TCRAP_Public/110317.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, March 17, 2011, Vol. 14, No. 54

                            Headlines


A U S T R A L I A

RAPTIS GROUP: Founder Considers Suing Capital Finance Over Charge


H O N G  K O N G

NEWSYS ELECTRONIC: Members' Final Meeting Set for April 15
PILKINGTON (ASIA): Members' Final Meeting Set for April 12
PNEUMOCONIOSIS MUTUAL: Placed Under Voluntary Wind-Up Proceedings
QUINWAY COMPANY: Commences Wind-Up Proceedings
RACE HORSE: Court to Hear Wind-Up Petition on April 20

RYODEN INTERNATIONAL: Creditors' Proofs of Debt Due April 12
SMART ENTERPRISES: First Meetings Slated for March 25


I N D I A

ADVANTEC COILS: ICRA Revises Long Term Rating to 'LBB'
AIR INDIA: Pilots Defer Proposed Strike
AIRTRAX POLYMERS: CRISIL Raises Rating on INR131.7M Loan to 'BB+'
ASSOCIATED INDUSTRIAL: CRISIL Assigns 'B+' Rating to Cash Credit
BALAJI IMPORTS: CRISIL Assigns 'B' Rating to INR140MM Cash Credit

CENTAUR MERCANTILE: ICRA Assigns 'LBB' Rating to INR30cr Loan
DERBY PLANTATIONS: CRISIL Assigns 'D' Rating to INR22MM Term Loan
DIAGOLD DESIGNS: Fitch Puts BB- Rating on 'Non-Monitored' Status
DWARKADHISH SAKHAR: CRISIL Rates INR244.8 Million LT Loan at 'B'
ENFIELD APPARELS: ICRA Assigns 'LB+' Rating to INR23.6cr Term Loan

ENGINEERING PROFESSIONAL: CRISIL Reaffirms 'BB-' Credit Rating
HEALTHCAPS INDIA: CRISIL Reaffirms 'BB-' Cash Credit Rating
HYDERABAD AIRPORT: ICRA Reaffirms 'LBB+(SO)' Term Loan Rating
JR SEAMLESS: CRISIL Reaffirms 'D' Rating on INR305MM LT Loan
KANAKIA SPACES: ICRA Assigns 'LB+' Rating to INR500cr LT Loan

KAVVERI TELECOM: CRISIL Cuts Rating on INR285MM Term Loan to 'D'
LAXMI ENTERPRISES: Fitch Puts Rating on 'Non-Monitored' Status
MAA TARINI: ICRA Reaffirms 'LBB' Rating on INR6.0cr Term Loan
MAGNUM GLOBAL: Fitch Assigns 'BB+' National Long-Term Rating
MANIPUR TEA: CRISIL Assigns 'D' Rating to INR15.4MM Term Loan

MANTRI TEA: CRISIL Assigns 'D' Rating to INR67.4MM Term Loan
META ROLLS: ICRA Assigns 'LBB+' Rating to INR1.5cr Term Loan
PANASIAN IMPEX: ICRA Assigns 'LBB-' Rating to INR3cr Term Loan
RUSHABH INVESTMENTS: ICRA Assigns 'LBB-' Rating to INR28cr Loan
SANAA SYNTEX: ICRA Reaffirms 'LBB' Rating on INR19.04cr LT Loan

SIYARAM METAL: ICRA Assigns 'LB+' Rating to INR25cr Cash Credit
VISHWANATH PAPER: ICRA Assigns 'LB' Rating to INR12cr Limits
VISHWAROOP INFOTECH: CARE Rates INR400cr LT Loan at 'CARE BB+'


M A L A Y S I A

RANHILL BHD: S&P Downgrades Corporate Credit Rating to 'B-'
SATANG HOLDINGS: Receives Writ of Summon from RHB Bank


N E W  Z E A L A N D

GUARDIAN TRUST: Acquired by Trust Co for $42 Million
MUTUAL FINANCE: Receivers Expect to Recover Up to 53% of Cash Owed
REDGROUP RETAIL: Administrators Seek More Time to Consider Options


P H I L I P P I N E S

BANCO FILIPINO: Closes Doors Amid Panic, Heavy Withdrawals


                            - - - - -


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


RAPTIS GROUP: Founder Considers Suing Capital Finance Over Charge
-----------------------------------------------------------------
Florence Chong at The Australian reports that Raptis Group founder
Jim Raptis is considering suing Capital Finance Australia for
damages, in a bid to reactivate the suspended Raptis Group.

Raptis Group and its construction arm Rapcivic collapsed owing
almost AU$1 billion and an administrator, BRI Ferrier, was
appointed in September 2008.

According to the report, Mr. Raptis said he had been working with
some success over the past 18 months to two years to reinstate the
group.

The Australian relates that Mr. Raptis said he had tried to
"eliminate the Australian Taxation Office as a creditor", having
successfully appealed to reduce the amount of tax owed from AU$29
million to AU$11 million.

"We have appealed against the AU$11 million and are now awaiting a
decision from the Federal Court," The Australian quotes Mr. Raptis
as saying.  If successful, Mr. Raptis said creditors would receive
more cash distributions and shares in the company under a deed of
company arrangement agreed to with its creditors in April 2009,
The Australian relates.

The Australian states that Raptis Group initiated legal action
against Capital Finance Australia to force it to release a charge
over the group.

"We want [Capital Finance Australia] to lift the charge to give us
a clean company to return to operational status," Mr. Raptis said,
according to The Australian.  "Our commitment to our shareholders
and creditors is resolute and we are prepared to fight through the
courts."

In a separate action, The Australian adds, Mr. Raptis also planned
to sue Capital Finance Australia for damages, totaling between
AU$450 million and AU$500 million, suffered by the group.

                         About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.


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


NEWSYS ELECTRONIC: Members' Final Meeting Set for April 15
----------------------------------------------------------
Members of Newsys Electronic Limited will hold their final general
meeting on April 15, 2011, at 11:00 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.


PILKINGTON (ASIA): Members' Final Meeting Set for April 12
----------------------------------------------------------
Members of Pilkington (Asia) Limited will hold their final general
meeting on April 12, 2011, at 4:30 p.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ho Siu Pik, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


PNEUMOCONIOSIS MUTUAL: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on March 5, 2011,
creditors of Pneumoconiosis Mutual Aid Association Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Kong Sing Yin
         Unit 1-4, G/F
         Cheong On House
         Nan Cheong Estate
         Shamshuipo, Kowloon
         Hong Kong


QUINWAY COMPANY: Commences Wind-Up Proceedings
----------------------------------------------
Members of Quinway Company Limited, on March 4, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Messrs Chan Shu Kin
         Chow Chi Tong
         9th Floor, Tung Ning Building
         249-253 Des Voeux Road
         Central, Hong Kong


RACE HORSE: Court to Hear Wind-Up Petition on April 20
------------------------------------------------------
A petition to wind up the operations of Race Horse (International)
Limited will be heard before the High Court of Hong Kong on
April 20, 2011, at 9:30 a.m.

Xu Mingya filed the petition against the company on Feb. 14, 2011.


RYODEN INTERNATIONAL: Creditors' Proofs of Debt Due April 12
------------------------------------------------------------
Creditors of Ryoden International Trade Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 12, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Kwok-leung Yeung
         11/F, 169 Electric Road
         North Point
         Hong Kong


SMART ENTERPRISES: First Meetings Slated for March 25
-----------------------------------------------------
Contributories and creditors of All Smart Enterprises Limited will
hold their first meetings on March 25, 2011, at 2:00 p.m., and
3:00 p.m., respectively at the Whole of 22nd Floor, 9 Des Voeux
Road West, in Hong Kong.

At the meeting, Huen Ho Yin, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


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


ADVANTEC COILS: ICRA Revises Long Term Rating to 'LBB'
------------------------------------------------------
ICRA has revised the long term rating from 'LBB+' to 'LBB' for
INR36.001 crore fund based limits and INR17.32 crore term loans of
Advantec Coils Private Limited.  ICRA has also revised the short
term rating from 'A4+' to 'A4' for INR28 crore non-fund based
limits of Advantec Coils Private Limited.  The outlook for the
long term rating is Negative.

The ratings revision and assignment of negative outlook takes into
account the disruption of operations and loss of finished goods on
account of fire in June 2009.  This has resulted in losses in
2008-09 and also in 2009-10 which has resulted in a substantial
erosion of net worth of the company.  This coupled with increased
debt levels has resulted in weakening of capital structure as
reflected by increase in gearing to 2.63 times as on December 31,
2010 from 1.26 times as on December 31, 2009.  Low profitability
and high debt levels have resulted in weak coverage indicators for
the company.  The company's cash flows from operations have also
remained negative owing to blockage of funds in working capital.
However the ratings take comfort from the long track record and
experience of promoters, relationship with reputed companies like
Voltas, Bluestar, Haier etc, healthy growth in turnover with the
company reporting 33% growth in 2010 (12 months) over 2008-09 (18
months).  Further the star rating being made mandatory for air
conditioners by BEE, should provide a fillip to the company's own
brand Azure.  Favorable demand prospects should translate into
top-line growth for the company in coming years.

Advantec Coils Private Limited was incorporated in 1992 as private
limited company. Its manufacturing operations started in 1996 with
the manufacturing of Indoor units (IDUs) for Split ACs (SACs). The
products include SAC, Window AC (WAC), IDU, Outdoor units (ODU) &
other products such as blower, coil, plastic moulds/assembly parts
etc. supplied as an OEM to Voltas, Videocon, Carrier and
Haier.  It also has its own brand "Azure" and exports its products
as well.


AIR INDIA: Pilots Defer Proposed Strike
---------------------------------------
Asian News International reports that Air India pilots have
decided to defer their proposed strike until March 31 following a
move by the Civil Aviation Ministry to set up a three-member
committee to examine the wage parity issue.

"We decided to defer the strike after we received the letter about
the constitution of a committee headed by the retired Supreme
Court judge, D. N. Dharmadhikari," ANI quotes Captain Rishabh
Kapoor, general secretary of the Indian Commercial Pilot's
Association, as saying after a 10-hour meeting with the management
and the Chief Labour Commissioner on March 15.

Captain Kapoor said the three-member committee would submit its
report in five months, ANI relates.

On Tuesday, ANI reports, the Delhi High Court had restrained
pilots from going on strike from March 16.

                             About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising the company's fleet
strength to as many as 275 planes from 148 in five years.  Air
India Chairman and Managing Director Arvind Jadhav said the new
100-page turnaround plan for 2010-14, which ruled out any job cuts
or wage reductions, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


AIRTRAX POLYMERS: CRISIL Raises Rating on INR131.7M Loan to 'BB+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Airtrax Polymers Pvt Ltd to 'BB+/Stable' from 'BB/Stable', while
reaffirming its rating on the short-term bank facilities at 'P4+'.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit Limit   BB+/Stable (Upgraded from
                                                   'BB/Stable' )

   INR131.7 Million Term Loan          BB+/Stable (Upgraded from
                                                   'BB/Stable' )

   INR5.0 Million Letter of Credit     P4+ (Reaffirmed)

   INR1.0 Million Bank Guarantee       P4+ (Reaffirmed)

The rating upgrade reflects expectations of improvement in APPL's
liquidity over the medium, driven by more-than-adequate cash
accruals vis-a-vis debt repayment obligations.  Its liquidity is
expected to remain adequate over the medium term.  The rating
upgrade also factors in the improvement in APPL's debt protection
metrics, driven by increase in net cash accruals, led by improved
operating profitability.  The company's debt protection metrics
are expected to remain moderate over the medium term, with
increasing scale of operations and net cash accruals. Its gearing
is also expected to remain moderate, at 1.3-1.5 times, over the
medium term, despite the proposed capital expenditure (capex)
programme expected to be undertaken in 2011-12 (refers to
financial year, April 1 to March 31).

APPL has an established market position in North India in the
tarperine industry.  It has an extrusion coating plant, which can
coat 4.2 metres of fabric at a time.  APPL is one of the few
players in North India with this kind of extrusion plant.

The ratings reflect APPL's small scale of operations and net
worth, and its exposure to risks related to fragmentation in the
plastic packaging industry.  These weaknesses are, however,
partially offset by APPL's established regional presence,
diversified product profile, healthy operating efficiencies, and
moderate gearing and debt protection metrics.

Outlook: Stable

CRISIL believes that APPL will maintain its stable business risk
profile over the medium term, backed by its established market
position in the tarperine industry.  The outlook may be revised to
'Positive' if the company is able to significantly increase the
scale of its operations, after the successful completion of its
capex, while maintaining its capital structure.  Conversely, the
outlook may be revised to 'Negative' if the revenues and
profitability decline, or in case of time and cost overruns in the
capex, leading to deterioration in liquidity and capital
structure.

                       About Airtrax Polymers

APPL, incorporated in 1997, manufactures high density polyethylene
and polypropylene woven fabric used for metal packaging, woven
bags, wood packaging, and other industrial packaging applications.
The product range in customized fabrics includes lumber wraps,
tarp fabrics, paper-coated fabrics, polyethylene-coated and
uncoated fabrics, and green house covers.  The company's plant at
Alwar (Rajasthan) has a capacity of 4500 tonnes per annum (tpa),
which the company is planning to enhance to 6000 tpa in 2011-12.

APPL reported a profit after tax (PAT) of INR10 million on net
sales of INR347 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.8 million on net
sales of INR275 million for 2008-09.


ASSOCIATED INDUSTRIAL: CRISIL Assigns 'B+' Rating to Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Associated Industrial Furnaces Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR25 Million Cash Credit        B+/Stable (Assigned)
   INR100 Million Bank Guarantee    P4 (Assigned)
   INR35 Million Letter of Credit   P4 (Assigned)

The ratings reflect AIFPL's large working capital requirements,
small scale of operations, and customer concentration in its
revenue profile.  These weaknesses are partially offset by AIFPL's
technological tie-up with UK-based Mechatherm International Ltd
(MIL), from which it also receives operational support.

Outlook: Stable

CRISIL believes that AIFPL will maintain its credit risk profile,
backed by technological and operational support it receives from
MIL at various stages of project execution.  The outlook may be
revised to 'Positive' if AIFPL's liquidity improves as a result of
better working capital management, coupled with sustained
improvement in its financial risk profile, or if the company
improves its business risk profile by diversifying its product and
customer profile.  Conversely, lower-than-expected profitability,
or deterioration in liquidity or financial risk profile, on
account of considerable delays in project execution or debtors
realisation, may lead to a revision in outlook to 'Negative'.

                      About Associated Industrial

AIFPL undertakes turnkey projects, excluding civil work, for
industrial furnaces and equipment. The work includes engineering,
procurement, supply, commission, establishment of performance
parameters, and handing over of furnaces and equipment.  The
company manufactures melting and annealing furnaces used in the
aluminum industry.  Until 2009-10 (refers to financial year,
April 1 to March 31), the company had primarily undertaken
projects for furnaces used in aluminum industry.  However, from
2010-11, the company started undertaking project for equipments
used in steel industry.  The company has undertaken a project to
manufacture hot metal handling equipment (torpedo ladles) for
Steel Authority of India (SAIL) Ltd.

AIFPL has had a technological tie-up with MIL since 2001.  MIL
provides technical and marketing support along with pricing
consultancy to AIFPL.

AIFPL reported a profit after tax (PAT) of INR9.7 million on
operating income of INR400.2 million for 2009-10, as against a net
loss of INR12.7 million on net sales of INR16.4 million for
2008-09.


BALAJI IMPORTS: CRISIL Assigns 'B' Rating to INR140MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Balaji Imports Pvt Ltd.

   Facilities                         Ratings
   ----------                          -------
   INR140.0 Million Cash Credit        B/Stable (Assigned)
                       Facility
   INR50.0 Million Letter of Credit    P4 (Assigned)

The ratings reflect Balaji's weak financial risk profile, marked
by weak debt protection metrics, high gearing, incremental working
capital requirements, and susceptibility to volatility in foreign
exchange rates.  These rating weaknesses are partially offset by
Balaji's established market position in the vinyl flooring
business.

Outlook: Stable

CRISIL believes that Balaji will benefit from its long track
record in the vinyl flooring business over the medium term.
However, its financial risk profile is expected to remain weak
because of its leveraged capital structure.  The outlook may be
revised to 'Positive' if Balaji's financial risk profile improves
because of a significant improvement in capital structure or
operating margin.  Conversely, the outlook may be revised to
'Negative' in case Balaji's profitability weakens because of
increased competition or deterioration in working capital
management.

                        About Balaji Imports

Set up in 1996 by Mr. Vinod Mittal, Balaji trades poly-vinyl
chloride flooring used for domestic and commercial purposes.  In
addition, the company also trades hardware goods and runs a
sanitary ware business under its brand, Matrix.  The company is
the sole distributor in India for LG Chem Ltd's (South Korea;
rated 'A-/Stable' by S&P) PVC flooring. Balaji has a network of 32
distributors across the country to sell PVC flooring. In addition,
the company has a small distributor network for selling its
hardware goods and sanitary ware.

Balaji reported a profit after tax (PAT) of INR6.4 million on net
sales of INR390.3 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.0 million on net
sales of INR361.3 million for 2008-09.


CENTAUR MERCANTILE: ICRA Assigns 'LBB' Rating to INR30cr Loan
-------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR30.00 crore long-term
fund-based bank facilities of Centaur Mercantile Private Limited.
The outlook on the rating is stable.

The rating assigned by ICRA is constrained on account of weak
financial profile of the parent company, i.e. Kanakia Spaces
Private Limited rated LB+ by ICRA.  The rating however takes
comfort from the limited execution risks as the major portion of
the project has been completed and ready for occupation, while the
balance portion of the project is expected to be completed during
the mid of FY 2012. The rating is also supported by the
competitive project cost (@ INR4600/sq ft) in relation to the sale
rate achieved by the company (@ INR9500/sq ft) as well as the long
repayment tenure of debt raised for funding the project with a
mandatory prepayments linked to basis of area sold.  The company
has significant portion of unsold inventory totalling around 9
lakh sq ft of 75% of the project's saleable area. While assigning
the rating ICRA has also taken into account the escalation in the
project cost due to change in scope of the project as well as
delays in completion; however these were funded with borrowings at
the parent company level against the Boomerang project.  Going
forward, the ability of the company to timely monetize the
inventory and complete the remaining project will be crucial for
generation of adequate cash flows for CMPL and its parent KSPL.

Centaur Mercantile Private Limited is the 100% subsidiary of
Kanakia Spaces Private Limited rated LB+ by ICRA. CMPL is
currently involved in development of commercial project (named
Boomerang) at Chandivali, Andheri (East) in Mumbai.  As a part of
tax planning purposes, the company commissioned 8.4 MW of wind
turbines in Jodhpur district of Rajasthan during September 2010.
The total developable area of the Boomerang project is 12.14 Lakh
Sq ft, of which 10 lakh sqft has been developed as Phase- I is
complete and ready for occupation, and the balance is being
developed as Phase II, which will be completed by the middle of
FY 12.  CMPL reported an Operating Income (OI) of INR9.3 crore and
net profit of INR2.4 crore for the FY 10 and on OI of INR40.2
crore and net profit of INR19.9 core for the 6 month period ending
September 2010.


DERBY PLANTATIONS: CRISIL Assigns 'D' Rating to INR22MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of Derby
Plantations Private Limited (DPPL; part of the Mantri group).  The
ratings reflect instances of delay by the Mantri group in
servicing its debt; the delays have been caused by the group's
weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR30.00 Million Cash Credit     D (Assigned)
   INR22.00 Million Term Loan       D (Assigned)

The Mantri group is exposed to risks related to seasonality in tea
production and high operating leverage. Moreover, the group has
limited bargaining power and its operating margin is susceptible
to volatility in domestic and international tea prices.  These
weaknesses are partially offset by the experience of the Mantri
group's promoters in the tea industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DPPL, Ruttonpore Plantations Pvt Ltd,
Mantri Tea Company Pvt Ltd, and Manipur Tea Company Pvt Ltd,
together referred to as the Mantri group.  This is because the
entities have common management and are in the same line of
business. Also, 83.52 per cent of DPPL is owned by Manipur Tea
Company Pvt Ltd.

                        About the Group

The Mantri group was formed in 1948 by Mr. Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was the group's first
acquisition, in 1954.  Subsequently, the group acquired another
three tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby
Tea Estate in 2005, and Pathini Tea Estate in 2006. Currently, the
second- and third-generation promoters, along with a professional
management team, are actively involved in business operations.

The Mantri group reported a profit after tax (PAT) of INR39.23
million on net sales of INR448.67 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR23.85
million on net sales of INR353.72 million for 2008-09.


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

  -- INR200m fund-based working capital limits: migrated to
     'F4(ind)nm' from 'F4(ind)'; and

  -- INR50m non-fund based working capital limits: migrated to
     'F4(ind)nm' from 'F4(ind)'.

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of DDL.  The ratings will remain in
the "Non-Monitored" category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month period,
the ratings may be reinstated and will be communicated through a
"Rating Action Commentary".


DWARKADHISH SAKHAR: CRISIL Rates INR244.8 Million LT Loan at 'B'
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Dwarkadhish Sakhar Karkhana Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR244.80 Million Long-Term loan      B/Stable (Assigned)
   INR83.40 Million Proposed Long-Term   B/Stable (Assigned)
                    Bank Loan Facility

The ratings reflect DSKL's weak financial risk profile, marked by
small net worth and modest debt protection metrics, and its
susceptibility to adverse regulatory changes in the sugar
industry.  These weaknesses are partially offset by extensive
experience of the promoters in sugar industry.

Outlook: Stable

CRISIL believes that DSKL's credit risk profile will remain
constrained over the medium term on account of its highly
leveraged capital structure.  The outlook may be revised to
'Positive' in case of significant improvement in gearing and debt
protection metrics, due to substantial increase in accruals or
equity infusion.  Conversely, the outlook may be revised to'
Negative' in case of deterioration in DSKL's liquidity or debt
protection metrics, on account of a large, debt-funded capital
expenditure programme, or any adverse movement in the price of
sugar.

                     About Dwarkadhish Sakhar

DSKL, established in 2001, manufactures sugar.  It is promoted by
Mr. Shankar Sawant (Mr. Shankar). Mr. Sachin Sawant (S/o Mr.
Shankar) is currently the managing director and looks after the
day-to-day operations of the company.  The company has an
installed cane crushing capacity of 2,500 tonnes per day and a 13
megawatt co-generation plant.  The company's manufacturing unit
and registered office are in Nashik (Maharashtra).

DSKL reported a profit after tax (PAT) of INR0.65 million on net
sales of INR872.3 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR14.4 million on net
sales of INR491.5 million for 2008-09.


ENFIELD APPARELS: ICRA Assigns 'LB+' Rating to INR23.6cr Term Loan
------------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR 23.60 crore term loan
and INR34.00 crore fund based bank facilities of Enfield Apparels
Limited.  ICRA has also assigned an 'A4' rating to the INR 0.50
crore non-fund based bank facilities of EAL.

The ratings factor in the delays in setting up of the facility by
EAL and the highly competitive and fragmented nature of the
textile industry, which is likely to keep margins under pressure
after the facility becomes fully operational.  The ratings also
take into consideration the vulnerability of profits to
fluctuation in the raw material prices and the high working
capital intensive nature of operation.  However, the ratings
derive comfort from the experience of the promoters in the textile
business and the existence of brands for readymade garments
belonging to group companies, under which EAL's products would be
marketed.  ICRA also notes that the promoters' have infused their
contribution to finance the project and the project has commenced
partial operations in the current year.

Promoted by Mr. Sudesh Kumar Sonthalia and Mrs. Radha Sonthalia,
EAL was incorporated in 2007.  EAL is setting up a manufacturing
facility for producing hosiery fabric and readymade garments at
Paridhan Garment Park in Beliaghata, Kolkata.  The installed
capacity for the hosiery fabric and readymade garment will be
around 5,471 metric tonne /annum and 74 lakh pieces /annum
respectively.

Recent Results

The company reported an estimated net loss of INR0.66 crore on an
operating income (provisional) of INR0.49 crore in 9M FY 2011, as
compared to a net loss of INR 0.11 crore on an operating income of
INR0.01 crore during FY 2010.


ENGINEERING PROFESSIONAL: CRISIL Reaffirms 'BB-' Credit Rating
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Engineering
Professional Co Pvt Ltd continue to reflect EPCPL's weak financial
risk profile, and customer and geographical concentration in its
revenue profile.  These rating weaknesses are mitigated by the
company's strong turnover growth, backed by improving project
execution capabilities.

   Facilities                            Ratings
   ----------                            -------
   INR180.0 Million Cash Credit Limit    BB-/Stable
   (Enhanced from INR130.0 Million)

   INR80.0 Million Letter of Credit      P4+
   (Enhanced from INR20.0 Million)

   INR290.0 Million Bank Guarantee       P4+
   (Enhanced from INR70.0 Million)

Outlook: Stable

CRISIL believes that EPCPL will maintain its established track
record in the execution of water distribution projects over the
medium term, backed by its healthy order book position.  The
outlook may be revised to 'Positive' if EPCPL's financial risk
profile improves, on account of improvement in capital structure
and profitability.  Conversely, the outlook may be revised to
'Negative' if EPCPL's financial risk profile deteriorates, either
because of large borrowings for capital expenditure or increase in
working capital requirements.

Update

EPCPL's revenues for 2009-10 (refers to financial year, April 1 to
March 31) have been higher than expected due to the execution of
new orders during the second half of the year.  The company's
operating margin, though higher than expected, remains low, on
account of the absence of in-house manufacturing facility.
EPCPL has a total order book of around INR1400 million as on
December 1, 2010, which is expected to be executed over the next
twelve months.

The company's financial risk profile remains weak, with high
gearing and small net worth. Over 2009-10, the promoters infused
additional equity of INR18 million, primarily for the purchase of
land worth INR10 million to set up its own manufacturing facility;
although, this project is expected to be undertaken only after a
few years. EPCPL's liquidity, marked by high bank limit
utilization and small cash accruals, is constrained by its large
working capital requirements.  However, the absence of long-term
debt provides comfort.

EPCPL reported, on a provisional basis, a profit after tax (PAT)
of INR10.7 million on net sales of INR920.1 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR5.3 million on net sales of INR748.5 million for 2008-09.

                   About Engineering Professional

Set up in 1999, EPCPL is a project contracting company that
undertakes turnkey projects awarded by Gujarat Water Supply and
Sewerage Board for setting up water distribution systems. The
company is also into project management, and testing and
commissioning of pipelines in Gujarat. The company also
commissions gas pipelines for Oil and Natural Gas Corporation Ltd.


HEALTHCAPS INDIA: CRISIL Reaffirms 'BB-' Cash Credit Rating
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Healthcaps India Ltd
continue to reflect HIL's small scale of operations and exposure
to risks inherent in the pharmaceutical industry.  The ratings
also factor in HIL's working capital intensity, marked by long
receivable cycles, leading to pressure on liquidity.  These rating
weaknesses are, however, partially offset by the company's
established presence in the domestic gelatine capsule industry,
and moderate financial risk profile marked by moderate gearing and
debt protection metrics.

   Facilities                          Ratings
   ----------                          -------
   INR17.5 Million Cash Credit Limit   BB-/Stable (Reaffirmed)
   INR73.3 Million Term Loan           BB-/Stable (Reaffirmed)
   INR23.2 Million Letter of Credit    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that HIL will continue to benefit over the medium
term from its established presence in the empty gelatine capsules
industry, and healthy operating efficiencies.  The outlook may be
revised to 'Positive' if the company's topline and profitability
improve substantially leading to higher-than-expected cash
accruals and improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' in case there is an increased
pressure on HIL's liquidity because of large working capital
requirements.

                       About Healthcaps India

Incorporated in 1983 by Mr. Chiranjiv Singh, HIL manufactures and
sells empty hard-gelatin capsules.  Its manufacturing unit at
Fatepur (Punjab) has capacity to produce 5 billion capsules per
annum, which is the second largest capacity in India.  It sells
its products to pharmaceutical companies such as Maxheal
Pharmaceuticals Pvt Ltd, Cipla Ltd, and Wockhardt Ltd.  The
company has an in-house research and development department, and
marketing offices at Baddi (Himachal Pradesh), Chandigarh, New
Delhi, and Mumbai.

HIL reported a profit after tax (PAT) of INR5.1 million on net
sales of INR246.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR13.7 million on net
sales of INR214.8 million for 2008-09.


HYDERABAD AIRPORT: ICRA Reaffirms 'LBB+(SO)' Term Loan Rating
-------------------------------------------------------------
ICRA has reaffirmed the 'LBB+(SO)' rating assigned to the INR
72.97 crore (reduced from INR 100 crore earlier) term loan
programme of Hyderabad Airport Security Services Limited.  The
outlook on the rating is stable.  The letters SO in parenthesis
suffixed to a rating symbol stand for Structured Obligation.  An
SO rating is specific to the rated issue, its terms, and its
structure; SO ratings do not represent ICRA's opinion on the
general credit quality of the issuers concerned.

The rating takes into account the undertaking by GMR Hyderabad
International Airport Limited to meet any shortfall in case the
debt service coverage ratio for the term loan falls below 1.00.
The rating addresses the servicing of the loan to happen as
per the terms of the underlying loan and the above undertaking.
The rating also assumes that the undertaking would be duly invoked
by the lender, as per the terms of the underlying loan and
undertaking, in case there is a default in payment by the
borrower.

HASSL, a 100% subsidiary of GHIAL (rated at LBBB/A3+ by ICRA) has
been incorporated as an SPV for the construction of rent-free
residential accommodation for CISF personnel manning the Rajiv
Gandhi International Airport at Shamshabad.  The total project
cost of INR 125 crore had been partially funded out of a term loan
of INR 100 crore. Debt servicing of the loan would be facilitated
by GHIAL largely out of the PSF(SC) .

GHIAL operates the Rajiv Gandhi International Airport located at
Shamshabad, Hyderabad which commenced commercial operations on
March 23, 2008.  GHIAL's sponsors include GMR Infrastructure
Limited (63% holding), Malaysia Airport Holdings Berhad (MAHB)
(11% holding), Airports Authority of India (AAI) (13% holding),
and Government of Andhra Pradesh (GoAP) (13% holding).  GHIAL has
a 30-year concession for the maintenance and operation of the
Shamshabad airport, extendable for a further 30 years at its
option.  The airport was constructed at a total cost of INR 2920
crore with an initial handling capacity of 12 million passengers
per annum. The Master Plan envisages a terminal capacity
of 40 million passengers per annum by the end of the 30-year term
of the Concession Agreement.  In the period April 2009-March 2010,
the airport handled 6.5 million passengers.  For the year 2009-10,
GHIAL recorded an income of INR 452 crore and a net loss of
INR107 crore.


JR SEAMLESS: CRISIL Reaffirms 'D' Rating on INR305MM LT Loan
------------------------------------------------------------
CRISIL's rating on the long-term loan facility of JR Seamless Pvt
Ltd continues to reflect instances of delay by JRSPL in servicing
its term debt; the delays have been caused by JRSPL's weak
liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR305 Million Long-Term Loan    D (Reaffirmed)

JRSPL also has a weak financial risk profile, marked by a high
gearing, and small scale of operations.  Moreover, the company is
exposed to risks related to volatility in raw material prices.
However, JRSPL benefits from its promoters' experience in the
pipes and tubes industry.

Update

JRSPL's performance has been weak as a result of delay in
stabilization of its manufacturing plant on account of resistance
from local residents during implementation of the project;
moreover, the delay in civil work led to delay in commercial
production.  The company incurred an operating loss in 2009-10 and
during the six months ended September 30, 2010, respectively.
JRSPL also booked low revenues of INR0.8 million and INR20 million
in 2009-10 (refers to financial year, April 1 to March 31) and the
six months ended September 30, 2010 respectively.  The company's
liquidity continues to be weak, with negative cash accruals,
negative profitability, and aggressive repayment obligations.

JRSPL reported a net loss of INR0.8 million on net sales of INR0.8
million for 2009-10.

Incorporated in April 2007, JRSPL set up a carbon and alloy-steel
seamless pipes and tubes manufacturing plant, with capacity of
24,000 tonnes per annum, in Medak (Andhra Pradesh).  Part of the
plant commenced operations in November 2009, and the remainder
became operational in April 2010.


KANAKIA SPACES: ICRA Assigns 'LB+' Rating to INR500cr LT Loan
-------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR500.00 crore long-term
fund based bank facilities of Kanakia Spaces Private Limited.

The ratings assigned by ICRA take into account significant cash
outflows towards the funding of land acquisition cost for
relatively bigger scale projects proposed to be executed by the
company in near to medium term. In absence of commensurate
internal accruals, the company has proposed funding of
the balance land costs through high cost fresh borrowings; thereby
resulting in aggressive funding structure for these new projects.
Further as per ICRA's view, due to recent land purchase
transactions; the completed cost of these projects is expected to
be high and will result in limited cushion for profitability in
relation to the current market prices.  As a result, ICRA expects
the company's sales and profitability to remain highly sensitive
to level of buoyancy in Mumbai real estate market and any
cyclical downturn will adversely impact profitability and cash
flows. The rating however takes comfort from the considerable
experience of the promoter group in the Mumbai real estate market,
spanning around three decades. The group is in advances stages of
completing two of its bigger projects, i.e. Western Edge (~11.49
lakh sq ft) and Boomerang (~12.14 lakh sq ft). Notwithstanding the
time and cost overrun in these projects, the company has
demonstrated its execution and funding capabilities for such large
scale projects, which should help the company in executing its
future projects.  With construction of these two projects nearing
completion, they are going to be the major revenue drivers
for the group in near to medium term and hence the ability of the
company to accelerate sales of these projects at remunerative
prices will be most crucial for its cash flows.

Going forward, with significant cash outflow proposed towards the
acquisition of land for new project, ICRA expects the company to
have a funding gap in FY 12 for which the company has proposed
refinancing of some of its existing loans.  Any delays in sales
from the ongoing projects will potentially increase this funding
gap and the company's ability to raise fresh funds will hence
become crucial, especially in the backdrop of limited portfolio of
unencumbered assets.  While assessing the credit profile of KSPL,
ICRA has considered the consolidated financial profile of the
major entities executing the projects in the group. Given the
company's growth plans; it has chosen to fund its growth with
debt, which will result in a higher gearing on consolidated basis.

                       About Kanakia Spaces

Kanakia Spaces Private Limited, formerly Kanakia Constructions
Private Limited; is the flagship company of the Kanakia group and
is the real estate vertical in the group. The group has presence
in other verticals such as entertainment, hospitality and
education.  The group is promoted by the brothers Mr. Rasesh
Kanakia and Mr. Himanshu Kanakia with its presence in Mumbai real
estate markets. Since1985, the group has completed more than 50
projects totaling around 9 million sq ft (msf); and it currently
has around 5.8 msf under various stages of execution spanning
across all the segments i.e. residential, commercial and retail.

During FY 10, the group also ventured into hospitality business
when it commenced operations of its 4 star Marriott hotel in
Andheri, Mumbai, through a 100% subsidiary of KSPL.  On a
standalone basis, KSPL reported an operating income (OI) of
INR378.64 crore and net profit of INR41.26 crore for the FY 10 and
an OI of INR137.89 crore and net profit of INR12.76 crore for the
6 month period ending September 2010.


KAVVERI TELECOM: CRISIL Cuts Rating on INR285MM Term Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kavveri Telecom Products Ltd (KTPL; part of the KTPL group) to
'D/P5' from 'BBB-/Stable/P3'.

   Facilities                    Ratings
   ----------                    -------
   INR285 Million Term Loan      D (Downgraded from 'BBB-/Stable')
   INR300 Million Cash Credit    D (Downgraded from 'BBB-/Stable')
   INR350 Million Letter of      P5 (Downgraded from 'P3')
       Credit/Bank Guarantee

The downgrade reflects instances of delay by the KTPL group in
servicing its debt and the fact that its cash credit account has
been continuously overdrawn, on account of its weak liquidity.

KTPL has large capital expenditure plans, working-capital-
intensive operations, and customer and supplier concentration in
its revenue profile.  However, the group has an established market
position in the antenna and radio frequency (RF) products
industry, and strong research and development capabilities.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KTPL and its subsidiaries Eaicom India
Pvt Ltd, Kavveri Technologies Inc (Kavveri Tech, including its
subsidiaries Tiltek Antennae Inc, Kavveri Realty 5 Inc, DCI
Digital Communication Inc, and Spotwave Wireless Ltd, and Kavveri
Telecom Infrastructure Ltd.  This is because all the entities,
together referred to as the KTPL group, are in the same line of
business and under a common management. Furthermore, CRISIL
believes that KTPL will extend need-based support to its
subsidiaries.

                       About Kavveri Telecom

KTPL was promoted in 1996 by Mr. Shivakumar Reddy.  It designs,
develops, and manufactures antennae, RF components, and repeaters
for the wireless telecommunication (telecom) industry.  The
company's promoter has been in the same line of business through a
proprietorship concern since 1991.  KTPL has a presence in Canada
and the US through the recent acquisitions of Tiltek, DCI, and
SWL.  In July 2009, KTPL acquired a 67 per cent stake in Canada-
based Trackcom Systems International through Kavveri Tech. The
rationale for the acquisition is access to a large portfolio of
high technology products and antennae for space, defence, and
telecom applications.

In 2009-10 (refers to financial year, April 1 to March 31), KTPL
reported a consolidated profit after tax of INR257.1 million on
net sales of INR2.37 billion, against INR90.6 million and INR1.9
billion, respectively, in the previous year.


LAXMI ENTERPRISES: Fitch Puts Rating on 'Non-Monitored' Status
--------------------------------------------------------------
Fitch Ratings has migrated India-based Laxmi Enterprises' National
Long-term 'BB-(ind)' rating to the "Non-Monitored" category.  This
rating will now appear as 'BB-(ind)nm' on Fitch's website.
Simultaneously, the agency has classified these bank loan ratings
as "Non-Monitored":

  -- INR241.7m outstanding long-term bank loans: migrated to 'BB-
      (ind)nm' from 'BB-(ind)'

  -- INR384m fund-based working capital limits: migrated to
     'F4(ind)nm' from 'F4(ind)' and

  -- INR10m non-fund based working capital limits: migrated to
     'F4(ind)nm' from 'F4(ind)'.

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage on Laxmi.  The ratings will remain
in the "Non-Monitored" category for a period of six months and
will be withdrawn at the end of that period.  However, in the
event the issuer starts furnishing information during this six-
month period, the ratings could be reinstated and any rating
action will be communicated through a Rating Action Commentary.


MAA TARINI: ICRA Reaffirms 'LBB' Rating on INR6.0cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating to the INR6.0 crore (reduced
from INR20.0 crore earlier) term loan and INR8.0 crore cash credit
limits of Maa Tarini Industries Limited.  The outlook on the long
term rating is Stable.

The rating takes into consideration the track record of MTIL's
promoters in the manufacturing of sponge iron and the unit's
proximity to raw material sources, which has a positive effect on
the company's cost of production due to lower freight costs. The
rating also takes into consideration MTIL's increasing operating
margin and favorable capital structure at present, leading to
comfortable level of coverage indicators. ICRA also takes note of
the successful commissioning of another sponge iron kiln recently
which, going forward, is expected to strengthen the company's
operating profile.  The rating, however, takes into account the
cyclicality inherent in the steel business, which makes margins
and cash flows volatile to fluctuations in prices. Such risk is
further accentuated by MTIL's small scale of operations, moderate
capacity utilization levels and limited value addition in the
existing stand-alone sponge iron facility.

MTIL was incorporated in August, 2000 and started commercial
production in August, 2001.  It has sponge iron and ingot
manufacturing facilities of 54,000 tonne per annum (TPA) and
21,000 TPA respectively in the Sundargarh district of Orissa.
However, the ingot manufacturing facility of MTIL has
been given on rent to a third party since January 2008.

Recent Results

During 2009-10, MTIL reported a net profit of INR 1.09 crore on
net sales of INR 16.80 crore.  During the first seven months
(April 2010 to October 2010) of 2010-11, the company posted a
profit before tax of INR 0.54 crore on net sales of INR 13.66
crore (provisional).


MAGNUM GLOBAL: Fitch Assigns 'BB+' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Magnum Global Steels Private
Limited a National Long-term rating of 'BB+(ind)' with Stable
Outlook.  The agency has simultaneously assigned ratings to
MGSPL's various debt instruments:

  -- INR42.1m long-term debt 'BB+(ind)';

  -- INR40m fund-based working capital limits: 'BB+(ind)/F4(ind)';
     and

  -- INR41.3m non-fund based working capital limits:
     'BB+(ind)/F4(ind)'

The ratings factor in the track record of MGSPL's management and
their longstanding relationship with their customers.  The ratings
also reflect MGSPL's small operational scale, working capital-
intensive business and low EBITDA margins.

MGSPL has limited track record, having only started production in
July 2010; however, this will be mitigated by the planned transfer
of steel tube manufacturing business from Magnum Strips & Tubes
Pvt Ltd (MSTPL), an associate company of MGSPL, which has been
operating since 2002.  The ratings are further limited by high
customer concentration risk as the bulk of MSTPL's revenues (65%
in FY10) come from component suppliers of Hero Honda Group.

Fitch notes Marubeni-Itochi Steel Inc, a Japanese company and
Marubeni-Itochu Steel Pte Ltd (its Singapore arm) have acquired a
35% equity stake in MGSPL in February 2011.  Under this agreement
MSTPL, will physically transfer its business of manufacturing
steel tubes and steel service centre to MGSPL by end-FY12 leading
to significant expansion of its operations.  Fitch further notes
the timely commencement of operations from MGSPL's newly
constructed manufacturing facility in Bawal, Harayana.

Delays to the transfer of the steel manufacturing base from MSTPL
to MGSPL leading to a decline in revenues and an increase in
financial leverage may result in negative rating action.
Conversely, a reduction in financial leverage on a sustained basis
while maintaining its profit margins will be positive for the
ratings.

MGSPL is involved in the production of electric resistance welded
& cold drawn welded tubes steel tubes and auto components.  MSTPL
reported revenues of INR933.2 million for FY10 with EBITDA & PAT
margins of 6.3% & 1% respectively.  Its gross financial leverage
(total debt/EBITDA) was 2.5x at FYE10.


MANIPUR TEA: CRISIL Assigns 'D' Rating to INR15.4MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of
Manipur Tea Company Pvt Ltd (MTCPL; part of the Mantri group).
The ratings reflect instances of delay by the Mantri group in
servicing its debt; the delays have been caused by the group's
weak liquidity.

   Facilities                      Ratings
   ----------                      -------
   INR48.00 Million Cash Credit    D (Assigned)
   INR15.40 Million Term Loan      D (Assigned)

The Mantri group is exposed to risks related to seasonality in tea
production and high operating leverage. Moreover, the group has
limited bargaining power and its operating margin is susceptible
to volatility in domestic and international tea prices.  These
weaknesses are partially offset by the experience of the Mantri
group's promoters in the tea industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MTCPL, Ruttonpore Plantations Pvt Ltd,
Derby Plantations Pvt Ltd (DPPL), and Mantri Tea Company Pvt Ltd,
together referred to as the Mantri group.  This is because the
entities have common management and are in the same line of
business.  Also, 83.52 per cent of DPPL is owned by MTCPL.

The Mantri group was formed in 1948 by Mr. Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was the group's first
acquisition, in 1954. Subsequently, the group acquired another
three tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby
Tea Estate in 2005, and Pathini Tea Estate in 2006. Currently, the
second- and third-generation promoters, along with a professional
management team, are actively involved in business operations.

The Mantri group reported a profit after tax (PAT) of INR39.23
million on net sales of INR448.67 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR23.85
million on net sales of INR353.72 million for 2008-09.


MANTRI TEA: CRISIL Assigns 'D' Rating to INR67.4MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of
Mantri Tea Company Pvt Ltd (MTCPL; part of the Mantri group).  The
ratings reflect instances of delay by the Mantri group in
servicing its debt; the delays have been caused by the group's
weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR30.00 Million Cash Credit     D (Assigned)
   INR67.40 Million Term Loan       D (Assigned)

The Mantri group is exposed to risks related to seasonality in tea
production and high operating leverage. Moreover, the group has
limited bargaining power and its operating margin is susceptible
to volatility in domestic and international tea prices. These
weaknesses are partially offset by the experience of the Mantri
group's promoters in the tea industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MTCPL, Ruttonpore Plantations Pvt Ltd,
Derby Plantations Pvt Ltd (DPPL), and Manipur Tea Company Pvt Ltd,
together referred to as the Mantri group.  This is because the
entities have common management and are in the same line of
business. Also, 83.52 per cent of DPPL is owned by Manipur Tea
Company pvt Ltd.

The Mantri group was formed in 1948 by Mr. Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was the group's first
acquisition, in 1954.  Subsequently, the group acquired another
three tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby
Tea Estate in 2005, and Pathini Tea Estate in 2006.  Currently,
the second- and third-generation promoters, along with a
professional management team, are actively involved in business
operations.

The Mantri group reported a profit after tax (PAT) of INR39.23
million on net sales of INR448.67 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR23.85
million on net sales of INR353.72 million for 2008-09.


META ROLLS: ICRA Assigns 'LBB+' Rating to INR1.5cr Term Loan
------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR1.50 crore term loan
and INR 10.0 crore cash credit facilities of Meta Rolls and
Commodities Private Limited.  The long term rating has been
assigned stable outlook.  ICRA has also assigned an 'A4+' rating
to the INR11.00 crore non fund based facilities of MRPL.

The assigned rating derives comfort from the established track
record of promoters in the steel industry, ready client base for
MRPL's products in form of group company Rajuri Steel Private
Limited, continued healthy capacity utilization for the company
and overall favorable demand outlook for the industry.  The
ratings are however constrained by the modest scale of operations,
low value add nature of business characterized by single product
manufacturing (MS Billets) and high client concentration.  The
financial risk profile is characterized by low accruals in line
with industry trends and moderate gearing though supported by
inter corporate deposits from group companies.  ICRA further
notes the intensely competitive nature of industry combined with
inherent cyclicality of commodity business exposing company to
volatility in cash flows.

Recent Results
For nine months ended December 2010, MRPL reported operating
income of INR 142.3 crore with net profit of INR 1.3 crore.

MRPL, set up in 2002 in Jalna (Maharashtra), is engaged in
manufacturing of MS Billets using induction furnace and continuous
casting process with an annual capacity of 72,000 MT.  MRPL is
basically a backward integration for Jalna based Rajuri group
whose flagship company Rajuri Steel Pvt Ltd is engaged in
manufacturing TMT bars.


PANASIAN IMPEX: ICRA Assigns 'LBB-' Rating to INR3cr Term Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR 3.00 crore term loan
and INR 7.00 crore cash credit facility of Panasian Impex Private
Limited.  The outlook on the long term rating is stable.  ICRA has
also assigned an 'A4' rating to the INR 25.00 crore fund based
bank facilities and INR1.00 crore non-fund based bank facilities
of PIPL.

The ratings take into account the long experience of the promoters
in the textile and cotton trading business and PIPL's close
proximity to the cotton producing belt of Maharashtra, Madhya
Pradesh and Gujarat, which gives it favorable access to raw
materials.  The rating is, however, constrained by PIPL's
vulnerability to adverse changes in Government policies towards
export of raw cotton and its modest scale of operations in a
highly competitive and fragmented market with low entry barriers
that keeps its operating and net margins at low levels.  The
rating also factors in the company's high dependence on exports to
Bangladesh, which accounted for more than 68% of its total export
sales during 2009-10 and the highly leveraged capital structure of
PIPL leading to weak coverage indicators.

ICRA also notes that the ongoing ban on export of cotton is likely
to have an adverse impact on PIPL in the short term, as exports
have accounted for more than 94% of its total revenues during
2009-10.

                       About Panasian Impex

Panasian Impex Pvt. Ltd was incorporated in September 2008 and is
managed by Mr. Santosh Kumar Goenka and Mr. Shyamal Bhattacharjee
who have experience in the textile and cotton trading business.
The company is largely involved in export of raw cotton and
ginning of raw cotton for making of fully pressed cotton bales.
PIPL purchased a ginning and pressing factory in Malkapur,
Maharashtra and the unit started its operations from December
2009.  The unit has an installed capacity of 42 double roller gins
and an annual ginning and pressing capacity of 50,000 bales.

Recent Results

The company reported a profit after tax of INR 0.12 crore in FY 10
on an operating income of INR 96.44 crore, as compared to a profit
after tax of INR 0.01 crore on an operating income of INR 5.99
crore during FY 09.


RUSHABH INVESTMENTS: ICRA Assigns 'LBB-' Rating to INR28cr Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR28.0 crore term loan
and INR 4.0 crore cash credit facilities of Rushabh Investments
Private Limited.  The long term rating has been assigned stable
outlook.  ICRA has also assigned an 'A4' rating to the INR14.0
crore non fund based facilities of RIPL.

The assigned rating derives comfort from the established relations
of the company with major telecom companies in domestic market for
pre paid scratch cards providing probable client base for its
proposed manufacturing of SIM (Subscriber Identification Module)
cards and financial backing from the promoter group. ICRA further
takes into account favorable demand prospects for smart card
industry in domestic as well as exports market and healthy
operating profitability of the company.  The ratings are, however,
constrained by small scale of operations, aggressive debt funded
capex and inherent uncertainties associated with off take of new
products.  Further, RIPL has sizeable investments in group
companies whose value has diminished considerably (based on
current market prices), effectively eroding the net worth.

Recent Results
For nine months ended December 2010, RIPL reported operating
income of INR 20.2 crore with operating profit of INR 3.98 crore.

                      About Rushabh Investments

RIPL, promoted by Mumbai based Ajmera group, is engaged in
manufacturing of pre paid scratch cards for telecom operators,
self adhesive labels and induction sealing wads since 2005.
RIPL's plant is located at Sanaswadi Industrial Area, Pune.  RIPL
is also in process of setting up Smart Card manufacturing facility
at its current premises in Pune.


SANAA SYNTEX: ICRA Reaffirms 'LBB' Rating on INR19.04cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating assigned to the INR19.04
crore long term fund based limits of Sanaa Syntex Private Limited.
The long term rating has been assigned a stable outlook.  ICRA has
also reaffirmed the 'A4' rating to the INR3.50 crore short-term
non-fund-based limits of Sanaa.

The ratings reaffirmation takes into account the rich experience
of the promoters and the improvement in the operating income of
the company supported by buoyant demand conditions. ICRA also
takes note of company's efforts at professionalizing the
organization by bringing in qualified personnel.  In addition, the
textile industry also continues to benefit from the support
extended by the Government through various policy initiatives.
The ratings are, however, constrained by the continued weak
liquidity position of the company due to increasing debtor
turnover days and the company's small scale of operations with
declining operating margins due to increased focus on trading.
The rating also takes into account the vulnerability of the
operating margins to volatilities in yarn prices and the
moderately high working capital intensity of operations.  While
the demand outlook for the textile industry is gradually
improving, the industry continues to face high competitive
intensity with large number of players and low entry barriers.
Financial risk profile of Sanaa remains weak as characterized by
high gearing, stretched debt and interest coverage indicators and
could be adversely impacted if company goes ahead with debt-funded
capital expenditure in FY 2012.

                        About Sanaa Syntex

Sanaa Syntex Private Limited, incorporated on September 27, 1990,
is primarily engaged in manufacture of polyester viscose fabric
and polyester blended fabrics used in suiting and shirting.  The
company has three manufacturing units located at Umbergaon,
Gujarat with annual production of 90 lakh meter of fabric in
FY2010, of which 22.59 lakh meters was own production, and the
rest was job work.  Trading turnover constitutes approximately 80%
of SSPL's sales.  The company markets its products under the S&A
brand which was launched in 2007. In 2006, the company ventured
into production of relatively higher margin furnishing fabrics.


SIYARAM METAL: ICRA Assigns 'LB+' Rating to INR25cr Cash Credit
---------------------------------------------------------------
ICRA has assigned a 'LB+' rating to the INR25.0 crore cash credit
facility of Siyaram Metal Udyog Private Limited.

The assigned ratings are constrained by the weak financial profile
marked by modest profitability indicators and highly leveraged
capital structure, stressed liquidity position owing to high
working capital intensity and weak cash flow position; and regular
overdrawals in the cash credit facility.  The ratings also take
into account the lack of diversification in product profile and
the risks arising due to exposure to volatility in brass prices as
well as to foreign exchange rate fluctuations due to reliance on
imports for procurement.

However, the ratings draw comfort from the experience of the
promoters and the established position of the company within the
non-ferrous metals industry; the established relationships with
suppliers and customers and the diversified customer base.

SMUPL is a metal merchant based out of Jamnagar, Gujarat and has
been in operation since the last two decades; the company has
primarily been involved in the business of trading of non-ferrous
metallic scrap. The company was operated as a proprietorship
concern called Siyaram Metal Udyog till April 2010, when it was
converted to a private limited company. SMUPL mainly imports non-
ferrous scrap; the product profile largely includes brass scrap,
ingots and other copper alloys, besides zinc.  The company caters
to the Indian market, particularly Jamnagar and surrounding areas.

Recent Results

For the year FY10, the firm reported an operating income of INR
209.53 crore and profit after tax of INR 5.70 crore


VISHWANATH PAPER: ICRA Assigns 'LB' Rating to INR12cr Limits
------------------------------------------------------------
ICRA has assigned a rating of 'LB' to the INR 12.0 crore fund-
based limits and INR12.95 term loans of Vishwanath Paper & Boards
Limited.  ICRA has also assigned a rating of 'A4' to the INR7.05
non fund-based limits of VPBL.

The rating takes into account the long track record of promoters
in paper manufacturing business and satisfactory project execution
as the company has completed the project with minimal cost
overrun.  The plant has also been ramped up to a capacity
utilization level of almost 75% during first few months of
operations.  However, the rating is constrained by the company's
presence in a single product segment, i.e. kraft paper (largely
used for making cartons and packaging boxes), which is amongst the
lowest end of the various paper product segments; its modest size
of operations and highly fragmented industry structure. Moreover
the contribution levels and profitability margins of the
company remain exposed to any volatility in waste paper prices.
While assigning the rating, ICRA has also noted the past delays in
debt servicing by the company.

Vishwanath Paper & Boards Limited was promoted by Mr. Pankaj Gupta
in 2008 to manufacture kraft paper from recyclable waste paper.
The company has set up a plant to manufacture 50000 MT p.a of
kraft paper at a total project cost of INR27.0 crores.

Vishwanath Paper and Boards Ltd established in 2008 is a
manufacturer kraft paper from recyclable waste paper. The company
was promoted by Mr. Pankaj Gupta.  The shares of the company are
closely held by promoters and family.  VPBL has set up a kraft
paper manufacturing unit with a capacity of 50000 MT p.a. at a
total project cost of INR27.0 crores.  The unit is located at
Kashipur, Uttarakhand.  The plant commenced operations in April
2009.


VISHWAROOP INFOTECH: CARE Rates INR400cr LT Loan at 'CARE BB+'
--------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Vishwaroop Infotech Pvt Ltd.

  Facilities                   (INR cr)      Ratings
  ----------                   --------      -------
  Long-term Bank Facilities     400.00       'CARE BB+'

Rating Rationale

The rating is constrained by the rollover risk for the existing
lease agreements, high gearing levels, weak repayment track record
of the company, lack of LOIs/agreements for the entire envisaged
leasable area and the cyclical nature of the industry.  The
rating, however, derives strength from the experience of VIPL's
promoters in the real estate industry, strategic location of the
company's properties in Vashi (Navi Mumbai) and presence of
lease agreements for 80% of the leasable area.  The ability of
VIPL to maintain the occupancy level and gainful leasing of the
balance portion of the area is the key rating sensitivity.

Vishwaroop Infotech Pvt. Ltd., incorporated in February 2004, is a
part of Wadhwa group which is involved in commercial, residential,
retail and hospitality segments with diverse projects from the
past 40 years.  In the past, it completed two commercial projects
namely Vishwaroop IT Park and a mall project, Raghuleela Arcade at
Vashi, Navi Mumbai.  Currently, the company is engaged in leasing
of both these premises.

On the total income of INR55.90 crore, the company reported loss
of INR6.48 crore during FY10 compared to total income of INR55.77
crore and profit of INR1.46 crore.


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


RANHILL BHD: S&P Downgrades Corporate Credit Rating to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Malaysia-based utilities and
construction company Ranhill Bhd. to 'B-' from 'B'.  At the same
time, S&P lowered the issue rating on US$220 million, 12.5% senior
unsecured notes due October 2011, issued by Ranhill (L) Ltd. to
'CCC+' from 'B-'.  Ranhill guarantees the notes.  Both the ratings
remain on CreditWatch, where they were placed with negative
implications on Dec. 30, 2010.

"S&P downgraded Ranhill based on its view of its weak liquidity
and the recent political instability in Libya, which heightens the
company's refinancing risk and weakens its business risk profile,
in its opinion" said Standard & Poor's credit analyst Andrew Wong.

Ranhill recently restructured some of its trade creditors, which
belonged to a group company, to manage its working capital needs.

Since the start of the political turmoil in Libya, Ranhill has
evacuated more than 2,600 workers from the Tajura Housing project
and suspended work.  The government project accounts for the
majority of the company's order book.  S&P expects delays and
disruptions in the project, including possible write-offs and
payment delays due to the uncertainty on the project.  S&P
believes these issues would further increase the refinancing risk
on the US$220 million guaranteed notes.

Delays in the conversion of Powertron II plant to combined cycle
operations, and in Phase 2 of the Senai-Desaru Expressway Bhd.
project has also affected Ranhill's operational performance.

The rating reflects the company's exposure to the high-risk
engineering and construction businesses; and its substantial
client concentration, particularly in the Tajura project.
Ranhill's stable utility operating concessions in Malaysia and
moderate business diversity partly offset these weaknesses.
However, S&P believes the immediate refinancing risk weighs on the
rating.

In S&P's view, Ranhill's liquidity is weak.  The company has
unrestricted cash and cash equivalents of Malaysian ringgit (MYR)
183 million as at Dec. 31, 2010.  These are insufficient to meet
MYR878 million of short-term borrowings, including the US$220
million notes due in October 2011.  The group has MYR197 million
in restricted deposits with banks for project borrowings, which
S&P does not expect to be available at the group level to meet
upcoming maturities.  The group also has MYR 162 million in
restricted sinking funds.

Ranhill has a mandatory debt service reserve account of US$13.75
million, representing one coupon payment (equivalent to half-year
interest) for the US$220 million notes, to support near-term
liquidity.  S&P believes sustained efforts to refinance debt and
manage short-term operating liabilities would be critical for the
company's liquidity.  S&P see the company's dependence on local
banks for refinancing as high in view of the need to refinance
short-term liabilities.

"S&P aim to resolve the CreditWatch following its discussion with
Ranhill to understand the progress on refinancing of the notes and
the impact of the suspension of the Libya project.  S&P will also
assess the refinancing risk after forming its view on the
company's banking relationship and credit standing," said Mr.
Wong.

S&P may lower its rating if: (1) S&P assess that the company's
liquidity is unlikely to improve, due to its inability to
refinance the notes due in October; or (2) customer receipts or
project completion get materially delayed.

S&P may revise the outlook to stable if: (1) S&P assess that
Ranhill will successfully refinance the notes; and (2) the company
completes some of its larger projects, including SDEB and
Powertron II, while limiting the negative impact from the
suspension of Libya operations.


SATANG HOLDINGS: Receives Writ of Summon from RHB Bank
------------------------------------------------------
Satang Holdings Berhad has been served a Writ of Summon and
Statement of Claim dated Feb. 25, 2011, filed by RHB Bank Berhad
against Satang Environmental Sdn Bhd, a wholly owned subsidiary of
the Company.

The Writ of Summon and Statement of Claim was received by the
Company on March 14, 2011, from Messrs. C. L. Boo & Associates,
the solicitor of RHB Bank.

RHB Bank is claiming for the sum of MYR27,040.61 relating to the
outstanding installment payment under the hire-purchase agreement
with the interest of 8% p.a. charged from Feb. 24, 2011, until the
full settlement of the amount claimed by the plaintiff.

Satang said the Writ of Summon will not have any additional
financial and operational impact on the Group.

Satang said it will seek the necessary legal advice from its
solicitors with regards to the claim and will instruct its
solicitors to defend the claim.

                       About Satang Holdings

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and,
Satang Environmental Sdn. Bhd.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, Satang Holdings Berhad triggered Paragraph 2.1 of
the Amended Practice Note 17/2005 as its independent auditor,
Anuarul Azizan Chew & Co., concluded in its Audit Investigative
Reports that out of the MYR39.27 million alleged overstated
revenue of the company, MYR35.43 million represents invalid sales
which should not be recorded in the books for the financial year
ended September 30, 2007.


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


GUARDIAN TRUST: Acquired by Trust Co for $42 Million
----------------------------------------------------
The New Zealand Herald reports that Australia's The Trust Company
Ltd has completed its $42 million acquisition of The New Zealand
Guardian Trust Co from Brisbane-based life insurer, Suncorp-
Metway, after receiving approval from the Overseas Investment
Office.

According to the report, The Trust Co chief executive John Atkin
said the acquisition represented a significant milestone for the
company.

"The expanded footprint and cross-jurisdictional expertise
provided from the Guardian Trust acquisition strengthens our
service offering to all our clients, particularly international
banks, fund managers and property groups," the NZ Herald cited Mr.
Atkin as saying in a statement.

Suncorp booked a AU$40 million (NZ$53.4 million) loss on the sale,
the report says.

Guardian Trust came under fire from investors for the suspension
and wind-down of its mortgage fund, The NZ Herald notes.  The
company suspended withdrawals from its $249 million mortgage fund
in July 2008 amid a run on mortgage funds in the wake of the
global financial crisis.  Last year, investors voted to wind down
the fund.

Guardian Trust was also the trustee for troubled Hanover Finance,
which froze $554 million owed to 16,500 investors in 2008.
Hanover went on to sell its assets to Allied Farmers.

                         About Guardian Trust

The New Zealand Guardian Trust Company Limited --
http://www.guardiantrust.co.nz/-- is a wholly owned subsidiary
of Suncorp-Metway, a leading banking, insurance and financial
services company.

Guardian Trust, which employs about 200 staff in 14 locations
throughout New Zealand, has assets under administration worth
about NZ$6.5 billion (AU$4.8 billion).


MUTUAL FINANCE: Receivers Expect to Recover Up to 53% of Cash Owed
------------------------------------------------------------------
New Zealand Herald reports that Mutual Finance's receivers expect
to recover no more than 53% of the NZ$9.3 million owed to 340
secured deposit holders when the government guaranteed property
financier was tipped into receivership last July.  In their second
report, New Zealand Herald relates, KordaMentha's Grant Graham and
Brendon Gibson say a 40% to 53% recovery range is their
preliminary estimate after reviewing Mutual Finance's loans.

Mutual Finance, now under investigation by the Serious Fraud
Office (SFO), was covered by the Crown retail deposit guarantee
scheme, according to New Zealand Herald.  Messrs. Graham and
Gibson said Treasury has confirmed that all Mutual Finance
investors have been repaid, the report notes.

Mutual Finance's trustee, Covenant Trustee, pulled the plug last
July after "forming the view" that the company may have breached
its minimum capital ratio, New Zealand Herald discloses.

New Zealand Herald notes that Mutual Finance was run by former
Strategic Finance founder Paul Bublitz, who was also involved with
Hunter Capital, which was behind another failed property
financier, Viaduct Capital.

Messrs. Graham and Gibson, New Zealand Herald notes, said that
they were appointed to try and recover NZ$8.2 million of loans,
and for properties in New Plymouth and Cable Bay, plus a debtors'
ledger of NZ$396,000, to be realized.  The receivers said they're
yet to receive a claim from the Inland Revenue Department and put
the unsecured creditor liability at NZ$161,000.

It is "extremely unlikely" there will be a return to unsecured
creditors, New Zealand Herald states.

                       About Mutual Finance

Mutual Finance Ltd. is an Auckland-based financial institution
with around 400 depositors and approximately NZ$8 million in
guaranteed deposits.

As reported in Troubled Company Reporter-Asia Pacific on July 16,
2010, Mutual Finance was placed into receivership, with NZ$8
million of deposits covered by the retail deposit guarantee
scheme.  Covenant Trustee appointed Brendan Gibson and Grant
Graham of KordaMentha as receivers of Mutual Finance.

The finance company said it had been in technical breach of one of
its covenants and its trustee, Covenant Trustee, had deemed there
was a risk of a "cash flow mismatch" between the timing of asset
sales and payments to depositors.


REDGROUP RETAIL: Administrators Seek More Time to Consider Options
------------------------------------------------------------------
Jamie Gray at nzherald.co.nz reports that Ferrier Hodgson,
voluntary administrators for Whitcoulls' parent, REDgroup Retail,
on Tuesday sought High Court approval to extend the time available
to consider its options.

nzherald.co.nz relates that under the voluntary administration
rules, a so-called "watershed" meeting, where creditors are
advised of the state of play with the company, needs to be held
five weeks after the appointment of a voluntary administrator,
which would have made it March 24.

In Australia, the Federal Court extended the period within which
the administrators must convene the meetings of creditors for the
Australian companies to no later than September 18.  A spokesman
for Ferrier Hodgson said it would be up to the High Court as to
how long the extension went in New Zealand, nzherald.co.nz notes.

According to the report, Steve Sherman, a Ferrier Hodgson partner
and administrator for REDgroup, said the extension would allow the
insolvency experts time to "frame the options" for the company's
creditors as to what may be in their best interests.

"Ultimately the creditors will be asked to assess the options that
we will have provided them with, and whether they consider them to
be in their best interests," nzherald.co.nz quotes Mr. Sherman as
saying.

Meanwhile, nzherald.co.nz cites, Ferrier Hodgson has started
advertising Whitcoulls and other REDgroup businesses for sale over
the weekend.  The administrators of REDgroup Retail are seeking
expressions of interest for 74 Whitcoulls, nine Bennetts and five
Borders stores in New Zealand.

Mr. Sherman, as cited by nzherald.co.nz, said the campaign was
aimed at assessing the level of interest but that the
administrators had an open mind as to the future of Whitcoulls.
He said "encouraging expressions of interest" had been received.

Ferrier Hodgson would prefer a "whole-of-company" deal, but is
willing to talk to parties who have an interest in one or more
segments of the Whitcoulls-Borders group, nzherald.co.nz adds.

                        About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand, and Singapore in 2008.

                       *     *     *

REDgroup Retail Pty. Ltd. on Feb. 17, 2011, named Ferrier Hodgson
as voluntary administrators.  The appointment comes less than a
day after Borders Group Inc. filed for bankruptcy in the U.S. and
began taking bids for 200 stores, according to Bloomberg News.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd


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


BANCO FILIPINO: Closes Doors Amid Panic, Heavy Withdrawals
----------------------------------------------------------
BusinessWorld Online reports that Banco Filipino Savings and
Mortgage Bank closed its doors to its depositors Monday after
panic withdrawals since last week depleted it of cash.

BusinessWorld relates that a bank official said Banco Filipino had
not declared a bank holiday and was waiting for a PHP3 billion
emergency loan from the Bangko Sentral ng Pilipinas (BSP) in order
to service withdrawals.

The central bank, however, did not give any indication that it was
granting the request, BusinessWorld says.

Doris Dumlao at the Philippine Daily Inquirer reports that the
Aguirre-led bank blamed the BSP of contributing to its woes,
citing the non-implementation of a rebuilding plan that would
require PHP25 billion in liquidity infusion by the banking
regulator.  Banco Filipino vice chair Perfecto Yasay, a former
chairman of the Securities and Exchange Commission, told the
Inquirer in an interview that such infusion would be part of the
BSP's obligation to the bank.

Banco Filipino was shut down by the old central bank, the BSP's
predecessor, during the Marcos regime in the 1980s but was
reopened in 1994 after the Supreme Court ruled that its closure
was arbitrary, the Inquirer recalls.

"We have been suffering from an extraordinary financial panic
caused by a well-orchestrated smear campaign quoting BSP as source
of inaccurate and malicious imputations," the Inquirer quotes
Mr. Yasay as saying.  "The bank is exhausting all efforts to
protect its depositors by asking the BSP to stave off the heavy
withdrawals by denying derogatory articles attributed to them and
by providing emergency loan assistance after we have submitted
official collateral," he added.

Mr. Yasay reiterated the need to immediately implement the
approved PHP25 billion business plan as ordered by the Makati
Regional Trial Court, according to the Inquirer.

Mr. Yasay said the court had also prohibited the BSP and the MB
(Monetary Board), its officials and agents, from committing any
act prejudicial to the operation of the bank.

Philippine Deposit Insurance Co. President Jose Norgales told the
Inquirer in a separate interview that the PDIC, the agency
mandated by law to oversee padlocked banks, had not received any
order from the BSP to take over the bank.

Meanwhile, the Inquirer points out, the BSP has asked Banco
Filipino to clarify its financial situation to clients and to the
banking regulator, following reports that the financial
institution had declared a voluntary "bank holiday."

The Inquirer notes that shares of Banco Filipino were delisted by
the Philippine Stock Exchange effective March 10 for "continuous
violation" by the bank of disclosure rules and failing to submit
structured reports to the bourse.

Banco Filipino has about PHP17 billion worth of deposits in more
than 60 branches across the Philippines.

                      About Banco Filipino

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

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

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

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


                             *********

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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