TCRAP_Public/110318.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

             Friday, March 18, 2011, Vol. 14, No. 55

                            Headlines



A U S T R A L I A

ALINTA ENERGY: Shareholders Agree to Sell Assets to Lenders
LEHMAN BROTHERS: 70+ Councils Join Class Suit


C H I N A

CHINA TEL GROUP: Engages Kabani & Company as Accountants


H O N G  K O N G

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
STERLING NATIONAL: Members' Final Meeting Set for April 15
T & K: Yang Sih Yu Samuel Appointed as Liquidator
TRACOM TRADING: Yang Sih Yu Samuel Appointed as Liquidator
UBS EAST: Commences Wind-Up Proceedings

UBS HK: Commences Wind-Up Proceedings
WINBOURNE INDUSTRIAL: Yang Sih Yu Samuel Appointed as Liquidator


I N D I A

AMON-RA IMPEX: Fitch Assigns National Long-Term Rating at 'B+'
ASSOCIATE LUMBERS: CRISIL Puts 'BB-' Rating on INR600M Cash Credit
ASTRA LIGHTING: CRISIL Reaffirms 'D' Rating to INR31.4MM Term Loan
FAROUK SODAGAR: CRISIL Assigns 'B+' Rating to INR1.0BB Cash Credit
GS RADIATORS: CRISIL Reaffirms 'D' Rating on INR60MM Cash Credit

INTEGRATED EQUIPMENTS: CARE Rates INR585cr LT Bank Loans
KALLARACKALS MAHARANI: CRISIL Reaffirms 'BB-' Cash Credit Rating
MAHARASHTRA ALDEHYDES: CRISIL Reaffirms 'B+' Rating on Cash Credit
MORBI POLYPACK: CARE Assigns 'CARE BB' Rating to INR5.7cr LT Loan
NAG LEATHERS: CRISIL Reaffirms 'D' Rating on INR4.6MM Term Loan

NAG YANG: CRISIL Reaffirms 'D' Rating on INR6.5 Million Term Loan
OM PRAKASH: CRISIL Reaffirms 'B+' Rating on INR70MM Cash Credit
PJR PROJECT: CRISIL Assigns 'BB' Rating to INR5 Mil. Cash Credit
PLAZA TEX: CRISIL Assigns 'BB-' Rating to INR17 Million Term Loan
PRABHAT SAW: CARE Assigns 'CARE BB+' Rating to INR15MM LT Loan

RUTTONPORE PLANTATIONS: CRISIL Assigns 'D' Rating to INR27MM Loan
SALUJA STEEL: Fitch Assigns 'C' National Long-Term Rating
SCAN STEELS: CARE Assigns 'CARE BB' Rating to INR176.34 LT Loan
SHREE PRITHVI: CRISIL Assigns 'BB+' Rating to INR11.3MM Term Loan
SHREE DOODHAGANGA: CRISIL Reaffirms 'C' Cash Credit Rating

TROPICOOL FOODS: CRISIL Reaffirms 'D' Rating on INR38.8MM LT Loan
VENUS ROLLING: CRISIL Reaffirms BB- Rating on INR80MM Cash Credit
VIDARBHA WINDING: CRISIL Assigns 'B' Rating to INR19.5MM Term Loan
WEBFIL LIMITED: CRISIL Reaffirms 'C' Rating on Cash Credit
WESTERN LUMBERS: CRISIL Rates INR400 Million Cash Credit at 'B+'


J A P A N

PACNET LIMITED: Japan Earthquake Won't Affect Fitch's 'B+' Rating
SAIZEN REIT: Earthquake Won't Affect Moody's 'Caa1' Rating
TAKEFUJI CORP: Extends Bid Deadline for the Second Time


M A L A Y S I A

TALAM CORP: Members to Approve MYR391.99MM Debt Settlement


N E W  Z E A L A N D

BLUE CHIP: Lawyer Sees No Action Yet Against Blue Chip Directors
BRIDGECORP LTD: Directors Want Securities Act Charges Cancelled
HERBERT INSURANCE: Client Relationships Transferred to Aon


P H I L I P P I N E S

PHILIPPINE AIRLINES: Sees Profit This Year Amid Fuel Price Hike


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ALINTA ENERGY: Shareholders Agree to Sell Assets to Lenders
-----------------------------------------------------------
Philip Wen at The Sydney Morning Herald reports that shareholders
of Alinta Energy have overwhelmingly agreed to sell most of the
company's assets to its private equity-led syndicate of lenders to
stave off administration.

SMH relates that shareholders heeded calls from Alinta's board to
accept the 10›-a-share offer at an extraordinary meeting held
March 15.  For many long-term investors, says SMH, this meant
nursing losses of 90%.

According to SMH, Alinta chief executive Ross Rolfe said the
company had "conducted exhaustive processes over the last two
years" to sell or recapitalize the business as the group groaned
under a multibillion-dollar debt load.  But the business's
performance had deteriorated considerably over the past year and
it had little prospect of meeting $169 million of debt repayments
due in July, Mr. Rolfe said.

SMH adds that Alinta chairman Len Gill said the company's lenders
had effectively forced its hand.  According to the report,
Mr. Gill said the alternative to the buyout was near-certain
administration and a subsequent return to shareholders of no more
than 3.3› a share.

"These banks have come in to buy the business with a 'loan-to-own'
mentality," SMH quotes Mr. Gill as saying. "They've come in with a
plan to protect value in those assets, so the leverage you would
love the board to have doesn't exist."

Alinta had been engaged in a standoff with two of its hedge-fund
shareholders, Bronte Capital and Coastal Capital International.
The two funds, which collectively own about 20% of Alinta,
threatened to vote against the deal if the offer was not
sweetened.

SMH notes that the stoush fizzled, with neither fund voting their
stake after a superior offer failed to materialize.  Of the more
than 326 million votes cast, 96.8% were in favor of the deal.

Mr. Gill, as cited by SMH, said the "quantum and certainty" of the
10› payment was an "exceptional outcome in the circumstances."

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2010, Alinta Energy Group, formerly known as Babcock &
Brown Power, received a number of indicative, non-binding, and
confidential bids for both whole of business and parts of the
business.  "Alinta Energy continues to assess deleveraging options
for the business, including asset sale and capital management
options, with a focus on maximizing total enterprise value,"
Alinta Energy said in a statement to the stock exchange.  Alinta
Energy said it has made a request to its banking syndicate for the
variation of covenants for the period to March 31, 2011, as under
some trading scenarios, these covenants could come under pressure
and frustrate the deleveraging activities.

                       About Alinta Energy

Alinta Energy Group (ASX:AEJ) -- http://www.alintaenergy.com/--
is a power generation business, with assets diversified by
geographic location, fuel source, customers, contract types and
operating mode.  The portfolio has interests in 12 operating power
stations representing approximately 3,000MW of installed
generation capacity.  In Western Australia, Alinta Energy also
operates the largest integrated private gas and electricity
retailer with over 580,000 customers.

Alinta Energy Group posted a net loss of AU$577.39 million for
the year ended June 30, 2010, compared with a net loss of
AU$168.93 million in 2009.


LEHMAN BROTHERS: 70+ Councils Join Class Suit
---------------------------------------------
More than 70 councils are participating in a class action against
Lehman Brothers Australia, Hannah Low at The Australian Financial
Review reported.

The councils, according to the report, have alleged breach of
contract, breach of fiduciary duties, negligence, and misleading
and deceptive conduct, which resulted in significant losses to
the councils.  Rajah Senathirajah, the finance manager at the
City of Swan until January 2008, told the Federal Court of
Australia on March 9 that securities firm Grange assured him in
2003 that collaterized debt obligations were safe investments,
the report said.  Grange was later bought by Lehman, the report
noted.

A trial on the suit began March 2 after efforts to resolve the
dispute at mediation failed, Bloomberg News said, citing a
statement from IMF (Australia) Ltd. to the Australian Stock
Exchange.

"It's the first one to go to trial internationally," John Walker,
executive director of IMF (Australia), the country's largest
litigation funder, said in a telephone interview with Bloomberg.
Similar lawsuits have been filed in the U.S. and Europe, although
none have reached the trial stage, he said.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


CHINA TEL GROUP: Engages Kabani & Company as Accountants
--------------------------------------------------------
On March 11, 2011, China Tel Group, Inc., engaged Kabani &
Company, Inc. as its independent registered public accounting firm
for the fiscal year ended Dec. 31, 2010.  The decision to engage
Kabani as the Company's independent registered public accounting
firm was approved by the Company's Board of Directors and
determined to be in the Company's best interest.

During the two most recent fiscal years and through the Engagement
Date, the Company has not consulted with Kabani regarding either:

   1. The applications of accounting principles to any specified
      transaction, either completed or proposed, or the type of
      audit opinion that might be rendered on the Company's
      financial statements, and neither a written report was
      provided to the Company nor oral advice was provided that
      Kabani concluded was an important factor considered by the
      Company in reaching a decision as to the accounting,
      auditing or financial reporting issue; or

   2. Any matter that was either the subject of a disagreement (as
      defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-
      K and the related instructions thereto) or a reportable
      event (as described in paragraph (a)(1)(v) of Item 304 of
      Regulation S-K).

                          About China Tel

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

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

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

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


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


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) on March 11 announced that
investigation of over 99% of a total of 21,750 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 14,383 cases, which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,573 cases, which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,687 cases, which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,529 cases, (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 747 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 782 cases; and

    * 490 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

    Investigation work is underway for the remaining 86 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?7506

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


STERLING NATIONAL: Members' Final Meeting Set for April 15
----------------------------------------------------------
Members of Sterling National Asia Limited will hold their final
general meeting on April 15, 2011, at 3:05 p.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


T & K: Yang Sih Yu Samuel Appointed as Liquidator
-------------------------------------------------
Yang Sih Yu Samuel on March 5, 2011, was appointed as liquidator
of T & K Leather (Hong Kong) Limited.

The liquidator may be reached at:

         Yang Sih Yu Samuel
         Room 2, 1st Floor
         Block A, Sea View Estate
         2-8 Watson Road
         North Point, Hong Kong


TRACOM TRADING: Yang Sih Yu Samuel Appointed as Liquidator
----------------------------------------------------------
Yang Sih Yu Samuel on March 5, 2011, was appointed as liquidator
of Tracom Trading Limited.

The liquidator may be reached at:

         Yang Sih Yu Samuel
         Room 2, 1st Floor
         Block A, Sea View Estate
         2-8 Watson Road
         North Point, Hong Kong


UBS EAST: Commences Wind-Up Proceedings
---------------------------------------
Members of UBS East Asia Limited, on March 1, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


UBS HK: Commences Wind-Up Proceedings
-------------------------------------
Members of UBS Hong Kong Nominees Limited, on March 1, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


WINBOURNE INDUSTRIAL: Yang Sih Yu Samuel Appointed as Liquidator
----------------------------------------------------------------
Yang Sih Yu Samuel on March 5, 2011, was appointed as liquidator
of Winbourne Industrial Company Limited.

The liquidator may be reached at:

         Yang Sih Yu Samuel
         Room 2, 1st Floor
         Block A, Sea View Estate
         2-8 Watson Road
         North Point, Hong Kong


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


AMON-RA IMPEX: Fitch Assigns National Long-Term Rating at 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned India's Amon-ra Impex Private Limited a
National Long-Term rating of 'B+(ind)' with a Stable Outlook.  The
agency has also assigned ratings to Amon-ra's bank facilities:

  -- INR5m fund-based cash credit limits: 'B+(ind)'; and
  -- INR45m non-fund based letter of credit: 'F4(ind)'.

The ratings reflect Amon-ra's strong distribution network and
niche trading product range, giving the company an edge over its
competitors.  Also, the company operates in an industry largely
dominated by international PVC/vinyl floorings manufacturers and
traders.  The ratings benefit from Amon-ra's comfortable credit
metrics at net debt/EBITDA of 1.2x (FY09: 3.6x) and EBITDA/gross
interest coverage of 9x (FY09: 5.9x).  Furthermore, the company
has been generating positive cash flow from operations and
positive free cash flow for the past two years.  However, Fitch
expects Amon-ra to generate negative FCF in FY11 and FY12 due to
higher working capital requirements.  In addition, the ratings
draw strength from lower working capital utilization limits; in
the last 12 months, average utilization of fund-based limits was
20% and that of non-fund based limits was 82%.

The ratings also benefit from the fact that the company takes
confirm orders for polymers, which reduces the risk of price
volatility and inventory write-off.  The ratings also factor in
the 15-year track record of Amon-ra's promoters (Rajgor and
family) in the polymers trading business.

The ratings are constrained by Amon-ra's small scale of
operations, thin EBITDA margins (FY10: 5.1% and FY09: 2.7%:
characterized by the trading nature of its business) and its
dependence on bank finance for increasing working capital
requirements.  The ratings are also constrained by the company's
excessive dependence on the import of PVC/vinyl floorings from a
single supplier - Hanwha Corporation, Korea, which exposes Amon-ra
to exchange rate fluctuations, thus affecting its profitability.

The ratings downgrade may result from any significant decline in
Amon-ra's revenues and EBITDA margins to below 2% as well as from
a sustained deterioration in its net debt/EBITDA to beyond 4x.
Any disputes with Hanwha Corporation would lead to a revenue loss
and be negative for the ratings.

Incorporated in 1995, Amon-ra is involved in the trading of
polymers and PVC flooring, under Hanwha Group's brand name.  In
FY10, Amon-ra's revenues grew 4.4% yoy to INR124 million, with
EBITDA of INR5.2 million (FY09: 2.8 million).  Its net debt/EBITDA
stood at 1.2x in FY10 (FY09: 3.6x).


ASSOCIATE LUMBERS: CRISIL Puts 'BB-' Rating on INR600M Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Associate Lumbers Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR600 Million Cash Credit     BB-/Stable (Assigned)

The rating reflects ALPL's weak financial risk profile, marked by
low profitability and moderate debt protection metrics, small
scale of operations, and large working capital requirements. These
weaknesses are partially offset by the longstanding experience of
the company's promoters in the timber business.

Outlook: Stable

CRISIL believes that ALPL will maintain its business risk profile
over the medium term backed by its promoters' extensive experience
in the timber business.  The outlook may be revised to 'Positive'
if more-than-expected net cash accruals, leads to improvement in
debt protection metrics and maintenance of moderate capital
structure.  Conversely, the outlook may be revised to 'Negative'
if large incremental working capital requirements further weaken
ALPL's liquidity.

                      About Associate Lumbers

ALPL is a part of the Associate group, an equal joint venture of
two well-reputed business houses, Jawahar Saw Mills (the Agicha
family) and the Farouk Sodagar Darvesh group (FSD group).  The FSD
group has been in the timber trading business for almost 100
years, whereas the Agicha family has been in the timber business
for over 60 years.

ALPL imports timber for supplies to large construction and
infrastructure projects, saw milling companies, and furniture
manufacturers.  The company also has saw mill operations at Kandla
in Gujarat, strategically located near Kandla port, where imported
timber logs are sawed (hardwood) and sold to timber traders in
India.  Currently, the company imports timber via Singapore from
Malaysia, Myanmar, Costa Rica, Papua New Guinea, Panama, Ivory
Coast, Nigeria, Lagos, Togo, and Benin.

ALPL reported a profit after tax (PAT) of INR19 million on net
sales of INR772 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR10 million on net sales
of INR724 million for 2008-09.


ASTRA LIGHTING: CRISIL Reaffirms 'D' Rating to INR31.4MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Astra Lighting Ltd
continue to reflect instances of delay by the company in servicing
its debt; the delays have been caused by Astra's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR70.0 Million Cash Credit Limit    D (Reaffirmed)
   INR31.4 Million Term Loan            D (Reaffirmed)
   INR11.1 Million Proposed Long-Term   D (Reaffirmed)
                   Bank Loan Facility
   INR25.0 Million Letter of Credit     P5 (Reaffirmed)

Astra also has a small scale of operations, a small net worth,
customer concentration in its revenue profile, and working-
capital-intensive operations.  Astra, however, benefits from its
promoters' experience in the lighting industry, and its stable
business position in the high intensity discharge (HID) lamp
segment.

Update
Astra's operations remain working capital intensive in nature. The
company's bank limits were fully utilized at an average of around
100% during the 12 months ended January 2011, even though the
company availed ad hoc limit of INR3 million from the bank; this
left no scope for the banker to debit the installment on the due
date.

CRISIL believes that Astra's scale of operations will improve, as
the company is planning to operate an additional shift so as to
increase the volume of its business.  This is expected to result
in better coverage over fixed overheads. This in turn will improve
Astra's profitability and net cash accruals.

Astra reported a profit after tax (PAT) of INR10.1 million on net
sales of INR288.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR23.2 million on net
sales of INR196.2 million for 2008-09.

                        About Astra Lighting

Set up in 1997, Astra manufactures HID lamps, compact fluorescent
lamps (CFL), tubes and ballasts.  The products manufactured by
Astra are used in infrastructure projects, floodlighting of
monuments, stadiums, lighting of streets, highways, parking areas,
and indoor lighting of houses (CFL tubes).  Currently, Astra
manufactures HID lamps and spiral CFLs for original equipment
manufacturers such as Bajaj Electricals Ltd and Osram India Pvt
Ltd (rated 'AA/Stable/P1+' by CRISIL).  Astra has an installed
manufacturing capacity of 1.4 million units of HID lamps, 2.4
million units of CFL tubes and 0.18 million units of ballasts per
year.


FAROUK SODAGAR: CRISIL Assigns 'B+' Rating to INR1.0BB Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Farouk Sodagar Darvesh & Co. Pvt Ltd (FSD, part of the
FSD-WL combine).

   Facilities                       Ratings
   ----------                       -------
   INR1000 Million Cash Credit      B+/Stable (Assigned)

The rating reflects the combine's weak financial risk profile,
marked by a high total outside liabilities to total net worth
(TOL/TNW) ratio and weak interest coverage ratio, the low value-
add nature of business, and its susceptibility to volatility in
steel prices. These weaknesses are partially offset by the FSD-WL
combine's established relations with suppliers and customers.

For arriving at its ratings, CRISIL has combined the financial
risk profiles of FSD and Western Lumbers, together referred to as
the FSD-WL combine.  This is because both the companies are
managed by the same promoter family and are trading in similar
products. Moreover, there have been instances of financial
transactions between these entities to meet each others' short-
term funding requirements. At the operational level, the companies
share common infrastructure with common procurement, finance and
management teams.

Outlook: Stable

CRISIL believes that the FSD-WL combine will maintain a stable
business risk profile over the medium term backed by its
established relationship with customers and suppliers.  The
outlook may be revised to 'Positive' if there is a significant
infusion of funds by the promoters resulting in improvement in the
group's capital structure. Conversely the outlook may be revised
to 'Negative' in case of deterioration in profitability levels
leading to lower than expected cash accruals and adverse debt
protection indicators.

FSD and WL are part of the Farouk Sodagar Darvesh group founded by
Miya Ahmed Darvesh family in 1909. Initially, FSD and WL were
involved in the trading and import of various varieties of timber.
However, since 2003, the FSD-WL combine has diversified into
trading of thermo-mechanically-treated bars, binding wires,
cement, glass, construction and infrastructure materials. Over the
past five years, steel trading has evolved as the major
contributor towards revenues (90 to 95% of overall revenues).  The
timber operations in the combine have reduced to minimal levels.

The FSD-WL combine reported a profit after tax (PAT) of Rs 33
million on net sales of INR2.27 billion for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR19
million on net sales of INR 2.23 billion for 2008-09.


GS RADIATORS: CRISIL Reaffirms 'D' Rating on INR60MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of GS Radiators Ltd
continue to reflect instances of delay by the company in servicing
its debt; the delays have been caused by GS's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR60.0 Million Cash Credit Limit    D (Reaffirmed)
   INR22.5 Million Term Loan            D (Reaffirmed)
   INR40.0 Million Letter of Credit     P5 (Reaffirmed)

GS has a weak financial risk profile, marked by a small net worth
and weak debt protection metrics, and small scale of operations.
The company is, however, expected to benefit from its longstanding
presence of more than two decades in the radiator manufacturing
business.

Update
GS's operations remain working capital intensive in nature. The
company's bank limits were fully utilised at an average of around
100% during the 12 months through December 2010; this left the
banker with no scope to debit the installment on the due date. In
2009-10 (refers to financial year, April 1 to March 31), the sheet
metal product division did not contribute much to GS's topline
because of the constraining bank limits, resulting in lower-than-
expected cash accruals generated by the company.

In 2009-10, GS showed an improvement in its operating
profitability because of benefits received from the increase in
the copper prices (as copper constitutes around 65% of the total
raw material cost).

GS has no capital expenditure plans for the medium term, as it has
become very cautious in its approach towards expansion in the wake
of fluctuating copper prices.  With the increasing working capital
requirements, the gearing is expected to remain in the vicinity of
1 time over the medium term.

For 2009-10, GS reported a profit after tax of INR2.6 million on
net sales of INR293.5 million; against a profit after tax of
INR4.8 million on net sales of INR271.2 million for the previous
year.

                        About GS Radiators

GS, incorporated in 1988, is promoted by Mr. Ranjodh Singh. The
company manufactures copper-brass radiators for the industrial and
automotive sectors at its unit in Ludhiana (Punjab). GS sells to
players such as Indian Tractors Ltd, Punjab Tractors Ltd, and
Swaraj Mazda Ltd in the domestic market, and to radiator suppliers
such as Adrad (Australia) and Kirkland (USA. GS has also recently
started manufacturing sheet metal products for the harvester and
tractor segments.


INTEGRATED EQUIPMENTS: CARE Rates INR585cr LT Bank Loans
---------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Integrated Equipments & Infraservices Pvt. Ltd.

                                Amount
   Facilities                  (INR cr)     Ratings
   ----------                  --------     -------
   Long-term bank facilities     585.0      'CARE BB+' Assigned

Rating Rationale

The above rating is constrained by the large size of the project,
risks of implementation being in the initial stage, volatility in
raw material prices, threat of substitutes like non stick
cookwares.  The rating also factors in long experience with
satisfactory track record of the promoter group, better quality of
proposed product with the use of superior technology and debt
portion of the project fully tied up. Ability of the company to
successfully implement the project and market its product
successfully thereafter would remain the key rating sensitivities.

Integrated Equipments & Infraservices Pvt. Ltd, promoted by the
Kolkata based BRG group, was incorporated in November, 2007 to set
up a stainless steel utensils manufacturing unit of capacity
1,34,400 MT per annum at Kharagpur, in West Bengal.  The estimated
project cost of INR983.8 crore is proposed to be financed at a
debt-equity ratio of 1.46:1. The entire project is divided into
three phases and is likely to be completed by October, 2013. IEIPL
has  incurred INR152.6 crore till Oct.31, 2010 towards, land &
building, civil construction, machineries out of the equity
proceeds.


KALLARACKALS MAHARANI: CRISIL Reaffirms 'BB-' Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kallarackals Maharani
Gold Super Market (KMG, part of the Kallarackals group) continue
to reflect the Kallarackals group's small scale of operations,
susceptibility to intense competition in the gold jewellery retail
business, and below-average financial risk profile, marked by high
gearing, and weak debt protection metrics.  These rating
weaknesses are partially offset by the extensive experience of the
group's promoters in the gold jewellery industry.

   Facilities                        Ratings
   ----------                        -------
   INR30.00 Million Cash Credit      BB-/Stable (Reaffirmed)
   INR60.00 Million Packing Credit   P4+ (Reaffirmed)
   INR30.00 Million Bill Purchase-   P4+ (Reaffirmed)
             Discounting Facility

For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of KMG and Kallarackals Gold Super Market
(Vincy Anto), together referred to as the Kallarackals group. This
is because both entities are in the same line of business, under a
common management.

Outlook: Stable

CRISIL believes that the Kallarackals group will continue to
benefit from its promoters' extensive experience in the jewellery
business, over the medium term.  The outlook may be revised to
'Positive' if the group's financial risk profile improves, driven
by strong cash accruals and a healthy capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
large, debt-funded capital expenditure, or lower-than-expected
profitability, or significant withdrawals by the promoters.

                         About the Group

Kallarackals is a proprietorship firm set up by Mr. K O Anto in
1999. The entity has two gold jewellery retail showrooms at
Chalakkudy and Kasargod (both in Kerala).  The entity also plans
to open a wholesale showroom in Chalakkudy and a retail showroom
in Tamil Nadu over the next one year. Kallarackals also exports
gold jewellery, and has manufacturing units at Kasargod and
Kakkanad Special Economic Zone in Kochi (Kerala).

Vincy Anto is a proprietorship firm owned by Mrs. Vincy Anto (wife
of Mr. Anto) and has a single showroom at Kanjangad (Kerala).

The Kallarackals group reported a profit after tax (PAT) of
INR10.3 million on net sales of INR692.3 million for 2009-10
(refers to financial year, April 1 to March 31), as against a PAT
of INR6.6 million on net sales of INR726.8 million for 2008-09.


MAHARASHTRA ALDEHYDES: CRISIL Reaffirms 'B+' Rating on Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maharashtra Aldehydes
and Chemicals Ltd continue to reflect MACL's weak financial risk
profile marked by a high gearing and weak liquidity, and exposure
to intense competition in the diethyl phthalate chemical industry.
These rating weaknesses are partially offset by MACL's stable
operating margin, and well-established relationships with key
customers.

   Facilities                         Ratings
   ----------                         -------
   INR70.0 Million Cash Credit        B+/Stable (Reaffirmed)
   INR45.8 Million Long-Term Loan     B+/Stable (Reaffirmed)
   INR13.5 Million Letter of Credit   P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that MACL's financial risk profile will remain
constrained, owing to the company's high working capital
requirements resulting in a high reliance bank facilities and a
stretched liquidity position.  The outlook may be revised to
'Positive' if the company improves its profitability, or posts
higher-than-expected internal accruals, resulting in improvement
in its financial risk profile.  Conversely, the outlook may be
revised to 'Negative' if MACL reports lower-than-expected cash
accruals, or if there is an increase in its working capital
requirements and debt level, thereby adversely affecting its
financial risk profile.

Update

MACL's revenues registered a growth of 27.24% in 2009-10 (refers
to financial year, April 1 to March 31), over that in the previous
financial year.  The company's operating margin also increased to
7.5% in 2009-10 from that of 7.2% in 2008-09. The operating margin
has improved by virtue of increased proportion of contract
manufacturing activity undertaken by MACL during the year, for
customers such as Merck Ltd and Kumar Organics Pvt Ltd. MACL's
growth in sales has primarily been driven by the increased offtake
of diehtyl pthalate (DEP) by the company's main customers, such as
Ranga Rao & Sons and International Flavours and Fragrance India
Ltd (IFFIL).

However, given that sales to IFFIL are carried out at 60 days
credit, with the increase in sales, the overall receivable days
have also increased from earlier levels of 40 days to present
levels of 55 days, resulting in larger working capital
requirements. The company has been managing the increased working
capital requirements by obtaining increased credit from suppliers.
However, MACL's liquidity remains weak, with the cash credit
limits of the company remaining utilised at near full levels
during the year. CRISIL believes that given MACL's large working
capital requirements, the company's liquidity will remain weak
over the near to medium term.

MACL reported a profit after tax (PAT) of INR2 million on net
sales of INR283 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of Rs 0.14 million on net
sales of INR 234 million for 2008-09.

                    About Maharashtra Aldehydes

Set up in 1983 as a closely held public limited company, MACL is a
part of the Goenka group, which has an established market position
in the paper trading, chemical manufacturing, and education
sectors. MACL manufactures chemicals, primarily DEP, used in the
production of perfumes and incense sticks. MACL's clientele
includes N Rangarao & Sons (of the Cycle brand incense sticks),
with which it has been doing business for more than eight years.
In 2008-09, MACL also started contract manufacturing of Thione,
used for manufacturing anti-dandruff shampoos.


MORBI POLYPACK: CARE Assigns 'CARE BB' Rating to INR5.7cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB' to bank facilities of Morbi Polypack Pvt.
Ltd.

                                Amount
   Facilities                  (INR cr)     Ratings
   ----------                  --------     -------
   Long-term Bank Facilities     5.70       'CARE BB' Assigned

Rating Rationale

The ratings are primarily constrained due to limited experience of
the promoters of Morbi Polypack Pvt. Ltd. in the plastic packaging
industry, nascent stage of operations with high post
implementation risk and high bargaining power of suppliers. The
ratings are further constrained by intense competition and highly
fragmented nature of the industry.  The ratings derive strength
from the moderate leverage position and support from group
companies in terms of common management and marketing platform to
target agro-based industries.  Stabilization of recently setup
capacity and strengthening of marketing and distribution setup are
the key rating sensitivities.

                        About Morbi Polypack

MPPL, incorporated in August 2009, is promoted by the Morbi-based
Panara family which has business interests mainly in the cotton
industry through other entities namely Hariom Cotgin Pvt.
Ltd. (engaged in manufacturing of cotton bales and cotton seeds),
Hariom Oil Industry and Shiv Oil Industry (engaged manufacturing
of cotton oil seed & oil cakes). MPPL is a step towards
diversification of the group's business and is engaged in
manufacturing of Polythene Woven Sacks/Bags having application in
packaging in various  industries including cement, salt,
fertilizers and other agro-based industries. MPPL has an installed
capacity of 3,800 MTPA (Metric Tons Per Annum) at its facility at
Virapur, Morbi. The project was initially envisaged to be
completed by March 2010 but there was a delay in procurement of
machinery and subsequently the project got delayed by six months.
MPPL has started its commercial production in September 2010.


NAG LEATHERS: CRISIL Reaffirms 'D' Rating on INR4.6MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nag Leathers Pvt Ltd
(NLPL; part of the Nag group) continue to reflect instances of
delay by the Nag group in servicing its term loan; the delays have
been caused mainly by the group's weak liquidity, driven by
decline in revenues as a result of slowdown in the leather
industry.

   Facilities                              Ratings
   ----------                              -------
   INR4.60 Million Term Loan               D (Reaffirmed)
   INR50.00 Million Packing Credit         P5 (Reaffirmed)
   INR30.00 Million Foreign Bill Purchase  P5 (Reaffirmed)
   INR20.00 Million Letter of Credit       P5 (Reaffirmed)

The Nag group has a weak financial risk profile, marked by a
moderate net worth, a high gearing, and weak debt protection
metrics, a geographically concentrated revenue profile, and large
working capital requirements. The Nag group is also exposed to
risks related to fluctuations in foreign exchange rates. The
group, however, benefits from its established track record and its
integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NLPL, Nag Yang Shoes Pvt Ltd (NYS), and
Nag India Pvt Ltd, collectively referred to as the Nag group. This
is because the three companies are in the same line of business,
with each company representing one stage of the group's value
chain. The entities share high degree of operational and financial
fungibility, and are under the same management.

                         About the Group

NLPL, incorporated in 1990 by Mr. S Chockalingam Pillay, is the
flagship company of the Nag group. NLPL manufactures and exports
finished leather and shoe uppers, with shoe uppers being entirely
manufactured on subcontract basis by NIPL (incorporated in 2001).
In 2004, the Nag group forward-integrated its operations to
manufacturing complete shoes by setting up NYS. Since 2004, NLPL
has been a feeder unit to NYS; it sells 60 to 70% of its
production to NYS.  All three companies have manufacturing units
in Ranipet (Tamil Nadu).

The Nag group reported an estimated profit after tax (PAT) of
INR5.5 million on an estimated net sales of INR402.8 million for
2009-10 (refers to financial year, April 1 to March 31), against a
PAT of INR8.2 million on net sales of INR433.5 million for 2008-
09.


NAG YANG: CRISIL Reaffirms 'D' Rating on INR6.5 Million Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nag Yang Shoes Pvt Ltd
continue to reflect instances of delay by the Nag group in
servicing its term loan; the delays have been caused mainly by the
group's weak liquidity, driven by decline in revenues as a result
of slowdown in the leather industry.

   Facilities                               Ratings
   ----------                               -------
   INR6.50 Million Term Loan                D (Reaffirmed)
   INR85.00 Million Packing Credit          P5 (Reaffirmed)
   INR60.00 Million Foreign Bill Purchase   P5 (Reaffirmed)
   INR20.00 Million Letter of Credit        P5 (Reaffirmed)
   INR10.20 Million Short-Term Loan         P5 (Reaffirmed)

The Nag group has a weak financial risk profile, marked by a
moderate net worth, a high gearing, and weak debt protection
metrics, a geographically concentrated revenue profile, and large
working capital requirements.  The Nag group is also exposed to
risks related to fluctuations in foreign exchange rates. The
group, however, benefits from its established track record and
integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NYS, and Nag Leathers Pvt Ltd, and Nag
India Pvt Ltd, collectively referred to as the Nag group.  This is
because the three companies are in the same line of business, with
each company representing one stage of the group's value chain.
The entities share high degree of operational and financial
fungibility, and are under the same management.

                         About the Group

NLPL, incorporated in 1990 by Mr. S Chockalingam Pillay, is the
flagship company of the Nag group. NLPL manufactures and exports
finished leather and shoe uppers, with shoe uppers being entirely
manufactured on subcontract basis by NIPL (incorporated in 2001).
In 2004, the Nag group forward-integrated its operations to
manufacturing complete shoes by setting up NYS. Since 2004, NLPL
has been a feeder unit to NYS; it sells 60 to 70% of its
production to NYS. All three companies have manufacturing units in
Ranipet (Tamil Nadu).

The Nag group reported an estimated profit after tax (PAT) of
INR5.5 million on an estimated net sales of INR402.8 million for
2009-10 (refers to financial year, April 1 to March 31), against a
PAT of INR8.2 million on net sales of INR433.5 million for 2008-
09.


OM PRAKASH: CRISIL Reaffirms 'B+' Rating on INR70MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Om Prakash Surinder
Mohan continue to reflect OPSM's moderate financial risk profile,
the small scale of its operations, and customer concentration in
its revenue profile.  These weaknesses are mitigated by the firm's
established track record in the civil works industry.

   Facilities                          Ratings
   ----------                          -------
   INR70.0 Million Cash Credit Limit   B+/Stable (Reaffirmed)
   INR30.0 Million Bank Guarantee      P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that OPSM will maintain a stable business risk
profile, backed by its established track record. Its financial
risk profile will, however, remain moderate because of its small
net worth.  The outlook may be revised to 'Positive' if the firm's
capital structure and net worth improve substantially along with
improvement in scale of operations.  Conversely, the outlook may
be revised to 'Negative' if the firm undertakes a large, debt-
funded capital expenditure (capex) programme, or if its working
capital requirements increase significantly, leading to pressure
on its financial risk profile.

Update

OPSM maintained its business risk profile in 2009-10 (refers to
financial year, April 1 to March 31); its turnover and operating
margin were largely in line with expectations.  The company's
gearing, at 1.7 times as on March 31, 2010, was, however, better
than CRISIL's expectation, primarily due to efficient working
capital management.  The firm has not undertaken any new debt-
funded capex programme, and has no plans to do so over the near
term. Currently, the firm is focusing on timely completion of the
INR1.1-billion Air Force Naval Housing Board (AFNHB) project,
which is the largest project it has ever undertaken. Around 70% of
the work is complete; the project is expected to be completed by
December 2011.  Due to the size of the project, the company has
not bid for any other projects, leading to a low current order
book position.

OPSM reported a book profit of INR29.2 million on net sales of
INR461.7 million for 2009-10, as against a book profit of INR20.6
million on net sales of INR315.2 million for 2008-09.

                         About Om Prakash

Set up in 1979 as a proprietorship concern by Mr. Om Prakash
Khullar, OPSM was later reconstituted as a partnership firm after
the induction of Mr. Surinder Mohan Khullar as partner. OPSM
undertakes various infrastructure-related construction activities
in Himachal Pradesh and Punjab.


PJR PROJECT: CRISIL Assigns 'BB' Rating to INR5 Mil. Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' rating to the bank
facilities of PJR Project Constructions Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR4.00 Million Overdraft Facility   BB/Stable (Assigned)
   INR5.00 Million Cash Credit          BB/Stable (Assigned)
   INR1.00 Million Proposed Long-Term   BB/Stable (Assigned)
                   Bank Loan Facility
   INR175.00 Million Bank Guarantee     P4+ (Assigned)

The rating reflects PJR's customer and geographic concentration in
its revenue profile, tender-based nature of its business and small
scale of operations in a highly competitive civil construction
industry.  These weaknesses are partially offset by the extensive
experience of PJR's promoters in the civil construction industry,
and its moderate financial risk profile, marked by low gearing and
strong debt protection metrics.

Outlook: Stable

CRISIL believes that PJR will maintain its moderate credit risk
profile, backed by its experienced management.  The outlook may be
revised to 'Positive' if PJR diversifies and increases its scale
of operations and profitability, leading to an improvement in
accruals and profitability.  Conversely, the outlook may be
revised to 'Negative' in case of deterioration in PJR's financial
risk profile, owing to reduced revenues and margins or a large,
debt-funded capital expenditure programme, or in case of a delay
in project execution or in the receipt of bills from various
principal contractors.

                         About PJR Project

Established in 2001 by Mr. P Janakirama Raju and his family, PJR
undertakes civil construction works for various irrigation
projects in Andhra Pradesh (AP). The company has also recently
diversified into civil construction works for customers such as
Hindustan Petroleum Corporation Ltd (HPCL).  The company is
headquartered in Visakhapatnam (Andhra Pradesh).  The company has
outstanding orders of around INR2.4 billion from irrigation
department of AP and INR0.5 billion from HPCL as on January 31,
2011.

PJR reported a profit after tax (PAT) of INR32 million on net
sales of INR758 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR10 million on net
sales of INR254 million for 2008-09.


PLAZA TEX: CRISIL Assigns 'BB-' Rating to INR17 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Plaza Tex (India) Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR70.0 Million Cash Credit      BB-/Stable (Assigned)
   INR17.0 Million Term Loan        BB-/Stable (Assigned)

The rating reflects PTIPL's weak financial risk profile, marked by
a high gearing, highly working-capital-intensive operations, and
small scale of operations, with limited plant integration, in the
intensely competitive textile industry.  These rating weaknesses
are partially offset by the extensive experience of PTIPL's
promoters in the textile industry.

Outlook: Stable

CRISIL believes that PTIPL will benefit over the medium term from
its steady revenues and its established relationships with its
customers and suppliers.  However, the company's financial risk
profile is expected to remain under pressure because of debt-
funded capital expenditure and large working capital requirements,
during this period.  The outlook may be revised to 'Positive' if
the company's capital structure improves substantially.
Conversely, the outlook may be revised to 'Negative' if PTIPL
undertakes a larger-than-expected, debt-funded capex programme, or
faces further pressure on its liquidity because of lower-than-
expected accruals from business.

                          About Plaza Tex

PTIPL, incorporated in 2001, manufactures fabrics made of
polyester viscose and polyester stable fibre at its plant in
Bhilawara (Rajasthan).  The company has total capacity of
manufacturing 47.5 million meters per month. PTIPL is managed by
Mr. Anil Soni and his brother, Mr. Sunil Soni.

PTIPL reported a profit after tax (PAT) of INR1.9 million on net
sales of INR299.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.0 million on net sales
of INR270.0 million, respectively, for 2008-09.


PRABHAT SAW: CARE Assigns 'CARE BB+' Rating to INR15MM LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB+' & 'PR4+' ratings to bank facilities of
Prabhat Saw Mill.

                                Amount
   Facilities                  (INR cr)    Ratings
   ----------                  --------    -------
   Long-term Bank Facilities     15.00     'CARE BB+' Assigned
   Short-term Bank Facilities    25.00     'PR4+' Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of capital
or of the unsecured loans brought in by the partners in addition
to changes in the financial performance and other relevant
factors.

Rating Rationale as above
The ratings are constrained by PSM's regional nature of
operations, low profitability margin being a trading business,
working capital intensive nature of operations, its business being
exposed to risks of country specific trade regulations and
industry risk characterized by presence of unorganized players
and low entry barriers.  The ratings factor in the PSM's long
standing operational track record, experience of the promoters in
the timber trading business, established relationship with timber
suppliers, moderate capital structure and diversified clientele
base.

Going forward, the ability of the company to sustain and further
improve its profitability and cash accruals and apply prudent
working capital management without elevating its financial risk
profile would be key rating sensitivities.

PSM is a Shencottah based partnership firm engaged in the business
of timber trading.  The firm was established in the year 1978 as a
partnership firm by Mr. Shivgan K. Patel.  PSM is the flag ship
firm of 'Prabhat group of companies', whose primary business
activity is timber trading since past three decades. During FY10,
the company reported a PAT of INR0.44 Cr on a total income of
INR90.04 Cr as against PAT of INR0.30 Cr on a total income of
INR101.92 Cr in FY09. For the six months period ended September
30, 2010, PSM registered a PAT of INR0.42 Cr on a total sales of
INR54 Cr.


RUTTONPORE PLANTATIONS: CRISIL Assigns 'D' Rating to INR27MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of
Ruttonpore Plantations Private Limited.  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
   ----------                     -------
   INR45.00 Million Cash Credit   D (Assigned)
   INR27.00 Million Term Loan     D (Assigned)
   INR1.70 Million Proposed LT    D (Assigned)
            Bank Loan Facility

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 RPPL, Derby 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% 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.


SALUJA STEEL: Fitch Assigns 'C' National Long-Term Rating
---------------------------------------------------------
Fitch Ratings has assigned India's Saluja Steel & Power Private
Limited a National Long-Term rating of 'C(ind)'.  The agency has
also assigned ratings to Saluja's bank loans:

  -- INR35.8m long term loans: 'C(ind)'
  -- INR140.8m fund-based loans: 'C(ind)'; and
  -- INR20m non-fund based loans: 'F5(ind)'.

The ratings reflect Saluja's delays in servicing its term
liabilities and irregularities in the use of its working capital
facilities, due to the stretched liquidity position of the
company.  While its financial profile is moderate with debt/EBITDA
of 2.4x and interest coverage of 3.3x in FY10, volatility of raw
material prices has resulted in liquidity problems leading to
delays in debt servicing.

The ratings may be upgraded if there is an improvement in Saluja's
liquidity position, as a result of timely repayments of its term
liabilities and regularity in the use of its working capital
facilities.

Incorporated in July 2004, Saluja, is a Jharkhand-based
manufacturer and supplier of sponge iron and ingots.  Its main
manufacturing facilities are at Mahtodih, Tundi Road, Giridih in
Jharkhand.  The company is a private limited company with entire
shareholdings with the Saluja family.  It has a manufacturing
capacity of 60,000 MTPA of sponge iron and 19,000 MTPA of ingot.
Its turnover for FY10 was INR456.7 million and EBITDA margin was
12.2%.  The company had a total debt of INR132.7 million at FYE10.


SCAN STEELS: CARE Assigns 'CARE BB' Rating to INR176.34 LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB and PR4' ratings to the bank facilities of
Scan Steels Ltd.

                                Amount
   Facilities                  (INR cr)     Ratings
   ----------                  --------     -------
   Long-term bank facilities    176.34      'CARE BB' Assigned
   Short-term bank facilities    28.00      'PR 4' Assigned

Rating Rationale

The above ratings are constrained by the company's relatively
short track record in manufacturing of iron and steel products as
integrated player, low capacity utilization, volatility in prices
of raw materials & finished goods, lack of backward integration
for major raw materials, high utilization of working capital
limits and cyclical nature of the iron & steel industry. The
ratings also factor in the experience of the promoters, moderate
financial position and significant amount of equity infusion
by the promoters during the last three years.  Future sales price
realization trends vis-…-vis price trend of key raw materials and
volatility in raw material & finished goods prices would remain
the key rating sensitivities.

                         About Scan Steels

Scan Steels Ltd was incorporated in Dec., 1990 by Gadodia family
of Orissa as 'Scan Steels Pvt. Ltd.' (SSPL), to set up an
integrated steel plant at Sundergarh, Orissa.  The plant commenced
commercial operation from April 1997 with the commencement of
rolling mill division [capacity - 12,000 metric tonnes per annum
(MTPA)] at Rambhal unit. In March, 1996, SSPL was converted into
a public limited company and was rechristened as SSL. Over the
years, the company increased its manufacturing capacity of rolling
mill & became an integrated steel player by setting up capacities
for various intermediary products (sponge iron, billets), in
phases.  In March, 2010, SSL has acquired DRI unit of Karnataka
based  'Embitee  Iron & Steel Ltd' (having sponge iron
manufacturing facility of 60,000 MTPA).

Currently, SSL is engaged in manufacturing of sponge iron
(2,10,000 MTPA), billets (2,10,000 MTPA) & Tor rod/MS rod (90,000
MTPA).  On total income of INR440.7 crore (FY09 - INR395.6 crore),
SSL earned PBILDT of INR48.2 crore (FY09 - INR48.8 crore) and PAT
(after defd. tax) of INR13.1 crore (FY09 - INR17.2 crore) in FY10.


SHREE PRITHVI: CRISIL Assigns 'BB+' Rating to INR11.3MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Shree Prithvi
Steel Rolling Mills Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR80.0 Million Cash Credit Limit   BB+/Stable (Assigned)
   INR11.3 Million Term Loan           BB+/Stable (Assigned)
   INR50.0 Million Letter of Credit    P4+ (Assigned)

The ratings reflect Prithvi's average financial risk profile,
marked by average gearing and debt protection measures, and
exposure to risks related to small scale of operations, intense
competition in the steel industry, and to steep volatility in raw
material prices.  These rating strengths are partially offset by
the benefits that Prithvi derives from its promoter's experience
in the steel industry, and established dealer network.

Outlook: Stable

CRISIL believes that Prithvi will continue to benefit from its
promoters' experience in the steel industry over the medium term.
The outlook may be revised to 'Positive' in case of higher-than-
expected growth in Prithvi's operating income or cash accruals,
leading to improved capital structure or if the company's
liquidity improves considerably, while its profitability is
sustained over the medium term. Conversely, the outlook may be
revised to 'Negative' if Prithvi's working capital cycle and
liquidity deteriorate, or if the company undertakes a larger-than-
expected debt-funded capital expenditure programme, leading to
further strain in its financial risk profile.

                         About Shree Prithvi

Prithvi was incorporated in 1992 as a private limited company by
Mr. Jagan Nath Sharma.  The company manufactures mild steel angles
and channels used in the telecom towers, power transmission
towers, and construction industries.  Its manufacturing facility
is integrated backwards into the production of steel ingots (ingot
manufacturing facility set up in 2004).  The company has two coal-
based induction furnaces and two electric reheating furnaces. Its
manufacturing facility in Jaipur (Rajasthan) has capacity to
manufacture 35,000 tonnes of structural products per year and
15,000 tonnes of ingots per year.  The company has an established
network of around 200 dealers spread all over India. Prithvi also
undertakes job work for the Steel Authority of India Ltd (SAIL).

Prithvi reported a profit after tax (PAT) of INR19 million on net
sales of INR540.5 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR9.5 million on net sales
of INR541.4 million for 2008-09.


SHREE DOODHAGANGA: CRISIL Reaffirms 'C' Cash Credit Rating
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Doodhaganga
Krishna Sahakari Sakkare Karkhane Niyamit continue to reflect
SDKSSKN's weak liquidity, leading to delays in servicing its Sugar
Development Fund loans (debt not rated by CRISIL).  The society
has, however, been servicing its other loans in a timely manner.

   Facilities                         Ratings
   ----------                         -------
   INR1100 Million Cash Credit        C
   (Enhanced from INR990 Million)

   INR154.4 Million Long Term loans   C (Reaffirmed)
   (Reduced from INR163.3 Million)

   INR200 Million Short Term Loans    P4 (Reaffirmed)
   (Reduced from INR240 Million)

SDKSSKN has a weak financial risk profile, marked by a negative
net worth and weak debt protection metrix, and is exposed to
intense regulatory pressures being in the sugar manufacturing
business.  The impact of these weaknesses is mitigated by
SDKSSKN's average operating efficiency, supported by its
integrated co-generation and distillery facilities.

SDKSSKN, located in Belgaum (Karnataka), was established in 1974.
The society is registered under the Multi-State Co-operative Act.
The society is in the sugar manufacturing business.  It has
capacity to crush 5500 tonnes of sugarcane per day.  It also has a
20.7-megawatt (MW) power cogeneration unit and a distillery with
capacity of 30 kilolitres per day.  The society uses around 6.5 MW
of power for captive consumption, and sells the surplus to
Karnataka Power Transmission Corporation Ltd.

For 2009-10 (refers to the financial year, April 1 to March 31),
SDKSSKN reported a net profit of INR49.8 million on net sales of
INR2.8 billion, against a net profit of INR30 million on net sales
of INR2.0 billion in the previous year. For the six months ended
September 30, 2010, the company reported a net loss of INR110
million on net sales of INR1.5 billion, against a net loss of
INR109 million on net sales of INR1.1 billion for the
corresponding period of the previous year.


TROPICOOL FOODS: CRISIL Reaffirms 'D' Rating on INR38.8MM LT Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'D/P5' ratings on the bank facilities of
Tropicool Foods Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR38.8 Million Long-Term Loan         D (Reaffirmed)
   INR7.0 Million Cash Credit-Stock       D (Reaffirmed)
   INR9.5 Million Cash Credit-Book Debt   D (Reaffirmed)
   INR2.0 Million Letter of Credit        P5 (Reaffirmed)
   INR14.0 Million Bank Guarantee         P5 (Reaffirmed)

The ratings reflect continuing instances of delay by TFPL in
servicing its debt; the delays have been caused by TFPL's weak
liquidity.

Established in 2006 by Mr. Vivek Nayak and Mr. Prakash Kanoor,
TFPL is part of the vegetable and fruit processing industry.  It
is in the business of processing vegetables and fruits through the
individually quick frozen method. Based in Hubli (Karnataka), TFPL
has a processing capacity of around 2 tonnes per hour and started
commercial operations in April 2009.  The company exports its
products to the US, Europe, and the Middle East.


VENUS ROLLING: CRISIL Reaffirms BB- Rating on INR80MM Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Venus Rolling Mills Pvt
Ltd continues to reflect Venus' average financial risk profile,
marked by weak debt protection metrics and small net worth, modest
scale of operations, and the vulnerability of its profitability
margin to cyclicality in the steel business.  These rating
weaknesses are partially offset by the benefits that Venus derives
from its promoters' experience in the steel industry.

   Facilities                     Ratings
   ----------                     -------
   INR80.0 Million Cash Credit    BB-/Stable (Reaffirmed)
   INR10.0 Million Proposed LT    BB-/Stable (Reaffirmed)
            Bank Loan Facility

Outlook: Stable

CRISIL believes that Venus will maintain its financial risk
profile, supported by low gearing, over the medium term. The
outlook may be revised to 'Positive' if Venus's business and
financial risk profiles improve, supported by significant
improvement in revenues and profitability.  Conversely, the
outlook may be revised to 'Negative' in case its profitability
deteriorates, or if Venus undertakes a large, debt-funded capital
expenditure (capex) programme leading to material deterioration of
its financial risk profile.

Update

Venus achieved a turnover of around INR660 million in 2009-10
(refers to financial year, April 1 to March 31), as against around
INR930 million in 2008-09.  The decline in turnover was caused by
the decline in demand for thermo-mechanically-treated bars, due to
slowdown in real estate and partly also due to decline in steel
prices over the same time period.  Venus has recorded net sales of
around INR550 million in the nine months ended December 2010, and
is expected to achieve net sales of around INR650 million in 2010-
11, which is lower than CRISIL had expected.

Venus changed its business model significantly in 2010-11, leading
to sharp increase in its working capital requirements, which in
turn led to lower than expected sales in 2010-11.  Venus, until
2009-10, sold more than 80% of its products to Kamdhenu Ispat Ltd
(Kamdhenu), but has since changed its customer profile. Venus now
supplies around 70% of its angles to companies such as Power Grid
Corporation of India Ltd (rated AAA/Stable/P1+ by CRISIL), Gammon
India Ltd, KEC International Ltd, and Jyoti International, and the
remainder to Kamdhenu.  This is expected to marginally increase
profitability, with the operating margin expected to be at 2.7-
3.0% for 2010-11, as against 2.7% in 2009-10, but also led to
significant increase in working capital requirements.

The company used to sell to Kamdhenu (and Kamdhenu's distributors)
and realise the receivables within 15-20 days. Venus now offers
30-45 days of credit to its customers.  Furthermore, while the
company earlier used ingots to manufacture angles, for which it
received credit of 25-30 days, it now has to use billets (ISI
mark), to fulfill the requirement of its customers; the company
procures billets on cash (or advance) basis.

Venus has postponed its proposed capex programme of INR45 million,
on account of its incremental working capital requirements. CRISIL
believes that Venus' gearing will, therefore, remain comfortable,
at less than 1 time, over the medium term. The debt protection
metrics of the company will remain weak, with interest coverage
and net cash accruals to total debt ratios of 2 times and 10%,
respectively, over the medium term.

Venus reported a profit after tax (PAT) of INR3.5 million on net
sales of INR739.9 million for 2009-10, as against a PAT of INR4.4
million on net sales of INR1052.9 million for 2008-09.

                        About Venus Rolling

Incorporated in 2005 by Mr. Yatendra Singh Pawar, Venus
manufactures mild steel (MS) angles that are used in the
construction and electricity transmission sectors. The company
manufactures MS angles of sizes ranging from 35 millimetres (mm)
to 75 mm. It has manufacturing capacity of 36,500 tonnes per annum
in Nagpur (Maharashtra).


VIDARBHA WINDING: CRISIL Assigns 'B' Rating to INR19.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Vidarbha Winding Wires Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR80.0 Million Cash Credit        B/Stable (Assigned)
   INR19.5 Million Rupee Term Loan    B/Stable (Assigned)
   INR10.5 Million Proposed LT        B/Stable (Assigned)
            Bank Loan Facility
   INR30.0 Million Bank Guarantee     P4 (Assigned)
   INR60.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect VWW's weak financial risk profile, marked by
high gearing and weak debt protection metrics, low operating
margin because of low value addition products, and susceptibility
to risks related to presence in a fragmented sector. These rating
weaknesses are partially offset by the extensive experience of
VWW's promoters in manufacturing winding wires.

Outlook: Stable

CRISIL believes that VWW will benefit from the extensive industry
experience of its promoters and established customer
relationships.  The outlook may be revised to 'Positive' if VWW's
financial risk profile improves significantly because of
increasing cash accruals.  Conversely, the outlook may be revised
to 'Negative' if VWW undertakes a large debt-funded capital
expenditure programme or if profitability, and hence, cash
accruals decrease significantly.

                        About Vidarbha Winding

Incorporated in 1989, VWW is a Nagpur (Maharashtra)-based company.
VWW manufactures bare and enameled copper and aluminum wires. Such
wires are primarily used for overhead transmission and
distribution of electricity.  VWW generates half its total
turnover through tender-based sales to original equipment
manufacturers such as Crompton Greaves Ltd, ABB Ltd, and Areva,
among others. VWW also sells its products in the retail market and
trades copper wires.

VWW reported a profit after tax (PAT) of INR1.9 million on net
sales of INR320.5 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.1 million on net
sales of INR218.2 million for 2008-09.


WEBFIL LIMITED: CRISIL Reaffirms 'C' Rating on Cash Credit
----------------------------------------------------------
CRISIL's ratings on Webfil Ltd's bank facilities continue to
reflect Webfil's poor track record of servicing its debt (only to
its promoters and the Government of West Bengal) because of
continuing weak liquidity. The ratings also reflect Webfil's weak
financial risk profile marked by negative networth, high gearing
and poor debt protection indicators, customer and product
concentration, and limited growth prospects for its filament
business.

   Facilities                           Ratings
   ----------                           -------
   INR33.80 Million Cash Credit         C (Reaffirmed)
   INR54.00 Million Letter of Credit    P4 (Reaffirmed)
   INR49.00 Million Bank Guarantee      P4 (Reaffirmed)

Webfil (formerly known as West Bengal Filaments and Lamps Ltd) was
established in 1979 as a joint venture between West Bengal
Industrial Development Corporation Ltd (WBIDCL; an undertaking of
the Government of West Bengal) and group companies of Andrew Yule
& Company Ltd (AYCL; owned by the Government of India). WBIDCL
owns 49.46% of Webfil's equity share capital. Webfil manufactures
multiplexers for the Indian Railways and tungsten filament for
incandescent lamps. Its manufacturing unit is located in Gayeshpur
(West Bengal). Because of its weak financial performance, marked
by continuing incurrence of losses, Webfil's net worth had
completely eroded in 1998, and the company was referred to the
Board for Industrial and Financial Reconstruction (BIFR). Webfil
is still under the purview of BIFR.

Webfil reported a profit after tax (PAT) of INR1.2 million on net
sales of INR218.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.8 million on net sales
of INR209.9 million for 2008-09.


WESTERN LUMBERS: CRISIL Rates INR400 Million Cash Credit at 'B+'
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Western Lumbers.

   Facilities                   Ratings
   ----------                   -------
   INR400 Million Cash Credit   B+/Stable (Assigned)

The rating reflects the combine's weak financial risk profile,
marked by a high total outside liabilities to total net worth
(TOL/TNW) ratio and weak interest coverage ratio, the low value-
add nature of business, and its susceptibility to volatility in
steel prices.  These weaknesses are partially offset by the FSD-WL
combine's established relations with suppliers and customers.

For arriving at its ratings, CRISIL has combined the financial
risk profiles of WL and Farouk Sodagar Darvesh & Co. Pvt Ltd
(FSD), together referred to as the FSD-WL combine.  This is
because both the companies are managed by the same promoter family
and are trading in similar products. Moreover, there have been
instances of financial transactions between these entities. At the
operational level, the companies share common infrastructure with
common procurement, finance and management teams.

Outlook: Stable

CRISIL believes that the FSD-WL combine will maintain a stable
business risk profile over the medium term backed by its
established relationship with customers and suppliers.  The
outlook may be revised to 'Positive' if there is a significant
infusion of funds by the promoters resulting in improvement in the
group's capital structure. Conversely the outlook may be revised
to 'Negative' in case of deterioration in profitability levels
leading to lower than expected cash accruals and adverse debt
protection indicators.

FSD and WL are part of the Farouk Sodagar Darvesh group founded by
Miya Ahmed Darvesh family in 1909. Initially, FSD and WL were
involved in the trading and import of various varieties of timber.
However, since 2003, the FSD-WL combine has diversified into
trading of thermo-mechanically-treated bars, binding wires,
cement, glass, construction and infrastructure materials. Over the
past five years, steel trading has evolved as the major
contributor towards revenues (90 to 95% of overall revenues). The
timber operations in the combine have reduced to minimal levels.

The FSD-WL combine reported a profit after tax (PAT) of INR33
million on net sales of INR2.27 billion for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR19
million on net sales of INR2.23 billion for 2008-09.


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


PACNET LIMITED: Japan Earthquake Won't Affect Fitch's 'B+' Rating
-----------------------------------------------------------------
Fitch Ratings-Seoul/Taipei/Singapore-15 March 2011: Fitch Ratings
says it does not expect Japan's earthquake and tsunami to have any
material impact on Hong Kong-based cable provider Pacnet Limited's
(Pacnet, 'B+'/Stable Outlook) daily operations and financial
profile.

Pacnet suffered some earthquake and flood damage to its Ajigaura
cable landing station on the north-eastern coast of Japan.  Its
EAC cable was also impacted in two places in the Pacific Ocean,
not far from Ajigaura.  However, Pacnet's CLS at Chikura, Chiba
prefecture (located near Tokyo) that connects its C2C cable with
the EAC Pacific cable (linking the US) has not been impacted.

Fitch notes that the repair costs of Pacnet's facilities are not
material - at an estimated US$500,000 for each broken segment of
the cable and at a minimal amount for the CLS.  Pacnet budgets for
cable breaks every year and so far in 2011 until the recent
catastrophe, the company had not had any cable incidents.  Fitch
believes that the total repair cost is within Pacnet's budget,
although the loss will not be covered by insurance companies
(which are unwilling to insure Pacnet's type of business risk).

Fitch believes that the impacted segments of the EAC cable should
be easy to repair based on Pacnet's experience of similar events
in the past.  The agency notes that Pacnet has already deployed
repair ships to fix the two EAC cable faults.

"Cable repair and maintenance is part of Pacnet's normal course of
business, and serves to illustrate one of its key operational
strengths of being able to redirect traffic around its own meshed
network of two undersea cables spanning the major cities in Asia
Pacific," says Kevin Chang, Director in Fitch's Asia Pacific TMT
team.

From an operational point of view, Fitch does not expect any major
disruption to Pacnet's revenues.  This is firstly because the
tsunami did not destroy the Ajigaura CLS and main power supply has
been fully restored at the facility with standby generators in
place.  Secondly, to maintain smooth operation of data
transmission through Pacnet's networks, traffic on the impacted
EACcable is being restored across alternative paths including
Pacnet's C2C cable landing at Shima, Mie prefecture located in the
Kansai region.  Also, traffic between South Korea and Japan on the
EAC cable has been or will be redirected to re-connect via the C2C
network or alternative routes.  The impact of such re-routing to
Pacnet's customers should be limited, despite the potential for
some of them to experience slightly slower network speed.
Finally, Fitch believes that Pacnet is currently benefiting from a
temporary increase in cable leasing, from other cable operators,
whose lines have been cut by the quake.

Pacnet owns and operates the world's largest privately owned data
transmission undersea cable network spanning all major Asia
Pacific markets.  With two separately constructed cables, EAC and
C2C, Pacnet offers its customers multiple back-up routes between
destinations, limited network downtime, real-time restoration
capacity across multiple routes, and the flexibility to select
specific network routes according to their needs.


SAIZEN REIT: Earthquake Won't Affect Moody's 'Caa1' Rating
----------------------------------------------------------
Moody's Investors Service sees no immediate impact on Saizen
REIT's Caa1 corporate family rating following the massive
magnitude 9.0 earthquake and tsunami that struck northeastern
Japan on March 11.

The tragedy has led to more than 10,000 dead and missing, while
the physical damage has been extensive.

At the same time, Moody's is awaiting further information to
assess the full extent of the damage and the impact on cash flows
and occupancy rates.  Moody's believes the current Caa1 rating
could capture such uncertainties.

The affected areas include the cities of Sendai, Koriyama and
Morioka, and where Saizen has a total of 28 properties.  These
properties account for 15.5% of the trust's total portfolio value.

Across Japan, Saizen currently has a total of 146 properties,
primarily residential, in over 13 regional cities.

"Three of Saizen's nine tokumei kumiai (TK) operators -- GK Choan,
YK Shintoku and YK Shingen -- have investments in these areas,"
says Alvin Tan, a Moody's Associate Analyst.

Saizen says that 14 of the 28 properties in the affected areas
remain intact and occupied.  They account for 10.4% of its
portfolio value.

But it has been unable to evaluate the conditions of the other
half, and which in turn represent 5.1% of Saizen's portfolio value
and 5.3% of rental income.

"Under the term-loan agreement assumed by GK Choan, extensive
damage on its properties -- beyond certain thresholds -- could
trigger an event of default.  Eight of the 44 properties under GK
Choan are in the affected areas.  Reports show that six sustained
only minor damage and do not appear to have been vacated," says
Tan.

"Moody's will continue to evaluate any implications on Saizen's
liquidity position in the event the damage exceeds the stipulated
thresholds.  On the other hand, the loans at the individual TKs
are non-recourse and are not cross-collateralized with other
portfolios within Saizen," adds Tan.

As for the other two affected TK operators, YK Shintoku has been
in default since November 2009 and will continue to work with the
servicer of the defaulted loan to progressively and partially
divest certain properties to reduce the principal, while YK
Shingen has no debt with its entire property portfolio
unencumbered.  The uncertainties associated with the default
situation at YK Shintoku have already been incorporated into
Saizen's existing Caa1 rating.

Looking ahead, Moody's will focus on 1) the extent of damage on
Saizen's properties and the resultant impact on its overall
property valuation, cash flows and occupancy; (2) Saizen's ability
to access capital for future financing, as well as the eventual
impact on the term loan at GK Choan; (3) the steps taken by the
manager, which includes the time and capital expenditure required
to rectify the damage; and (4) the repercussions of the disaster
on the refinancing plan for the defaulted YK Shintoku loan.

The last rating action with respect to Saizen was taken on June
25, 2010, when the outlook of its Caa1 corporate family rating was
revised to stable from negative.  At the same time, the Caa1
rating was affirmed.

Saizen REIT is a multi-family REIT investing in Japanese regional
residential properties.  It listed on the Singapore Stock Exchange
in November 2007.  It currently has a portfolio of 146 properties,
primarily for residential purposes, in over 13 regional cities in
Japan, and a total property asset value of JPY37.9 billion
(S$581.8 million).  For the year ending June 30, 2010, Sapporo was
the largest contributor, representing 25.5% by revenue, followed
by Hiroshima (18.0%), and Kumamoto (15.0%).


TAKEFUJI CORP: Extends Bid Deadline for the Second Time
-------------------------------------------------------
Takahiko Hyuga at Bloomberg News reports that Takefuji Corp.
extended a deadline for bids from potential investors for a second
time as the nation recovers from its worst earthquake on record,
said two officials who have knowledge of the deal.

The two officials, declining to be identified because the sale
process is confidential, told Bloomberg that Takefuji postponed
the final submission date for offers to March 31.  Bloomberg notes
the company had previously asked suitors to submit offers by
March 22, Eiichi Obata, a court-appointed lawyer overseeing the
lender's rehabilitation, said on March 4.

Takefuji Corp. filed a bankruptcy petition with the Tokyo District
Court on September 28, 2010, with debts of JPY433.6 billion.
Bloomberg News said the company has become the biggest casualty of
Japan's four-year crackdown on coercive lending practices by
consumer finance companies.  The lender is seeking to restructure
as borrower claims of overpaid interest are estimated to exceed
JPY1 trillion.

                           About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.


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


TALAM CORP: Members to Approve MYR391.99MM Debt Settlement
----------------------------------------------------------
Talam Corporation Berhad will hold an Extraordinary General
Meeting on March 20, 2011, at 11:00 a.m., at the Perdana
Ballroom of the Pandan Lake Club, Lot 28, Jalan Perdana 3/8 in
Pandan Perdana, Kuala Lumpur.

At the meeting, the company's members will be asked to approved
the proposed settlement of the whole debt of MYR391.986 million
owing to Menteri Besar Selangor (Incorporated) by way of disposal
of properties, including lands, totalling RM676,094,296.40 and
cash payment of RM12,669,689.09, upon the terms and conditions as
contained in the Principal Settlement Agreement dated 12 March
2010 and Supplementary Settlement Agreement dated 9 April 2010.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


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


BLUE CHIP: Lawyer Sees No Action Yet Against Blue Chip Directors
----------------------------------------------------------------
Rob Stock at Sunday Star Times reports that lawyer Paul Dale,
representing victims of Blue Chip, said he is "astounded" that
more than two years after liquidators were called in, no action
has been taken against directors.

Sunday Star Times relates that Mr. Dale said most people who
bought apartments from Blue Chip, or got caught up in elaborate
and highly risky property investment schemes, had "exhausted"
their legal remedy, but he was amazed liquidator Meltzer Mason
Heath had not taken action against the directors of the Blue Chip
companies.

"I remain disappointed that the liquidator has not pursued
remedies against the directors.  That's something I don't
understand," Sunday Star Times quotes Mr. Dale as saying.  "I
don't even know right now whether the directors have even been
interviewed."

According to Sunday Star Times, Mr. Dale said evidence had been
presented to the courts on the solvency of Blue Chip companies
while still trading.  "There is some controversy about all of
that.  That's something the liquidators would normally deal with."

Sunday Star Times notes that Meltzer Mason Heath's Jeff Meltzer
was not available for comment, but in the latest liquidator's
report on one of the Blue Chip companies, the firm said: "The
liquidator's view is that whether creditors will receive any
dividend from the liquidations will depend on whether a decision
is made to issue proceedings against directors and others."

It said the availability of funding to pursue action was
"uncertain", adding a media release would be made if funding was
obtained, Sunday Star Times adds.

Sunday Star Times says the directors of that company, Art
Apartments (2006), included Blue Chip founder Mark Bryers,
sentenced to community work for breaches of the Companies Act.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division is
engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


BRIDGECORP LTD: Directors Want Securities Act Charges Cancelled
---------------------------------------------------------------
Fairfax Media reports that lawyer acting for the former directors
of failed finance company Bridgecorp are fighting to have
Securities Act charges against their clients axed or downgraded.

Fairfax Media relates that the former directors, Rod Petricevic,
Rob Roest, Gary Urwin, Bruce Davidson and Peter Steigrad, face
nine criminal charges each of making false and misleading
statements in Bridgecorp's prospectus and investment statements.
All have denied the charges.

In a pre-trial hearing at the High Court in Auckland on March 14,
Fairfax Media says, lawyers for the directors fought to have some
charges struck out due to duplication and the remaining charges
scaled back.

Mr. Steigrad's lawyer Brian Keene QC led the action on behalf of
the directors, Fairfax Media notes.

According to the report, Mr. Keene said the prosecution had
considerable duplication in its charges and this would see one
"wrong" result in three convictions.  This was contrary to the law
which allows for one offence, one conviction, Mr. Keene said.

Mr. Keene also argued the charges laid, which if proved could
result in a five-year sentence of imprisonment, should have been
laid under a different section of the Act, meaning they would
carry a maximum penalty of a NZ$300,000 fine.

Fairfax Media states that at the heart of the directors' move is a
legal argument about the definition of the word "distributed" as
it relates to investment documents issued by companies raising
money from the public.

In Bridgecorp's prospectus, first released in December 2006, the
company said principle and interest payments were being made.

According to Fairfax Media, the prosecution claims that statement
became false after Feb. 7, 2007, when the company defaulted on
interest payments, meaning the directors breached the Act by
making false and misleading statements in prospectuses supplied to
potential investors after that date.

It's also alleged the directors further breached the Act in
March 2007 when they filed a certificate extending the life of the
prospectus, Fairfax Media notes.

Fairfax Media relates that Crown prosecutor Brian Dickey told the
court distribution was a continuing event.  By failing to amend
its investment statement and prospectus after the company
defaulted on interest payments, the directors were making ongoing
false and misleading statements to potential investors.

The directors argue the prospectus can be considered to have been
distributed only in December and March, and not on the dates in
between, Fairfax Media says.

Mr. Keene said this would downgrade the seriousness and number of
any alleged breaches, according to Fairfax Media.

                          About Bridgecorp

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.  Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 1,800 debenture holders, which liquidators estimate to
approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about AU$24
million (NZ$27 million).


HERBERT INSURANCE: Client Relationships Transferred to Aon
----------------------------------------------------------
Scoop Business reports that Michael Stiassny and Brendon Gibson of
KordaMentha, the Receivers of Herbert Insurance Group Ltd -- in
Receivership & Liquidation -- disclosed that Aon New Zealand has
taken over the company's client base.

Michael Stiassny, one of the company's receivers, said: "With the
support of the underwriters, this transaction will see client
relationships transferred to Aon, according to Scoop Business.

All Herbert Insurance clients need to contact Aon as soon as
possible to confirm the insurance cover they have in place.

"We have been working with the Serious Fraud Office during the
receivership and we have very recently become aware of
irregularities in some of the insurance cover that the company has
placed for its clients.  Some clients do not appear to have the
cover they requested and in some cases they appear to have no
cover at all", Scoop Business quotes Michael Stiassny, as saying.
"We strongly urge all the company's clients to call Aon as soon as
possible to confirm what cover they have and, if necessary, take
any additional cover they require.  It is very important clients
do this immediately," it added.


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


PHILIPPINE AIRLINES: Sees Profit This Year Amid Fuel Price Hike
---------------------------------------------------------------
BusinessWorld Online reports that Philippine Airlines President
and Chief Operating Officer Jaime J. Bautista said the flag
carrier expects to post profits this year despite rising fuel
prices.

BusinessWorld relates that Mr. Bautista said a return to a net
loss was unlikely as the carrier estimates the increase in jet
fuel to remain manageable.  "Our estimate was that jet fuel would
average at $110 per barrel this year."

As of March 4, jet fuel price has reached $134.7 per barrel, a 53%
increase in the same period last year, data from International Air
Transport Association price monitor showed.

Listed PAL Holdings, Inc., majority shareholder of PAL, reported a
huge turnaround to PHP2.998 billion in the nine-month period that
ended December 2010 from a loss of PHP2.033 billion in the same
period the previous year.

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

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

                      About Philippine Airlines

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


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company                Ticker       (US$MM)           (US$MM)
  -------                ------        ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW          AHGN            -16.93        8.23
ASTON RESOURCES           AZT            -469.54        7.49
AUSTAR UNITED             AUN            -502.05      284.60
AUSTRALIAN ZI-PP          AZCCA           -77.74        2.57
AUSTRALIAN ZIRC           AZC             -77.74        2.57
AUTRON CORP LTD           AAT             -32.39       13.42
AUTRON CORP LTD           AAT             -32.39       13.42
BCD RESOURCES OP          BCO             -23.39       60.19
BCD RESOURCES-PP          BCOCC           -23.39       60.19
BIRON APPAREL LT          BIC             -19.71        2.22
CENTRO PROPERTIE          CNP         -14,253.26      825.84
CHALLENGER INF-A          CIF          -2,161.41      339.11
CHEMEQ LTD                CMQ             -25.19       24.25
COMPASS HOTEL GR          CXH             -88.33        1.08
ELLECT HOLDINGS           EHG             -18.25       15.49
HEALTH CORP LTD           HEA             -11.97        2.66
HYRO LTD                  HYO             -11.81        5.15
IVANHOE AUST LTD          IVA             -49.44        6.51
MAC COMM INFR-CD          MCGCD        -8,104.42      103.34
MAVERICK DRILLIN          MAD             -24.66        1.30
MISSION NEWENER           MBT             -32.23       21.48
NATURAL FUEL LTD          NFL             -19.38      121.51
NEXTDC LTD                NXT             -17.46        0.14
ORION GOLD NL             ORN             -11.06        4.86
RESIDUAL ASSC-EE          RAGXF          -597.33      126.96
RIVERCITY MOTORW          RCY            -386.88      809.14
SCIGEN LTD-CUFS           SIE             -69.94       29.79
SHELL VILLAGES A          SVC             -13.47        1.66
TAKORADI LTD              TKG             -13.99        0.41
VERTICON GROUP            VGP             -10.08       29.12
YANGHAO INTERNAT          YHL             -44.32       54.68


CHINA

BAOCHENG INVESTM          600892          -23.14        3.54
CHENGDE DALU -B           200160          -27.04        6.64
CHENGDU UNION-A           693             -39.10       17.39
CHINA KEJIAN-A            35              -88.96      189.48
CONTEL CORP LTD           CTEL            -24.17       45.31
DATONG CEMENT-A           673             -20.41        3.25
DONGGUAN FANGD-A          600656          -27.97       57.39
DONGXIN ELECTR-A          600691          -13.60       21.94
FANGDA JINHUA-A           818            -389.84       46.28
GAOXIN ZHANGTO-A          2075           -153.10        6.31
GUANGDONG ORIE-A          600988          -12.25        5.34
GUANGMING GRP -A          587             -49.10       40.40
GUANGXIA YINCH-A          557             -30.39       32.88
HEBEI BAOSHUO -A          600155         -127.82      394.70
HEBEI JINNIU C-A          600722         -238.23      243.80
HUASU HOLDINGS-A          509             -86.70        4.20
HUNAN ANPLAS CO           156             -38.70       65.44
JIANGSU CHINES-A          805             -12.70       12.83
JINCHENG PAPER-A          820            -258.98       37.74
QINGHAI SUNSHI-A          600381         -110.68       17.35
SHAANXI QINLIN-A          600217         -234.36       36.75
SHANG BROAD-A             600608          -69.46       17.67
SHANG HONGSHENG           600817          -15.69      443.71
SHANGHAI WORLDBE          600757         -143.11      291.80
SHENZ CHINA BI-A          17              -24.86      272.59
SHENZ CHINA BI-B          200017          -24.86      272.59
SHENZHEN DAWNC-A          863             -24.38      155.20
SHENZHEN KONDA-A          48             -117.23        0.23
SHENZHEN ZERO-A           7               -44.00        7.96
SHIJIAZHUANG D-A          958            -224.19       70.54
SICHUAN DIRECT-A          757            -108.57      146.61
SICHUAN GOLDEN            600678         -209.77       74.90
TAIYUAN TIANLO-A          600234          -52.96       26.72
TIANJIN MARINE            600751          -78.09       63.86
TIANJIN MARINE-B          900938          -78.09       63.86
TIBET SUMMIT I-A          600338          -91.86        3.73
TOPSUN SCIENCE-A          600771         -162.47      163.30
WINOWNER GROUP C          600681          -11.30       70.39
WUHAN BOILER-B            200770         -275.89      142.53
WUHAN GUOYAO-A            600421          -11.01       24.78
XIAMEN OVERSEA-A          600870         -319.68      138.16
XINHUA FINANCE            9399            -35.80        1.17
YANBIAN SHIXIA-A          600462         -197.99       16.19
YUEYANG HENGLI-A          622             -36.49       16.37
YUNNAN MALONG-A           600792         -145.58       51.15
ZHANGJIAJIE TO-A          430             -38.71        1.45


HONG KONG

ASIA TELEMEDIA L          376             -16.62        5.37
BUILDMORE INTL            108             -13.48       69.17
CHINA COMMUNICAT          8206            -36.62        6.93
CHINA HEALTHCARE          673             -44.13        4.49
CHINA PACKAGING           572             -17.10       17.49
CMMB VISION HOLD          471             -41.31        5.11
COSMO INTL 1000           120             -83.56       37.93
DORE HOLDINGS LT          628             -25.44        5.34
EGANAGOLDPFEIL            48             -557.89      132.86
FULBOND HLDGS             1041            -54.53       24.07
MELCOLOT LTD              8198            -63.10       34.44
MITSUMARU EAST K          2358            -18.15       11.83
NEW CITY CHINA            456            -110.49       17.32
NGAI LIK INDL             332             -22.70        9.69
PAC PLYWOOD               767             -72.60       12.31
PAC PLYWOOD HLD           2969            -72.60       12.31
PALADIN LTD               495            -146.73        8.91
PCCW LTD                  8            -5,350.25      416.24
PROVIEW INTL HLD          334            -314.87      294.85
SINO RESOURCES G          223             -10.01       41.90
SMART UNION GP            2700            -13.70       43.29
TACK HSIN HLDG            611             -27.70       53.62
TONIC IND HLDGS           978             -67.67       37.85


INDONESIA

ARGO PANTES               ARGO           -160.07        2.77
ASIA PACIFIC              POLY           -475.69      841.22
ERATEX DJAJA              ERTX            -12.09       20.12
HANSON INTERNATI          MYRX            -10.84       14.73
HANSON INT-PREF           MYRXP           -10.84       14.73
JAKARTA KYOEI ST          JKSW            -31.92       43.20
MITRA INTERNATIO          MIRA           -970.13      256.04
MITRA RAJASA-RTS          MIRA-R2        -970.13      256.04
MOBILE-8 TELECOM          FREN           -520.80        6.99
MULIA INDUSTRIND          MLIA           -338.82      334.75
PANASIA FILAMENT          PAFI            -42.43       11.04
PANCA WIRATAMA            PWSI            -30.79       38.79
PRIMARINDO ASIA           BIMA            -11.14       21.39
STEADY SAFE TBK           SAFE            -11.46        6.01
SURABAYA AGUNG            SAIP           -267.24       83.34
UNITEX TBK                UNTX            -17.29       17.14


INDIA

AMIT SPINNING             AMSP            -22.70        1.90
ARTSON ENGR               ART             -15.63        1.61
ASHIMA LTD                ASHM            -63.65       55.81
ATV PROJECTS              ATV             -60.46       55.04
BALAJI DISTILLER          BLD             -66.32       25.40
BELLARY STEELS            BSAL           -451.68      108.50
BHAGHEERATHA ENG          BGEL            -22.65       28.20
CAMBRIDGE SOLUTI          CAMB           -156.75       46.79
CFL CAPITAL FIN           CEATF           -15.35       46.89
COMPUTERSKILL             CPS             -14.90        7.56
CORE HEALTHCARE           CPAR           -185.36      241.91
DCM FINANCIAL SE          DCMFS           -17.10        9.46
DIGJAM LTD                DGJM            -98.77       14.62
DUNCANS INDUS             DAI            -133.65      205.38
FIBERWEB INDIA            FWB             -13.25        8.17
GANESH BENZOPLST          GBP             -48.95       22.44
GEM SPINNERS LTD          GEMS            -16.44        1.53
GLOBAL BOARDS             GLB             -14.98        7.51
GSL INDIA LTD             GSL             -37.04       42.34
GUJARAT SIDHEE            GSCL            -59.44        0.66
HARYANA STEEL             HYSA            -10.83        5.91
HENKEL INDIA LTD          HNKL           -102.05       10.24
HIMACHAL FUTURIS          HMFC           -406.63      210.98
HINDUSTAN PHOTO           HPHT            -68.94    1,147.18
HINDUSTAN SYNTEX          HSYN            -14.15        3.66
HMT LTD                   HMT            -142.67      386.80
ICDS                      ICDS            -13.30        6.17
INTEGRAT FINANCE          IFC             -49.83       51.32
JAYKAY ENTERPRIS          JEL             -13.51        3.03
JCT ELECTRONICS           JCTE           -122.54       50.00
JD ORGOCHEM LTD           JDO             -10.46        1.60
JENSON & NIC LTD          JN              -17.91       84.78
JIK INDUS LTD             KFS             -20.63        5.62
JOG ENGINEERING           VMJ             -50.08       10.08
KALYANPUR CEMENT          KCEM            -37.45       45.90
KERALA AYURVEDA           KRAP            -13.99        1.18
KIDUJA INDIA              KDJ             -17.15        2.28
KINGFISHER AIR            KAIR         -1,781.30      861.06
KITPLY INDS LTD           KIT             -48.42       24.51
LLOYDS FINANCE            LYDF            -23.77       10.87
LLOYDS STEEL IND          LYDS           -415.66       63.93
LML LTD                   LML             -65.26       56.77
MILLENNIUM BEER           MLB             -52.23        5.22
MILTON PLASTICS           MILT            -18.65       52.29
MTZ POLYFILMS LT          TBE             -31.94        2.57
NICCO CORP LTD            NICC            -82.41        2.85
NICCO UCO ALLIAN          NICU            -32.23       71.91
NK INDUS LTD              NKI             -49.04        4.95
NRC LTD                   NTRY            -92.88       36.76
ORIENT PRESS LTD          OP              -16.70        0.09
PANCHMAHAL STEEL          PMS             -51.02        0.33
PARASRAMPUR SYN           PPS             -99.06      307.14
PAREKH PLATINUM           PKPL            -61.08       88.85
PEACOCK INDS LTD          PCOK            -11.40       14.40
PIRAMAL LIFE SC           PLSL            -45.82       32.69
QUADRANT TELEVEN          QDTV           -173.52      101.57
RAJ AGRO MILLS            RAM             -10.21        0.61
RAMA PHOSPHATES           RMPH            -34.07        1.19
RATHI ISPAT LTD           RTIS            -44.56        3.93
REMI METALS GUJA          RMM            -102.64        5.29
RENOWNED AUTO PR          RAP             -14.12        1.25
ROLLATAINERS LTD          RLT             -22.97       22.24
ROYAL CUSHION             RCVP            -20.62       75.53
SCOOTERS INDIA            SCTR            -18.63        6.88
SEN PET INDIA LT          SPEN            -12.99       25.24
SHAH ALLOYS LTD           SA             -212.81        9.74
SHALIMAR WIRES            SWRI            -24.87       51.77
SHAMKEN COTSYN            SHC             -23.13        6.17
SHAMKEN MULTIFAB          SHM             -60.55       13.26
SHAMKEN SPINNERS          SSP             -42.18       16.76
SHREE GANESH FOR          SGFO            -44.50        2.89
SHREE RAMA MULTI          SRMT            -62.72       45.92
SIDDHARTHA TUBES          SDT             -76.98       12.45
SOUTHERN PETROCH          SPET         -1,584.27        4.80
SPICEJET LTD              SJET           -220.03       76.12
SQL STAR INTL             SQL             -11.69        1.14
STI INDIA LTD             STIB            -30.87       10.59
TAMILNADU TELE            TNT             -12.82        5.15
TATA TELESERVICE          TTLS         -1,069.83      154.99
TRIUMPH INTL              OXIF            -58.46       14.18
TRIVENI GLASS             TRSG            -24.55        8.57
TUTICORIN ALKALI          TACF            -14.15       11.20
UNIFLEX CABLES            UFC             -45.05        0.90
UNIFLEX CABLES            UFCZ            -45.05        0.90
UNIMERS INDIA LT          HDU             -19.23        3.23
UNITED BREWERIES          UB           -2,652.00      242.53
UNIWORTH LTD              WW             -145.71      114.87
USHA INDIA LTD            USHA            -12.06       54.51
VENTURA TEXTILES          VRTL            -14.25        0.33
VENUS SUGAR LTD           VS              -11.06        1.08
WINDSOR MACHINES          WML             -15.52       24.34
WIRE AND WIRELES          WNW            -115.34       34.49


JAPAN

CREDIT ORG S&M            8489            -97.07        9.98
DPG HOLDINGS INC          3781            -11.77        3.99
FIDEC                     8423           -182.86       11.14
FUJI TECHNICA             6476           -175.22       18.71
HARAKOSAN CO              8894           -190.27       19.80
KNT                       9726         -1,058.18       13.37
L CREATE CO LTD           3247            -42.34        9.15
LAND                      8918           -293.88       53.39
LCA HOLDINGS COR          4798            -55.65        3.28
PROPERST CO LTD           3236           -305.90      330.20
RAYTEX CORP               6672            -41.66       28.52
SHIN-NIHON TATEM          8893           -124.85       39.12
SHINWA OX CORP            2654            -43.91       30.19
SHIOMI HOLDINGS           2414           -201.19       33.62
S-POOL INC                2471            -18.11        0.41
TAIYO BUSSAN KAI          9941           -171.45        3.35
TERRANETZ CO LTD          2140            -11.63        4.29


KOREA

AJU MEDIA SOL-PF          44775           -13.82        1.25
DAISHIN INFO              20180          -740.50      158.45
KEYSTONE GLOBAL           12170           -10.61        0.74
KUKDONG CORP              5320            -51.19        1.39
KUMHO INDUS-PFD           2995         -5,837.32      967.28
KUMHO INDUSTRIAL          2990         -5,837.32      967.28
ORICOM INC                10470           -82.65       40.04
SAMT CO LTD               31330          -200.83      152.09
SEOUL MUTL SAVIN          16560          -874.79       34.13
TAESAN LCD CO             36210          -296.83       91.03
TONG YANG MAGIC           23020          -355.15       25.77
YOUILENSYS CORP           38720          -166.70       12.34


MALAYSIA

AXIS INCORPORATI          AXIS            -32.82      103.86
GULA PERAK BHD            GUP             -93.99       51.05
HO HUP CONSTR CO          HO              -65.19        7.21
JPK HOLDINGS BHD          JPK             -20.34        0.50
LUSTER INDUSTRIE          LSTI            -22.93        3.18
NGIU KEE CO-BHD           NKC             -19.05        4.89
OILCORP BHD               OILC            -93.18       70.42
TRACOMA HOLDINGS          TRAH            -74.10       12.24
TRANSMILE GROUP           TGB            -157.66       35.52


PHILIPPINES

APEX MINING 'B'           APXB            -45.79       23.46
APEX MINING-A             APX             -45.79       23.46
BENGUET CORP 'B'          BCB             -84.71       38.98
BENGUET CORP-A            BC              -84.71       38.98
CYBER BAY CORP            CYBR            -13.98       88.63
EAST ASIA POWER           PWR             -36.35      177.28
FIL ESTATE CORP           FC              -40.29       14.05
FILSYN CORP A             FYN             -23.37       11.33
FILSYN CORP. B            FYNB            -23.37       11.33
GOTESCO LAND-A            GO              -21.76       19.21
GOTESCO LAND-B            GOB             -21.76       19.21
MRC ALLIED INC            MRC             -13.92        6.18
PICOP RESOURCES           PCP            -105.66       23.33
STENIEL MFG               STN             -20.43       15.89
UNIVERSAL RIGHTF          UP              -45.12       13.48
UNIWIDE HOLDINGS          UW              -50.36       57.19
VICTORIAS MILL            VMC            -164.26       18.20


SINGAPORE

ADV SYSTEMS AUTO          ASA             -18.08       11.82
ADVANCE SCT LTD           ASCT            -16.05       43.84
HL GLOBAL ENTERP          HLGE            -97.30       11.43
JAPAN LAND LTD            JAL            -203.24       14.68
LINDETEVES-JACOB          LJ              -16.86        6.64
NEW LAKESIDE              NLH             -19.34        5.25
SUNMOON FOOD COM          SMOON           -14.93       14.71
TT INTERNATIONAL          TTI            -272.51       57.42


THAILAND

ABICO HLDGS-F             ABICO/F         -15.28        4.40
ABICO HOLDINGS            ABICO           -15.28        4.40
ABICO HOLD-NVDR           ABICO-R         -15.28        4.40
ASCON CONSTR-NVD          ASCON-R         -59.78        3.37
ASCON CONSTRUCT           ASCON           -59.78        3.37
ASCON CONSTRU-FO          ASCON/F         -59.78        3.37
BANGKOK RUBBER            BRC             -97.98       81.80
BANGKOK RUBBER-F          BRC/F           -97.98       81.80
BANGKOK RUB-NVDR          BRC-R           -97.98       81.80
CIRCUIT ELEC PCL          CIRKIT          -16.79       96.30
CIRCUIT ELEC-FRN          CIRKIT/F        -16.79       96.30
CIRCUIT ELE-NVDR          CIRKIT-R        -16.79       96.30
DATAMAT PCL               DTM             -12.69        6.13
DATAMAT PCL-NVDR          DTM-R           -12.69        6.13
DATAMAT PLC-F             DTM/F           -12.69        6.13
GRANDE ASSE-NVDR          GRAND-R        -217.95        9.04
GRANDE ASSET H-F          GRAND/F        -217.95        9.04
GRANDE ASSET HOT          GRAND          -217.95        9.04
ITV PCL                   ITV             -37.14      110.85
ITV PCL-FOREIGN           ITV/F           -37.14      110.85
ITV PCL-NVDR              ITV-R           -37.14      110.85
K-TECH CONSTRUCT          KTECH           -38.87       46.47
K-TECH CONSTRUCT          KTECH/F         -38.87       46.47
K-TECH CONTRU-R           KTECH-R         -38.87       46.47
KUANG PEI SAN             POMPUI          -17.70       12.74
KUANG PEI SAN-F           POMPUI/F        -17.70       12.74
KUANG PEI-NVDR            POMPUI-R        -17.70       12.74
PATKOL PCL                PATKL           -52.89       30.64
PATKOL PCL-FORGN          PATKL/F         -52.89       30.64
PATKOL PCL-NVDR           PATKL-R         -52.89       30.64
PICNIC CORP-NVDR          PICNI-R        -110.91      149.25
PICNIC CORPORATI          PICNI/F        -110.91      149.25
PICNIC CORPORATI          PICNI          -110.91      149.25
PONGSAAP PCL              PSAAP/F         -24.61       10.99
PONGSAAP PCL              PSAAP           -24.61       10.99
PONGSAAP PCL-NVD          PSAAP-R         -24.61       10.99
SAHAMITR PRESS-F          SMPC/F          -21.99        4.01
SAHAMITR PRESSUR          SMPC            -21.99        4.01
SAHAMITR PR-NVDR          SMPC-R          -21.99        4.01
SUNWOOD INDS PCL          SUN             -19.86       13.03
SUNWOOD INDS-F            SUN/F           -19.86       13.03
SUNWOOD INDS-NVD          SUN-R           -19.86       13.03
THAI-DENMARK PCL          DMARK           -15.72       10.10
THAI-DENMARK-F            DMARK/F         -15.72       10.10
THAI-DENMARK-NVD          DMARK-R         -15.72       10.10
THAI-GERMAN PR-F          TGPRO/F         -55.31        8.54
THAI-GERMAN PRO           TGPRO           -55.31        8.54
THAI-GERMAN-NVDR          TGPRO-R         -55.31        8.54
TRANG SEAFOOD             TRS             -13.90        3.59
TRANG SEAFOOD-F           TRS/F           -13.90        3.59
TRANG SFD-NVDR            TRS-R           -13.90        3.59


TAIWAN

CHIEN TAI CEMENT          1107           -202.42       33.40
HELIX TECH-EC             2479T           -23.39       24.12
HELIX TECH-EC IS          2479U           -23.39       24.12
HELIX TECHNOL-EC          2479S           -23.39       24.12
PRODISC TECH              2396           -253.76       36.04
TAIWAN KOL-E CRT          1606U          -507.21      147.14
TAIWAN KOLIN-EN           1606V          -507.21      147.14
TAIWAN KOLIN-ENT          1606W          -507.21      147.14
VERTEX PREC-ENTL          5318T           -42.86        0.71
VERTEX PRECISION          5318            -42.86        0.71


                             *********

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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