TCRAP_Public/110321.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, March 21, 2011, Vol. 14, No. 56

                            Headlines



A U S T R A L I A

MOBIUS TRUSTS: Fitch Takes Rating Actions on Various RMBS Tranches
REDGROUP RETAIL: Cuts 26 Jobs at REDgroup's Melbourne Headquarters


H O N G  K O N G

ART CITY: Chan Yui Hang Appointed as Liquidator
CLAY FINLAY: Ying and Chan Step Down as Liquidators
DMV INTERNATIONAL: Creditors' Proofs of Debt Due April 7
HYTEC ELECTROPLATING: Members' Final Meeting Set for April 19
JOY WAVE: Creditors' Proofs of Debt Due April 18

LUCK FANCY: Creditors' Proofs of Debt Due April 19
MC BITOR: Chan and Chiu Appointed as Liquidators
MEDIA INTERNATIONAL: Seng and Lo Step Down as Liquidators
NEW CHINA: Annual Meetings Set for April 21
NEW CHINA HK: Annual Meetings Set for April 21

NEW CHINA HK ENTERPRISES: Annual Meetings Set for April 21
NEW CHINA HK ESTATE: Annual Meetings Set for April 21
NEW CHINA HK FINANCE: Annual Meetings Set for April 21
NEW CHINA HK GROUP: Annual Meetings Set for April 21
NEW CHINA HK INDUSTRIAL: Annual Meetings Set for April 21

NEW CHINA HK TRADING: Annual Meetings Set for April 21
ROLLING STOCK: Placed Under Voluntary Wind-Up Proceedings
SEEDTRON DEVELOPMENT: Creditors' First Meeting Set for April 13
SENRICH INDUSTRIES: Tang and Chen Appointed as Liquidators
SUNWELL METALS: Wong and Osman Step Down as Liquidators


I N D I A

AIR INDIA: Board Approves Debt Restructuring Plan
BAGHAULI SUGAR: CRISIL Reaffirms 'D' Rating on INR1.4BB Term Loan
BHANOT CONSTRUCTION: CRISIL Assigns 'B' Rating to Cash Credit
BHILAI INSTITUTE: CRISIL Reaffirms 'BB+' Rating on INR97.5M Loan
BUNDELA BANDHU: CRISIL Cuts Rating on INR30MM Cash Credit to 'C'

FLEXIPOL FOAMS: CRISIL Assigns 'B+' Rating to INR10.4MM Term Loan
FORACE POLYMERS: CRISIL Assigns 'B+' Rating to INR46.2MM Loan
GOLD PLUS: Fitch Upgrades National Long-Term Rating to 'B'
HARSHNI TEXTILES: CRISIL Raises Rating on LT Loan to 'BB-'
JODHANI EXPORTS: CRISIL Reaffirms 'P4' Ratings on Bank Debts

MAXTECH SINTERED: CRISIL Raises Rating on INR190MM Loan to 'BB-'
MONGIA STEEL: CRISIL Assigns 'B-' Rating to INR20MM LT Loan
RICHIRICH AGRO: CRISIL Raises Cash Credit Rating to 'B-'
R.K. & SONS: CRISIL Reaffirms 'BB+' Rating on Overdraft Facility
SANGHI AUTOMOBILES: CRISIL Rates INR60MM Cash Credit to 'BB+'

SHIVA POLYMERS: CRISIL Reaffirms 'BB+' Rating on INR5MM Term Loan
SHRI HARIKRISHNA COTTON: CRISIL Ups Cash Credit Rating to 'BB-'
SPICTEX COTON: CRISIL Upgrades Rating on INR143.7MM Loan to 'BB-'
S.P.Y. AGRO: CRISIL Reaffirms 'D' Rating on INR540MM Term Loan
SWADISHT OILS: CRISIL Reaffirms 'BB' Rating on INR45.4MM Term Loan

U.P ASBESTOS: CRISIL Reaffirms 'BB' Rating on INR320MM Cash Credit
VITAL HEALTH: CRISIL Upgrades Rating on INR60MM LT Loan to 'BB-'
VITAL LABORATORIES: CRISIL Upgrades Rating on Cash Credit to 'BB-'


I N D O N E S I A

* Fitch Gives Positive Outlook on Indonesia's 'BB+' Rating


M A L A Y S I A

VTI VINTAGE: Seow & Megat Demands Payment of MYR4,660 Judgment


N E W  Z E A L A N D

HERBERT INSURANCE: SFO Launches Probe Amid Alleged Account Deficit
HERBERT INSURANCE: Aon New Zealand Takes Over Group Client's Base
REDGROUP RETAIL: Watershed Meeting Moved to September 17


P H I L I P P I N E S

BANCO FILIPINO: Placed by Central Bank Under PDIC Receivership


X X X X X X X X

* Fitch Upgrades Ratings on Four Classes of Notes from 11 CDOs


                            - - - - -


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


MOBIUS TRUSTS: Fitch Takes Rating Actions on Various RMBS Tranches
------------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed eight tranches of RMBS
issued by BNY Trust Company of Australia Limited in its capacity
as trustee of the Mobius Trusts.  The Mobius NCM-03 and NCM-04
transactions are securitizations of Australian non-conforming
residential mortgages.  The rating actions are:

Mobius NCM 03 Trust (NCM 03):

  -- AUD5.62m Class B (AU300MOB2036) upgraded to 'AAAsf' from
     'AAsf'; Outlook revised to Stable from Positive; Loss
     Severity Rating revised to 'LS2' from 'LS1';

  -- AUD12.65m Class C (AU300MOB2044) affirmed at 'Asf'; Outlook
     Stable; Loss Severity Rating 'LS2';

  -- AUD12.10m Class D (AU300MOB2051) affirmed at 'BBsf'; Outlook
     Stable; Loss Severity Rating 'LS2', and

  -- AUD6.60m Class E (AU300MOB2069) affirmed at 'CCCsf'; Recovery
     Rating 'RR2'.

Mobius NCM-04 Trust (NCM 04):

  -- AUD16.67m Class C (AU3FN0000899) affirmed at 'AAsf'; Outlook
     Stable; Loss Severity Rating 'LS2';

  -- AUD18.90m Class D (AU3FN0000907) affirmed at 'BBBsf'; Outlook
     Stable; Loss Severity Rating 'LS3';

  -- AUD8.60m Class E (AU3FN0000915) affirmed at 'BBsf'; Outlook
     Stable; Loss Severity Rating 'LS3'; and

  -- AUD7.70m Class F (AU3FN0000923) affirmed at 'CCCsf'; Recovery
     Rating 'RR3'.

  -- Class M* affirmed at 'BBBsf'; Outlook Stable.

  * Interest Only.

"The performance of NCM 03 and NCM 04 has improved from the 30+
days arrears peak of 24.10% and 28.63% respectively in mid-2008,
with credit enhancement growing significantly for all classes,"
says Kim Bui, Analyst in Fitch's Structured Finance team.

As at Feb. 28, 2011, NCM 03's total 30+ days arrears remained high
at 12.01%, with a high percentage of loans 90+ days in arrears at
8.02%.  As at Jan. 31, 2011, NCM 04's total 30+ days arrears also
remained high at 13.84% with a high percentage of loans 90+ days
in arrears at 10.67%.  "Pepper Australia Pty Ltd, the servicer,
has demonstrated strong capabilities to significantly help reduce
and clear long-dated arrears," says Kim Bui, Analyst in Fitch's
Structured Finance Team.

Since closing, 126 and 158 loans have been foreclosed in NCM 03
and NCM 04 respectively, resulting in cumulative losses of AUD22m
and AUD25 million.  Losses have been mainly charged off against
the lower rated notes and where excess income has been
insufficient to reimburse the charge off, amounts were drawn from
the excess spread reserve.  To date, all charge offs against the
lower rated notes have been reimbursed.  Fitch believes further
losses are expected as properties continue to be written off.

The strong credit enhancement levels for NCM 03 and 04 are
significant at their respective rating and exceed their breakeven
levels.  Additionally, these transactions feature an excess spread
reserve that provides additional credit enhancement should excess
income become insufficient to reimburse any principal charge-offs.
As at March 14, 2011, this reserve stood at AUD621,767 for NCM 03
and as at Feb. 16, 2011, at AUD3,174,117 for NCM 04.

The rating actions reflect Fitch's view that the available credit
enhancement levels are sufficient to support the bonds' current
ratings, and that the credit quality and performance of the loans
in the respective collateral pools remain in line with
expectations.  The one tranche that has been upgraded can
withstand significant losses and has a considerable buffer in
terms of subordination.

As the mortgage portfolios reduce in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver of Fitch's analysis.  A cash flow
analysis was performed on the transaction, stressing a combination
of interest rates, defaults, default timing and prepayment rates,
with each tranche passing at its respective rating level.


REDGROUP RETAIL: Cuts 26 Jobs at REDgroup's Melbourne Headquarters
------------------------------------------------------------------
The Administrator of REDgroup Retail on March 17 announced 26
redundancies from REDgroup Retail's Melbourne headquarters.  These
redundancies are effective immediately.

This follows the announcement on March 3 of 321 redundancies
linked to the closure of 38 stores and brings the total number of
REDgroup staff to 1,991.

Administrator Steve Sherman, a partner at Ferrier Hodgson, said
the redundancies were a difficult but necessary step in the
administration process.

"As part of our restructure, we have had to make some cuts to the
number of stores and the number of people working in head office,"
Mr. Sherman said.  "This is never an easy step, however, with the
business continuing to lose money, it is a step that needed to be
taken."

Mr. Sherman said he could not rule out further store closures and
redundancies in coming weeks.

                        About REDgroup Retail

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

                       *     *     *

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

The REDgroup companies in Administration include:

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


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


ART CITY: Chan Yui Hang Appointed as Liquidator
-----------------------------------------------
Messrs Chan Yui Hang on March 7, 2011, was appointed as liquidator
of Art City (Hong Kong) Limited.

The liquidator may be reached at:

         Messrs Chan Yui Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East
         Kowloon, Hong Kong


CLAY FINLAY: Ying and Chan Step Down as Liquidators
---------------------------------------------------
Ying Hing Chiui and Chan Mi Har stepped down as liquidators of
Clay Finlay (H.K.) Limited on March 7, 2011.


DMV INTERNATIONAL: Creditors' Proofs of Debt Due April 7
--------------------------------------------------------
Creditors of DMV International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 7, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

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


HYTEC ELECTROPLATING: Members' Final Meeting Set for April 19
-------------------------------------------------------------
Members of Hytec Electroplating Limited will hold their final
general meeting on April 19, 2011, at 10:00 a.m., at Flat C, 4/F.,
Good Luck Industrial Building, 105 How Ming Street, Kwun Tong,
Kowloon, in Hong Kong.

At the meeting, Au Wing Ip, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


JOY WAVE: Creditors' Proofs of Debt Due April 18
------------------------------------------------
Creditors of Joy Wave Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 18, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 14, 2011.

The company's liquidator is:

         Sum Kwan Yiu Philip
         Room 1601, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


LUCK FANCY: Creditors' Proofs of Debt Due April 19
--------------------------------------------------
Creditors of Luck Fancy Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 19, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 11, 2011.

The company's liquidators are:

         Chan Chi Bor
         Li Fat Chung
         Unit 402, 4/F
         Malaysia Building
         No. 50, Gloucester Road
         Wanchai, Hong Kong


MC BITOR: Chan and Chiu Appointed as Liquidators
------------------------------------------------
Chan Kim Chee and Chiu Fan Wa on March 4, 2011, were appointed as
liquidators of MC Bitor Limited.

The liquidators may be reached at:

         Chan Kim Chee
         Chiu Fan Wa
         1001 Admiralty Centre Tower I
         18 Harcourt Road
         Hong Kong


MEDIA INTERNATIONAL: Seng and Lo Step Down as Liquidators
---------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Media International Investment Limited on March 5, 2011.3


NEW CHINA: Annual Meetings Set for April 21
-------------------------------------------
Members and creditors of The New China Hong Kong Capital Limited
will hold their annual meetings on April 21, 2011, at 9:00 a.m.,
and 10:00 a.m., respectively at Room 1601-02, 16th Floor, One
Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK: Annual Meetings Set for April 21
----------------------------------------------
Members and creditors of The New China Hong Kong Development
Limited will hold their annual meetings on April 21, 2011, at 3:00
p.m., and 3:30 p.m., respectively at Room 1601-02, 16th Floor, One
Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK ENTERPRISES: Annual Meetings Set for April 21
----------------------------------------------------------
Members and creditors of The New China Hong Kong Enterprises
Limited will hold their annual meetings on April 21, 2011, at
12:00 p.m., and 12:30 p.m., respectively at Room 1601-02, 16th
Floor, One Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK ESTATE: Annual Meetings Set for April 21
-----------------------------------------------------
Members and creditors of The New China Hong Kong Estate Limited
will hold their annual meetings on April 21, 2011, at 5:00 p.m.,
and 5:30 p.m., respectively at Room 1601-02, 16th Floor, One Hysan
Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK FINANCE: Annual Meetings Set for April 21
------------------------------------------------------
Members and creditors of The New China Hong Kong Finance Limited
will hold their annual meetings on April 21, 2011, at 9:30 a.m.,
and 10:30 a.m., respectively at Room 1601-02, 16th Floor, One
Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK GROUP: Annual Meetings Set for April 21
----------------------------------------------------
Members and creditors of The New China Hong Kong Group Limited
will hold their annual meetings on April 21, 2011, at 11:00 a.m.,
and 11:30 a.m., respectively at Room 1601-02, 16th Floor, One
Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK INDUSTRIAL: Annual Meetings Set for April 21
---------------------------------------------------------
Members and creditors of The New China Hong Kong Industrial
Limited will hold their annual meetings on April 21, 2011, at 2:00
p.m., and 2:30 p.m., respectively at Room 1601-02, 16th Floor, One
Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK TRADING: Annual Meetings Set for April 21
----------------------------------------------------------
Members and creditors of The New China Hong Kong Trading Limited
will hold their annual meetings on April 21, 2011, at 4:00 p.m.,
and 4:30 p.m., respectively at Room 1601-02, 16th Floor, One Hysan
Avenue, Causeway Bay, in Hong Kong.

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


ROLLING STOCK: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on March 4, 2011,
creditors of Rolling Stock Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


SEEDTRON DEVELOPMENT: Creditors' First Meeting Set for April 13
---------------------------------------------------------------
Creditors of Seedtron Development Consultants Limited will hold
their first meeting on April 13, 2011, at 11:30 a.m., for the
purposes provided for in Sections 241, 242, 243 and 244 of the
Companies Ordinance.

The meeting will be held at 12/F, Lucky Building, at 39 Wellington
Street, Central, in Hong Kong.


SENRICH INDUSTRIES: Tang and Chen Appointed as Liquidators
----------------------------------------------------------
Messrs. Alan C W Tang and Kenneth Y N Chen on March 4, 2011, were
appointed as liquidators of Senrich Industries Limited.

The liquidators may be reached at:

         Messrs Alan C W Tang
         Kenneth Y N Chen
         43/F., The Lee Gardens
         33 Hysan Avenue
         Causeway Bay, Hong Kong


SUNWELL METALS: Wong and Osman Step Down as Liquidators
-------------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of Sunwell Metals Limited on March 1, 2011.


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


AIR INDIA: Board Approves Debt Restructuring Plan
-------------------------------------------------
Business Standard reports that the Air India board, in a meeting
in Mumbai on March 16, cleared the debt restructuring plan of the
airline.  Business Standard says the plan was prepared by SBI
Capital market Ltd and vetted by financial advisory firm Deloitte,
after the Reserve Bank of India asked the airline to get it done
by an independent firm.

"The plan will now be discussed by the civil aviation ministry and
the RBI, and our high-cost debt will be converted to low-cost.  As
of now, there is no limit on the amount of loan to be converted
but we would want maximum conversion," Business Standard quotes a
senior Air India official, who did not want to be identified.

According to Business Standard, the carrier's working capital debt
of INR21,000 crore was borrowed at an interest rate of 12%.  The
airline's annual interest payment is INR1,800 crore on a debt of
INR40,000 crore (INR21,000 crore is working capital debt and the
rest, low-cost debt taken primarily to buy aircraft).

The Air India official told Business Standard that the government
will have to infuse more money in the airline.  Business Standard
relates that the government has announced it would infuse INR1,200
crore in the next financial year.  Up until now, the government
has injected INR1,200 crore and INR800 crore in two tranches in
2009 and 2010, raising the equity base to INR2,145 crore.

Business Standard relates that the airline also has a plan to
recover its money from the government and other airlines.  The
plan includes recovering INR803 crore in dues from the government
for usage of aircraft for VIP travel and emergencies.  The airline
operates such flights on a no profit/loss basis, Business Standard
discloses.

According to the report, the company will also recover another
INR152 crore due from private airlines such as Kingfisher for
ground handling operations and support.  Business Standard adds
that the airline also obtained permission to sell its property in
Paris, which will give them INR10 crore.

Meanwhile, Business Standard cites, the Air India board has
constituted an independent committee of experts under a retired
judge to look into the issues of pay parity and other related
matters between the employees of the erstwhile airline.  The
committee will be headed by retired justice D N Dharmadhikari,
Business Standard adds.

                           About Air India

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

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226 crore in
2007-08, INR7,189 crore in 2008-09 and INR5,551 crore in 2009-10.

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


BAGHAULI SUGAR: CRISIL Reaffirms 'D' Rating on INR1.4BB Term Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Baghauli Sugar &
Distillery Ltd continue to reflect delays by BSDL in servicing its
debt; the delays have been caused by the company's weak liquidity,
as BSDL reported less-than-expected revenues over the 12 months
through December 2010 because of lower-than-estimated capacity
utilization.

   Facilities                           Ratings
   ----------                           -------
   INR1400 Million Term Loan            D (Reaffirmed)
   INR520 Million Cash Credit Facility  D (Reaffirmed)

Update

BSDL has not paid its principal and has been delaying on its
interest payments on term loans since April 2010.  The company's
bank lines also remain over utilized.  BSDL has annual debt
obligations of around INR240 million. Its account has been
declared a non-performing asset by one of its bankers. The
company's utilization level in the sugar season (SS) of 2009-10
(refers to financial year, April 1 to March 31) was around 25% and
is expected to be around 60% for SS 2010-11.

                       About Baghauli Sugar

Incorporated in 2006, BSDL has set up a sugar plant with a cane
crushing capacity of 3500 tonnes per day, and a bagasse-based 12-
megawatt cogeneration power plant, in Hardoi (Uttar Pradesh).
The sugar mill and the power plant were commissioned in January
2009. As part of the integrated sugar unit, the company is also
setting up a blending unit and a 100-kilolitre per day distillery.
The company has received a license from the Government of Uttar
Pradesh to manufacture and supply country liquor to government
channels in the state; hence, BSDL is also setting up a bottling
unit in an annex to the distillery. The cost of the entire
project, INR2.19 billion, has been funded in a debt-to-equity
ratio of 1.8:1.

BSDL reported a net loss of INR246 million on net sales of INR69.9
million for 2009-10, its first year of operations.


BHANOT CONSTRUCTION: CRISIL Assigns 'B' Rating to Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Bhanot Construction
and Housing Ltd's bank facilities.  The rating reflects BCHL's
small scale of operations in the real estate development segment,
limited track record and low operating efficiencies in civil
construction business

   Facilities                      Ratings
   ----------                      -------
   INR50.0 Million Cash Credit     B/Stable (Assigned)
   INR100.0 Million Proposed LT    B/Stable (Assigned)
           Bank Loan Facilities

Outlook: Stable

CRISIL expects BCHL's scale of operations to remain small over the
medium term. The outlook may be revised to 'Positive' if BCHL bags
sustained orders from its customers, leading to increase in its
scale of operations.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates,
most likely through sharp decline in operating income, or if the
company contracts large debt to fund its capital expenditure.

                     About Bhanot Construction

BCHL was set up by Mr. R D Bhanot in 1983. BCHL was listed on the
Delhi Stock Exchange in 1984. BCHL undertakes construction of
small residential and commercial complexes, and has diversified
into civil construction in 2009-10 (refers to financial year,
April 1 to March 31). In 2008-09, the management merged Bhanot
Infrastructure and Hospitalities Ltd (erstwhile Bhanot Leasing
Ltd), Trishul Industries Pvt Ltd and Fair Properties Ltd with
BCHL.  The merged entities did not have any operations but were
holding substantial land bank in Mussorie and Dehradun (both in
Uttarakhand) and Gurgaon (Haryana).

BCHL reported a profit after tax (PAT) of INR18.56 on net sales of
INR1050.1 in 2009-10, as against a PAT of INR4 million on net
sales of INR239 million for 15 months ended June 2009.


BHILAI INSTITUTE: CRISIL Reaffirms 'BB+' Rating on INR97.5M Loan
----------------------------------------------------------------
CRISIL's rating on the long-term loan facility of Bhilai Institute
of Technology Trust continues to reflect BITT's exposure to risks
related to its ongoing capital expenditure (capex) programme and
regulatory restrictions in the education sector.  These rating
weaknesses are partially offset by BITT's diverse course
offerings, strong reputation, and above-average financial risk
profile, marked by low gearing and healthy debt protection
metrics.

   Facilities                      Ratings
   ----------                      -------
   INR97.50 Million Term Loan      BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BITT will continue to benefit from its strong
reputation in the technical education segment over the medium
term. It is expected to record sustained growth in its collections
by offering new courses and increasing the number of seats in
existing courses.  The outlook may be revised to 'Positive' if
BITT is able to successfully ramp up its operations and improve
its liquidity management on a sustained basis. Conversely, the
outlook may be revised to 'Negative' in the event of a substantial
decline in student intake, or in case the trust's financial risk
profile deteriorates, on account of a large, debt-funded capital
expenditure programme.

Established in 1986, BITT manages the Bhilai Institute of
Technology (BITD) in Durg (Chhattisgarh), established in 1986, and
Bhilai Institute of Technology (BITR) in Raipur (Chhattisgarh),
established in 2009.  The institutes offer a variety of courses in
graduate and post-graduate engineering, business administration,
and computer applications, as well as a doctorate in engineering,
chemistry, environmental science and applied physics at its BITD
facility while it offers only graduate engineering courses at its
BITR facility.

BITT increased its intake capacity by 240 in 2010-11 (refers to
financial year April 01, 2010 to March 31, 2011) by introducing
two engineering courses at its BITR campus (taking the BITR course
count to six) and commencing the second shift of classes at the
BITD campus for two courses in engineering.

All the courses offered by BITD and BITR are approved by All India
Council for Technical Education and Ministry of Human Resource
Development, Government of India.  The institutes are affiliated
with Chhattisgarh Swami Vivekanand Technical University, Bhilai
(Chhattisgargh) and approved by Government of Chhattisgargh. It is
an ISO 9001-2000-certified institute.

BITT reported a surplus of INR2 million on collections of INR136
million for 2009-10 (refers to financial year, April 1 to
March 31), against a surplus of INR5 million on collections of
INR106 million for 2008-09.


BUNDELA BANDHU: CRISIL Cuts Rating on INR30MM Cash Credit to 'C'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Bundela Bandhu Construction Company to 'C' from
'B+/Stable', while reaffirming the rating on its short-term bank
facilities at 'P4'.

   Facilities                          Ratings
   ----------                          -------
   INR30 Million Cash Credit Limit     C (Downgraded from
                                          'B+/Stable')

   INR30 Million Bank Guarantee        P4 (Reaffirmed)

The rating revision follows significant deterioration in BBCC's
liquidity, as reflected in the fact that the firm has frequently
overdrawn from its cash credit account, though the account is
currently regular and supported by a corporate loan of INR5.0
million.  The firm's liquidity has deteriorated because of its
large working capital requirements, invocation of its bank
guarantee in 2010-2011 (refers to financial year, April to
March 31), and depressed cash accruals due to project delays.
Also, the company's bank limits were reduced during the year which
has put a further strain on its liquidity.  CRISIL believes that
the firm's liquidity will continue to remain weak in the near to
medium term as its cash accruals are barely sufficient to service
its corporate loan and its large working capital requirements.

The ratings reflect BBCC's small scale of operations in the
fragmented infrastructure industry, weak liquidity driven by large
working capital requirements and low cash accruals, and weak
financial risk profile, marked by small net worth, and weak debt
protection metrics.  These rating weaknesses are partially offset
by the extensive experience of BBCC's promoters in the civil
construction sector.

                        About Bundela Bandhu

Set up in 1985, BBCC currently operates as a partnership firm with
Mr. Sujan Singh Bundela and Mr. Chandrabhushan Bundela as its
partners.  The firm is a Class A5 contractor, engaged in civil
construction involving earthwork and canal, road, and dam
construction.  The firm is registered with Irrigation Department
of Uttar Pradesh and Madhya Pradesh (MP) as well as with Madhya
Pradesh Road Development Corporation Limited and Water Resources
Department.

BBCC is based in Uttar Pradesh (UP), and Mr. Chandra Bhushan
Bundela (the founder's son) is the managing partner of BBCC.

BBCC is presently implementing a sub-contracted road construction
project for Nagarjuna Construction Company Ltd, and other projects
for the Irrigation Department and WRD in MP. Furthermore, the firm
has bid for an NHAI (National Highways Authority of India) project
in Lalitpur (UP), which is expected to be allotted by the end of
March 2011. The company has till date successfully completed more
than 50 projects in the civil construction segment.

BBCC reported a profit after tax (PAT) of INR3.3 million on net
sales of INR109.4 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR1.4 million on net sales
of INR82.5 million for 2008-09.


FLEXIPOL FOAMS: CRISIL Assigns 'B+' Rating to INR10.4MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Flexipol Foams Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR10.4 Million Term Loan           B+/Stable (Assigned)
   INR20.00 Million Cash Credit        B+/Stable (Assigned)
   INR30.00 Million Letter of Credit   P4 (Assigned)
   INR3.00 Million Line of Credit      P4 (Assigned)

The ratings reflect FFPL's weak financial risk profile, marked by
high gearing and below-average debt protection metrics, small
scale of operations, its susceptibility to volatility in raw
material prices, and its exposure to pricing pressures due to
intense competition in the foam industry.  These weaknesses are
partially offset by FFPL's promoters' industry experience, and
longstanding customer relationships.

Outlook: Stable

CRISIL believes that FFPL will continue to benefit over the medium
term from its promoters' industry experience and established brand
presence.  The outlook may be revised to 'Positive' in case of
significant improvement in FFPL's scale of operations, sustained
profitability, and improvement in capital structure. Conversely,
the outlook may be revised to 'Negative' if FFPL undertakes any
additional large, debt-funded capital expenditure, or its
profitability declines significantly, thereby deteriorating its
financial risk profile.

                       About Flexipol Foams

Incorporated in 1995, FPPL is promoted by Mr. Arun Kumar Jaluka.
FPPL manufactures flexible polyurethane foam sheets, foam rolls
and other foam products used in the furniture, leather, garment,
automobile, footwear and packaging industries.  The company's
plant located in Bhiwadi, Rajasthan, has a foam production
capacity of 2400 tonnes per annum.

FPPL reported a profit after tax (PAT) of INR2.4 million on net
sales of INR142.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.0 million on net sales
of INR119.2 million for 2008-09.


FORACE POLYMERS: CRISIL Assigns 'B+' Rating to INR46.2MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Forace Polymers
Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR148.8 Million Cash Credit         B+/Stable (Assigned)
   INR46.2 Million Rupee Term Loan      B+/Stable (Assigned)
   INR25 Million Post Shipment Credit   P4 (Assigned)
   INR10 Million Bank Guarantee         P4 (Assigned)
   INR100 Million Letter of Credit      P4 (Assigned)

The ratings reflect FPPL's weak financial risk profile, marked by
weak capital structure and debt protection metrics, and working-
capital-intensive operations.  These rating weaknesses are
partially offset by FPPL's long track record, with an established
clientele and geographically diversified revenue profile.

Outlook: Stable

CRISIL believes that FPPL will maintain its business and financial
risk profiles over the near to medium term on the back of its
established client base.  The outlook may be revised to 'Positive'
in case of a substantial increase in FPPL's scale of operations,
with improvement in its capital structure.  Conversely, the
outlook may be revised to 'Negative' in case of a significant
decline in FPPL's operating profitability, or if the company
undertakes larger than expected debt-funded capital expenditure
programme.

                       About Forace Polymers

FPPL was incorporated in 1980.  It manufactures organic chemicals
such as resins, hardners, and catalysts, used in casting, forging,
automobile, and other steel-related industries. FPPL's units are
in Haridwar, with installed capacity to manufacture 16,000 tonnes
per annum (tpa) of chemicals.  The company's ongoing capital
expenditure programme involves increasing capacity to 20,000 tpa;
the project is expected to be completed by December 2010.

FPPL reported a profit after tax (PAT) of INR8.9 million on net
sales of INR767.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR6.7 million on net sales
of INR702.0 million for 2008-09.


GOLD PLUS: Fitch Upgrades National Long-Term Rating to 'B'
----------------------------------------------------------
Fitch Ratings has upgraded India's Gold Plus Glass Industry's
National Long-Term rating to 'B(ind)' from 'C(ind)' and
simultaneously placed it on Rating Watch Positive.  Fitch has also
upgraded the ratings on GPGI's instruments:

  -- INR920m fund-based working capital limits: upgraded to
     'B(ind)'/'F4(ind)' from 'C(ind)'/'F5(ind)'; on RWP;

  -- INR250m non-fund based working capital limits: upgraded to
     'B(ind)'/'F4(ind)' from 'C(ind)'/'F5(ind)'; on RWP; and

  -- Outstanding INR2,661.17m long-term bank loan (reduced from
     INR2,774.3m): upgraded to 'B(ind)' from 'C(ind)'; on RWP.

The upgrades reflect GPGI's improved liquidity position due to an
INR300m fund infusion following the MOU with a strategic investor
to acquire a majority stake in the company.  All four companies of
the Gold Plus Group will be merged prior to the stake acquisition.

The ratings have been placed on RWP to reflect Fitch's
expectations that the ratings will be further upgraded if the MoU
is converted into a definitive agreement, leading to the investor
infusing INR4,000 million as equity for the proposed expansion,
INR600m as interim financing and taking up a majority stake in the
merged entity.  Fitch notes that management control will remain
with the Gold Plus Group.  However, key decisions would be taken
in consultation with the investor.

The fresh equity will be used to enhance the float glass capacity
by 1,500 tonnes per day from 460 TPD currently.  The project cost
of INR15,387.80 million is to be funded by a debt/equity ratio of
2.85:1.  The company has received an in-principle sanction from
banks for the entire debt amount.

Fitch expects to resolve the RWP upon execution of the definitive
agreement, depending on the exact terms laid down in the
agreement.  An RWP implies that the ratings may be affirmed or
upgraded upon resolution.

GPGI is part of GPG, an industrial group engaged in the trading
and processing of glass sheets for the automotive and
construction/architectural sectors.  It supplies replacement
glasses for automobiles in India as well as insulating and other
structural glasses to corporate houses and real estate developers.
Besides GPGI, GPG consists of Gold Plus Glass India Limited, Gold
Plus Toughened Glass Limited and Gold Plus Himachal Safety Glass
Limited.  Furthermore, GPGI supplies part of its output to the
other group entities for processing.  Fitch believes that all four
group entities have strong operational, management and financial
linkages.

In FY10, GPGI had revenues of INR2,081 million, an EBITDA of
INR405 million and a profit after tax of -INR184 million.  Its net
interest coverage was 1.02x and net financial leverage was 8.7x in
FY10.  Financial performance of the other group companies was also
weak in FY10 compared to FY09.  For the 10 months ended
January 2011, GPGI had revenues of INR2,378 million with an EBITDA
of INR244 million and a net loss of INR323 million.  The financial
performance of the other group companies remained weak and the
Gold Plus Group had overall sales of INR3,032 million with an
EBITDA of INR318m and a net loss of INR293 million.


HARSHNI TEXTILES: CRISIL Raises Rating on LT Loan to 'BB-'
----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Harshni
Textiles Ltd to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR506.7 Million Long-Term Loan    BB-/Stable (Upgraded from
                                                  'B+/Stable')

   INR341.6 Million Cash Credit       BB-/Stable (Upgraded from
                                                  'B+/Stable')

   INR100.0 Million Foreign Bill      P4+ (Upgraded from 'P4')
                        Purchase
   INR60.0 Million Letter of Credit   P4+ (Upgraded from 'P4')

   INR20.0 Million Bank Guarantee     P4+ (Upgraded from 'P4')

The upgrade reflects HTL's strong operating performance in 2010-11
(refers to financial year, April 1 to March 31), marked by
significant growth in revenues, along with healthy profitability
and cash accruals, resulting in an improvement in its debt
protection metrics. For the nine months ended December 31, 2010,
HTL posted revenues of INR800 million and an operating margin of
around 26%; it reported revenues of INR910 million and an
operating margin of 18% for 2009-10.  The company's healthy
business performance has been largely driven by the favorable
movement in cotton yarn prices.  Consequent to the improvement in
operating margin and cash accruals, HTL's net cash accruals to
total debt (NCATD) and interest coverage ratios improved to 0.26
times and 4.36 times respectively for the nine months ended
December 31, 2010, from 0.08 times and 1.84 times respectively for
2009-10.  The upgrade also factors in CRISIL's belief that HTL's
financial risk profile will improve further over the medium term
on the back of healthy cash accruals and steady repayment of debt.

The ratings continue to reflect HTL's below-average financial
risk, marked by a high gearing, and susceptibility to volatility
in raw material prices.  These rating weaknesses are partially
offset by the benefits that the company derives from its
relatively modernized textile plant and its sound operating
capabilities.

Outlook: Stable

CRISIL believes that HTL will maintain its business risk profile
over the medium term, supported by its moderate scale of
operations and sound operating capabilities.  The outlook may be
revised to 'Positive' if HTL sustains the increase in its revenues
and operating margins, and improves its capital structure
considerably.  Conversely, the outlook may be revised to
'Negative' if there is a sharp decline in HTL's operating
profitability because of adverse movement in cotton and /or yarn
prices, or if its capital structure weakens because of larger-
than-expected debt-funded capital expenditure programmes.

                       About Harshni Textiles

Incorporated in 2002-03, HTL manufactures cotton yarn and has
capacity of around 51,831 spindles. HTL is part of the Lakshmi
Machine Works (LMW) group, based in Coimbatore (Tamil Nadu).
Lakshmi Electrical Drives Ltd (rated 'A/Stable/P1' by CRISIL)
holds a stake of 60% in HTL, while Lakshmi Electrical Control
Systems Ltd (A+/Stable/P1) holds the remaining share.  HTL is
managed by Mr. Senthil Kumar, son-in-law of the former chairman of
Lakshmi Machine Works Ltd, the late Dr. D Jayavardhanavelu.

HTL reported a net loss of INR13.19 million on net sales of
INR910.00 million for 2009-10, against a net loss of INR55.00
million on net sales of INR664.80 million for 2008-09.


JODHANI EXPORTS: CRISIL Reaffirms 'P4' Ratings on Bank Debts
------------------------------------------------------------
CRISIL's rating on the short-term bank facilities of Jodhani
Exports continues to reflect Jodhani Exports' weak liquidity, with
large working capital requirements, and customer concentration in
revenue profile. These rating weaknesses are partially offset by
the extensive experience of Jodhani Exports' promoters in the
diamond cutting and polishing business.

   Facilities                              Ratings
   ----------                              -------
   INR50.0 Million Packing Credit          P4 (Reaffirmed)
   INR200.0 Million Post-Shipment Credit   P4 (Reaffirmed)
   INR10.0 Million Proposed ST Bank Loan   P4 (Reaffirmed)
                                Facility

Jodhani Exports, set up in 1989 by Mr. Limba Jodhani and Mr. Mohan
Jodhani, is a partnership firm that cuts, polishes, and markets
diamonds.  The firm deals in diamonds of sizes less than 10
pointers (0.10 carat).  It has recently started dealing in
diamonds over 100 pointers.  On March 31, 2008, there was a split
in the partnership of the firm, with four partners retiring to
start a new diamond firm.  Jodhani Exports now has five active
partners; Mr. Limba Jodhani manages purchases, Mr. Ravji Jodhani
manages sales, and Mr. Sanjay Jodhani manages Jodhani Exports'
marketing activities, while the other two active partners manage
the firm's manufacturing activities.

Jodhani Exports reported a profit after tax (PAT) of INR17.65
million on net sales of INR674.46 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR7.42
million on net sales of INR595.90 million for 2008-09.


MAXTECH SINTERED: CRISIL Raises Rating on INR190MM Loan to 'BB-'
----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Maxtech
Sintered Product Pvt Ltd to 'BB-/Stable' from 'B+/Negative'.

   Facilities                          Ratings
   ----------                          -------
   INR190.0 Million Long-Term Loan     BB-/Stable (Upgraded from
                                                   'B+/Negative')

   INR40.0 Million Cash Credit Limit   BB-/Stable (Upgraded from
                                                   'B+/Negative')

The rating upgrade reflects MSPPL's better-than-expected financial
risk profile, particularly its liquidity, because of equity
infusion by company's promoters and its joint venture (JV)
partner, the Austria-based Miba Sinter group.  CRISIL believes
that MSPPL will scale up its operations over the near to medium
term on the back of a strong order book, increasing sample
approvals, and improved demand from domestic original equipment
manufacturers (OEMs).

The rating reflects MSPPL's weak financial risk profile marked by
depressed cash accruals, and large incremental working capital
requirements because of the start-up nature of the company's
operations.  The rating also factors in the company's moderate
scale of operations, revenue concentration, and exposure to risks
related to volatility in raw material prices and in foreign
exchange rates.  These rating weaknesses are partially offset by
MSPPL's strong order book position, increasing number of sample
approvals, and promoter's extensive experience in the automobile
components industry.

Outlook: Stable

CRISIL believes that MSPPL will benefit over the medium term from
the expected ramp up in its operations partly because of a healthy
order book and partly because of increasing demand from domestic
OEMs. However, CRISIL also believes that the company's credit risk
profile will continue to remain constrained by the depressed cash
accruals resulting from the nascent stage of operations and large
incremental working capital requirements.  The outlook may be
revised to 'Positive' in the event of further improvement in
MSPPL's financial risk profile, particularly its liquidity, driven
by higher-than-expected cash accruals or larger-than-expected
equity infusion.  Conversely, the outlook may be revised to
'Negative' in the event of pressure on liquidity, resulting from
lower-than-expected cash accruals, large, incremental working
capital requirements, or a large, debt-funded capital expenditure
programme.

                      About Maxtech Sintered

Set up in 2007, MSPPL manufactures automobile components using
sintering technology (powder metal technology).  MSPPL has a
manufacturing plant at Malval in Pune (Maharashtra), with a
production capacity of about 600 tones per annum (tpa) of
compaction press.  The company commenced commercial production in
June 2009.  MSPPL is presently increasing its compaction press
capacity by around 350 tpa and installing new hardening furnaces
to cater to increasing demand from OEMs.

MSPPL was initially set up as a JV between BRN Industries Ltd
(promoted by Mr. J Raval and Mr. H Banga) and Maxtech
Manufacturing Inc.  In June 2010, BRN Industries Ltd acquired
MMI's entire stake in MSPPL.  In February 2011, the Miba group has
formed a JV with MSPPL, which aims at localizing production of
sintered components, which are currently imported to India from
Europe.  The Miba group has infused EUR2.55 million of equity into
the JV entity for a minority share of 26%.


MONGIA STEEL: CRISIL Assigns 'B-' Rating to INR20MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mongia Steel
Ltd continues to reflect the Mongia group's large working capital
requirements, and moderately weak financial risk profile.  These
rating weaknesses are partially offset by the benefits that the
group derives from its significant integration of operations and
its established brand image.

   Facilities                            Ratings
   ----------                            -------
   INR260 Million Cash Credit            B-/Stable
   (Enhanced from INR100 Million)

   INR200 Million Foreign Currency Term  B-/Stable
   Loan (Enhanced from INR95 Million)

   INR20 Million Proposed LT Bank        B-/Stable (Assigned)
                    Loan Facility

   INR25 Million Letter of Credit        P4 (Assigned)


For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Mongia and Santpuria Alloys Pvt Ltd,
together referred to as the Mongia group.  This is because both
the companies are under a common management, are in a similar line
of business, and have inter-company financial transactions.
Moreover, there are strong operational linkages between the two
companies, as Santpuria sells all its output to Mongia.

Outlook: Stable

CRISIL believes that the Mongia group's cash accruals will
increase because of the increase in manufacturing capacities at
the group's rolling mills and units for manufacturing other steel
long products.  The outlook may be revised to 'Positive' if the
group's operating margin improves and cash accruals increase
significantly, or if there is a substantial equity infusion by the
promoters.  Conversely, the outlook may be revised to 'Negative'
if the group undertakes a larger-than-expected, debt-funded
capital expenditure programme, thereby weakening its capital
structure, or if its operating margin declines sharply.

                          About the Group

The Mongia group commenced operations in 1974, with a factory for
manufacturing wire nails. In 1983, the management set up a rolling
mill by establishing Santpuria and in 1997, an induction furnace.
There was a family settlement in 2003 and the rolling mill was
shut down.  In the same year, the current promoters set up a 50-
tonne-per-day (tpd) rolling mill, which was gradually forward-
integrated to manufacture sponge iron, ingots, thermo-
mechanically-treated steel bars, and other steel long products.
The sponge iron capacity meets 80 to 90% of the group's ingot
requirement.  The ingot capacity is sufficient to meet the Mongia
group's steel long products manufacturing requirement. In 2008,
the group acquired, Nanak Hi-tech Pvt Ltd, which has ingot
capacity of 50 to 60 tpd.

Mongia reported a profit after tax (PAT) of INR19 million on net
sales of INR699 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR14 million on net sales
of INR511 million for 2008-09.


RICHIRICH AGRO: CRISIL Raises Cash Credit Rating to 'B-'
--------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Richirich Agro Foods Pvt Ltd to 'B-/Stable/P4' from 'D/P5'.

The upgrade reflects Richi Rich's repayment of its debt
obligations in a timely manner over the past nine months through
February 2011.  However, Richi Rich's liquidity continues to
remain weak because of thin cash accruals and high bank limit
utilisation.

   Facilities                       Ratings
   ----------                       -------
   INR20 Million Cash Credit        B-/Stable (Upgraded from 'D')

   INR6 Million Long-Term Loan      B-/Stable (Upgraded from 'D')

   INR74 Million Proposed Long-     B-/Stable (Upgraded from 'D')
        Term Bank Loan Facility

   INR50 Million Packing Credit     P4 (Upgraded from 'P5')

   INR100 Million Proposed Short-   P4 (Upgraded from 'P5')
         Term Bank Loan Facility

Moreover, Richi Rich's overall financial risk profile is weak,
marked by highly leveraged capital structure, modest debt
protection metrics, and a small net worth. Richi Rich's weaknesses
are partially offset by the significant revenue growth that the
company has achieved during the first nine months of 2010-11
(refers to financial year, April 1 to March 31) and is expected to
sustain over the near term.  The upgrade also reflects CRISIL's
belief that Richi Rich's cash accruals, albeit thin, will be
marginally higher than its debt repayment obligation in the near
to medium term.

Outlook: Stable

CRISIL expects Richi Rich's financial risk profile to remain weak
over the medium term due to high working capital intensity of its
operations and thin cash accruals.  The outlook may be revised to
'Positive' in case of substantial improvement in the company's
capital structure due to substantial infusion of equity or
improved accretion to reserves.  Conversely, the outlook may be
revised to 'Negative' in case of significantly less than expected
profitability or debt funded capex leading to further
deterioration in the financial risk profile.

                         About Richirich Agro

Set up in 1997, Richi Rich mills, processes, and sells basmati
rice in India and abroad.  Exports contributed around 75% to the
company's revenues in 2009-10.  The company's plants at Barara and
Jagadhri (both in Haryana) have combined milling and sorting
capacities of 12 tonnes per hour.

Richi Rich reported a profit after tax (PAT) of INR2 million on
net sales of INR887 million for 2009-10, against a PAT of INR1
million on net sales of INR533 million for 2008-09.


R.K. & SONS: CRISIL Reaffirms 'BB+' Rating on Overdraft Facility
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of R.K. & Sons continue to
reflect RK's geographically concentrated revenue profile, lack of
project diversity, and exposure to risks related to the tender-
based business and to intense competition in the construction
industry; the ratings also factor in RK's limited eligibility to
bid for large projects because of its small net worth.  These
rating weaknesses are partially offset by RK's healthy financial
risk profile marked by healthy gearing and debt protection
metrics, and the extensive experience of the firm's promoters in
the construction industry.

   Facilities                          Ratings
   ----------                          -------
   INR7.5 Million Overdraft Facility   BB+/Stable (Reaffirmed)
   INR40.0 Million Bank Guarantee      P4+ (Reaffirmed)
   INR80.0 Million Proposed ST Bank    P4+ (Reaffirmed)
                      Loan Facility

Outlook: Stable

CRISIL believes that RK will maintain its healthy financial risk
profile over the medium term, backed by low debt levels and a
moderate order book.  The outlook may be revised to 'Positive' if
RK substantially scales up its operations and increases its
revenue diversity, while maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' if the firm's
profitability margins deteriorate steeply; or if it undertakes a
large, debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile; or in case of
significant withdrawal of capital by the partners.

Update

RK's revenues are expected to grow by around 30% to INR360 million
in 2010-11 (refers to financial year, April 1 to March 31).  The
firm's healthy order book of INR250 million as on December 2010
provides good revenue visibility for 2011-12. However, RK's
operating margin is expected to decline to around 11.5% in 2010-11
from 13.4% in 2009-10, because of increasing competitive pressures
and is expected to remain at lower levels over the medium term.
The firm continues to effectively manage its working cycle, as
reflected in its low gross current asset (GCA) of 106 days as on
March 31, 2010, and its low average bank limit utilization of
around 27% over the 12 month through November 2010.  Though RK's
financial risk profile remains healthy, the firm's net worth is
expected to remain small at around INR100 million as on March 31,
2011 because of the small scale of operations and high drawings by
partners.  The small net worth continues to restrict the firm's
ability to bid for high-value projects.

RK reported a profit after tax (PAT) of INR30 million on net sales
of INR277 million for 2009-10, against a PAT of INR47 million on
net sales of INR224 million for 2008-09.

                         About R.K. & Sons

RK was set up in 1979 as a partnership concern by Mr. R
Thangavelu, Mr. R Ganesan, and Mr. R Ashwin Balaji.  RK executes
civil construction works, mainly road and bridge works, for
government and private sector companies.  The projects are largely
undertaken in Tamil Nadu, and the firm operates from its office in
Salem (Tamil Nadu).


SANGHI AUTOMOBILES: CRISIL Rates INR60MM Cash Credit to 'BB+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facility of Sanghi
Automobiles to 'BB+/Stable' from 'BB/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR60.0 Million Cash Credit      BB+/Stable (Upgraded from
                                                'BB/Stable')

The upgrade reflects Sanghi's sustained topline growth, while the
firm maintained its profitability, over the past two years through
2009-10 (refers to financial year, April 1 to March 31).  During
this period, Sanghi's sales have increased at a compound annual
growth rate (CAGR) of 20%, while its operating margin has been
stable at close to 5%.  The sales are expected to grow by about
20% year-on-year in 2011-12, backed by improving demand scenario
for two-wheelers in the domestic market.  The upgrade also factors
in the sharp improvement in Sanghi's financial risk profile,
marked by a comfortable total outside liabilities to total net
worth ratio of 1.88 times (as on March 31,2010) and adequate debt
protection metrics (supported by absence of any capital
expenditure [capex]), and efficient working capital management.
Moreover, the upgrade reflects CRISIL's belief that Sanghi will
not undertake any large, debt funded capex over the medium term.

The rating reflects Sanghi's exposure to intense competition in
the automotive dealership market and its constrained financial
risk profile because of low profitability and small net worth.
These rating weaknesses are partly offset by Sanghi's established
market position as Bajaj Auto Ltd's (BAL, rated
'AAA/FAAA/Stable/P1+' by CRISIL) dealer in Bhopal (Madhya Pradesh)
and moderate risk management policies.

Outlook: Stable

CRISIL believes that Sanghi will continue to benefit from its
established position as one of BAL's two dealers in Bhopal. The
outlook may be revised to 'Positive' if Sanghi's scale of
operations increases substantially without significant
deterioration in its capital structure.  Conversely, the outlook
may be revised to 'Negative' if Sanghi's financial risk profile
deteriorates because of any significant increase in working
capital borrowings or weakening in debt protection metrics.

                      About Sanghi Automobiles

Set up in 1986, Sanghi is an authorised dealer of BAL's two-
wheelers. The firm operates its dealership in Bhopal, where it has
three showrooms and three service stations. Sanghi is part of the
Sanghi group of companies, that comprises some of the largest
dealers of vehicles of various automobile manufacturers in central
India, such as Sanghi Brothers (Indore) Ltd, which is one of the
biggest dealers in Tata Motors Ltd's vehicles in Madhaya Pradesh.

Sanghi reported a profit after tax (PAT) of INR10 million on net
sales of INR305 million for 2009-10, against a PAT of INR3 million
on net sales of INR200 million for 2008-09.


SHIVA POLYMERS: CRISIL Reaffirms 'BB+' Rating on INR5MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shiva Polymers Pvt Ltd
continue to reflect the SPPL group's small scale of operations,
and below-average financial risk profile marked by a modest net
worth, a moderate gearing, and inadequate debt protection metrics.
These ratings weaknesses are partially offset by the benefits that
the SPPL group derives from its established customer base and its
promoters' extensive industry experience.

   Facilities                          Ratings
   ----------                          -------
   INR90 Million Cash Credit Limits    BB+/Stable (Reaffirmed)
   INR5 Million Term Loan              BB+/Stable (Reaffirmed)
   INR15 Million Bank Guarantee        P4+ (Reaffirmed)
   INR30 Million Letter of Credit      P4+ (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SPPL and its associate company, Indusco
Plastic Pvt Ltd.  This is because both the entities, collectively
referred to as the SPPL group, are under a common management, and
have operational linkages with each other, and similar product
profiles.

Outlook: Stable

CRISIL believes that the SPPL group will continue to benefit over
the medium term from its established customer base and the vast
experience and strong reputation of its promoters.  The outlook
may be revised to 'Positive' if the SPPL group significantly
scales up its operations, while maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' in case the
SPPL group's production gets adversely affected because of labour
unrest or any other operational issues, or if the group undertakes
any large, debt-funded capital expenditure programme, leading to
deterioration in its capital structure.

                          About the Group

SPPL (formerly, Keshavlal Khanderia Properties Pvt Ltd) was set up
in 1962; it was acquired and renamed by its present promoters in
1995. SPPL commenced operations in November 1997.  The company
manufactures high-density polyethylene (HDPE) and polypropylene
(PP) woven sacks that are mainly used by cement, fertilizer,
chemical, sugar and petrochemicals entities. SPPLs manufacturing
unit is based at Kona in Howrah district (West Bengal), with an
installed production capacity of 6,500 tonnes per annum (tpa) for
HDPE/PP tapes, and has 100 looms. Established in 2000 by the same
management of SPPL, Indusco Plastics Pvt Ltd started production in
2007-08; located in Raipur (Chhattisgarh), IPPL has installed
production capacity of 4800 tpa for tapes.

The operations at SPPL were adversely impacted during the second
and third quarter of current financial year because of frequent
machinery breakdowns and persistent labor unrest.  The machinery
has been replaced and labor issues have been sorted out, by
dismantling the labor union.  Commercial production recommenced in
March 2011, after almost five months of nil production because of
the aforementioned issues.

For 2009 to 2010, the SPPL group reported a profit after tax (PAT)
of INR3 million on an operating income of INR579 million, against
a PAT of INR7 million on net sales of INR623 million for 2008-09.


SHRI HARIKRISHNA COTTON: CRISIL Ups Cash Credit Rating to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Shri
Harikrishna Cotton Mills Pvt Ltd to 'BB-/Stable/P4+' from
'B+/Stable/P4'.

   Facilities                        Ratings
   ----------                        -------
   INR77.5 Million Cash Credit       BB-/Stable (Upgraded from
                                                 'B+/Stable')

   INR285.5 Million Long-Term Loan   BB-/Stable (Upgraded from
                                                 'B+/Stable')

   INR65 Million Letter of Credit    P4+ (Upgraded from 'P4')

   INR15.5 Million Bank Guarantee    P4+ (Upgraded from 'P4')

The upgrade reflects improvement in the Spictex group's financial
risk profile, driven by increased revenue growth, sizeable cash
accruals, and improving gearing.  The Spictex group reported net
sales of INR1.06 billion for the nine months ended December 31,
2010, against net sales of INR997 million for 2009-10 (refers to
financial year, April 1 to March 31).  Furthermore, the group's
gearing, as on March 31, 2011, is expected to improve to around
3.5 times, from around 4.10 times as on March 31, 2010.

The ratings reflect the Spictex group's below-average financial
risk profile, marked by high gearing and moderate debt protection
measures, and the vulnerability of its margins to volatility in
cotton prices.  These weaknesses are mitigated by the group's
established market position and good customer relationships.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Spictex and Shri Harikrishna Cotton
Mills Pvt Ltd (Shri Harikrishna), together referred to as the
Spictex group. This is because both companies are in the same line
of business (cotton yarn manufacturing), under common management,
and have fungible cash flows.

Outlook: Stable

CRISIL believes that the Spictex group will continue to benefit
from its established market position in the textile industry and
established customer relationships.  The outlook may be revised to
'Positive' if the group's capital structure improves further,
backed by more-than-expected cash accruals.  Conversely, the
outlook may be revised to 'Negative' if the group undertakes a
large, debt-funded capital expenditure programme, or in case of a
significant decline in revenues or operating margin.

                          About the Group

The Spictex group, promoted by Mr. V Muthusamy, manufactures
cotton yarn.  Its units in Tirupur (Tamil Nadu) have a total of
44,160 spindles.  Established in 1996, Spictex, the group's
flagship company, has 24,960 spindles, while Shri Harikrishna,
incorporated in 2008, has 19,200 spindles.  The group also has six
knitting machines for garment manufacturing, which it does on a
job-work basis.

For 2009-10, the Spictex group reported a profit after tax (PAT)
of INR17.7 million on net sales of INR997.6 million, against a PAT
of INR0.2 million on net sales of INR935.5 million for the
previous year.


SPICTEX COTON: CRISIL Upgrades Rating on INR143.7MM Loan to 'BB-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Spictex
Coton Mills Pvt Ltd to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                           Ratings
   ----------                           -------
   INR143.7 Million Long-Term Loan      BB-/Stable (Upgraded from
                                                    'B+/Stable')

   INR170.0 Mil. Cash Credit Limits     BB-/Stable (Upgraded from
                                                    'B+/Stable')

   INR1.1 Million Proposed LT Bank      BB-/Stable (Upgraded from
                     Loan Facility                  'B+/Stable')

   INR60 Mil. Letter of Credit Limits   P4+ (Upgraded from 'P4')

   INR6.0 Mil. Bank Guarantee Limits    P4+ (Upgraded from 'P4')

The upgrade reflects improvement in the Spictex group's financial
risk profile, driven by increased revenue growth, sizeable cash
accruals, and improving gearing.  The Spictex group reported net
sales of INR1.06 billion for the nine months ended December 31,
2010, against net sales of INR997 million for 2009-10 (refers to
financial year, April 1 to March 31).  Furthermore, the group's
gearing, as on March 31, 2011, is expected to improve to around
3.5 times, from around 4.10 times as on March 31, 2010.

The ratings reflect the Spictex group's below-average financial
risk profile, marked by high gearing and moderate debt protection
measures, and the vulnerability of its margins to volatility in
cotton prices.  These weaknesses are mitigated by the group's
established market position and good customer relationships.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Spictex and Shri Harikrishna Cotton
Mills Pvt Ltd, together referred to as the Spictex group. This is
because both companies are in the same line of business (cotton
yarn manufacturing), under common management, and have fungible
cash flows.

Outlook: Stable

CRISIL believes that the Spictex group will continue to benefit
from its established market position in the textile industry and
established customer relationships.  The outlook may be revised to
'Positive' if the group's capital structure improves further,
backed by more-than-expected cash accruals.  Conversely, the
outlook may be revised to 'Negative' if the group undertakes a
large, debt-funded capital expenditure programme, or in case of a
significant decline in revenues or operating margin.

                            About the Group

The Spictex group, promoted by Mr. V Muthusamy, manufactures
cotton yarn. Its units in Tirupur (Tamil Nadu) have a total of
44,160 spindles. Established in 1996, Spictex, the group's
flagship company, has 24,960 spindles, while Shri Harikrishna,
incorporated in 2008, has 19,200 spindles. The group also has six
knitting machines for garment manufacturing, which it does on a
job-work basis.

For 2009-10, the Spictex group reported a profit after tax (PAT)
of INR17.7 million on net sales of INR997.6 million, against a PAT
of INR0.2 million on net sales of INR935.5 million for the
previous year.


S.P.Y. AGRO: CRISIL Reaffirms 'D' Rating on INR540MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.P.Y. Agro Industries
Ltd continue to reflect the delays by SPY Agro in servicing of its
term loan obligations due to weak liquidity.  The weak liquidity
is largely on account high working capital requirement. The rating
also factors in the strength of technologically superior quality
plant.

   Facilities                           Ratings
   ----------                           -------
   INR230.00 Million Cash Credit        D (Reaffirmed)
   INR540.00 Million Term Loan          D (Reaffirmed)
   INR20.00 Million Letter of Credit    P5 (Reaffirmed)
                  and Bank Guarantee

Update

SPY Agro posted net sales of INR1.59 billion during 2009-10
(Previous year INR901.7 million, 77% jump over the previous year.
The company's operating margin declined to -22% during 2009-10
from 27.6% during the previous year on account of high input
prices.  During 2010-11 till November 2010 the company has posted
sales of around INR1.20 billion and it expects to clock INR1.80
billion during 2010-11.

SPY Agro has weak liquidity. Its bank limits are almost fully
utilized with instances of overdrawals.  It has been above 95%
with the average utilization of 102% during the last 12 months
ended September 2010. The company continues to delay the servicing
of installment and interest on the term loans.

The gearing of the company as on March 31, 2010, stood at 3.42
times. The company is in the process of setting up a bottling
plant (total capacity of 7 lacs cases per month) with the total
cost of INR400 million funded through term loan of INR270 million
and the balance through a mix of internal accruals and unsecured
loans from promoters.  Till date the company has incurred a total
cost of INR350 million.  The company expects the plant to be
operational from April 2011.  The addition of the term debt for
the purpose of the capex is expected to put pressure on the
gearing over the medium term.

SPY Agro reported a profit after tax (PAT) of INR99.9 million on
net sales of INR1.59 billion for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR2.2 million on net
sales of INR901.7 million for 2008-09.

                         About S.P.Y. Agro

Set up in 2005 by Mr. Sannapureddy Pedda Yerikala and Mr. S
Sreedhar Reddy, SPY Agro manufactures extra-neutral alcohol (ENA).
The company has a grain-and-molasses-based distillery plant at
Nandyal (Andhra Pradesh) with a capacity of 145 kilo litres per
day. ENA is the main raw material in the manufacture of Indian
Made Foreign Liquor.  The company commenced commercial production
in 2008-09 (refers to financial year, April 1 to March 31).


SWADISHT OILS: CRISIL Reaffirms 'BB' Rating on INR45.4MM Term Loan
------------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Swadisht Oils Pvt Ltd at 'BB/Stable/P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR45.4 Million Term loan          BB/Stable (Reaffirmed)
   (Reduced from INR70.0 Million)

   INR250.0 Million Cash Credit       BB/Stable (Reaffirmed)

   INR25.0 Million Proposed LT        BB/Stable (Reaffirmed)
              Bank Loan Facility

   INR250.0 Million Letter of Credit  P4+
   (Enhanced from INR130.0 Million)

The ratings continue to reflect SOPL's modest financial risk
profile marked by small net worth, large working capital
requirements, and low operating margin because of exposure to
intense market competition in the highly fragmented edible oil
industry.  These rating weaknesses are partially offset by SOPL's
promoters' extensive experience in the edible oils industry.

Outlook: Stable

CRISIL believes that SOPL will continue to benefit from its
promoters' four decades of experience in the edible oil industry.
The outlook may be revised to 'Positive' if SOPL stabilizes its
operations, reports more-than-expected profitability, and
maintains capital structure at current level over the medium term.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes larger-than-expected debt-funded capital
expenditure (capex) programme, leading to deterioration in its
financial risk profile.

                        About Swadisht Oils

SOPL was originally incorporated as AMG Exports Pvt Ltd in 1996;
the name was changed in April 2004.  The company was non-
operational till December 2007, when Mr. Dinesh Arora and
Mr. Tilak Raj Sharma bought the company from its previous
promoters, and started importing crude palm oil on high-seas
basis.  The company has recently set up a solvent extraction plant
with capacity of 600 tonnes per day at Rania, Kanpur (Uttar
Pradesh).  The plant is fully integrated and began commercial
production in April 2009.

SOPL reported a profit after tax (PAT) of INR7.90 million on net
sales of INR 1.16 billion for 2009-10 (refers to financial year,
April 1 to March 31); it reported a PAT of INR3.90 million on net
sales of INR503.10 million for 2008-09.


U.P ASBESTOS: CRISIL Reaffirms 'BB' Rating on INR320MM Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of U.P Asbestos Ltd
continue to reflect UPAL's constrained financial risk profile,
marked by weak debt protection indicators, and vulnerability to
volatility in raw material prices and to intense competition in
the asbestos cement sheet industry.

   Facilities                             Ratings
   ----------                             -------
   INR320.0 Million Cash Credit Limit     BB/Stable (Reaffirmed)
   INR16.4 Million Buyer's Credit Limit   P4+ (Reaffirmed)
   INR8.0 Million Bank Guarantee          P4+ (Reaffirmed)

The rating weaknesses are partially offset by UPAL's comfortable
market share in the asbestos cement sheet industry, supported by a
wide marketing network. UPAL also benefits from its promoters'
industry experience.

Outlook: Stable

CRISIL believes that UPAL's revenues will improve over the medium
term, supported by healthy demand for asbestos cement sheets in
India.  The outlook may be revised to 'Positive' if UPAL achieves
more-than-expected growth in operating income and cash accruals
leading to improvement in debt protection indicators, or improves
its operating efficiencies leading to improvement in its return on
capital employed.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates as
a result of large, debt-funded capital expenditure.

                         About U.P Asbestos

Incorporated in 1974, UPAL manufactures asbestos cement sheets.
UPAL has five manufacturing units located across Lucknow and Dadri
(both in Uttar Pradesh), and Nagpur (Maharashtra).  The company
has capacity to manufacture 216,000 tonnes of asbestos sheets per
annum.

UPAPL reported a profit after tax (PAT) of INR19.3 million on net
sales of INR1805 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR16.7 million on net
sales of INR1836 million for 2008-09.


VITAL HEALTH: CRISIL Upgrades Rating on INR60MM LT Loan to 'BB-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Vital Health Care Pvt Ltd, which is part of the Vital group, to
'BB-/Stable/P4+' from 'B/Stable/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR110 Million Cash Credit         BB-/Stable (Upgraded from
                                                  'B /Stable')

   INR60 Million Long-Term Loan       BB-/Stable (Upgraded from
                                                  'B/Stable')

   INR100 Million Letter of Credit    P4+ (Upgraded from 'P4')
                  & Bank Guarantee

   INR30 Million Packing Credit       P4+ (Upgraded from 'P4')


The upgrade reflects the Vital group's continued track record of
timely repayments, and utilization of working capital facilities
within sanction limits.  The improvement in the Vital group's
liquidity, follows stronger cash accruals and steady offtake from
export markets in 2009-10 (refers to financial year, April 1 to
March 31).  The group had faced pressure on its liquidity in 2008-
09 because of cancellation of orders from its customers in Africa
and the consequent large accumulation of inventory. CRISIL's
believes that the Vital group will maintain its liquidity over the
medium term, supported by steady cash accruals and moderate
capital expenditure (capex).  The upgrade also reflects CRISIL's
belief that the Vital group will improve its business risk profile
over the medium term, following the receipt of European Union (EU)
Good Manufacturing Practices (GMP) and World Health Organisation
(WHO) GMP certifications.

The ratings reflect the Vital group's working-capital-intensive
operations, and product concentration in revenue profile. These
rating weaknesses are partially offset by the group's established
market position in active pharmaceutical ingredients (API)
manufacturing, and moderate financial risk profile marked by
moderate gearing and debt protection metrics.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Vital Health Care and Vital
Laboratories Pvt Ltd.  This is because the two companies, together
referred to as the Vital group, have common promoters, are engaged
in similar lines of business, have a common management team, and
are managed as a single business.  Both the companies have
provided corporate guarantees for each other's debt.

Outlook: Stable

CRISIL believes that the Vital group will maintain its business
risk profile over the medium term, supported by the EU and WHO GMP
certifications, which will allow improved access to markets.
Moreover, the group's financial risk profile is expected to be
supported by expected moderate gearing and healthy debt protection
metrics, over the medium term.  The outlook may be revised to
'Positive' if there is sustained improvement in the Vital group's
working capital management, and if the group improves its market
penetration in regulated markets.  Conversely, the outlook may be
revised to 'Negative' if the group's financial risk profile
deteriorates, most likely because of large, debt-funded capex.

                          About the Group

The Vital group was set up in 1998 with the incorporation of Vital
Health Care, which was promoted by Mr. Shrigopal Bajaj and family,
and supported by the Mehta family.  In 2002, the Bajaj family
promoted Vital Labs.  The Vital group manufactures bulk drugs. The
group's largest-selling APIs include hyoscine butyl bromide,
digoxin, quinine, and artimisinin, and their derivatives.

For 2009-10, the Vital group reported a profit after tax (PAT) of
INR31.4 million on net sales of INR1.24 billion, against a PAT of
INR13.1 million on net sales of INR1.08 billion for 2008-09.


VITAL LABORATORIES: CRISIL Upgrades Rating on Cash Credit to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Vital Laboratories Pvt Ltd, which is part of the Vital group,
to 'BB-/Stable/P4+' from 'B/Stable/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR80 Million Cash Credit          BB-/Stable (Upgraded from
                                                  'B/Stable')

   INR70 Million Packing Credit       P4+ (Upgraded from 'P4')

   INR120 Million Letter of Credit    P4+ (Upgraded from 'P4')

The upgrade reflects the Vital group's continued track record of
timely repayments, and utilization of working capital facilities
within sanction limits.  The improvement in the Vital group's
liquidity, follows stronger cash accruals and steady offtake from
export markets in 2009-10 (refers to financial year, April 1 to
March 31).  The group had faced pressure on its liquidity in 2008-
09 because of cancellation of orders from its customers in Africa
and the consequent large accumulation of inventory. CRISIL's
believes that the Vital group will maintain its liquidity over the
medium term, supported by steady cash accruals and moderate
capital expenditure (capex).  The upgrade also reflects CRISIL's
belief that the Vital group will improve its business risk profile
over the medium term, following the receipt of European Union (EU)
Good Manufacturing Practices (GMP) and World Health Organization
(WHO) GMP certifications.

The ratings reflect the Vital group's working-capital-intensive
operations, and product concentration in revenue profile. These
rating weaknesses are partially offset by the group's established
market position in active pharmaceutical ingredients (API)
manufacturing, and moderate financial risk profile marked by
moderate gearing and debt protection metrics.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Vital Health Care Pvt Ltd (Vital Health
Care) and Vital Labs.  This is because the two companies, together
referred to as the Vital group, have common promoters, are engaged
in similar lines of business, have a common management team, and
are managed as a single business. Both the companies have provided
corporate guarantees for each other's debt.

Outlook: Stable

CRISIL believes that the Vital group will maintain its business
risk profile over the medium term, supported by the EU and WHO GMP
certifications, which will allow improved access to markets.
Moreover, the group's financial risk profile is expected to be
supported by expected moderate gearing and healthy debt protection
metrics, over the medium term.  The outlook may be revised to
'Positive' if there is sustained improvement in the Vital group's
working capital management, and if the group improves its market
penetration in regulated markets.  Conversely, the outlook may be
revised to 'Negative' if the group's financial risk profile
deteriorates, most likely because of large, debt-funded capex.

                           About the Group

The Vital group was set up in 1998 with the incorporation of Vital
Health Care, which was promoted by Mr. Shrigopal Bajaj and family,
and supported by the Mehta family.  In 2002, the Bajaj family
promoted Vital Labs.  The Vital group manufactures bulk drugs. The
group's largest-selling APIs include hyoscine butyl bromide,
digoxin, quinine, and artimisinin, and their derivatives.

For 2009-10, the Vital group reported a profit after tax (PAT) of
INR31.4 million on net sales of INR1.24 billion, against a PAT of
INR13.1 million on net sales of INR1.08 billion for 2008-09.


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


* Fitch Gives Positive Outlook on Indonesia's 'BB+' Rating
----------------------------------------------------------
Fitch Ratings says Indonesia has seen an improvement in growth
prospects underpinned by rising investment, supporting last
month's revision of the Outlook on the sovereign's 'BB+' Long-Term
Local and Foreign Currency Issuer Default Ratings to Positive from
Stable.

Speaking at the agency's annual Credit Briefing in Jakarta, Andrew
Colquhoun, Fitch's Head of Asia-Pacific Sovereigns, said, "The
Positive Outlook, putting Indonesia on the cusp of investment
grade, reflects the country's economic resilience, recent
improvement in external liquidity, and strengthening fiscal
solvency measured by declining public debt ratios." Mr. Colquhoun
reviewed Indonesia's sovereign credit strengths, weaknesses and
trends in the context of characteristics of investment grade
sovereigns.

However, inflation - a traditional weakness for Indonesia - poses
some risks in the short term.  The authorities face the challenge
of managing heavy inflows of short-term capital, including the
risk that flows could reverse quickly, but rising official foreign
reserves are building buffers against global shocks.  Mr.
Colquhoun explained that some of Indonesia's structural and credit
fundamentals look weak by 'BBB' range standards - for example, low
average income and indicators of the business environment and
corruption prevalence - and structural reforms to tackle these
would strengthen the case for an upgrade.

Also speaking at the conference was Ambreesh Srivastava, Senior
Director, Financial Institutions who noted that the Outlook on
major Indonesian banks is Positive and reflects the sovereign's
sound economic prospects.  "Several Indonesian banks'
International ratings of 'BB+' are on Positive Outlook following a
similar recent revision on the sovereign's Outlook, and it is
possible that some banks may become investment grade credits if
the sovereign rating is upgraded in the future," said Mr.
Srivastava.  The agency expects asset quality and credit costs to
remain manageable in 2011 amid favourable local economic
conditions.

Fitch also has a Positive Outlook on Indonesia's major
telecommunications companies based on its expectations that free
cash flow and leverage will improve on account of moderate
subscriber growth and less aggressive competition.  Nitin Soni,
Analyst, Asia-Pacific TMT, in drawing a parallel with its Indian
counterparts, noted that "Indonesian telecommunications companies
have stronger credit profiles on higher revenue growth, better
EBITDA margins, stronger free cash flows and lower leverage
ratios." Although Indonesia's regulatory environment remains
uncertain, the agency notes that it has improved over the last two
years.  "Some of the more recent initiatives, including the change
in the mechanism in calculating frequency fees, and a likely
reduction in interconnection charges, are expected to be positive
for the telecom operators," added Mr. Soni.

As for the mining sector, Buddhika Piyasena, Director, Corporates,
noted that Fitch has a Stable Outlook based on the through-the-
cycle approach the agency takes on commodities-related issuers.
"The agency maintains a Stable Outlook on Indonesia's mining
industry despite on-going capex, regulatory uncertainties and
potential for some M&A activity.  Barring major M&A, robust prices
and increasing volumes are expected to improve cash generation and
credit metrics through 2012," said Mr. Piyasena.


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


VTI VINTAGE: Seow & Megat Demands Payment of MYR4,660 Judgment
--------------------------------------------------------------
Vintage Roofing & Construction Sdn Bhd, a wholly-owned subsidiary
of VTI Vintage Berhad, on March 18, 2011, received the Notice
Pursuant to Section 218 (1) (e) of the Companies Act, 1965 from
Messrs. Seow & Megat, demanding payment of MYRM4,660.63 being the
judgment  sum of MYR3,350.00, interest of MYR879.63 at the rate of
8% per annum on judgment sum of MYR3,350.00 and costs of MYR431.00
within 21 days from the date of receipt of the Notice, failing
which, a winding-up petition may be filed against VRC.

The circumstances leading to the filing of the Notice against the
VRC was due to the fact that the Company has failed and/or
defaulted to settle the sum claimed by S&M.

VTI Vintage, however, said that an Order has been granted by the
High Court of Malaya at Kuala Lumpur on Feb. 8, 2011, pursuant to
Section 176(10) of the Act, to restrain all further proceedings,
and any and all actions or proceedings against the Company and its
subsidiary companies, for a period of 90 days from Feb. 8, 2011,
to May 7, 2011.

VTI Vintage said the Group has adequate resources to meet the
commitment of the claim and therefore, the petition has no
financial and operational impact to the Group.

VTI Vintage told the bourse it is seeking necessary legal advice
to resolve the matter.

                         About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


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


HERBERT INSURANCE: SFO Launches Probe Amid Alleged Account Deficit
------------------------------------------------------------------
NZ Herald Online reports that the Serious Fraud Office has
launched an investigation into failed insurance broker Herbert
Insurance Group, which was placed in receivership this month.

According to the report, SFO Director Adam Feeley said the office
was investigating concerns about an apparent shortfall in the
group's account, which hold clients' premiums.

"It appears that some client premiums may not have been passed on
to the insurers, and may have been diverted for other purposes,"
NZ Herald Online quotes Mr. Feeley as saying.

NZ Herald Online relates that Mr. Feeley said the SFO was working
closely with receivers, Korda Mentha, to identify all information
relevant to the investigation.

"Our role is to ensure that any evidence of possible offending is
secure, but it is not possible for us to give clients of Herbert
any information as to the status of their insurance."

Creditor ASB Bank New Zealand appointed receivers for Herbert
Insurance on March 11, seven days after Herbert's shareholders
placed the company in liquidation, The Dominion Post reports.  The
liquidators' first report indicated a deficit of NZ$4.4 million in
Herbert's balance sheet.

Herbert Insurance Group Limited was originally formed in 1981, is
New Zealand-owned, and operates insurance broking houses in both
New Zealand and Australia.  The company advises, arranges and
places Commercial, Property, Liability, Financial, Motor,
Directors and Officers Liability, Professional Indemnity, Marine,
Life & Disability, Travel, Medical and Prize Indemnity insurance
covers as well as Domestic and Residential Insurance.


HERBERT INSURANCE: Aon New Zealand Takes Over Group Client's Base
-----------------------------------------------------------------
Michael Stiassny and Brendon Gibson of KordaMentha, the Receivers
of Herbert Insurance Group Ltd, said that Aon New Zealand has
taken over the company's client base.

Michael Stiassny, one of the company's receivers, says, "With the
support of the underwriters, this transaction will see client
relationships transferred to Aon, one of the world's largest
insurance brokers."

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", says Michael Stiassny. "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".

Creditor ASB Bank New Zealand appointed receivers for Herbert
Insurance on March 11, seven days after Herbert's shareholders
placed the company in liquidation, The Dominion Post reports.  The
liquidators' first report indicated a deficit of NZ$4.4 million in
Herbert's balance sheet.

Herbert Insurance Group Limited was originally formed in 1981, is
New Zealand-owned, and operates insurance broking houses in both
New Zealand and Australia.  The company advises, arranges and
places Commercial, Property, Liability, Financial, Motor,
Directors and Officers Liability, Professional Indemnity, Marine,
Life & Disability, Travel, Medical and Prize Indemnity insurance
covers as well as Domestic and Residential Insurance.


REDGROUP RETAIL: Watershed Meeting Moved to September 17
--------------------------------------------------------
The National Business Review reports that the administrator of
REDgroup Retail has been given six months' breathing room, with a
watershed meeting due to be held by this week being extended to
September.

NBR says Ferrier Hodgson, which was appointed as administrator of
the bookstores' owner Redgroup Retail on February 17, has obtained
a court order extending the time allowed before a watershed
meeting must be held.

The order, entered on March 16, extends the period of 20 working
days, through and including September 17, according to NBR.

This allows Ferrier Hodgson more time to prepare a report for
creditors and give an opinion on the best option for continuing
the voluntary administration process.

Ferrier Hodgson on March 14 obtained a similar order in the
Federal Court of Australia.

                        About REDgroup Retail

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

                       *     *     *

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

The REDgroup companies in Administration include:

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


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


BANCO FILIPINO: Placed by Central Bank Under PDIC Receivership
--------------------------------------------------------------
BusinessWorld Online reports that Banco Filipino Savings and
Mortgage Bank has been placed under receivership by the Bangko
Sentral ng Pilipinas after the thrift bank earlier last week
stopped servicing clients due to funding problems.

"The Monetary Board (MB) in its meeting on March 17 . . .  decided
to place Banco Filipino . . .  under the receivership of the
Philippine Deposit and Insurance Corporation," BusinessWorld
quotes central bank deputy governor Nestor A. Espenilla, Jr., as
saying in a press briefing.  "PDIC has started taking over the
Banco Filipino offices starting with the head office to secure the
records and documents at the bank premises," Mr. Espenilla added.

According to BusinessWorld, Mr. Espenilla said the bank was found
"unable to pay its liabilities as they become due in the ordinary
course of business".  It was also said to have "insufficient
realizable" assets and its continued operations were ruled as
probably leading to losses for depositors and creditors,
BusinessWorld relates.

Mr. Espenilla, BusinessWorld notes, downplayed concerns the
closure would affect the financial system, saying, "Banco
Filipino's system is not broad.  There is no systemic risk."

BusinessWorld relates that Mr. Espenilla said PDIC would be moving
to pay the bank's "177,652 depositors, 97% of whom are small
depositors fully covered by deposit insurance of up to PHP500,000
each".

Mr. Espenilla, as cited by BusinessWorld, said central bank
investigation found that Banco Filipino's losses had averaged some
PHP2 billion from 2007 to 2009.  Expenditures were also "way above
industry levels," he said, citing PHP131 million spent for legal
services in the fourth quarter of last year, according to
BusinessWorld.

"This is more than 61% of their gross income for the period," Mr.
Espenilla claimed, BusinessWorld notes.

According to the report, Mr. Espenilla said the bank's deposit
base totalled PHP17 billion as of end-December, pulled up by
offers of high interest rates, but had dropped to PHP15 billion as
of March 15 due to heavy withdrawals.

Mr. Espenilla added that bank officials will be investigated and
could face charges, BusinessWorld says.

Banco Filipino Vice-Chairman Perfecto R. Yasay, meanwhile, said
the bank was also considering a lawsuit against the BSP, which he
has charged as wanting Banco Filipino to close anew.  "We will be
filing a court action as early as [March 18]," Mr. Yasay told
BusinessWorld in a telephone interview.


                      About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964,
offers full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.

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

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

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


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


* Fitch Upgrades Ratings on Four Classes of Notes from 11 CDOs
--------------------------------------------------------------
Fitch Ratings has upgraded four and affirmed eight notes issued by
11 synthetic corporate CDOs arranged out of non-Japan Asia.
Another synthetic corporate CDO has been downgraded to 'Dsf' and
withdrawn following tranche default.

The rating actions are listed at the end of this rating action
commentary.

"The portfolios have shown more balanced rating activity over the
last 12 months and default rates have declined," said Kate Lin,
Associate Director in Fitch's Structured Finance team.  "However,
those notes rated 'CCCsf' or below are vulnerable to additional
credit events, as these portfolios still reference some 'CCC'
assets."

The affirmations relate to notes rated at 'CCCsf' or lower,
reflecting limited credit enhancement in each of the eight
transactions due to the occurrence of between five and 10 credit
events in each portfolio since closing.  Their current credit
enhancement levels can only withstand on average one additional
asset default, as these portfolios still reference 'CCC' assets
ranging from 4% to 6% of the respective portfolio notional.  All
these notes have a Recovery Rating of 'RR6'.

The upgrades reflect largely stable portfolio performance and the
benefit of increased seasoning.  Three of the four transactions
have experienced no additional defaults over the past 12 months.
While an additional credit event with respect to Takefuji
Corporation has occurred in one inner CDO of the CDO-squared
transaction (Zenesis SPC Series 2006-7 class A floating rate notes
due 2012), this inner CDO still has adequate credit enhancement in
the short time to maturity in March 2012.  Out of the four notes,
three are on Positive Outlook, indicating the possibility of a
further upgrade over the next 12-18 months should their portfolios
continue to show stable performance over the short time to
maturity.  The remaining note is on Stable Outlook, indicating
sufficient credit enhancement at its current rating stress.

The downgrade of one note to 'Dsf' from 'CCsf' was a result of the
occurrence of an additional credit event, Ambac Financial Group,
Inc over the past 12 months, which resulted in partial losses to
the note as confirmed by the recent receipt of the final
valuations.  The 'Dsf' rating has been withdrawn due to tranche
default.

Five of the 12 transactions have experienced an additional credit
event over the past 12 months, either through Anglo Irish Bank,
Ambac Financial Group, Inc.  or Takefuji Corporation.  Excluding
the CDO of CDOs, on average, 'B' and 'CCC or below' brackets have
remained little changed at 5% and 4%, respectively, compared with
4% and 5%, respectively in April 2010.

Corsair (Cayman Islands) No.4 Ltd Series 6

  -- AUD105m notes due March 2014 affirmed at 'CCCsf'; Recovery
     Rating of 'RR6';

Corsair (Jersey) No. 2 Limited Series 72

  -- AUD135m notes due March 2013 affirmed at 'CCsf'; Recovery
     Rating of 'RR6';

Elva Funding Plc Series 2005-3

  -- US$20m notes due June 2013 downgraded to 'Dsf' from 'CCsf'/
     Recovery Rating of 'RR6'; rating withdrawn;

Morgan Stanley ACES SPC Series 2006-17

  -- US$7.523m notes due December 2011 affirmed at 'CCCsf';
     Recovery Rating of 'RR6';

Morgan Stanley ACES SPC Series 2007-15

  -- US$11.961m Class IA notes due April 2014 affirmed at 'CCsf';
     Recovery Rating of 'RR6';

  -- US$16.026m Class IIA notes due April 2014 affirmed at 'CCsf';
     Recovery Rating of 'RR6';

Morgan Stanley ACES SPC Series 2007-16

  -- US$3.904m notes due October 2012 affirmed at 'Csf'; Recovery
     Rating of 'RR6';

Morgan Stanley ACES SPC Series 2007-32

  -- US$23.63m notes due August 2014 affirmed at 'CCCsf'; Recovery
     Rating of 'RR6';

Morgan Stanley ACES SPC Series 2007-33

  -- US$6.844m notes due February 2013 affirmed at 'CCsf';
     Recovery Rating of 'RR6';

Omega Capital Investments Plc Series 40

  -- AUD70m class A notes due June 2013 upgraded to 'Bsf' from
     'CCCsf'/ Recovery Rating of 'RR6'; Outlook Stable; Loss
     Severity Rating 'LS5';

  -- AUD40m class B notes due June 2013 affirmed at 'CCsf',
     Recovery Rating of 'RR6';

Zenesis SPC Series 2006-7 class A floating rate notes due 2012

  -- US$53.2m notes due March 2012 upgraded to 'BBBsf' from 'BB-
     sf'; Outlook Positive; Loss Severity Rating revised to 'LS1'
     from 'LS5'

Zenesis SPC Series 2007-10 class A floating rate notes due 2012

  -- US$13.6m notes due September 2012 upgraded to 'BB+sf' from
     'BBsf'; Outlook Positive, Loss Severity Rating revised to
     'LS3' from 'LS5'

Zenesis SPC Series 2007-10 class A floating rate notes due 2014

  -- US$17.2m notes due September 2014 upgraded to 'BB+sf' from
     'BBsf'; Outlook Positive, Loss Severity Rating revised to
     'LS4' from 'LS5'


                             *********

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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