TCRAP_Public/110309.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, March 9, 2011, Vol. 14, No. 48

                            Headlines



A U S T R A L I A

20*20: Unsecured Creditors to Recoup Less, Administrator Warns
GADFLY MEDIA: Goes Into Administration Due to Drop in Advertising
* AUSTRALIA: External Administration Down 40% in January 2011


C H I N A

SHIMAO PROPERTY: Moody's Assigns 'B1' Rating to Senior Bonds


H O N G  K O N G

AIMBEST INVESTMENT: Members' Final Meeting Set for April 11
ASTROS PRINTING: Creditors' Proofs of Debt Due April 12
CEUTA LIMITED: Members' Final Meeting Set for April 11
CHESTWORLD LIMITED: Members' Final Meeting Set for April 11
CUHK GLOBAL: Tsang Wai Kit Steps Down as Liquidator

FINESTYLE MARITIME: Annual Meetings Set for April 6
GALLANT MARK: Members' Final Meeting Set for April 8
HARBOUR LEADER: Members' Final Meeting Set for April 8
HAU LI: Creditors and Members' Final Meetings Set for April 28
KINCHEER LIMITED: Members' Final Meeting Set for April 11

LAGERSON LIMITED: Members' Final Meeting Set for April 11
LIBERWAY LIMITED: Creditors' Meetings Set for March 18
PCI EXPRESS: Tjon Yose Manuel Sie Fo Appointed as Liquidator
SHELL TREASURY: Members' Final Meeting Set for April 6
STARVIEW LIMITED: Creditors' Proofs of Debt Due April 5

TAK LEE: Members and Creditors' Final Meetings Set for April 4
VINKI CORPORATION: Tang and Chen Appointed as Liquidators
VISION TECHNOLOGY: Final Meetings Set for April 1


I N D I A

ACG HOSPITALITY: CRISIL Downgrades Rating on INR200MM Loan to 'D'
ALLIANCE PETROLEUMS: CRISIL Reaffirms 'B' Cash Credit Rating
CANARA BANK: Moody's Assigns (P)Baa2 Rating to Sr. Unsecured Notes
COLOURFLEX LAMINATORS: CRISIL Reaffirms 'BB' Rating on Term Loan
COMET TECHNOCOM: CRISIL Assigns 'BB-' Rating to INR65MM Overdraft

DIGAMBER CAPFIN: CRISIL Reaffirms 'B+' Rating on INR15MM Loan
GOENKA SHIKSHA: CRISIL Reaffirms 'D' Rating on INR66.9MM Term Loan
GNG EXPORTS: CRISIL Assigns 'P4+' Rating on INR50 Million LOC
JANKI DASS: CRISIL Assigns 'B-' Rating to INR70MM Cash Credit
KARAN KOTHARI: Fitch Assigns National Long-Term Rating at 'B+'

KUMAR ASHIS: CRISIL Assigns 'B-' Rating on INR45MM Term Loan
MAHESH KUMAR: CRISIL Assigns 'LB+' Rating to INR4.13cr Term Loan
NICKUNJ EDM: Fitch Affirms National Long-Term Rating at 'B+'
NICKUNJ EXIMP: Fitch Affirms National Long-Term Rating at 'B+'
OM KAILASH: ICRA Assigns 'LB+' Rating to INR8cr Cash Credit

ORIENT STEEL: ICRA Assigns 'LBB+' Rating to INR19.25cr Limits
PRASANNA POWER: CRISIL Upgrades Rating on INR235MM LT Loan to 'B+'
RUKMANI POWER: CRISIL Upgrades Rating on INR225.8MM Loan to 'BB+'
SALVI CHEMICAL: CRISIL Cuts Rating on Cash Credit to 'BB'
SAINOR LIFE: ICRA Assigns 'LB' Rating to INR15cr FB Limits

SRINIVASA SOYA: CRISIL Cuts Rating on INR125MM LT Loan to 'B-'
TECHNOCON SERVICES: CRISIL Assigns 'BB+' Rating to Cash Credit
TRV GLOBAL: CRISIL Reaffirms 'P4' Rating on INR80MM Packing Credit
UNIJULES LIFE: CRISIL Reaffirms 'BB+' Rating on Cash Credit
YASH AUTOMOTIVE: CRISIL Rates INR200 Million Cash Credit at 'BB-'


J A P A N

EAST STREET: Moody's Downgrades Ratings on Various Notes
GODO KAISHA: Moody's Downgrades Ratings on Various Notes


K O R E A

KUMHO ASIANA: Korea Express Share Sale Attracts Three Bidders


M A L A Y S I A

BANENG HOLDINGS: Reports MYR42.13 Million Net Loss for 2010
VASTALUX ENERGY: Posts MYR228,208 Net Loss in December 31 Quarter
VTI VINTAGE: Posts MYR5.4 Million Net Loss in December 31 Quarter


N E W  Z E A L A N D

AORANGI SECURITIES: HMF Investors to Face 'Considerable Loss'
CENTURY CITY: Owner Has "Back-Stop" Plan to Repay NZ$4-Mil. Debt


S I N G A P O R E

AMBASSADOR TOURS: Creditors' Proofs of Debt Due March 18
DIAGONAL CONSULTING: Creditors' Proofs of Debt Due April 4
DG2L TECHNOLOGIES: Court Enters Wind-Up Order
DYNA-OKE CONSTRUCTION: Creditors' Proofs of Debt Due March 18
FOUNDATION ASIANA: Creditors' Proofs of Debt Due March 19

HENG DA: Court Enters Wind-Up Order
LB QUEENSLAND: Creditors' Proofs of Debt Due April 4
SINO-ENVIRONMENT CLEAN: Court to Hear Wind-Up Petition on March 18
SIN TYE: Creditors' Proofs of Debt Due March 18


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


20*20: Unsecured Creditors to Recoup Less, Administrator Warns
--------------------------------------------------------------
Sean Cowan at The West Australian reports that the administrator
of failed building company 20*20 has warned unsecured creditors
that most would recover little from the company.

According to The West Australian, BRI Ferrier's John Carrello
wrote to creditors last week to outline a litany of errors made by
20*20, including allegations it traded while insolvent and was run
by a businessman barred from running companies.  The West
Australian relates that Mr. Carrello said in his report that a
deed of company arrangement would likely be the best option for
creditors, otherwise liquidation was the only option.

But Mr. Carrello said the liquidation of 20*20, which lost its
building license after taking deposits for homes without taking
out insurance to cover homebuyers, would take years and rely on
litigation against several potential targets, The West Australian
reports.

The West Australian notes that Mr. Carrello also said 20*20's main
asset was a contract it held with the family company of mining
magnate Andrew Forrest to develop a AU$37 million residential
project at Port Hedland.

According to The West Australian, 20*20 was the preferred
developer and Mr. Carrello said its contract provided that it
would be paid AU$1.7 million if another builder was contracted to
develop the site.  It was advised last year that another company
had been chosen, says The West Australian.

"I believe it is likely that the company was insolvent from
December 2008 to January 2009," The West Australian quotes
Mr. Carello as saying. "Should it be proved that the company
traded while insolvent, there is potentially a claim against the
director of the company."

The West Australian adds that Mr. Carrello also said 20*20
business development manager Richard Trainer, who is barred as a
director of any company because he is a bankrupt, had been acting
as a de facto director of 20*20.

20*20 is a North West, Australia-based homebuilder.  The company
collapsed in 2010 owing about AU$6 million.


GADFLY MEDIA: Goes Into Administration Due to Drop in Advertising
-----------------------------------------------------------------
SmartCompany reports that Gadfly Media, which is run by sole
director David Hickie, was placed in the hands of administrator
Ian Purchas of RMG partners on February 25.  Mr. Purchas said he
is confident that the company can be turned around, despite the
fact the group is carrying debts incurred during the global
financial crisis, according to the report.

Mr. Purchas told SmartCompany in an interview that while the
business has been trading well in recent months, and remains open
for business as this stage, the administration was caused by a
sharp drop in advertising during the global financial crisis,
particularly in the luxury and travel sectors.

SmartCompany notes that Mr. Purchas has advertised the business
for sale.

The group's annual turnover is between $3.9 and $4.2 million and
it has about 25 staff, according to the report.

While Mr. Purchas said there has been some interest from parties
who are keen to look at the business, it is more likely that a
deed of company arrangement from the director will help Gadfly out
of administration, SmartCompany adds.

SmartCompany discloses that Mr. Purchas is calling for expressions
of interest in the business by March 16.  A second meeting of
creditors will be held before April 1.

Gadfly Media is a custom publishing house.  It publishes a range
of high-end magazines including Luxury Travel, Australian Art
Collector and Breeding & Racing.


* AUSTRALIA: External Administration Down 40% in January 2011
-------------------------------------------------------------
Michelle Hammond at StartupSmart, citing latest insolvency figures
from the Australian Securities and Investments Commission, reports
that 455 companies in Australia were put into external
administration in January, down 40% from December, but experts
still predict a bumpy road ahead.

StartupSmart relates that PPB Advisory partner Mark Robinson said
the decline reflects the fact that most businesses were on holiday
in January and is fairly typical for that month.

However, StartupSmart says, financial advisory firms are expecting
to see a spike due to the recent natural disasters over the next
three to six months, particularly in Queensland and Victoria.

In December, StartupSmart recalls, Insolvency and Trustee Service
Australia statistics ranked Queensland as the most likely state to
go bankrupt.

According to StartupSmart, Mr. Robinson said the retail and
property sectors have been the hardest hit, and high levels of
appointments will continue in those sectors as well as for small
businesses.

StartupSmart notes that a recent Dun & Bradstreet report reveals
10,000 firms ceased trading in 2010 compared to just over 8,000 in
2009.

Businesses with between one and five employees experienced a 46%
increase in failures in 2010 while those with between six and 19
members of staff suffered a 20% increase in closures, StartupSmart
says.

StartupSmart relates that Dun & Bradstreet chief executive
Christine Christian said she expects a similar rate of business
failures this year.

StartupSmart quotes Ms. Christian as saying that, "The next couple
of years will be shaky.  Unless banks become more responsive for
small businesses by loosening credit terms, we'll see similar
rates of delinquency and decline this year."

Turnaround specialist Michael Fingland of Vantage Performance says
SMEs will make up the bulk of insolvency figures in 2011, although
it won't become evident until around April, StartupSmart reports.


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


SHIMAO PROPERTY: Moody's Assigns 'B1' Rating to Senior Bonds
------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to Shimao
Property Holdings Limited's US$350 million 7-year senior unsecured
bonds.

At the same time, Moody's has affirmed Shimao's Ba3 corporate
family rating.

The outlook for both ratings is stable.

The proceeds from the US dollar bonds will be used to refinance
the existing US$250 million notes due December 2011, and for land
acquisitions and general corporate purposes.

                        Ratings Rationale

"The majority of the bond proceeds will be used to refinance
existing debt; hence the bonds have no material impact on the
company's financial leverage," says Peter Choy, a Moody's Senior
Vice President.  "Moreover, the bonds will improve the company's
debt maturity profile slightly."

"Although Shimao's liquidity -- estimated at RMB 13 billion cash
on hand as of December 2010 - appears adequate, the company's
aggressive land acquisitions in 2010 -- 14 lots for RMB 20 billion
-- pose an additional burden to its cash flow," says Choy, adding
that, "its 2010 payment obligations for land were well over RMB 10
billion and will likely remain high in 2011 and 2012."

"Shimao has funded some of the land acquisitions with debt which
has resulted in a deterioration of its debt leverage - exceeding
50% as measured by debt/total capitalization - that positions the
company at the lower end of its Ba3 rating" says Choy.

"If Shimao continues with this acquisitive strategy while it fails
to meet its sales targets, or if it does not lower its debt
leverage, its ratings could be under pressure," Choy goes on to
say.

Shimao's Ba3 corporate family rating reflects the company's large-
scale development, its diversified and well-located land bank, and
its portfolio of quality investment properties.

The rating is tempered by Shimao's aggressive land acquisitions,
which could pressure its financial profile, especially in light of
the cyclicality in China's property market.

Shimao's bond rating is notched down to B1 due to subordination
risk.  Secured and subsidiary debt to total assets was around 25%
as of 30 June 2010.  This ratio will stay above 15-20% over the
next 2 to 3 years.

The outlook is stable, reflecting Shimao's currently adequate
liquidity to fund the development of already designated projects
over the next 12 months.

Near term upward rating pressure is limited given Shimao's
relative high debt leverage and the upcoming large land premium
payments.

The ratings could be downgraded if Shimao (1) continues to fall
short materially of its sales against its budget; (2) sees its
balance sheet liquidity weakened; or (c) pursues additional
aggressive debt-funded land acquisitions or joint venture property
projects, such that operating cash flow weakens and interest
coverage deteriorates, with EBITDA/interest falling below 2.5x-
3.0x or debt/capitalization rising above 50%.

The last rating action on Shimao was taken on July 27, 2010, when
Moody's Investors Service assigned a senior unsecured rating of B1
to Shimao Property Holdings Limited's proposed senior unsecured
Regulation S bonds.

Shimao Property Holdings Ltd is a Grand Cayman-incorporated
Chinese property developer that was listed on the Hong Kong Stock
Exchange in July 2006.  It has 34 projects in 22 cities in eastern
and northeastern China.


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


AIMBEST INVESTMENT: Members' Final Meeting Set for April 11
-----------------------------------------------------------
Members of Aimbest Investment Limited will hold their final
general meeting on April 11, 2011, at 10:00 a.m., at 12th Floor, V
Heun Building, 138 Queen's Road Central, in Hong Kong.

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


ASTROS PRINTING: Creditors' Proofs of Debt Due April 12
-------------------------------------------------------
Creditors of Astros Printing Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 12, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ho Mei Ngan
         Low Fung Ping
         Rooms 903-908, 9/F
         Kai Tak Commercial Building
         317-319 Des Voeux Road
         Central, Hong Kong


CEUTA LIMITED: Members' Final Meeting Set for April 11
------------------------------------------------------
Members of Ceuta Limited will hold their final general meeting on
April 11, 2011, at 10:30 a.m., at 12th Floor, V Heun Building, 138
Queen's Road Central, in Hong Kong.

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


CHESTWORLD LIMITED: Members' Final Meeting Set for April 11
-----------------------------------------------------------
Members of Chestworld Limited will hold their final general
meeting on April 11, 2011, at 10:30 a.m., at 12th Floor, V Heun
Building, 138 Queen's Road Central, in Hong Kong.

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


CUHK GLOBAL: Tsang Wai Kit Steps Down as Liquidator
---------------------------------------------------
Tsang Wai Kit stepped down as liquidator of The CUHK Global
Business Alumni Association Limited on Feb. 23, 2011.


FINESTYLE MARITIME: Annual Meetings Set for April 6
---------------------------------------------------
Members and creditors of Finestyle Maritime Services Limited will
hold their annual meetings on April 6, 2011, at 11:00 a.m., at
62/F., One Island East, 18 Westlands Road, Island East, in Hong
Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GALLANT MARK: Members' Final Meeting Set for April 8
----------------------------------------------------
Members of Gallant Mark Development Limited, which is in members'
voluntary liquidation, will hold their final meeting on April 8,
2011, at 10:30 a.m., at 76/F., Two International Finance Centre, 8
Finance Street, Central, in Hong Kong.

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


HARBOUR LEADER: Members' Final Meeting Set for April 8
------------------------------------------------------
Members of Harbour Leader Limited, which is in members' voluntary
liquidation, will hold their final meeting on April 8, 2011, at
10:45 a.m., at 76/F., Two International Finance Centre, 8 Finance
Street, Central, in Hong Kong.

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


HAU LI: Creditors and Members' Final Meetings Set for April 28
--------------------------------------------------------------
Creditors and members of Hau Li Loi Decoration & Design Eng.
Limited will hold their final meetings on April 28, 2011, at
2:00 p.m., and 2:30 p.m., respectively, at Room 204, 2/F, Malaysia
Building, 50 Gloucester Road, Wanchai, in Hong Kong.

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


KINCHEER LIMITED: Members' Final Meeting Set for April 11
---------------------------------------------------------
Members of Kincheer Limited will hold their final general meeting
on April 11, 2011, at 10:30 a.m., at 12th Floor, V Heun Building,
138 Queen's Road Central, in Hong Kong.

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


LAGERSON LIMITED: Members' Final Meeting Set for April 11
---------------------------------------------------------
Members of Lagerson Limited will hold their final general meeting
on April 11, 2011, at 10:30 a.m., at 12th Floor, V Heun Building,
138 Queen's Road Central, in Hong Kong.

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


LIBERWAY LIMITED: Creditors' Meetings Set for March 18
------------------------------------------------------
Creditors of Liberway Limited will hold their annual meetings on
March 18, 2011, at 11:00 a.m., at 62/F., One Island East, 18
Westlands Road, Island East, in Hong Kong.


PCI EXPRESS: Tjon Yose Manuel Sie Fo Appointed as Liquidator
------------------------------------------------------------
Tjon Yose Manuel Sie Fo on Feb. 22, 2011, was appointed as
liquidator of PCI Express Padala (HK) Limited.

The liquidator may be reached at:

         Tjon Yose Manuel Sie Fo
         Unit A, 10/F
         Hua Chiao Commercial Centre
         678 Nathan Road
         Mongkok, Kowloon
         Hong Kong


SHELL TREASURY: Members' Final Meeting Set for April 6
------------------------------------------------------
Members of Shell Treasury Hong Kong Limited will hold their final
general meeting on April 6, 2011, at 10:00 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


STARVIEW LIMITED: Creditors' Proofs of Debt Due April 5
-------------------------------------------------------
Creditors of Starview Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by April 5,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 25, 2011.

The company's liquidators are:

         Chan Chi Bor
         Li Fat Chung
         Unit 402, 4/F
         Malaysia Building
         No. 50, Gloucester Road
         Wanchai, Hong Kong


TAK LEE: Members and Creditors' Final Meetings Set for April 4
--------------------------------------------------------------
Members and creditors of Tak Lee Rubber & Metal Manufacturing
Limited will hold their final meetings on April 4, 2011, at 4:00
p.m., and 4:30 p.m., respectively at Room 602, 3 Lockhart Road,
Wanchai, in Hong Kong.

At the meeting, Lui Wai Ho and To Chi Man, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


VINKI CORPORATION: Tang and Chen Appointed as Liquidators
---------------------------------------------------------
Messrs. Alan C W Tang and Kenneth Y N Chen on Feb. 25, 2011, were
appointed as liquidators of Vinki Corporation Limited.

The liquidators may be reached at:

         Messrs Alan C W Tang
         Kenneth Y N Chen
         43/F., The Lee Gardens
         33 Hysan Avenue
         Causeway Bay, Hong Kong


VISION TECHNOLOGY: Final Meetings Set for April 1
-------------------------------------------------
Members and creditors of Vision Technology Corporate Limited will
hold their final meetings on April 1, 2011, at 5:00 p.m., and 5:30
p.m., respectively at 21/F, Skyline Commercial Centre, 71-77 Wing
Lok Street, Sheung Wan, in Hong Kong.

At the meeting, Fung Tat Man, 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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ACG HOSPITALITY: CRISIL Downgrades Rating on INR200MM Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on ACG Hospitality Private Ltd's
term loan facility to 'D' from 'B-/Negative'.

   Facilities                     Ratings
   ----------                     -------
   INR200 Million Term Loan       D (Downgraded from B-/Negative)

The rating revision reflects instances of delay by ACG in
servicing its debt; the delays have been caused by ACG's weak
liquidity.

The rating also factors ACG's exposure to risks related to
cyclicality in the hotel industry.  This weakness is partially
offset by the experience of ACG's promoters in the hospitality
industry.

ACG, incorporated in 2007, has set up a three-star hotel named
Signature Grand in Hari Nagar (Delhi).  The 8-floor, 32-room
hotel, which also has a restaurant and 2 banquet halls, was built
at an estimated cost of around INR405 million.  The hotel
commenced operations in August 2010.


ALLIANCE PETROLEUMS: CRISIL Reaffirms 'B' Cash Credit Rating
------------------------------------------------------------
CRISIL's rating on the bank facility of Alliance Petroleums Pvt
Ltd continues to reflect APPL's weak financial risk profile, and
large working capital requirements driven by long receivables
cycle.  The impact of these weaknesses is mitigated by the
benefits that APPL derives from its position as a leading
consignment agent for Essar Oil Ltd in North India.

   Facilities                              Ratings
   ----------                              -------
   INR220 Million Cash Credit Facility     B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that APPL will maintain its operating margin and
benefit from scaled-up operations over the medium term.  The
outlook may be revised to 'Positive' if APPL's capital structure
improves significantly, led by sustained improvement in
profitability.  Conversely, the outlook may be revised to
'Negative' if APPL's liquidity deteriorates significantly because
of substantial increase in working capital requirements.

Update

APPL has reported an operating income of INR1,980.7 million for
2009-10 (refers to financial year, April 1 to March 31), which was
marginally lower than CRISIL's expectation; this was mainly driven
by increase in prices of furnace oil adversely impacting the
sales.  Also, APPL's operating margin continues to be low, in line
with CRISIL's expectation, because of APPL's trading business.
Small cash accruals because of low profitability and large working
capital requirements continue to constrain the company's
liquidity, reflected in its high bank limit utilization of about
93% on an average in the past 12 months.  Also, the financial risk
profile is expected to remain constrained because of large working
capital requirements.

                       About Alliance Petroleums

APPL, currently headed by Mr. Sameer Anand, is a consignment agent
for Essar Oil and Haldia Petro Chemicals Ltd, and deals in
industrial petrochemicals such as furnace oil (FO) and carbon
black feed stock oil (CBFS).  The company has been a consignment
agent for Essar Oil's FO since May 2008.

APPL reported, on provisional basis, a profit after tax (PAT) of
INR4.0 million on net sales of INR19,80.7 million for 2009-10,
against a PAT of INR4.0 million on net sales of INR1,210 million
for 2008-09.


CANARA BANK: Moody's Assigns (P)Baa2 Rating to Sr. Unsecured Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Baa2 long-
term foreign-currency rating to Canara Bank's proposed senior
unsecured notes under its US$1 billion updated medium-term note
programme to be issued through its London and Hong Kong branches.
The exact amount, coupon and maturity of the issuance have yet to
be decided.  The notes are expected to be listed on the Singapore
stock exchange.

                        Ratings Rationale

Canara Bank's Baa2 foreign-currency senior unsecured rating is
derived from its D+ bank financial strength rating, which maps to
a baseline credit assessment of Baa3, and Moody's assessment of a
very high probability of systemic support in the event of need.
The BFSR reflects the bank's significant franchise and market
presence throughout India, comfortable liquidity profile as well
as good profitability and adequate capitalization levels.

However, Moody's notes that the rating is constrained by the
bank's high single-party exposure concentration to the Indian
government through government securities, similar to other Indian
banks.  Canara Bank, as a majority government-owned bank, enjoys a
very high probability of systemic support in Moody's view, leading
to a one-notch rating uplift for the Baa2 long-term global local
currency deposit rating from its Baa3 BCA.

The bank's most recent (unaudited) results -- for the nine months
ending December 2010 -- point to a 24.2% year-on-year increase in
net profit to INR31.3 billion (US$699 million).  Moody's
attributes the increase in net profitability to rising net
interest income backed by strong loan growth (29%) and significant
improvements in net interest margins, despite the 17.6% decline in
non-interest income over the same period.

As the Indian economy resumed its high growth momentum, Canara
Bank's asset quality improved during the first nine months of
FY2011, resulting in higher recoveries and lower slippages into
non-performing loans.  The ratio of NPLs to gross loans (gross NPL
ratio) declined to 1.44% at end-December 2010, from 1.77% in the
previous year, while the net NPL ratio fell to 1.05% from 1.34%
over the same period.  Moody's notes that capitalization remained
adequate, with the total capital adequacy ratio under Basel II at
13.02% (including nine-month net profits CAR is estimated at
14.56%) and the Tier 1 ratio at 8.27% as of the end of December
2010.

The last rating action on Canara Bank was implemented on Jan. 27,
2010, when Moody's downgraded the rating on its upper Tier 2
subordinated notes to Ba1 from Baa3 and confirmed the Ba2 rating
on the perpetual hybrid Tier 1 notes.

Canara Bank, headquartered in Bangalore, had total assets of
INR2,981 billion (US$66.7 billion) as of the end of December 2010.


COLOURFLEX LAMINATORS: CRISIL Reaffirms 'BB' Rating on Term Loan
----------------------------------------------------------------
CRISIL ratings continue to reflect Colourflex Laminators Ltd's
weak financial risk profile, marked by high gearing and small net
worth, small scale of operations, and its exposure to intense
competition in the flexible packaging industry.  These rating
weaknesses are partially offset by CLL's diversified customer base
and long track record in the flexible packaging industry.

   Facilities                         Ratings
   ----------                         -------
   INR70 Million Cash Credit          BB/Stable (Reaffirmed)
   INR47 Million Rupee Term Loan      BB/Stable (Reaffirmed)
   INR25 Million Proposed LT Bank     BB/Stable (Reaffirmed)
                    Loan Facility
   INR45 Million Letter of Credit    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that CLL will continue to benefit from its
consistent track record in flexible packaging industry. The
outlook may be revised to 'Positive' in case CLL registers more-
than-expected growth in revenues and profitability while enhancing
its customer base, leading to better debt protection metrics and a
substantial improvement in its capital structure.  Conversely, the
outlook may be revised to 'Negative' if the company's operating
margin is adversely affected by raw material price volatility or
if its debt protection metrics deteriorate due to large, debt-
funded capital expenditure programmes.

Update

CLL's registered an increase of around 18% in its operating margin
year-on-year in 2009-10 (refers to financial year, April 1 to
March 31), in line with CRISIL's expectations. For the eight
months ended November 2010, the company has recorded an operating
income of around INR490 million.  The increase in sales was on
account of new orders from the export segment and other milk
dairies.  The company's operating margin has remained stable, at
around 10% for 2009-10 and the eight months ended November 2010.

CLL's operations remain working capital intensive in nature, with
gross current assets of around 160 days.  The company's
receivables period is around 80 days, while it stocks inventory
for around 45 days.  On account of its large working capital
requirements, the company's liquidity remains constrained. Company
has no major capex plans in medium term.

                    About Colourflex Laminators

CLL, a closely held public limited company, was incorporated in
1994.  It has a manufacturing unit in Mehsana (Gujarat).  The
company manufactures flexible packaging material in different
forms as per the requirements of its customers.  The packaging is
offered either in the form of rolls or pouches.  The company has a
capacity of around 250 tonnes per month.  The company derives its
revenues mainly from the fast-moving consumer goods segment and
has a well-diversified customer profile.

Colourflex reported a profit after tax (PAT) of INR 13 million on
net sales of INR509 million for 2009-10, against a PAT of INR 14
million on net sales of INR432 million for 2008-09.


COMET TECHNOCOM: CRISIL Assigns 'BB-' Rating to INR65MM Overdraft
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Comet Technocom Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR65.0 Million Overdraft          BB-/Stable (Assigned)
   INR5.0 Million Proposed LT Bank    BB-/Stable (Assigned)
          Loan Facility
   INR10.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect Comet's weak financial risk profile, marked by
low net worth, and weak debt protection measures.  The company's
large working capital requirements and low profitability have led
to weak debt protection metrics.  These rating weaknesses are
partially offset by the promoters' extensive experience and
Comet's established industry track record reflected in strong
customer relationships.

Outlook: Stable

CRISIL believes that Comet will benefit from its established
customer relations and the extensive experience of its promoters
over the medium term.  The outlook may be revised to 'Positive' in
case of significant increase in revenues and profitability,
leading to strengthening of the company's financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case
Comet's financial risk profile weakens, because of significant
decline in revenues and profitability, or decline in capital
structure caused by larger-than-expected debt-funded capital
expenditure, or a considerable stretch in the working capital
cycle.

                       About Comet Technocom

Comet was set up in 1992 by Mr. Deo Kishan Mohta for manufacturing
components for railway bogies and wagons.  The company located in
Howrah, West Bengal, manufactures brake beams, spring plank, air
brake pipe, strain disc hardware, shackle hardware, and metal
pockets, among others.  The company supplies its products to the
Indian Railways, and private wagon manufacturers such as Texmaco
Ltd, Titagarh Wagons Ltd, and Bharat Wagon & Engineering Company
Ltd.

Comet reported a profit after tax (PAT) of INR1.9 million on net
sales of INR290.9 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.5 million on net
sales of INR277.7 million for 2008-09.


DIGAMBER CAPFIN: CRISIL Reaffirms 'B+' Rating on INR15MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Digamber
Capfin Ltd continues to reflect DCL's exposure to increased
regulatory and legislative risks associated with the microfinance
sector and to the constrained funding environment across
microfinance institutions (MFIs).

   Facilities                            Ratings
   ----------                            -------

   INR90 Million Cash Credit Facility    B+/Stable
   (Enhanced from INR45 Million)
   INR15 Million Working Capital         B+/Stable (Reaffirmed)
         Demand Loan Facility

The rating also factors in DCL's limited experience and small
presence in the microfinance business, with regional concentration
in operations, and modest financial risk profile.  These rating
weaknesses are partially offset by DCL's sound asset quality.

Outlook: Stable

CRISIL believes that DCL will remain a relatively small player
within the MFI space over the medium term. Given DCL's limited
experience, its ability to grow its business and scale up systems
and processes to manage asset quality and operating expenses, are
yet to be demonstrated.  The outlook may be revised to 'Positive'
if the company improves its profitability, scales up its business,
strengthens its capitalization levels, and endorses the new
regulatory framework, while maintaining its asset quality.
Conversely, the outlook may be revised to 'Negative' if DCL is
unable to raise adequate funds to scale up its operations and meet
its liquidity requirements, or if its asset quality deteriorates
substantially, thereby impacting its capitalization levels.  DCL's
inability to move to the new regulatory framework may also
jeopardise DCL's business and thereby impact its credit risk
profile.

                      About Digamber Capfin

Incorporated in 1995, DCL is a non-deposit-taking, non-banking
financial company registered with the Reserve Bank of India. DCL
lends to joint-liability groups and provides top-up loans to
clients in and around Jaipur and five other districts of
Rajasthan.  It entered the microfinance business in 2007, prior to
which it was involved in two-wheeler financing.  As on Dec. 31,
2010, DCL had a borrower base of 11,695 members and a network of
11 branches. For 2009-10 (refers to financial year, April 1 to
March 31), DCL reported a profit after tax (PAT) of INR0.6 million
on a total income of INR12.3 million, against a PAT of INR0.4
million on a total income of INR10.8 million for the corresponding
period of the previous year. For the nine months ended Dec. 31,
2010, the company's net profit was INR0.7 million on a total
income of INR12.9 million.


GOENKA SHIKSHA: CRISIL Reaffirms 'D' Rating on INR66.9MM Term Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Goenka Shiksha Avam
Shodh Sansthan continues to reflect regular delays of about a week
to 15 days by GSASS in servicing its term loan because of weak
liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR66.9 Million Term Loan         D (Reaffirmed)

GSASS also has a weak financial risk profile since the trust
charges minimum fee from its students. However, the trust benefits
from its established industry presence and its regular financial
support from its trustees.

Update

GSASS's performance in 2009-10 (refers to financial year, April 1
to March 31) and in the current financial year has been in line
with CRISIL's expectation.  In 2009-10, the trust collected about
INR56 million in fees.  It undertook a capital expenditure (capex)
programme of about INR30 million in 2009-10 towards setting up
buildings and other amenities at its campus.  This was funded by
INR10.9 million of donations from trustees and the rest by
unsecured loans, also extended by trustees and entities owned by
them at a low interest rate of 7%.  These loans shall be paid only
after the bank loan is paid off.  The trust's liquidity is weak,
since it collects minimal fee from its students which results in
modest profits.  Though GSASS collects fee round the year from its
various institutes, majority of the fee is collected in April and
September, which leads to some cash flow mismatch.  It has
outstanding term loans of about INR66 million, for which, nine bi-
annual repayments are to commence in April 2011. The trust plans
to service these out of its fee collections, which CRISIL
believes, may be inadequate unless supported by a substantial
increase in student intake.  It is likely to rely on additional
funding from trustees.  The commencement of loan repayments is
expected to strain liquidity further.  There is no further capex
plan for the medium term.  CRISIL believes that GSASS's liquidity
shall remain constrained because of the trust's minimal
profitability and commencement of loan installments.

For 2009-10, GSASS reported a net profit of INR1.06 million on net
revenues of INR56.4 million, against a net profit of INR0.14
million on net revenues of INR41.9 million in the preceding year.

Set up in 1995 by Mr. S S Goenka, GSASS is a charitable and non-
profitable trust that operates four educational institutions:
Mohini Devi Mahila Mahavidyala, Goenka Public School, Goenka
College of Pharmacy, and Mohini Devi Goenka Girls B.Ed College.
All these institutes are in Sikar (Rajasthan).


GNG EXPORTS: CRISIL Assigns 'P4+' Rating on INR50 Million LOC
-------------------------------------------------------------
CRISIL has assigned its rating of 'P4+' on the bank facilities of
GNG Exports.

   Facilities                          Ratings
   ----------                          -------
   INR50 Million Letter of Credit      P4+ (Assigned)
   INR650 Million Packing Credit and   P4+ (Assigned)
   Bill Purchase-Discounting Facility

The ratings reflect geographical concentration in the firm's
revenues, working-capital-intensive operations, below-average
financial risk profile, and exposure to risks arising from adverse
changes in regulations or foreign exchange rates.  These
weaknesses are partially offset by the benefits that the firm
derives from its moderate risk management strategies and the vast
industry experience of its promoters.

GNG Exports was incorporated in 1993 in Kolkata by Mr. G N Agarwal
and his son Mr. Praveen Agarwal.  His other son, Mr. Vineet
Agarwal, joined the business in 2006.  The firm has been exporting
iron ore fines of grades 59-63 to China since 2004. Prior to that,
GNG Exports traded in minerals such as chrome, manganese,
limestone, ready-made garments, and agro-commodities such as rice,
sugar and wheat.  These were discontinued gradually, depending
upon demand-supply dynamics and changes in the regulatory
environment.

For 2009-10, GNG Exports reported a net profit of INR10.8 million
on net revenues of INR1.85 billion, as against a net profit of
INR4.1 million on net revenues of INR1.2 billion in the preceding
year.


JANKI DASS: CRISIL Assigns 'B-' Rating to INR70MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Stable' to the bank
facilities of Janki Dass Rice Mills.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit*       B-/Stable (Assigned)
   INR30 Million Packing Credit*    B-/Stable (Assigned)

The ratings reflect JDRM's weak financial risk profile because of
the highly working-capital-intensive nature of the rice industry,
and exposure to risks related to geographical and customer
concentration in revenue profile.  These rating weaknesses are,
however, partially offset by the extensive experience of the
promoters in the rice business, and healthy growth prospects for
the industry.

Outlook: Stable

CRISIL believes that JDRM will continue to benefit over the medium
term from its longstanding presence in the industry. However, the
firm's financial risk profile is expected to remain weak, during
this period, because of its highly working-capital-intensive
operations.  The outlook may be revised to 'Positive' if JDRM
improves its capital structure or operating margin, leading to
improvement in its financial profile.  Conversely, the outlook may
be revised to 'Negative' in case of any unfavorable change in
government policy for basmati rice exports, or if JDRM's working
capital requirements increase significantly leading to pressure on
the firm's financial risk profile.

                          About Janki Dass

Set up in 1986, JDRM is currently managed by Mr. Ravinder Kumar
and his brother Mr. Rajesh Kumar.  The firm processes basmati rice
(1121 grade) at its plant at Taraori in Karnal (Haryana).  JDRM
has a total owned capacity of 2 tonnes per hour (tph) and has
taken on lease a capacity of 2 tph from its group firm, Annapurna
Rice Mills. JDRM exports basmati rice to importers in Dubai, Saudi
Arabia, and Iran.  The firm derives around 25% of its revenues
from trading in rice, which is purchased from Punjab, Haryana, and
New Delhi and then sold in the export market.

JDRM reported a book profit of INR2.2 million on net sales of
INR633.7 million in 2009-10, as against a book profit of INR0.8
million on net sales of INR266.5 million in 2008-09.


KARAN KOTHARI: Fitch Assigns National Long-Term Rating at 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned India's Karan Kothari Jewellers Pvt Ltd
a National Long-Term rating of 'B+(ind)' with Stable Outlook.
Fitch has also assigned ratings to KKJPL's instruments:

  -- INR220m fund-based cash credit limits: 'B+(ind)'; and
  -- INR50m non-fund based limits: 'F4(ind)'.

The ratings factor in KKJPL's robust sales growth and credit
metrics.  Its revenues have grown at a CAGR of 35% over four years
to INR850m in FY10.  The ratings are constrained by KKJPL's
relatively small size of operations and its fully utilised working
capital limits.  At FYE10, the company's leverage (total adjusted
debt/EBITDAR) was 6.64x and interest coverage (EBITDAR/gross
interest + rent) was 1.43x.

Furthermore, KKJPL has had negative cash flow from operations over
the past three years mainly due to its high inventory position of
around 180 days during this period, making the business highly
working capital intensive.

Fitch notes that the company plans to undertake an INR7.5 million
to INR10 million capex during 2011-2012 to add floor space to its
existing flagship jewellery showroom located at Nikalas Mandir
Road, Itwari, Nagpur.  This showroom premise is owned by its
sponsors, and the company pays rent for the same.

KKJPL is conceptualizing new showrooms in West Nagpur.  These
expansions have not been factored into the ratings.  The capex
would be funded through equity infusion from the sponsors.

A negative rating action may be triggered by a sustained increase
in KKJPL's leverage levels to beyond 7.5x due to margin
contraction or working capital cycle lengthening.  Any sustained
deterioration in interest coverage to below 1x would also act as a
negative rating guideline.  Positive rating guidelines include
KKJPL's higher EBITDAR margins of 5.5% along with a total adjusted
debt/operating EBITDAR of below 6.0x and a sustained, significant
improvement in interest coverage to above 2.0x.

KKJPL, formerly known as M/s Karan Jewellers, was started by Smt
Sheela Kothari in 1988.  It was converted into a corporation in
2004.  The company is primarily engaged in the trading of gold,
silver and diamond jewellery.  In FY10, the company had revenues
of INR850 million (FY09: INR591 million), EBITDAR of INR32.22
million (FY09: INR26m) and a net profit of INR21.67 million (FY09:
INR4.7 million).


KUMAR ASHIS: CRISIL Assigns 'B-' Rating on INR45MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to Kumar Ashis
Projects Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR15.0 Million Cash Credit Limit    B-/Stable (Assigned)
   INR45.0 Million Term Loan            B-/Stable (Assigned)
   INR120.0 Million Packing Credit      P4 (Assigned)
   Limit (PCL)/ Packing Credit
   Foreign Currency (PCFC)
   INR245.0 Million Letter of Credit    P4 (Assigned)
   INR10.0 Million Bank Guarantee       P4 (Assigned)
   INR45.0 Million Proposed ST Bank     P4 (Assigned)
           Loan Facility

The ratings reflect KAPL's weak liquidity, average financial risk
profile, marked by weak debt protection metrics, moderate gearing
and small net worth, and exposure to risks related to intense
competition in the synthetic leather industry, and small scale of
operations.  These rating weaknesses are partially offset by
KAPL's diversified customer and end-user industry profile.

Outlook: Stable

CRISIL expects KAPL to maintain a stable business profile on the
back of established customer base and a diversified end user
industry base.  The financial risk profile is however expected to
remain weak due to low profitability and moderate gearing.  The
outlook may be revised to 'Positive' if the company registers more
than expected profitability resulting in higher cash accruals and
hence improvement in its financial risk profile.  Conversely, the
outlook maybe revised to 'Negative' if lower than expected cash
accruals or debt-funded capex puts pressure on company's financial
risk profile.

                         About Kumar Ashis

Incorporated in 1982, KAPL manufactures polyvinyl chloride (PVC)-
coated fabric, also known as synthetic leather, which is used in
upholstery, footwear and automotive.  Exports contribute around
70% to the company's revenues.

KAPL's plant in Faridabad (Haryana) has capacity of 0.85 million
metres per month.  The plant is currently utilised at around 76%.
The company is listed on Delhi Stock Exchange and Lucknow Stock
Exchange.

KAPL has plans to merge with its group company, Manish Vinyls Pvt
Ltd, and is obtaining approvals from regulatory bodies.

KAPL reported a profit after tax (PAT) of INR1.6 million on net
sales of INR516 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR5.8 million on net sales
of INR445 million for 2008-09.


MAHESH KUMAR: CRISIL Assigns 'LB+' Rating to INR4.13cr Term Loan
----------------------------------------------------------------
ICRA has assigned the 'LB+' rating to the INR4.13 crore term loan
facilities, 6.00 crore fund based facilities and the INR1.30 crore
non fund based facilities of Mahesh Kumar Spinning Mills Private
Limited.  ICRA has also assigned the 'A4' rating to the INR0.75
crore non fund based limit facilities of the company.

The ratings take into the account the company's small scale of
operations restricting economies of scale and financial
flexibility.  The ratings also take into account the company's
stressed liquidity profile characterized by low accruals, high
gearing and weak coverage indicators.  The ratings also take into
account the high client concentration and lack of pricing power
which exposes the company to fluctuation in raw material prices.
The ratings take note of the experience of the promoters in
textile industry.

Mahesh Kumar Spinning Mills Private Limited is primarily engaged
in the manufacture of grey fabric.  Incorporated in 2002, the
Company has an installed capacity of 14,112 spindles and 90
knitting machines.  MKSMPL's manufacturing facility is located in
Thandukaranpalayam, near Coimbatore (Tamil Nadu).

The promoter and his family hold 97.5% of stake in the company and
rest is held by promoter friends and relatives.  The promoter of
MKSMPL also has interest in Makesh Kumar Mills and Hotel MKM
Classic.  Makesh Kumar Mills engaged in the trading of grey cloth
and garments.

Recent Results

The company reported a profit before tax of INR1.0 crore on
operating income of INR 30.1 crore for the nine month ending
December 31,2010, against profit before tax of INR 0.14 crore on
operating income of INR26.7 crore for the year ended March 31,
2010.


NICKUNJ EDM: Fitch Affirms National Long-Term Rating at 'B+'
------------------------------------------------------------
Fitch Ratings has affirmed India's Nickunj EDM Wires & Consumables
Private Ltd's National Long-Term rating at 'B+(ind)'.  The Outlook
is Stable.  Fitch has also affirmed the ratings on NEWCL's bank
loan facilities:

  -- Outstanding INR7.1m term loans: 'B+(ind)';
  -- INR30m fund-based working capital limits: 'B+(ind)'; and
  -- INR40m non-fund based working capital limits: 'F4(ind)'.

The affirmations factor in NEWCL's presence in a niche product
market and a strong customer base, supported by moderate credit
metrics.  The ratings also factor in the company's improved
profitability in FY10 (end-March 2010) with EBITDA margin at 11.9%
(FY09: 9.3%), which, however, is partially offset by the fall in
its revenues by 7.6% yoy during the year.  Fitch notes that
NEWPL's market leadership position will strengthen further as it
more than doubles its electronic discharge machining wires
manufacturing capacity by end-FY11, which would benefit its
ratings.

The ratings are however constrained by NEWCL's very small size of
operations, which increases the risk that commodity price
volatility may impact the company's margins, as well as by its
short track record in the manufacturing of EDM wires.  Although
the company does try to hedge its forex exposure by taking forward
covers for all transactions to mitigate the impact of forex
volatility, the customer concentration risk can still have a
negative impact on the company's turnover and profitability.

Furthermore, the company's cash flows from operations turned
negative in FY10 to INR56.2 million (FY09: INR10.3 million) due to
its significantly high working capital requirements of INR65.5
million during the year.  This resulted in higher debt levels, and
thus deterioration of NEWCL's credit metrics.  In FY10, NEWCL's
leverage deteriorated to 3.2x (FY09: 1.1x) and interest coverage
to 2.9x (FY09: 3.9x).  However, the equity infusion of INR15
million by its promoters in FY10 helped moderate its debt levels.

Positive rating guidelines include a sustained increase in NEWCL's
turnover, supported by stable profitability and interest coverage
(operating EBITDA/ gross interest expense) of 3x or more.  On the
other hand, any deterioration in the company's liquidity and
profitability or any additional debt impacting the interest
coverage may be negative for the ratings.

NEWCL, part of the Nickunj Group, was incorporated in 2008 for the
manufacture of EDM wires and consumables, which are used in the
machining and ceramics industry.  In FY10, NEWCL reported revenues
of INR150.9 million (FY09: INR163.3 million) and EBITDA of
INR18 million (FY09: INR15.2 million).  Its total debt was
INR67.7 million in FY10.


NICKUNJ EXIMP: Fitch Affirms National Long-Term Rating at 'B+'
--------------------------------------------------------------
Fitch Ratings has affirmed India's Nickunj Eximp Enterprises
Private Limited's National Long-Term rating at 'B+(ind)'.  The
Outlook is Stable.  Fitch has also affirmed the ratings on NEEPL's
bank loan facilities:

  -- Outstanding INR3.4m term loans: 'B+(ind)';

  -- INR180m fund-based working capital limits (enhanced from
     INR81.9m): 'B+(ind)'; and

  -- INR160m non-fund based working capital limits (enhanced from
     INR130m); 'F4(ind)'.

The affirmations factor in NEEPL's strong revenue growth in FY10
by 53% yoy to INR863.8m.  The ratings also factor in the company's
diversified presence in niche product categories like aerospace,
defense, abrasives, graphite and ceramics, as well as in its
strong customer base including several government organizations.
The long track record and existing customer relationships with the
Indian Government and private bodies also benefit the ratings.

However, the ratings are constrained by deterioration in NEEPL's
profitability to 4.08% in FY10 (FY09: 6.64%), which resulted in a
lower-than-expected improvement in its leverage with net debt/
EBITDA at 4.3x during the year (FY09: 5.1x).  The ratings are also
constrained by the company's very small size of trading operations
and thin margins.  In addition, the ratings factor in NEEPL's high
working capital requirements, which could impact liquidity, and
the operational constraints involved in the trading of over 4,000
products.  Although the company does try to hedge its forex
exposure by taking forward covers for most transactions to
mitigate the impact of forex volatility, the customer
concentration risk can still have a negative impact on the
company's turnover and profitability.

Fitch also notes that a decline in demand owing to technological
obsolescence of certain products or impact of international
competition can put pressure on NEEPL's profitability.  However,
this downside risk is partly offset by the company's niche product
profile, which is highly technological, as well as by the long-
standing supplier arrangements for its products.

Positive rating guidelines include sustained revenue growth with
stable profitability, and significant improvement in liquidity
situation resulting in leverage of 4.5x.  On the other hand, any
deterioration in liquidity and profitability or any large debt
resulting in sustained leverage levels (net debt/ EBITDA) of over
6x may impact the ratings negatively.

NEEPL, the flagship company of the Nickunj Group, was incorporated
in 1986 for the trading of a diversified product portfolio,
including products that have applications in sectors such as
aerospace, defence, abrasives, graphite and ceramics.  In FY10,
NEEPL's EBITDA was INR35.2 million (FY09: INR37.4 million) and net
income was INR16.6 million (FY09: INR10.8 million).


OM KAILASH: ICRA Assigns 'LB+' Rating to INR8cr Cash Credit
-----------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR 8.00 crore cash
credit facility & INR 0.17 crore term loan facility of Om Kailash
Cotton.

The rating is constrained by the weak financial profile of the
firm as reflected by thin operating and net margins due to
inherently low value addition in the business and highly stretched
capital structure as a result of high working capital borrowings.
The  rating  further  takes  note  of  the  firm's  small  scale
of operations which limits scale economies.  The rating also
incorporates lack of diversification in the product profile and
susceptibility of the cotton prices to seasonality and regulatory
risks which together with the highly competitive industry
environment further exerts pressure on margins.

The ratings however considers the experience of the promoter in
the cotton ginning industry and advantage by virtue of its
location in cotton producing region giving it easy access to raw
cotton.

Om Kailash Cotton was incorporated in 2006.  The firm is involved
in the ginning & pressing of raw cotton and commenced operations
in 2007. OKC deals in S-6 variety of cotton.  The factory is
located at Botad, Gujarat with an intake capacity of around 120 MT
per day.  The business is owned and managed by Madhav S.
Zanjrukiya and his family members.

Recent Results

During FY 2010, the firm reported a profit after tax of INR0.17 Cr
on an operating income of INR 48.30 Cr.


ORIENT STEEL: ICRA Assigns 'LBB+' Rating to INR19.25cr Limits
-------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the Rs 19.25 crore fund
based working capital limits (including proposed limits of Rs 3.75
crore) of Orient Steel & Industries Limited.  The outlook on the
long term rating is stable.  ICRA has also assigned an A4+
(pronounced A four plus) rating to the INR10.75 crore non-fund
based bank limits of OSIL.

The ratings take into account the experience of the promoters in
the steel industry, favorable demand outlook for the products
manufactured by the company driven by the positive outlook for the
construction sector and the planned investment in the railway
infrastructure in India, both of which account for the majority of
the company's sales.  ICRA also notes the improvement in operating
profitability of the company in FY 2010, backed by savings in fuel
cost and a reduction in employee costs.  However, despite the
improvement, the company's profitability remains low on an
absolute level.  The ratings also factor in the low levels of
capacity utilization of the facilities, weak financial risk
profile of the company characterized by high gearing and depressed
coverage indicators and lack of any backward integration, which
exposes the company's cash flow and profits to fluctuation in raw
material prices, and the high working capital requirements that
exerts pressure on the liquidity position of the company. While
assigning the ratings, ICRA has also considered the capital
expenditure plan for setting up the cold rolled formed sections
unit at Faridabad, which exposes the company to project execution
risks.

                          About Orient Steel

OSIL is a Kolkata-based company promoted by the Rajgharia group
and is primarily engaged in the rolling of hot- rolled (HR) steel
strip & cold- rolled (CR) steel strip at its Faridabad plant, with
an annual capacity of 75,000 MT for HR strip and 13,000 MT for CR
strip. OSIL also has a foundry unit in Liluah, West Bengal, with a
24,000 MT annual capacity that manufactures cast products like
wagon under-carriage, bogey couplers and CMS Crossings for Indian
Railways and private wagon manufacturers.

Recent Results

In 2009-10, OSIL reported an operating income of INR120.10 crore
and net profit of INR2.09 crore as against an operating income of
INR116.12 crore and net profit of INR1.08 crore in 2008-09.


PRASANNA POWER: CRISIL Upgrades Rating on INR235MM LT Loan to 'B+'
------------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Prasanna
Power Ltd to 'B+/Stable' from 'D'.

   Facilities                           Ratings
   ----------                           -------
   INR235.00 Million Long-Term Loan     B+/Stable (Upgraded from
                                        'D')
   INR5.50 Million Cash Credit          B+/Stable (Upgraded from

The upgrade follows timely servicing of debt by PPL over the six
months through January 2011.  PPL's promoters extended unsecured
loans of INR17.5 million to the company to ensure timely repayment
of term debt, and to fund the cost overrun of INR18.0 million.
The upgrade also factors in CRISIL's belief that PPL will generate
sufficient cash accruals to service its debt over the medium term,
on the back of steady revenues from power generation.

The rating reflects PPL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and
exposure to hydrology risks.  These rating weaknesses are
partially offset by PPL's revenue stability because of the
company's long-term, fixed-price, power purchase agreement (PPA)
with Bangalore Electricity Supply Company Ltd, and the extensive
experience of PPL's promoters in the power generation industry.

Outlook: Stable

CRISIL believes that PPL will continue to benefit over the medium
term from its steady cash accruals from power generation. The
outlook may be revised to 'Positive' if there is a significant and
sustained increase in the company's cash flows, leading to
improvement in its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if PPL's cash flows are
adversely affected by unplanned outages or prolonged drought in
the Aniyur River resulting in a low plant load factor for the
company's power generating unit, or if its capital structure
weakens because of larger-than-expected debt-funded capital
expenditure.

                        About Prasanna Power

PPL, incorporated in 1998, generates electricity from its mini-
hydroelectric power plant on the Aniyur River in Belthangadi Taluk
of the Dakshin Kannad District (Karnataka).  The run-of-the-river
plant has a total power generation capacity of 6 megawatt.  PPL
commenced commercial production in August 2009.  There was also a
cost overrun of INR18.0 million, increasing the cost of the
project to INR461.5 million; the promoters have extended unsecured
loans to the company to partly fund the overrun.  PPL is a
subsidiary of International Power Corporation Ltd, which was
promoted by Mr. George Sakellaris, an American resident with
around four decades of experience in the power sector.

PPL was allotted the project on a build-own-operate-and-transfer
basis by the Government of Karnataka for a period of 30 years. PPL
has entered into a PPA with BESCOM for offtake of the entire power
output.

PPL reported a net loss of INR17.25 million on operating revenues
of INR13.35 million for 2009-10 (refers to financial year, April 1
to March 31).


RUKMANI POWER: CRISIL Upgrades Rating on INR225.8MM Loan to 'BB+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on Rukmani Power and Steel Ltd's
bank facilities to 'BB+/Stable' from 'BB/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR225.8 Million Term Loan        BB+/Stable
                                     (Upgraded from 'BB/Stable')

   INR30.0 Million Cash Credit       BB+/Stable
                                     (Upgraded from 'BB/Stable')

The upgrade reflects CRISIL's expectation of improvement in RPSL's
financial risk profile on the back of its sustained cash accruals
leading to improvement in debt protection metrics.  RSPL's net
cash accruals to total debt (NCATD) and interest coverage are
estimated to be at 0.48 times and 5.1 times respectively for the
year 2010-11, which has improved from 0.23 times and 1.9 times
respectively in 2008-09.  Going ahead, RSPL's financial risk
profile is expected to comfortable for the rating category,
despite its debt funded capital expenditure programme for
increasing its installed capacity for bio-mass power plant, on
back of its high profitability and low gearing. The rating is
however, constrained on account of the implementation risks of the
proposed capex programme of the company.

The rating continues to reflect RPSL's customer concentration in
revenue profile leading to limited pricing power.  These rating
weaknesses are partially offset by RPSL's stable revenues,
supported by its long-term power purchase agreement (PPA) with
Chhattisgarh State Electricity Board.

Outlook: Stable

CRISIL believes that RPSL will continue to generate stable
revenues over the medium term, supported by its long-term PPA with
CSEB.  The outlook may be revised to 'Positive' if RPSL's
financial risk profile improves significantly, most likely because
of improved operating efficiency leading to lower cost of
production, or if the company's net worth increases significantly.
Conversely, the outlook may be revised to 'Negative' if CSEB
delays payments to RPSL, thereby adversely affecting RPSL's
liquidity, or if RPSL undertakes any new large, debt-funded
capital expenditure programme, thereby weakening its capital
structure.

                        About Rukmani Power

Incorporated in April 2004, RPSL is a closely held public limited
company, promoted by Mr. Lakhiram Agrawal, Mr. Brijmohan Agrawal,
and Mr. Sanjay Agrawal.  The company has a 10-megawatt bio-mass
power plant, which commenced operations in 2006, with a 6-tonne
heat induction furnace for manufacturing billets.  The billet
plant has been shut down since October 2008 because of weak
demand.  The company plans to rent out the induction furnace from
April 2010 onwards.

RPSL reported a profit after tax (PAT) of INR8.2 million on net
sales of INR247.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.9 million on net sales
of INR275.7 million for 2008-09.


SALVI CHEMICAL: CRISIL Cuts Rating on Cash Credit to 'BB'
---------------------------------------------------------
CRISIL has downgraded its term ratings on the bank facilities of
Salvi Chemical Industries Ltd (SCIL, part of the Salvi Chemical
group) to 'B/Negative/P4' from 'BB/Stable/P4+'.

  Facilities                         Ratings
  ----------                         -------
  INR60.0 Million Cash Credit Limit  B/Negative
                                     (Downgraded from 'BB/Stable')

  INR57.0 Million Term Loan          B/Negative
                                     (Downgraded from 'BB/Stable')

  INR195.0 Million Letter of Credit  P4 (Downgraded from 'P4+')

  INR0.5 Million Bank Guarantee      P4 (Downgraded from 'P4+')

The downgrade reflects the Salvi Chemical group's weak liquidity
as a result of its working-capital-intensive operations arising
out of its long receivables cycle.  The downgrade also reflects
the expected deterioration in the group's financial risk profile
because of its large, planned, debt-funded capital expenditure
programme (capex) for the medium term.

The ratings continue to reflect the Salvi Chemical group's modest
financial risk profile marked by small net worth and moderate debt
protection metrics, and susceptibility to delays in realization of
debtors.  These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the
pharmaceutical industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SCIL and Nutracare International,
collectively referred to, herein, as the Salvi Chemical group.
This is because both entities are under a common management and in
similar lines of business, with operational and financial
linkages.

Outlook: Negative

CRISIL believes that the Salvi Chemical group's financial risk
profile will deteriorate over the medium term on account of the
proposed debt funded capex and also on account of the long
receivables cycle of the group, which is funded by debt.  The
ratings may be downgraded if the group's financial risk profile
weakens further on account of its stretching of its liquidity,
most likely because of larger-than-expected debt-funded capex or a
further stretch in its receivables cycle.  Conversely the outlook
may be revised to 'Stable' if there is fund infusion in the group,
leading to improvement in its financial risk profile.

                          About the Group

SCIL was set up as a partnership firm in 1978 by Mr. Kantilal
Salvi and his family members.  In 2005-06 (refers to financial
year, April 1 to March 31), the firm was reconstituted as a
closely held public limited company, with Mr. Kantilal Salvi and
his sons, Mr. Nirav Salvi and Mr. Kaushal Salvi, as the key
management personnel.  The company manufactures chemical and
pharmaceutical products. SCIL has its registered office in Mumbai
(Maharashtra), while its plants are in Boisar (Maharashtra).

Nutracare International, which was set up in 2000 as a
proprietorship firm by Mr. Kaushal Salvi, also manufactures
chemical and pharmaceutical products.

SCIL reported a profit after tax (PAT) of INR61 million on net
sales of INR867 million for 2009-10, against a PAT of INR12
million on net sales of INR626 million for 2008-09.


SAINOR LIFE: ICRA Assigns 'LB' Rating to INR15cr FB Limits
----------------------------------------------------------
ICRA has assigned 'LB' ratings to the INR15.00 crore fund based
limits of Sainor Life Sciences Private Limited.  In addition, ICRA
has also assigned 'A4' rating to the INR3.00 crore non-fund based
limit of the company.

The ratings assigned by ICRA take into account the stretched
liquidity position of the company due to delays in commissioning
of the manufacturing unit.  The company is yet to start full scale
commercial production hence the lack of cash inflows and ongoing
expenses result in tight liquidity in short term for the company.
The ratings however draw comfort from the fact that this company
is a part of Hyderabad based Sainor Group and part of its capacity
will be utilized as backward integration for group company -
Sainor Pharma Private Limited; which to some extent mitigates
demand risk for company's products.

Sainor Life Sciences Private Limited is a Sainor Group company
which is setting up a plant in Jawaharlal Nehru Pharma City,
Vishakhapatnam District of Andhra Pradesh for production of API/
intermediates.


SRINIVASA SOYA: CRISIL Cuts Rating on INR125MM LT Loan to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Srinivasa Soya Pvt Ltd to 'B-/Negative' from 'B/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR125.0 Million Long-Term Loan    B-/Negative
                                      (Downgraded from 'B/Stable')

   INR120.0 Million Cash Credit       B-/Negative
                                      (Downgraded from 'B/Stable')

   INR5.0 Million Proposed LT Loan    B-/Negative
                                      (Downgraded from 'B/Stable')

The downgrade reflects deterioration in SSPL's liquidity and
financial profile, marked by net losses and negative net worth.
SSPL reported a net loss of INR 48 million for 2009-10 (refers to
financial year, April 1 to March 31), leading to negative cash
accruals and net worth.  The company is expected to report
marginal net profit in 2010-11 (refers to financial year, April 1
to March 31).  The downgrade also reflects lower than expected
revenues, operating margins and cash accruals for SSPL and
CRISIL's belief that the company's liquidity will continue to
remain constrained due to inadequate internal cash flows to
service the term debt obligations and high dependence on
promoters' funds to ensure timely debt servicing.

The ratings reflect SSPL's below-average financial risk profile,
marked by negative net worth and weak debt protection measures,
and exposure to risks related to volatility in soya prices,
unfavorable government policies, small scale of operations,
fragmentation in the industry and stabilization of operations.
The impact of these weaknesses is mitigated by the benefits that
the company derives from its promoters' experience in the edible
oil industry.

Outlook: Negative

CRISIL believes that SSPL's liquidity will remain constrained over
the medium term due to lower than expected revenues and cash
accruals.  Consequently, the company will have to rely on promoter
funding to support the operations and ensure timely debt
servicing.  The rating will be downgraded in case of further
deterioration in liquidity, leading to delays in repayment of term
debt obligations.  Conversely, the outlook may be revised to
'Stable' if the company achieves significant and sustainable
growth in revenues and accruals, and improves its capital
structure.

                        About Srinivasa Soya

Incorporated in 2008 by Mr. B Ramarao, Mr. Ajay Singh Parmar, and
Mr. Amitabh Pohekar, SSPL has set up a soya solvent extraction
plant in Karanji (Maharashtra), with a capacity to crush 500
tonnes of soya seeds per day.  The company commenced production in
September 2009. Mr. B Ramarao has other businesses in construction
and infrastructure segments, while Mr. Ajay Singh Parmar and
Mr. Amitabh Pohekar have experience in the edible oil industry.

SSPL reported a net loss of INR48 million on net sales of INR209
million for 2009-10 (refers to financial year, April 1 to
March 31).


TECHNOCON SERVICES: CRISIL Assigns 'BB+' Rating to Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Technocon Services.

   Facilities                          Ratings
   ----------                          -------
   INR50.00 Million Cash Credit        BB+/Stable (Assigned)
   INR10.00 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect Technocon's small net worth, and exposure to
risks related to small scale of operations and geographical, and
client concentration in its revenue profile.  Technocon also has
large working capital requirements, marked by high debtors.  These
rating weaknesses are partially offset by Technocon's comfortable
financial risk profile, marked by low gearing and strong debt
protection metrics.

Outlook: Stable

CRISIL believes that Technocon will benefit from its promoters'
extensive industry experience, over the medium term. The outlook
may be revised to 'Positive' if Technocon improves its business
risk profile by diversifying its customer base, and significantly
scaling up operations and improving its margins.  Conversely, the
outlook may be revised to 'Negative' if Technocon undertakes any
larger-than-expected debt-funded capital expenditure programme,
thereby weakening its capital structure, or reports any
significant decline in revenues and operating profitability.

                     About Technocon Services

Set up in 1982, Technocon is a partnership firm that mainly
operates in West Bengal.  It is an engineering service provider
for Kirloskar Oil Engines Ltd for major part of West Bengal
region.  It also undertakes pipe laying projects for Garden Reach
Shipbuilders and Engineers Ltd, and maintenance services of
cellular towers for Indus Tower Ltd.

Technocon reported a profit after tax (PAT) of INR17.5 million on
net sales of INR206.9 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR14.4 million on
net sales of INR163.5 million for 2008-09.


TRV GLOBAL: CRISIL Reaffirms 'P4' Rating on INR80MM Packing Credit
------------------------------------------------------------------
CRISIL's rating on TRV Global Exports Pvt Ltd's bank facilities
continues to reflect TRV's below-average financial risk profile
marked by high gearing and weak debt protection because of its
working-capital-intensive operations.

   Facilities                               Ratings
   ----------                               -------
   INR80.00 Million Export Packing Credit   P4 (Reaffirmed)
   INR10.00 Million Bill Discounting        P4 (Reaffirmed)

The rating also factors TRV's exposure to intense competition in
the granite industry, and susceptibility of its operating margin
to volatility in foreign exchange rates.  These rating weaknesses
are partially offset by the benefits that TRV derives from its
promoters' experience in the granite exports business.

Update

TRV's sales in 2009-10 (refers to financial year, April 1 to
March 31) have been below CRISIL's expectations by 30% on account
of logistics issues the company faced in shipping its rough
granite blocks to its export clients. However, the company's sales
in 2010-11 are expected to improve in line with CRISIL's
expectations.  TRV's profitability improved marginally during
2009-10 on account of a marginal increase in sales of rough
granite blocks vis-a-vis trading volumes of rough granite blocks.
The company's liquidity remains constrained because of the long
inventory holding period of four to five months and a long
operating cycle of over 90 days.  This has resulted in fully
utilized bank lines for the 12 months ending December 31, 2010.
The company does not have any capex plans over the medium term.
TRV reported a profit after tax (PAT) of INR3.0 million on net
sales of INR13.7 million for 2009-10, against a PAT of INR1.3
million on net sales of INR109.5 million for 2008-09.

                         About TRV Global

TRV was set up as a partnership firm in 1999 by Mr. N Shivakumar,
and was reconstituted as a private limited company in 2007. TRV
exports granite blocks and slabs.  The company is based in
Chennai.  TRV exports rough granite blocks to China, Taiwan, and
Italy.  The company owns one quarry in Karimnagar (Andhra
Pradesh).  The promoter has other group entities which are into
quarrying and trading in rough granite blocks - Ganesh Granites
(rated B/Stable/P4 by CRISIL) and Dhanesh Impex Pvt Ltd (rated
B/Stable/P4 by CRISIL).  All the entities are managed
independently.


UNIJULES LIFE: CRISIL Reaffirms 'BB+' Rating on Cash Credit
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Unijules Life Sciences Ltd (Unijules; part of the Unijules group).
The ratings continue to reflect the group's aggressive growth
plans and large working capital requirements, leading to pressure
on its liquidity.  These weaknesses are partially offset by the
Unijules group's well-diversified revenue profile, strong brand
equity in herbals division, and healthy revenue growth.

   Facilities                           Ratings
   ----------                           -------
   INR650.00 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR351.90 Million Long-Term Loan     BB+/Stable (Reaffirmed)
   INR163.10 Million Proposed LT Bank   BB+/Stable (Reaffirmed)
             Loan Facility
   INR67.50 Million Bank Guarantee/     P4+ (Reaffirmed)
            Letter of Credit

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of Unijules and Unijules' majority-
owned subsidiary, ZIM Laboratories Ltd.  This is because both
companies, together referred to as the Unijules group, have common
promoters and management, and are in similar lines of business.

Outlook: Stable

CRISIL believes that Unijules group's debt protection metrics are
expected to remain moderate over the medium term.  The outlook may
be revised to 'Positive' if the group's liquidity improves, on the
back of improvement in its working capital management or equity
infusion.  Conversely, the outlook may be revised to 'Negative' if
the group's capital structure deteriorates or its debt protection
metrics decline.

                         About Unijules Life

Unijules was set up in 2006, when the business of H Jules &
Company Ltd was transferred to it; it also acquired all the assets
of Universal Medicaments Pvt Ltd at this time.  In 2007-08 (refers
to financial year, April 1 to March 31), the company acquired a
50.2% stake in ZIM Labs, which was earlier held directly by the
group's promoters.  The group has a presence in manufacturing and
marketing of herbal and allopathic drugs (all forms, including
solids, liquids, semisolids, powder and parenterals).

For 2009-10, Unijules reported a profit after tax (PAT) of INR126
million on net sales of INR1.98 billion, as against a PAT of INR81
million on net sales of INR1.64 billion for 2008-09.


YASH AUTOMOTIVE: CRISIL Rates INR200 Million Cash Credit at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Yash Automotive Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR200.0 Million Cash Credit Limit   BB-/Stable(Assigned)

The rating reflects YAPL's weak financial risk profile, marked by
small net worth, weak debt protection metrics, and high total
outside liabilities to tangible net worth ratio, and its exposure
to risks related to intense competition in the automobile (auto)
dealership market and supplier concentration in its revenue
profile.  These weaknesses are partially offset by YAPL's long
standing presence in the automobile dealership business.

Outlook: Stable

CRISIL believes that YAPL will continue to benefit over the medium
term from its long standing presence in the auto dealership
business. Its financial risk profile will, however, remain weak on
account of large working capital requirements.  The outlook may be
revised to 'Positive' in case of significant improvement in the
company's financial risk profile, driven by fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of an
increase in the number of Tata Motors Ltd dealerships, or in case
YAPL's financial risk profile deteriorates, due to a large, debt-
funded capital expenditure programme.

                       About Yash Automotive

YAPL was incorporated in 2002 by Mr. Sanjeev Kumar.  It is an
authorised dealer of TML's commercial vehicles in Mirzapur, Badohi
and Sonbhadra (all in Uttar Pradesh).  It operates two showrooms,
five extension counters, and two workshops.

YAPL has also received approval from TML for passenger car
dealerships in Mirzapur and Badohi; they are expected to be
operational by March 2011.

YAPL reported a profit after tax (PAT) of INR6.1 million on net
sales of INR1092 for 2009-10 (refers to financial year, April 1 to
March 31), as against a PAT of INR0.2 million on net sales of
INR823 million for 2008-09.


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


EAST STREET: Moody's Downgrades Ratings on Various Notes
--------------------------------------------------------
Moody's Japan K.K. has downgraded its ratings on the Series 1
Class A, B, C, D, E, Series 2 Class X2, X1, and A notes issued by
East Street Referenced Linked Notes 2002-1 and the Class X1, A, B,
and C notes issued by East Street Referenced Linked Notes 2004-1.

Details are:

Deal Name: East Street Referenced Linked Notes 2002-1 Series 1

(1) JPY10.0 billion Class A Notes, downgraded to Baa2 (sf);
    previously, A2 (sf) placed under review for possible
    downgraded on January 11, 2011

(2) JPY6.0 billion Class B Notes, downgraded to Ba3 (sf);
    previously, Baa3 (sf) placed under review for possible
    downgraded on January 11, 2011

(3) JPY5.0 billion Class C Notes, downgraded to Caa2 (sf);
    previously, B1 (sf) placed under review for possible
    downgraded on January 11, 2011

(4) JPY1.5 billion Class D Notes, downgraded to Caa3 (sf);
    previously, Caa1 (sf) placed under review for possible
    downgraded on January 11, 2011

(5) JPY500 million Class E Notes, downgraded to Caa3 (sf);
    previously, Caa2 (sf) placed under review for possible
    downgraded on January 11, 2011

Deal Name: East Street Referenced Linked Notes 2002-1 Series 2

(1) JPY15.0 billion Class X2 Notes, downgraded to Aa1 (sf);
    previously, Aaa (sf) placed under review for possible
    downgraded on January 18, 2011

(2) JPY9.0 billion Class X1 Notes, downgraded to A2 (sf);
    previously, A1 (sf) placed under review for possible
    downgraded on January 18, 2011

(3) JPY4.875 billion Class A Notes, downgraded to Ba1 (sf);
    previously, Baa2 (sf) placed under review for possible
    downgraded on January 18, 2011

Deal Name: East Street Referenced Linked Notes 2004-1

(1) JPY18.75 billion Class X1 Notes, downgraded to A2 (sf);
    previously, Aa2 (sf) placed under review for possible
    downgraded on January 11, 2011

(2) JPY7.5 billion Class A Notes, downgraded to Ba3 (sf);
    previously, Baa3 (sf) placed under review for possible
    downgraded on January 18, 2011

(3) JPY3.75 billion Class B Notes, downgraded to Caa2 (sf);
    previously, B2 (sf) placed under review for possible
    downgraded on January 18, 2011

(4) JPY3.0 billion Class C Notes, downgraded to Caa3 (sf);
    previously, Caa2 (sf) placed under review for possible
    downgraded on January 18, 2011

These transactions are structured finance CDO referencing ABS,
RMBS, CMBS, and CDO assets, more than 70% of which are Japanese
assets.

                         Rating Rationale

The rating downgrades reflect the credit deterioration of the
referenced assets including ABS and CMBS.  In January 2011, the
notes were placed under review for possible downgrade.  The rating
actions also reflect the resolution of the watch-listing of
referenced assets which were under review.

In its expected loss analysis, Moody's applied the Monte Carlo
simulation framework within CDOROM to model the loss distribution
for SF CDOs.

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


GODO KAISHA: Moody's Downgrades Ratings on Various Notes
--------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings on the Class B
through D Notes issued by Godo Kaisha JLOC36.

Details are:

  -- Class B Notes, Downgraded to A1 (sf) ; previously on Jan 19,
     2011 Aa2 (sf) Placed Under Review for Possible Downgrade

  -- Class C1 Notes, Downgraded to Ba1 (sf); previously on Jan 19,
     2011 Baa1 (sf) Placed Under Review for Possible Downgrade

  -- Class C2 Notes, Downgraded to Ba1 (sf); previously on Jan 19,
     2011 Baa1 (sf) Placed Under Review for Possible Downgrade

  -- Class D Notes, Downgraded to Caa3 (sf); previously on Jan 19,
     2011 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Deal Name: JLOC 36

  -- Class: Class A through X Notes

  -- Issue Amount (initial): JPY 59.1 billion

  -- Dividend: Floating

  -- Issue Date: May 9, 2007

  -- Final Maturity Date: February, 2016

  -- Underlying Asset (initial): 34 loans backed by properties

  -- Originator: Morgan Stanley Japan Securities Co., Ltd.  (as of
     the issue date)

  -- Arranger: Morgan Stanley Japan Securities Co., Ltd.  (as of
     the issue date)

JLOC 36, effected in May 2007, represents the securitization of 34
loans backed by real estate.  The originator transferred 34 loans
to the Issuer SPE, JLOC 36, LLC, who issued the Class A through D
and X Notes (Senior Notes) and Class E Notes (Junior Notes).
These notes were then sold to investors.

The Class A through D notes and Class X notes are rated by
Moody's.

The underlying loans are classified as either component loans or
pooled loans.  Component loans are further dividend into senior
and junior components.  The senior component and pooled loans are
securing the Classes A through D Notes and Class X Notes.

The interest and principal collections from the pooled loans will
be used solely to pay down senior notes.  Interest payments of the
notes will be made sequentially.  Principal payments will also be
made sequentially, except in cases when the loans are prepaid.
Prepayments of principal will be made pro-rata.

Interest and principal collections from the component loans will
be used to pay down the senior and junior notes.  Interest
payments on the senior and junior components will be made
sequentially.  Principal payments will also be made sequentially,
except in cases when the loans are prepaid.  Prepayments of
principal will be made pro-rata among the senior and junior
components of each component loan.

Interest and principal payments made on the senior components will
be used to pay the interest and principal of the senior notes.
Interest payments of the notes are made sequentially.  Principal
payments will also be made sequentially, except in cases when the
loans are prepaid.  Prepayments of principal will be made pro-
rata.

Eleven of the 34 loans have been paid down in full and the
principal of two loans suffered partial impairment as a result of
special servicing thus far; the transaction is now backed by 21
loans.  Four of 21 loans are under special servicing.

                         Rating Rationale

The recovery of the loans backed by JLOC36 may well be lower than
Moody's assumptions in June 2009 (the last rating action on these
notes), in light of the type of property and location.  Moody's
has thus re-assessed their recovery assumptions, lowering by 39%
from their initial assumptions.

In light of Moody's re-assessment, losses on the remaining balance
of loans are highly likely.  The current rating action reflects
the increasing likelihood that the Class D notes will suffer
additional losses.

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


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


KUMHO ASIANA: Korea Express Share Sale Attracts Three Bidders
-------------------------------------------------------------
Kyong-Ae Choi and Se Young Lee at The Wall Street Journal report
that three major South Korean companies will compete for a
controlling stake in Korea Express Co. in a deal that could be
valued at more than KRW2 trillion and would be a litmus test for
Korean mergers and acquisitions this year.

The Journal relates steelmaker Posco said it has submitted a
letter of intent to seek a 37.6% stake in Korea Express, a unit of
Kumho Asia Group.

Posco will face off against two other bidders, Korean
conglomerates CJ Group and Lotte Group, with no other bidders
having submitted letters of intent, people familiar with the
situation told the Journal.

One of the people said, however, that at least one of the three
bidders could form a consortium with other parties to boost its
chances of securing the deal, according to the Journal.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2011, Yonhap News said that sale managers for Korea
Express Co. will hold a competitive bidding process to select a
preferred bidder for the logistics firm in mid-May.  Yonhap said
the state-run Korea Development Bank, the main creditor of cash-
strapped Kumho Asiana Group, is seeking to sell Korea Express in a
bid to wrap up the restructuring of the group.  Last year, the
state-run lender took over Daewoo Engineering & Construction Co.
in an effort to speed up the normalization of the conglomerate,
now under a creditors-led debt rescheduling program.

Bloomberg News reported that Kumho Asiana Group said Jan. 5, 2010,
that it plans to raise KRW1.3 trillion from asset sales to help
repay debt stemming from the 2006 takeover of Daewoo Engineering.
The group has already sold assets and lost control of units
including Daewoo Engineering, Kumho Industrial Co. and Kumho Tire
Co. to creditors.

Korea Express Co., Ltd. provides land and marine transportation,
and logistics services.  The company also operates stevedoring,
distribution, and warehousing businesses that serve domestic and
international customer needs.  The company is part of the Kumho
Asiana Group.

                          About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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


BANENG HOLDINGS: Reports MYR42.13 Million Net Loss for 2010
-----------------------------------------------------------
Baneng Holdings Bhd reported a net loss of MYR42.13 million on
MYR125 million of revenue for 2010, compared with a net loss of
MYR72.33 million on MYR218 million of revenue for 2009.

For three months ended Dec. 31, 2010, the company posted a net
loss of MYR13.26 million on MYR34.58 million of revenue, compared
with a net loss of MYR38.50 million on MYR42.13 million of revenue
in the same period in 2009.

The company's balance sheet as of Dec. 31, 2010, showed MYR153.99
million in total assets and MYR164.58 million in total
liabilities, resulting in a stockholders' deficit of MYR10.65
million.

A full-text copy of the company's unaudited annual report is
available for free at: http://ResearchArchives.com/t/s?7490

                        About Baneng Holdings

Baneng Holdings Bhd (KUL:BANENG) is a Malaysia-based company
engaged in investment holding and provision of management
services.  The Company operates in one segment, which is the
manufacturing of fabrics and garments.  As of December 31, 2009,
the Company had five subsidiaries: Maxlin Garments Sdn. Bhd.,
which is engaged in the manufacturing of garments; Chenille
International Pte Ltd, which is engaged in trading of garments and
provision of agency services; Seri Azhimu Jaya Garments & Textiles
(B) Sdn. Bhd., which is engaged in the manufacturing of apparels,
textiles and garments; Herizen Investment Pte Ltd, and Baneng
Lesotho (Proprietary) Ltd.

Baneng Holdings Bhd is now listed as an Amended Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Baneng Holding's auditors
expressing a modified opinion with emphasis on Baneng Holding's
going concern in the Company's latest audited consolidated
financial statements for the financial year ended December 31,
2009, and the Company's shareholders' equity on a consolidated
basis is less than 50% of the issued and paid-up share capital.


VASTALUX ENERGY: Posts MYR228,208 Net Loss in December 31 Quarter
-----------------------------------------------------------------
Vastalux Energy Berhad disclosed with the Bursa Stock Exchange its
unaudited financial results for fourth quarter ended Dec. 31,
2010.

The company posted a net loss of MYR228,208 on no revenues in the
quarter ended Dec. 31, 2010, compared with a net loss of MYR36.85
million on MYR32.29 million of revenue in the same quarter of
2009.

At Dec. 31, 2010, the Company's consolidated balance sheet showed
MYR272.02 million in total assets, MYR223.09 million in total
liabilities, and MYR77.45 million in total stockholders' equity.

A full-text copy of the company's quarterly report is available
for free at http://ResearchArchives.com/t/s?7491

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

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

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

On Feb. 23, 2011, the Company announced that pursuant to the
Winding-Up of Vastalux Sdn. Bhd., the Company had triggered
additional criteria under Paragraph 2.1 (c) of the PN 17 of the
Main Market Listing Requirements.

The Company has approximately nine months to submit its
Regularization Plan to the relevant authorities for approval.


VTI VINTAGE: Posts MYR5.4 Million Net Loss in December 31 Quarter
-----------------------------------------------------------------
VTI Vintage Berhad posted a net loss of MYR5.40 million on revenue
of MYR1.75 million for the quarter ended Dec. 31, 2010, compared
with a net loss of MYR30.16 million on revenue of MYR1.90 million
in the same period last year.

At Dec. 31, 2010, the Company's consolidated balance sheet showed
MYR48.06 million in total assets and MYR51.97 million in total
liabilities, resulting in a MYR3.91 million stockholders' deficit.

The company's consolidated balance sheet at Dec. 31, 2010, showed
strained liquidity with MYR9.01 million in total current assets
available to pay MYR38.41 million in total current liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?748f

                         About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


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


AORANGI SECURITIES: HMF Investors to Face 'Considerable Loss'
-------------------------------------------------------------
The latest Hubbard Management Funds Statutory Managers report
reveals that the time frame for repayment from the Hubbard
Management Funds, one of Allan Hubbard's firms under statutory
management, is being pushed out to 2012.  The statutory managers
said the fund has incurred a NZ$7.152 million loss between
September 30, 2010 and January 31, 2011.

Overall, however, the valuation of HMF at Jan. 31, 2011, is
slightly ahead of the value at the start of the Statutory
Management in June 2010, at NZ$48.75 million.

The statutory managers said that despite the 5.03% rise of the
NZX50 and the ASX 200 by 3.73% between September and January, HMF
suffered a decline due to investments in Pike River Coal, NZ Oil
and Gas, the reconstruction of the Mercer Group and the share
price volatility around Olympus Pacific.

"The impact of these declines could have been much worse had steps
not been taken to reduce risk.  400,000 HMF shares in NZ Oil and
Gas Limited were sold along with 446,386 shares in Pike River Coal
shortly before the Pike River disaster," the statutory managers
said in a statement.

HMF's holdings in Olympus Pacific were reduced by 534,683 shares
to decrease the stocks dominance in the portfolio.  By taking
these actions, the statutory managers were able to save investors
from a loss of over NZ$675,000.

Since Jan. 31, 2011, HMF has invested NZ$1 million back into
Mercer Group, following much research and many discussions with
Mercer directors, executives and Mr. Hubbard.  The result of this
investment is that the holding of HMF in Mercer Group is
approximately 17.75%.

The statutory managers continue to work towards the ultimate
distribution of HMF to investors.

The report states that some shares recorded as belonging to HMF
are subject to possible claims from others.  They say shares have
been pledged as security to financiers for borrowings made by Mr.
Hubbard or parties related to him.

As previously stated, statutory managers' reconciliation as at
March 31, 2010, indicates that there were insufficient assets to
provide investors the investments noted on their statements.
There were also investments that were not allocated to investors
and some valuations that, in the statutory managers' opinion, were
incorrect.

Once all adjustments and corrections were processed, the shortfall
of assets compared with the investor statements is estimated at
about NZ$31 million.

"It is expected that investors will suffer a considerable loss
compared with what was shown on their statements as at March 31,
2010, and because there are not enough shares to give investors
the investments that were indicated on their statements,
assistance is required from the courts to determine the
entitlement of investors to the assets of HMF.

The in-depth research conducted by the statutory managers since
the last report has revealed a number of issues that will need to
be taken into account in the distribution process.

Based on current understanding, it is realistic to expect that the
next application will be filed with the Court during the next six
months, although much work is taking place to reduce this time
period.  The Court hearing and submission processes could take
several months after this and as a result the earliest any form of
distribution will occur will be in 2012.

Statutory managers said they will do everything possible to
expedite the process.

        Update on Aorangi Securities Limited and Associated
           Charitable Trusts under Statutory Management

The statutory managers said that due to possible delays in postal
delivery services, the sixth Aorangi report will not be available
until March 9, 2011.

26 November 2010

The fifth Statutory Managers' report released to investors on
Nov. 25, 2010, highlights that tardy interest payments by Aorangi
Securities' borrowers continues to slow progress for the statutory
managers with a total of NZ$5 million still outstanding.

Aorangi Securities Limited

The latest report reveals that the September cash collection is
still NZ$2 million less than expected and there has been little
improvement in the collection of arrears of NZ$3 million.

Requests for payments due on Dec. 31 will be sent shortly and
statutory managers are guardedly hopeful that the level of
collection will be greater this quarter.  With dairy cash flow
projected to be stronger over the next six months better returns
are expected and it is anticipated that arrears will also be paid.

A key focus over the last month has been the ongoing analysis of
the Aorangi business, which has been divided into three
categories:

    * Category One includes 31 mortgage loans with a value at
       August 2010 of NZ$59 million.

    * Category Two includes 15 direct investments by Aorangi
      valued at NZ$47 million.  These are made up of 12 farm
      loans, two commercial property investments and NZ$10
      million in Southbury Group Limited, which is unlikely
      to be recovered because of its receivership.
    * Category Three is a loan to Te Tua Charitable Trust of
      approximately NZ$24 million.

Aorangi's ability to recover full repayment or realization of
investments is significantly reduced because of the level of
overall indebtedness.  The report identifies that only one in five
borrowers are paying any interest on their loans to Aorangi.

Work continues on realizing the assets of the trust for the
benefit of Aorangi investors.  The key issues are set out in
previous reports and statutory managers continue to work their way
through these issues.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said New Zealand appointed statutory
managers for Aorangi Securities Ltd. and seven trusts, which are
associated with Allan Hubbard, to protect investors and prevent
fraud.  Mr. Hubbard and his wife are also subject to statutory
management because they are so closely connected with the
businesses.  The seven charitable trusts included in the statutory
management are Te Tua, Otipua, Oxford, Regent, Morgan, Benmore and
Wai-iti.  Trevor Thornton and Richard Simpson of Grant Thornton
were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20, 2010.

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.


CENTURY CITY: Owner Has "Back-Stop" Plan to Repay NZ$4-Mil. Debt
----------------------------------------------------------------
The New Zealand Herald reports that Wellington Phoenix owner
Terry Serepisos has a "back-stop" plan to repay his NZ$4 million
debts in case his loan from Western Gulf Advisory falls through.

According to the report, Mr. Serepisos had announced a US$100
million (NZD$135 million) loan from WGA that would allow him to
restructure his Century City empire, of which the Phoenix is a
part.  However, the NZ Herald says, the loan is yet to arrive --
with representatives of New Zealand's Inland Revenue Department
saying they have yet to receive any assurances it will.

The NZ Herald relates that Sydney developer Keith Johnson has
told the Sydney Morning Herald he paid up-front fees of over
NZ$4 million to WGA for a loan that never eventuated.  The
company's owner, Ahsan Ali Syed, has denied allegations that he
has not been forthcoming with loans, the NZ Herald notes.

The NZ Herald says the loan from WGA to Mr. Serepisos came under
the spotlight on Monday when the High Court at Wellington heard an
application from the IRD to liquidate five of Mr. Serepisos'
Century City group companies, which owe the IRD and the Accident
Compensation Corporation a total of NZ$4,011,097.

Mr. Serepisos, through his lawyer Justin Toebes, did not oppose
the application.  Instead he filed an affidavit pledging his
commitment to paying off his debts and outlined a means to do so,
the NZ Herald adds.

The Troubled Company Reporter-Asia Pacific, citing The Dominion
Post, reported on March 7, 2011, that that the companies of
Mr. Serepisos have been given an 11th hour reprieve from
liquidation.  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 on March 7.  But
Associate Judge David Gendall gave them until 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 over NZ$3.58 million debt.

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.


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


AMBASSADOR TOURS: Creditors' Proofs of Debt Due March 18
--------------------------------------------------------
Creditors of Ambassador Tours & Travel Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
March 18, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

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


DIAGONAL CONSULTING: Creditors' Proofs of Debt Due April 4
----------------------------------------------------------
Creditors of Diagonal Consulting Pte Ltd, 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 liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Peng Cheong Martin
          C/O 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


DG2L TECHNOLOGIES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Feb. 11, 2011, to
wind up the operations of DG2L Technologies Pte Ltd.

Chong, Lim & Partners LLP filed the petition against the company.

The company's liquidator is:

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


DYNA-OKE CONSTRUCTION: Creditors' Proofs of Debt Due March 18
-------------------------------------------------------------
Creditors of Dyna-Oke Construction Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
March 18, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

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


FOUNDATION ASIANA: Creditors' Proofs of Debt Due March 19
---------------------------------------------------------
Creditors of Foundation Asiana Regional Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
March 19, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Yin Kum Choy
          c/o K C Yin & Co
          Certified Public Accountants, Singapore
          138 Cecil Street
          #06-01 Cecil Court
          Singapore 069538


HENG DA: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Feb. 18, 2011, to
wind up the operations of Heng Da Investments Pte Ltd.

SBA Stone Forest Corporate Advisory (Shanghai) Co., Ltd (China)
filed the petition against the company.

The company's liquidator is:

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


LB QUEENSLAND: Creditors' Proofs of Debt Due April 4
----------------------------------------------------
Creditors of LB Queensland Pte Ltd, 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 liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Peng Cheong Martin
          C/O 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


SINO-ENVIRONMENT CLEAN: Court to Hear Wind-Up Petition on March 18
------------------------------------------------------------------
A petition to wind up the operations of Sino-Environment Clean
Power Technology Pte Ltd will be heard before the High Court of
Singapore on March 18, 2011, at 10:00 a.m.

The Petitioner's solicitors are:

          PK Wong & Associates LLC
          133 Cecil Street
          #18-02 Keck Seng Tower
          Singapore 069535


SIN TYE: Creditors' Proofs of Debt Due March 18
-----------------------------------------------
Creditors of Sin Tye Constructions Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
March 18, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Goh Ngiap Suan
          c/o VA Planner Pte. Ltd.
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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