacity of 4 tonnes per hour. The firm is
promoted and managed by Mr. Surinder Kumar and Mr. Vimal Kumar.

MRKCS reported a profit after tax (PAT) of INR0.83 million on net
sales of INR 316 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.35 million on net
sales of INR218 million for 2008-09.


MALIRAM JEWELLERS: CRISIL Rates INR65 Million Cash Credit at 'BB
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Maliram Jewellers.

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

The rating reflects MJ's small scale of operations, and modest
financial risk profile, marked by high gearing, moderate debt
protection measures, and small net worth.  These weaknesses are
partially offset by the longstanding experience of MJ's partners
in the jewellery business.

Outlook: Stable

CRISIL believes that MJ will benefit over the medium term from its
proprietor's industry experience. The firm's financial risk
profile is, however, expected to remain constrained, on account of
its small net worth and high debt levels.  The outlook may be
revised to 'Positive' if the proprietor infuses funds into the
firm, leading to substantial improvement in the capital structure
of the firm.  Conversely, the outlook may be revised to 'Negative'
in case the firm undertakes any large, debt funded capital
expenditure programme or in case of less-than-expected
profitability, leading to deterioration in its financial risk
profile.

                       About Maliram Jewellers

Set up in 2006 by Mr. Shankar Kumar, MJ is a proprietorship
concern engaged in the manufacture of gold- and diamond-studded
jewellery.  It has a manufacturing facility in Mumbai and a retail
showroom, spread over 33,000 square feet, in Amritsar (Punjab).
Around 80% of the firm's revenues are derived from retail sales,
while the remainder is from wholesale trading.

MJ reported a book profit of INR10.4 million on net sales of
INR224.5 million for 2009-10 (refers to financial year, April 1 to
March 31), against a book profit of INR6.6 million on net sales of
INR140.9 million for 2008-09.


MEGHA FRUIT: CRISIL Reaffirms 'BB+' Rating on INR20MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Megha Fruit Processing
Pvt Ltd continue to reflect MFPPL's limited track record and small
scale of operations in the fruit drinks industry.

   Facilities                          Ratings
   ----------                          -------
   INR20.0 Million Term Loan           BB+/Stable (Reaffirmed)
   INR30.0 Million Cash Credit         BB+/Stable (Reaffirmed)
   INR10.0 Million Letter of Credit    P4+ (Reaffirmed)

The ratings also reflect the company's exposure to risks related
to geographical concentration in revenue profile.  These rating
weaknesses are partially offset by MFPPL's healthy financial risk
profile, marked by a moderate gearing and healthy debt protection
metrics.

Outlook: Stable

CRISIL believes that MFPPL will maintain its healthy financial
risk profile over the medium term on the back of its improving
cash accruals and its healthy profitability.  The outlook may be
revised to 'Positive' if the company scales up its operations
materially by expanding its geographical reach, while maintaining
its strong profitability.  Conversely, the outlook may be revised
to 'Negative' if MFPPL's capital structure deteriorates because of
large, debt-funded capital expenditure, or there is considerable
decline in the company's profitability.

Update

MFPPL's operating income increased at a healthy year-on-year rate
of 91% in 2009-10 (refers to financial year, April 1 to March 31);
the increase was driven mainly by healthy demand for the company's
mango-based fruit drinks.  However, the company's operating margin
has declined to around 12.4% in 2009-10 from 16.1% in 2008-09
because of higher input costs. MFPPL is increasing its owned
capacity to 300,000 cases from 150,000 cases for a cost of
INR400.0 million (INR300.0 million funded by debt and the rest by
internal accruals).  Despite the capital expenditure, decline in
operating profitability, and small net worth, MFPPL's gearing and
debt protection metrics are expected to remain healthy because of
strong operating income growth on the back of increase in
capacities.

                         About Megha Fruit

Set up in 2004 by Mr. K Sathya Shankar, MFPPL manufactures and
sells fruit drinks.  The company's facility at Puttur (Karnataka)
has capacity to manufacture around 300,000 cases of fruit drinks
per month.  The company also manufactures milkshakes, squashes,
and fizzy drinks.  Its products are marketed under the Sip On
brand name.

MFPPL reported a profit after tax (PAT) of INR17.7 million on
sales of INR321 million for 2009-10, against a PAT of INR9.5
million on sales of INR148 million for 2008-09.


MERCURY FABRICS: CRISIL Assigns 'BB+' Rating to INR166.3MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Mercury Fabrics Pvt Ltd (MFPL, part of the Mercury group).

   Facilities                           Ratings
   ----------                           -------
   INR42.50 Million Cash Credit Limit   BB+/Stable (Assigned)
   INR166.30 Million Term Loan          BB+/Stable (Assigned)

The ratings reflect the Mercury group's small scale, and working-
capital-intensive nature, of operations, small net worth, and
below-average net cash accruals to total debt ratio.  These rating
weaknesses are partially offset by the Mercury group's high
capacity utilization level, moderate operating margin, established
customer base, and improving gearing.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MFPL and MFPL's group company, Mercury
Fabrics Creations (P) Ltd, together referred to as the Mercury
group.  This is because both the companies are in the same line of
business, under a common management, and have operational linkages
with each other. Mr. Tajinder Sachdeva (managing director) and his
son, Mr. Rahul Sachdeva (director), control and manage the
strategic functions of both the companies. These functions include
procurement, marketing, and capacity expansion. MFCPL acts as a
marketing arm of MFPL; sales to MFCPL account for nearly 70% of
MFPL's total revenues (on an annual basis). Moreover, the
management has a long-term vision of merging MFCPL with MFPL.

Outlook: Stable

CRISIL believes that the Mercury group will continue to benefit
over the medium term from its moderate operating efficiency in the
knitted-fabric-manufacturing business.  The outlook may be revised
to 'Positive' in case of better-than-expected growth in operating
income and profitability, leading to improvement in the group's
financial risk profile.  Conversely, the outlook may be revised to
'Negative' in case of larger-than-expected, debt-funded capital
expenditure, or decline in operating income growth and
profitability, leading to further stress on the Mercury group's
financial risk profile.

                          About the Group

Set up as partnership firm in 2001 by Mr. Tajinder Sachdeva, MFPL
was reconstituted as a private limited company in 2006. MFPL
manufactures knitted fabrics using a variety of yarns such as
cotton, blended, synthetic, and silk yarns.  The company has an
installed capacity to manufacture 250 tonnes of knitted fabric per
month at its unit in Bawal (Haryana)  MFPL sells its products to
MFCPL and to large ready-made garment exporters such as Gokaldas
Exports Ltd, Orient Craft Ltd, and Pearl Global Ltd.  MFCPL
functions as MFPL's marketing and distribution arm, and accounts
for around 70% of MFPL's total revenues. MFCPL does not undertake
any manufacturing activity. It sells MFPL's products to around 50
ready-made garment exporters in India such as Shahi Exports (P)
Ltd, Pratibha Syntex (P) Ltd, and Paragon Apparels (P) Ltd.

The Mercury group reported a profit after tax (PAT) of INR8.6
million on net sales of INR349 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR1.5
million on net sales of INR249 million for 2008-09.


MSL IMPEX: CRISIL Reaffirms 'P4' Rating on INR10MM Packing Credit
-----------------------------------------------------------------
CRISIL has reaffirmed its 'P4' rating on the bank facilities of
MSL Impex Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR10 Million Packing Credit     P4 (Reaffirmed)
   INR90 Million Letter of Credit   P4 (Reaffirmed)

The rating continues to reflect MSL's weak financial risk profile,
marked by small net worth, high ratio of total outside liabilities
to tangible net worth (TOL/TNW) and weak liquidity, and the
vulnerability of its operating margin to volatility in the Indian
rupee.  These rating weaknesses are partially offset by the
benefits that MSL derives from its promoters' experience in the
agricultural commodity trading business.

Update:

MSL's operating income in 2009-10 (refers to financial year,
April 1 to March 31) was marginally lower than CRISIL had
estimated. In 2010-11, sales are expected to be substantially
lower than CRISIL's estimates, on account of the good monsoon,
resulting in better domestic crop for pulses.  Moreover, the
prices of imported pulses are on par with domestic prices, leading
to reduced trading opportunities for the company.

The working capital requirements remain large, with increase in
the inventory level; however, debtors are expected to remain in
line with CRISIL's estimates. The overall financial risk profile
remains constrained by high TOL/TNW levels of 33 times, as on
March 31 2010, largely on account of small net worth of INR6.8
million. Though the company has infused equity of INR5 million in
2010-11, the overall net worth remains small, leading to high
TOL/TNW ratio for the medium term.

The interest coverage also remains weak, in the range of 1.5
times, and is expected to remain at similar levels over the next
few years.  The liquidity of the company is moderate, as indicated
by average monthly bank limit utilization levels of around 70%
from April to November 2010.

                          About MSL Impex

Set up in 2006 by Mr. Madasamy Thangasamy, MSL trades in
agricultural commodities such as pulses and spices, which have
varied applications in the food and food products industry.  MSL
procures around 80% of its requirement from group company Jaisree
Impex Pvt Ltd in Singapore, which has been in the business for
more than 15 years.  The pulses and spices are sold in the
domestic spot markets.

MSL reported a profit after tax (PAT) of INR2 million on net sales
of INR 920 million for 2009-10, against a PAT of INR 0.1 million
on net sales of INR1,001 million for 2008-09.


ORIENTAL PLANTS: CRISIL Assigns 'BB+' Rating to INR20.4MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank loan
facilities of Oriental Plants and Equipments Pvt Ltd (OPEL, part
of the OPEL group).

   Facilities                           Ratings
   ----------                           -------
   INR50.00 Million Cash Credit         BB+/Stable (Assigned)
   INR20.40 Million Rupee Term Loan     BB+/Stable (Assigned)
   INR10.00 Million Letter of Credit    P4+ (Assigned)
   INR14.00 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect the OPEL group's small scale of operations in
the intensely competitive engineering industry, and large working
capital requirements.  These rating weaknesses are partially
offset by the group's moderate financial risk profile, marked by a
low gearing and sound debt protection metrics, extensive industry
experience of the promoters, and strong client base.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of OPEL and Propel Industries Ltd,
together referred to as the OPEL group.  PIL is a subsidiary of
OPEL, and both the companies have strong business linkages with
each other.

Outlook: Stable

CRISIL believes that the OPEL group will continue to benefit from
its moderate financial risk profile and established relationships
with key clients, over the medium term.  However, its credit risk
profile will continue to remain constrained by its small scale of
operations and large working capital requirements.  The outlook
may be revised to 'Positive' if the group increases its scale of
operations, while improving its working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
any larger-than-expected, debt-funded capital expenditure, or if
the group's liquidity weakens because of incremental working
capital requirements or pressure on margins.

                         About the Group

Set up as a partnership firm in 1962 by Mr. A V Varadharajan and
Mr. A V Ranganathan, OPEL was reconstituted as a private limited
company in 1991.  OPEL is engaged in the machining of various
engineering components such as wind mills, valves, and auto
components.  The company has a presence in both domestic and
export markets, and earns 20% of its revenues from exports.
OPEL's manufacturing facility is located at Coimbatore (Tamil
Nadu).  PIL is a fully owned subsidiary of OPEL, and commenced
commercial operations in 2009-10 (refers to financial year, April
1 to March 31). It manufactures stone crushing equipment.  The
promoters have set up three other group companies: Sandfits
Foundries Pvt Ltd, Bull Agro Machines Pvt Ltd, and Bull Agro
Implements.

The OPEL group reported a profit after tax (PAT) of INR16.1
million on an operating income of INR289.3 million for 2009-10,
against a PAT of INR17.1 million on an operating income of
INR296.7 million for 2008-09.


PENVER PRODUCTS: CRISIL Upgrades Rating on INR26MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Penver Products Pvt Ltd to 'B+/Stable' from 'B/Stable', while
reaffirming the rating on the company's short-term facilities at
'P4'.

   Facilities                       Ratings
   ----------                       -------
   INR26.0 Million Long-Term Loan   B+/Stable (Upgraded from
                                               'B/Stable')

   INR63.0 Million Packing Credit   P4 (Reaffirmed)
                           Limits

   INR110.0 Mil. Bill Discounting   P4 (Reaffirmed)
                           Limits

The rating upgrade is driven by the improvement in PPPL's capital
structure and debt protection metrics, on the back of a steady
operating margin and low reliance on debt.  The upgrade also
reflects CRISIL's belief that PPPL will register healthy revenue
growth over the medium term, driven by buoyant demand for seafood
in the company's key export markets.

CRISIL's ratings continue to reflect PPPL's average financial risk
profile marked by high gearing levels and weak debt protection
metrics, and exposure to risks inherent in the seafood exports
industry. These rating weaknesses are partially offset by the
benefits that PPPL derives from its promoters' industry
experience.

Outlook: Stable

CRISIL believes that PPPL will continue to benefit over the medium
term from its established relationships with customers.  However,
the company's financial risk profile is likely to remain weak
during this period because of large working capital requirements.
The outlook may be revised to 'Positive' if PPPL scales up its
operations substantially, leading to better-than-expected cash
accruals and financial risk profile.  Conversely, the outlook may
be revised to 'Negative' if PPPL undertakes a large, debt-funded
capex programme, leading to deterioration in its capital
structure, or if its volumes or margins decline steeply, resulting
in weakening of its financial risk profile.

                        About Penver Products

Set up in 1997 as a partnership firm by Mr. Philips Thomas and Mr.
Papachan Francis, PPPL was reconstituted as a private limited
company in 1998.  Currently, Mr. Thomas and Mr. Vinod Kumar are
the company's directors.  The Kerala-based company exports seafood
such as shrimps, cuttlefish, squid, tuna, and octopus.

For 2009-10 (refers to financial year, April 1 to March 31), PPPL
reported a profit after tax (PAT) of INR5.3 million on net sales
of INR418.6 million, against a PAT of INR5.1 million on net sales
of INR459.6 million for 2008-09.


PHOENIX FOILS: CRISIL Reaffirms 'B+' Rating on INR19.6MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Phoenix Foils Pvt Ltd
continue to reflect PFPL's weak financial risk profile marked by
high gearing and weak debt protection metrics, and small scale of
operations in the fragmented steel products industry.  These
rating weaknesses are partially offset by the benefits PFPL
derives from its promoter's extensive experience in the steel
products industry.

   Facilities                       Ratings
   ----------                       -------
   INR75 Million Cash Credit        B+/Stable (Reaffirmed)
   INR19.6 Million Long-Term Loan   B+/Stable (Reaffirmed)
   INR90 Million Letter of Credit   P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PFPL's financial risk profile will remain
constrained because of its weak capital structure over the medium
term. The outlook may be revised to 'Positive' if PFPL sustains
growth in its revenues, maintains stable profitability, and
benefits from large capital infusion by promoters.  Conversely,
the outlook may be revised to 'Negative' if PFPL undertakes
larger-than-expected, debt-funded capital expenditure (capex)
programme, thereby weakening its capital structure.

Update

PFPL's revenues increased by 28% in 2009-10 (refers to financial
year, April 1 to March 31) to INR 501 million from that in the
previous year, largely driven by higher sales of value added
products and marginal volume growth. Operating profit margin,
however, declined to 7.4% in 2009-10 from 9.8% in the previous
year because of higher raw material cost and increase in
competitive pressures.  PFPL has reported provisional sales of
INR256 million for the period April 1 to September 30 in 2010;
CRISIL believes that PFPL's topline will grow moderately by 8 to
12% in 2010-11. PFPL reported a profit after tax (PAT) of INR7.3
million on net sales of INR501.0 million for 2009-10, against a
PAT of INR3.7 million on net sales of INR392.4 million for 2008-
09.

PFPL's working capital requirements reduced in 2009-10 to a gross
current asset level of 129 days, compared to 174 days in the
previous year.  However, with increasing scale of PFPL's
operations and higher sales of value added products, CRISIL
believes PFPL's working capital requirements will increase along
with increasing sales and increased bank funding.

PFPL's financial risk profile, despite improving, remains weak. It
had a high gearing of 2.9 times as on March 31, 2010 (3.9 times a
year earlier).  The company's debt protection indicators also
continue to be weak, with interest coverage ratio at 1.7 times and
the net cash accruals to total debt ratio at 0.07 times for
2009-10.

For 2010-11, PFPL has plans for a capex of around INR15 million
for purchase of machinery; this is expected to be funded by debt
of around INR10 million and internal accruals.  The company's
gearing is expected to remain high above 3 times over the medium
term. PFPL's liquidity remains moderate, with high bank limit
utilization of 89% on an average for the 12 months ended
September 2010 and modest unencumbered cash and bank balance of
INR0.7 million as on March 31, 2010.  The company's current ratio
was moderate at 1.1 times as on March 31, 2010. However, its net
cash accruals, estimated to be in the range of INR15 million to
INR20 million for 2010-11, is expected to be sufficient to meet
its long-term debt obligations of around INR10 million maturing
during the year.

                        About Phoenix Foils

Established in 2005 by Mr. Mukesh Bhandari and his son, Mr. Kapil
Bhandari, PFPL manufactures thin-gauge stainless-steel, cold-
rolled coils and foils. The company's plant in Umbergaon (Gujarat)
has capacity to manufacture 5000 tonnes of coils and foils per
annum.


SHREE BABA: CRISIL Reaffirms 'B+' Rating on INR75.6MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Baba Naga Food
Stuff Pvt Ltd (SBN; part of the BN group continue to reflect the
BN group's weak financial risk profile marked by large working
capital requirements, the vulnerability of its operating margin to
volatility in raw material prices and vagaries of monsoon, and the
vulnerability of its business to unfavorable changes in government
policies.  The impact of these rating weaknesses is mitigated by
the steady growth in the group's revenues, backed by its
promoters' experience in the rice industry.

   Facilities                           Ratings
   ----------                           -------
   INR135.3 Million Cash Credit Limit   B+/Stable (Reaffirmed)
   INR75.6 Million Term Loan            B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BNE and Shree Baba Naga Food Stuff Pvt
Ltd, together referred to as the BN group.  This is because of the
two entities' common line of business, management, and buyers in
the export markets, and operational and financial linkages.

Outlook: Stable

CRISIL believes that the BN group's financial risk profile will
remain weak over the medium term because of the group's large
working capital requirements.  However, the business risk profile
is expected to improve on the back of the group's increased
domestic presence and brand recognition.  The outlook may be
revised to 'Positive' in case of significant and sustainable
improvement in the group's capital structure. Conversely, the
outlook may be revised to 'Negative' if the BN group's revenues
and profitability declines or its capital structure deteriorates.

                          About the Group

BNE was promoted in the year 2000 as a partnership firm by Mr.
Surinder Kumar Chadha, Mr. Krishan Kumar Chadha, Mr. Vinod Kumar
Chadha, and Mr. Vijay Kumar Chadha.  In 2004-05, the firm came
under the control of Mr. Surinder Kumar Chadha and Mr. Krishan
Kumar Chadha.  BNE is engaged in milling, processing, and selling
basmati rice in both the export and Indian markets, and it has a
rice milling capacity of 7 tonnes per hour (tph).  Its plant is
located in Amritsar, Punjab.

SBN was incorporated in 2007 as a private limited company by BNE's
promoters and their sons, Mr. Varun Chadha, Mr. Ankush Chadha, and
Mr. Deepak Chadha.  The company has rice milling capacity of 12
tph. Its plant is located in Amritsar.

The BN group exports basmati rice to the United Arab Emirates and
Iran; and sells rice through 125 distributors in India. Exports
contributed about 75% to the group's revenue in 2009-10.  The
group had launched the 'Season's Fresh' brand in 2008-09 to
increase its presence in India.

SBN reported a profit after tax (PAT) of INR7.5 million on net
sales of INR1029 million for 2008-09, against a PAT of INR0.1
million on net sales of INR537 million for 2008-09.


SHREE SAI: CRISIL Reaffirms 'BB+' Rating on INR120.6MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Sai Prakash Alloys
Private Limited, a part of the Saiji group, continues to reflect
the Saiji group's exposure to the cyclicality inherent in the
steel business and to the weak business climate in Meghalaya, and
working-capital-intensive nature of operations leading to
stretched liquidity.  These rating weaknesses are partially offset
by the integrated nature of operations of the group entities,
leading to improvement in the Saji group's market position, and
the group's moderate financial risk profile.

   Facilities                          Ratings
   ----------                          -------
   INR160.0 Million Cash Credit        BB+/Stable
   (Enhanced from INR55.0 Million)

   INR155.0 Million Long Term Loan     BB+/Stable
   (Enhanced from INR29.8 Million)

   INR120.6 Million Proposed LT        BB+/Stable (Reaffirmed)
             Bank Loan Facility

   INR50.0 Million Letter of Credit    P4+ (Assigned)
   INR20.0 Million Bank Guarantee      P4+ (Assigned)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Shree Sai Rolling Mills (India) Ltd,
SSP, Shree Sai Smelters (India) Ltd, and Shree Sai Megha Alloys
Ltd, together referred to as the Saiji group.  This is because
ingots produced by SSS and SSP are used by SSR, while SSM has
guaranteed all the loans of SSS and SSP.

Outlook: Stable

CRISIL believes that the Saiji group will continue to benefit from
its integrated operations and established market position in the
steel segment, over the medium term.  The outlook may be revised
to 'Positive' if the group successfully stabilizes its ongoing
capital expenditure (capex), leading to significant improvement in
its scale of operations, while maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' if there is
cost and time overrun in executing the project, or if the group's
working capital intensity deteriorates further.

                           About the Group

SSP, based in Byrnihat (Meghalaya), is part of the Saiji group,
promoted by Mr. J P Jaiswal and Mr. Sandeep Bhagat. The group has
a manufacturing presence in Assam, Meghalaya, West Bengal, and
Arunachal Pradesh.  It has an installed capacity to produce 60,000
tonnes per annum (tpa) of rolling materials in SSR, 32,000 tpa of
ingots and 4000 tpa of ferroalloys in SSS, and 28,000 tpa of
ingots in SSP.  The group's ongoing capex is aimed at increasing
its rolling capacity by 68,400 tpa and billet capacity by 40,400
tpa.

For 2009-10 (refers to financial year, April 1 to March 31), the
Saiji group reported a consolidated profit after tax (PAT) of
INR19 million on net sales of INR1 billion; it had reported a PAT
of INR33 million on net sales of INR826 million for the previous
year.


SHREE SAI ROLLINGS: CRISIL Reaffirms 'BB+' Rating on Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Sai Rolling Mills
(India) Ltd, a part of the Saiji group, continues to reflect the
Saiji group's exposure to the cyclicality inherent in the steel
business and to the weak business climate in Meghalaya, and
working-capital-intensive nature of operations leading to
stretched liquidity.  These rating weaknesses are partially offset
by the integrated nature of operations of the group entities,
leading to improvement in the Saji group's market position, and
the group's moderate financial risk profile.

   Facilities                        Ratings
   ----------                        -------
   INR24.0 Million Rupee Term Loan   BB+/Stable (Reaffirmed)
   INR256.0 Million Cash Credit      BB+/Stable (Reaffirmed)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SSR, Shree Sai Prakash Alloys Pvt Ltd,
Shree Sai Smelters (India) Ltd, and Shree Sai Megha Alloys Ltd,
together referred to as the Saiji group.  This is because ingots
produced by SSS and SSP are used by SSR, while SSM has guaranteed
all the loans of SSS and SSP.

Outlook: Stable

CRISIL believes that the Saiji group will continue to benefit from
its integrated operations and established market position in the
steel segment, over the medium term.  The outlook may be revised
to 'Positive' if the group successfully stabilizes its ongoing
capital expenditure (capex), leading to significant improvement in
its scale of operations, while maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' if there is
cost and time overrun in executing the project, or if the group's
working capital intensity deteriorates further.

SSR, based in Byrnihat (Meghalaya), is part of the Saiji group,
promoted by Mr. J P Jaiswal and Mr. Sandeep Bhagat.  The group has
a manufacturing presence in Assam, Meghalaya, West Bengal, and
Arunachal Pradesh.  It has an installed capacity to produce 60,000
tonnes per annum (tpa) of rolling materials in SSR, 32,000 tpa of
ingots and 4000 tpa of ferroalloys in SSS, and 28,000 tpa of
ingots in SSP.  The group's ongoing capex is aimed at increasing
its rolling capacity by 68,400 tpa and billet capacity by 40,400
tpa.

For 2009-10 (refers to financial year, April 1 to March 31), the
Saiji group reported a consolidated profit after tax (PAT) of
INR19 million on net sales of INR1 billion; it had reported a PAT
of INR33 million on net sales of INR826 million for the previous
year.


SHREE SAI SMELTERS: CRISIL Reaffirms 'BB+' Rating on LT Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Sai Smelters India
Limited, a part of the Saiji group, continues to reflect the Saiji
group's exposure to the cyclicality inherent in the steel business
and to the weak business climate in Meghalaya, and working-
capital-intensive nature of operations leading to stretched
liquidity.  These rating weaknesses are partially offset by the
integrated nature of operations of the group entities, leading to
improvement in the Saji group's market position, and the group's
moderate financial risk profile.

   Facilities                         Ratings
   ----------                          -------
   INR76.5 Million Cash Credit        BB+/Stable
   (Enhanced from INR56.8 Million)

   INR27.5 Million Long-Term Loan     BB+/Stable
   (Enhanced from INR4.5 Million)

   INR53.5 Mil. Proposed Long-Term    BB+/Stable (Reaffirmed)
                Bank Loan Facility

   INR20 Million Bank Guarantee       P4+ (Assigned)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Shree Sai Rolling Mills (India) Ltd,
Shree Sai Prakash Alloys Pvt Ltd, SSS, and Shree Sai Megha Alloys
Ltd, together referred to as the Saiji group.  This is because
ingots produced by SSS and SSP are used by SSR, while SSM has
guaranteed all the loans of SSS and SSP.

Outlook: Stable

CRISIL believes that the Saiji group will continue to benefit from
its integrated operations and established market position in the
steel segment, over the medium term.  The outlook may be revised
to 'Positive' if the group successfully stabilizes its ongoing
capital expenditure (capex), leading to significant improvement in
its scale of operations, while maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' if there is
cost and time overrun in executing the project, or if the group's
working capital intensity deteriorates further.

                          About the Group

SSS, based in Byrnihat (Meghalaya), is part of the Saiji group,
promoted by Mr. J P Jaiswal and Mr. Sandeep Bhagat. The group has
a manufacturing presence in Assam, Meghalaya, West Bengal, and
Arunachal Pradesh.  It has an installed capacity to produce 60,000
tonnes per annum (tpa) of rolling materials in SSR, 32,000 tpa of
ingots and 4000 tpa of ferroalloys in SSS, and 28,000 tpa of
ingots in SSP. The group's ongoing capex is aimed at increasing
its rolling capacity by 68,400 tpa and billet capacity by 40,400
tpa.

For 2009-10 (refers to financial year, April 1 to March 31), the
Saiji group reported a consolidated profit after tax (PAT) of
INR19 million on net sales of INR1 billion; it had reported a PAT
of INR33 million on net sales of INR826 million for the previous
year.


TIRUPATI MEDICARE: CRISIL Upgrades Rating on Term Loan to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Tirupati
Medicare Ltd to 'B+/Stable' from 'D'.

   Facilities                        Ratings
   ----------                        -------
   INR112.5 Million Rupee Term Loan  B+/Stable (Upgraded from 'D')
   INR150 Million Cash Credit        B+/Stable (Upgraded from 'D')

The rating upgrade reflects TML's improved liquidity, driven by
better working capital management, and supported by increase in
working capital funding to INR150 million from the previous
INR87.5 million in the second half of 2010-11 (refers to financial
year, April 1 to March 31).  The upgrade also factors in CRISIL's
belief that TML will maintain its liquidity over the medium term
on the back of improved revenues, and steady operating margins.

The rating also reflects TML's below-average financial risk
profile marked by a high gearing and weak debt protection metrics.
The rating also factors in the company's small scale of operations
and small net worth.  These rating weaknesses are partially offset
by the benefits that TML derives from its moderate operating
efficiencies and reputed customer base.

Outlook: Stable

CRISIL believes that TML will maintain its credit profile over the
medium term on the back of growth in revenues, and steady
operating margins. The outlook may be revised to 'Positive' if TML
scales up its operations to higher than expected levels, without
affecting its financial risk profile, and sustains its
profitability, or receives fresh equity infusion leading
significant improvement in the capital structure. Conversely, the
outlook may be revised to 'Negative' in case of substantial
weakening in the company's financial risk profile, driven by a
large, debt-funded capex programme or incremental working capital
requirements.

                       About Tirupati Medicare

Incorporated in September 2007, TML commenced commercial
operations in March 2008. Led by Mr. Ashok Goyal (director), TML
is engaged in contract manufacturing of generic pharmaceutical
formulations. The company's product range includes laxatives,
pain-killers, analgesic, nutritional, and anti-diabetic
formulations.  TML's manufacturing facility, located in Sirmour
(Himachal Pradesh), has installed capacity to produce 4 million
tablets, 0.75 million capsules, 3 million powder sachets, and 0.1
million liquid boxes per day.  The unit operated at around 60% of
its capacity in 2009-10.  Moreover, as its plant is located in
Himachal Pradesh, TML enjoys excise, sales, and income tax
benefits.

TML reported a profit after tax (PAT) of INR1.7 million on net
sales of INR454 million for 2009-10, against a PAT of INR0.05
million on net sales of INR137 million for 2008-09.


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


CLOVER LLC: Moody's Assigns Definitive Ratings to Corporate Loans
-----------------------------------------------------------------
Moody's Japan K.K. has assigned definitive ratings to the
Synthetic CLOs of Regional Financial Institutions (Clover, LLC.)
referencing corporate loans to small and medium-sized Japanese
enterprises.

The ratings address the expected loss posed to investors by the
final maturity date.  The structure allows for the timely payments
of interest and ultimate payment of principal by the final
maturity date.  The rated promise on the Class C notes is that the
total amount of principal paid on the notes be equal to the
initial principal amount of the notes.  The rating on the Class C
notes does not take into account interest payments.

The complete rating actions are:

  * Deal Name: Synthetic CLO of Regional Financial Institutions
    (Clover, LLC.)

Issuer: Clover, LLC.

  -- Class, Issue Amount, Rating

  -- Series One Class A Unsecured Notes, JPY 1,900,000,000, Aaa
     (sf)

  -- Series One Class B Unsecured Notes, JPY 578,646,000, Baa2
     (sf)

  -- Series One Class C Unsecured Notes, JPY 175,928,000, Caa2
     (sf)*

  * The rating on the Class C notes does not take into account
    interest payments.

  -- Interest Rate: Floating

  -- Payment Frequency: Quarterly

  -- Issue Date: March 11, 2011

  -- Final Maturity Date: May 28, 2014

  -- Reference Obligation: Loans to small and medium-sized
     enterprises (SMEs) in Japan

  -- Initial Total Reference Obligation Amount: JPY 3,141,574,000

  -- Number of Obligors: 140 (The obligor with the highest loan
     amount comprises approximately 3% of the Initial Total
     Reference Obligation Amount.)

  -- Originator/First CDS Buyer/Servicer: THE SAIKYO SHINKIN BANK,
     Toyama Shinkin Bank, KITAISEUENO SHINKIN BANK, Osaka Shinkin
     Bank, The Awaji Shinkin Bank

  -- First CDS Seller/Second CDS Buyer: Japan Finance Corporation
     (JFC, Aa2)

  -- Second CDS Seller: Clover, LLC.

  -- Independent Auditor: Tokyo Kyodo Accounting Office

  -- Note Trustee/Initial Deposit Bank: Mizuho Corporate Bank,
     Ltd. (Mizuho Corporate Bank, Aa3/P-1)

  -- Calculation Agent: Mizuho Trust & Banking Co., Ltd.

  -- Arranger: Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

                         Rating Rationale

JFC and each originator entered a credit default swap (First CDS)
agreement that referenced a pool of corporate loans for SMEs from
each originator.  The originators, as the protection buyers under
the First CDS agreements, will pay a premium to JFC, as the
protection seller, which in turn will make a credit protection
payment to each of the originators (under certain conditions) if
the reference pool suffers a credit event.

JFC entered a credit default swap (Second CDS) agreement with the
Issuer to transfer the credit risk proceeds from the First CDS
agreements to the Issuer.  JFC, as the protection buyer under the
Second CDS agreement, will pay a premium to the Issuer, as the
protection seller, which in turn will make a credit protection
payment to JFC (under certain conditions) if the reference pool
suffers a credit event.

The Issuer will issue the Class A, B, and C Notes.  At closing,
the proceeds from the notes will be deposited into fixed-term
deposit accounts at Mizuho Corporate Bank.  The deposit will be
used for the principal payment and credit protection payment.

Credit enhancement is provided by the senior/subordinated
structure.  Subordination comprises around 39.5% for the Class A
Note, 21.1% for the Class B Note, and 15.5% for the Class C Note.
The formula used to calculate the subordination in this
transaction is A / B, where "A" equals the total principal amount
of the Notes subordinated to the subject Notes and the total
amount of the credit protection threshold, and "B" equals the
initial total reference obligation amount.

The Originators will individually hold the credit protection
threshold amounts and use them to cover losses incurred on the
loans that they themselves have originated (the "sub-pool").  The
credit protection threshold amounts cannot be used to cover losses
incurred against other sub-pools.  However, the Class B and C
Unsecured Notes can be used to cover losses incurred in all the
sub-pools.

Redemption of the Class A and B Notes will be made every quarter
on a pass-through basis (basically pro-rata) in accordance with
reductions in the notional amounts.  Redemptions of the Class C
Note will be made by hard-bullet payment.

The proceeds from the interest on the deposits and the CDS premium
payments by JFC will be used for the coupon payments on the Class
A to C Notes.

The weighted average life of the reference pool is approximately
1.5 years.

The waterfall is designed to prioritize coupon payments on the
Class A and B Notes over the Class C Note if the buyers of the CDS
go bankrupt or fail to pay premiums and then this will result in
the termination of the CDS agreement causing shortfalls in the
coupons on the Class A and B Notes.  Liquidity support is also
available in the form of a cash reserve mechanism that sets aside
the first and second coupon payments on the Class C Note.

The ratings are based mainly on the strength of transaction
structure, the credit of the reference obligation, the credit of
the deposit bank and the servicer's experience.

Moody's estimates the annualized expected default rate in the
reference pool at approximately 2.9%, taking into consideration
the attributes of the reference obligations, performance data on
existing securitization pools, macroeconomic trends, and
government support measures for SME financing.  Moody's also
assumes a zero recovery rate from a credit event.  To determine
the rating, Moody's also conducted a cash flow analysis, adding
stress consistent with the assigned rating on parameters such as
the expected default rate.

The principal payments of the Notes will be deposited into an
account at an eligible financial institution (with a Moody's long-
term deposit rating of A2 or higher and a short-term rating of P-
1) pursuant to the documents governing this transaction.  At
closing, the proceeds from the notes will be deposited in fixed-
term deposit accounts at Mizuho Corporate Bank.

Moody's examined the operations of the originator and considers it
sufficiently capable of servicing the reference obligations as
servicer, given its substantial SME lending experience.

Moody's did not receive or take into account any third-party due
diligence reports on the underlying assets or financial
instruments in this transaction.

The V score for this transaction is Medium.  Moody's has assigned
ratings to JFC's SME CLOs for six years.  The reference
obligations and the structure of this transaction is a common one,
and the level of complexity is similar to that of other JFC SME
CLOs.

Moody's V scores provide a relative assessment of the quality of
available credit information and the potential variability of
various inputs in a rating determination.  The V score ranks
transactions by the potential for significant rating changes owing
to uncertainty about the assumptions due to data quality,
historical performance, the level of disclosure, transaction
complexity, modeling, and the transaction governance that underlie
the ratings.  V scores apply to the entire transaction, not to
individual tranches.

If the transaction default rate used in determining the initial
rating were changed to 4.0% or 5.0%, the model output for the
Class A would not change.  However, the model output for Class B
and Class C would change from Baa2 to Baa3 or Ba2(Class B); from
Caa2 to Ca or Ca (Class C), respectively (the "parameter
sensitivities").

Parameter sensitivities are not intended to measure how the rating
of the security might migrate over time; rather, they are designed
to provide a quantitative calculation of how the initial rating
might change if key input parameters used in the initial rating
process differed.  The analysis assumes that the deal has not
aged, and does not factor structural features such as sequential
payment effect.  Parameter sensitivities reflect only the ratings
impact of each scenario from a quantitative/model-indicated
standpoint.  Qualitative factors are also taken into consideration
in the ratings process, so the actual ratings that would be
assigned in each case could vary from the information presented in
the parameter sensitivity analysis.


TAKEFUJI CORP: Bidding Deadline Moved March 22
----------------------------------------------
Atsuko Fukase at Dow Jones Newswires reports that the court-
appointed administrator for failed consumer lender Takefuji Corp.
said Friday that bidding for the company will take place on
March 22, a delay from the initial date of March 10, as more time
is needed for due diligence.

According to Dow Jones, Eiichi Obata, a lawyer who is charged with
Takefuji's sale, said at a press conference that administrators
are currently receiving questions from bidders and need more time
to complete due diligence procedures.

Mr. Obata added that he hoped the final bidder will be selected as
early as the end of March, Dow Jones relates.

Takefuji had shortlisted five potential bidders to sponsor the
company.  The finalists include TPG Capital, Cerberus Capital
Management, J Trust, Tokyo Star Bank and Korea's A&P Financial,
Dow Jones says citing people familiar with the matter.

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

                           About Takefuji

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


TAKEFUJI CORP: Receives 776,000 Customer Claims for Refunds
-----------------------------------------------------------
The Nikkei reports that Eiichi Obata, the court-appointed
administrator of Takefuji Corp., said the company had by the end
of February received requests from 776,000 customers for refunds
of overpaid interest.

The Nikkei relates that Mr. Obata said the figure is expected to
eventually hit about 1 million, roughly the number of customers
who had asked for refund forms by the end of last month.

If all of them request refunds, The Nikkei relates, Takefuji's
liabilities are expected to increase by about JPY1 trillion from
the JPY430 billion it owed when it filed for bankruptcy protection
last October.  The company had 580 billion yen in assets then.

The Nikkei notes that total refund figure will be calculated by
the end of April and incorporated into a rehabilitation plan to be
drafted in July.

Given the number of people asking for their money back, Takefuji
will probably fall into negative net worth, with total liabilities
far exceeding its assets, according to The Nikkei.

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

                           About Takefuji

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


YAMAGUCHI FINANCIAL: Fitch Affirms Ratings on Two Subsidiary Banks
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of two subsidiary banks
under Japan's Yamaguchi Financial Group, Inc, Yamaguchi Bank, Ltd.
and Momiji Bank, Ltd.  At the same time, Fitch has withdrawn the
ratings as they are no longer considered by the agency to be
relevant to its coverage.

Fitch will no longer provide ratings or analytical coverage of
these issuers.

The rating actions are:

Yamaguchi Bank, Ltd.:

  -- Long-Term Foreign and Local Currency Issuer Default Ratings
     affirmed at 'BBB+', Outlook Stable; withdrawn

  -- Short-Term Foreign and Local Currency IDRs affirmed at 'F2';
     withdrawn

  -- Individual Rating affirmed at 'C'; withdrawn

  -- Support Rating affirmed at '2'; withdrawn

  -- Support Rating Floor affirmed at 'BBB-'; withdrawn

Momiji Bank, Ltd.:

  -- Long-Term Foreign and Local Currency IDRs affirmed at 'BBB+',
     Outlook Stable; withdrawn

  -- Short-Term Foreign and Local Currency IDRs affirmed at 'F2';
     withdrawn

  -- Individual Rating affirmed at 'D'; withdrawn

  -- Support Rating affirmed at '2'; withdrawn

  -- Support Rating Floor affirmed at 'BBB-'; withdrawn


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


CENTURY CITY: Serepisos Gets Three Day Reprieve from Liquidation
----------------------------------------------------------------
The Dominion Post reports that the companies of Wellington
property tycoon Terry Serepisos have been given an 11th hour
reprieve from liquidation over a NZ$3.5 million debt to Inland
Revenue.

The five Century City Companies, including the one that owns the
Phoenix Football team, were due to face liquidation proceedings in
the High Court at Wellington yesterday, March 7.

But Associate Judge David Gendall gave them till Thursday,
March 10, to firm up repayment plans or make arrangements to
secure the debt against other property from the Century City
group.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2010, the National Business Review said that the Inland
Revenue Department applied to liquidate five of Mr. Serepisos'
companies in October 2010.  The debt claimed by the IRD is
understood to be about NZ$3.58 million, the Business Review said.

The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management and Century City Football, which owns the
Wellington Phoenix.


EQUITABLE MORTGAGES: S&P Affirms 'D' Financial Strength Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed and
withdrawn its 'D' rating on New Zealand finance company Equitable
Mortgages Ltd.  At the same time, the long-term issuer and
financial strength ratings on Equitable Life Insurance Co Ltd.
were withdrawn after first being raised to 'CCC' from 'C', removed
from CreditWatch with negative implications, and assigned a
negative outlook.

The rating upgrade to 'CCC' on Equitable Life immediately prior to
withdrawal reflected an improvement in the company's financial
position, although it is still weak, as a result of it paying out
its debt obligations and having no remaining debt or policy
obligations.  The company does not have a viable business
position, as it is no longer operating (and not expected to
recommence operations).


NATHANS FINANCE: Ex-Director Pleads Guilty, Gets Home Detention
---------------------------------------------------------------
BusinessDay reports that the Securities Commission has welcomed
the conviction of former Nathans Finance director John Hotchin
after he was sentenced Friday on Securities Act charges.

"The starting point of the sentencing, a significant term of
imprisonment, delivers a clear message to all issuers as to the
importance of the Securities Act's requirements for full and
truthful disclosure and the resulting impact on investors'
confidence in the securities market," BusinessDay quotes
commission chairman Jane Diplock as saying.

BusinessDay says John Hotchin, brother of Hanover Finance boss
Mark Hotchin, was sentenced to 11 months home detention after
pleading guilty in the High Court at Auckland to Securities
Commission charges relating to the collapse of Nathans Finance.

John Hotchin was a director of Nathans, which failed in August
2007 owing $175 million, from 2001 to April 2007.

According to BusinessDay, the guilty pleas were on three charges
of making untrue statements in Nathans Finance documents dated
December 2006 and March 2007.  The untruths involved disclosures
made by Nathans about its exposure to related parties, the lack of
bad debts, its liquidity and the way it assessed its loans.

BusinessDay relates that Justice Lang said Mr. Hotchin's crimes
would normally imply a jail term of three years but mitigating
circumstances, including his remorse and willingness to co-operate
with prosecutors, reduced the sentence in his case to 11 months.

Mr. Hotchin agreed to pay NZ$200,000 reparation to receivers of
Nathans Finance and give evidence for the Crown against his former
colleagues, according BusinessDay.  He was ordered to do 200 hours
community service.

BusinessDay discloses that Nathans investors have so far received
just 3.7c in the dollar and are unlikely to recover much more.
Receivers PricewaterhouseCoopers said in their most recent report
in October the value of Nathans' assets were materially overstated
by the company in 2007 and "investors are likely to face a
significant loss," according to BusinessDay.

According to BusinessDay, Mr. Hotchin, fellow Nathans directors
Donald Young, Kenneth Moses and Mervyn Doolan, and Nathans auditor
Staples Rodway are being sued by receivers for damages totalling
NZ$74.6 million.  The directors also face a civil lawsuit from the
Securities Commission, which is seeking declaration of civil
liability and civil penalties of up to NZ$500,000 each,
BusinessDay adds.

                        About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers on
August 20, 2007.  The company owed approximately NZ$174 million to
some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into receivership
in November 2008.  VTL Group owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.


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


* BOND PRICING: For the Week February 28 to March 4, 2011
---------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.20
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.95
BECTON PROP GR           9.50    06/30/2010   AUD       0.19
CENTAUR MINING          11.00    12/01/2007   USD       0.50
EXPORT FIN & INS         0.50    12/16/2019   NZD      63.40
EXPORT FIN & INS         0.50    06/15/2020   AUD      59.44
EXPORT FIN & INS         0.50    06/15/2020   NZD      61.65
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.98
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      64.15
NEW S WALES TREA         0.50    09/14/2022   AUD      53.49
NEW S WALES TREA         0.50    10/07/2022   AUD      53.31
NEW S WALES TREA         0.50    10/28/2022   AUD      53.15
NEW S WALES TREA         0.50    11/18/2022   AUD      52.99
NEW S WALES TREA         0.50    12/16/2022   AUD      52.78
NEW S WALES TREA         0.50    02/02/2023   AUD      52.43
NEW S WALES TREA         0.50    03/30/2023   AUD      56.36
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      72.32
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      65.74
RESOLUTE MINING         12.00    12/31/2012   AUD       1.26
TREAS CORP VICT          0.50    08/25/2022   AUD      53.38
TREAS CORP VICT          0.50    11/12/2030   AUD      51.72
TREAS CORP VICT          0.50    11/12/2030   AUD      35.83


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.67
CHINA POLY GRP           4.72    05/07/2014   CNY      54.60


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      43.12


  INDIA
  -----

POWER FIN CORP           8.99    01/15/2021   INR       9.20
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.11
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.79
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.73
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.89
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.23
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.74
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.40
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.20
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.12
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.15


  JAPAN
  -----

AIFUL CORP               1.20    01/26/2012   USD      74.92
AIFUL CORP               1.99    03/23/2012   JPY      72.72
AIFUL CORP               1.22    04/20/2012   JPY      67.92
AIFUL CORP               1.63    11/22/2012   JPY      54.92
AIFUL CORP               1.74    05/28/2013   JPY      47.92
AIFUL CORP               1.99    10/19/2015   JPY      37.92
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      58.83
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      58.29
SHINSEI BANK             5.62    12/29/2049   GBP      73.70
TAKEFUJI CORP            9.20    04/15/2011   USD      17.25


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.12
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.41
CRESENDO CORP B          3.75    01/11/2016   MYR       1.06
DUTALAND BHD             6.00    04/11/2013   MYR       0.45
DUTALAND BHD             6.00    04/11/2013   MYR       0.76
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.07
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.14
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.85
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MITHRIL BHD              3.00    04/05/2012   MYR       0.61
NAM FATT CORP            2.00    06/24/2011   MYR       0.05
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.30
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.52
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.30
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.53
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.73
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.76
SCOMI GROUP              4.00    12/14/2012   MYR       0.08
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.85
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.55
TRC SYNERGY              5.00    01/20/2012   MYR       1.44
WAH SEONG CORP           3.00    05/21/2012   MYR       2.40
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.24
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.36


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      34.20
DORCHESTER PACIF         5.00    06/30/2013   NZD      73.49
FLETCHER BUI             8.50    03/15/2015   NZD       7.59
FLETCHER BUI             7.55    03/15/2015   NZD       8.00
INFRATIL LTD             8.50    09/15/2013   NZD       8.20
INFRATIL LTD             8.50    11/15/2015   NZD       9.00
INFRATIL LTD             4.97    12/29/2049   NZD      60.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.29
MARAC FINANCE           10.50    07/15/2013   NZD       1.03
SKY NETWORK TV           4.01    10/16/2016   NZD       6.04
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.76
ST LAURENCE PROP         9.25    07/15/2010   NZD      64.32
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.90
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.25
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.01
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.04
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.99
VECTOR LTD               8.00    06/15/2012   NZD       7.00
VECTOR LTD               8.00    10/15/2014   NZD       1.06


SINGAPORE
---------

CAPITAMALLS ASIA         1.00    01/21/2012   SGD       1.00
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
EQUINOX OFFSHORE        20.00    10/13/2011   USD      71.00
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       0.19
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.70
WBL CORPORATION          2.50    06/10/2014   SGD       1.65


SOUTH KOREA
-----------

CN 1ST ABS               8.00    02/27/2015   KRW      30.35
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      14.32
HOPE KOD 1ST             8.50    06/30/2012   KRW      31.00
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.39
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.29
HOPE KOD 4TH            15.00    12/29/2012   KRW      25.00
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.21
HYUNDAI SWISS BK         8.50    07/15/2014   KRW       9.46
HYUNDAI SWISS BK         8.30    01/13/2015   KRW      10.42
HYUNDAI SWISS S          8.30    01/13/2015   KRW      10.33
IBK 17TH ABS            25.00    12/29/2012   KRW      59.47
JOONG ANG DESIGN         6.00    12/18/2012   KRW      68.90
KB 11TH ABS             23.00    07/03/2011   KRW      67.71
KB 12TH ABS             25.00    01/21/2012   KRW      65.69
KB 13TH ABS             25.00    07/02/2012   KRW      61.62
KDB 6TH ABS             20.00    12/02/2019   KRW      53.83
KEB 17TH ABS            20.00    12/28/2011   KRW      59.93
KOREA LINE CO            6.80    11/30/2011   KRW      57.13
KOREA MUTUAL SAV         8.00    09/22/2012   KRW      10.29
NACF 15TH ABS           25.00    03/18/2011   KRW      63.35
NACF 17TH ABS           20.00    06/03/2011   KRW      22.00
NACF 17TH ABS           25.00    07/03/2011   KRW      20.00
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      25.00
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      68.46
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      68.25
SAM HO INTL              6.32    03/28/2011   KRW      70.96

SINBO 1ST ABS           15.00    07/22/2013   KRW      30.96
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.43
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.41
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.25
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.45
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.16
SINGOK ABS               7.50    06/18/2011   KRW      52.35
SINGOK NS ABS            7.50    06/27/2011   KRW      52.45


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       66.63


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      70.70


VIETNAM
--------

HCMC INVT FUND           9.25    08/22/2016   VND      12.50
HCMC INVT FUND           9.25    08/31/2016   VND      12.50
VIETNAM MACHINE          9.20    06/06/2017   VND      74.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.67
VIETNAM-PAR              4.00    03/12/2028   USD      73.00


                             *********

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.


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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,
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without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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