TCRAP_Public/110322.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

             Tuesday, March 22, 2011, Vol. 14, No. 57

                            Headlines



A U S T R A L I A

SYNERGY PLUS: Placed Under Voluntary Administration


C H I N A

DELONG HOLDINGS: Fitch Withdraws 'B' Rating to Senior Notes
UTSTARCOM INC: Incurs US$65.29 Million Net Loss in 2010


H O N G  K O N G

ALEPPO INTERNATIONAL: Creditors' Proofs of Debt Due April 18
BT DEVELOPMENT: Final Meetings Set for April 20
CENTRAL WATERFRONT: Creditors' Proofs of Debt Due April 18
COMPU-TECHNIC TELECOM: Placed Under Voluntary Wind-Up Proceedings
CROSS-STRAIT PEACEFUL: Placed Under Voluntary Wind-Up Proceedings

GLOBE JOY: Commences Wind-Up Proceedings
GLORYSON LIMITED: Final Meetings Set for April 20
HENCY FINANCE: Members' Final Meeting Set for April 21
HK ASSOCIATION: Cheung and Cheung Chock Step Down as Liquidators
SUN RISE: Members and Creditors' Annual Meetings Set for March 25


I N D I A

AA FASHION: CRISIL Assigns 'B+' Rating to INR28.1 Million LT Loan
ARADHYA STEELS: Fitch Affirms National Long-Term Rating at 'BB'
BHASKAR STEEL: CRISIL Upgrades Rating on INR598MM Loan to 'BB-'
ENNAR MARKETING: CRISIL Assigns 'B+' Rating to INR55MM Cash Credit
EVERWIN TEXTILE: CRISIL Assigns 'B+' Rating to INR168.8MM Loan

HOLIDAY VILLAGE: CRISIL Assigns 'D' Rating to INR159.2MM Loan
KHORIBARI COLD: CRISIL Assigns 'D' Ratings to Various Bank Loans
MOHAN ENERGY: CRISIL Reaffirms 'BB+' Rating on Cash Credit
MOSER BAER: CRISIL Downgrades Rating on INR9.22BB Loan to 'BB-'
NEOGEN CHEMICALS: CRISIL Reaffirms 'BB-' Rating on INR32.4MM Loan

NEOTERIC INFOMATIQUE: CRISIL Reaffirms 'BB+' Rating on Cash Credit
RAJKAMAL TEXTILES: CRISIL Puts 'B+' Rating on INR35MM Cash Credit
SHRI BANKE: CRISIL Assigns 'B' Rating to INR65 Million LT Loan
THOMSON RUBBERS: CRISIL Places 'BB-' Rating on INR100M Cash Credit
WARM FORGINGS: CRISIL Assigns 'B' Rating to INR64.6MM Term Loan


J A P A N

CSC SERIES: Fitch Downgrades Ratings on Various Classes of Bonds


N E W  Z E A L A N D

AORANGI SECURITIES: McVeagh NZ$2MM Fees Payment Enforceable
NATHANS FINANCE: Directors Pleads Not Guilty to SEC Charges


P H I L I P P I N E S

A.M. CREDITWORLD: Failure to Submit Report Cues License Suspension
BELLEDONE FINANCING: SEC Orders Suspension of License to Operate
GOLDEN ENDEAVOR: SEC Suspends License Over Non-Payment of Fine


S I N G A P O R E

ALTUS TECHNOLOGIES: Court to Hear Wind-Up Petition on April 1
CHUAN SOON: Creditors' Proofs of Debt Due March 29
GRANDIS EMS: Creditors' Proofs of Debt Due March 29
KIAN SENG: Creditors' Proofs of Debt Due March 29
KIM KEAT: Creditors' Proofs of Debt Due April 18

MELIADOR PTE: Court Enters Wind-Up Order
SGRE INVESTMENTS: Creditors' Proofs of Debt Due April 18
SINOVA PHARMACEUTICALS: Creditors' Proofs of Debt Due April 18
VIVIDES LTD: Court to Hear Wind-Up Petition April 1
WANG WANG PAWNSHOP: Creditors Get 6.09% Recovery on Claims


X X X X X X X X

* BOND PRICING: For the Week March 14 to March 18, 2011




                            - - - - -


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


SYNERGY PLUS: Placed Under Voluntary Administration
---------------------------------------------------
ARN reports that Synergy Plus Limited has been placed into
voluntary administration following GE Capital's request for
repayment of a financing facility it sponsored.

According to ARN, Richard Albarran, David Ingram, and David Ross
of Hall Chadwick, have been appointed as administrators to Synergy
and each of its subsidiaries, including Synergy Plus Operations,
Air Data and CCP (Equity).

In a statement filed with the Australian Securities Exchange,
Synergy related that its wholly owned subsidiary, Synergy Plus
Operations, had a financing facility with GE Capital, which
advised the entity to repay the entire facility on or before April
22.

"As a consequence of GE Capital's request for repayment of its
facility, the company [Synergy], at this time, is not able to
proceed with the Bond Subscription Agreement with Pacific Alliance
Asia Opportunity Fund as outlined on February 28," Synergy noted
in the statement with the Australian Securities Exchange.  "The
first $500,000 drawdown of the facility would have otherwise
occurred [on March 16.]

"Through the administration process under the Corporations Act,
the company aims to achieve a speedy restructuring and the lifting
of suspension of the trading of shares on the [Australian
Securities Exchange]," Synergy said.

The company plans to propose a Deed of Company Arrangement to
shareholders and creditors that incorporates the combination of
AirData's business and the services business of Synergy Plus
Operations, as the only operating focus, according to ARN.

Synergy said it is continuing its discussions with Pacific
Alliance Asia about its restructuring plan and on an alternative
funding facility, ARN adds.

Based in West Perth, Australia, Synergy Plus Limited (ASX:SNR) --
http://www.synergy.com.au/-- formerly ComputerCORP Limited, is an
integrator and manager of information and communication technology
(ICT) infrastructure systems.  The Company provides solutions and
services to its customers in three core areas: Data Centre,
Network and Personal Systems. Data Centre provides critical
storage and high availability to an organization's data. Network
provides seamless access to data, across all geographies. Personal
Systems provides better end user productivity tools delivering
both voice and data services.  Synergy Plus focus on core
information, communication technology provides opportunity in
markets across medium to large corporate, government and education
sectors.


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


DELONG HOLDINGS: Fitch Withdraws 'B' Rating to Senior Notes
-----------------------------------------------------------
Fitch Ratings has withdrawn the expected 'B(exp)' rating of Delong
Holdings Limited's proposed US dollar-denominated senior unsecured
notes following the cancellation of the issue.

At the same time, Delong's Long-term Foreign Currency Issuer
Default Rating and its senior unsecured rating have been affirmed
at 'B'.  The Outlook on the IDR is Stable


UTSTARCOM INC: Incurs US$65.29 Million Net Loss in 2010
-------------------------------------------------------
UTStarcom, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, reporting a net loss of
$65.29 million on $291.53 million of net sales for the year ended
Dec. 31, 2010, compared with a net loss of $225.70 million on
$386.34 million of net sales during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed $784.28
million in total assets, $535.34 million in total liabilities, and
$248.94 million in total equity.

The Company has recorded operating losses in 23 of the 24
consecutive quarters in the period ended Dec. 31, 2010.  At
Dec. 31, 2010, the Company has an accumulated deficit of $1,132.3
million.  The Company has incurred net cash outflows from
operations of $92.2 million, $67.4 million and $55.2 million in
2010, 2009 and 2008, respectively.  As operating results are
expected to improve in 2011 compared with prior years, the Company
expects to break-even on a full year basis in 2011.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/wrsPHG

                      About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.


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


ALEPPO INTERNATIONAL: Creditors' Proofs of Debt Due April 18
------------------------------------------------------------
Aleppo International Company Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by April 18, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Liu Yuk Ming Stephen
         Room 2407, Progress Commercial Building
         7-17 Irving Street
         Causeway Bay, Hong Kong


BT DEVELOPMENT: Final Meetings Set for April 20
-----------------------------------------------
Members and creditors of BT Development Holdings Limited will hold
their final meetings on April 20, 2011, at 11:00 a.m., and 11:15
a.m., respectively at 27/F., Alexandra House, at 18 Chater Road,
Central, in Hong Kong.

At the meeting, Jacky C W Muk, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CENTRAL WATERFRONT: Creditors' Proofs of Debt Due April 18
----------------------------------------------------------
Central Waterfront Construction Company Limited, which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by April 18, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

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


COMPU-TECHNIC TELECOM: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on March 9, 2011,
creditors of Compu-Technic Telecom & Technology Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

         Yu Hung Lai
         1015 Bank Centre
         Kowloon


CROSS-STRAIT PEACEFUL: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on March 11, 2011,
creditors of Cross-Strait Peaceful Development Federation Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Tan Siu Lin
         5/F, Nanyang Plaza
         57 Hung To Road
         Kwun Tong, Kowloon
         Hong Kong


GLOBE JOY: Commences Wind-Up Proceedings
----------------------------------------
Members of Globe Joy Limited, on March 11, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Lau Hin Chi
         19th Floor, Cameron Commercial Centre
         468 Hennessy Road
          Causeway Bay, Hong Kong


GLORYSON LIMITED: Final Meetings Set for April 20
-------------------------------------------------
Members and creditors of Gloryson Limited will hold their final
meetings on April 20, 2011, at 11:30 a.m., and 11:45 a.m.,
respectively at 27/F., Alexandra House, 18 Chater Road, Central,
in Hong Kong.

At the meeting, Jacky C W Muk, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


HENCY FINANCE: Members' Final Meeting Set for April 21
------------------------------------------------------
Members of Hency Finance Limited, which is in members' voluntary
liquidation, will hold their final meeting on April 21, 2011, at
10:00 a.m., at the 76/F of Two International Finance Centre, at 8
Finance Street, Central, in Hong Kong.

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


HK ASSOCIATION: Cheung and Cheung Chock Step Down as Liquidators
----------------------------------------------------------------
Cheung Man Chi and Cheung Chock Ping stepped down as liquidators
of Hong Kong Association of Fellow Villagers of Lai Tong Village,
Yan Ping, Limited on March 12, 2011.


SUN RISE: Members and Creditors' Annual Meetings Set for March 25
-----------------------------------------------------------------
Members and creditors of Sun Rise Plastic Materials Company
Limited will hold their annual meetings on March 25, 2011, at 3:00
p.m., at the 62nd Floor of One Island East, at 18 Westlands Road,
Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


AA FASHION: CRISIL Assigns 'B+' Rating to INR28.1 Million LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of AA Fashion Wear Pvt Ltd, which is part of the
Everwin group.

   Facilities                               Ratings
   ----------                               -------
   INR28.10 Million Long-Term Loan          B+/Stable (Assigned)
   INR25.00 Million Export Packing Credit   P4 (Assigned)
   INR12.50 Million Letter of Credit &      P4 (Assigned)
                        Bank Guarantee

The ratings reflect the Everwin group's small scale of operations,
its below-average financial risk profile, marked by a weak capital
structure and below-average debt protection metrics. The ratings
also factor in the group's susceptibility to customer
concentration in revenue profile, and intense competition in the
textile industry.  These rating weaknesses are partially offset by
the benefits that the Everwin group derives from its longstanding
relationships with customers and extensive experience of its
promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AA Fashionwear Private Limited (AA
Fashion wear) and Everwin.  This is because both the companies,
together referred to as the Everwin group, are in same line of
business, share a common management, and have operational
linkages.

Outlook: Stable

CRISIL believes that the Everwin group will continue to benefit
over the medium term from the extensive experience of its
promoters. A significant improvement in the group's gearing, as a
result of equity infusion, or a significant improvement in its
scale of operations or an increase in its operating margin and
realizations, leading to improvement in its financial risk
profile, may result in the outlook being revised to 'Positive'.
Conversely, a sustained downturn in product prices, significant
delays in realizations of receivables, or more-than-expected
borrowings may drive a revision in outlook to 'Negative'.

                          About the Group

The Everwin group, based in Tirupur (Tamil Nadu) manufactures
cotton yarn and readymade garments.  The promoter director of
Everwin group Mr. K Periyaswamy has more than 15 years of
experience in the similar lines of business. The group has a
capacity of 16,128 spindles in the yarn segment, and of 2.40
million pieces per annum in the readymade garments segment.

The Everwin group reported a profit after tax (PAT) of INR10.20
million on net sales of INR446.46 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR6.93
million on net sales of INR397.44 million for 2008-09.


ARADHYA STEELS: Fitch Affirms National Long-Term Rating at 'BB'
---------------------------------------------------------------
Fitch Ratings has affirmed India's Aradhya Steels Private
Limited's National Long-Term rating at 'BB(ind)'.  The Outlook is
Stable.  The agency has also affirmed the ratings on Aradhya's
bank facilities:

  - INR320m fund-based working capital limits (enhanced from
    INR210m): 'BB(ind)'/'F4(ind)';

  - INR80m non-fund based working capital limits:
    'BB(ind)'/'F4(ind)'; and

  - INR272.8m existing term loans: 'BB(ind)'.

The affirmations reflect Aradhya's improved financial performance
in FY10 and the nine months ended December 2010 (9mFY11), in line
with Fitch's expectations.  The company's capacity utilization
also improved to 83% in FY10 compared to below 55% in FY09 and the
EBIDTA margins have been stable at around 10%-11% for FY10-9MFY11.
The ratings continue to factor in Aradhya's long operational track
record as a supplier of steel wire products to the customers in
India's automobile, auto-components and infrastructure sectors.

The ratings reflect Aradhya's moderate but improved leverage
levels (debt/EBIDTA) of 5.9x in FY10 compared to 18.05x in FY09.
The company has planned a large INR1,020 million capital
expenditure program for enhancing its steel wires manufacturing
capacity to 50,340 million tonnes per annum from 24,000 mtpa
during FY12 at its facility in Davengere, Karnataka.  Fitch
expects the additional debt of INR680m, undertaken to fund the
capex, to keep leverage at moderately high levels in the medium-
term.  Any de-leveraging depends upon the timely implementation of
the capex and achieving the projected levels of capacity
utilization and profitability.  The ratings also reflect the
company's dependence on demand from the auto sector and its
working capital intensive nature characterized by advance payments
to suppliers.

Positive rating guidelines include successful implementation of
the proposed capex and achievement of the projected levels of
capacity utilization, resulting in a sustained improvement in
Aradhya's gross adjusted debt/EBDITAR to below 4x.  Negative
rating guidelines include Aradhya's inability to achieve the
projected levels of capacity utilization and/or any significant
debt-funded capex, which would result in a sustained deterioration
in debt/EBIDTA to above 6x and/or interest cover to below 1.5x and
EBITDA/debt-service-coverage-ratio to below 1.2x.

Aradhya is engaged in the manufacture of steel wires, which have
applications in the industries such as auto-components, tyres and
infrastructure.  In FY10, Aradhya reported an operating income of
INR938.3 million (FY09: INR700 million), EBIDTAR of INR95.2
million (10.1%, FY09: INR30.4 million, 4.3%)) and profit after tax
of INR40 million (FY09: loss after tax of INR50.6 million).


BHASKAR STEEL: CRISIL Upgrades Rating on INR598MM Loan to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Bhaskar
Steel and Ferro Alloy Ltd to 'BB-/Stable' from 'D'.

   Facilities                      Ratings
   ----------                      -------
   INR598.00 Million Term Loan     BB-/Stable (Upgraded from 'D')
   INR254.10 Million Cash Credit   BB-/Stable (Upgraded from 'D')

The upgrade reflects BSFAL's track record of timely payment of
outstanding dues in the recent months, supported by financial and
operational support it receives from SRMB Srijan Ltd (SRMB; part
of the SRMB group) and expected improvement in BSFAL's liquidity
because of restart of its manufacturing operations from January
2011.

The rating reflects the SRMB group's expected deterioration in
financial risk profile, working-capital-intensive operations, and
susceptibility of profitability to intense market competition
because of fragmentation, and cyclicality in the steel industry.
These rating weaknesses are partially offset by the group's
promoters' extensive industry experience, its established market
position, and expected improvement in its operating efficiencies.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BSFAL and its group company SRMB for
2010-11 (refers to financial year, April 1 to March 31).  This is
because SRMB and its promoters have taken over the assets and
liabilities of the loss-making entity, BSFAL, in August 2010; and
the two companies, together referred to as the SRMB group, are
under the same management and are expected to have significant
intra-group operational and financial linkages.

Outlook: Stable

CRISIL believes that the SRMB group will benefit from its
promoters' extensive industry experience, its established brand
image in the steel industry and recent backward integration
initiatives. However, the group's financial risk profile is
expected to weaken because of increased debt requirements to fund
its capex and to support BSFAL's operations over the medium term.
The outlook may be revised to 'Positive' if successful
stabilization of the group's operations results in significant
improvement in its profitability, leading to improvement in its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' in case of deterioration in the group's working capital
management and liquidity, or in case any larger-than-expected,
debt-funded capex programmes, leading to deterioration in the SRMB
group's financial risk profile.

                          About the Group

Prior to July 2010, BSFAL was managed by Mr. Santosh Agarwal and
Mr. Rohit Agarwal, the promoters of BR Sponge and Power Ltd (rated
'D/P5' by CRISIL).  BSFAL was taken over by SRMB and its promoters
in August 2010.  BSFAL, incorporated in 2003, manufactures sponge
iron and billets in Sundergarh, Rourkela (Orissa).  The company
has capacity to manufacture 105,000 tonnes per annum (tpa) of
sponge iron; it has four induction furnaces, with combined
capacity of 86,400 tpa for manufacturing billets. The company has
its own power plant with capacity of 12 megawatts (MW), of which
8MW was waste heat recovery based. BSFAL commenced commercial
operations for manufacturing of sponge iron from January 2011. Its
power plant and billet manufacturing facilities are expected to
commence operations from April 2011 onwards.

SRMB was founded in 1951 by the late Mr. Radha Kishan Beriwala,
father of the company's current chairman, Mr. Brij Mohan Beriwala.
SRMB manufactures mild-steel rods, angles, and channels, and uses
zinga coating, a new technology, to cover the normal thermo-
mechanically treated (TMT) bars with zinga.  SRMB has
manufacturing facilities in Durgapur (West Bengal), with capacity
for producing 186,271 tonnes per annum (tpa) of rods, angles, and
channels, and in Dankuni (West Bengal) with a capacity of 45,000
tpa for zinga coating. Its fourth unit in Paharpur (West Bengal),
with a capacity of 26,000 tpa was demerged with the company in
January 2010.  SRMB is also an accredited conversion agent for
Steel Authority of India Ltd.

SRMB, on standalone basis, reported a profit after tax (PAT) of
INR53.88 million on net sales of INR5.75 billion for 2009-10,
against a PAT of INR55.81 million on net sales of INR6.34 billion
for 2008-09. BSFAL, on standalone basis, reported a net loss of
INR94.21 million on net sales of INR501.12 million for 2009-10,
against a net loss of INR63.46 million on net sales of INR512.70
million for 2008-09.


ENNAR MARKETING: CRISIL Assigns 'B+' Rating to INR55MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Ennar Marketing.

   Facilities                            Ratings
   ----------                            -------
   INR55.00 Million Cash Credit          B+/Stable (Assigned)
   INR5.00 Million Standby Line Credit   P4 (Assigned)
   INR2.50 Million Bank Guarantee        P4 (Assigned)

The ratings reflect EM's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
and small scale of operations.  These rating weaknesses are
partially offset by the proprietor's extensive experience in the
lubricants distribution business and healthy relationship with its
principal, Indian Oil Corporation Ltd.

Outlook: Stable
CRISIL believes that EM will benefit from its proprietor's
extensive industry experience and established relationship with
its supplier, IOCL, over the medium term.  However, EM's financial
risk profile is expected to be constrained by high gearing because
of its working-capital-intensive operations.  The outlook may be
revised to 'Positive' if EM's financial risk profile improves
significantly because of substantial equity infusion or better-
than-expected revenues and profitability.  Conversely, the outlook
may be revised to 'Negative' if profitability or revenues decline,
resulting in lower-than-expected cash accruals, or EM undertakes
any large debt-funded capital expenditure programme.

                       About Ennar Marketing

EM distributes automotive lubricant oil. It is Indian Oil
Corporation Ltd's sole stockist in the districts of Medak,
Rangareddy, Mahbubnagar, and parts of Hyderabad in Andhra Pradesh.
Its daily operations are managed by its proprietor, Mr. Rajesh
Agarwal, who has over 13 years of industry experience.

EM reported a profit after tax (PAT) of INR3.2 million on net
sales of INR263.7 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.5 million on net
sales of INR244.2 million for 2008-09.


EVERWIN TEXTILE: CRISIL Assigns 'B+' Rating to INR168.8MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Everwin Textile Mill Pvt Ltd, which is part of the
Everwin group.

   Facilities                         Ratings
   ----------                         -------
   INR168.80 Million Long-Term Loan   B+/Stable (Assigned)
   INR224.00 Million Cash Credit      B+/Stable (Assigned)
   INR6.70 Million Bank Guarantee     P4 (Assigned)

The ratings reflect the Everwin group's small scale of operations,
its below-average financial risk profile, marked by a weak capital
structure and below-average debt protection metrics.  The ratings
also factor in the group's susceptibility to customer
concentration in revenue profile, and intense competition in the
textile industry.  These rating weaknesses are partially offset by
the benefits that the Everwin group derives from its longstanding
relationships with customers and extensive experience of its
promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AA Fashionwear Private Limited (AA
Fashion wear) and Everwin.  This is because both the companies,
together referred to as the Everwin group, are in same line of
business, share a common management, and have operational
linkages.

Outlook: Stable

CRISIL believes that the Everwin group will continue to benefit
over the medium term from the extensive experience of its
promoters.  A significant improvement in the group's gearing, as a
result of equity infusion, or a significant improvement in its
scale of operations or an increase in its operating margin and
realizations, leading to improvement in its financial risk
profile, may result in the outlook being revised to 'Positive'.
Conversely, a sustained downturn in product prices, significant
delays in realisations of receivables, or more-than-expected
borrowings may drive a revision in outlook to 'Negative'.

                          About the Group

The Everwin group, based in Tirupur (Tamil Nadu) manufactures
cotton yarn and readymade garments.  The promoter director of
Everwin group Mr. K Periyaswamy has more than 15 years of
experience in the similar lines of business.  The group has a
capacity of 16,128 spindles in the yarn segment, and of 2.40
million pieces per annum in the readymade garments segment.

The Everwin group reported a profit after tax (PAT) of INR10.20
million on net sales of INR446.46 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR6.93
million on net sales of INR397.44 million for 2008-09.


HOLIDAY VILLAGE: CRISIL Assigns 'D' Rating to INR159.2MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of
Holiday Village Resorts Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR159.2 Million Rupee Term Loan   D (Assigned)
   INR12 Million Cash Credit          D (Assigned)

The rating reflects instances of delay by HVRPL in servicing its
debt; the delays have been caused by the company's weak liquidity.

HVRPL has a weak financial risk profile, marked by small net
worth, high gearing, and weak debt protection metrics, and is
exposed to risks related to cyclicality in the hotel industry.
These weaknesses are partially offset by the established track
record of HVRPL's promoters in the hospitality industry.

HVRPL was established in 2001 by the Rathore family of Anjar
(Gujarat).  Its three-star hotel in Gandhidham (Gujarat) has 55
deluxe rooms, 25 cottages, 14 suites, 3 banquet halls, and 3
banquet lawns. Additionally, it has a club on the same premises.
The club has 450 members and offers various sports facilities.

HVRPL reported a profit after tax (PAT) of INR9.2 million on net
sales of INR98.8 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.2 million on net sales
of INR66.7 million for 2008-09.


KHORIBARI COLD: CRISIL Assigns 'D' Ratings to Various Bank Loans
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the long-term bank
facilities of Khoribari Cold Storage Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR22.5 Million Cash Credit        D (Assigned)
   INR31.6 Million Long-Term Loan     D (Assigned)
   INR5 Million Proposed Long-Term    D (Assigned)
                Bank Loan Facility

The rating reflects instances of delay by KCS in servicing its
interest obligations on the long term debt; the delays have been
caused by the company's weak liquidity.

KCS's weakness stems from the recent vintage of its operations and
the risks associated with a start-up venture. These rating
weaknesses are partially offset by the benefits accruing from the
favourable demand-supply dynamics in its operating region.

Incorporated in 2008 by Mr. Dhrubatosh Choudhury, KCS provides
cold storage facilities to potato farmers and traders in Siliguri
district (West Bengal). The company started its operations from
February 2010. The company has two cold storage units with a
combined installed capacity of 15,000 tonnes per annum. The
company is managed by Mr. Dhrubatosh Choudhury and his son Mr.
Hirok Choudhury.

KCS reported a loss of INR0.88 million on net sales of INR0.08
million for 2009-10 (refers to financial year, April 1 to
March 31).


MOHAN ENERGY: CRISIL Reaffirms 'BB+' Rating on Cash Credit
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Mohan Energy
Corporation Pvt Ltd continue to reflect vulnerability of MECPL's
revenues to delays in obtaining approval from regulatory
authorities and to volatility in raw material prices, its business
concentration in Africa, small scale of operations, and working-
capital-intensive operations.  These rating weaknesses are
partially offset by the benefits that MECPL derives from its
moderate financial risk profile, promoters' extensive industry
experience, and established market position in Africa.

   Facilities                      Ratings
   ----------                      -------
   INR37.5 Million Cash Credit     BB+/Stable (Reaffirmed)

   INR12.5 Million Proposed LT     BB+/Stable (Reaffirmed)
                         Loan

   INR50.0 Million Letter of       P4+ (Reaffirmed)
        Credit/Bank Guarantee

   INR300.0 Million Proposed       P4+ (Reaffirmed)
             Short-Term Loan

Outlook: Stable

CRISIL believes that MECPL will maintain its established market
position in Africa, and its moderate financial risk profile,
supported by low gearing and comfortable debt protection measures,
over the medium term.  The outlook may be revised to 'Positive' if
MECPL increases its scale of operations substantially without
weakening its financial risk profile.  Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile
deteriorates because of large, debt-funded capital expenditure
(capex) or fall in operating margin.

Update

MECPL's revenues for 2009-10 (refers to financial year, April 1 to
March 31) have been lesser than expected, as a large contract of
about INR300 million from its customer, the Government of Togo,
was executed in 2010-11 instead of 2009-10 (as earlier scheduled).
The company's operating margin in 2009-10 has been as expected,
but is will remain vulnerable to volatility in foreign exchange
(forex) rates and raw material prices.  MECPL generated revenues
of about INR280 million for the nine months ended December 31,
2010. Revenues have been lesser than expected because of civil
unrest in Ivory Coast, which has the key port, Abidjan, through
which a large portion of MECPL's supplies were routed into Africa.
Material supplies for orders in neighboring countries, including
Guinea Bassau, Burkina Faso, and Mali, have now been rerouted to
neighboring ports, including Dakar in Senegal. MECPL's revenues
are therefore expected to increase in the last quarter of 2010-11.
The company has a current order book INR1.290 billion, to be
executed over the next two years.  Its liquidity remains adequate,
with low bank limit utilization of 42.6 per cent on an average for
the nine months ended December 31, 2010 and absence of any term
debt obligation.

MECPL's financial risk profile remains moderate, with low gearing
of 0.56 times and strong debt protection indicators-interest
coverage ratio of 7.4 times and net cash accruals to total debt
(NCATD) ratio of 0.48 times for 2009-10. However, the company had
a small net worth of INR100 million as on March 31, 2010. CRISIL
believes that MECPL's financial risk profile would remain moderate
over the medium term, with no major debt-funded capex plans.

MECPL reported a profit after tax (PAT) of INR25.2 million on net
sales of INR315.4 million for 2009-10, against a PAT of INR22.9
million on net sales of INR414.2 million for 2008-09.

                        About Mohan Energy

Incorporated in May 2006, MECPL is an engineering, procurement,
and construction (EPC) contractor in the electricity and power
sector. While the company operates primarily in Africa, it has
also executed projects in India and the Middle East. It has its
offices in major African countries, including Ghana, Angola,
Mozambique, and Sudan. Furthermore, for other countries, including
Morocco, Algeria, Tunisia, Libya, Ethiopia, Zambia, Mali, and
Senegal, the company employs commission agents to receive new
business.  Prior to its incorporation as a separate company, it
operated as a division of Mohan Exports (India) Pvt Ltd (MEIPL).
The management decided to hive off the division into a separate
company in order to focus entirely on EPC works and to increase
its presence in energy-related businesses.

MECPL primarily undertakes projects funded by the Government of
India's (GoI's) lines of credit to African countries (through EXIM
Bank) or multilateral funding agencies such as World Bank, Asian
Development Bank, African Development Bank, and United Nations
(UN) agencies.  The GoI-funded projects account for a majority of
the company's business.  This is done to minimize the credit risks
associated with dealing with African countries.


MOSER BAER: CRISIL Downgrades Rating on INR9.22BB Loan to 'BB-'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Moser
Baer India Ltd to 'BB-/Negative/P4' from 'BB+/Negative/P4+'.

   Facilities                      Ratings
   ----------                      -------
   INR1020.0 Million Cash Credit   BB-/Negative (Downgraded from
                                                 'BB+/Negative')

   INR9223.0 Million LT Loans      BB-/Negative (Downgraded from
                                                 'BB+/Negative')

   INR4080.0 Million Export        P4 (Downgraded from 'P4+')
             Packing Credit

   INR2932.5 Million Letter of     P4 (Downgraded from 'P4+')
                        Credit
   INR67.5 Million Bank Guarantee  P4 (Downgraded from 'P4+')


The downgrade reflects MBIL's weaker-than-expected performance in
its core business of optical storage media, on account of pricing
pressures and increasing input (primarily polycarbonate) costs;
this has resulted in further stress on the company's already sub-
par financial risk profile.  For the nine months ended Dec. 31,
2010, MBIL's standalone net revenues declined to INR13.7 billion
from INR15.3 billion over the same period of the previous year,
while its standalone operating profitability declined sharply, to
around 10 per cent from 26 per cent, during the corresponding
period. Weak operating profitability and high interest costs have
caused MBIL's standalone net losses to increase to INR2.8 billion
during the nine months ended Dec. 31, 2010, as compared with a net
loss of INR0.4 billion during the corresponding period of the
previous year.  Also, though improving demand conditions are
leading to higher sale volumes for MBIL's photo voltaic (PV)
business (carried out through its subsidiaries), CRISIL believes
that this business segment will also continue to incur net losses
over the medium term, as operating profitability continues to
remain weak.  The decline in MBIL's core business' profitability
and continuing losses at the PV businesses have severely impacted
the company's cash accruals and weakened its liquidity.

With large long-term debt repayment obligations of over INR3
billion in 2011-12 (refers to the financial year, April 1 to
March 31), CRISIL believes that MBIL will need to refinance the
same, as cash accruals are unlikely to suffice, and its cash
surpluses are gradually depleting.  Also, MBIL may undertake a
large, debt-funded capital expenditure (capex) programme to
enhance capacity at its PV business; this could further add to the
stress on its balance sheet and weaken already high gearing and
sub-par debt protection metrics.

These rating weaknesses are partially offset by MBIL's established
position as a global supplier of optical storage media and the
healthy long-term prospects for the PV business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MBIL and MBIL's subsidiaries, Moser
Baer Entertainment Ltd, Moser Baer Solar Limited (MBSL; formerly,
PV Technologies India Ltd), and Moser Baer Photo Voltaic Ltd
(MBPV). MBIL, the holding company, has a presence in optical
storage, home entertainment, and information technology
peripherals and consumer electronics distribution.  The companies
operate under a common management and are critical for MBIL to
diversify its revenue profile.

Outlook: Negative

CRISIL believes that MBIL's financial risk profile will remain
under pressure over the medium term on account of weak performance
in its optical storage business and continuing losses in its PV
businesses. The rating may be downgraded in case MBIL's losses are
larger than expected, if it contracts large debt to fund its
proposed capex, or if it is not able to refinance its upcoming
debt repayment obligations. Conversely, the outlook may be revised
to 'Stable' if MBIL reports better-than-expected profitability in
its optical storage business, controls the losses in its PV
business, and improves its liquidity.

                         About Moser Baer

MBIL, promoted in 1983 by Mr. Deepak Puri, began manufacturing
time recorder units in technical collaboration with Maruzen
Corporation, Japan, and Moser Baer Sumiswald, Switzerland.  MBIL
diversified into optical data storage in 1986, and has evolved
into the leading manufacturer of removable data storage media such
as floppy disks, compact discs (CDs), and digital versatile discs
(DVDs). MBIL is India's largest, and among the world's three
largest optical storage media manufactures, with a capacity to
manufacture 4.8 billion discs per annum at its manufacturing
facilities at Noida and Greater Noida (both in Uttar Pradesh).

In October 2005, the company announced plans to enter the PV
business through its wholly owned subsidiaries - MBPV and MBSL.
MBIL has invested around INR3 billion between 2006-07 and 2009-10
in MBPV and MBSL. As a forward integration move, the company has
entered content distribution (home entertainment) of selling
content (movies) on CDs/DVDs manufactured at its optical storage
facilities.

MBIL, on a consolidated basis, reported a net loss of INR3.9
billion on net sales of INR24.5 billion in 2009-10, against a net
loss of INR3.6 billion on net sales of INR24.7 billion in 2008-09.


NEOGEN CHEMICALS: CRISIL Reaffirms 'BB-' Rating on INR32.4MM Loan
-----------------------------------------------------------------
CRISIL's ratings on Neogen Chemicals Ltd's bank facilities
continue to reflect NCL's moderate financial risk profile, marked
by small net worth, moderate gearing, and high bank limits
utilization, small scale of operations in the chemical industry,
and large working capital requirements.  These rating weaknesses
are partially offset by NCL's healthy operating efficiencies, and
the benefits it derives from its in-house product development
facility.

   Facilities                         Ratings
   ----------                         -------
   INR32.4 Million Long-Term Loan     BB-/Stable (Reaffirmed)
   INR95.0 Million Cash Credit        BB-/Stable (Reaffirmed)
   INR65.0 Million Letter of Credit/  P4+ (Reaffirmed)
                     Bank Guarantee

Outlook: Stable

CRISIL believes that NCL will maintain a stable credit risk
profile, backed by strong customer relationships, and development
of new compounds.  The outlook may be revised to 'Positive' if the
company's net worth and capital structure improves substantially,
led by fresh equity infusions.  Conversely, the outlook may be
revised to 'Negative' if NCL's financial risk profile
deteriorates, owing to a large, debt-funded capital expenditure
(capex) programme, or significant decline in the operating margin.

Update
The revenues of the company are expected to increase by around 15
per cent, to INR400 million in 2010-11 (refers to financial year,
April 1 to March 31), driven by increased product prices and
improved offtake from customers.  Because of the company's focus
on niche, high value-added products, its operating margin has
remained high, at 16 to 17 per cent, over the past three years,
and is expected to remain high over the medium term. However, the
average bank limit utilization was high, at 94 per cent, over the
12 months ended December 2010, because of large working capital
requirements.  The company contracted a term loan of around INR30
million from State Bank of India in February 2011, at an interest
rate of 13.5 per cent, to repay the high interest-bearing
unsecured loans it contracted in 2008-09.  The gearing of the
company is expected to remain moderate, at around 1.5 times, as on
March 31, 2011, and is expected to remain at this level, in the
absence of any major capex plan.

NCL reported a profit after tax (PAT) of INR17 million on net
sales of INR347 million for 2009-10, against a PAT of INR13
million on net sales of INR315 million for 2008-09.

                         About Neogen Chemicals

Incorporated in 1991 by Mr. Haridas Kanani, NCL manufactures
bromine- and lithium-based organic and organo-metallic compounds.
The company has a portfolio of about 100 products, which are used
in pharmaceutical, agro-chemical and engineering industries. The
company's manufacturing units are located at Mahape, Navi Mumbai.
The bromine based compounds find wide application in
pharmaceuticals and agro-chemicals industry, as they are an
important building block and binder for complex molecules. Lithium
is used in absorption chilling systems by engineering companies.


NEOTERIC INFOMATIQUE: CRISIL Reaffirms 'BB+' Rating on Cash Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Neoteric Infomatique Ltd
continue to reflect the working-capital-intensive nature of the
company's operations, resulting in large short-term borrowing and
modest debt protection metrics, a small net worth, and the risks
inherent in the information technology (IT) products distribution
business. The impact of these rating weaknesses is mitigated by
Neoteric's established market position, and the healthy long-term
prospects for the IT products industry in India.

   Facilities                          Ratings
   ----------                          -------
   INR555 Million Cash Credit          BB+/Positive
   (Enhanced from INR455 Million)

   INR200 Million Bills Discounting    P4+
   (Enhanced from INR20 Million)

   INR680 Million Letter of Credit     P4+
   (Enhanced from INR580 Million)

Outlook: Positive

CRISIL believes that Neoteric will improve its overall credit risk
profile over the medium term, driven by the growth prospects for
the IT products distribution business and the company's focus on
higher margin businesses.  A better-than-expected business
performance by Neoteric leading to better cash generation and an
improvement in debt protection metrics, or additional equity
infusion to improve the capital structure, could result in the
rating being revised upwards.  Conversely, the outlook may be
revised to 'Stable' in case of larger-than-expected debt, and
total outside liabilities to tangible net worth ratio.

                     About Neoteric Infomatique

Neoteric commenced operations in 1991 as a reseller of IT
products.  The company commenced distribution operations at a
national level in 1997, and currently has an established presence
in the domestic IT hardware distribution space with an authorised
distributorship of over 30 brands.  Neoteric has 38 branches, 8
representative offices, and 4 logistic centres, catering to over
6000 channel partners in more than 350 cities. The company also
provides after-sales service for most of its products. Neoteric
has a representative office in Shenzhen, China, which is used for
sourcing components.

For 2009-10 (refers to financial year, June 01 to July 31),
Neoteric reported a net profit of INR60.0 million on net sales of
INR9.9 billion, against a net profit of INR25.6 million on net
sales of INR10.0 billion for the 15 months ended June 30, 2009.
For the six months ended December 31, 2010, the company reported a
net profit of INR32.9 million on net sales of INR5.2 billion.


RAJKAMAL TEXTILES: CRISIL Puts 'B+' Rating on INR35MM Cash Credit
-----------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Rajkamal Textiles to 'B+/Stable' from B/Stable, while reaffirming
the short-term rating at 'P4'.

   Facilities                      Ratings
   ----------                      -------
   INR35.00 Million Cash Credit    B+/Stable (Upgraded from
                                              'B/Stable')
   INR5.00 Mil. Letter of Credit   P4 (Reaffirmed)
   INR0.19 Million Bank Guarantee  P4 (Reaffirmed)

The rating upgrade reflects improvement in Rajkamal's liquidity,
backed by moderate utilization of bank lines, steady cash accruals
vis--vis debt repayment obligations, absence of any debt-funded
capital expenditure (capex) plans, and funding support from
promoters.  The firm has utilized its bank lines moderately, at an
average of 87 per cent, over the 12 months ended February 2011.
The firm has reported, on a provisional basis, revenues of around
INR170 million with an operating margin of 10 to 11 per cent for
the 11 months ended February 2011.  Though Rajkamal's revenues
have remained largely in line with CRISIL estimates, its margins
have improved, due to its decision to shift to producing the grey
melange yarn in January 2010 from polyester cotton yarn. The firm
is expected to maintain the improvement in its profitability over
the medium term, as the firm has expanded and modernized its
operations in the current year.  Unsecured loans from promoters,
which are subordinated to bank borrowings, are estimated at
INR12.5 million as on March 31, 2010.

The rating reflects Rajkamal's small scale of operations and
susceptibility to raw material price volatility. These rating
weaknesses are partially offset by Rajkamal's moderate financial
risk profile, marked by comfortable gearing and debt protection
metrics, and its promoters' experience in the textile industry.

Outlook: Stable

CRISIL believes that Rajkamal's credit risk profile will continue
to benefit over the medium term from the industry experience of
its promoters and its healthy capital structure.  The outlook may
be revised to 'Positive' if Rajkamal scales up its operations and
generates larger cash accruals on a sustained basis, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the firm's capacities are
underutilised, resulting in poor cash flows, its operating margin
declines, or it undertakes a large, debt-funded capex programme
over the medium term, leading to a deterioration in its financial
risk profile.

                        About Rajkamal Textiles

Set up in 2002 by Mr. C Rajendran and Mrs. C Nanjammal, Rajkamal
manufactures grey melange yarn. Based in Coimbatore (Tamil Nadu),
the firm has capacity of 6048 spindles. It produces grey melange
yarn with counts ranging from 20s to 60s.

Rajkamal reported a profit after tax (PAT) of INR0.4 million on
net sales of INR129.7 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR0.7 million on net
sales of INR117.0 million for 2008-09.


SHRI BANKE: CRISIL Assigns 'B' Rating to INR65 Million LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Shri Banke Bihari Polyfab Pvt Ltd.  The ratings
reflect SBPL's limited track record of operations in the flexible
packaging industry.  This weakness is partially offset by the
extensive industry experience of SBPL's promoters.

   Facilities                       Ratings
   ----------                       -------
   INR21 Million Cash Credit        B/Stable (Assigned)
   INR65 Million Long-Term Loan     B/Stable (Assigned)
   INR10 Million Letter of Credit   P4 (Assigned)
   INR2.5 Million Bank Guarantee    P4 (Assigned)

Outlook: Stable

CRISIL believes that SBPL will benefit over the medium term from
the strong industry experience of its promoter. The outlook may be
revised to 'Positive' in case SBPL generates significantly higher
than expected revenues and accruals while improving its financial
risk profile.  Conversely, the outlook may be revised to
'Negative' in case in case significantly lower than expected
offtake leading to deterioration in its debt servicing ability.

SBPL was incorporated in 2008, promoted by Mr. Shambhu Agarwalla.
The company is engaged in the manufacture of Polyethylene and High
Density Polyethylene woven sacks and started its commercial
operations from April 2010. The company's head office and
manufacturing site is in Asansol (West Bengal). Currently, SBPL
has an installed capacity of 3,100 mtpa.

The promoters have three other ventures: Shri Shyam Cement Works
Pvt Ltd, which manufactures cement, Shri Shyam Agro Biotech Pvt
Ltd (CRISIL rated 'BB-/Stable/P4+'), which manufactures wheat
flour and maida, and Bask Iron and Steel Co Pvt Ltd, which trades
in iron and steel products. All the entities are based in Raniganj
(West Bengal).


THOMSON RUBBERS: CRISIL Places 'BB-' Rating on INR100M Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Thomson Rubbers (India) Pvt Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR100 Million Cash Credit                BB-/Stable (Assigned)
   INR49 Million Foreign Bills Discounting   P4+ (Assigned)
   INR100 Million Letter of Credit           P4+ (Assigned)
   INR100 Million Packing Credit             P4+ (Assigned)

The ratings reflect TRI's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and its
susceptibility to volatility in rubber prices and intense
competition in the fragmented rubber industry.  These rating
weaknesses are partially offset by TRI's established market
position in the rubber trading business.

Outlook: Stable

CRISIL believes that TRI will continue to benefit from its
promoters' extensive experience in the rubber trading business.
The outlook may be revised to 'Positive' in case of significant
improvement in the company's capital structure, scale of
operations, and profitability. Conversely, the outlook may be
revised to 'Negative' if the company undertakes a large, debt-
funded capital expenditure programme or in case of a sharp decline
in its cash accruals.

Incorporated in 2004 and based in Kanjirappally (Kerala), TRI
processes and trades in natural rubber and latex products.
Centrifuged latex finds application in dipped goods (medical and
surgical items, household and industrial gloves, boots, and
balloons) while natural rubber finds use in the manufacture of
tyres. The company is managed by Mr. M T Thomas and his brother
Mr. M K Mathew. The company has a rubber processing capacity of
14,000 tonnes per year.

TRI reported a profit after tax (PAT) of INR1 million on net sales
of INR770 million for 2009-10 (refers to financial year, April 1
to March 31) as against a PAT of INR0.2 million on net sales of
INR667 million for 2008-09.



WARM FORGINGS: CRISIL Assigns 'B' Rating to INR64.6MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' rating to the bank
facilities of Warm Forgings Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR45.0 Million Cash Credit Limit    B/Stable(Assigned)
   INR64.6 Million Term Loan            B/Stable(Assigned)
   INR5.0 Million Bank Guarantee        P4 (Assigned)

The rating reflects the Warm group's weak financial risk profile,
marked by high gearing, small net worth, and moderate debt
protection metrics, small scale of operations, and its exposure to
risks related to customer concentration in its revenue profile.
These weaknesses are partially offset by the extensive experience
of the Warm group's promoters in the automotive (auto) components
industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of WFL, Warm Gears Pvt Ltd and Mah Impex
Pvt Ltd, together referred to as the Warm group.  This is
primarily because the three entities are owned and managed by same
promoter.  WFL and WGL manufacture gear components and MIL
manufactures mild steel (MS) ingots, which are also used by WFL
and WGL.  Also, WFL markets WGL's products.  The three entities,
therefore, derive considerable operational, financial, and
business synergies from each other.  Furthermore, WFL's bank
limits are cross guaranteed by the bank limits of MIL.

Outlook: Stable

CRISIL believes that the Warm group will continue to benefit over
the medium term from its promoter's extensive experience in the
auto components industry.  Its financial risk profile will,
however, be constrained by its debt-funded capital expenditure
(capex) and large working capital requirements. The outlook may be
revised to 'Positive' if the group's financial risk profile
improves, most likely because of equity infusion or improvement in
its operating margin.  Conversely, the outlook may be revised to
'Negative' if the group's financial risk profile deteriorates,
most likely because of a large, debt-funded capex programme, or
significant increase in working capital requirements, leading to
large incremental bank borrowings.

                            About the Group

WFL was established as CNC Automotive Pvt Ltd in 1999 by Mr. Amit
Rajput. The company manufactures gear components, used in two-
wheelers. In 2005, CNC Engineers, a proprietorship firm owned by
Mr. Amit Rajput, was merged with WFL. The company manufactures
wheel hubs, gear blanks (forged and turned), sliding clutches,
rotors, and pulleys at its facility in Bhiwadi (Rajasthan). The
products are manufactured as per specifications provided by the
customer.

In order to focus on the four-wheeler market, Mr. Amit Rajput
started WGL in 2005.  However, the company started commercial
production only in July 2010. WGL manufactures bevel gears and
other gear products for the four-wheeler market.  The products are
manufactured as per specifications provided by the customer. It
has manufacturing facilities in Bhiwadi and Noida (Uttar Pradesh).

MIL, which manufactures MS ingots, was purchased in 2008 by Mr.
Amit Rajput to backward integrate the group's operations. MIL
started commercial production in January 2009. Its facilities are
also in Bhiwadi.

WFL reported a profit after tax (PAT) of INR19 million on net
sales of INR532 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR6 million on net
sales of INR351 million for 2008-09.


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


CSC SERIES: Fitch Downgrades Ratings on Various Classes of Bonds
----------------------------------------------------------------
Fitch Ratings has downgraded class G-3 of CSC Series 1 GK's bonds
due November 2012 and maintained Rating Watch Negative on the
remaining nine classes.  The transaction is a Japanese multi-
borrower type CMBS securitization.  The rating actions are:

  -- JPY6.39bn* Class A-2 bonds 'AAAsf'; remains on RWN;

  -- JPY1.38bn* Class A-3 bonds 'AAAsf'; remains on RWN;

  -- JPY1.7bn* Class B-2 bonds 'Asf'; remains on RWN;

  -- JPY1.5bn* Class B-3 bonds 'Asf'; remains on RWN;

  -- JPY3.2bn* Class C-2 bonds 'BBB-sf'; remains on RWN;

  -- JPY3.2bn* Class D-2 bonds 'B-sf'; remains on RWN;

  -- JPY0.9bn* Class E-2 bonds 'CCCsf'; remains on RWN; Recovery
     Rating of 'RR5';

  -- JPY0.6bn* Class E-3 bonds 'CCCsf'; remains on RWN; Recovery
     Rating of 'RR5';

  -- JPY1.47bn* Class F-3 bonds 'CCCsf'; remains on RWN; Recovery
     Rating of 'RR6'; and

  -- JPY0.44bn* Class G-3 bonds downgraded to 'Dsf' from 'Csf';
     Recovery Rating of 'RR6'.

  * as of March 16, 2011

The downgrade reflects the write-down of the principal on the
February 2011 payment date, after work-out activities of one
defaulted loan resulted in partial recoveries.

The RWN reflects uncertainty surrounding the continued payment of
interest.  The special servicing fee relating to the disposal of
the collateral properties is being deducted from the fund that
pays the interest on the bonds, rather than from the account of
received principal proceeds.  As a result, the deduction has led
to an interest shortfall.  The transaction parties are still in
the process of clarifying the payment waterfall.

The RWN on the junior classes also reflects uncertainty over the
value of the underlying collateral properties.  The servicer is in
the process of selling the collateral properties, and has received
bid prices for many of them from prospective buyers.  In addition,
this transaction has a number of properties located in Miyagi
prefecture, which has been significantly affected by the
earthquake that occurred on 11 March 2011.  According to the
servicer's report to date, some properties have been damaged and a
detailed investigation will be undertaken in due course.  Fitch
will review both servicer's property sales activities and
information regarding damage to these properties, and reflect this
in its property valuation.

At closing in December 2006, the bonds were backed by loans
extended to six borrowers, and ultimately secured by 72 commercial
real estate properties in Japan.  Two loans have been fully
repaid.  One defaulted loan has been partially recovered and was
written down on principal.  The other remaining loans extended to
three borrowers are currently in default and under special
servicing, and are secured by a total of 47 remaining properties.


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


AORANGI SECURITIES: McVeagh NZ$2MM Fees Payment Enforceable
-----------------------------------------------------------
stuff.co.nz notes reports that Justice Lester Chisholm on March 17
made a declaration that a valid and enforceable obligation existed
with respect to Russell McVeagh's professional fees in relation to
advisory services the law firm rendered to Allan and Jean Hubbard,
owner of Aorangi Securities.

The judge's declaration means that Russell McVeagh is a step
closer to having its Hubbards-related NZ$2 million bill paid, the
report points out.

Justice Chisholm found that the statutory managers controlling the
Hubbards' finances have the power to pay the bill from the Hubbard
assets they control, according to stuff.co.nz.  It is not however
clear how and when the money will be paid.

The statutory managers previously asked the High Court for
directions about Russell McVeagh's bill because they doubt if they
have the power to pay it, even though they had agreed that Russell
McVeagh should be contracted to do the work and that the Hubbards
should have the advice.

stuff.co.nz relates that Justice Chisholm said it was imperative
that the Hubbards, both in their 80s, had legal representation for
the statutory management and the continuing Serious Fraud Office
investigation.

Russell McVeagh's involvement also helped the statutory managers'
dealings with the Hubbards, according to stuff.co.nz.

Justice Chisholm, as cited by stuff.co.nz, noted that Russell
McVeagh had begun advising the Hubbards just days after Aorangi
Securities, another Hubbard company, several trusts, and the
Hubbards themselves were put into statutory management.  The firm
received no payment and was at a crossroads as to whether it could
continue advising the Hubbards if its contract was unclear.

According to the report, Justice Chisholm said the independent
supervision of Russell McVeagh's bill was not a reflection on the
firm but recognised the unique circumstances, including the
importance of the statutory managers being able to persuade the
public that they were undertaking their roles prudently.

The statutory managers' application to have NZ$891,000 paid from
the Hubbards' assets for their own and third-party fees in dealing
with the Hubbards personally is still to be argued, stuff.co.nz
notes.

The High Court has been told that statutory management has cost
more than NZ$4 million, stuff.co.nz adds.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said New Zealand appointed statutory
managers for Aorangi Securities Ltd. and seven trusts, which are
associated with Allan Hubbard, to protect investors and prevent
fraud.  Mr. Hubbard and his wife are also subject to statutory
management because they are so closely connected with the
businesses.  The seven charitable trusts included in the statutory
management are Te Tua, Otipua, Oxford, Regent, Morgan, Benmore and
Wai-iti.  Trevor Thornton and Richard Simpson of Grant Thornton
were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20, 2010.

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.


NATHANS FINANCE: Directors Pleads Not Guilty to SEC Charges
-----------------------------------------------------------
The National Business Review reports that Nathans Finance
directors facing criminal charges linked to the financier's
collapse on Monday pleaded not guilty to all charges at Auckland's
High Court.

NBR says Mervyn Doolan, Roger Moses and Don Young are before the
High Court as the first of the Company's trials begins.

New Zealand's Securities Commission has bought six charges against
the trio for breaches of the Securities Act, according to NBR.

It is alleged the directors made false statements in the
investment statements of Nathans Finance, which collapsed into
receivership in 2007, owing about NZ$174 million, NBR adds.

                        About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers on
August 20, 2007.  The company owed approximately NZ$174 million to
some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into receivership
in November 2008.  VTL Group owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.


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


A.M. CREDITWORLD: Failure to Submit Report Cues License Suspension
------------------------------------------------------------------
BusinessWorld Online reports that the Philippine Securities and
Exchange Commission has ordered A.M. Creditworld Finance Corp. to
halt operations for failing to submit routine reports and pay
fines.

BusinessWorld relates that the SEC said A.M. Creditworld Finance
will have to settle penalties and go through hearings in the next
60 days, which will determine whether the company's business
registration will be revoked.  In the meantime, BusinessWorld
cites, the company's license to operate has been suspended.

The SEC said A.M. Creditworld "failed to submit and comply with
reportorial requirement", according to BusinessWorld.

A.M. Creditworld Finance Corp. is a financing company.


BELLEDONE FINANCING: SEC Orders Suspension of License to Operate
------------------------------------------------------------------
BusinessWorld Online reports that the Philippine Securities and
Exchange Commission has ordered Belledone Financing Corp. to halt
operations for failing to submit routine reports and pay fines.

BusinessWorld relates that the SEC said Belledone Financing will
have to settle penalties and go through hearings in the next 60
days, which will determine whether the company's business
registrations will be revoked.  In the meantime, BusinessWorld
cites, the company's license to operate has been suspended.

According to BusinessWorld, the SEC said Belledone Financing was
penalized PHP100,000 for failing to comply with reportorial
requirements for financial statements in 2005 to 2009.

The Mariveles, Bataan-based Belledone Financing was incorporated
in 2004 with an authorized capital of PHP3 million.


GOLDEN ENDEAVOR: SEC Suspends License Over Non-Payment of Fine
--------------------------------------------------------------
BusinessWorld Online reports that the Philippine Securities and
Exchange Commission has ordered Golden Endeavor Microfinance Corp.
to halt operations for failing to submit routine reports and pay
fines.

BusinessWorld relates that the SEC said Golden Endeavor
Microfinance will have to settle penalties and go through hearings
in the next 60 days, which will determine whether the company's
business registration will be revoked.  In the meantime,
BusinessWorld cites, the company's license to operate has been
suspended.

According to the report, Golden Endeavor Microfinance was placed
under suspension after allegedly not paying PHP100,000 in
penalties due to late submission of annual financial statements,
general information sheets and certification of corporate
secretary in 2003 onwards.

Golden Endeavor Microfinance Corp. is a finance firm based in
La Union, Philippines.


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


ALTUS TECHNOLOGIES: Court to Hear Wind-Up Petition on April 1
-------------------------------------------------------------
A petition to wind up the operations of Altus Technologies Pte Ltd
will be heard before the High Court of Singapore on April 1, 2011,
at 10:00 a.m.

Tay Swee Sze, the Judicial Manager of Altus Technologies Pte Ltd,
filed the petition against the company on March 8, 2011.

The Petitioner's solicitors are:

         Nicholas & Tan Partnership LLP
         24 Raffles Place
         #21-03 Clifford Centre
         Singapore 048621


CHUAN SOON: Creditors' Proofs of Debt Due March 29
--------------------------------------------------
Creditors of Chuan Soon Huat Investments Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by March 29, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Tay Puay Cheng
          KPMG Services Pte. Ltd.
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


GRANDIS EMS: Creditors' Proofs of Debt Due March 29
---------------------------------------------------
Creditors of Grandis EMS Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
March 29, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


KIAN SENG: Creditors' Proofs of Debt Due March 29
-------------------------------------------------
Creditors of Kian Seng Lee (1488) Food Manufacturers Ptd Ltd,
which is in voluntary liquidation, are required to file their
proofs of debt by March 29, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

          Don M Ho, FCPA
          c/o Don Ho & Associates
          Equity Plaza 20 Cecil Street #12-02
          Singapore 049705


KIM KEAT: Creditors' Proofs of Debt Due April 18
------------------------------------------------
Creditors of Kim Keat Garden Pte Ltd, which is in 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's liquidator is:

          Wee Hui Pheng
          Wee Hui Pheng & Co.
          1 Coleman Street #06-10
          The Adelphi
          Singapore 179803


MELIADOR PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on March 11, 2011, to
wind up Meliador Pte Ltd's operations.

Schott Glass (M) Sdn Bhd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (EastWing)
         45 Maxwell Road #06-11
         Singapore 069118


SGRE INVESTMENTS: Creditors' Proofs of Debt Due April 18
--------------------------------------------------------
Creditors of SGRE Investments Pte Ltd, which is in 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's liquidator is:

         Lai Seng Kwoon
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


SINOVA PHARMACEUTICALS: Creditors' Proofs of Debt Due April 18
--------------------------------------------------------------
Creditors of Sinova Pharmaceuticals Co. (Pte) Ltd, which is in
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's liquidator is:

          Victor Goh
          Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


VIVIDES LTD: Court to Hear Wind-Up Petition April 1
---------------------------------------------------
A petition to wind up the operations of Vivides Ltd, formerly
known as Goldzone (Asia Pacific) Ltd, will be heard before the
High Court of Singapore on April 1, 2011, at 10:00 a.m.

Creative Technology Centre Pte Ltd filed the petition against the
company on March 11, 2011.

The Petitioner's solicitors are:

         Messrs WongPartnership LLP
         63 Market Street
         #02-01 Singapore 048942


WANG WANG PAWNSHOP: Creditors Get 6.09% Recovery on Claims
----------------------------------------------------------
Wang Wang Pawnshop Pte Ltd declared final dividend on March 17,
2011.

The company paid 6.09% to the received claims.

The company's liquidator is:

          Don M Ho, FCPA
          c/o Don Ho & Associates
          Equity Plaza
          20 Cecil Street #12-02
          Singapore 049705


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


* BOND PRICING: For the Week March 14 to March 18, 2011
-------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.25
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.95
BECTON PROP GR           9.50    06/30/2010   AUD       0.19
CENTAUR MINING          11.00    12/01/2007   USD       0.50
EXPORT FIN & INS         0.50    12/16/2019   NZD      63.40
EXPORT FIN & INS         0.50    06/15/2020   AUD      62.28
EXPORT FIN & INS         0.50    06/15/2020   NZD      60.36
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.88
NEW S WALES TREA         1.00    09/02/2019   AUD      65.66
NEW S WALES TREA         0.50    09/14/2022   AUD      53.72
NEW S WALES TREA         0.50    10/07/2022   AUD      53.54
NEW S WALES TREA         0.50    10/28/2022   AUD      53.36
NEW S WALES TREA         0.50    11/18/2022   AUD      53.18
NEW S WALES TREA         0.50    12/16/2022   AUD      52.95
NEW S WALES TREA         0.50    02/02/2023   AUD      52.51
NEW S WALES TREA         0.50    03/30/2023   AUD      54.72
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      73.37
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      66.74
RESOLUTE MINING         12.00    12/31/2012   AUD       1.06
TREAS CORP VICT          0.50    08/25/2022   AUD      54.30
TREAS CORP VICT          0.50    11/12/2030   AUD      52.59
TREAS CORP VICT          0.50    11/12/2030   AUD      36.72


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.81
CHINA RAIL GRP           4.72    05/07/2014   CNY      55.00


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      44.68


  INDIA
  -----

POWER FIN CORP           8.99    01/15/2021   INR       9.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.24
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.97
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.92
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.07
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.39
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.90
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.55
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.34
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.25
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.27


  INDONESIA
  ---------
ARPENI PRATAMA          12.00    03/18/2013   IDR      18.00


  JAPAN
  -----

AIFUL CORP               1.20    01/26/2012   USD      74.92
AIFUL CORP               1.99    03/23/2012   JPY      72.87
AIFUL CORP               1.22    04/20/2012   JPY      67.92
AIFUL CORP               1.63    11/22/2012   JPY      54.92
AIFUL CORP               1.74    05/28/2013   JPY      47.92
AIFUL CORP               1.99    10/19/2015   JPY      37.92
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      56.83
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      56.20
SHINSEI BANK             5.62    12/29/2049   GBP      73.35
TAKEFUJI CORP            9.20    04/15/2011   USD      17.25


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.33
CRESENDO CORP B          3.75    01/11/2016   MYR       1.06
DUTALAND BHD             6.00    04/11/2013   MYR       0.41
DUTALAND BHD             6.00    04/11/2013   MYR       0.79
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.05
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.10
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.80
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MITHRIL BHD              3.00    04/05/2012   MYR       0.62
NAM FATT CORP            2.00    06/24/2011   MYR       0.05
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.28
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.54
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.33
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.83
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.82
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.83
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.35
TRC SYNERGY              5.00    01/20/2012   MYR       1.44
WAH SEONG CORP           3.00    05/21/2012   MYR       2.40
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.24
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.36


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      32.06
DORCHESTER PACIF         5.00    06/30/2013   NZD      73.86
FLETCHER BUI             8.50    03/15/2015   NZD       7.59
INFRATIL LTD             8.50    09/15/2013   NZD       8.15
INFRATIL LTD             8.50    11/15/2015   NZD       9.00
INFRATIL LTD             4.97    12/29/2049   NZD      58.02
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.29
MANUKAU CITY             6.15    09/15/2013   NZD       1.02
MANUKAU CITY             6.90    09/15/2015   NZD       1.04
MARAC FINANCE           10.50    07/15/2013   NZD       1.02
SKY NETWORK TV           4.01    10/16/2016   NZD       7.83
ST LAURENCE PROP         9.25    07/15/2010   NZD      63.09
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.90
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.20
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.01
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.04
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00
VECTOR LTD               8.00    06/15/2012   NZD       6.95
VECTOR LTD               8.00    10/15/2014   NZD       1.06


SINGAPORE
---------

CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.97
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
EQUINOX OFFSHORE        20.00    10/13/2011   USD      70.99
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.00
UNITED ENG LTD           1.00    03/03/2014   SGD       1.62
WBL CORPORATION          2.50    06/10/2014   SGD       1.60


SOUTH KOREA
-----------

CN 1ST ABS               8.00    02/27/2015   KRW      31.53
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      13.26
DONGSAN TELECOM          6.00    07/02/2013   KRW      50.84
HOPE KOD 1ST             8.50    06/30/2012   KRW      23.29
HOPE KOD 2ND            15.00    08/21/2012   KRW      36.12
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.53
HOPE KOD 4TH            15.00    12/29/2012   KRW      31.52
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.62
IBK 12TH ABS            25.00    06/24/2011   KRW      57.65
IBK 17TH ABS            20.00    12/29/2012   KRW       5.98
IBK 17TH ABS            25.00    12/29/2012   KRW      59.23

JOONG ANG DESIGN         6.00    12/18/2012   KRW      59.42
KB 11TH ABS             23.00    07/03/2011   KRW      71.68
KB 11TH ABS             20.00    07/03/2011   KRW      66.71
KB 12TH ABS             25.00    01/21/2012   KRW      65.21
KB 13TH ABS             25.00    07/02/2012   KRW      61.21
KB 14TH ABS             23.00    01/04/2013   KRW      51.81
KDB 6TH ABS             20.00    12/02/2019   KRW      70.53
KEB 17TH ABS            20.00    12/28/2011   KRW      52.10
KOREA LINE CO            6.80    11/30/2011   KRW      60.20
KOREA LINE CO            6.80    12/11/2011   KRW      50.38
KOREA LINE CO            6.80    06/30/2012   KRW      40.62
KOREA MUTUAL SAV         8.10    06/26/2015   KRW      70.18
NACF 17TH ABS           20.00    06/03/2011   KRW      50.24
NACF 17TH ABS           25.00    07/03/2011   KRW      51.84
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      25.71
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      63.36
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      71.44
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.61
SINBO 2ND ABS           15.00    08/26/2013   KRW      32.61
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.41
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.25
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.45
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.16
SOLOMON MUTUAL B         8.10    04/19/2015   KRW      63.98
TOMATO MUTUAL SA         8.40    01/06/2015   KRW       1.20

SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       66.36


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       71.43


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      69.97
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      52.63
VIETNAM-PAR              4.00    03/12/2028   USD      73.00


                             *********

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.


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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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