TCRAP_Public/110310.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, March 10, 2011, Vol. 14, No. 49

                            Headlines



A U S T R A L I A

BURRUP FERTILISER: Orica Applies to Buy Firm from Administrator
MACQUARIE LEASING: Fitch Assigns Ratings to 2011-1US Notes


C H I N A

CHINESE FUTURE: Moody's Withdraws 'Ba2' Corporate Family Rating
POWERLONG REAL: Moody's Assigns '(P)B1' Rating to RMB Sr. Notes
POWERLONG REAL: S&P Affirms 'B+' Long-Term Corporate Credit Rating
SPG LAND: S&P Assigns Long-Term Corporate Credit Rating at 'BB-'


H O N G  K O N G

BLOOMEC DEVELOPMENT: Chow Kwok Wor Steps Down as Liquidator
CENTICO INVESTMENT: Chow Kwok Wor Steps Down as Liquidator
CELTIC PACIFIC: Annual Meeting Set for March 18
CREATE WORLD: Lo Yau Tak Steps Down as Liquidator
GAIN YEAR: Members' Final Meeting Set for April 8

HIRISE DEVELOPMENT: Annual Meeting Set for April 8
HK STATIONERY: Annual Meeting Set for April 4
HONORWAY INDUSTRIAL: Annual Meeting Set for April 8
HOWARD SCHULTZ: Members' Final Meeting Set for April 8
PLANET FUN: Annual Meeting Set for March 18

PLANET HOME: Annual Meeting Set for March 18
PFEIFFER INT'L: Annual Meeting Set for April 8
WEIDA SEMICONDUCTOR: Members' Final Meeting Set for April 7


I N D I A

ARYA STEELS: CARE Rates INR13.08cr LT Bank Loans at 'CARE BB'
C.P. & ASSOCIATES: CRISIL Reaffirms 'D' Rating on INR360MM LT Loan
DEVIKA FIBRES: ICRA Reaffirms 'LBB+' Rating on INR20.27cr Loan
DINESH SOAPS: CRISIL Assigns 'B+' Rating to INR2.5MM Cash Credit
ELECTRONICS AND CONTROLS: ICRA Rates INR1.97cr LT Loan at 'LC'

ELITE DISTILLERIES: CRISIL Assigns 'BB' Rating to INR150MM LT Loan
HOWRAH MILLS: CARE Places 'D' Rating on INR54.79cr Bank Facilities
JAY JAGANNATH: CARE Assigns 'CARE B' Rating to INR29.46cr LT Loan
NOBLE ISPAT: ICRA Assigns 'LBB' Rating to INR43cr Bank Limits
RAMESH CORPORATION: CARE Assigns 'CARE BB' Rating to INR12cr Loan

RATHORE FREIGHT: CRISIL Assigns 'D' Rating to INR46.5MM Term Loan
ROCKWOOL (INDIA): CARE Assigns 'CARE BB' Rating to INR30.94cr Loan
RSHAB APPAREL: ICRA Assigns 'LB+' Rating to INR8cr Long-Term Loan
SATISH SUGARS: CARE Rates INR70cr LT Bank Loans at 'CARE BB'
SHIVAM IRON: ICRA Reaffirms 'LBB+' Rating on INR47.08cr Term Loan

SHIRDI INDUSTRIES: CRISL Upgrades Rating on INR1.22BB Loan to 'B+'
SHREE RAJ: ICRA Assigns 'LBB-' Rating to INR20cr Fund-Based Limits
SHRINIWAS MACHINE: CRISIL Cuts Rating on INR85MM Term Loan to 'B+'
SOUJANYA COLOR: CRISIL Reaffirms 'B-' Rating on INR142.1MM Loan
SRI CHANNABASAVASHWARA: CRISIL Raises Cash Credit Rating to 'B'

T. C. MOTORS: ICRA Assigns 'LBB-' Rating to INR15cr Bank Loans
VEESONS ENERGY: CRISIL Assigns 'BB' Rating to INR147.5MM LT Loan


I N D O N E S I A

LIPPO KARAWACI: Fitch Assigns 'B+' Rating to 2015 Senior Notes


J A P A N

KIRAYAKA BANK: JCR Assigns 'BB+' Rating to Subordinated Bonds
* JAPAN: Corporate Bankruptcies Drop 9.4% in February


M A L A Y S I A

MOBIF BHD: Is Insolvent; Unable to Pay Debts


N E W  Z E A L A N D

SOVEREIGN HOMES: Goes Into Liquidation


P H I L I P P I N E S

PHILIPPINE AIRLINES: Operations Normal Despite Strike Notice


S R I  L A N K A

MERCHANT BANK: Fitch Tilts Outlook to Stable; Affirms 'BB+' Rating
EDIRISINGHE TRUST: Fitch Affirms 'BB-' National Long-Term Rating


V I E T N A M

VINASHIN: Lion Group Blames Vinashin Woes Over Failed Venture


                            - - - - -


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


BURRUP FERTILISER: Orica Applies to Buy Firm from Administrator
---------------------------------------------------------------
Bloomberg News reports that Orica Ltd. applied to buy assets of
Burrup Fertilisers Pty Ltd, setting up a potential contest for the
producer with Yara International ASA and Wesfarmers Ltd.

"We've lodged an application pending the sale process for
Burrup so we'd be in a position to purchase it should we be the
selected bidder," John Fetter, a spokesman for Melbourne-based
Orica, told Bloomberg.

Bloomberg relates that PPB Advisory, the receivers of Burrup
Fertilisers, said in January they received more than 20 "serious
enquiries" from various groups around the world and are
considering options for the sale process.

Yara International, which owns 35% of Burrup's parent Burrup
Holdings Ltd., is interested in taking full ownership of the
ammonia maker, Joergen Haslestad, the Oslo-based company's chief
executive officer, said Feb. 15, according to Bloomberg.  The
Burrup plant may be worth AU$1 billion (US$1 billion), the
Australian newspaper reported in December.

Orica notified the Australian Competition and Consumer
Commission of its interest in Burrup this month, after
Wesfarmers applied in February, Bloomberg adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AU$800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ has also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company, Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default triggers
relating to debt facilities established between 2002 and 2007.

Headquartered in Karratha in Western Australia, Burrup Fertilisers
Pty Ltd -- http://www.bfpl.com.au/-- is Australia's largest
ammonium producer.  The company has a production capacity of 850-
tonnes of liquid ammonia a year.


MACQUARIE LEASING: Fitch Assigns Ratings to 2011-1US Notes
----------------------------------------------------------
Fitch Ratings has assigned expected ratings to the SMART Series
2011-1US Trust automotive lease receivables-backed securitization
by Macquarie Leasing Pty Limited.  Ratings, Outlooks and Loss
Severity Ratings are assigned:

  -- US$98.00m Class A-1 notes: 'F1+(EXP)sf';

  -- US$108.00m Class A-2 (a & b) notes: 'AAA(EXP)sf'; Outlook
     Stable; Loss Severity rating at 'LS1';

  -- US$178.00m Class A-3 (a & b) notes: 'AAA(EXP)sf'; Outlook
     Stable; Loss Severity rating at 'LS1';

  -- US$116.00m Class A-4 (a & b) notes: 'AAA(EXP)sf'; Outlook
     Stable; Loss Severity rating at 'LS1';

  -- AUD12.77m Class B notes: 'AA(EXP)sf'; Outlook Stable; Loss
     Severity rating at 'LS3';

  -- AUD15.61m Class C notes: 'A(EXP)sf'; Outlook Stable; Loss
     Severity rating at 'LS3';

  -- AUD14.19m Class D notes: 'BBB(EXP)sf'; Outlook Stable; Loss
     Severity rating at 'LS3'; and

  -- AUD14.19m Class E notes: 'BB(EXP)sf'; Outlook Stable; Loss
     Severity rating at 'LS3'.

The notes have been issued by Perpetual Trustee Company Limited as
trustee for SMART Series 2011-1US Trust (the issuer).  SMART
Series 2011-1US Trust is a legally distinct trust established
pursuant to a master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of 17,403
automotive lease receivables totalling approximately AUD567.47
million, with an average size of AUD32,608.  The pool is comprised
of passenger and light commercial vehicle lease receivables
originated by Macquarie Leasing to Australian residents across the
country.  The pool comprises amortizing principal and interest
leases with varying balloon amounts payable at maturity.  The
weighted average balloon payment for the portfolio is 27.8%
(percentage of leases' original balance).  The majority of leases
consist of novated contracts (62.0%), where the lease is novated
to the employer in salary packaging arrangements.  Historical
gross loss rates by quarterly vintage on passenger vehicle leases
originated by Macquarie Leasing were found to have ranged between
0.6% and 1.5%, and from 0.5% to 4.0% for light commercial.

"This transaction marks Macquarie Leasing's fourth asset-backed
securitization since the onset of the global financial crisis, and
their second into the US market," said James Leung, Associate
Director in Fitch's Structured Finance team.  "As with other
recent SMART securitizations, this transaction benefits from a
strong flow of excess spread, which can provide further credit
support if losses increase," added Mr. Leung.

The expected Short-Term 'F1+(EXP)sf' Rating assigned to the Class
A-1 notes and the expected Long-Term 'AAA(EXP)sf' Rating with
Stable Outlook assigned to the Class A-2a, A-2b, A-3a, A-3b, A-4a
and A-4b notes, are based on: the quality of the collateral; the
11.0% credit enhancement provided by the subordinate Class B, C, D
and E notes and the unrated seller notes and excess spread; the
liquidity reserve account sized at 1.0% of the aggregate invested
amount of the notes at closing; the interest rate swap
arrangements the trustee has entered into with Macquarie Bank Ltd
('A+'/Outlook Stable/'F1'); and Macquarie Leasing Pty Ltd's lease
underwriting and servicing capabilities.

The expected ratings assigned to the other classes of notes are
based on all the strengths supporting the Class A notes, excluding
their credit enhancement levels, but including the credit
enhancement provided by each class of notes' respective
subordinate notes.

Final ratings are contingent upon receipt of final documents
conforming to information already received.


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


CHINESE FUTURE: Moody's Withdraws 'Ba2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn Chinese Future
Corporation's Ba2 corporate family rating and B1 foreign currency
bond rating on its 12% senior unsecured notes due Dec 2015.

                        Ratings Rationale

The credit rating has been withdrawn because Moody's Investors
Service believes it has insufficient or otherwise inadequate
information to support the maintenance of the credit rating.

The last rating action with respect to Chinese Future was taken on
10 February 2010 when Moody's changed Chinese Future's rating
outlook from stable to negative.

Chinese Future Corporation is a private investment holding company
incorporated in October 2005.  Through its subsidiaries it has
acquired the concession rights for 25 years to the ring road from
the Hangzhou government.  The ring road, completed at the end of
2003, is a 123km expressway that encircles Hangzhou, the capital
city of Zhejiang Province in China.


POWERLONG REAL: Moody's Assigns '(P)B1' Rating to RMB Sr. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 senior
unsecured rating to the proposed US dollar settled RMB senior
unsecured notes to be issued by Powerlong Real Estate Holdings
Limited.

The provisional rating status will be removed after the bond
issuance has been completed and the terms and conditions are
satisfactory.

Moody's has also affirmed Powerlong's Ba3 corporate family rating.

The ratings outlook is negative.

The proceeds will be used to finance land acquisitions as well as
working capital requirements.

                        Ratings Rationale

"The US dollar bonds will provide the necessary liquidity for
Powerlong to pay for its land acquisitions, the costs for which
totaled RMB 2.4 billion as of end-2010" says Kai Hu, a Moody's
Vice President.

"At the same time, Moody's note that the bond will increase
Powerlong's debt capitalization to higher than Moody's expectation
of 35% to 45% for its current rating" says Hu.

Powerlong's Ba3 corporate family rating continues to reflect (1)
the company's niche business model -- a balanced mix of large-
scale integrated residential and commercial properties in
diversified second- and lower-tier cities; (2) its portfolio of
major domestic and international anchor tenants; and (3) its
ability to maintain a moderately high EBITDA margin of 30%-40%.

On the other hand, the Ba3 rating is constrained by the operating
and financial challenges stemming from Powerlong's rapid business
growth plan and its short operating history.

Powerlong's bond rating is notched down to B1, reflecting
structural and legal subordination.  The company's secured and
subsidiary debt to total assets ratio could surpass 15% in the
near term, given that the company will predominantly use onshore
bank loans to fund the delivery of projects amounting to as much
as 2 to 3 times of the total GFA developed in 2010.

The negative outlook reflects the greater execution risks arising
from (1) Powerlong's expansion into higher-tier markets, such as
Hangzhou and Tianjin, where it will encounter more competition
from established players, as well as (2) the tightened
restrictions imposed by the governments in these cities on
property purchases.

The outlook could return to stable if Powerlong can (1)
substantially achieve its sales targets; (2) maintain adjusted
debt/total capitalization at 35%-45%; and (3) maintain a sound
liquidity position and minimum cash balance of RMB1.5-2 billion.

But, Powerlong's ratings could be pressured downward if (1) sales
fall below expectations; (2) the company makes further aggressive
land acquisitions; (3) liquidity deteriorates further due to
either fast growth or tight headroom in its financial covenants;
or (4) the portfolio's rental income and the market value of its
investment properties drop sharply.

The key credit metrics that Moody's would consider for a rating
downgrade include adjusted debt/capitalization staying above 50%
and EBITDA/interest falling below 3-4x for a prolonged period.

Moody's last rating action on Powerlong was taken on Feb 18, 2011,
when Moody's changed the outlook for its corporate family rating
from stable to negative.

Powerlong Real Estate Holdings Limited is a Chinese developer that
builds residential and commercial properties in second- and lower-
tier cities in China.  It currently has a development land bank of
around 8 million sq.m. in gross floor area in 15 cities.  It also
has seven completed investment properties for leasing.


POWERLONG REAL: S&P Affirms 'B+' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit rating on Powerlong Real Estate
Holdings Ltd. The outlook is stable.  At the same time, Standard &
Poor's assigned its 'B+' issue rating to the company's proposed
issue of Chinese-renminbi-denominated and U.S.-dollar-settled
senior unsecured notes.  The rating on the notes is subject to its
review of the final issuance documentation.  The proceeds will be
used to fund land acquisitions, new construction, and other
corporate purposes.

"We affirmed the rating on Powerlong because S&P believes the
company will maintain credit ratios supportive of the current
rating.  S&P's opinion considers the company's financing plan as
well as the proposed notes issue," said Standard & Poor's credit
analyst Christopher Lee.  Powerlong's stronger-than-expected
operating performance in 2010 and its expectation that the
company's property sales and profitability will likely remain
stable in 2011 support its view.  The company's property sales of
Chinese renminbi6.26 billion in 2010 significantly exceeded its
expectations.  Robust sales and stable margins offset the higher-
than-expected borrowings, keeping the debt-to-EBITDA ratio below
3x for 2010.


The issue rating is not notched lower than the corporate credit
rating.  In its view, over the next two years, Powerlong is likely
to maintain its ratio of onshore borrowings to total assets below
its notching threshold of 15% for speculative-grade debt.

Powerlong's liquidity is adequate, in its view.  S&P estimates
that the company had cash and cash equivalents of RMB4.07 billion
at the end of 2010, compared with short-term debt due of RMB1.64
billion and committed land premium to be paid in 2011 of RMB2.40
billion.  Its liquidity is sensitive to the level of presales
because of projected large construction spending and somewhat
large land acquisitions.  S&P still believes the company has some
flexibility to scale back its construction spending.  It also has
undrawn and uncommitted project loan facilities of about RMB1,479
million.  As at the end of 2010, the company has sufficient
headroom in its debt covenants.

The stable outlook reflects its expectation that Powerlong will
maintain sufficient liquidity while pursuing a high-growth
strategy and expansion.  S&P anticipates that the company will
have a minimum cash balance of RMB1 billion for 2011.  S&P also
expects its rental income to steadily increase, such that it
covers at least half of its gross interest expenses in 2011.  S&P
estimates its ratio of adjusted debt to EBITDA to increase to
about 4x in 2011, from less than 3x at the end of 2010.

S&P may raise the rating if Powerlong maintains above-average
credit ratios compared with its 'B+'-rated peers' while pursuing
its high-growth strategy; and the company's corporate governance
improves, which S&P believes could happen if it continues to
reduce related-party transactions.  In its view, Powerlong's
related-party transactions could significantly decline if rental
income from related parties is materially lower than 15% of the
total rental income and the company completes all outstanding
acquisitions of related-party properties according to the agreed
terms.

S&P may consider lowering the rating if: (1) Powerlong deviates
from its strategy and invests in non-core businesses; (2) the
company's expansion and land acquisitions are more aggressive than
S&P expected; or (3) its property sales are significantly weaker
than S&P expected, such that its debt-to-EBITDA ratio is more than
5x.


SPG LAND: S&P Assigns Long-Term Corporate Credit Rating at 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating to Chinese property
developer SPG Land (Holdings) Ltd.  The outlook is stable.  At the
same time, Standard & Poor's assigned its 'B+' issue rating to the
company's proposed issue of senior unsecured notes.  The rating on
the notes is subject to S&P's review of the final issuance
documentation.

"The rating on SPG reflects the company's limited track record
outside its home market of Shanghai, high project concentration,
and its weak and volatile financial history," said Standard &
Poor's credit analyst Frank Lu.  "SPG's somewhat established brand
recognition and market position in its core markets as well as its
reasonable execution capabilities temper these weaknesses.  In
addition, the company has some geographic and product diversity.
S&P also expect SPG to take a disciplined approach toward growth
and financial management."

S&P believes SPG's geographic and product diversification is
average compared with 'BB-' rated peers'.  Outside Shanghai, it
has a presence in eight second- or third-tier cities, mainly in
the Yangtze River Delta region.  SPG's non-residential property
projects, including hotels, retail space, and offices, will likely
comprise less than 20% of its portfolio's total gross floor area
in the next two years.

SPG's project concentration is high compared with its 'BB-' rated
peers', due to its limited scale and strategy of developing large-
scale residential communities.  S&P believes that more than 60% of
the company's revenue or contract sales could come from its top
five projects over the next two years.

SPG has demonstrated reasonable execution capabilities in Shanghai
and nearby markets.  The company has developed large-scale
residential community projects in Shanghai since 1998.  The launch
of several landmark projects in recent years, such as the
Peninsula Hotel in Shanghai and Global 188 in Suzhou, has improved
SPG's brand recognition and facilitated its expansion outside
Shanghai.  In S&P's view, SPG's growth management has been
disciplined in the past three to four years.  It enters new
markets selectively and aims to achieve reasonable growth.

S&P expects SPG's historically weak and volatile profitability and
capital structure to improve over the next two years.  This is
attributable to the potentially higher prices for later phases of
existing projects and the benefits of economy of scale.  Its
EBITDA margin, for example, could increase to about 25%-30%,
provided property selling prices do not drop more than 10% in 2011
as a result of policy tightening.  S&P also expect SPG's EBITDA
interest coverage ratio to be more than 3x and its ratio of debt
to EBITDA to be less than 4.5x over the next two years.

Earnings visibility is relatively good for 2011, and S&P expects
the company to manage its balance sheet with caution.  It has
locked in more than 80% of its budgeted property sales revenue for
2011.  About 70% of the company's 2011 budgeted contract sales of
Chinese renminbi (RMB)8.96 billion will come from later phases of
its existing projects.  S&P expects the company to consider
acquiring sizable lands if sales are supportive rather than
relying on heavy debt-funding in the next year.

The issue rating on SPG's proposed notes is one notch lower than
the corporate credit rating to reflect S&P's opinion that offshore
noteholders would be materially disadvantaged, compared with
onshore creditors, in the event of default.  In S&P's view, the
company's ratio of priority borrowings to total assets will remain
above S&P's notching threshold of 15% for speculative-grade debt.

SPG's liquidity is adequate, in S&P's view.  At the end of
December 2010, it had about RMB1,514 million in unrestricted cash.
Its current debt amounted to the equivalent of RMB1,535 million,
which included the equivalent of RMB900 million in offshore
secured loans that the company has fully pledged with restricted
cash in China.  SPG plans to use the proceeds from the proposed
notes issuance to repay the loans to free up its pledged cash, and
for general corporate purposes.

S&P expects SPG's cash balance and operating cash flow in 2011 to
be sufficient to cover its land premiums of RMB2.10 billion due
this year.  It has an undrawn and uncommitted bank facility of
RMB16.05 billion in China.

Based on SPG's financial performance in 2010, S&P believes the
company has sufficient financial headroom under certain financial
covenants of its offshore loans.

The stable outlook reflects S&P's expectation that SPG will take a
disciplined approach toward expansion and that it will cautiously
manage its leverage.  S&P anticipates that the company's credit
metrics will improve over the next year as SPG grows.

S&P may lower the rating if SPG's debt-funded expansion is more
aggressive than S&P expected and profitability deteriorates, such
that its liquidity becomes less than adequate, the debt-to-EBITDA
ratio is more than 5x, or EBITDA interest coverage is less than 3x
on a sustained basis.

The rating upside is limited.  S&P may raise the rating if the
company: (1) materially improves its geographic and project
diversity; and (2) improves its profitability and maintains debt
at a reasonable level while pursuing expansion, such that its
EBITDA margin is above 30% and the ratio of debt to EBITDA is less
than 3.5x on a sustained basis.


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


BLOOMEC DEVELOPMENT: Chow Kwok Wor Steps Down as Liquidator
-----------------------------------------------------------
Chow Kwok Wor stepped down as liquidator of Bloomec Development
Limited on Feb. 22, 2011.


CENTICO INVESTMENT: Chow Kwok Wor Steps Down as Liquidator
----------------------------------------------------------
Chow Kwok Wor stepped down as liquidator of Centico Investment
Limited on Feb. 22, 2011.


CELTIC PACIFIC: Annual Meeting Set for March 18
-----------------------------------------------
Creditors and members of Celtic Pacific Ship Management (Overseas)
Limited will hold their annual meeting on March 18, 2011, at
2:30 p.m., at the offices of FTI Consulting (Hong Kong) Limited,
14th Floor, The Hong Kong Club Building, 3A Chater Road, Central,
in Hong Kong.

At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


CREATE WORLD: Lo Yau Tak Steps Down as Liquidator
-------------------------------------------------
Lo Yau Tak stepped down as liquidator of Create World
International Limited on March 3, 2011.


GAIN YEAR: Members' Final Meeting Set for April 8
-------------------------------------------------
Members of Gain Year Development Limited will hold their final
meeting on April 8, 2011, at 10:15 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.


HIRISE DEVELOPMENT: Annual Meeting Set for April 8
--------------------------------------------------
Creditors and members of Hirise Development Limited will hold
their annual meeting on April 8, 2011, at 3:00 p.m., at the
offices of FTI Consulting (Hong Kong) Limited, 14th Floor, The
Hong Kong Club Building, 3A Chater Road, Central, in Hong Kong.

At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


HK STATIONERY: Annual Meeting Set for April 4
---------------------------------------------
Members and creditors of Hong Kong Stationery Manufacturing
Company Limited will hold their annual meeting on April 4, 2011,
at 2:00 p.m., and 2:30 p.m., respectively at Room 602, 3 Lockhart
Road, Wanchai, in Hong Kong.

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


HONORWAY INDUSTRIAL: Annual Meeting Set for April 8
---------------------------------------------------
Creditors and members of Honorway Industrial Limited will hold
their annual meeting on April 8, 2011, at 4:00 p.m., at the
offices of FTI Consulting (Hong Kong) Limited, 14th Floor, The
Hong Kong Club Building, 3A Chater Road, Central, in Hong Kong.

At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


HOWARD SCHULTZ: Members' Final Meeting Set for April 8
------------------------------------------------------
Members of Howard Schultz & Associates (Asia) Limited will hold
their final meeting on April 8, 2011, at 3:00 p.m., at Flat B,
16/F., Empire Land Commercial Centre, 81-85 Lockhart Road,
Wanchai, in Hong Kong.

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


PLANET FUN: Annual Meeting Set for March 18
-------------------------------------------
Creditors and members of Planet Fun (HK) Limited will hold their
annual meeting on March 18, 2011, at 3:30 p.m., at the offices of
FTI Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong Club
Building, 3A Chater Road, Central, in Hong Kong.

At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


PLANET HOME: Annual Meeting Set for March 18
--------------------------------------------
Creditors and members of Planet Home (HK) Limited will hold their
annual meeting on March 18, 2011, at 4:00 p.m., at the offices of
FTI Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong Club
Building, 3A Chater Road, Central, in Hong Kong.

At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


PFEIFFER INT'L: Annual Meeting Set for April 8
----------------------------------------------
Creditors and members of Pfeiffer International Limited will hold
their annual meeting on April 8, 2011, at 2:00 p.m., at the
offices of FTI Consulting (Hong Kong) Limited, 14th Floor, The
Hong Kong Club Building, 3A Chater Road, Central, in Hong Kong.

At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


WEIDA SEMICONDUCTOR: Members' Final Meeting Set for April 7
-----------------------------------------------------------
Members of Weida Semiconductor Limited will hold their final
meeting on April 7, 2011, at 10:00 a.m., at 25/F, Wing On Centre,
111 Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


ARYA STEELS: CARE Rates INR13.08cr LT Bank Loans at 'CARE BB'
-------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Arya
Steels Rolling (India) Limited.

                               Amount
   Facilities                 (INR cr)   Ratings
   ----------                 --------   -------
   Long-term Bank Facilities    13.08    'CARE BB' Assigned

Rating Rationale

The rating of Arya Steels Rolling (India) Ltd. is constrained by
its small scale and short track record of operations in a highly
competitive and fragmented TMT bar industry, weak financial risk
profile marked by losses incurred in  FY10, its leveraged capital
structure and stressed liquidity position. Susceptibility of its
inherently low margins to volatility in its raw material prices,
cyclical nature of the steel industry and working capital
intensive nature of its operations further constrain the rating.
These constraints largely offset the benefits derived from the
promoters' experience in the steel industry.

ASRIL's ability to increase its scale of operations and improve
its profitability while managing risk associated with fluctuation
in raw material prices and rationalization of debt levels would
remain the key rating sensitivities.

Incorporated on Jan. 5, 2006, and having commenced commercial
production on Sept. 13, 2007, Kolhapur-based ASRIL is mainly
engaged in the production of TMT bars of various sizes which it
markets under the 'SHIRDI 500 TMT' brand.  As on March 31, 2010 it
had an installed capacity of 45,000 MTPA of TMT bars. Its sales
are largely focused in the States of Maharashtra, Karnataka, Goa
and Kerala.  Mr. Rajendra Prasad Singla, the main promoter of
ASRIL, has vast experience in the steel industry.

As against a net profit of INR0.02 crore on a total income of
INR60.67 crore in FY09, ASRIL incurred a net loss of INR0.12 crore
on a total income of INR73.08 crore during FY10.  Further, as per
the provisional results for H1FY11, ASRIL earned a PBT of INR0.47
crore on a total income of INR45.56 crore.


C.P. & ASSOCIATES: CRISIL Reaffirms 'D' Rating on INR360MM LT Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of C.P. & Associates Pvt
Ltd continue to reflect continuing delays by CPA in servicing its
debt and continuous overutilization of its cash credit limit.  The
delays and overutilization of limits have been caused by CPA's
weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR50.00 Million Cash Credit Limit    D (Reaffirmed)
   INR360.00 Million Long-Term Loan      D (Reaffirmed)
   INR150.00 Million Bank Guarantee      P5 (Reaffirmed)

CPA has a weak financial risk profile, marked by high gearing and
small net worth, is exposed to significant implementation-related
risks associated with its ongoing project, and has small scale of
operations and a concentrated customer profile.

Update

CPA has been delaying in meeting the principal and interest
obligations on its term debt, and has been continuously
overutilising its cash credit limits over the past one year.  The
company's liquidity has been weakened by its large debt-funded
capital expenditure and small cash accruals.  Also, one of its
major customer, Delhi Metro Rail Corporation, has revoked bank
guarantee of INR65 million because of delay in project execution
by CPA.  CPA's banker has classified the company's account as a
non-performing asset and has frozen all other bank credit lines
for the company, including cash credit limit and bank guarantee.

                           About CPA

Set up in 2001, CPA undertakes architectural and finishing work
for real estate projects.  The company has been a regular vendor
to DMRC since 2001 and has completed work on over 20 underground
as well as elevated metro stations.  Currently, CPA is executing
projects aggregating INR719 million for DMRC on 14 metro stations.
The company also undertakes civil construction, and interior and
landscaping work (plumbing, electrical, heating ventilating and
air-conditioning, granite and marble work, sandstone work, and
stainless work), on a project basis for shopping malls,
hospitality, and infrastructure projects.  CPA is also developing
a luxury resort at Almora (Uttarakhand) for an associate company,
Brahma Resorts Pvt Ltd, for INR440 million and a multiplex in
Karampura (New Delhi) for INR970 million, under its wholly owned
subsidiary, Jasjeet Films Pvt Ltd.


DEVIKA FIBRES: ICRA Reaffirms 'LBB+' Rating on INR20.27cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating to the INR20.27 crore long
term fund based & non-fund based limits of Devika Fibres Pvt.
Ltd.  ICRA has also reaffirmed the 'A4+' rating to the INR0.40
crore short term fund based facilities of the company.  The
outlook assigned to the long term rating is "Stable".

The reaffirmation continues to factor in DFPL's diversified client
base, and the promoters experience of more than two decades in the
spinning business. However, the ratings continue to remain
constrained by DFPL's low profitability; increased gearing and
weak coverage indicators.  The company's exposure to risk due to
fluctuation of yarn price and presence in a fragmented industry is
also taken into account which may impact its profitability in the
long run.

Formed in 1993, Devika Fibres Pvt.  Ltd is engaged in manufacture
of textured yarn, catering to the local weaving units in domestic
market.  The manufacturing facility is located in at Kudsad
village in Gujarat while the marketing activities are carried out
from Surat.  The Company has sixteen texturing machines in total
of which eight are with a spindle capacity of 312; seven are with
a capacity of 336, and one machine with a capacity of 288
spindles.

Recent Results:

DFPL recorded a net profit of INR0.60 crore on an operating income
of INR128.13 crore for the year ending March 31, 2010. For the
nine months of financial year 2011, DFPL recorded a net profit of
INR1.75 crore on an operating income of INR 111.08 crore.


DINESH SOAPS: CRISIL Assigns 'B+' Rating to INR2.5MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Dinesh Soaps and Detergents.

   Facilities                        Ratings
   ----------                        -------
   INR2.5 Million Cash Credit        B+/Stable (Assigned)
   INR330 Million Letter of Credit   P4 (Assigned)

The ratings reflect DSD's weak financial risk profile, marked by
limited financial flexibility, small net worth, large working
capital requirements, and weak debt protection metrics, and
susceptibility to intense competition in the fragmented edible oil
processing industry.  These rating weaknesses are partially offset
by the extensive industry experience of DSD's promoters.

Outlook: Stable

CRISIL believes that DSD will benefit from its promoters' four
decades of experience in the edible oil processing industry.  The
outlook may be revised to 'Positive' if DSD's profitability and
accruals are higher than expected, while maintaining its capital
structure.  Conversely, the outlook may be revised to 'Negative'
if DSD's financial risk profile deteriorates because of a
significant increase in total outside liabilities vis--vis the
expected increase in scale of operations, or in debtor and
inventory levels.

                         About Dinesh Soaps

DSD is a partnership firm engaged in trading of edible oil such as
soybean and mustard, among others, and also manufacture of toilet
soaps and detergents. Since 2009-10 (refers to financial year,
April 1 to March 31), DSD has also commenced trading in crude palm
oil.  Though the firm was primarily set up to manufacture soaps
and detergents, at present, about 95% of the revenue is derived
from the trading activity.  The promoters have also incorporated
Dinesh Oils Ltd and Swadist Oils Pvt Ltd (rated 'BB/Stable/P4+' by
CRISIL), which refine and trade edible oil. The firm sells around
80% of crude palm oil to its group concern, Dinesh Oils Ltd.

DSD reported a profit after tax (PAT) of INR5.2 million on net
sales of INR390 million for 2009-10, as against a PAT of INR0.26
million on net sales of INR118 million for 2008-09.


ELECTRONICS AND CONTROLS: ICRA Rates INR1.97cr LT Loan at 'LC'
--------------------------------------------------------------
ICRA has assigned a long term rating of 'LC' to INR1.97 crore Term
loan and INR3.50 Crore Cash Credit facilities of Electronics and
Controls Power Systems Private Limited. ICRA has also assigned a
rating of 'A5' to INR7 Crore non fund based facilities of ECPL.

The ratings are constrained by the high price based competition,
which has impacted the profitability of ECPL. Further imports from
China have increased significantly during past few years, thereby
increasing the competitive pressures in the industry as a whole.
Moreover the size and scale of ECPL's operations is presently
small compared to few of its major competitors in the segment
thereby resulting in modest economies of scale.  Further, ECPL's
working capital intensity is high due to delays in realization of
payments from its customers and the need to maintain adequate
inventory. This has put pressure on cash flows of the company and
has resulted in stretched liquidity position as reflected by high
utilization of bank limits and delays in servicing of debt
obligations. The ratings also take into account the counterparty
risk on ECPL's receivables and write-off of bad debts by the
company in the recent past which had resulted in net loss and
erosion of net worth of the company.  Though the company's
profitability has improved in FY10, its coverage indicators remain
moderate as reflected by NCA/Debt of 9% and debt service coverage
ratio of 1.05 times in FY10. Nevertheless the rating draws partial
comfort from long standing presence of the company in the
industry, its technical collaboration with majors like Newave
Energy International and good distribution and service network to
cater to the demand from rural and developing states.

                    About Electronics and Controls

Electronics and Controls Power Systems Private Limited was
incorporated in 1976.  It supplies on-line UPS solutions to the
various industries. ECPL designs and supplies online power
conditioning solutions to various mission critical applications,
datacenters, telecom, research labs, defense, aerospace, and
medical equipment and its clientele consists of BEL, Hughes
Software, LIC, various banks, Rittal-India, Titan, various State
Electricity Boards etc. ECPL has two manufacturing facilities
(five units) located at Bangalore and Pondicherry for assembling
the UPS units.  In FY2010, ECPL produced close to 1300 UPS units
from these two plants and reported net profit of INR 0.29 Cr on an
operating income of INR 14.52 Cr., as against a net loss of INR 2
crores on operating income of INR 14.89 crores in FY2009.


ELITE DISTILLERIES: CRISIL Assigns 'BB' Rating to INR150MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the long-term bank
facilities of Elite Distilleries Pvt Ltd (EDPL, part of the Elite
group).

   Facilities                         Ratings
   ----------                         -------
   INR150.00 Million Long-Term Loan   BB/Stable (Assigned)
   INR200.00 Million Cash Credit      BB/Stable (Assigned)

The rating reflects the Elite group's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
exposure to implementation-related risks associated with its
ongoing project of setting up a brewery facility. The rating also
factors in susceptibility to adverse regulatory changes in the
Indian-made foreign liquor (IMFL) segment, and geographically
concentrated revenue profile. These rating weaknesses are
partially offset by the healthy demand prospects for IMFL, and the
Elite group's established market position, in Tamil Nadu.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of EDPL and its subsidiary AM Breweries
Pvt Ltd (AMBPL), together referred to as the Elite Group. This is
because both companies are in similar lines of business, have
common ownership and expected to have fungibility in cash flows.

Outlook: Stable

CRISIL believes that the Elite group will continue to benefit from
its established market position and the healthy demand prospects
for IMFL in Tamil Nadu. The outlook may be revised to 'Positive'
if the group sustains an improvement in its revenues and margins
over the medium term. Conversely, the outlook may be revised to
'Negative' if the group's revenues and margins decline because of
adverse regulatory changes, its capital structure weakens because
of larger-than-expected debt-funded capital expenditure, or if the
group makes significant investments in unrelated businesses.

                         About the Group

EDPL was established in 2007 by Mr. S Jagathratchagan and is
closely held by his family members. EDPL commissioned its IMFL
bottling plant in October 2008 in Walajabad, in Kancheepuram
district (Tamil Nadu), for INR650.00 million.  The company has a
licensed capacity of 7.8 million cases per annum which is
currently utilised at around 90%. EDPL has a diversified portfolio
of its own branded products (which constitute 55% of its revenues)
across the premium, medium, and ordinary segments.  The company is
also into bottling and blending services; its clientele in this
segment includes brands for Maharashtra-based Tilaknagar
Industries Ltd (accounting for the remaining 45%).  The promoters
have other business interests in education, healthcare, hotels,
and thermal power.

The Elite group set up AMBPL in 2010-11 (refers to financial year,
April 1 to March 31), for which the group received a brewery
licence for 1 million hectolitres from the Government of Tamil
Nadu in September 2010.  The group is establishing a brewery in
Kanchipuram district for INR1.80 billion.  The project is expected
to be funded through debt of INR1.25 billion and the remaining
through equity of INR550.00 million.  EDPL is expected to have
around 55% of the shareholding in AMBPL.  The project is expected
to commence commercial production in January 2012.

The Elite group reported a profit after tax of INR38.80 million on
net sales of INR3.00 billion for 2009-10, against a net loss of
INR40.70 million on net sales of INR829.10 million for 2008-09.


HOWRAH MILLS: CARE Places 'D' Rating on INR54.79cr Bank Facilities
------------------------------------------------------------------
CARE assigns 'D' and 'PR5' ratings to the bank facilities of
Howrah Mills Company Limited.

                                  Amount
   Facilities                    (INR cr)   Ratings
   ----------                    --------   -------
   Long-term bank facilities      54.79     'CARE D' Assigned
   Short-term bank facilities     26.28     'PR 5' Assigned

Rating Rationale

The ratings factor in stretched liquidity position of the company
resulting in irregularities in debt servicing with ongoing delays.

Howrah Mills Co. Ltd. was established in 1890 by the British
Merchants. In August 1987, it was taken over by Mall & Jhawar, the
current promoters of Kolkata.  The company is engaged in
manufacturing and selling of jute products used in packaging of
food grains, carpet industry, furniture, etc, at its unit in
Ramkrishnapur, Howrah (W.B.) and Rajam, Srikakulum (A.P.) with an
aggregate installed capacity of 52,500 MTPA.  On total income of
INR212.5 crore (FY09 - INR163.6 crore), HMCL earned PBILDT of
INR9.0 crore (FY09 - INR8.2 crore) and suffered a net loss (after
defd. tax) of INR 0.1 crore (FY09 - net loss of INR 0.3 crore) in
FY10.


JAY JAGANNATH: CARE Assigns 'CARE B' Rating to INR29.46cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' and 'PR4' rating to the bank facilities of
Jay Jagannath Steel & Power Ltd.

                               Amount
   Facilities                 (INR cr)   Ratings
   ----------                 --------   -------
   Long-term Bank Facilities    29.46    'CARE B' Assigned
   Short-term Bank Facilities    2.50    'PR4'

Rating Rationale

The ratings are constrained by JJSPL's small scale of operations
having limited presence in steel making value chain, which
restricts its bargaining power.  The ratings are further
constrained by JJSPL's inability to procure quality raw material
in timely manner resulting in lower capacity utilization and cash
generation from operations which had an impact on debt servicing
capability of JJSPL and it went for re-schedulement of term debt.

The ratings, however, take into account the experience of the
promoters in the steel industry and JJSPL's proximity to the
availability of raw material and major steel producing industries.

JJSPL's ability to achieve scale of operations through better
capacity utilization and subsequent improvement in gearing level
and liquidity position is the key rating sensitivities.

Jay Jagannath Steel & Power Limited was incorporated in 2007 as
demerged entity from T. R. Chemicals Limited.  Earlier, it was
operated as Bamra Steel manufacturing unit situated of TRCL at
Belapada, Orissa. TRCL was promoted by Mr. Sanjeev Kapoor and
Mr. Mukesh Agarwal in 2004 at Rourkela, Orissa.  TRCL had three
manufacturing units namely 1. Bamra Steel Division 2.  Barpali
Steel Division and 3. Chemical division.  During 2006-07,
Promoters decided to separate businesses and Bamra Division went
to Mr. Mukesh Agarwal through demerger arrangement.  The scheme of
arrangement was approved by Honourable high court on April 1,
2008.  Mr. Mukesh Agarwal, Managing Director, is the key promoter
of JJSPL.  He has more than 25 years of experience in managing
business and marketing of steel materials.  JJSPL manufactures
sponge iron which is a basic steel raw material used by units
manufacturing various steel products.  JJSPL started with an
installed sponge iron manufacturing capacity of 60,000 MT per
annum.  Currently JJSPL has installed capacity of 120,000 MT per
annum.  The last phase of capacity enhancement of 30,000 MT was
finished during December 2010.


NOBLE ISPAT: ICRA Assigns 'LBB' Rating to INR43cr Bank Limits
-------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to the INR43.0 crore
bank limits of Noble Ispat & Energies Limited.  The outlook on
long term rating is Stable.  ICRA has also assigned an 'A4' rating
to the INR30.0 crore short term fund based bank facilities of
NIEL.

The rating takes into account intensely competitive nature of the
industry; NIEL's relatively high gearing level (2.6 times as on
Mar 31, 2010), its moderate debt servicing indicators as reflected
by net cash accruals / total debt of 13% for FY 2009-10; and its
high working capital intensity of 34% for FY 2009-10.  While
assigning the rating, ICRA has also taken into consideration the
cyclical and fragmented TMT market leading to stiff competition,
which is escalated by the fact that company does not have access
to captive raw material sources.  However going forward, ICRA
expects NEIL's cash flows to witness improvement on account of
increase in integration levels.  Nevertheless, the rating
favorably factors in the experience of promoters in steel business
and NEIL's proximity to iron ore mines, which reduces
transportation cost.

                         About Noble Ispat

Incorporated in the year 1999 by Mr. S Basavaraj, NIEL started its
operations in the year 2005 by implementing a 200 TPD sponge iron
plant in Bellary (Karnataka).  The sponge iron plant has three
kilns of 2 X 50 TPD and 1 X 100 TPD capacities respectively.  In
addition, the company also installed a rolling mill with capacity
of 25 TPH, which commenced operations in October 2009.  The
company is currently in the process of increasing the sponge iron
capacity from 200 TPD to 300 TPD.  Additionally, the company has
undertaken installation of a Steel Melting Shop (SMS) having
induction furnace of capacity 2 X 12 TPH and a captive power plant
of capacity 8 MW.

Recent Results

In 2009-10, NIEL reported a net profit of INR9.9 crore on an
operating income of INR208.4 crore as compared to a profit of
INR4.5 crore on an operating income of INR80.2 crore in
2008-09.


RAMESH CORPORATION: CARE Assigns 'CARE BB' Rating to INR12cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of M/S.
Ramesh Corporation.

                               Amount
   Facilities                 (INR cr)   Ratings
   ----------                 --------   -------
   Long-term Bank Facilities   12.00     'CARE BB' Assigned

Rating Rationale

The rating is constrained by small scale of operations of M/s.
Ramesh Corporation with limited regional presence and its below-
average financial risk profile inherent to trading nature of
operations marked by low profitability and high leverage ratios.
The rating is further constrained by stiff competition from both
organised and un-organized players in the retail segment which
limits the bargaining power of traditional retail players.
However, the rating takes into account the more than three decades
of the experience of the partners in managing the business and
successful track record in distribution of electronic goods.
M/s. Ramesh Corporation's ability to increase the market share and
geographical presence in favorable demand scenario with effective
working capital management are the key rating sensitivities.

M/s. Ramesh Corporation was incorporated in 1974 as a sole
proprietorship firm dealing in trading of furniture products.
Later in 1978, M/s. Ramesh Corporation was converted into a
partnership firm and subsequently ventured into trading and
distribution of consumer durables.  Mr. Rameshchandra Patel is the
key promoter of M/s. Ramesh Corporation.  He has more than 34
years of experience in trading and distribution of various
consumer electronics products.  M/s. Ramesh Corporation is the
distributor of consumer electronics products for Ahmedabad city
and district.  The firm has five retail outlets selling a range of
consumer electronics products across the Ahmedabad region.


RATHORE FREIGHT: CRISIL Assigns 'D' Rating to INR46.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of
Rathore Freight Carriers.

   Facilities                     Ratings
   ----------                     -------
   INR52.5 Million Cash Credit    D (Assigned)
   INR46.5 Million Term Loan      D (Assigned)

The rating reflects instances of RFC overdrawing its cash credit
account continuously for over a month, on account of its weak
liquidity.

RFC has a weak financial risk profile, marked by small net worth
and high gearing, and large working capital requirements.  These
weaknesses are partially offset by the established track record of
RFC's promoters in the transportation industry.

RFC was established as a partnership firm in 1986 by
Mr. Girdharisingh Rathore.  The company has a fleet of 69 trailers
and is primarily involved in the transportation of steel coils,
pipes, and containers, to and from Kandla Port, Pipavav Port and
Mundra Port (all in Gujarat).

In 2010-11 (refers to financial year, April 1 to March 31), RFC
bought 25 new trailers at a total cost of INR62.5 million.  This
was funded by debt of INR46.5 million and partners' capital of
INR16 million.

RFC reported a profit after tax (PAT) of INR3.3 million on net
sales of INR275.1 million for 2009-10, against a PAT of INR1.3
million on net sales of INR162.6 million for 2008-09.


ROCKWOOL (INDIA): CARE Assigns 'CARE BB' Rating to INR30.94cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' rating to the bank facilities of
Rockwool (India) Ltd.

                               Amount
   Facilities                 (INR cr)      Ratings
   ----------                 --------      -------
   Long-term Bank Facilities    30.94       'CARE BB' Assigned
   Short-term Bank Facilities    9.00       'PR4' Assigned

Rating Rationale

The rating factor in the continuously declining sales and losses
in CY09 and 9MCY10, increasing gearing levels to fund losses, high
level of fixed cost, issues with stabilization of Silvassa plant
and competition from similar and substitute products.  The rating
is however underpinned by the experience of promoters and
professionally managed team, strong parent group support,
technical collaboration with ISOVER Saint Gobain, established
brand name and positive outlook for insulator industry.  The
ability of RIL to improve operational efficiency by sorting out
the technical issues in the plants and improve sales to leverage
increased capacity are the key rating sensitivities.

Incorporated in 1987, Rockwool (India) Limited is engaged in
manufacturing of rockwool (also known as stonewool) for last 24
years.  Rockwool is a thermal, acoustic and fire insulator.  RIL
is part of the Alghanim Group, one of the largest groups in the
Gulf region.

The company has registered total income of INR43.72 cr in 2009 and
reported net loss of INR4.08 cr.  In nine months period from
January 2010 to September 2010 (9MFY10), RIL has booked sales of
INR34.60 cr and losses of INR14.50 cr at PBILDT level.


RSHAB APPAREL: ICRA Assigns 'LB+' Rating to INR8cr Long-Term Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR 8.00
crore, long-term, fund based facilities of Rshab Apparel Private
Limited. ICRA has also assigned a short-term rating of 'A4' on the
INR2.00 crore short-term, fund based and INR 5.00 crore, short-
term, non-fund based bank facilities of RAPL.  The abovementioned
bank facility limits are interchangeable with overall utilization
limited to INR10.00 crore.

The rating takes into account promoters' experience in the fabric
trading spanning over three generations over which the company
promoters have developed strong relationships with its elite
clientele ensuring repeat orders.  The company has recently
diversified into garment manufacturing and is looking to increase
its contribution to net sales which may have positive impact on
operating margins for the company going forward.

The ratings, however, remain constrained on account of low margin
fabric trading operations which have witnessed stagnant revenues
over the past three years; small scale of operations, increasing
working capital intensity of operations and stretched capital
structure with weak debt and interest coverage indicators.  The
company also has moderately high client concentration with top
five clients contributing nearly 81% of business; however, the
strong relationship shared with its clients ensuring repeat orders
partly mitigates the risk. Also, higher client diversity may not
be feasible with the current scale of operations.

                         About Rishab Apparel

Rishab Apparel Private Limited is a closely held and run private
limited entity incorporated in 1999 RAPL is mainly engaged in
trading of fabrics and has recent diversified into garments
manufacturing.  The company is currently run and managed by
Mr. Rishab Jain and his mother Mrs. Kalpana Jain, however, the
family has been in the textile trading business since the past two
generations. RAPL started importing high quality fabrics from
Japan, Taiwan and Korea 12 years ago sighting a market for high-
end fabrics in India.  Currently, RAPL acquires most of the
fabrics from Chinese manufacturers via multiple agents to meet
demands of major garment manufacturers such as Siyaram Silk,
Grasim Textiles, Aditya Birla Nuvo, Arvind Retail, etc.

The company has a warehouse in Murbad, which is exempt from Octroi
Duty and currently performs garment manufacturing from a leased
out facility in Vapi.  The Vapi facility has a total capacity of
180,000 pieces per annum and is operating at 70% utilization
levels.


SATISH SUGARS: CARE Rates INR70cr LT Bank Loans at 'CARE BB'
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Satish Sugars Limited.

                                Amount
   Facilities                  (INR cr)   Ratings
   ----------                  --------   -------
   Long-term bank facilities     70.0     'CARE BB'

Rating Rationale

The rating is constrained by deteriorated financial performance of
SSL during FY10 and H1FY11 resulting in tight liquidity position,
substantial increase in gearing levels as well as cyclical and
regulated nature of the sugar industry.  However, the rating draws
strength from SSL's long track record and integrated nature of
operations.  Going forward, ability of SSL to improve the
liquidity position as well as improvement in capacity utilization
of the existing capacities and stabilization of new capacities
would be the key rating sensitivities.

SSL operates a fully integrated sugar mill with aggregate crushing
capacity of 7,500 tonnes of cane per day (TCD), a co-generation
plant of 25 MW and an Ethanol plant of 45 KLPD installed capacity.
The capacity of sugar unit was increased from 4000 TCD to 7500 TCD
in September 2010.  SSL has started a Kannada news channel called
'Samaya TV' from July 2010 onwards.  SSL is increasing the
capacity if its co-gen unit from 25 MW to 37 MW, which is
expected to be completed by January 2011.


SHIVAM IRON: ICRA Reaffirms 'LBB+' Rating on INR47.08cr Term Loan
-----------------------------------------------------------------

ICRA has re-affirmed the LBB+ rating assigned to the INR47.08
crore (increased from INR13.78 crore earlier) term loan and
INR43.00 crore (increased from INR 22.00 crore earlier) cash
credit facilities of Shivam Iron & Steel Co. Limited.  The outlook
on the long term rating is stable.  ICRA has also re-affirmed the
A4+ rating to the INR 34.41 crore (increased from INR 14.00 crore
earlier) non-fund based bank facilities of SISCL.

The ratings take into account the experience of SISCL's promoters
in the steel industry, its integrated nature of operations which
result in better control of cost and quality, its diversified
product portfolio catering to various segments of the steel
market, proximity to raw material sources leading to lower landed
cost of raw materials and a moderate gearing level.  ICRA notes
that the company has successfully commissioned a stainless steel
manufacturing facility in September 2010, increased its rolling
capacity and also implemented a sponge iron capacity which is
likely to lead to a significant growth in revenues going forward.
The ratings are, however, constrained by the cyclicality inherent
in the steel business that makes margins and cashflows volatile to
fluctuations  in prices, SISCL's weak financial indicators as
reflected by its low profitability, depressed level of coverage
indicators and a highly working capital intensive nature of
operations, which in turn impacts its liquidity position
adversely.  ICRA also notes that the absence of any captive source
of power results in high cost of operations of the company, since
the manufacturing process of some of its products is quite energy
intensive. SISCL is currently expanding its sponge iron capacity.
While this would strengthen its operating profile post successful
commissioning, the company would face project related risks in the
near term.

                         About Shivam Iron

SISCL was incorporated as a private limited company in 1998 and
started commercial production in 1999-2000.  The company was
converted into a public limited company in 2006. SISCL has been
involved in the production of sponge iron, MS ingot and billet, MS
structural items like angle, channel, bar and flat, SS billet, SS
flat, and ferro alloys (silico manganese and ferro manganese).
Currently its sponge iron, ingot/ billet, rolling and ferro alloy
manufacturing facilities stand at 60,000 MTPA, 108,400 MTPA,
69,000 MTPA and 28,050 MTPA respectively.  The sponge iron unit of
the company is located at Koderma, Jharkhand and other
manufacturing facilities are located at Giridih, Jharkhand.


SHIRDI INDUSTRIES: CRISL Upgrades Rating on INR1.22BB Loan to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shirdi Industries Ltd to 'B+/Stable' from 'C', while reaffirming
the rating on the short-term bank facility at 'P4'.

   Facilities                        Ratings
   ----------                        -------
   INR1251.0 Million Cash Credit     B+/Stable (Upgraded from 'C')
   INR1222.6 Million LT Loan         B+/Stable (Upgraded from 'C')
   INR427.4 Mil. Letter of Credit    P4 (Reaffirmed)

The rating action is driven by timely servicing of maturing debt
by SIL over the seven months through January 2011.  The company,
which was delaying in servicing its debt because of weak
liquidity, has regularized its loan account on the back of
enhancement in bank limits and healthy cash accrual generation.
SIL's liquidity, while significantly better than earlier, is
expected to remain constrained over the medium term by its working
capital intensity and capital expenditure (capex) plans; however,
it may improve substantially if the company's proposed initial
public offering (IPO) is successful.

The rating also reflects SIL's working-capital-intensive
operations, exposure to risks related to large capital
expenditure, heavy reliance on the information technology (IT) and
IT enabled services segment, with limited exposure to the
household segment, and its aggressive capital structure.  These
rating weaknesses are partially offset by the benefits that the
company derives from its established market position, its
diversified product profile, and its presence in the high-growth
medium density fibre (MDF) and particle board (PB) industry. The
company also benefits from its a healthy net worth and comfortable
debt protection metrics.

Outlook: Stable

CRISIL believes that SIL will continue to benefit over the medium
term from its established brand name, its wide distribution net
work, and its large product portfolio with a variety of finishes.
However, CRISIL also believes that the company's financial risk
profile will remain constrained by its working capital intensity.
The outlook may be revised to 'Positive' if SIL's proposed IPO is
successful, if there is improvement in the company's working
capital cycle, and continued track record of timely debt
repayment. Conversely, the outlook may be revised to 'Negative' if
SIL's liquidity deteriorates from the current levels or in case of
more-than-expected debt for funding its capex.

                       About Shirdi Industries

Incorporated in 1993, SIL manufactures MDF and PBs.  It commenced
operations by offering foreign trade advisory services.  In
February 2007, SIL commissioned its INR1.33-billion plant to
manufacture laminates, and plain and laminated MDF and PBs, in
Pantnagar (Uttarakhand).  The company added another plant in
Coimbatore (Tamil Nadu) in 2009-10 (refers to financial year,
April 1 to March 31) for pre-lamination of imported MDF and PBs.
It discontinued consultancy and trading activities in 2007-08 and
2008-09, respectively, to focus on manufacturing activities. SIL
plans an IPO in the near future, and will use the proceeds to fund
its proposed capex at Chennai (Tamil Nadu) and Uttarakhand.

For 2009-10, SIL reported a profit after tax (PAT) of INR260.0
million on net sales of INR2.9 billion, against a PAT of INR171.0
million on net sales of INR2.2 billion for the previous year.


SHREE RAJ: ICRA Assigns 'LBB-' Rating to INR20cr Fund-Based Limits
------------------------------------------------------------------
ICRA has assigned a 'LBB-' rating to the INR20 crore fund-based
limits of Shree Raj Mahal Diamonds Pvt. Ltd.  The outlook on the
rating is stable.  ICRA has also assigned 'LBB-' and 'A4' ratings
to the INR5 crore proposed limits of SRMD.  The ratings are
constrained by highly competitive nature of the jewellery industry
characterized by many organized and unorganized players resulting
in low profitability margins; high geographical and customer
concentration risk; moderately high financial risk profile
characterized by low return indicators, moderately high gearing
level and low coverage indicators; and tight liquidity position as
reflected in high utilization of working capital limits.  The
ratings, however, favorably factor in the established presence of
SRMD's promoters and the group in trading and distribution of
jewellery and favorable demand growth prospects in India.
Significant increase in working capital intensity resulting in
deterioration of profitability and debt coverage metrics would be
a key rating sensitivity.

Shree Raj Mahal Diamonds Pvt. Ltd. is a wholesaler and retailer of
gold, diamonds and silver ornaments/jewellery. SRMD has presence
largely in gold and diamond jewellery.  The company was
incorporated in the year 2010.  SRMD is a closely held company
promoted by Mr. Pradeep Kumar Goel and Mr. Ashok Kumar Goel.
SRMD's customers primarily consist of wholesalers and retailers
based in New Delhi area.


SHRINIWAS MACHINE: CRISIL Cuts Rating on INR85MM Term Loan to 'B+'
------------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Shriniwas Machine Craft Pvt Ltd (SMCPL; part of the Rewale group)
to 'B+/Stable' from 'BB-/Stable'.

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

   INR85 Million Term Loan         B+/Stable (Downgraded from
                                              'BB-/Stable')

The downgrade reflects the Rewale group's lower-than-expected
sales and profitability, leading to pressure on its cash accruals,
because of slowdown in demand from its end-user, the
telecommunications industry.  The downgrade also reflects
weakening in Rewale group's liquidity because of a stretch in its
receivables period with respect to its main customer Mahindra and
Mahindra Ltd (M&M). CRISIL believes that, given the continuing
slowdown in demand from the telecommunications industry, the
Rewale group's cash accruals will continue to be under pressure,
and its receivables period with respect to M&M will remain
stretched over the medium term.

The rating reflects the Rewale group's weak financial risk profile
marked by small net worth and high gearing despite moderate debt
protection metrics, concentrated customer profile, large working
capital requirements, and small scale of operations in the highly
fragmented generator-set canopy industry. These rating weaknesses
are partially offset by the group's strong relationships with its
customers.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SMCPL, Rewale Engineering Pvt Ltd
(REPL), and Venkatesh Engineering Equipments Pvt Ltd (VEEPL). This
is because the three companies, collectively referred to as the
Rewale group, are in the same line of business, under the same
management, and have strong operational and financial linkages.
REPL and VEEPL jointly own the majority of SMCPL's equity shares.
REPL is a contract manufacturer for SMCPL. VEEPL has guaranteed
SMCPL's bank facilities.

Outlook: Stable

CRISIL believes that the Rewale group's scale of operations will
remain small and its financial risk profile will remain
constrained because of large working capital requirements, over
the medium term.  The outlook may be revised to 'Positive' if
there is significant increase in the group's scale of operations
and improvement in its profitability, driven by increase in demand
from its end-user segment.  Conversely, the outlook may be revised
to 'Negative' if the group's sales and profitability decline
further, leading to lesser-than-expected cash accruals.

                          About the Group

Promoted by Mr. Vilas Rewale in 2003, SMCPL is part of the Rewale
group, which commenced operations with REPL in 1983. SMPCL
manufactures sheet metal canopies for gensets for original
equipment manufacturers (OEMs) such as M&M and Ashok Leyland Ltd
(ALL); the canopies for gensets are ultimately used in the
telecommunications industry. Currently, SMCPL subcontracts its
entire manufacturing operations to REPL. SMCPL plans to
manufacture and market gensets under its Radix brand, in
partnership with Same Deutz Fahr Germany. In 2005, Mr. Vilas
Rewale set up VEEPL, which is into assembling gensets (on job-work
basis) for M&M.

The Rewale group reported a profit after tax (PAT) of INR29.4
million on an operating income of INR683.5 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR66.7 million on net sales of INR1023.5 million for 2008-09.


SOUJANYA COLOR: CRISIL Reaffirms 'B-' Rating on INR142.1MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'B-/Negative/P4' ratings on the bank
facilities of Soujanya Color Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR142.1 Million Rupee Term Loan    B-/Negative (Reaffirmed)
   INR70.0 Million Foreign Currency    B-/Negative (Reaffirmed)
                          Term Loan
   INR37.5 Million Cash Credit         B-/Negative (Reaffirmed)
   INR20.0 Million Packing Credit      P4 (Reaffirmed)
   INR32.5 Million Letter of Credit    P4 (Reaffirmed)

CRISIL's ratings on the bank facilities of Soujanya Color Pvt Ltd
continue to reflect the pressure on SCPL's liquidity as reflected
in the limited cushion between cash accruals and debt servicing
obligations, limited pricing power with customers and customer
concentration in its revenue profile.  These rating weaknesses are
partially offset by the benefits that SCPL derives from its
promoters' experience in the colourants and tinters segments, and
its established customer relationships.

Outlook: Negative

CRISIL believes that SCPL's credit risk profile will remain
constrained on account of its large repayment obligations as
against its current and expected net cash accruals.  The ratings
may be downgraded if the company's debt protection metrics
deteriorate because of less-than-expected cash accruals, impacting
its ability to service its debt.  Conversely, the outlook may be
revised to 'Stable' if the company reports a substantial increase
in profitability, supported by improvement in its debt protection
metrics.

Update

SCPL's sales increased significantly to INR388.6 million in
2009-10 (refers to financial year, April 1 to March 31) from
INR249.8 million in 2008-09.  The growth was driven by improved
demand from SCPL's key customers.  SCPL reported a profit after
tax (PAT) of INR16.5 million on net sales of INR388.2 million for
2009-10, against a PAT of INR11.5 million on net sales of INR289.0
million for 2008-09.  The company reported, on provisional basis,
revenues of around INR470.0 million for the period April 2010 to
January 2011 and expects to generate revenues of INR550 million by
March 2011. Its operating margin declined to 12.6% in 2009-10 from
13.1% in 2008-09 because of increase in price of key raw
materials.  During the last quarter of 2009-10, the company
commissioned its newly added capacity, taking the total capacity
from 150,000 kilolitres per month (klpm) to 500,000 klpm.  While
the company may gain from the economies of scale due to the
capacity addition, no significant improvement in the profitability
is expected in the view of the limited pricing power of SCPL with
its customers.  The company's working capital requirements have
increased because of increased focus on export markets, where the
company typically extends relatively longer credit period to its
customers.  The SCPL's gross current asset (GCA) level was 163
days as on March 31, 2010, compared to 110 days as on March 31,
2009.  CRISIL believes that SCPL's working capital requirements
will remain large because of the aforementioned capacity
expansion.  SCPL intends to fund its working capital requirements
with a mix of bank lines and unsecured loans from promoters.  In
2010-11, the promoters have extended unsecured loans of INR12.0
million to SCPL to meet working capital requirements.  The company
has also approached its bankers for enhancing its working capital
limits to INR120.0 million from INR57.5 million.

                       About Soujanya Color

SCPL was promoted as a proprietorship concern by the late Mr. C J
Bhumkar in 1983, and was reconstituted as a partnership firm in
2000, with members of Mr. Bhumkar's family joining in as partners.
In 2008-09, the partnership firm was reconstituted as a family-
owned private limited company.  Currently, SCPL is managed by Mrs.
Priyamvada Bhumkar, daughter-in-law of the late Mr. C J Bhumkar.
The company manufactures colourants and tinters used in the paints
industry.  SCPL is headquartered in Thane (Maharashtra), with
manufacturing units in Navi Mumbai, with an installed capacity of
500,000 klpm.


SRI CHANNABASAVASHWARA: CRISIL Raises Cash Credit Rating to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Sri Channabasavashwara Swamy Rural Education Society
to 'B/Stable' from 'D'.

   Facilities                           Ratings
   ----------                           -------
   INR20.0 Million Cash Credit Limit    B/Stable (Upgraded from
                                                  'D')
   INR39.4 Million Term Loan            B/Stable (Upgraded from
                                                  'D')
   INR21.6 Million Proposed Long-Term   B/Stable (Upgraded from
                  Bank  Loan Facility             'D')

The rating upgrade reflects the regularization of term loans, with
timely payments of interest obligations by SCSRES, for the six
months ended Jan. 31, 2011.  The upgrade also reflects the comfort
that CRISIL derives from the discipline shown by the SCSRES's
management reflected in the systems put in place by them for
prudent cash flow management for timely servicing of future debt.

The rating also reflects SCSRES's constrained financial
flexibility, and susceptibility to adverse regulatory changes.
These rating weaknesses are partially offset by its strong track
record in the education sector and healthy growth and
profitability.

Outlook: Stable

CRISIL believes that SCSRES will continue to benefit from its
varied presence across education streams, over the medium term.
The outlook may be revised to 'Positive' if SCSRES enhances its
geographical reach and enhances its course offerings by
introducing new courses with increased profitability.  Conversely,
the outlook may be revised to 'Negative' in case SCSRES undertakes
a larger-than-expected debt-funded capital expenditure programme,
further weakening its debt protection metrics or regulatory/legal
issues adversely affect the revenues of its educational
institutions.

SCSRES was set up in 2000 to promote higher education, under the
chairmanship of Mr. G S Basavaraj, a Member of Parliament from
Tumkur (Karnataka). The first institution set up by SCSRES was the
Channabasavashwara Institute of Technology (CIT), which offers
courses in four Bachelor of Engineering disciplines and Master of
Business Administration, has an annual intake of 636 students.

SCSRES runs five educational institutions: CIT, Nightingale
Institute of Nursing, Channabasavashwara College of Education,
Channabasavashwara Teachers' Training Institute, and Centre for
Information Technology and Research in the Interest of the
Society.  SCSRES has a cumulative annual intake of around 900
students in various disciplines such as engineering, management,
nursing, and education.

SCSRES reported a profit after tax (PAT) of INR2.1 million on net
sales of INR103.9 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a net loss of INR0.9 million on
net sales of INR91.2 million for 2008-09.


T. C. MOTORS: ICRA Assigns 'LBB-' Rating to INR15cr Bank Loans
--------------------------------------------------------------
ICRA has assigned a 'LBB-' rating to the INR15.00 crore fund based
bank facilities of T. C. Motors Private Limited.  The outlook on
the long term rating is stable.

The rating factors in TCMPL's position as the single authorized
dealer of TML in Howrah, West Bengal. ICRA notes that the setting
up of the new 3S facility in Salap, Howrah would help TCMPL to
increase its geographical presence and revenues.  The rating also
takes into account TCMPL's limited track record of running auto
dealership business successfully and the low operating margins and
high working capital intensity of operations inherent in the
vehicle dealership business.

T. C. Motors Private Limited was incorporated in December 2009 by
Mr. Pawan Kumar Chowdhury, Mr. Salil Kumar Chowdhur and their
family members.  TCMPL is the only authorized dealer of TML in
Howrah, West Bengal, currently operating through a single 3S
facility. The commercial operation of the company began in
May 2010.

Recent Results:

The company reported an estimated net loss of INR0.13 crore on an
operating income (provisional) of INR21.86 crore in 9M FY 2011, as
compared to a net loss of INR0.04 crore on an operating income of
INR0.01 crore during FY 2010.


VEESONS ENERGY: CRISIL Assigns 'BB' Rating to INR147.5MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Veesons Energy Systems Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR138.5 Million Cash Credit        BB/Stable (Assigned)
   INR147.5 Million Long-Term Loans    BB/Stable (Assigned)
   INR30.0 Million Letter of credit    P4+ (Assigned)
   INR80.0 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect Veesons Energy's sub-par financial risk
profile marked by high gearing and modest net worth, and the
working-capital-intensive nature of its operations.  These
weaknesses are partially offset by the company's established
position in the boiler business, supported by the experience of
its promoter and top management, and its healthy order book.

Outlook: Stable

CRISIL expects Veesons Energy to maintain its credit risk profile,
on the back of a healthy order book and improving operating
profitability.  Also the company's financial risk profile,
especially gearing and key debt protection metrics are expected to
benefit from improving cash generation.  The outlook may be
revised to 'Positive' if the company achieves higher than
anticipated revenue growth and cash generation leading to better
debt protection metrics and gearing levels, and prudently manages
its working capital, especially debtor levels. Conversely, the
outlook may be revised to 'Negative' in case of sluggish revenue
growth and profitability, further deterioration in debtor levels,
or if the company undertakes significant debt-funded capex.

                       About Veesons Energy

Veesons Energy commenced operations as a partnership firm in 1981,
and was incorporated as a private limited company in 1994.  The
company manufactures boilers and boiler components.  Its process
steam and power generation boilers have steam generation
capacities of up to 200 tonnes per hour and steam pressure of up
to 115 kilograms per square centimetre. Veesons Energy has been
associated with Bharat Heavy Electricals Ltd (BHEL; rated
'AAA/Stable/P1+' by CRISIL) for over 30 years, for manufacturing
boiler components for BHEL's super critical thermal power plants.
A number of Veesons Energy's senior officials are former employees
of BHEL.  The other services offered by Veesons Energy include
conversion, modification, and renovation of existing boilers.
Almost all the company's shares are held by Mr. V Ramakrishnan
(Managing Director), who established Veesons Energy after working
for 10 years with BHEL.

For 2009-10 (refers to financial year, April 1 to March 31),
Veesons Energy reported a profit after tax (PAT) of INR49.68
million on net sales of INR1.46 billion, against a PAT of INR20.52
million on net sales of INR1.07 billion for 2008-09. For the six
months ended September 30, 2010, Veesons Energy reported a PAT of
about INR22.9 million on net sales of INR890.7 million.


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


LIPPO KARAWACI: Fitch Assigns 'B+' Rating to 2015 Senior Notes
--------------------------------------------------------------
Fitch Ratings has assigned PT Lippo Karawaci Tbk's ('B+'/Stable)
US$125 million senior notes due April 30, 2015, a final rating of
'B+' and a final Recovery Rating of 'RR4'.  The notes are issued
by wholly-owned subsidiary Sigma Capital Pte. Ltd. and guaranteed
by LK.

This rating action follows the completion of the notes issue and
receipt of documents conforming to information previously
received.  The final rating is the same as the expected rating
assigned on Feb. 9, 2011.  The issue proceeds are to be used for
debt refinancing.


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


KIRAYAKA BANK: JCR Assigns 'BB+' Rating to Subordinated Bonds
-------------------------------------------------------------
Following Kirayaka Bank, Ltd's announcement that it had entered
into a basic agreement on the merger with The Sendai Bank, Ltd.,
Japan Credit Ratings placed the ratings on the Bank under Credit
Monitor with Positive direction on October 26, 2010.

The ratings reflect a chance that the merger with The Sendai Bank,
Ltd. (rating on senior debts: #BBB/Negative), which is in a better
position in financial and capital aspects, can lead to the
strengthening of its financial base through improved efficiency in
the management functions.

The Bank and The Sendai Bank, Ltd. plan to conclude a final
agreement on the merger in April 2011, resolve the approval of the
share transfer plan at their ordinary general meetings of
shareholders in June and establish a holding company in October.
As part of this plan, the Bank announced on Nov. 10, 2010, that it
had established a management integration committee.  JCR will
continue to examine progress in the works for the management
integration, degree of unified management after the integration, a
course of action for the business development, capital policy, and
synergies in business and costs, as well as the profit/loss status
and financial structures of the two banks, to reflect them in the
ratings as necessary.
                                 Issue     Due
Issue                 Amount    Date      Date      Rating
-----                 ------    ----      ----      ------
subordinated callable  JPY1.1B  03/15/11  03/15/21  #BB+/Positive
bonds no.3
(private placement)*

*4.25% per annum till March 15, 2016. It will switch to 6M Euroyen
LIBOR + 5.00% after that date.
Negative Pledge: No
Other Covenants: Subordination agreement
Bond Administrator: No


* JAPAN: Corporate Bankruptcies Drop 9.4% in February
-----------------------------------------------------
Xinhua News reports that the number of Japanese corporate
bankruptcies declined 9.4% in February from the same time a year
earlier, marking the 19th straight month of retraction, data from
Tokyo Shoko Research showed Tuesday.

Tokyo Shoko's data showed that in the recording period there were
987 corporate failures in February, marking the first time the
number of bankruptcies fell below 1,000 cases since
September 2005, according to Xinhua.

Xinhua relates that the credit research firm said outstanding
debts from the bankrupt firms dropped 6.5% in the recording period
totaling JPY410.2 billion and logging the fourth straight month of
decline.

From the previous month, Tokyo Shoko said, the number of
bankruptcies dropped 5.2% in February, however the amount of debt
involved rose 73.5%, Xinhua discloses.


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


MOBIF BHD: Is Insolvent; Unable to Pay Debts
--------------------------------------------
The Star Online reports that Mobif Bhd's board of directors
believed that the company is insolvent as it will not be able to
pay its debts.

"Immediate steps have been taken to formulate a regularization
Plan to regularize Mobif's financial condition and appropriate
announcements will be make in due course," the company said in its
filing to Bursa Malaysia on March 8, according to The Star Online.

The Star Online says Mobif announced on March 4 that its wholly
owned subsidiary, My Domain Electronic Sdn Bhd, had received a
notice of demand for default in payment of monthly installments in
respect of Bai Al-Inah project financing facility granted by
Malaysia Debt Ventures Bhd.

The total of the default amount was at about MYR7.3 million
including interest from term loan facility of MYR8 million, The
Star Online discloses.

According to the report, Mobif, which is listed in the ACE market,
said MDE was unable to service and repay its monthly installments
as the group was experiencing a weak cash flow position due to
operational losses and the reduction of banking facilities by
other financial institutions.

Mobif Berhad -- http://www.mobif.com.my/-- is a Malaysia-based
company engaged in the provision of Internet-based surveillance
systems, machine control with visual inspection software and other
information technology services, such as systems integration,
support services and training.  The Company operates in four
segments: voice over Internet protocol (VoIP) system, surveillance
system, customized inspection system and telecommunication
services.  Its subsidiaries are Mobif Global Sdn. Bhd., Mobif
Technology (Beijing) Co. Ltd, Mobif Systems Co. Ltd, Mobif Global
(Borneo) Sdn. Bhd., Mobif Broadband Shop Sdn. Bhd. and My Domain
Electronic Sdn. Bhd. Operations are carried out in Malaysia, China
and other countries.


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


SOVEREIGN HOMES: Goes Into Liquidation
--------------------------------------
The New Zealand Herald reports that Sovereign Homes New Zealand
Ltd has gone into liquidation.  The report says Peter Chatfield
and Stephen Tietjens of Accru Smith Chilcott Ltd are handling the
liquidation and were called in by the company's shareholder.

"It is very early at this stage but it is fairly clear that we
will not be able to complete the contracts," the NZ Herald quotes
Mr. Chatfield as saying.

Mr. Chatfield said the liquidators would be in touch with
customers and would try to help them to find new builders,
according to the NZ Herald.

Sovereign Homes is an Auckland-based home building company.  It
has a head office and a display home in Albany, as well as show
homes in Whangarei and Hamilton.  The company employs about 11
people.


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


PHILIPPINE AIRLINES: Operations Normal Despite Strike Notice
------------------------------------------------------------
The Daily Tribune reports that operations of Philippine Airlines
remain normal despite the latest notice of strike filed by the PAL
Employees Association with the Department of Labor and Employment.

PAL said flights will continue to be operated according to
published schedules while all ticket offices and other sales and
airport facilities in Metro Manila, the provinces and stations
abroad will maintain regular business operations serving PAL
customers, the Tribune relates.

According to the Tribune, PAL made the assurance of unhampered
operations after management said it was open to negotiate a new
collective bargaining agreement with its employees' union but only
after Malacanang resolves the pending labor issues raised before
it by Palea.  The Tribune notes that PAL maintains that DoLE was
correct in its earlier ruling recognizing the planned spin off as
a valid exercise of management prerogative.

The Tribune relates that PAL president Jaime Bautista said the
outcome of Malacanang's mediation over the spin-off issue has a
material impact on the next PAL-Palea CBA.  He said Palea leaders
should give Malacanang due respect and a free hand in resolving
the spin off issue which Palea itself raised to the Palace on
appeal, the Tribune adds.

Mr. Bautista, as cited by the Tribune, stressed any CBA
negotiations will eventually cover only those to be left behind,
in case the spin off is sustained by Malacanang.

Last year, the Tribune recalls, Palea sought Malacanang's
intervention over the planned spin-off of PAL's three non-core
units after Labor Secretary Rosalinda Baldoz sustained the earlier
decision penned by then acting Secretary Romeo Lagman.

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that PAL is to spin off
its three non-core units as a last resort to avoid bankruptcy.
PAL will spin off its three non-core units: inflight catering
services; airport services, including ground handling, cargo
handling and ramp handling; and call center reservations, the
Manila Bulletin said.  The PAL Employees Union estimated that
2,000 to 4,000 employees assigned to those departments could be
retired.  PAL said competition from overseas carriers, slower
global economic growth, and higher oil prices had prompted the
airline to slash its non-core businesses.  The carrier had
approached several investors but failed to secure financial help,
and equity had dropped to a worrisome US$1.1 million as of
February 2010, according to the Manila Standard.

The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that PAL announced a narrower loss for its fiscal year that
ended March 2010 to $14.3 million, from the previous year's $297.8
million, but warned of still weak demand for international
flights.

                      About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.


================
S R I  L A N K A
================


MERCHANT BANK: Fitch Tilts Outlook to Stable; Affirms 'BB+' Rating
------------------------------------------------------------------
Fitch Ratings Lanka has revised People's Merchant Bank PLC's
Outlook to Stable from Negative.  Its National Long-Term rating
has been affirmed at 'BB+(lka)'.

The Outlook revision reflects an improvement in PMB's financial
profile and the ongoing efforts of the company to continue to
improve its financial profile in terms of profitability, asset
quality and solvency as indicated by net NPL/equity.

PMB's rating reflects its still weak financial profile.  However,
Fitch takes comfort from the company's linkages with its main
shareholder, state-owned People's Bank (Sri Lanka) (PB; 'AA-
(lka)'/Positive), including a common brand identity and funding.

PMB's financial profile continued to be impacted in FY10 and
Q3FY11 by the acquisition of its subsidiaries in 2009.  In
particular, Fitch notes that losses incurred at its subsidiary -
PMB Credit Card Company Ltd - contributed significantly to losses
incurred by the group.  PMB transferred PMBCC's significant assets
and liabilities to the company in Q3FY11.  Losses incurred eroded
equity of LKR250m raised through a rights issue in Q4FY10.  PMB
expects to raise capital through the divestiture of a stake in
registered finance company subsidiary - People's Merchant Finance
Ltd - by end-June 2011 as required by regulations applicable to
RFCs.  Fitch is of the view that PMB's profitability and
capitalization could improve following the proposed divestment.

PMB's asset quality improved in Q3FY11, largely reflecting the
improvement in the credit environment, as observed across the
sector.  The gross NPL ratio for the company and group declined to
23.5% and 23.8% at Q3FY11, respectively, from 30.2% and 31.4% at
FYE10.  Fitch notes that PMB's asset quality may improve further
in view of the recent institution of a dedicated recoveries
division and consequent increased focus on recoveries.

The rating may be upgraded if there is a substantial and sustained
improvement in PMB's standalone financial profile in terms of
solvency, asset quality, and profitability.  Conversely, a
deterioration in the company's profitability through its inability
to stem losses, and/or deterioration in its asset quality and
solvency could result in a rating downgrade.  The rating could
also be affected by a change in circumstances that would warrant a
review of Fitch's opinion on the expectations of support from PB.

Established in 1983, PMB is regulated as a special leasing
company.  PB owns 39.2% of its equity (26% directly and 13%
indirectly through PB's 100% held subsidiary People's Leasing
Company Ltd ('A(lka)'/Stable)).  In support of the government's
initiative to aid liquidity-stressed financial institutions, PMB
acquired ABC Credit Card Company Limited (renamed PMBCC) in 2009.
Through PMBCC, PMB acquired Silvereen Finance Company Limited
(renamed PMF) in 2009.


EDIRISINGHE TRUST: Fitch Affirms 'BB-' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings Lanka has affirmed Sri-Lanka-based Edirisinghe Trust
Investment Ltd's National Long-Term rating at 'BB-(lka)' with
Stable Outlook.

ETI's rating reflects its relatively weak core equity position and
large exposure to real estate investments.  It also takes into
account the company's considerable exposure to, and solid
franchise in, low-risk gold-backed lending (pawning), and its
consequently sound asset quality.

Substantial improvement in ETI's core capital base and
profitability while maintaining asset quality could result in a
rating upgrade.  Conversely, increased exposure to debt-funded
investments leading to lower profitability, and/or deterioration
in capitalization or asset quality could result in a downgrade.

Real estate investments accounted for 22% of assets for the nine
months ended December 2010 (9MFY11; FYE09:24%) and are debt-
funded.  Considerably lower disposals of these properties in FY09-
9M11 have weighed on profitability.  Consequently, profitability
as measured by returns on assets at 1.7% in 9MFY11 (FY10: 0.6%)
was low in relation to other registered finance companies rated by
Fitch (FY10: 1.8%).  The company expects to sell off a
considerable share of its property projects by end-Q1FY12.  ETI
has not undertaken further real estate investments since 2009 and
has indicated that it will continue not to do so as it further
sells down the portfolio.

Pawning increased to 74% of total advances at end-9MFY11 (FYE10:
68%; FYE09: 58%) enhancing ETI's asset quality and maturity
schedules.  Gross non-performing advances accounted for 5.1% of
advances at 9MFY11 (FYE10: 6.3%) and compared well with other RFCs
rated by Fitch (FYE10: 12.9%).  However, Fitch notes that asset
quality could weaken as ETI grows its vehicle financing portfolio
where NPAs are considerably higher (24% of advances at end-
9MFY11).

Due to ETI's large exposure to pawning, which carries a low risk
weight for regulatory capital adequacy computations, capital
adequacy is within regulatory minimum requirements.  However,
Fitch notes that core absolute capitalisation remains weak and
core equity (excluding fair value gains on investment properties)
was 5% of total assets at end-9MFY11.  As a result, ETI would need
to strengthen its capital base to support future growth,
particularly of non-pawning products which carry a higher risk
weight.

ETI is a mid-sized RFC, and has been a closely held family-owned
company since its establishment in 1967.  The Edirisinghe family,
which also has interests in manufacturing and retailing of gold
jewellery, pawning and film production, owns 99.2% of ETI.  This
holding will be diluted once the company lists its shares on the
Colombo Stock Exchange in early 2011 in keeping with regulatory
requirements.


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


VINASHIN: Lion Group Blames Vinashin Woes Over Failed Venture
-------------------------------------------------------------
Agence France-Presse reports that Malaysian conglomerate The Lion
Group has blamed problems at Vietnam's scandal-hit shipbuilder
Vietnam Shipbuilding Industry Group or Vinashin for the failure of
a multi-billion-dollar joint venture.

AFP relates that the US$9.8 billion project by Vinashin and Lion
would have included a steel mill, power plants and a sea port in
the southern Vietnamese province of Ninh Thuan.

According to AFP, Vietnamese officials said last month that the
project's investment license had been revoked because investors
didn't fulfill their commitments.

"The Lion Group wishes to clarify that the lack of progress is due
to the financial and management issues affecting Vinashin which
has not been able to respond on the continuity of the project,"
the Malaysian firm said in a statement to AFP.

It added that Lion required certain conditions, including adequate
import tariff protection, to be in place for such a large
investment, AFP reports.

"As these requirements have not been met, the Group has therefore
decided not to proceed with the project," it said, according to
AFP.

AFP adds that Pham Dong, head of the Ninh Thuan planning and
investment department, earlier said The Lion Group held a 75%
stake in the project but had difficulties arranging funding.
There was also "trouble" with the chosen technology, Dong said.

In December, AFP discloses, Vinashin, whose debts of more than
US$4 billion pushed it to the brink of bankruptcy, reportedly
defaulted on the first US$60 million installment of a
US$600 million loan arranged by Credit Suisse in 2007.

Vinashin got a US$600 million loan in 2007 from banks led by
Credit Suisse Group AG that paid interest of 1.5 percentage points
more than the London interbank offered rate, according to data
compiled by Bloomberg.  While it made a US$6.8 million interest
payment on Dec. 23, the company missed a Dec. 20 deadline to make
a US$60 million principal payment and asked lenders for a one-year
extension, Bloomberg relates.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***