TCRAP_Public/110316.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, March 16, 2011, Vol. 14, No. 53

                            Headlines



A U S T R A L I A

GLENWOOD HOMES: Collapse Will be Disastrous to Building Industry


H O N G  K O N G

GLOBAL CONSOLIDATION: Members' Final Meeting Set for April 14
INFOBEST TRADING: Members' Final Meeting Set for April 8
INTERTECHNIQUE HK: Jen Wai Yee Appointed as Liquidator
KB INVESTMENT: Creditors' Proofs of Debt Due March 31
KENSON PROPERTIES: Creditors' Meetings Set for March 21

KWAN DONG: Placed Under Voluntary Wind-Up Proceedings
NEWBROOKE LIMITED: Creditors' Proofs of Debt Due April 1


I N D I A

FLEMING LABORATORIES: CRISIL Raises Rating on Term Loan to 'B-'
H R M EXPORTS: CRISIL Assigns 'B-' Rating to INR175MM Cash Credit
HARIYANA INT'L: CRISIL Reaffirms 'B+' Rating on Cash Credit
HARIYANA SHIP: CRISIL Reaffirms 'B+' Rating on INR75MM Term Loan
HEEMANKSHI BAKERS: CRISIL Assigns 'B+' Rating to INR43.4MM Loan

INDIAN YARN: CRISIL Cuts Rating on INR185MM Cash Credit to 'D'
INDUCTO STEEL: CRISIL Reaffirms 'B+' Rating on INR200M Cash Credit
JAI MAA JAGDAMBA: CRISIL Reaffirms 'BB' Cash Credit Rating
KALYANI AGRO: CRISIL Assigns 'B+' Rating to INR84.7MM Term Loan
KONASEEMA GAS: CRISIL Reaffirms 'D' Rating on INR12.59BB Term Loan

KRISHNA CORPORATION: CRISIL Reaffirms 'BB+' Rating on Cash Credit
NV DISTILLERIES: CRISIL Assigns 'B-' Rating to INR900MM Term Loan
OMEGA ROLLING: CRISIL Reaffirms 'BB+' Cash Credit Rating
PARTH ISPAT: CRISIL Assigns 'BB+' Rating to INR30MM Term Loan
PRAKASH PLY: Fitch Assigns National Long-Term Rating at 'B+'

PRAKASH PLY EXIM: Fitch Assigns National Long-Term Rating at 'B+'
RADHIKA EXPORTS: CRISIL Reaffirms 'P4+' Rating on Packing Credit
R.K. TRANSPORT: CRISIL Reaffirms 'BB-' Rating on Cash Credit
RSV HOSPITAL: CRISIL Assigns 'B+' Rating to INR43.2MM Term Loan
SEASONS HOTELS: CRISIL Reaffirms 'B' Rating on INR145MM Term Loan

UMANANDA RICE: CRISIL Assigns 'B+' Rating to INR60.7MM LT Loan
UNIVERSAL POWER: CRISIL Cuts Ratings on INR150M Cash Credit to 'D'
YOG INTERNATIONAL: CRISIL Reaffirms 'BB+' Cash Credit Rating


J A P A N

J-CORE12 TRUST: Fitch Affirms Ratings on Various Classes of Notes
JCREF CMBS: Moody's Downgrades Ratings on Various Notes


M A L A Y S I A

EVERMASTER GROUP: Bursa to Delist Securities on March 17
SELOGA HOLDINGS: Seeks Extension of Time to Implement Revamp Plan
TRACOMA HOLDINGS: Bursa Defers March 14 Delisting on Appeal
TRANSMILE GROUP: To Focus on Aircraft Disposal to Pare Down Debt
TRANSMILE GROUP: Scheme Creditors' Meeting Set for March 29


N E W  Z E A L A N D

LDC FINANCE: Receivers Seek Mediation with F&I Investors
PIKE RIVER: Solid Energy Confirms Interest in Pike River Mine
SOVEREIGN HOMES: Owes Unsecured Creditors NZ$2.3 Million


P H I L I P P I N E S

ENERGIZER PHILIPPINES: To Shut Mandaue Battery Plant


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


GLENWOOD HOMES: Collapse Will be Disastrous to Building Industry
----------------------------------------------------------------
Kirsty Nancarrow at ABC News reports that subcontractors in north
Queensland said the collapse of Glenwood Homes will be disastrous
for the region's struggling building industry.

The company went into administration on March 11, leaving 44 homes
in Townsville and three in Cairns unfinished, according to ABC
News.  The report relates that National Subcontractors Association
President Ron Crew said many workers are owed money and he has met
the administrator about the issue.

ABC News notes that Mr. Crew said the company's owner, Udo Jattke,
was a good operator and it is sad to see another major far north
firm go under.

Mr. Crew, ABC News discloses, said it is sad members did not
contact sooner about problems with Glenwood Homes.  "Our
association, together with others, have worked very hard in recent
years to have the laws changed so that we have a prompt payment
system within the building industry," ABC News quotes Mr. Crew as
saying.  "Obviously some people aren't really pushing that side of
things, aren't keeping up to date with what they should be doing.
They would have found out that things weren't as good a lot
earlier than this," he added.


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


GLOBAL CONSOLIDATION: Members' Final Meeting Set for April 14
-------------------------------------------------------------
Members of Global Consolidation Services (Holding) Limited will
hold their final general meeting on April 14, 2011, at 10:00 a.m.,
at 905 Silvercord, Tower 2, 30 Canton Road Tsimshatsui, Kowloon,
in Hong Kong.

At the meeting, James T. Fulton and Cordelia Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


INFOBEST TRADING: Members' Final Meeting Set for April 8
--------------------------------------------------------
Members of Infobest Trading Limited will hold their final meeting
on April 8, 2011, at 11:00 a.m., at 31/F, The Center, 99 Queen's
Road Central, in Hong Kong.

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


INTERTECHNIQUE HK: Jen Wai Yee Appointed as Liquidator
------------------------------------------------------
Jen Wai Yee on March 3, 2011, was appointed as liquidator of
Intertechnique Hong Kong Limited.

The liquidator may be reached at:

         Jen Wai Yee
         Room 303, 3rd Floor
         St. George's Building
         2 Ice House Street
         Central, Hong Kong


KB INVESTMENT: Creditors' Proofs of Debt Due March 31
-----------------------------------------------------
Creditors of KB Investment & Securities Hong Kong Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by March 31, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Tang Tin Sek
         19A Entertainment Building
         30 Queen's Road
         Central, Hong Kong


KENSON PROPERTIES: Creditors' Meetings Set for March 21
-------------------------------------------------------
Creditors of Kenson Properties Limited will hold their annual
meetings on March 21, 2011, at 3:00 p.m. at Room 501, 5/F., Sun
Hung Kai Centre, at 30 Harbour Road, in Hong Kong.

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


KWAN DONG: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on Feb. 19, 2011,
creditors of Kwan Dong Tung Pak Tong Medicine Manufactory Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Tse Kwok Cheong
         Flat A, 12th Floor
         50-52 Tai Po Road
         Kowloon, Hong Kong


NEWBROOKE LIMITED: Creditors' Proofs of Debt Due April 1
--------------------------------------------------------
Creditors of Newbrooke Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by April 1,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

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


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


FLEMING LABORATORIES: CRISIL Raises Rating on Term Loan to 'B-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Fleming
Laboratories Ltd to 'B-/Stable/P4' from 'D/P5'.

   Facilities                       Ratings
   ----------                       -------
   INR142.90 Million Term Loan      B-/Stable (Upgraded from 'D')

   INR2.10 Million Proposed LT      B-/Stable (Upgraded from 'D')
            Bank Loan Facility

   INR150.00 Million Packing        B-/Stable (Upgraded from 'D')
   Credit/Export Bill Discounting
   (EBD)/ Export Bills Purchase
   (EBP)/Export Bills Negotiation
   (EBN)

   INR35.00 Million Inland/Import   P4 (Upgraded from 'P5')
                 Letter of Credit
   INR5.00 Million Bank Guarantee   P4 (Upgraded from 'P5')

The upgrade reflects improvement in Fleming's liquidity, supported
by recent equity infusion of INR65 million.  The company's
liquidity is expected to improve further, following the
enhancement in cash credit facilities by INR60 million, to INR150
million.  The ratings reflect Fleming's large working capital
requirements and modest scale of operations.  These rating
weaknesses are, however, partially offset by Fleming's established
market position, the experience of its management in the active
pharmaceutical ingredient (API) segment, and comfortable capital
structure.

Outlook: Stable

CRISIL believes that Fleming will maintain its credit risk
profile, supported by its experienced management team and the
expected improvement in its liquidity.  The outlook may be revised
to 'Positive' if the company generates more-than-expected cash
accruals due to early stabilization of its new manufacturing
facility, while maintaining its profitability and capital
structure.  Conversely, the outlook may be revised to 'Negative'
in case of subdued cash accruals, significant increase in working
capital requirements, leading to pressure on liquidity, or if the
company undertakes a more-than-expected, debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

                     About Fleming Laboratories

Incorporated in 1992, Fleming was promoted by Mr. B Ravishankar
and members of his family.  The company manufactures APIs.  It
manufactures about 20 APIs in different therapeutic segments at
its manufacturing units in Jeedimetla and Navapet village, Medak
district (both in Andhra Pradesh).  Its key products are
carisoprodol, cinnarizine, risedronate, and meclizine.  It owns
process patents for two API's, ibandronate sodium monohydrate and
risedronate sodium hemipentahydrate.  The company, in August 2010,
filed for a patent for its product, molecule strontium ranelate.
Around 85 per cent of its revenues are derived from exports; the
company exports to over 80 countries.

Fleming is setting up a new manufacturing unit in Navapet village,
at a cost of around INR160 million; the company intends to obtain
certification from the US Food and Drug Administration for this
facility. The unit is expected to commence operations by June
2011.

Fleming reported a profit after tax (PAT) of INR32 million on net
sales of INR434 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR8 million on net sales
of INR413 million for 2008-09. For the nine month period ended
December 31, 2010, Fleming has reported revenues of INR408
million.


H R M EXPORTS: CRISIL Assigns 'B-' Rating to INR175MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the bank facilities
of H R M Exports Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR175.00 Million Cash Credit     B-/Stable(Assigned)
   INR3.00 Million Working Capital   B-/Stable(Assigned)
                       Demand Loan

The rating reflects HRM's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection
indicators, large working capital requirements, susceptibility to
volatility in raw material prices and erratic rainfall, and
moderate scale of operations.  These rating weaknesses are
partially offset by the extensive experience of HRM's promoters
in, and the healthy growth prospects for, the basmati rice
industry.

Outlook: Stable

CRISIL believes that HRM's financial risk profile, particularly
liquidity, will remain weak over the medium term because of its
large working capital requirements.  The outlook may be revised to
'Positive' if HRM's profitability and cash accruals increase
significantly after the proposed upgrade of its rice milling unit,
or its capital structure improves significantly because of more-
than-expected equity infusion by promoters.  Conversely, the
outlook may be revised to 'Negative' if there is significant
deterioration in the company's capital structure or pressure on
its profitability because of volatility in raw material prices.

                         About H R M Exports

HRM, engaged in processing of basmati rice, was established in
1979 by Mr. Vijay Gupta, Mr. Ajay Gupta, Mr. Kameshwar Sharma, and
Mr. Sanjeev Sharma, as a partnership firm, Shree Hanuman Rice &
General Mills.  The firm's business was taken over by HRM,
promoted by the same promoters, in January 2005. HRM's rice
milling unit in Karnal (Haryana) has a milling capacity of 11
tonnes per hour.  Its products are mainly sold in bulk in the
domestic markets and exports contribute 11 per cent to the
company's total revenues. The company sells in the domestic market
under its seven brands-Ronak, Birla, Y2K, Kim, Barkat, and CM-
which contribute around 12 per cent to total sales.

HRM reported a profit after tax (PAT) of INR7.9 million on net
sales of INR1,135.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR6.5 million on net sales
of INR950.0 million for 2008-09.


HARIYANA INT'L: CRISIL Reaffirms 'B+' Rating on Cash Credit
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Hariyana International
Pvt Ltd (Hariyana International, part of the Hariyana group)
continue to reflect the Hariyana group's exposure to risks
inherent in ship-breaking, steel-trading, and money-lending
businesses, increasing investments in unrelated construction
business, and susceptibility to vagaries of the capital markets.
These rating weaknesses are partially offset by the group's
moderate financial risk profile marked by healthy net worth and
moderate gearing and debt protection indicators, and promoter's
track record of more than 30 years in the ship-breaking industry.

   Facilities                         Ratings
   ----------                         -------
   INR250 Million Cash Credit         B+/Stable (Reaffirmed)
   INR750 Million Letter of Credit    P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Hariyana International, Hariyana Ship
Breakers Ltd, Hariyana Ship Demolition Pvt Ltd, and Inducto Steel
Ltd.  This is because these entities, collectively referred to as
the Hariyana group, have significant intra-group operational
linkages and fungible cash flows, and are under a common
management.

Outlook: Stable

CRISIL believes that the Hariyana group's credit risk profile will
remain constrained over the medium term because of its presence in
the high-risk money-lending business and increasing investments in
unrelated businesses.  The outlook may be revised to 'Positive' if
the group scales down its money-lending business and if it
generates cash sooner than expected from its recent
diversifications.  Conversely, the outlook may be revised to
'Negative' if the group incurs losses in its investing and money-
lending businesses, witnesses a steep decline in its revenues, or
weakens its capital structure by undertaking a larger-than-
expected debt-funded capital expenditure programme.

                         About the Group

The Hariyana group, promoted by Mr. Shanti Sarup Reniwal, is
primarily into ship-breaking and steel-trading. The group also
into inter-corporate lending activities, and has recently started
developing residential real estate projects.

For 2009-10 (refers to financial year, April 1 to March 31), the
Hariyana group reported a profit after tax (PAT) of INR149.4
million on net sales of INR4.2 billion, against a PAT of INR91.8
million on net sales of INR4.4 billion for 2008-09.


HARIYANA SHIP: CRISIL Reaffirms 'B+' Rating on INR75MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hariyana Ship Breakers
Ltd (Hariyana Ship Breakers, part of the Hariyana group) continue
to reflect the Hariyana group's exposure to risks inherent in
ship-breaking, steel-trading, and money-lending businesses,
increasing investments in unrelated construction business, and
susceptibility to vagaries of the capital markets.  These rating
weaknesses are partially offset by the group's moderate financial
risk profile marked by healthy net worth and moderate gearing and
debt protection indicators, and promoter's track record of more
than 30 years in the ship-breaking industry.

   Facilities                        Ratings
   ----------                        -------
   INR75.0 Million Term Loan         B+/Stable (Reaffirmed)
   INR185.0 Million Cash Credit      B+/Stable (Reaffirmed)
   INR90.0 Million Overdraft         B+/Stable (Reaffirmed)
   INR1.0 Billion Letter of Credit   P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Hariyana Ship Breakers, Hariyana
International Pvt Ltd, Hariyana Ship Demolition Pvt Ltd, and
Inducto Steel Ltd.  This is because these entities, collectively
referred to as the Hariyana group, have significant intra-group
operational linkages and fungible cash flows, and are under a
common management.

Outlook: Stable

CRISIL believes that the Hariyana group's credit risk profile will
remain constrained over the medium term because of its presence in
the high-risk money-lending business and increasing investments in
unrelated businesses.  The outlook may be revised to 'Positive' if
the group scales down its money-lending business and if it
generates cash sooner than expected from its recent
diversifications.  Conversely, the outlook may be revised to
'Negative' if the group incurs losses in its investing and money-
lending businesses, witnesses a steep decline in its revenues, or
weakens its capital structure by undertaking a larger-than-
expected debt-funded capital expenditure programme.

                         About the Group

The Hariyana group, promoted by Mr. Shanti Sarup Reniwal, is
primarily into ship-breaking and steel-trading. The group also
into inter-corporate lending activities, and has recently started
developing residential real estate projects.

For 2009-10 (refers to financial year, April 1 to March 31), the
Hariyana group reported a profit after tax (PAT) of INR149.4
million on net sales of INR4.2 billion, against a PAT of INR91.8
million on net sales of INR4.4 billion for 2008-09.


HEEMANKSHI BAKERS: CRISIL Assigns 'B+' Rating to INR43.4MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Heemankshi Bakers Pvt Ltd (HBPL; part of the HBPL
group).

   Facilities                       Ratings
   ----------                       -------
   INR43.4 Million Term Loan        B+/Stable (Assigned)
   INR27.5 Million Cash Credit      B+/Stable (Assigned)
   INR2.5 Million Letter of Credit  P4 (Assigned)
   INR2.5 Million Bank Guarantee    P4 (Assigned)
   INR10.0 Million Export Packing   P4 (Assigned)
                           Credit

The ratings reflect the HBPL group's weak debt protection metrics,
small scale of operations, and limited pricing power, on account
of intense competition in the food products industry.  These
weaknesses are partially offset by the HBPL group's comfortable
market position, with strong presence in the South India market
and promoters' extensive experience in the business.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of Raj Agro Products Pvt Ltd and HBPL,
together referred to as the HBPL group. This is because RAPPL's
biscuit manufacturing business will be taken over by HBPL by early
2012-13 (refers to financial year, April 1 to March 31); RAPPL
will thereafter be solely engaged in the trading of ingredients
used in biscuits. RAPPL and HBPL are in the same line of business,
sell products under the common brand 'Amulya' and have a common
management.

Outlook: Stable

CRISIL believes that the HBPL group will benefit over the medium
term from its promoters' experience in the biscuit manufacturing
industry.  The outlook may be revised to 'Positive' if the group
strengthens its market position while maintaining its healthy
capital structure, or if its profitability improves, resulting in
better-than-expected cash accruals.  Conversely, the outlook may
be revised to 'Negative' in case of a large, debt-funded capital
expenditure programme or less-than-expected profitability, leading
to deterioration in its financial risk profile.

                        About the Group

HBPL, established in Hyderabad, in 2004, is engaged in the
business of manufacturing different types of biscuits, wafers,
snacks, and confectionaries; under the brand 'Amulya'. The group
company RAPPL, established in 1999, is engaged in the same line of
business. The brand 'Amulya' has been established by RAAPPL. HBPL
has a biscuits manufacturing capacity of 4200 metric tonnes per
annum. HBPL is also a franchisee of Parle Agro Private Limited for
South India to manufacture toasted bread snack under the brand
name 'Hippo'. The company supplies around 120 tonnes per month to
Parle Agro Private Limited. The group's products are mainly
distributed in entire South India and Maharashtra in the domestic
market.

The HBPL group reported a profit after tax (PAT) of INR1.8 million
on net sales of INR217.5 million for 2009-10, as against a loss of
INR7.3 million on net sales of INR 133.9 million for 2008-09.


INDIAN YARN: CRISIL Cuts Rating on INR185MM Cash Credit to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Indian
Yarn Ltd to 'D/P5' from 'BB/Negative/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR185.0 Million Cash Credit       D (Downgraded from
                                         'BB/Negative')

   INR439.3 Million Long-Term Loan    D (Downgraded from
                                        'BB/Negative')

   INR5.0 Million Letter of Credit    P5 (Downgraded from 'P4')

   INR8.6 Million Bank Guarantee      P5 (Downgraded from 'P4')

The downgrade has been driven by recent instances of delays by IYL
in servicing its debt; the delays have been caused by IYL's weak
liquidity.

IYL's working capital requirements have increased sharply with
increase in price of polyester, its key raw material, rising to an
average of INR108 per kilogram (kg) in January 2011 from an
average of INR74 per kg in January 2010.  However, the bank lines
have not been enhanced to cover such incremental requirements, nor
there has been any major fund support from promoters. This has led
to significant deterioration in IYL's liquidity. The pressure on
liquidity was aggravated by the increased financial commitments
arising out of the spate of debt-funded expansions that the
company has been undertaking over the past three years.
Operational issues, including inadequate power supply, have
constrained the company's overall capacity utilization level,
accentuating the problems, thereby adversely impacting cash
generation from the enhanced capacities. As a result, IYL has not
been able to meet its debt obligations on a timely basis.

IYL has a below-average financial risk profile, marked by small
net worth, high gearing and weak debt protection metrics, and
vulnerability to volatility in raw material prices. The impact of
these weaknesses is partially offset by the company's improving
business risk profile, supported by its increasing market share in
the value-added acrylic yarns segment.

                         About Indian Yarn

Incorporated in 1991, IYL is engaged in manufacturing synthetic
blended yarn at District SAS Nagar, Punjab. The company had an
installed manufacturing capacity of 32,376 spindles as on
March 31, 2010, which is expected to increase to 38,616 by March
2011.  The company has increased its spindle capacity by 11,904
over the past three years for an outlay of around INR400 million,
70 per cent funded by term loans under Technology Upgradation Fund
Scheme (TUFS) scheme and the rest by equity.  The expansion also
involved laying down a dedicated 66-kilovolt power line from the
nearest substation to the company, which should rectify the power
supply situation and lead to improved capacity utilization level.
This power line and enhanced spindle capacity are expected to
become operational in the first quarter of 2011-12 (refers to
financial year, April 1 to March 31).

For 2009-10, IYL reported a profit after tax (PAT) of INR9.5
million on net sales of INR913.3 million, against a PAT of INR3.0
million on net sales of INR850.0 million for 2008-09.


INDUCTO STEEL: CRISIL Reaffirms 'B+' Rating on INR200M Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Inducto Steel Ltd
(Inducto Steel, part of the Hariyana group) continue to reflect
the Hariyana group's exposure to risks inherent in ship-breaking,
steel-trading, and money-lending businesses, increasing
investments in unrelated construction business, and susceptibility
to vagaries of the capital markets.  These rating weaknesses are
partially offset by the group's moderate financial risk profile
marked by healthy net worth and moderate gearing and debt
protection indicators, and promoter's track record of more than 30
years in the ship-breaking industry.

   Facilities                          Ratings
   ----------                          -------
   INR200.0 Million Cash Credit        B+/Stable (Reaffirmed)
   INR200.0 Million Letter of Credit   P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Inducto Steel, Hariyana Ship Breakers
Ltd, Hariyana International Pvt Ltd, and Hariyana Ship Demolition
Pvt Ltd.  This is because these entities, collectively referred to
as the Hariyana group, have significant intra-group operational
linkages and fungible cash flows, and are under a common
management.

Outlook: Stable

CRISIL believes that the Hariyana group's credit risk profile will
remain constrained over the medium term because of its presence in
the high-risk money-lending business and increasing investments in
unrelated businesses.  The outlook may be revised to 'Positive' if
the group scales down its money-lending business and if it
generates cash sooner than expected from its recent
diversifications.  Conversely, the outlook may be revised to
'Negative' if the group incurs losses in its investing and money-
lending businesses, witnesses a steep decline in its revenues, or
weakens its capital structure by undertaking a larger-than-
expected debt-funded capital expenditure programme.

                         About the Group

The Hariyana group, promoted by Mr. Shanti Sarup Reniwal, is
primarily into ship-breaking and steel-trading. The group also
into inter-corporate lending activities, and has recently started
developing residential real estate projects.

For 2009-10 (refers to financial year, April 1 to March 31), the
Hariyana group reported a profit after tax (PAT) of INR149.4
million on net sales of INR4.2 billion, against a PAT of INR91.8
million on net sales of INR4.4 billion for 2008-09.


JAI MAA JAGDAMBA: CRISIL Reaffirms 'BB' Cash Credit Rating
----------------------------------------------------------
CRISIL has reaffirmed its rating of 'BB/Stable' to the bank
facilities of Jai Maa Jagdamba Flour Pvt Ltd.

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

The ratings continue to reflect JMJFPL's weak financial risk
profile, and exposure to risks relating to fluctuations in raw
material prices, and limited pricing power. These weaknesses are
partially offset by the benefits that the company derives from
established relationships with customers.

Outlook: Stable

CRISIL believes that JMJFPL will maintain a moderate business risk
profile over the medium term on the back of established relations
with customers.  The outlook may be revised to 'Positive' if the
company's profitability improves significantly, or if equity
infusions help improve its low net worth.  Conversely, the outlook
may be revised to 'Negative' if the company contracts large debt
to fund capital expenditure, or its profitability declines
sharply.

Update
JMJFPL's performance for 2009-10 (refers to financial year, April
1 to March 31) was inline with CRISIL's expectations. The revenue
growth of ~26% during FY10 was in line with CRISIL expectations.
However, operating profitability at 2.3% during the fiscal was low
on account of higher raw material prices.  Company's liquidity is
likely to remain moderate despite high limit utilisation of around
88% for the period December 2009 - December 2010, on account of no
term debt obligations.

                        About Jai Maa Jagdamba

Set up in 2003 as a proprietorship firm by Mr. Krishna Murari
Choudhary, JMJFPL converted to a private limited company in 2004.
The company produces wheat flour, maida, and suji at its mill in
Dhanbad (Jharkhand), which has a capacity of 300 tonnes per day.
JMJFPL reported a profit after tax (PAT) of INR1.0 million on net
sales of INR784 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.9 million on net
sales of INR620 million for 2008-09.


KALYANI AGRO: CRISIL Assigns 'B+' Rating to INR84.7MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank loan
facilities of Sri Kalyani Agro Products & Industries Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR120.0 Million Cash Credit         B+/Stable (Assigned)
   INR84.7 Million Term Loan            B+/Stable (Assigned)
   INR20.0 Million Letter of Credit     P4 (Assigned)
   INR30.0 Million Warehouse Financing  P4 (Assigned)

The ratings reflect SKAPIL's weak financial risk profile marked by
high gearing and weak debt protection metrics, small scale of
operations, and large working capital requirements.  These
weaknesses are partially offset by the extensive industry
experience of SKAPIL's promoters, and stable demand from Food
Corporation of India (FCI, rated 'AAA (So)/Stable' by CRISIL).

Outlook: Stable
CRISIL believes that SKAPIL will continue to benefit from the
extensive industry experience of its promoters in the rice mill
business, over the medium term.  The outlook may be revised to
'Positive' if SKAPIL increases its revenues and improves
profitability significantly, while improving its capital
structure. Conversely, the outlook may be revised to 'Negative' if
SKAPIL undertakes a larger-than-expected debt-funded capital
expenditure programme or its sales volumes and profitability
decline sharply.

                         About Kalyani Agro

In 1985, Kalyani Agro Products and Industries was established as a
partnership firm, with Mr. Vanapalli Narayana Rao and other family
members as partners.  In 1999, the firm was reconstituted as a
public limited company, and named SKAPIL. Based in West Godavari
district (Andhra Pradesh), the company has a rice mill with
processing capacity of 480,000 quintals per annum. In 2002, the
company set up a 4-megawatt (MW) biomass power plant, which was
later expanded to 7.50 MW. In 2005, SKAPIL also set up a steel
ingots manufacturing unit with capacity of 33,000 tonnes.

SKAPIL reported a profit after tax (PAT) of INR4.0 million on net
sales of INR603.4 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR5.1 million on net
sales of INR445.2 million for 2008-09.


KONASEEMA GAS: CRISIL Reaffirms 'D' Rating on INR12.59BB Term Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Konaseema Gas Power Ltd
continues to reflect instances of delay by KGPL in servicing its
debt obligations; the delays have been caused mainly by KGPL's
weak liquidity, resulting from inadequate cash flows from
operations.

   Facilities                       Ratings
   ----------                       -------
   INR12.59 Billion Term Loan       D (Reaffirmed)
   INR1 Billion Proposed Long-Term  D (Reaffirmed)
                     Bank Facility

Promoted jointly by VBC Ferro Alloys Ltd, VBC Industries Ltd, and
Elgitread (India) Ltd, KGPL had set up a 445-megawatt (MW) natural
gas-based, combined-cycle power plant at Devarapalli (Andhra
Pradesh [AP]).  Furthermore, KGPL is enhancing its facilities by
820 MW at an estimated cost of INR28 billion.  The company has a
power purchase agreement with AP power distribution companies for
23 years, to purchase power at 85 per cent plant load factor.


KRISHNA CORPORATION: CRISIL Reaffirms 'BB+' Rating on Cash Credit
-----------------------------------------------------------------
CRISIL's bank ratings on the bank facilities of Krishna
Corporation's continue to reflect its exposure to risks related to
geographical concentration in its revenue profile, small scale of
operations, and low net worth.  These rating weaknesses are
partially offset by Krishna's healthy order book, efficient
working capital management, and healthy financial risk profile,
marked by strong debt protection measures.

   Facilities                          Ratings
   ----------                          -------
   INR30.0 Million Cash Credit Limit   BB+/Stable (Reaffirmed)
   INR150.0 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Krishna will benefit from its healthy order
book over the medium term.  The outlook may be revised to
'Positive' in case of larger-than-expected growth in Krishna's
revenues and profitability, and increased geographical diversity
in its revenues.  Conversely, the outlook may be revised to
'Negative' in case of delays in the execution of its projects, or
if the firm undertakes a debt-funded capital expenditure
programme, exerting pressure on its debt protection measures.

Update
Krishna has maintained its business profile with total sales of
INR244.3 million in 2009-10 (refers to financial year, April 1 to
March 31), in line with CRISIL's expectations.  During 2010-11,
CRISIL expects firm to do turnover of over INR270 million.
Additionally, the firm has revenue visibility backed by an order
book of about INR110 million to be executed in 2011-12; also it
has bid for 4 new projects amounting to INR71o million. Moreover
firm has been allotted two projects on Design Build Finance
Operate and Transfer [DBFOT] basis, project cost of which will be
about INR60 million. Expected completion period of these projects
is nearly 6-8 months, post which firm will be getting the fixed
annuity payment of INR24 lacs per month for next 15 years.

The firm's operating margins marginally reduced to 6.1 per cent in
2009-10 against operating margin of 7.3 per cent in 2008-09,
primarily on account of inability to pass on the entire increase
in raw material costs.  However its net profit margin has been
maintained at 3 per cent largely in line with past trends.

The firm's continue to manage its working capital cycle well with
comfortable gearing position for 2009-10 at 1.04. The firm has no
major long term debt and its bank limit utilisation has improved
with half yearly bank utilisation at 4 per cent till September
2010. With additional funding for the DBFOT projects in next year,
CRISIL expects gearing to increase, however partially mitigated
with no long term debt in the firm as on date and self liquidating
nature of the additional debt due to annuity payments from the
government.

Krishna reported a book profit of INR12.3 million on net sales of
INR244.3 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a book profit of INR3.7 million on net sales
of INR72.5 million for 2008-09.

                      About Krishna Corporation

Set up as a proprietorship concern in 1991 by Mr. Rajarshi M.
Parikh, Krishna undertakes construction work on a contractual
basis for the Government of Gujarat (GoG).  It is a Class AA
contractor registered with GoG. The firm undertakes construction,
commissioning, operation, maintenance, and execution of water
treatment plant and regional water supply projects.


NV DISTILLERIES: CRISIL Assigns 'B-' Rating to INR900MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the bank facilities
of NV Distilleries Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR250 Million Cash Credit Facility    B-/Stable (Assigned)
   INR900 Million Term Loan               B-/Stable (Assigned)
   INR250 Million Foreign Currency Term   B-/Stable (Assigned)
                                   Loan

The rating reflects NVD's weak financial risk profile, marked by a
high gearing, geographical concentration in revenue profile, and
exposure to regulatory risk in the distillery industry.  These
rating weaknesses are partially offset by NVD's integrated
operations, which results in operational efficiency.

Outlook: Stable

CRISIL believes that NVD's liquidity will continue to be weak,
thus adversely impacting the company's financial risk profile.
However, CRISIL believes that NVD's integrated operations will
enable the company to register healthy revenue growth and improved
operating profitability, and that NVD's promoters will support the
company in servicing its debt in a timely manner as in the past.
The outlook may be revised to 'Positive' if NVD's liquidity
improves on account of higher-than-expected cash accruals,
sufficient to meet the debt obligation, along with an improvement
in the capital structure of the company. Conversely, the outlook
may be revised to 'Negative' if there is significant deterioration
in NVD's financial risk profile because of changes in the
regulatory environment or any large, debt-funded capital
expenditure.

                        About NV Distilleries

Incorporated in 1998 by Mr. Ashok Jain, NVD manufactures extra
neutral alcohol, country liquor, and Indian made foreign liquor,
from grains. The company has a distillery with a capacity of 75
kilolitres per day in Ambala (Haryana).

For 2009-10 (refers to financial year, April 1 to March 31), NVD
reported a loss of INR26 million on net revenues of INR1669
million as compared to a loss of INR107 million and net revenues
of INR1327 million in the previous year.


OMEGA ROLLING: CRISIL Reaffirms 'BB+' Cash Credit Rating
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Omega Rolling Mills Pvt
Ltd continue to reflect Omega's small scale of operations, small
net worth, and exposure to risks related to volatility in prices
of raw material.  These rating weaknesses are partially offset by
Omega's moderate financial risk profile, marked by comfortable
debt protection metrics.  Omega also benefits from its established
market position and the favorable long-term demand prospects for
copper products.

   Facilities                         Ratings
   ----------                         -------
   INR40.0 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR20.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR14.0 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Omega will continue to maintain its business
risk profile over the medium term, led by healthy demand for
copper products.  The outlook may be revised to 'Positive' if
Omega's financial risk profile improves significantly because of
equity infusion or greater-than-expected growth in revenues and
profitability.  Conversely, the outlook may be revised to
'Negative' if Omega's financial risk profile deteriorates because
of losses on account of volatility in copper prices, or any large,
debt-funded capital expenditure.

Update
Omega achieved a turnover of about INR436 million in 2009-10
(refers to financial year, April 1 to March 31), against that of
INR214 million in 2008-09.  Omega's operating margin increased to
about 6.9 per cent in 2009-10 from 3.08 per cent in the previous
year; the operating profitability increased because of increase in
manufacturing activities and copper price.  Omega registered sales
of about INR420 million for the 10 months through January 2011;
the company is expected to achieve a turnover of about INR600
million in 2010-11.  Its operating profitability is expected to
remain around 4.5 per cent over the medium term.

The gearing of the company has deteriorated to about 2.47 times as
on March 31, 2010 led by utilization of buyer's credit amounting
to INR43.7 million for its imports; out of this INR15.2 million
was backed by 100 per cent margin (in form of fixed deposit
receipts, FDRs).  Omega had not undertaken earlier planned capex
of about INR20 million in 2010-11 and is expected to undertake
this capex programme in 2011-12.  Gearing of the company is
expected to remain in the range of about 2.2 to 2.5 times in the
medium term.  Omega's debt protection metrics are expected to
remain healthy with interest coverage to remain about 3 times and
net cash accruals to total debt (NCATD) in the range of about 15
to 18 per cent in the medium term.

Omega reported a profit after tax (PAT) of INR15.1 million on net
sales of INR419.9 million for 2009-10, against a PAT of INR7.0
million on net sales of INR194.9 million for 2008-09.

                       About Omega Rolling

Omega, incorporated in 1998, manufactures copper-based products
such as wires, rods, strips, sections, and bus bars at its
manufacturing facilities in Taloja (Maharashtra).  The company has
a rolling capacity of 6000 tonnes per annum. Omega sells to
entities in the power, telecommunication, engineering, and
construction sectors.  The company was set up by Mr. Rajesh Kumar
Agarwal, along with his father, Mr. Navin Kumar Agarwal, and
mother, Mrs. Usharani Agarwal.


PARTH ISPAT: CRISIL Assigns 'BB+' Rating to INR30MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Parth Ispat (India) Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR45.00 Million Cash Credit       BB+/Stable (Assigned)
   INR30.00 Million Term Loan         BB+/Stable (Assigned)
   INR1.40 Million Letter of Credit   P4+ (Assigned)

The ratings reflect Parth's limited track record, small scale of
operations, and weak capital structure.  These weaknesses are
partially offset by strong operational and financial support it
receives from its parent, Surya Alloys Industries Ltd (Surya,
rated 'BBB/Stable/P3' by CRISIL), and its comfortable debt
protection metrics.

Outlook: Stable

CRISIL believes that Parth will continue to benefit over the
medium term from its strong market position and the funding
support it receives from its parent.  The outlook may be revised
to 'Positive' in case of more-than-expected increase in sales and
profitability and improvement in the capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates, due to less-than-
expected increase in sales and profitability, or if its capital
structure deteriorates further.

                         About Parth Ispat

Parth started operations in March 2007 and manufactures inserts
and pig iron.  The company's manufacturing facility in Dhanbad
(Jharkhand) has received certification from Research Designs &
Standards Organisation.  The inserts find application in railway
tracks and its customer base includes railway-approved sleeper
manufacturers. Pig iron is either utilized for captive consumption
or is sold to holding company (Surya) and other forging companies
located nearby.

The company was promoted by Mr. M M Varma. In 2008-09 (refers to
financial year, April 1 to March 31), it was acquired by Surya,
part of the Rungta group. Surya acquired all of Parth's equity
shares and the company, therefore, became a wholly owned
subsidiary of Surya with effect from September 25, 2008.

The Rungta group has been manufacturing railway track material for
Indian Railways for the past 25 years. The entities in the Rungta
group include Surya, Bhaskar Shrachi Alloys Ltd, Tirumala Balaji
Alloys Pvt Ltd, and Manas Forgings Pvt Ltd.

Parth reported a profit after tax (PAT) of INR9.8 million on net
sales of INR267.3 million for 2009-10, against a net loss of
INR26.2 million on net sales of INR129.0 million for 2008-09.


PRAKASH PLY: Fitch Assigns National Long-Term Rating at 'B+'
------------------------------------------------------------
Fitch Ratings has assigned India's Prakash Ply Centre Pvt. Ltd. a
National Long-Term Rating of 'B+(ind)' with Stable Outlook.  The
agency has also assigned ratings to PPCPL's bank loans:

  -- INR75 million fund-based loans: 'B+(ind)'; and
  -- INR30 million non-fund based loans: 'F4(ind)'.

The ratings reflect PPCPL's weak financial risk profile (total
adjusted net debt/EBITDAR: 8.4x at FYE10) and low operating
margins due to intense competition and trading nature of its
business.  However, the ratings draw comfort from the long
experience of PPCPL's promoter in plywood and timber business and
no significant long-term debt.

Fitch has taken a consolidated view of PPCPL's and Prakash Ply
Exim Pvt. Ltd.'s business and financial risks profile while
assigning the ratings, as the former has extended a corporate
guarantee to PPEPL's bank facilities and both the companies are in
the same line of business with common management.

Positive rating guidelines include a sustained improvement in
consolidated EBITDAR margins to above 3.5% and/or consolidated
interest coverage of above 2x.  Negative rating guidelines include
a sustained reduction in consolidated EBITDAR margins to below
1.5% and/or consolidated interest coverage of below 1.1x.

PPCPL reported net sales of INR619 million in FY10 (FY09: INR521
million).  Its total debt at FYE10 was INR103.4 million, of which
INR88 million constituted of short-term loans and the rest INR15.4
million were unsecured loans.  The company's free cash flow in
FY10 was at negative INR64 million.  Fitch expects FCF to stay
negative in FY11 due to higher working capital requirements.

PPCPL is a Kolkata-based plywood and timber trading company, with
plywood accounting for the majority of revenue.


PRAKASH PLY EXIM: Fitch Assigns National Long-Term Rating at 'B+'
-----------------------------------------------------------------
Fitch Ratings has assigned India's Prakash Ply Exim Pvt. Ltd. a
National Long-Term Rating of 'B+(ind)' with Stable Outlook.  The
agency has also assigned ratings to PPEPL's bank loans:

  -- INR100 million long term loans: 'B+(ind)';
  -- INR130 million fund-based loans: 'B+(ind)'; and
  -- INR27.5 million non-fund based loans: 'F4(ind)'.

The ratings reflect PPEPL's weak financial risk profile (total
adjusted net debt/EBITDAR: 6.3x at FYE10), liquidity stress due to
delays in capex program, and low operating margins due to intense
competition and trading nature of its business.  However, the
ratings draw comfort from the long experience of PPEPL's promoter
in plywood and timber business and no significant long-term debt.

Fitch has taken a consolidated view of the business and financial
risk profiles of PPEPL and Prakash Ply Centre Pvt. Ltd. while
assigning the ratings, as the latter has extended a corporate
guarantee to PPEPL's bank facilities and both the companies are in
the same line of business with common management.

Positive rating guidelines include a sustained improvement in
consolidated EBITDAR margins to above 3.5% and/or consolidated
interest coverage of above 2x.  Negative rating guidelines include
a sustained reduction in consolidated EBITDAR margins to below
1.5% and/or consolidated interest coverage of below 1.1x.

PPEPL reported net sales of INR601.6 million in FY10 (FY09:
INR390.5 million).  Its total debt at FYE10 was INR92.2 million,
of which INR70.7 million constituted of short-term loans and
INR15.4 million of long-term bank loans, while the rest were
unsecured loans.  The company's free cash flow in FY10 was at
negative INR69.7 million.  Fitch expects FCF to stay negative in
FY11 due to higher working capital requirements and the ongoing
capex program for setting up a veneer and plywood/block board
manufacturing plant in Singur (West Bengal), with an annual
capacity of 0.8m cubic feet per year and 27.1m square metre per
year, respectively.

PPEPL is a Kolkata-based plywood and timber trading company, with
plywood accounting for the majority of revenue.


RADHIKA EXPORTS: CRISIL Reaffirms 'P4+' Rating on Packing Credit
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Radhika
Exports at 'P4+'.

   Facilities                        Ratings
   ----------                        -------
   INR60.0 Million Packing Credit    P4+ (Reaffirmed)
   INR60.0 Million Bill Purchase-    P4+ (Reaffirmed)
             Discounting Facility
   INR55.0 Million Letter of Credit  P4+ (Reaffirmed)
   (Enhanced from INR30 Million)

The ratings continues to reflect customer concentration in
Radhika's revenue profile, the market competition it faces because
of low entry barriers in the garments export business, and its
average financial risk profile, constrained by large working
capital requirements.  These rating weaknesses are partially
offset by the benefits that Radhika derives from its established
relationships with its key customers.

Update

Radhika's revenues have grown at around 17 per cent in 2009-10
(refers to financial year, April 1 to March 31) over that in 2008-
09. However, operating margin declined to 4.3 per cent in 2009-10
from earlier levels of 5 to 7 per cent.  In the second half of
2009-10, prices of cotton fabrics, and chemicals and dyes
increased significantly, resulting in higher overall costs of
production for Radhika.  The firm has a sizeable order book and is
expected generate sales in the range of INR700 million to INR750
million in 2010-11.  However, high input prices will continue to
exert significant pressures on the firm's operating margin over
the medium term.

After improvement in the global economic scenario, Radhika has
achieved quicker realization of debtors. However, the benefit of
lowering in debtor days has been offset by reduced credit period
offered by its suppliers of cotton fabric. As a result, the firm's
liquidity remains under pressure, with bank limits being fully
utilised on an average for 2009-10 and the first half of 2010-11.
However, in November 2010, the firm got its working capital limits
enhanced to INR175 million from INR150 million, which is expected
to ease the pressure on its liquidity.  With the increase in
working capital facility, the overall gearing of the company is
likely to increase from the current level of 2.10 times. Its debt
protection metrics are expected to remain moderate, with the
interest coverage ratio at 2.4 times and the net cash accruals to
total debt ratio estimated to be 5.0 per cent for the FY 2010-11

                       About Radhika Exports

Radhika was set up in 1991 by Mr. Amit Tibrewal.  It is based in
Mumbai. The firm exports traditional African garments, such as
khangas and kitenges, mainly to Kenya, Ivory Coast, Mali, and
Togo.

For 2009-10 (refers to financial year, April 1 to March 31),
Radhika reported a PAT of INR 9.6 million on net sales of INR654
million, against a PAT of INR 14.3 million on net sales of INR559
million for 2008-09.


R.K. TRANSPORT: CRISIL Reaffirms 'BB-' Rating on Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of R.K. Transport Company
continue to reflect the exposure to the risk relating to large
debt-funded investments that RK needs to make in executing mining
orders constraining its financial profile, and firm's fluctuating
operating margins.  These weaknesses are, however, partially
offset by RK's healthy order book position providing revenue
visibility.

   Facilities                      Ratings
   ----------                      -------
   INR30 Million Cash Credit       BB-/Stable (Reaffirmed)
   INR100 Million Bank Guarantee   P4+ (Reaffirmed)

Outlook:Stable

CRISIL believes that RK will maintain a stable business risk
profile over the medium term on the back of a healthy order book.
The outlook may be revised to 'Positive' if increase in cash
accruals result in improved financial risk profile for RK.
Conversely, the outlook may be revised to 'Negative' if there are
time and cost overruns in projects, or if the firm takes on large
debt to fund its capital expenditure thereby deteriorating its
financial profile.

Update

RK's operating income of INR 1.23 billion for 2009-10 (refers to
financial year, April 1 to March 31) was lower than CRISIL's
expectations.  This was due to lower than expected quantity mined
during the year.  However, the firm's operating margin for 2009-10
at 36 per cent was healthy on account of an increase in the
proportion of high margin contracts in the revenue mix.  The firm
had a comfortable order book of -INR 4 billion as on April 1,
2010, to be executed over a span of 24-36 months.  All these
contracts are with the existing companies that the firm services.
RK has reported an operating income of -INR 900 million during six
months ended September 30, 2010.  Although RK's gearing was high
at 3.90 times as on March 31, 2010, due to the high operating
margins, the debt protection metrics were healthy with the
interest coverage ratio at 5.26 times and net cash accruals to
total debt ratio at 0.39 times for 2009-10. Further, the firm has
to incur periodic capital expenditure over the medium term to
sustain the current scale of operations, which would retain the
gearing at high levels. RK has maturing term loan obligations of
approximately INR 200 million per annum and while the cash
accruals would be sufficient to meet the same, it will remain
sensitive to the optimal utilisation of the equipment.

RK reported a profit after tax (PAT) of INR85 million on net sales
of INR1.2 billion for 2009-10 (refers to financial year, April 1
to March 31), as against a PAT of INR45 million on net sales of
INR790 million for 2008-09.

                        About R.K. Transport

RK, a proprietorship firm, set up by Mr. Ramesh Kumar Jain in
1986, undertakes contract mining and logistics operations for
minerals such as bauxite, copper, coal and quartz.  The firm
undertakes projects on behalf of Hindustan Copper Ltd, Bhilai
Steel Plant (a division of the Steel Authority of India Limited),
Singareni Collieries Company Ltd, Hindalco Industries Limited and
Chhattisgarh Mining Development Corporation.


RSV HOSPITAL: CRISIL Assigns 'B+' Rating to INR43.2MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of RSV Hospital.

   Facilities                     Ratings
   ----------                     -------
   INR5.00 Million Cash Credit    B+/Stable (Assigned)
   INR43.20 Million Term Loan     B+/Stable (Assigned)
   INR11.80 Million Proposed LT   B+/Stable (Assigned)
             Bank Loan Facility

The rating reflects RSV's weak financial risk profile, marked by
small net worth and high gearing, its small scale of operations,
and limited track record in the healthcare segment.  These
weaknesses are partially offset by the funding support RSV
receives from its promoters, and its healthy growth in revenues
and profitability.

Outlook: Stable

CRISIL believes that RSV will continue to benefit from the
increase in occupancy rate at the hospital it operates and funding
support from its promoters, over the medium term. However, RSV's
credit risk profile is expected to remain constrained by small
cash accruals and large, debt-funded capital expenditure (capex)
plans. The outlook may be revised to 'Positive' if there is a
significant improvement RSV's liquidity, driven by increase in
cash accruals or fresh equity infusion by promoters. Conversely,
the outlook may be revised to 'Negative' if RSV's liquidity
deteriorates because of lesser-than-expected cash accruals or
larger-than-expected capex.

                        About RSV Hospital

RSV operates a multi-speciality hospital in Kolkata, which
commenced commercial operations in July 2007.  Currently, the
hospital has around 60 beds and is in the process of adding 40
more beds.  Its promoters are in the real estate business, and
this is their first venture in the healthcare segment. Over the
past few years, RSV has increased the hospital's scale of
operations, and the current occupancy rate is around 85 per cent.
It has tied up with corporates and insurance companies to provide
medical facilities to their employees and policy holders.

RSV reported a profit after tax (PAT) of INR6.18 million on net
sales of INR120.36 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR4.80 million on net
sales of INR79.13 million for 2008-09.


SEASONS HOTELS: CRISIL Reaffirms 'B' Rating on INR145MM Term Loan
-----------------------------------------------------------------
CRISIL rating continues to reflect Seasons Hotels Pvt Ltd's weak
financial profile, on account of its large, debt-funded project,
the seasonality of its revenues, and exposure to risks related to
cyclicality and competition in the hotel industry. These rating
weaknesses are partially offset by the benefits that SHPL derives
from its promoters' experience in the hotel industry.

   Facilities                          Ratings
   ----------                          -------
   INR8.5 Million Cash Credit Limit    B/Stable (Reaffirmed)
   INR145.0 Million Rupee Term Loan    B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SHPL will continue to benefit over the medium
term from its promoters' industry experience.  The outlook may be
revised to 'Positive' if SHPL generates more-than-expected
revenues, backed by sustained improvement in occupancy and average
room rates.  Conversely, the outlook may be revised to 'Negative'
if SHPL's operational performance deteriorates, because of the
current slowdown in the hospitality industry, leading to weakening
of the company's debt protection metrics.

Update
In 2010-11(refers to financial year, April 1 to March 31), the
company is expected to record sales of around INR110 million, an
improvement from previous year's sales of INR83.4 million, driven
by better occupancy rates.  Profitability in 2010-11 is expected
to be around 50 per cent, which is in line with 2009-10. Thus, the
cash accruals SHPL is expected to generate in 2010-11 will not be
sufficient to service its debt obligations of INR34 million. The
promoters are expected to extend unsecured loans to bridge the
repayment gap.

The company is not expected to undertake any major capital
expenditure programme over the medium term.  Also, with repayment
of the term loan, stabilization of operations, and with
improvement in the industry demand with occupancy rates and
average room rates expected increase, SHPL's financial risk
profile is expected to improve over the medium term.

                        About Seasons Hotels

Incorporated in December 2001 by Mr. Tahilram Atwani and Mr.
Prataprai Atwani in Ahmedabad (Gujarat), SHPL runs Inder
Residency, a five-star hotel in Udaipur (Rajasthan), which
commenced operations in September 2008. The hotel has 144 rooms
(including seven suites), a 9700-square-foot (sq ft) banquet hall,
a bar, a restaurant, a coffee shop, three conference halls, and a
100,000-sq-ft garden.

SHPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR83.4 million for 2009-10 against a PAT of INR0.9
million on net sales of INR27.6 million for 2008-09.


UMANANDA RICE: CRISIL Assigns 'B+' Rating to INR60.7MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Umananda Rice Mill Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR60.70 Million Long-Term Loan   B+/Stable (Assigned)
   INR65.00 Million Cash Credit      B+/Stable (Assigned)
   INR4.30 Million Bank Guarantee    P4 (Assigned)

The ratings reflect URML's below-average financial risk profile,
marked by high gearing, weak debt protection metrics, and small
net worth, its small scale of operations, and exposure to risks
related to fluctuations in raw material availability and prices,
vagaries of the monsoon, and adverse regulatory changes.  These
weaknesses are partially offset by the benefits URML derives from
the healthy prospects for the rice processing industry and assured
offtake from the Food Corporation of India.

Outlook: Stable

CRISIL believes that URML will, over the medium term, continue to
benefit from the healthy prospects for the rice processing
industry.  The outlook may be revised to 'Positive' if URML scales
up its operations successfully, while improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
URML's borrowings for capital expenditure programme are larger
than expected, its revenues and cash accruals decline, or there is
any adverse change in government regulations, affecting the
company's credit risk profile.

                       About Umananda Rice

URML, based in Burdwan (West Bengal), is engaged in milling and
production of rice. Incorporated in 2007, the company is managed
by its promoter director Mr. Gobinda Halder. The company sells its
processed rice under the Taj Gold brand. It has the capacity to
process 190 tonnes of rice per day.

URML reported a profit after tax (PAT) of INR2 million on net
sales of INR189 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR1 million on net
sales of INR142 million for 2008-09.


UNIVERSAL POWER: CRISIL Cuts Ratings on INR150M Cash Credit to 'D'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Universal Power Transformer Pvt Ltd (UPTPL; part of the UPT group)
to 'D/P5' from 'BB/Negative/P4+'.

   Facilities                           Ratings
   ----------                           -------
   INR150 Million Cash Credit           D (Downgraded from
                                           BB/Negative)

   INR147.5 Million Long-Term Loan      D (Downgraded from
                                           BB/Negative)

   INR280 Million Proposed Long-Term    D (Downgraded from
                   Bank Loan Facility     BB/Negative)

   INR300 Million Letter of credit &    P5 (Downgraded from P4+)
                      Bank Guarantee

   INR62.5 Million Proposed Short-Term  P5 (Downgraded from P4+)
       Bank Loan Facility

The downgrade reflects instances of delay by the UPT group in
servicing its debt; the delays have been caused by the group's
weak liquidity, as a result of delay in realization of receivables
from some of its customers.  Moreover, the group's revenues
declined in 2009-10 (refers to financial year, April 1 to
March 31) from the previous year, due to decline in demand for its
products, leading to smaller cash accruals, further weakening its
liquidity.

The UPT group has a below-average financial risk profile, marked
by weak capital structure and below-average debt protection
metrics, large working capital requirements, and operates at a
small scale.  The group is also exposed to risks related to
volatility in raw material prices. These rating weaknesses are
partially offset by the experience of UPT group's promoters in the
transformers industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of UPTPL and UPT Fabrication Pvt Ltd
(UPTF).  This is because UPTPL and UPTF, together referred to as
the UPT group, have common promoters, operational synergies,
fungible funds, and are in the same line of business.

                        About Magnum Electric

Magnum Electric Machine Manufacturers Pvt Ltd, which was
incorporated in January 2002, acquired Universal Transformers
(UT), a proprietorship business established in 1978, in June 2003.
UT was then reconstituted as a private limited company, in 2003.
To retain the Universal brand, Magnum was renamed UPTPL in August
2003. UPTPL manufactures power transformers and executes turnkey
projects.  The company initially manufactured distribution and
power transformers ranging from 1 kilovolt-ampere to 30 megavolt-
ampere.  It manufactures a wide range of products, including power
and distribution transformers, in the oil-filled and dry variants,
industrial batteries (both lead acid and dry varieties), and
switchgears. The company caters to both the domestic and
international markets.

The UPT group reported a net loss of INR26 million on net sales of
INR0.89 billion for 2009-10, against a net loss of INR30.8 million
on net sales of INR1.25 billion for 2008-09.


YOG INTERNATIONAL: CRISIL Reaffirms 'BB+' Cash Credit Rating
------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Yog International
Pvt Ltd continue to reflect YIPL's average financial risk profile
marked by high ToL/TNW1 ratio, low net worth, and high utilisation
of bank lines.  These weaknesses are, however, partially offset by
the company's business risk profile, supported by diversified
customer profile, multi-locational presence, and the promoters'
experience in the chemical trading business.

   Facilities                           Ratings
   ----------                           -------
   INR100.0 Million Cash Credit Limit   BB+/Stable (Reaffirmed)
   INR250.0 Million Letter of Credit/   P4+ (Reaffirmed)
                      Bank Guarantee

As part of this rating exercise, CRISIL has consolidated the
financial and business risk profiles of YIPL, Yog Trading PTE,
Singapore, which is a wholly-owned subsidiary of YIPL, and M/s
Chemical Solutions.  The three entities, collectively referred to
as the Yog group, share a common management, line of business, and
procurement, finance and marketing teams, and have operational
linkages.

Outlook: Stable

CRISIL believes that the Yog group will maintain healthy operating
income growth, supported by a diversified client portfolio, good
network of operations in the Indian market, and experience of the
promoters in this line of business.  The outlook may be revised to
'Positive' if the group is able to enhance the profitability and
cash accruals substantially while improving the working capital
management leading to improvement in ToL/TNW level of the group.
Conversely, the outlook may be revised to 'Negative' if the
group's profitability and cash accruals decline, resulting in
sharp deterioration in its financial risk profile. Also, large,
debt-funded capital expenditure (capex) may lend a 'Negative' bias
to the outlook.

                         About the Group

Set up in 1997 by Mr. Amarnath Gupta, YIPL trades in more than 75
chemicals including toluene, benzene, methanol, vinyl acetate
monomer, and butyl acetate monomer. These chemicals find
application in various industries like paints, pharmaceutical,
inks, packaging, adhesive, soaps and detergents. The company has
sales offices in Mumbai, Delhi, Faridabad, Kanpur, Hyderabad,
Ahmedabad, and Kandla. YIPL has inland storage of more than 750 MT
available for storage of products in warehouses. Yog Trading PTE,
Singapore, wholly owned subsidiary of YIPL sources chemicals from
Singapore only and caters to export markets of various countries
like Bangladesh, Pakistan, Thailand etc. M/s Chemical Solutions
(started in FY 2007-08); located in tax free zone in SEZ, Kandla
is also into exports of chemicals to various countries like
Thailand, Bangladesh etc.

The Yog group reported a profit after tax (PAT) of INR22.4 million
on net sales of INR3065 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT 24.1 million on net
sales of INR 2355 million for 2008-09.


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


J-CORE12 TRUST: Fitch Affirms Ratings on Various Classes of Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed J-CORE12 Trust's trust beneficiary
interests due February 2014.  The transaction is a Japanese multi-
borrower type CMBS securitization.  The rating actions are listed
below.

  -- JPY0.3bn* Class A TBIs affirmed at 'AAAsf'; Outlook Stable;

  -- JPY2.12bn* Class B TBIs affirmed at 'AAsf'; Outlook Positive;

  -- JPY2.18bn* Class C TBIs affirmed at 'Asf'; Outlook Stable;

  -- JPY1.78bn* Class D TBIs affirmed at 'BBsf'; Outlook revised
     to Negative from Stable; and

  -- JPY1.23bn* Class E TBIs affirmed at 'CCsf'; Recovery Rating
     revised to 'RR5' from 'RR4'.

  * as of March 10, 2011

At the same time, Fitch has withdrawn the rating of
'AAAsf'/Outlook Stable on Class X dividend-only TBIs, following
the agency's revised practice for rating interest-only debt.

Fitch has downwardly revised the values of the collateral
properties in the underlying portfolio, leaving them, on average,
47.5% lower than closing levels.  This reflects Fitch's view that
the properties are increasingly likely to be sold under stressed
market conditions due to the short remaining time to maturity for
the underlying TMK bond.  However, this negative impact on the
class A to C TBIs has been offset by improved credit enhancement
levels caused by principal redemptions to date.  The Outlook on
class D TBIs has been revised to Negative, reflecting the
sensitivity of this class to any further significant downward
revisions in recovery estimates.

The TBIs were issued in May 2007 and the transaction was initially
collateralized by three loans and one TMK bond, ultimately backed
by 47 commercial real estate properties.  Currently, the
transaction is backed by one loan and one TMK bond backed by 12
properties.


JCREF CMBS: Moody's Downgrades Ratings on Various Notes
-------------------------------------------------------
Moody's Japan K.K has downgraded its ratings on the Class A
through E Notes and Class X Distribution issued by JCREF CMBS
2007-1 GK.

Details are:

  -- Class A, downgraded to Aa2 (sf); previously on Jan 27, 2011
     Aa1 (sf) placed under review for possible downgrade

  -- Class B, downgraded to Baa1 (sf); previously on Jan 27, 2011
     A1 (sf) placed under review for possible downgrade

  -- Class C, downgraded to Ba1 (sf); previously on Jan 27, 2011
     Baa1 (sf) placed under review for possible downgrade

  -- Class D, downgraded to B2 (sf); previously on Jan 27, 2011
     Ba2 (sf) placed under review for possible downgrade

  -- Class E, downgraded to Caa3 (sf); previously on Jan 27, 2011
     B3 (sf) placed under review for possible downgrade

  -- Class X, downgraded to Aa2 (sf); previously on Jan 27, 2011
     Aa1 (sf) placed under review for possible downgrade

  * Deal Name: JCREF CMBS 2007-1 GK

  - Classes: A through E notes and X distribution

  - Issue Amount (initial): JPY 58.2 billion

  - Dividend: Floating

  - Issue Date (initial): November 22, 2007

  - Final Maturity Date: December, 2015

  - Underlying Asset (initial): Five non-recourse loans, four TMK
    bonds, and cash

  - Originator: Barclays Capital Japan Limited

  - Arranger: Barclays Capital Japan Limited

JCREF CMBS 2007-1, effected in November 2007, represents the
securitization of five non-recourse loans and four specified bonds
(hereinafter referred to as the "loans").  Four of the loans have
been placed under special servicing.

The Originator transferred the nine loans to the Issuer and issued
the Class A through E notes and Class X distribution.  The notes
are rated by Moody's and were sold to investors.

In this transaction, the loans are dividend into senior and junior
components.  The senior components are securing the Classes A
through E notes and Class X distribution.  The redemptions of the
notes are applied based on pro-rata payments such as payments at
maturity and prepayments resulting from refinancing.

Sequential payments from the most senior class of the notes are
applied in the event of loan defaults and fast pay by the breach
of the triggers.  Losses incurred by any defaulted loans are
allocated in reverse sequential order, and starting with the most
subordinate class of the notes.

                        Ratings Rationale

The current rating action reflects these factors:

1) The recovery from the loans may fall below Moody's assumptions
   in July 2009 (the last rating action on these notes), in light
   of properties' operating status, the types of property and
   locations. Moody's has thus lowered its recovery assumptions by
   approximately 38% from its initial assumptions.

2) In light of Moody's re-assessment, losses on the remaining
   balance of the loans are highly likely and could affect the
   Class E note negatively.

Moody's will continue to monitor the properties' operating status
and the progress of special servicing.

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


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


EVERMASTER GROUP: Bursa to Delist Securities on March 17
--------------------------------------------------------
Evermaster Group Berhad disclosed that Bursa Malaysia Securities
Berhad had noted that the High Court of Borneo in Sabah and
Sarawak at Kota Kinabalu on March 11, 2011, dismissed the
Company's application for a stay against the de-listing of the
Company's securities by Bursa Malaysia Securities.

Bursa Securities on March 14, 2011, issued a letter to the Company
notifying that the securities of the Company will be removed from
the Official List of Bursa Securities on March 17, 2011.

The trading of the Company's shares has been suspended since
May 19, 2009.

With respect to the securities of the Company which are currently
deposited with Bursa Malaysia Depository Sdn Bhd, the securities
may remain deposited with Bursa Depository notwithstanding the de-
listing of the securities from the Official List of Bursa
Securities. It is not mandatory for the securities of a company
which has been de-listed to be withdrawn from Bursa Depository.

Alternatively, shareholders of the Company who intend to hold
their securities in the form of physical certificates, can
withdraw these securities from their Central Depository System
(CDS) accounts maintained with Bursa Depository at anytime after
the securities of the Company have been de-listed from the
Official List of Bursa Securities.  This can be effected by the
shareholders submitting an application form for withdrawal in
accordance with the procedures prescribed by Bursa Depository.
These shareholders can contact any Participating Organisation of
Bursa Securities and/or Bursa Securities - General Line at 03-2034
7000 for further information on the withdrawal procedures.

Upon the de-listing of the Company, the Company will continue to
exist but as an unlisted entity.  The Company is still able to
continue its operations and business and proceed with its
corporate restructuring and its shareholders can still be rewarded
by the Company's performance.  However, the shareholders will be
holding shares which are no longer quoted and traded on Bursa
Securities.

                        About Evermaster Group

Evermaster Group Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the Company is engaged in
integrated timber activities, which consist of manufacturing and
trading of timber and timber-related products, and general
construction business.  It operates through two segments: timber
and timber related operations, and general constructions.  Its
major subsidiaries include Evermaster Sdn. Bhd., Evermaster Wood
Industries Sdn. Bhd., Evermaster Wood Products Sdn. Bhd. and
Evermaster Development Sdn. Bhd.

Evermaster Group Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(b)
of the Amended PN17.

A Receiver and Manager has been appointed over the asset of the
Evermaster Group.  The asset accounts for at least 50 percent of
the total assets employed of the listed issuer on a consolidated
basis under the terms of the Debenture dated December 18, 2003
executed between the company and Abrar Discounts Berhad.


SELOGA HOLDINGS: Seeks Extension of Time to Implement Revamp Plan
-----------------------------------------------------------------
M&A Securities Sdn Bhd, on behalf of Seloga Holdings Bhd, on
March 10, 2011, submitted an application to the Securities
Commission seeking its approval for an extension of time of nine
months up to Dec. 31, 2011, for the Company to implement its
regularization plan.

The Securities Commission in September 2010 approved certain
revisions to the Company's regularization plan and imposed a
deadline up to March 31, 2011, for the Company to implement its
regularization plan.

                    Revised Regularization Plan

On July 13, 2010, Seloga Holdings submitted a revised
regularization plan that includes (a) proposed capital
restructuring, and (b) proposed rights issue.

A copy of the Company's revised regularization plan is available
for free at http://ResearchArchives.com/t/s?7519

                        New Principal Adviser

Seloga Holdings has appointed M&A Securities Sdn Bhd as principal
adviser for the Company's proposed restructuring scheme effective
March 7, 2011.  M&A Securities replaces CIMB Investment Bank Bhd.

                         About Seloga Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

                         *     *     *

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


TRACOMA HOLDINGS: Bursa Defers March 14 Delisting on Appeal
-----------------------------------------------------------
The Bursa Malaysia Securities Bhd has deferred the removal of the
securities of Tracoma Holding Bhd on March 14, 2011, due to an
appeal against the bourse's earlier decision.

On March 9, 2011, the Company lodged an appeal against Bursa
Securities' decision to remove the securities of Tracoma from the
Official List of Bursa Securities and to seek an extension of time
to submit a regularization plan to Bursa Securities.

The bourse decided on March 2, 2011, to delist and remove the
securities of the Company after it failed to file its reform plan
for approval to relevant authorities on March 1.  The trading of
the securities of the Company was, however, suspended effective
March 10, 2011.

                       About Tracoma Holdings

Tracoma Holdings Berhad is a Malaysia-based manufacturer and
supplier of automotive parts and components.  Some of its wholly
owned subsidiary companies include Tracoma Sdn. Bhd., which is
engaged in manufacturing of automotive components; Malaysian Die-
Makers Sdn. Bhd., which is engaged in die making and servicing;
Trends Mecha Sdn. Bhd., which is engaged in parts and car design,
and Malaysian Farm Machinery Sdn. Bhd., which is engaged in
assembling and distributing agricultural tractors.

                            *     *     *

Tracoma Holdings 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 PN17's Paragraph 8.04 and Paragraph
2.1(a) as the consolidated shareholders' equity for the full
financial year ended December 31, 2009, is less than 25% of the
Company's issued and paid-up capital and such shareholders' equity
is less than MYR12 million.


TRANSMILE GROUP: To Focus on Aircraft Disposal to Pare Down Debt
----------------------------------------------------------------
Transmile Group Bhd said it would continue to engage with the
lenders to, if possible, finalize a debt restructuring proposal,
and to focus on the completion of the proposed disposal of its
four MD-11F aircraft, which is expected to significantly pare down
the Company' outstanding debt obligations.

The trading of the securities of the Company has been suspended
since March 3, 2011, after it failed to submit a regularization
plan to Bursa Malaysia Securities Bhd.

The Company, however, has appealed to Bursa Malaysia against the
decision to delist it.  Transmile has also sent an application to
Bursa Malaysia to seek an extension of time to submit a
regularization plan.

Transmile said the removal of its securities from the official
List of Bursa Securities on March 7 was deferred pending the
decision on the appeal.

                       About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


TRANSMILE GROUP: Scheme Creditors' Meeting Set for March 29
-----------------------------------------------------------
Transmile Group Berhad disclosed that the High Court of Malaya at
Kuala Lumpur has directed a meeting of the scheme creditors of
Transmile Group and Transmile Air Services Sdn Bhd for the purpose
of considering and, if thought fit, approving a scheme of
arrangement between TGB, TAS and its creditors.

Transmile Group and Transmile Air, on March 4, 2011, dispatched an
explanatory statement to its creditors in relation to a proposed
scheme of arrangement under Section 176 of the Companies Act of
1965 between (a) TGB and the scheme creditors of TGB, and (b) TAS
and the scheme creditors of TAS.

The court-convened meetings for the TAS and TGB Scheme Creditors
will be held at Topas Room, The Saujana Kuala Lumpur, Saujana
Resort, Jalan Lapangan Terbang SAAS, in 40150 Shah Alam, Selangor
Darul Ehsan on March 29, 2011, at 10:00 a.m. and 11:00 a.m.,
respectively.

A copy of the Company's Proposed Scheme of Arrangement is
available for free at http://ResearchArchives.com/t/s?74dc

                        About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


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


LDC FINANCE: Receivers Seek Mediation with F&I Investors
--------------------------------------------------------
Rob Stock at Sunday Star Times reports that lawyers representing
PricewaterhouseCoopers have sought mediation in a bid to prevent a
court hearing into a tussle over which out-of-pocket finance
company investors will get their hands on NZ$8 million.

Sunday Star Times relates that the NZ$8 million is being held in
PwC's trust account because it was receiver for LDC Finance, a
Nelson finance company that went bust in September 2007 owing
investors some NZ$21.9 million.  The report says the money is also
claimed by the investors of Finance & Investments, owed around
NZ$16 million after the Nelson finance operation hit the wall.

According to the report, the court-appointed representatives of
F&I investors said LDC's lawyers had asked for mediation in an
attempt to settle the case without incurring further legal bills
and delays, and that it would accept a "satisfactory" offer, if
one was made.

Sunday Star Times says arguments in the High Court could embarrass
accounting firm PwC.  In 2006 and 2007, when LDC was being dragged
down by bad loans, PwC had advised it on ways to "recapitalize."
The deals involved good loans being transferred across from F&I in
return for now worthless equity in LDC.  F&I's representatives
said those deals should never have gone ahead as F&I had no
prospectus, meaning investors' money should have been treated as
"void" and handed back, the report notes.

Sunday Star Times relates that F&I directors Andrew Harding and
Murray Scholfield said they were misled about the state of LDC's
finances in the run-up to the deals.  Submissions to the High
Court at Christchurch last year show the pair has asked the court
to set the claims aside.

In response, Sunday Star Times notes, lawyers for PwC said LDC's
investors should get the money, and denied that LDC misled Messrs.
Harding and Scholfield.  But a report prepared by PwC when it
acted as a consultant to LDC in the run-up to the deal flagged the
risk that the F&I money had been raised without a prospectus,
Sunday Star Times cites.

In a statement to the Sunday Star Times, PwC said the receivers of
LDC Finance wanted to resolve the claims by F&I and others "as
soon as possible", and that mediation is generally faster and less
expensive than court proceedings.

"The receivers remain firmly of the view that these claims lack
merit and they have continued to seek to resolve the claims as
quickly as possible for the benefit of the LDC investors.  The
receivers confirm that both parties' lawyers have been discussing
the possibility of attending a mediation to seek to resolve the
claims," PwC stated.

Sunday Star Times adds that the informal trustees said in their
letter that they remain confident about their chances in court,
but said an offer of NZ$4 million would result in F&I investors
getting 26 cents in the dollar on their investments.

Including that number has shocked some F&I investors, who believe
any deal offered by the receiver of LDC should be put to a vote,
and that court would be a better option, Sunday Star Times says.

LDC and F&I were dragged into trouble in part because of loans to
a third Nelson finance company, Halifax Finance.

Based in Tahanui, Finance & Investments was founded in 1973 to
provide vehicle financing and subsequently expanded into other
areas of finance.   The principals of Finance & Investments,
Andrew Harding and Murray Scholfield, placed the finance company
into receivership in September 2007.  The company owed about NZ$16
billion to 370 investors.

                          About LDC Finance

LDC Finance Ltd, a New Zealand finance company, was established
in 2004 to take over LDC Investments, which breached securities
law after it raised money without a registered prospectus and
without a trustee.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2007, LDC Finance went into receivership for not being
able to get new funds and maintain existing investments.
Perpetual Trust Limited, trustee for the secured debenture stock
and deposits issued by LDC Finance appointed
PricewaterhouseCoopers partners Malcolm Hollis and John Fisk as
Receivers.


PIKE RIVER: Solid Energy Confirms Interest in Pike River Mine
-------------------------------------------------------------
BusinessDay.co.nz reports that New Zealand's largest coal miner
Solid Energy has signalled a bid for the Pike River coalfield but
warns preliminary work ahead of coal extraction could take years
and cost up to $100 million.

BusinessDay.co.nz relates that Chief Executive Don Elder said
Solid Energy has confirmed its interest in Pike River and was
"almost certainly the only company with the credibility,
knowledge, experience and track record to mine the resource safely
and economically."

Mr. Elder said bids from competitors would almost certainly
emerge, with "aspirational" claims from some, but these needed to
be taken with a grain of salt, according BusinessDay.co.nz.

BusinessDay.co.nz says the West Coast mine was one of the most
challenging coal resources in the world to develop with further
substantial exploration needed.

"The existing mine assets may not form a significant part of any
future mining operation, leaving only the coal permit and access
agreements as the primary assets of value," BusinessDay.co.nz
quotes Mr. Elder as saying.

BusinessDay.co.nz notes that state-owned Solid Energy, if
successful with a bid, would probably look to develop the mine in
a joint opencast/underground approach.  It would need to get part
of the surrounding land removed from schedule 4 protected
conservation land for opencast mining.  Access would be difficult
and so would resource conditions.

Pike River Coal Ltd was placed into receivership in December 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River also owed another estimated NZ$10 million to
NZ$15 million to contractors, including some of the men who lost
their lives in the disaster.

The TCR-AP, citing a TVNZ report, said PricewaterhouseCoopers'
strategy now is to stabilize the mine with a view to either
restructuring the company or selling the assets while at the same
time maintaining a core team of workers to maintain the mine site
and pursuing insurance claims.  The receivers have had
"unsolicited expressions of interest" in Pikes assets, though they
are still considering options for the mine.  Under the terms of a
Deed of Priority, BNZ and NZOG rank equally and have priority over
Solid Energy among secured creditors, TVNZ added.

                       About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.


SOVEREIGN HOMES: Owes Unsecured Creditors NZ$2.3 Million
--------------------------------------------------------
Nick Krause at Fairfax Media reports that unsecured creditors of
Sovereign Homes are owed NZ$2.34 million and are unlikely to see a
cent, according to the first liquidators' report.  Fairfax Media
says there will also be a shortfall to preferential creditors and
secured creditors.

According to Fairfax Media, liquidator Peter Chatfield, of Accru
Smith Chilcott, said the main reason for the company's collapse
was a progressive decline in building orders, reflecting the
general state of the industry.

About 187 creditors have listed with the liquidator, according to
Fairfax Media.

Fairfax Media, citing directors' statement of affairs, notes that
Sovereign Homes director Peter Wood attributes the "financial
demise" of the company to five elements, including:

   -- the current economic climate, which brought a "significant
      drop" in the number of inquiries for the construction of
      new homes, with even fewer materializing into construction
      contracts;

   -- greater competition among home building companies which
      either reduced or nullified margins when construction
      problems or delays arose;

   -- increase in the time between signing a contract and actually
      starting construction; and

   -- inability of Sovereign Homes and its related companies to
      repay loans.

Mr. Chatfield said because of the failure of a major Sovereign
Homes client to sell finished homes, "further contractual
construction work was not able to commence."

Fairfax Media relates that the liquidators' report shows a related
party debt listed to Sovereign Homes with a book value of NZ$3.8
million, from which it is estimated only NZ$10,000 will be
realized.

The liquidators will review all construction contracts and have
detailed talks with Mr. Wood before realizing assets and
collecting debts, Faixfax Media adds.

Fairfax Media notes that the liquidators don't intend to call a
meeting of creditors as there is unlikely to be money to
distribute although creditors are entitled to call a meeting.  The
liquidation is expected to take six months.

Sovereign Homes New Zealand Ltd went into liquidation last week.
Peter Chatfield and Stephen Tietjens of Accru Smith Chilcott Ltd
are handling the liquidation and were called in by the Company's
shareholder.

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


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


ENERGIZER PHILIPPINES: To Shut Mandaue Battery Plant
----------------------------------------------------
BusinessWorld Online reports that Energizer Philippines, Inc.,
will shut down its Philippine manufacturing plant effective May 7,
2011, 40 years after it was established.  The report says the
company cited higher operating costs in the Philippines compared
with other Asian countries and the declining demand for carbon
zinc batteries as reasons for the closure.

BusinessWorld relates that notices of closure, which also
specified a severance package, were distributed to the 100 regular
employees at the carbon zinc plant in Mandaue City, Cebu, on
March 9.

The company said it will continue to distribute its portfolio of
brands nationwide through its commercial head office in Metro
Manila.  All battery requirements in the Philippines will be
imported from affiliate plants in Asia, such as China, Singapore
and Indonesia.

The Cebu plant manufactures carbon zinc batteries, of sizes D and
AA, under value brand Eveready.  After the plant's closure, these
batteries will be sourced from Indonesia.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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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