TCRAP_Public/110314.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, March 14, 2011, Vol. 14, No. 51

                            Headlines



A U S T R A L I A

BURRUP FERTILISERS: Receivers Sue Oswal Couple for AU$112 Million
MANACCOM: Creditors Accept Deed of Company Arrangement


C H I N A

CHINA TEL GROUP: Incurs US$1.93-Mil. Net Loss in Sept. 30 Quarter
YANLORD LAND: Moody's Assigns 'Ba2' Rating to Proposed Bonds
YANLORD LAND: S&P Affirms 'BB' Long-Term Corporate Credit Rating


H O N G  K O N G

DE RODEO: Court Enters Wind-Up Order
FORDEN DEVELOPMENT: Court to Hear Wind-Up Petition on April 20
FORTUNE WORLD: Court to Hear Wind-Up Petition on April 20
KCL CAPITAL: Bruno Arboit Appointed as Liquidator
LEHMAN BROTHERS: Creditors' Proofs of Debt Due March 25

OMEA ADVERTISING: Court Enters Wind-Up Order
SANFORD DEVELOPMENT: Court Enters Wind-Up Order
SELPRO TACTICAL: Court Enters Wind-Up Order
SOLARITE ENTERPRISES: Court Enters Wind-Up Order
TEAMWORK E.P.: Court Enters Wind-Up Order


I N D I A

AIRVISION INDIA: CRISIL Reaffirms 'C' Rating on INR90M Cash Credit
ARUN ENGINEERING: CRISIL Reaffirms 'B' Rating on Cash Credit
C J I PORCELAIN: CRISIL Reaffirms 'BB' Rating on Cash Credit
DAMODAR ENGINEERS: Fitch Assigns 'D' National Long-Term Rating
DHRUV INDUSTRIES: CRISIL Cuts Rating on Various Debts to 'BB-'

MADHYA PRADESH: CRISIL Reaffirms 'BB+' Cash Credit Rating
ORBIT RESORTS: CRISIL Reaffirms 'BB' Rating to INR48MM Cash Credit
SAATI KUSUMGAR: Fitch Assigns 'B+' National Long-Term Rating
SAPPHIRE PAPERS: CRISIL Assigns 'D' Rating to INR125.5MM LT Loan
SHRI ADISHWAR: CRISIL Reaffirms 'B' Rating on INR17.4MM Term Loan

SURAJ PRECISION: CRISIL Reaffirms 'BB' Rating on Cash Credit
SURANA TELECOM: CRISIL Downgrades Cash Credit Rating to 'BB+'
SURUCHI FOODS: CRISIL Reaffirms 'BB-' Rating on Cash Credit
WORLD SCHOOLS: CRISIL Rates INR100.00 Million Term Loan at 'D'
YASHRAAJ ETHANOLL: CRISIL Cuts Rating on INR290MM Term Loan to 'D'


J A P A N

CORSAIR NO 2: S&P Corrects Rating to US$20-Mil. Floating Notes
EACCESS LTD: Moody's Assigns 'Ba3' Long-Term Issuer Rating
EACCESS LTD: S&P Assigns 'BB+' Long-Term Issuer Credit Rating
* S&P Puts Ratings on Six Tranches on CreditWatch Positive


K O R E A

C&M CO: S&P Affirms Long-Term Corporate Credit Rating at 'B'


M A L A Y S I A

HOCK SIN: Extraordinary Meeting Slated for March 25
MALAYSIAN MERCHANT: Faces Delisting for Failure to Submit Plan
NAM FATT: Unit Sells 51% Shares in Ascent Capital for MYR10


N E W  Z E A L A N D

ALLIED NATIONWIDE: Receivers Begin Finance Company Loans Sell-Off
CRAFAR FARMS: No Crafars Charged With Animal Welfare Offences
GENEVA FINANCE: Asks Debt Holders for Debt-for-Equity Swap


P H I L I P P I N E S

BANCO FILIPINO: Failure to Submit Financial Reports Cue Delisting
VITARICH CORP: Wins Court OK to Sell Some Assets for PHP200MM


S I N G A P O R E

AMANDA FOODS: Court to Hear Wind-Up Petition on March 25
AUSTRALIAN PROPERTY: Applies for Judicial Management
CP SOLUTIONS: Creditors Get 16.07% Recovery on Ordinary Claims
SG ASSET: Creditors' Proofs of Debt Due April 11
STEVENS PARK: Members' Final Meeting Set for April 8

TRANSPACIFIC RESOURCES: Creditors' Proofs of Debt Due April 4
WILMAR HOLDINGS: Members' Final Meeting Set for April 12


                            - - - - -


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


BURRUP FERTILISERS: Receivers Sue Oswal Couple for AU$112 Million
-----------------------------------------------------------------
The Sydney Morning Herald reports that Burrup Fertilisers'
receivers are suing an Indian entrepreneur, Pankaj Oswal, and his
wife Radhika, for AU$112 million to recover company money they
allege was used to fund the Oswals' lifestyle, including a luxury
cruiser, a private jet, and a AU$60 million home dubbed the "Taj
Mahal-on-the-Swan."

SMH, citing a statement of claim lodged in the Federal Court in
Perth on March 10, says the receivers are seeking AU$95.7 million
from Mr. Oswal for breach of his duties as a director of the
company.  The amount relates to payments made to him and his
family interests.

SMH relates that the receivers are seeking a further AU$13.4
million from Ms. Oswal for her involvement in her husband's breach
of duty or, alternatively, because she received those funds.

The receivers, lead by PPB Advisory's Ian Carson, are also seeking
to recover AU$2.7 million from an Oswal-related company recently
renamed Comical Ali Militant Vegetarian Pty Ltd, SMH adds.
According to the report, the receivers claim the amount relates to
a Fairline Squadron 74 motor yacht that was acquired by Burrup
Fertilisers in October for AU$2.7 million and registered in the
name of Comical Ali.

In their claim, SMH adds, the receivers allege that company funds
were used to pay the Oswals' private bills between April 1, 2009,
and Dec. 17, 2010, when ANZ Bank appointed receivers to Burrup
Fertilisers.  The receivers removed Mr. Oswal as managing director
and seized the family's majority stake in the company, SMH notes.

SMH relates that the statement of claim said more than AU$7.6
million was used to pay bills on the Oswals' Dalkeith home in
Perth and a half-completed Peppermint Grove property, known as the
Taj Mahal-on-the-Swan, which is for sale.

It claims AU$290,833 went towards paying Mr. Oswal's credit card
bills, and millions more was spent on the boat, luxury cars, and
private jet, SMH reports.

Another AU$5.2 million was allegedly used to buy farmland in North
Dandalup in a transaction worth AU$8.9 million, SMH relates.

According to SMH, Burrup's receivers join a growing number of
parties seeking money from the couple.  ANZ claims they owe the
bank AU$500 million on top of AU$360 million owed by the company.

SMH's reported last week that the Australian Taxation Office is
pursuing Ms. Oswal for AU$140 million, and the pair may still owe
Commonwealth Bank millions after the sale of their jet.

SMH notes that the receivers are expected to begin selling the
Oswals' 65% stake in Burrup within weeks.

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.  ANZ 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.


MANACCOM: Creditors Accept Deed of Company Arrangement
------------------------------------------------------
Mike Gee at ARN reports that creditors of Manaccom have accepted
the company's Deed of Company Arrangement and it will be closed in
the near future.

ARN relates that parent company, Jumbo Interactive Limited, said
the process of closing the "underperforming division" was expected
to be wrapped up quickly.

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

The Troubled Company Reporter-Asia Pacific, citing SmartCompany,
reported on March 3, 2011, that Jumbo Interactive offered a
AU$500,000 contribution to creditors via deed of company
arrangement.  SmartCompany stated that this will ensure creditors
receive a return of up to 100 cents on the dollar, or at least 43
cents in the dollar, depending on the size of creditors claims and
asset sales.

ARN says Jumbo claimed adverse market conditions for over-the-
counter software was a major contributing factor to Manaccom's
loss.

Jumbo's Internet Lotteries business is unaffected by the closure
of Manaccom, ARN adds.

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


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


CHINA TEL GROUP: Incurs US$1.93-Mil. Net Loss in Sept. 30 Quarter
-----------------------------------------------------------------
China Tel Group, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $1.93 million on $270,298 of revenue for
the three months ended Sept. 30, 2010, compared with a net loss of
$12.30 million on $258,528 of revenue for the same period during
the prior year.

The Company also reported a net loss of $38.23 million on $729,701
of revenue for the nine months ended Sept. 30, 2010, compared with
a net loss of $26.34 million on $457,766 of revenue for the same
period during the prior year.

The Company's balance sheet at Sept. 30, 2010 showed $8.70 million
in total assets, $9.84 million in total liabilities and
$1.14 million in total deficit.

A full-text copy of the Form 10-Q filed with the U.S. Securities
and Exchange Commission is available for free at:

              http://ResearchArchives.com/t/s?6ef3

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through its
controlled subsidiaries, the Company provides fixed telephony,
conventional long distance, high-speed wireless broadband and
telecommunications infrastructure engineering and construction
services.  ChinaTel is presently building, operating and deploying
networks in Asia and South America: a 3.5GHz wireless broadband
system in 29 cities across the People's Republic of China with and
for CECT-Chinacomm Communications Co., Ltd., a PRC company that
holds a license to build the high speed wireless broadband system;
and a 2.5GHz wireless broadband system in cities across Peru with
and for Perusat, S.A., a Peruvian company that holds a license to
build high speed wireless broadband systems.

Mendoza Berger & Company, LLP, in Irvine, California, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's 2009 results.  The
independent auditors noted that the Company has incurred a net
loss of $56.0 million for 2009, cumulative losses of
$165.4 million since inception, a negative working capital of
$68.8 million and a stockholders' deficit of $63.2 million, and
that the Company's viability is dependent upon its ability to
obtain future financing and the success of its future operations.


YANLORD LAND: Moody's Assigns 'Ba2' Rating to Proposed Bonds
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to Yanlord
Land Group Limited's proposed bond issue.

Moody's has also affirmed Yanlord's Ba2 corporate family rating.

The outlook for both ratings is stable.

The proceeds from the bond issue will be used to pay down the
company's existing indebtedness and to fund general corporate
purpose.

                        Ratings Rationale

"The affirmation of the ratings reflects Moody's expectation that
Yanlord's management will prudently conduct its land acquisitions
and debt management, such that adjusted debt/capitalization
remains under 45%," says Kaven Tsang, a Moody's AVP/Analyst.

"The proceeds of the bonds will provide Yanlord with additional
liquidity and financial flexibility to implement its business plan
even in the tight bank credit conditions likely to be prevalent in
China in 2011."

"The issuance will also lengthen the company's debt maturity
profile," adds Tsang.

"As most of the bond proceeds will be used to refinance existing
debt, the company's financial leverage will not be materially
affected," says Tsang.

Yanlord's small scale, revenue concentration in Shanghai, and
deluxe products will continue to expose it to high business
volatility, given that housing demand in 2011 is likely to be
suppressed as a result of the government's stringent enforcement
of control measures.

But Moody's expects that the company's competitive business model
-- which comprises quality properties with decent profit margins
-- and proven sales execution abilities will support it to attain
its sales targets.

The Ba2 ratings capture Yanlord's track record of replicating its
business model in second-tier cities and its ability to weather
down markets.  Yanlord's access to the debt and capital markets
and its history of raising equity to fund development operations
also support its rating.

The stable outlook reflects Moody's expectation that Yanlord will
have adequate cash and operating cash flow to fund its current
projects, and that it will not aggressively pursue large land
acquisitions.

Upgrade pressure could emerge if the company can (1) implement its
business plan and reduce sales volatility through further
geographical diversification; or (2) demonstrate strong financial
discipline and soundly manage its business and financial risk.

Moody's would consider an upgrade if the company can maintain
credit metrics of adjusted debt leverage below 35-40% and
EBITDA/interest above 6x.

The ratings could be pressured downward if Yanlord (1) fails to
implement its business plan, such that operating cash flow is
weaker than anticipated; or (2) materially accelerates development
and makes aggressive land acquisitions beyond Moody's
expectations, such that its balance sheet becomes more leveraged,
with adjusted debt leverage above 45-50% or EBITDA/interest under
4-5x.

Moody's last rating action with regard to Yanlord was taken on 4
May 2010 when Moody's affirmed Yanlord's Ba2 corporate family
rating and assigned a definitive Ba2 bond ratings on its US
dollar-denominated senior unsecured notes.

Yanlord focuses on large-scale residential developments in China
targeting mid- to high and high-end markets.  It has a total land
bank of 5.2 million sqm in nine cities in five major regions in
China.  The Yangtze River Delta is its largest market accounting
for 40% of the company's land bank and 72% of its revenue in 2010.


YANLORD LAND: S&P Affirms 'BB' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term corporate credit rating on Yanlord Land Group Ltd.
The outlook is stable.  At the same time, Standard & Poor's
assigned its 'BB' issue rating to the company's proposed issue of
fixed-rate, U.S. dollar-denominated senior unsecured notes.  The
rating on the notes is subject to S&P's review of the final
issuance documentation.  The proceeds will be used to repay
existing debt and for general corporate purposes.

S&P affirmed the rating on Yanlord because S&P believes the
company will weather the likely challenging conditions in China's
real estate market, given its track record of consistent financial
management and good financial flexibility.  S&P expects Yanlord's
credit ratios to weaken after the proposed notes issuance and edge
toward the downward trigger for the rating.

Yanlord's operating performance in 2010 met S&P's expectation.
Higher-than-expected margins offset the lower-than-expected
revenue recognized, keeping the debt-to-EBITDA ratio at 3.6x for
2010.  The company's property sales were Chinese renminbi
(RMB)9.20 billion in 2010.

"S&P believes Yanlord has some buffer before reaching the
downgrade threshold for the current rating.  Nevertheless, S&P
expects its credit ratios for 2011 to weaken compared with those
in 2010 due to higher borrowings," said Standard & Poor's credit
analyst Christopher Lee.  "The deterioration is mainly because of
the proposed notes issuance.  S&P expects property sales and
profitability to be satisfactory in 2011, although this assumes
the property market will not slip into a severe correction like in
2008."

The issue rating is not notched lower than the corporate credit
rating.  In 2011, Yanlord is likely to maintain its ratio of
onshore borrowings to total assets below S&P's notching threshold
of 15% for speculative-grade debt.

Yanlord's liquidity is adequate, in S&P's view.  The company had
cash and cash equivalents of RMB5.81 billion at the end of 2010,
compared with short-term debt due of RMB1.94 billion and committed
land premiums to be paid in 2011 of RMB3.40 billion.  It also has
undrawn and uncommitted project loan facilities of about RMB5.33
billion, as well as committed offshore facilities equivalent to
RMB457 million.  As at the end of 2010, the company had sufficient
headroom in its debt covenants.

The stable outlook reflects S&P's expectation that Yanlord will
generate steady cash flows from property sales, maintain above-
average margins, and increase its recurring income.

S&P may consider lowering the rating if Yanlord's property sales
and margins are materially weaker than S&P expected or its debt-
funded expansion is more aggressive than S&P anticipated, such
that its debt-to-EBITDA ratio exceeds 5x.

S&P may raise the rating if Yanlord further improves its
geographical diversification, its recurring income becomes
meaningful for debt servicing, and the company maintains a debt-
to-EBITDA ratio of less than 3x and EBITDA interest coverage ratio
of more than 5x on a sustained basis.


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


DE RODEO: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Feb. 21, 2011, to
wind up the operations of De Rodeo Catering Limited.

The official receiver is E T O'Connell.


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

Yeung Kam Shing filed the petition against the company on Feb. 16,
2011.


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

Trigon Building Materials Limited filed the petition against the
company on Feb. 11, 2011.

The Petitioner's solicitors are:

          Fung, Wong, Ng & Lam
          Room 8, 4th Floor
          New Henry House
          10 Ice House Street
          Central, Hong Kong


KCL CAPITAL: Bruno Arboit Appointed as Liquidator
-------------------------------------------------
Bruno Arboit on Jan. 18, 2011, was appointed as liquidator of KCL
Capital Limited.

The liquidator may be reached at:

          Bruno Arboit
          14th Floor, The Hong Kong Club Building
          3A Chater Road
          Central, Hong Kong


LEHMAN BROTHERS: Creditors' Proofs of Debt Due March 25
-------------------------------------------------------
Creditors of Lehman Brothers Asia Holdings Limited, which is in
liquidation, are required to file their proofs of debt by
March 25, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Paul Brough
         Edward Middleton
         Patrick Cowley
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


OMEA ADVERTISING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Feb. 21, 2011, to
wind up the operations of Omea Advertising and Printing (Hong
Kong) Company Limited.

The company's liquidator is:

         Mat Ng
         20/F Henley Building
         5 Queen's Road
         Central, Hong Kong


SANFORD DEVELOPMENT: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Feb. 21, 2011, to
wind up the operations of Sanford Development China Limited.

The official receiver is E T O'Connell.


SELPRO TACTICAL: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Feb. 23, 2011, to
wind up the operations of Selpro Tactical Limited.

The official receiver is E T O'Connell.


SOLARITE ENTERPRISES: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Feb. 23, 2011, to
wind up the operations of Solarite Enterprises Limited.

The official receiver is E T O'Connell.


TEAMWORK E.P.: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Jan. 28, 2011, to
wind up the operations of Teamwork E.P. Engineering Co., Limited.

The company's liquidator is:

         Mat Ng
         20/F Henley Building
         5 Queen's Road
         Central, Hong Kong


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I N D I A
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AIRVISION INDIA: CRISIL Reaffirms 'C' Rating on INR90M Cash Credit
------------------------------------------------------------------
CRISIL has reaffirmed its rating of 'C/P4' to the bank facilities
of Airvision India Pvt Ltd, a Noble group entity.

   Facilities                           Ratings
   ----------                           -------
   INR90.0 Million Cash Credit          C (Reaffirmed)
   INR100.0 Million Letter of Credit    P4 (Reaffirmed)
   INR14.5 Million Bank Guarantee       P4 (Reaffirmed)

The ratings reflect the group's stretched liquidity profile,
resulting in delays in debt repayment in Noble Industries, another
entity in the Noble group.  The ratings also reflect Noble group's
weak financial risk profile, marked by high gearing and weak debt
protection metrics, and its susceptibility to customer
concentration in revenue profile.  These rating weaknesses are
partially offset by the group's competitive advantage from its
integrated operations for manufacturing consumer durables.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AIPL, Noble Industries and Noble Moulds
Pvt Ltd, together referred to as the Noble group.  This is because
all the entities are controlled by the same management and are
engaged in the same businesses: manufacturing of, and trading in,
consumer durables.  Also, the entities derive considerable
operational, financial, and business synergies from each other.

                       About Airvision India

AIPL, set up in 1995, has facilities for manufacturing television
(TV) chassis and assembling TV sets.  Its facilities are located
in Noida (Uttar Pradesh) and Bahadurgarh (Haryana).  The company,
in recent years, has been assembling televisions for Electronics
Corporation of Tamil Nadu Ltd, a Government of Tamil Nadu (GoTN)
enterprise.

                          About the group

NMPL, set up in 1999, has facilities to manufacture mouldings and
other plastic products used in electronic goods.  Its facilities
are located in Noida.  The company procures the assembled
television sets from AIPL, and sells them to ELCOT.

NI was set up as a proprietorship firm by Mr. Sarabjeet Singh in
February 2006 in the special economic zone at Haridwar
(Uttarakhand) to manufacture TV sets, air-conditioners, washing
machines, and water dispensers.  NI's manufacturing facility was
hit by a major fire in September 2009, resulting in loss of
machinery and goods.  NI is at present operating with a small
capacity set up in the factory premises, and a new facility is
being set up in place of the previous one.  Commencement of
operations at the new facility is expected by 2011-12 (refers to
financial year, April 1 to March 31).

The Noble group reported a profit after tax (PAT) of INR3.1
million on net sales of INR1.46 billion for 2009-10 as against a
PAT of INR30.4 million on net sales of INR1.48 billion for
2008-09.


ARUN ENGINEERING: CRISIL Reaffirms 'B' Rating on Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Arun Engineering
Projects Pvt Ltd continue to reflect Arun Eng'g's below-average
financial risk profile, marked by average debt-protection metrics
and a small net worth, geographical concentration in its revenue
profile, small scale of operations, and large working capital
requirements.  These rating weaknesses are partially offset by the
benefits that Arun Eng'g derives from its sizeable order book and
its promoters' industry experience.

   Facilities                            Ratings
   ----------                            -------
   INR80.00 Million Cash Credit          B/Stable (Reaffirmed)
   INR110.00 Million Bank Guarantee      P4 (Reaffirmed)
                 & Letter of Credit

Outlook: Stable

CRISIL believes that Arun Eng'g will maintain its business risk
profile over the medium term, backed by its sizeable order book,
and its promoters' experience in the water management works
segment.  The outlook may be revised to 'Positive' if Arun Eng'g
significantly increases its scale of operations and diversifies
its revenue profile geographically, while maintaining its
profitability and improving its capital structure.  Conversely,
the outlook may be revised to 'Negative' if Arun Eng'g's margins
deteriorate steeply, if the company undertakes a large, debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile, or in case of significant exposure to
unrelated businesses.

Update
Arun Eng'g's revenues and profitability in 2009-10 (refers to
financial year, April 1 to March 31) were marginally below
CRISIL's expectations, because of delays in receiving clearance
for the site from various departments of Government of Karnataka.
The company generated revenues of INR130 million in the 10 months
ended January 31, 2011, and is estimated to generate INR350
million for the current financial year ending March 31, 2011.  Its
performance in the current year is expected to be in line with
CRISIL's expectations.  Arun Eng'g currently has an unexecuted
order book of around INR500 million and has submitted fresh
tenders worth INR1 billion.  The company's capital structure
remains as per CRISIL expectations, at 1.83 times; its liquidity
remains adequate, with steady cash accruals of INR10 million as
against no term debt obligations, and low unencumbered cash
balances of INR1.8 million as on March 31, 2010.

Arun Engg reported a profit after tax (PAT) of INR6 million on net
sales of INR208 million for 2009-10, against a PAT of INR3 million
on net sales of INR112 million for 2008-09.

                        About Arun Engineering

Set up in 1972 as a proprietorship concern by Mr. R A Harry,
Bengaluru (Karnataka)-based Arun Eng'g was reconstituted as a
private limited company in 1998.  Arun Eng'g provides engineering,
procurement, and construction services in the water supply and
underground drainage water system segments.


C J I PORCELAIN: CRISIL Reaffirms 'BB' Rating on Cash Credit
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank loan facilities of
C J I Porcelain Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR100 Million Cash Credit         BB/Stable (Reaffirmed)
   INR61.5 Million Rupee Term Loan    BB/Stable (Reaffirmed)
   INR2.5 Million Letter of Credit    P4+ (Reaffirmed)
   INR1 Million Bank Guarantee        P4+ (Reaffirmed)

The rating continues to reflect CJI's small scale of operations in
the competitive domestic insulator industry, and its moderate
financial risk profile, constrained by large working capital
requirements.  These weaknesses are partially offset by the
favorable demand prospects for the domestic insulator industry,
the industry experience of CJI's promoters, and its strong
clientele.

Outlook: Stable

CRISIL believes that CJI will maintain its business risk profile
over the medium term, backed by its strong customer profile and
the maintenance of its operating margins.  The outlook may be
revised to 'Positive' if CJI registers more-than-expected growth
in revenues and operating margin, or improves its liquidity
position.  Conversely, the outlook may be revised to 'Negative' if
CJI contracts more-than-expected working capital debt, leading to
deterioration in liquidity and debt protection metrics, or
registers less-than-expected net cash accruals because of a
decline in the operating margin or turnover.

                       About C J I Porcelain

CJI, incorporated in 1988, manufactures high-voltage porcelain
insulators, primarily for substations.  The company manufactures
hollow bushings, transformer bushings, and solid core insulators,
in the range of 11 kilovolt-amperes (kVA) to 400kVA. CJI has an
installed capacity of 5500 tonnes per annum.  It is currently
undertaking a capital expansion to increase the scope of its
product line and will be able to manufacture insulators of up to
765 kVA once it is completed.  The project cost is expected to be
INR40 million, funded with term loan of INR30 million and internal
accruals. The expansion is likely to be completed by 2011-12
(refers to financial year, April 1 to March 31).

CJI reported a profit after tax (PAT) of INR14 million on net
sales of INR260 million for 2009-10, against a PAT of INR4 million
on net sales of INR202 million for 2008-09


DAMODAR ENGINEERS: Fitch Assigns 'D' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned India's Damodar Engineers Private
Limited a National Long-Term rating of 'D(ind)'.  The agency has
also assigned ratings to DEPL's bank loans:

  -- INR20 million long-term loans: 'D(ind)';
  -- INR80 million fund-based loans: 'D(ind)'; and
  -- INR100 million non-fund based loans: 'F5(ind)'

The ratings reflect DEPL's regular over-utilization of fund-based
limits and delay in making principal payments of its bank term
loans.  The company is under continuous liquidity stress due to
lack of mobilization advances, irregular cycle of commercial
payments and an inability to procure raw materials on credit,
leading to substantially higher working capital requirements than
the available bank lines.

Positive rating triggers include timely payment of term loans and
utilization of fund-based loans within sanctioned limits for the
next two quarters.

DEPL's revenues improved to INR359.4 million in FY10 (FY09:
INR205.2 million), although its EBITDAR margins reduced to 8.2%
from 10.5%.  Total debt increased to INR105.8 million from
INR58.9 million due to higher cash credit limits and long-term
loans.  The company reported negative free cash flow of
INR44.8 million in FY10.  However, Fitch expects FCF to turn
positive over the short- to medium-term due to no significant
capex programme.

DEPL is based in Bhubaneswar and involved in construction of
buildings and roads in and around Orissa.


DHRUV INDUSTRIES: CRISIL Cuts Rating on Various Debts to 'BB-'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Dhruv
Industries Ltd to 'BB-/Negative/P4' from 'BBB-/Stable/P3'.

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

   INR55.0 Million Cash Credit        BB-/Negative (Downgraded
                                           from 'BBB-/Stable')

   INR72.5 Million Term Loan          BB-/Negative (Downgraded
                                           from 'BBB-/Stable')

   INR16.0 Million Proposed LT Bank   BB-/Negative (Downgraded
                      Loan Facility        from 'BBB-/Stable')

   INR15.0 Million Letter of Credit   BB-/Negative (Downgraded
                                           from 'BBB-/Stable')

   INR17.0 Million Packing Credit     P4 (Downgraded from 'P3')

   INR72.0 Million Letter of Credit   P4 (Downgraded from 'P3')

   INR2.5 Million Bank Guarantee      P4 (Downgraded from 'P3')

The downgrade reflects deterioration in the company's liquidity,
on account of its large working capital requirements, delayed
payments from customers, and the increase in the cost of its
capital expenditure (capex) programme to INR181.4 million from
INR100 million.  CRISIL believes that DIL's financial risk profile
will be constrained due to increase in debt-funded capex programme
and consequent large working capital requirements associated with
the increase in its scale of operations.

The ratings reflect DIL's constrained financial risk profile and
limited financial flexibility, on account of the ongoing debt-
funded capex programme and large working capital requirements, and
customer concentration in its revenue profile.  The ratings also
reflect the small scale of DIL's operations and its exposure to
intense competition from imports.  These weaknesses are partially
offset by DIL's established market position in the metallised film
industry.

Outlook: Negative

CRISIL believes that DIL's liquidity will remain weak over the
medium term because of its large working capital requirements and
ongoing debt-funded capex programme.  The rating may be
downgraded, in case of an increase in its working capital
requirements, leading to pressure on its liquidity, or if delays
in the commissioning of its new plant leads to lower than expected
cash accruals.  Conversely, the outlook may be revised to 'Stable'
if DIL's plant stabilizes earlier than expected, leading to
better-than-expected topline and margins, and better working
capital management leads to an improved liquidity position.

                       About Dhruv Industries

DIL was incorporated by Mr. R C Kathuria in 1995; however, it
commenced commercial production in 2000.  DIL manufactures
metallised capacitor films used in the manufacture of capacitors,
which are used in the lighting, electronics, and telecommunication
industries.  DIL's manufacturing facility in Gurgaon (Haryana) has
an annual capacity of 1360 tonnes.

DIL is in the process of increasing its annual capacity by 960
tonnes, through a capex estimated at INR181.4 million.  It is
being funded with a term loan of INR130 million, equity
contribution from promoters of INR10 million, and unsecured loans
from promoters of INR41.4 million (considered as neither debt nor
equity by CRISIL as these are non-interest bearing and subordinate
to bank debt).  The expanded capacity is expected to commence
commercial production in May 2011.

DIL reported a profit after tax (PAT) of INR5.8 million on net
sales of INR252.2 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR21.4 million on net
sales of INR280.6 million for 2008-09.


MADHYA PRADESH: CRISIL Reaffirms 'BB+' Cash Credit Rating
---------------------------------------------------------
CRISIL's rating on the cash credit facility of Madhya Pradesh Agro
Food Industries Ltd continues to reflect MP Agro's weak financial
risk profile marked by small net worth, high gearing, and weak
debt protection metrics.

   Facilities                           Ratings
   ----------                           -------
   INR140.0 Million Cash Credit         BB+/Stable (Reaffirmed)

The rating also factors in the company's highly customer
concentrated revenue profile, susceptibility to volatility in raw
material prices, and highly working-capital-intensive operations.
These rating weaknesses are partially offset by the benefits that
MP Agro derives from its promoters' experience in the agricultural
commodities and weaning foods business.

Outlook: Stable

CRISIL believes that MP Agro's scale of operations will remain
moderate and profitability will remain vulnerable to volatility in
raw material prices over the medium term. CRISIL also believes
that MP Agro's financial risk profile will remain constrained by
its large working capital requirements and weak capital structure.
The outlook may be revised to 'Positive' if MP Agro's capital
structure improves significantly, or if its scale of operations
and profitability improve, leading to increase in cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company's inflow of orders is lesser than expected, or if sharp
increases in food grain prices or changes in state government
policy adversely affect the company's revenues and profitability.

Update
For 2009-10 (refers to financial year, April 1 to March 31), MP
Agro's sales were lower than CRISIL's expectations, but
profitability was in line with expectation.  In 2010-11, the
company's sales and profitability is expected to be in line with
earlier expectations.  MP Agro's financial risk profile also
remains weak, because of by its large working capital requirements
and small cash accruals.  This is reflected in its high bank limit
utilization of 85% on an average during the 12 months through
December 2010, and a high gearing of 2.84 times as on March 31,
2010. CRISIL believes that MP Agro's business will continue to be
supported by contract with MP State Industrial Development
Corporation (MPSIDC) for monthly offtake of weaning foods; MP
Agro's financial risk profile, however, is expected to remain weak
on account of its large working capital requirements.

MP Agro reported a profit after tax (PAT) of INR19 million on net
sales of INR691 million for 2009-10, against a PAT of INR15
million on net sales of INR782.7 million for 2008-09.

                              About MP Agro

Incorporated in 2004 with an equity participation of 11% from the
Government of Madhya Pradesh (GoMP), MP Agro commenced operations
in 2006-07.  The company manufactures ready-to-eat weaning foods
and nutritional supplements for sale to the GoMP's nodal agency,
MPSIDC.  These items are distributed through the government's
health department to below-poverty-line families in rural areas.
MP Agro has a unit in Bhopal (Madhya Pradesh), with capacity of
around 84,000 tonnes per annum.


ORBIT RESORTS: CRISIL Reaffirms 'BB' Rating to INR48MM Cash Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Orbit Resorts Private
Ltd's continues to reflect Orbit's weak financial profile marked
by highly leveraged capital structure because of large, debt-
funded capital expenditure (capex), and vulnerability of its
operating profit margin to downturns in the hotel industry.  These
rating weaknesses are partially offset by strong operating
performance of Orbit's hotel, The Trident, supported by its
management tie-up with EIH Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR48.0 Million Cash Credit Facility   BB/Stable (Reaffirmed)
   INR2970.1 Million Term-Loan Facility   BB/Stable (Reaffirmed)
   INR0.4 Million Proposed LT Bank Loan   BB/Stable (Reaffirmed)
                               Facility

Outlook: Stable

CRISIL believes that Orbit's business risk profile will improve
over the medium term with commencement of operations at its second
hotel, The Oberoi.  The outlook may be revised to 'Positive' if
Orbit successfully stabilizes the operations at The Oberoi, while
maintaining its business performance at its hotel The Trident,
resulting in more-than-expected cash accruals and a stable capital
structure.  Conversely, the outlook may be revised to 'Negative'
if Orbit's business performance is adversely impacted by lower-
than-expected occupancy levels or average room rate (ARR) at its
hotels, or if the company undertakes larger-than-expected debt-
funded capex, thereby further weakening its capital structure.

                        About Orbit Resorts

Orbit was incorporated in 1988.  The company owns a 136-room five-
star hotel, The Trident, at Gurgaon (Haryana). Orbit has a
management tie-up with EIH Ltd under the 'Trident' brand.  The
hotel commenced commercial operations in January 2004.

Orbit is setting up a 202-room five-star deluxe hotel, The Oberoi,
Gurgaon, adjoining The Trident.  The estimated cost of the project
is INR3.77 billion, of which INR2.74 billion will be debt-funded.
The project is near completion and is expected to commence
operations by the end of March 2011.

For 2009-10 (refers to financial year, April 1 to March 31), Orbit
reported a profit after tax (PAT) of INR148.7 million (Rs.149.1
million for 2008-09) on net sales of INR788.2 million (Rs.840.7
million).


SAATI KUSUMGAR: Fitch Assigns 'B+' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned Saati Kusumgar India Private Limited a
National Long-Term rating of 'B+(ind)'.  The Outlook is Stable.
The agency has also assigned ratings to SKIPL's bank facilities:

  -- Outstanding INR48.3m long-term loans: 'B+(ind)';
  -- INR12.5m fund-based working capital limits: 'B+(ind)'; and
  -- INR40m non-fund based working capital limits: 'F4(ind)'.

The ratings factor in the strong expertise of SKIPL's promoters --
Kusumgar Corporates Pvt Ltd and SAATI Group SPA -- who are among
the leading technical textiles manufactures.  SAATI has provided
SKIPL with technical support for setting up its polyaramid fabrics
processing unit meeting global standards at Umbergaon, Gujarat,
while also helping the latter leverage its long standing
relationships with its customers.  The ratings also reflect the
strong demand for fabrics which have applications in ballistic
protection like bullet-proof clothing and consequently command
higher margins compared with other textiles.  The high entry
barriers in the technical textiles industry also benefit the
ratings.

The ratings also reflect SKIPL's offtake agreement with a global
leader in the segment.  Furthermore, the company may also benefit
from outsourcing the processing of fabrics from SAATI and KCPL.
SKIPL has already started processing part of fabrics for KCPL,
albeit on a small scale.

The ratings are however constrained by SKIPL's delay in the
commencement of commercial operations for the global customer,
despite completion of its processing facility.  The delay is
largely attributed to the delay in the process of certification of
compliance with the standard processes of its key customers prior
to commencement of operations.  The process certification was
completed in January 2011, and the management expects Q1FY12 to be
the first full quarter of sales for the company, thereby partly
mitigating execution risk.  The small scale of operations of SKIPL
also constrains the rating.

SKIPL's debt repayments commenced as per schedule in FY11.  The
company's funding requirements have been met through unsecured
loans from its promoters and directors.

Positive rating triggers include a demonstration of strong
capacity utilization as well as of strong revenue and margins
growth.  In any case, a sustained net debt/EBITDA of below 3.0x
may also result in a positive rating action.  Negative rating
triggers include any refinancing risk for existing debt and high
working capital requirements, resulting in tight liquidity.
Lower-than-expected profitability that would lead to net debt/
EBITDA exceeding 4x on a sustained basis would also be negative
for the ratings.

Incorporated in March 2009, SKIPL is a 50/50 joint venture between
KCPL and P.A.F.I, the investment arm of the SAATI group.


SAPPHIRE PAPERS: CRISIL Assigns 'D' Rating to INR125.5MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Sapphire Paper Mill Pvt Ltd.  The ratings reflect instances of
delay by SPMPL in servicing its debt; the delays have been caused
by the company's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR24.0 Million Cash Credit          D (Assigned)
   INR125.5 Million Long-Term Loan      D (Assigned)
   INR7.0 Million Bank Guarantee        P5 (Assigned)

SPMPL has large working capital requirements, and a weak financial
risk profile marked by a small net worth and a high gearing.
The company also has a small scale of operations, and geographical
concentration in its revenue profile.  SPMPL, however, benefits
from its promoters' extensive experience in the paper industry.

Incorporated in 2004, SPMPL recycles waste paper into writing and
printing paper.  The company has a manufacturing capacity of
50 tonnes per day at its unit in Siliguri (West Bengal).  SPMPL is
managed by Mr. Sanjay Modi and Mr. Sashi Jain, who acquired the
company in January 2010.

SPMPL reported a net profit of INR1.6 million on net sales of
INR106.7 million for 2009-10 (refers to financial year, April 1 to
March 31), against a loss of INR2.5 million on net sales of
INR96.9 million for 2008-09.


SHRI ADISHWAR: CRISIL Reaffirms 'B' Rating on INR17.4MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Adishwar Oils &
Fats Ltd continue to reflect Shri Adishwar's weak financial risk
profile marked by a small net worth, a high gearing, and weak debt
protection metrics.

   Facilities                             Ratings
   ----------                             -------
   INR134.90 Million Cash Credit Limits   B/Stable (Reaffirmed)
   INR17.40 Million Term Loan             B/Stable (Reaffirmed)
   INR3.50 Million Letter of Credit       P4 (Reaffirmed)
           and Bank Guarantee

The ratings also factor in the company's exposure to risks
inherent in commodity-related businesses.  These rating weaknesses
are partially offset by Shri Adishwar's healthy operational
efficiencies, and the industry experience of the company's
promoters.

Outlook: Stable

CRISIL believes that Shri Adishwar will continue to benefit over
the medium term from its promoters' industry experience, and its
healthy operational efficiencies backed by moderately integrated
operations.  The outlook may be revised to 'Positive' if Shri
Adishwar reports significant improvement in profitability and
gearing.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes a large, debt-funded capital expenditure
programme, adversely affecting its financial risk profile.

Update
Shri Adishwar's operating income increased to INR1770.8 million in
2009-10 (refers to financial year, April 1 to March 31) from
Rs.1205 million, primarily driven by higher prices of soyabean de-
oiled cakes and oil, along with increased capacity utilization.
However, with prices rationalizing in the current year, the
topline levels are expected to return to historical levels over
the  medium term. The company's operating margin was 2.1% in 2009-
10, compared to 3.1% in the previous year. The
margin came under pressure because of high raw material price and
the company's inability to fully pass on the increase in price to
the end users.  Though Shri Adishwar's topline performance was
better than CRISIL projections, the same did not benefit the
company's financial risk profile because of low profitability
levels.

Shri Adishwar's financial risk profile remains weak because of
high reliance on bank funding, resulting from
working-capital-intensive operations, and nearly 100% utilization
of bank limits of INR165 million.

For 2009-10, Shri Adishwar reported a profit after tax (PAT) of
INR5.3 million on net sales of INR1770.8 million, against a PAT of
Rs.6.7 million on net sales of INR1204.8 million for 2008-09.

                        About Shri Adishwar

Incorporated in 1991, Shri Adishwar (formerly, Shrishrimal Oils
Pvt Lt) was reconstituted as a public limited company with its
current name in 1993. The company has a solvent extraction plant
at Multai in District Betul (Madhya Pradesh).  Shri Adishwar
manufactures refined soya bean oil from soya bean seeds, and also
sells oil cakes, a solid residue generated during the extraction
process.  The company has a solvent extraction capacity of 60,000
tonnes per annum (tpa) and a refining capacity of 18,000 tpa.


SURAJ PRECISION: CRISIL Reaffirms 'BB' Rating on Cash Credit
------------------------------------------------------------
CRISIL's ratings on Suraj Precision Engineering Works Pvt Ltd's
bank facilities continue to reflect customer concentration in the
company's revenue profile, and its large working capital
requirements.  These weaknesses are partially offset by SPEWPL's
moderate financial risk profile, and the benefits it derives from
its healthy track record in the automobile (auto) components
industry.

   Facilities                             Ratings
   ----------                             -------
   INR51.60 Million Long-Term Loan        BB/Stable (Reaffirmed)
   INR60.00 Million Cash Credit           BB/Stable (Reaffirmed)
   INR20.00 Million Letter of Credit      P4+ (Reaffirmed)

Outlook: Stable
CRISIL believes that SPEWPL will maintain a stable credit risk
profile over the medium term, on the back of its established
presence in the auto components industry.  The outlook may be
revised to 'Positive' if the company diversifies its revenue
streams and customer base, and reports sustainable growth in
revenues and accruals.  Conversely, the outlook may be revised to
'Negative' in case of deterioration in the company's relationships
with its major customers, substantial decline in its revenues, or
a large, debt-funded capex, adversely impacting its financial risk
profile.

Update
SPEWPL reported 22% growth in revenues for 2009-10 (refers to
financial year, April 1 to March 31), marginally above
CRISIL's expectations, backed by buoyancy in demand for two-
wheelers in the country and established relationship with key
customers.  The company is expected to continue its growth
momentum in the current financial year.  The company, as of
Dec. 31, 2010, recorded revenues of INR257 million.  However, it
remains exposed to customer concentration risk, with its top three
customers accounting for more than 80% of revenues. SPEWPL's
operating margin, at 13.9%, in 2009-10 was in line with CRISIL's
expectations. The company's operating margin has, historically,
remained moderate, but volatile, between 13 and 16%, on account of
the volatility in prices of raw materials, mainly steel, and the
time lag of two to three months in passing the increase in raw
material prices to its customers.  The company's margin is
expected to remain in the same range in 2010-11.  In the current
financial year, SPEWPL decided to undertake its capital
expenditure (capex) plan of shifting its manufacturing plant to
Sriperumpudhur from Ambattur (both in Tamil Nadu) in two phases.
As per the revised plan, the company will incur a capex of
INR15 million in the current financial year and INR15 million in
2011-12.  SPEWPL's operations remain working capital intensive,
with high raw material inventory levels of 40 to 50 days and
credit period of 30 to 60 days given to customers. The company's
financial risk profile remains moderate, marked by moderate
gearing and debt protection metrics.

                      About Suraj Precision

Set up in 1979 in Chennai by Mr. Sushil Haridass and Mr. C K
Haridass, SPEWPL manufactures automobile components, including
steering races and retainers for two wheelers.  The company sells
its products to Hero Honda Motors Ltd (rated 'AAA/FAAA/Stable/P1+'
by CRISIL) and Royal Enfield, a unit of Eicher Motors Ltd. SPEWPL
also undertakes job work for Ashok  Leyland Ltd (rated 'AA-
/Positive/P1+' by CRISIL), Delphi-TVS Diesel Systems Ltd, and Ucal
Auto Pvt Ltd.

SPEWPL reported a profit after tax (PAT) of INR6.62 million on net
sales of INR265.1 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR0.9 million on net sales
of INR217.3 million for 2008-09.


SURANA TELECOM: CRISIL Downgrades Cash Credit Rating to 'BB+'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Surana
Telecom and Power Ltd to 'BB+/Negative/P4+' from 'BBB/Stable/P3+'.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       BB+/Negative (Downgraded from
                                                  'BBB/Stable')

   INR150 Million Proposed LT Bank  BB+/Negative (Downgraded from
                    Loan Facility                'BBB/Stable')

   INR300 Million Letter of Credit  P4+ (Downgraded from 'P3+')

   INR300 Million Bank Guarantee    P4+ (Downgraded from 'P3+')

The downgrade reflects expected deterioration in Surana Telecom's
business risk profile with closure of the company's jelly-filled
telecom cable (JFTC) and optical fibre cable (OFC) business units
and decline in revenue contribution from its power cable
business.  The rating downgrade also reflects deterioration in
Surana Telecom's financial risk profile because of its large,
debt-funded capital expenditure (capex) toward setting up a 5-
megawatt (MW) solar power plant.  Moreover, the company is
exposed to implementation-related risks associated with the solar
power project, which has recently commenced and needs to be
completed by December 2011.

The ratings reflect Surana Telecom's moderate financial risk
profile, marked by moderate gearing and net worth, and promoter's
extensive experience in various industries.  These rating
strengths are partially offset by the transition nature of Surana
Telecom's business, and the company's exposure to implementation-
related risks associated with the solar power project.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Surana Telecom and Surana Telecom's
wholly owned subsidiary, Globecom Infotech Pvt Ltd.

Outlook: Negative

CRISIL believes that Surana Telecom's business risk profile will
continue to deteriorate in the medium term because of decreasing
revenue contribution from its business.  Moreover, the company
will remain exposed to project-implementation-related risks over
the medium term.  The rating may be downgraded further if Surana
Telecom faces time or cost overrun in its ongoing project or if
the company's profitability declines significantly. Conversely,
the outlook may be revised to 'Stable' if Surana Telecom's
liquidity improves because of increase in cash accruals or equity
infusion, leading to improvement in its capital structure.

                        About Surana Telecom

Set up in 1989, Surana Telecom (formerly, Surana Telecom Ltd)
initially manufactured petroleum-based products such as
petroleum jelly, and telecommunication products such as jointing
kits.  In 1992, Surana Telecom entered the telecommunications
sector, manufacturing jelly-filled telephone cables. The company
is currently listed on the National Stock Exchange of India and
the Bombay Stock Exchange of India (BSE).  In 2007 and 2008,
Surana Telecom diversified into the production of power cables,
wind power generation, and manufacturing of aluminum rods and
solar photovoltaic modules.  The company had demerged its solar
photovoltaic segment into a separate group company, Surana
Ventures Ltd, in 2009-10 (refers to financial year, April 1 to
March 31).

Surana Telecom reported a profit after tax (PAT) of INR11.4
million on net sales of INR429.5 million for 2009-10, against a
PAT of INR28.1 million on net sales of INR856.9 million for
2008-09.


SURUCHI FOODS: CRISIL Reaffirms 'BB-' Rating on Cash Credit
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Suruchi Foods Pvt Ltd
continue to reflect Suruchi's weak financial risk profile marked
by small net worth, high gearing, and weak debt protection
metrics, significant customer concentration, susceptibility to
volatility in raw material prices, and large working capital
requirements.  These rating weaknesses are partially offset by the
benefits that Suruchi derives from its promoters' experience in
the agricultural commodities and weaning foods business, and its
sizeable order book from the state governments of Uttar Pradesh
(UP) and Gujarat.

   Facilities                          Ratings
   ----------                          -------
   INR300.0 Million Cash Credit        BB-/Stable (Reaffirmed)
   INR20.0 Million Bank of Guarantee   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Suruchi's profitability will remain
vulnerable to volatility in raw material prices, and its financial
risk profile will remain weak because of its large working capital
requirements and weak capital structure.  The outlook may be
revised to 'Positive' if Suruchi's financial risk profile,
particularly liquidity, improves significantly, supported by
improvement in its receivables collection.  Conversely, the
outlook may be revised to 'Negative' if a sharp increase in food
grain prices adversely impacts Suruchi's revenues and
profitability, or if its receivables position deteriorates
further.

Update

In 2009-10 (refers to financial year, April 1 to March 31),
Suruchi's operating and financial performance have been in line
with CRISIL's expectation.  CRISIL believes that Suruchi's sales
in 2010-11 will be more than earlier expectation because of
renewal of tenders by Suruchi for the state governments of UP and
Gujarat for supply of weaning foods.  Suruchi's cash accruals,
although expected to increase, are not expected to be commensurate
with its incremental working capital requirements. The company's
working capital requirements in 2010-11 have increased sharply on
the back of this increased scale of operations and stretch in
receivables from the state government of Gujarat. The large
working capital requirements against small cash accruals have
weakened Suruchi's liquidity, leading to its high bank line
utilization of 94% on an average for the nine months through
December 2010, despite increase in the bank limits to INR257
million from INR80 million.  Also, during 2009-10 and 2010-11, the
company has undertaken larger-than-expected capital expenditure
(capex) programme of INR80 million toward setting up a new unit.
The larger-than-expected capex and increase in working capital
requirements are expected to result in high gearing of around 3
times on an average over the medium term, which is in line with
CRISIL's earlier estimates.  Suruchi's promoters infused INR31
million of equity capital into the company in 2009-10 to fund the
capex, thereby increasing the company's net worth to INR102
million as on March 31, 2010; the net worth, however, remains
small.

Suruchi reported a profit after tax (PAT) of INR26.0 million on
net sales of INR1420.7 million for 2009-10, against a PAT of
INR3.1 million on net sales of INR686.6 million for 2008-09.

                        About Suruchi Foods

Incorporated in 1986, Suruchi commenced operations in 1999.
Suruchi manufactures ready-to-eat weaning foods and nutritional
supplements for sale to UP and Gujarat state government
departments, under the Integrated Child Development Services
programme.  These items are for free distribution to below-
poverty-line families in rural India.  Suruchi has a manufacturing
unit in Noida (UP), with a capacity of around 50,400 tonnes per
annum.


WORLD SCHOOLS: CRISIL Rates INR100.00 Million Term Loan at 'D'
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to the term loan of World
Schools Pvt Ltd.  The rating reflects instances of delay by WSPL
in servicing its debt; the delays have been caused by WSPL's weak
liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR100.00 Million Term Loan      D (Assigned)

WSPL has a below-average financial risk profile, marked by weak
debt protection metrics.  Also, its scale of operations is small,
as its operations are in the start-up stage. However, the company
benefits from its good operating capabilities and the healthy
demand for international schools in the Bangalore region.

Set up in 2007 by Mr. Venkatesh Korvadi, WSPL runs a kindergarten-
to-twelfth-standard school, Treamis World School (Treamis), in
Bangalore.  The school currently has 370 students.  Of the 370
students, 35 are international students from Thailand and Korea.
The school is authorized to offer International General
Certificate of Secondary Education (IGCSE) program from the
University of Cambridge International Examinations Syndicate and
CBSE program from Central Board of Secondary Education of India.
The school caters mainly to children from the families of
professionals in information technology at Electronic City in
Bangalore and to professionals who are working abroad.

The school also has a hostel, which has a capacity to accommodate
86 students.  The school has modern infrastructure, such as a
well-equipped library with electronic documentation facilities,
music dance and fine arts studios, indoor sports facilities
including basketball and badminton courts, half-olympic-size
swimming pool, and a wired and wireless networking infrastructure
for internet and intranet access.  The school also has a healthy
student faculty ratio of around 7:1.

WSPL reported a loss of INR0.28 million on a net income of
INR30.06 million for 2009-10 (refers to financial year, April 1 to
March 31), against a loss of INR4.14 million on a net income of
INR9.90 million for 2008-09.


YASHRAAJ ETHANOLL: CRISIL Cuts Rating on INR290MM Term Loan to 'D'
------------------------------------------------------------------
CRISIL has downgraded the ratings on Yashraaj Ethanoll Processing
Private Limited's bank facilities to 'D' from 'B+/Stable'.  The
downgrade reflects delays in servicing of interest obligations on
term loan; the delay has been caused by YEPPL's weak liquidity.

   Facilities                      Ratings
   ----------                      -------
   INR290.0 Million Term Loan      D (Downgraded from 'B+/Stable')
   INR37.0 Million Cash Credit     D (Downgraded from 'B+/Stable')

The ratings continue to reflect YEPPL's weak financial risk
profile, and exposure to risks relating to changes in government
regulations.  These rating weaknesses are partially offset by the
benefits that YEPPL derives from the promoters' experience in
related industries, and the improved demand outlook for extra-
neutral alcohol (ENA) over the medium term.

Incorporated in 2007 by Mr. Anil Jadhav, Mr. Madan Bhosale, Mr.
Mohan Bhosale, Mr. Divakar Nimkar, and Dr. Vinayak Bhosale,
YEPPL manufactures grain-based ENA.  The company is setting up a
plant in Satara (Maharashtra) with a capacity to manufacture
45,000 liters of ENA per day.  The plant is located strategically
close to the jowar and maize producing regions of Maharashtra.

YEPPL reported a net loss of INR28.3 million on net sales of
INR0.19 million for 2009-10 (refers to financial year, April 1 to
March 31).


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


CORSAIR NO 2: S&P Corrects Rating to US$20-Mil. Floating Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on the
Corsair (Jersey) No. 2 Ltd. series 76 US$20 million floating-rate
secured portfolio credit-linked notes by lowering the rating to 'D
(sf)' from 'CCC- (sf)'.

In March 2011, Standard & Poor's received credit event notices
that had been issued several years ago, and confirmed with the
calculation agent that the noteholders of the transaction did not
receive payment of the full interest amount on a past interest
payment date.  As a result, Standard & Poor's corrected the rating
on this transaction.

                         Rating Lowered

                   Corsair (Jersey) No. 2 Ltd.
  Series 76 floating rate secured portfolio credit-linked notes

                To         From            Amount
                --         ----            ------
                D (sf)     CCC- (sf)       $20 mil.


EACCESS LTD: Moody's Assigns 'Ba3' Long-Term Issuer Rating
----------------------------------------------------------
Moody's Japan K.K. has assigned a Ba3 long term issuer rating to
eAccess Ltd.  It also has assigned a (P)Ba3 rating to senior
unsecured bond guaranteed by eMobile, subsidiary.  The outlook for
both ratings is stable.

The rating on the bond is provisional and represents Moody's
preliminary opinion only.  Upon a conclusive review of the final
documentation, Moody's will endeavor to assign a definitive rating
to the bond.  A definitive rating may differ from a provisional
rating.

                        Rating Rationale

eAccess's Ba3 long-term issuer rating incorporates the company's
competitive position in its core market, high business risk, and
weak balance sheet.  It also incorporates a subordination factor
of one notch down due to the company's large amount of secured
debt.

eAccess's market position in the Japanese telecom industry is
marginal, and its financial strength pales in comparison to
Japan's large telecoms operators.  However, it maintains strong
positions in its core markets, about 24% in the ADSL market and
40% in the mobile broadband market (mobile broadband market led by
three major carriers -- eAccess, NTT DoCoMo, Inc.(Aa1, Negative),
and UQ Communications Inc.( not rated by Moody's).

The main contributor to overall earnings growth will be the mobile
broadband business operated by subsidiary eMobile.  Although the
market comprises a small portion of the mobile telecoms industry,
it is expanding due to rapidly growing demand for mobile broadband
services, an area in which the company is a pioneer, as it is
especially strong in Data card (USB-type data communication cards)
and Pocket WiFi (mobile WiFi router).

The mobile broadband market is becoming increasingly competitive,
as other carriers' make full-scale entries, although eAccess's
cost competitiveness and network capacity will allow the company
to maintain its market position.

At the same time, eMobile has entered the fast-growing smartphone
market, but larger carriers are also focusing on this market.
eAccess may be able to expand the business given the rapid growth
in demand and management's agility, but the pace of growth is
questionable and the environment is becoming ever more
competitive.  The larger rivals' shift to a faster network
infrastructure may allow them to become more aggressive in markets
where eAccess is strong -- in which case, eMobile may face a more
competitive environment.

The ADSL business will shrink gradually due mainly to the
migration to optic fiber service, but will support overall cash
flow, given the company's flexible cost structure and its ability
to manage costs in line with revenue.  The migration to FTTH has
accelerated in urban areas, but the pace in rural areas is quite
slow.  The capex required for this business, however, will be very
low.

Most of eAccess's capex hereafter will be for the mobile broadband
business.  Although it will be efficiently managed, capex for the
network may fluctuate, depending on plans for LTE (Long Term
Evolution) and licenses for the new spectrum.

The company's high leverage stems from the initial capex to roll
out the mobile broadband business.  eAccess is projecting adjusted
debt/EBITDA higher than 4x and debt/capitalization at 80% for end-
FYE 3/2011.  Moody's expects that the company will pay down its
debt with free cash flow.  Improvements to leverage will depend
largely on the growth of earnings and cash flow in the mobile
broadband business.

However, a significant amount of the company's debt is secured
debt -- which brings the rating down by one notch.  Moody's
understands that refinancing will bring the amount of secured debt
down to about 50% of total debt.  On the positive side, eAccess
plans to merge with eMobile on March 31, 2011.  The merger will
put an end to the structural subordination between the parent and
the subsidiary, which is already incorporated in Moody's rating.

Many of Moody's corporate ratings in Japan incorporate a notch up
due to the country's support system.  However, eAccess's final
ratings include no uplift from its fundamental ratings, given the
company's limited scale and its short-term business relationships
with banks (due to its short corporate history).

The stable outlook is based on Moody's expectations that eAccess
will maintain the competitiveness of its core businesses and its
financial profile will continue to improve in the coming years.
Moody's expects that the ratios will improve to about 3.0x and
about 75% in the coming years, due to the growth of earnings from
mobile broadband business.

If eAccess's financial ratios (including leverage) do continue to
improve, as a result of growing market share and earnings in the
mobile broadband business as well as the ongoing profitability of
ADSL, and the company maintains its liquidity, the rating will see
upward pressure.

For instance, if adjusted debt/EBITDA improves to and remains at
about 2.5x, and adjusted debt/book capitalization ratio, to around
70%, and if adjusted EBITDA margin remains above 35%, the rating
may be upgraded.  If a significant portion of the secured loan is
paid down or refinanced with an unsecured loan, the rating may
also see upward pressure.

However, if the competitiveness of the mobile broadband business
deteriorates or if the ADSL market shrinks and profitability
declines significantly, or if leverage does not improve, the
rating will see downward pressure.  Lower profitability or
earnings due to tougher competition may also cause negative
pressure.

For instance, if adjusted debt/EBITDA remains above 3.5x, and
adjusted debt/book capitalization ratio, above 80%, or if adjusted
EBITDA margin declines below 25%, the rating may be downgraded.
Also, any large M&A financed by debt, or a significant return to
shareholders, or significant increase in capital expenditures --
any of which may impact the company's cash flow or capital
structure -- as well as deterioration in liquidity, will be
negative for its rating.

eAccess Ltd., headquartered in Tokyo, is an ADSL and the mobile
broadband service provider.


EACCESS LTD: S&P Assigns 'BB+' Long-Term Issuer Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issuer credit rating to Japanese telecom operator eAccess Ltd.  At
the same time, S&P assigned its 'BB' issue rating to eAccess'
foreign-currency-denominated senior unsecured notes due 2018.  The
long-term issuer credit rating reflects the company's satisfactory
market position in the domestic asymmetric digital subscriber line
(ADSL) market as well as its emerging position in the mobile
market, where the company has a unique niche focus on mobile data
communication and is cost competitive compared with larger peers.
These strengths are partly offset by the company's limited market
position and intense competition in the business.  In addition,
the company's financial risk profile is significant and it has
high debt.  The outlook on the company is stable.

Barriers to entering the Japanese telecom sector are quite high,
due to generally tight regulatory requirements and the capital-
intensive nature of the business.  However, since its inception in
1999, eAccess has successfully launched and strengthened its
position in the Japanese telecom sector.  Its business model --
providing wholesale ADSL services to Internet Service Providers --
has allowed it to steadily increase its market share and maintain
higher profitability than competitors.  Although the ADSL market
is in decline, due to an ongoing shift in demand to fiber to the
home services, S&P believes eAccess will continue to maintain its
satisfactory position in the market, generate stable cash flow,
and offer cost competitiveness --backed by lower marketing
expenses than at its competitors.

In eAccess' mobile business, which started operations in March
2007 through subsidiary EMOBILE, the company has used global
vendors to build a network at a significantly lower cost than
competitors.  The company's cost competitiveness allows it to
offer competitive rates to customers.  Its business model is also
unique -- having a strong niche focus on mobile data communication
and one of the fastest connection speeds of any mobile carrier in
Japan.  The company avoids full-scale competition with larger
rivals that emphasize conventional voice and data services, and it
has steadily increased its subscribers in the growing mobile
broadband market.  Standard & Poor's takes the view that the
company is likely to shift its earnings to its growing mobile
business from its shrinking ADSL business.  EMOBILE has the
largest market share in Japan's growing mobile broadband market
and no other major carrier is likely to gain an overwhelming share
of the market, due primarily to network capacity constraints.  As
a result, at least for the next couple of years, S&P expects that
intensifying competition is unlikely to have a negative material
impact on eAccess.  Nevertheless, even if the company increases
its subscribers and average revenue per user, S&P believes eAccess
is likely to continue to face disadvantages compared with major
rivals in market position and brand recognition of its products
and services -- which are likely to lead to weaker economies of
scale, bargaining power in procurement of handsets, and cash flow.

The company's financial risk profile is significant, due to higher
debt as a result of the acquisition of smaller peers in the ADSL
business in past years and its relatively recent entry into the
mobile business in 2007.  In the mobile business, free cash flow
has been negative in the past three years and is likely to remain
negative in fiscal 2010 (ended March 2011).  In addition, it will
take some time for retained earnings to turn positive again.  The
company's bank loans come with various financial and operating
covenants.  If the company fails to comply with any such
covenants, it may be forced to accelerate its debt obligations,
and its overall operations and financial profile may be negatively
affected.  Nevertheless, the company's capital expenditure to
expand its 3G network to 90% of Japan peaked in 2009 and is likely
to stabilize.  Moreover, S&P expects steady growth in revenue from
existing and new subscribers.  As a result, key credit metrics --
including the company's ratios of FFO to total debt and total debt
to EBITDA -- are likely to improve in the next one to two years.

S&P has set the issue rating one notch below the long-term issuer
credit rating, as S&P judges the notes as junior to other debt
issues of the company, and thereby having relatively poor recovery
prospects.  The one notching down reflects S&P's view that the
company's priority debt related to its mobile business is to
exceed 15% of its total assets.  The notes have no material
financial covenants sensitive to the company's financial
performance.

Given generally stable cash flow in the Japanese telecom sector,
S&P believes the company's operating performance and financial
standing will continue to show steady improvement in the next few
years, in tandem with continuous growth in new subscribers.  The
issuer rating incorporates S&P's expectations that the total debt
to EBITDA should improve to less than 4x within a year, from an
annualized 4.3x for the nine-month period ended December 2010, and
total debt to capital should fall to less than 72% in fiscal 2011,
from 78.6% at December 2010.

The rating will come under pressure if the company loses its
competitive advantages in connection speed, network quality, and
price in mobile business, due to increasingly intense competition,
and it cannot achieve the continuous improvements S&P expects to
see in its earnings and financial standing.  S&P will consider
lowering the ratings if the company's free cash flow remains
negative in fiscal 2011, its EBITDA margin deteriorates to less
than 25%, its total debt to EBITDA rises to more than 4x, or its
total debt to capital rises to more than 75%.  Currently, S&P does
not expect eAccess to significantly increase its mobile network
investment in the next two years.  However, a significant increase
in debt-funded network capital expenditure could also put downward
pressure on the rating.

On the other hand, S&P may consider raising the rating if the
company can achieve significant and sustainable subscriber growth,
continues to improve its EBITDA margin and cash flow, and
materially reduces its total debt to capital.  However, at
present, the rating reflects the likelihood of improvement in
earnings and financial profile in the next one to two years, as
well as S&P's view that the company's total debt to capital will
remain around 70% over the same period; thus the likelihood of an
upgrade in the coming year is low.


* S&P Puts Ratings on Six Tranches on CreditWatch Positive
----------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its ratings on six tranches relating to six
Japanese synthetic collateralized debt obligation transactions.

The six tranches placed on CreditWatch positive had synthetic
rated overcollateralization levels in excess of 100% at higher
ratings than the current ratings as of Feb. 28, 2011.

For the transactions that S&P ran on version 5.1 of its CDO
evaluator, S&P applied the top obligor and industry test SROCs, in
addition to the Monte Carlo default simulation results.

By the end of the month, S&P intends to review the tranches listed
below, along with any other tranches with ratings that are
presently on CreditWatch with negative or positive implications,
in accordance with its current CDO criteria.

             Ratings Placed On Creditwatch Positive

                 Hummingbird Securitisation Ltd.
                         Series 2 loan

          To                    From        Issue amount
          --                    ----        ------------
          CCC- (sf)/Watch Pos   CCC- (sf)   JPY3.0 bil.

                       Silk Road Plus PLC
Series 13 limited recourse secured fixed rate credit-linked notes

          To                    From        Issue amount
          --                    ----        ------------
          BBB (sf)/Watch Pos    BBB (sf)    S$8.064 mil.

Series 14 limited recourse secured fixed rate credit-linked notes

          To                    From        Issue amount
          --                    ----        ------------
          BBB (sf)/Watch Pos    BBB (sf)    S$8.5 mil.

Series 15 limited recourse secured fixed-rate credit-linked notes

          To                    From        Issue amount
          --                    ----        ------------
          BBB (sf)/Watch Pos    BBB (sf)    S$8.0 mil.

Series 16 limited recourse secured fixed-rate credit-linked notes

          To                    From        Issue amount
          --                    ----        ------------
          BBB (sf)/Watch Pos    BBB (sf)    S$9.0 mil.

                       Signum Vanguard Ltd.
       Class A secured fixed rate credit-linked loan 2005-3

          To                    From        Issue amount
          --                    ----        ------------
          BBB- (sf)/Watch Pos   BBB- (sf)   JPY4.0 bil.


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


C&M CO: S&P Affirms Long-Term Corporate Credit Rating at 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on Korean cable TV operator
C&M Co. Ltd.  At the same time, Standard & Poor's removed the
rating from CreditWatch negative, where it was placed on Dec. 9,
2010, on uncertainty over the company's planned acquisition of GS
Gangnam Broadcasting and GS Ulsan Broadcasting.  At the same time,
Standard & Poor's affirmed and removed from CreditWatch negative
its 'B' rating on the senior notes issued by C&M Finance Ltd. and
guaranteed by C&M.  The outlook on the long-term rating is stable.

The affirmation is based on S&P's expectation that C&M will be
able to maintain its financial risk profile through the
acquisition of GS Gangnam and GS Ulsan.  On March 8, 2011, C&M
finalized its acquisition of an 84.8% share of GS Gangnam and a
99.8% share of GS Ulsan from GS Homeshopping Inc. for Korean won
383 billion.  S&P believes that this deal should not impair C&M's
financial risk profile given the funding structure and the two
target companies' solid business and financial risk profiles.
Through this deal, C&M has gained about 0.5 million subscribers
and raised its total number of subscribers to about 2.7 million.

The stable outlook reflects C&M's satisfactory business risk
profile, which is mainly based on its strong market position in
the Seoul metropolitan area.  The stable outlook also reflects
S&P's belief that C&M has adequate liquidity for at least the next
12 months.  However, the rating could come under downward pressure
if the company's debt-to-EBITDA (on a consolidated basis including
debt at Kookmin Cable Investment, the special purpose vehicle
established to own C&M) deteriorates instead of improves in coming
years; if the company does not generate positive free operating
cash flow on a consolidated basis; or if S&P see liquidity risk
increase for either C&M or KCI.  Although less likely, S&P may
raise the rating if there is significant improvement in the
company's capital structure, such as debt-to-EBITDA improving to
below 7.0x on a consolidated basis.


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


HOCK SIN: Extraordinary Meeting Slated for March 25
---------------------------------------------------
Hock Sin Leong Group Berhad will hold an extraordinary general
meeting on March 25, 2011, at 11:30 a.m., or immediately after the
conclusion or adjournment of the Thirty-Sixth Annual General
Meeting of the Company which will be held at 1-11, 3rd Floor,
Jalan Perdana 10/6, Pandan Perdana, in 55300 Kuala Lumpur.

At the meeting, members will be asked to consider and, if thought
fit, approved the proposed disposal of six pieces of land held
under titles HS(M) 26579, Lot Nos. 16933-16938, Taman Kencana,
Mukim of Empang, District of Hulu Langat, Selangor Darul Ehsan,
together with six units of 5-storey industrial building.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 6, 2010, Hock Sin Leong said that Delta Park Sdn Bhd, a
Wholly owned subsidiary of the Company, entered into a conditional
sale and purchase agreement with Masera Realty Sdn Bhd for the
proposed disposal of six pieces of land, together with six
units of 5-storey industrial building, for MYR9 million.

"The Board is of the opinion that the Proposed Disposal is in the
best interest of HSLGB Group in view that that the proceeds raised
will be utilized to finance the group's working capital and
to pare down the group's short-term borrowings.  The proceeds will
strengthen HSLGB Group's cash flow position," the Company said.

"The repayment of short-term bank borrowings will enable HSLGB to
lower its gearing level and is in line with HSLGB Group's efforts
to address its net current liabilities position, which gave rise
to HSLGB being classified as a PN17 Company."

The Board also noted that the Disposal Price is at a premium of
MYR1,465,000 (19%) above the market value of the Property as
assessed by KGV-Lambert Smith Hampton (M) Sdn Bhd on November 24,
2010.

                          About Hock Sin

Hock Sin Leong Group Berhad -- http://www.hslg.com.my/-- is an
investment holding company.  It also provides management services
to its subsidiary companies.  The Company, through its
subsidiaries, is engaged in consumer electrical and electronics
industry in Malaysia.

Hock Sin Leong Group Berhad is now listed as an Amended Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the company
triggered the PN17 listing as its external auditors have
expressed, albeit, an unqualified opinion and have emphasized that
the Group incurred a net loss of MYR26,587,834 during the year
ended September 30, 2009, and as of that date, the Group's current
liabilities exceeded its current assets by MYR28,172,442.


MALAYSIAN MERCHANT: Faces Delisting for Failure to Submit Plan
--------------------------------------------------------------
Malaysian Merchant Marine Berhad has failed to submit its
regularisation plan to the Securities Commission or Bursa Malaysia
Securities Berhad for approval within the timeframe stipulated
under paragraph 8.04(3)(a)(i) of Bursa Securities Main Market
Listing Requirements.

Pursuant to paragraph 8.04(5) of the Main Market LR:

   (a) the trading in the securities of the Company will remain
       suspended until further notice; and

   (b) the securities of the Company will be de-listed on
       March 17, 2011, unless an appeal is submitted to
       Bursa Securities on or before March 14, 2011.  Any
       appeal submitted after the Appeal Timeframe will not
       be considered by Bursa Securities.

The Company's shares have been suspended since August last year
after the Company failed to submit its annual audited accounts for
the financial year ended March 31, 2010, to Bursa Malaysia.

                      About Malaysia Merchant

Malaysian Merchant Marine Berhad is a Malaysia-based investment
holding company engaged in transportation of goods by sea and the
provision of ship management services.  The principal activities
of the subsidiary companies are those of transportation of goods
by sea and provision of logistics services.  The Company's
operating subsidiaries include MMM Panama Inc., MMM Suez Inc.,
Splendid Eminent Sdn. Bhd., Oceanwealth Fountain Sdn. Bhd.,
Malaysian Pacific Ocean Line Sdn. Bhd., Pan Asia Ocean Line Sdn.
Bhd., Prestige Splendour Sdn. Bhd., Ample Remark Sdn. Bhd.,
Edgewise Fairway Sdn. Bhd., and Malaysian Ocean Line Sdn. Bhd.

                           *     *     *

Malaysian Merchant Marine Berhad has been classified as an
affected listed issuer as the Company's wholly-owned subsidiary,
Erayear Solution Sdn Bhd, is unable to complete the purchase of a
chemical tanker under a Memorandum of Agreement signed with
Uniships Pte Ltd on January 8, 2010.


NAM FATT: Unit Sells 51% Shares in Ascent Capital for MYR10
-----------------------------------------------------------
Nam Fatt Corporation Berhad said that its subsidiary Nam Fatt
Investment (Hong Kong) Limited on March 7, 2011, entered into a
Share Sale Agreement with Pegasus Invest Holdings Limited for the
disposal of 51,000 ordinary shares in Ascent Capital International
Limited representing 51% equity interest in ACIL for MYR10.00.

ACIL was incorporated in Hong Kong under the Companies Ordinance
as a limited company on Dec. 3, 2004.  The principal activity of
ACIL is investment holding and has not commenced business since
year 2005.

ACIL has an authorized share capital of HK$100,000,000.00 divided
into 100,000,000 ordinary shares of HK$1.00 each of which
100,000,000 ordinary shares of HK$1.00 each has been issued and
fully paid up.

Pegasus Invest was incorporated in British Virgin Islands under
the International Business Companies Act (CAP 291) as a limited
company on July 23, 2004.  It is principally in the business to
acquire and hold for investment shares, stocks, debenture stocks,
bonds, etc.

The Purchaser has an authorized share capital of USD10,000 divided
into 10,000 ordinary shares of USD1.00 each of which 9,969
ordinary shares of USD1.00 each has been issued and fully paid up.

The Purchaser holds 49,000 ordinary shares in ACIL representing
49% equity interest in ACIL.

The cash consideration of MYR10.00 was arrived at on a willing
buyer-willing seller basis after taking into consideration the net
tangible assets of ACIL as at Dec. 31, 2009.  The NTA of ACIL is
(HK$20,082,210).

                   Effect on the Proposed Disposal

Nam Fatt said the proposed disposal will not have any effects on
the issued and paid up share capital of the Group.  Nam Fatt does
not envisage any material effect on the net tangible assets and
earnings of the Group.

The proposed disposal will result in ACIL ceased to be a
subsidiary of the Nam Fatt upon completion of the proposed
disposal.

                          About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company.  The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities.  The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing.

                           *     *     *

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

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


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


ALLIED NATIONWIDE: Receivers Begin Finance Company Loans Sell-Off
-----------------------------------------------------------------
Radio New Zealand News reports that receivers for Allied
Nationwide Finance have started the process of selling up to
NZ$100 million worth of loans from the failed finance firm.

The deposits were covered by the Government's Retail Deposit
Guarantee Scheme, according to Radio New Zealand News.

The report notes that the finance firm, which was part of the
troubled Allied Farmers, had about NZ$150 million dollars of
loans, although receivers Andrew Grenfell and Kerryn Downey, of
McGrathNicol, have written down the value of the loan book.

Mr. Grenfell said it is selling 1800 Allied Nationwide loans,
worth about NZ$40 million, plus another NZ$60 million in loans
from Spiers Securities, Radio New Zealand News says.

The report discloses that Mr. Grenfell said that he hopes to have
offers by May.

The loans consist of business and consumer finance leases.
The money from Allied Nationwide will be used to repay the
Treasury, Radio New Zealand News adds.

                     About Allied Nationwide

Allied Nationwide Finance Ltd. is a New Zealand-based finance and
investment company.  It is wholly owned subsidiary of NZX-listed
Allied Farmers Limited.

                          *     *     *

Allied Nationwide Finance Limited was placed into receivership on
August 20, 2010.  The company's Trustee, New Zealand Guardian
Trust, appointed Kerryn Downey and Andrew Grenfell of McGrathNicol
as receivers to the Company.  McGrathNicol has been acting as
independent advisors to NZGT and prepared a report on ANF which
resulted in the alleged breach of its Trust Deed ratio, as advised
on August 6, 2010.


CRAFAR FARMS: No Crafars Charged With Animal Welfare Offences
-------------------------------------------------------------
Radio New Zealand reports that those charged with animal welfare
offences relating to one of the Crafar family dairy farms in
receivership do not include any of the family's members.

Sixteen North Island dairy farms owned by the Crafar family were
put into receivership in 2009, with debts of nearly NZ$200
million, Radio New Zealand recounts.  At about the same time, the
report relates, the Ministry of Agriculture and Forestry (MAF)
began investigating possible animal welfare breaches on the farms.

Following the investigation, MAF laid charges against five
parties, for being owners or in charge of animals on a dairy farm
at Taharua, southwest of Taupo, and not meeting their needs,
according to Radio New Zealand.  The report relates that
information provided by the Ministry of Justice shows the accused
include Milk Pride, a South Island professional dairy farming
operation that milks 10,000 cows throughout the country.

Radio New Zealand notes that Milk Pride faces 222 charges under
two sections of the Animal Welfare Act.

Raymond Griffin from Taupo, who is named as the person in charge
of animals on the Taharua farm, also faces 222 charges.  Milk
Pride's two directors, Murray Fletti from Otatara and Ross Cottier
from Lumsden, and employee Craig Coote from Invercargill face 90
charges each, the report adds.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers after
Crafar Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


GENEVA FINANCE: Asks Debt Holders for Debt-for-Equity Swap
----------------------------------------------------------
BusinessDesk reports that Geneva Finance goes back to debt holders
this month seeking agreement to convert their notes and debentures
to ordinary equity, potentially tripling shares on issue.

According to BusinessDesk, the company on Friday released a
prospectus to issue up to 88.7 million new shares to subordinated
note holders and up to 97 million of shares to debenture holders,
lifting total shares on issue to 267 million from 80.5 million.

BusinessDesk relates that the debt-for-equity swap would be at
5 cents a share, with note and debenture holders offered 20,000
shares per NZ$1,000 of debt.

The proposal marks the third capital reconstruction for Geneva,
whose long-suffering note holders first accepted a six-month
moratorium in November 2007 as a better choice than winding up the
company, BusinessDesk notes.

When that expired, BusinessDesk says, they agreed to convert
55% of the notes to shares at 36 cents apiece and were paid 13.25%
interest on their remaining notes.

At the same time, says BusinessDesk, Geneva agreed terms to
progressively pay down a NZ$35 million bank facility with BOS
maturing on April 30 this year and got the note holders to agree
to extend their maturity out to 2015.

"Geneva has been unable to raise additional equity funding since
the capital reconstruction proposal was approved last year",
BusinessDesk quotes Northington Partners director Greg Anderson as
saying in a report to note holders released Friday.

"The company is now in a position where it believes that there is
a significant risk that it will breach the minimum regulatory
capital adequacy ratio of 8%, and that the likely consequence of
such a breach is that the trustees would appoint a receiver," Mr.
Anderson said, according to BusinessDesk.

BusinessDesk discloses that the debt-for-equity swap would result
in some $4.4 million of notes being converted to shares.

It is also offering debenture holders the opportunity to swap
their March 31 interest payment, which amounts to $4.86 million,
for ordinary shares, BusinessDesk adds.

On Geneva's current loan book, BusinessDesk discloses, some
NZ$29 million of loans are in arrears and Northington identifies a
further NZ$6 million provision should the firm be wound down over
four years.

BusinessDesk relates that Mr. Anderson said note holders are "very
unlikely" to get any of their outstanding principal or interest
payments in the event of a wind-down - the same advice given at
the time of last year's capital reconstruction.

The latest proposal is subject to approval by note and
shareholders on March 31, while applications from debenture
holders wanting to convert their holdings to stock close on
April 8, according to BusinessDesk.

                        About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported in Troubled Company Reporter-Asia Pacific on April 1,
2010, Standard & Poor's Ratings Services said that it had raised
its long-term rating on Geneva Finance Ltd. to 'CCC' from 'SD'.
At the same time, the insurer financial strength rating on
Geneva's captive insurer, Quest Insurance Group Ltd., was raised
to 'CCC' from 'CC', and removed from CreditWatch Negative.  The
outlook on both ratings is negative.

The upgrade on Geneva follows the company's success in securing
debenture investors' approval and banker support.  The 'CCC'
rating reflects S&P's view that the finance company has a marginal
liquidity position, which is expected to help it meet its
immediate principal and interest repayment in full and on time
under its new arrangement.  However, there is significant
uncertainty about Geneva's future liquidity position as the
company's liquidity still depends on favorable business,
financial, and economic conditions.  Moreover, Geneva needs to
remain prudent in its management of operating cash flows.  While
management has carefully overseen operations, cash flows, and
banker relationships since initially being placed into moratorium-
-and has compared favorably with other finance company peers that
were also placed in moratorium--a return to profitability is yet
to be proven.


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


BANCO FILIPINO: Failure to Submit Financial Reports Cue Delisting
-----------------------------------------------------------------
Journal Online reports that the Philippine Stock Exchange has
delisted Banco Filipino from its official registry, rendering the
bank unable to buy or sell shares of stocks.

Journal Online says the delisting was a result of decision made by
the Board of Directors who approved the release of the "Order to
Delist" against Banco Filipino.

According to Journal Online, Banco Filipino investors were
informed that the bank was delisted effective March 10, 2011,
through a memorandum signed last February 8 by Hans B. Sicat,
president and chief executive officer of PSE.

Journal Online relates that a review made by the PSE revealed that
Banco Filipino continuously violated Section 17.8 of the Revised
Disclosure Rules in connection with the submission of structured
reports.  It was learned that Banco Filipino has failed to submit
financial reports to the Securities and Exchange in recent years.
Said reports are important in determining if Banco Filipino was
still in good financial condition.

Journal Online adds that Banco Filipino can also lose its
franchise with SEC due to these violations.

                      About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964,
principally to engage in the general business of savings and
mortgage banking and of a trust company and to perform such acts
as may be incidental thereto.  It started operations on July 9,
1964.

Banco Filipino offers to the public full domestic banking
services, which are five main types, namely: cash services;
commercial services; loans; money market services; and trust
services.

The Troubled Company Reporter - Asia Pacific reported on May 17,
2006, that the Bangko Sentral ng Pilipinas approved an emergency
loan of PHP190 million to Banco Filipino in order for it to
remain liquid, after certain branches experienced heavy
withdrawals.

The state central bank had ordered Banco Filipino's closure in
1985 due to insolvency.  However, the Supreme Court overturned
Bangko Sentral's decision and ordered the bank to reopen in
1994 and resume business as a full service savings bank with
trust operations.


VITARICH CORP: Wins Court OK to Sell Some Assets for PHP200MM
-------------------------------------------------------------
BusinessWorld Online reports that Vitarich Corp. has secured
approval from a regional trial court to sell some of its assets
worth around P200 million.  The sale is aligned with its corporate
rehabilitation program

"On March 1, the Regional Trial Court of Bulacan, Branch 7, issued
an order . . . approving the sale of the company's non-core assets
located in the Visayas and Mindanao to Kormasinc, Inc. for PHP184
million plus by way of reduction of corporate debt," BusinesWorld
cited Vitarich in a disclosure.

BusinessWorld says the company's board of directors approved in
July 2009 the disposal of several non-core property, plant and
equipment and investment property worth PHP975 million.

The property, plant and equipment and investment property, which
are in Visayas and Mindanao, are included in the assets used as
collateral for the company's restructured long-term debt,
according to BusinessWorld.

As of end-June last year, BusinessWorld discloses, the company had
PHP3.42 billion in liabilities, of which PHP2.56 billion were non-
current liabilities, Vitarich said in its financial report.

Based in Bulacan, Philippines, Vitarich Corporation --
http://www.vitarich.com/-- is engaged in the manufacture and
distribution of various poultry products such as live and dressed
chicken, day-old chicks, and animal and aqua feeds.

Vitarich has been under corporate rehabilitation since 2006
because of difficulties in paying off PHP3.23 billion in loans to
various creditors, according to BusinessWorld Online.  The company
had blamed the Asian financial crisis of 1998 and the avian flu
outbreak in 2003 as the reasons behind its financial woes.


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


AMANDA FOODS: Court to Hear Wind-Up Petition on March 25
--------------------------------------------------------
A petition to wind up the operations of Amanda Foods Private
Limited will be heard before the High Court of Singapore on
March 25, 2011, at 10:00 a.m.

Malayan Banking Berhard filed the petition against the company on
March 2, 2011.

The Petitioner's solicitors are:

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


AUSTRALIAN PROPERTY: Applies for Judicial Management
----------------------------------------------------
An application to place Australian Property Group Pte Ltd under
judicial management will be heard before the High Court of
Singapore on March 11, 2011, at 10:00 a.m.

Timothy James Reid of Ferrier Hodgson has been nominated as
judicial manager.

The applicant's Solicitors are:

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


CP SOLUTIONS: Creditors Get 16.07% Recovery on Ordinary Claims
--------------------------------------------------------------
CP Solutions Pte Ltd will declare the first and final dividend on
March 31, 2011.

The company will pay 100% for preferential and 16.07% for ordinary
claims.

The company's liquidator is:

         Wong Joo Wan
         c/o KPMG Advisory Services Pte. Ltd.
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


SG ASSET: Creditors' Proofs of Debt Due April 11
------------------------------------------------
Creditors of SG Asset Management (Singapore) Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 11, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Pheng Cheong Martin
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


STEVENS PARK: Members' Final Meeting Set for April 8
----------------------------------------------------
Members of Stevens Park Pte Ltd will hold their final meeting on
April 8, 2011, at 3:00 p.m., at 1 Scotts Road, #21-08 Shaw Centre,
Singapore 228208.

At the meeting, Madam Chia Lay Beng, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TRANSPACIFIC RESOURCES: Creditors' Proofs of Debt Due April 4
-------------------------------------------------------------
Creditors of Transpacific Resources Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 4, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Eu Chee Wei David
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


WILMAR HOLDINGS: Members' Final Meeting Set for April 12
--------------------------------------------------------
Members of Wilmar Holdings Pte Ltd will hold their final meeting
on April 12, 2011, at 11:00 a.m., at 56 Neil Road, Singapore
088830.

At the meeting, Chang See Hiang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


                             *********

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

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

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


                            *********


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

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

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

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

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




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