TCRAP_Public/110323.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Wednesday, March 23, 2011, Vol. 14, No. 58

                            Headlines



A U S T R A L I A

DCM GREEN: PPB Advisory Called In as Administrators
DON HA REAL: Ray White Pulls Out Support in Firm's Receivership
SUSAN DAY: Placed in Voluntary Administration


C H I N A

CHINA TEL GROUP: Inks US$9.57MM Equipment Contract With ZTE
DOT VN: Incurs $993,813 Net Loss in Jan. 31 Quarter


H O N G  K O N G

HUGE WAVE: Heng Poi Cher Appointed as Liquidator
POLONIUS COMPANY: Chuang Johnny Appointed as Liquidator
PO MING: Ng and Lui Appointed as Liquidators
ST. FRANCIS: Andrew Hung Chi Yuen Appointed as Liquidator
TOPCYCLE CONSTRUCTION: Commences Wind-Up Proceedings

WELL FETCH: Members' Final Meeting Set for April 18
YUEN CHEUNG: Wan and Fung Step Down as Liquidators


I N D I A

ANJAN INFRASTRUCTURE: CRISIL Assigns 'B' Rating to Cash Credit
CITY CORPORATION: CRISIL Puts 'D' Rating on INR297.7M Cash Credit
DHANSHREE TEXTILE: ICRA Assigns 'LC' Rating to INR5.5cr LT Loan
DIAMOND INDUSTRIES: ICRA Reaffirms 'LBB' Rating on Long Term Loan
DUSTERS TOTAL: ICRA Assigns 'LBB' Rating to INR25cr Bank Limits

G.H AGRO: CRISIL Assigns 'B+' Rating to INR63.7 Million Term Loan
JAGANNATH TEXTILE: CRISIL Upgrades Rating on INR1.37B Loan to 'BB'
JAI SHIV: CRISIL Reaffirms 'D' Rating on INR63.3MM Term Loan
KASIM COAL: ICRA Assigns 'LBB' Rating to INR5cr Bank Limits
KIRAN INDUSTRIES: CRISIL Upgrades Rating on INR47.7MM Loan to 'B+'

MANPASAND AGRO: CRISL Reaffirms 'BB+' Rating on INR67.5MM Loan
PAR DRUGS: ICRA Assigns 'LBB' Rating to INR3.94cr Term Loan
LOOT (INDIA): ICRA Assigns 'LBB-' Rating to INR32.28cr LT Loan
ORBIT RESORTS: CRISL Reaffirms 'BB' Rating to INR60MM Cash Credit
RIDDHI STEEL: ICRA Assigns 'LBB' Rating to INR4.25cr Term Loans

SACHETA METALS: CRISIL Reaffirms 'BB' Rating on INR7.3MM Term Loan
SHREE SOMNATH: ICRA Assigns 'LB' Rating to INR8cr LT Loan
SHUBHAM GINNING: ICRA Assigns 'LB+' Rating to INR10cr LT Loan
TARGET ASSOCIATES: Fitch Assigns 'B-' National Long-Term Rating
TILE ITALIA: ICRA Places 'LB' Rating on INR7cr Fund Based Limits

VVA DEVELOPERS: ICRA Assigns 'LBB' Rating to INR15cr Bank Lines


N E W  Z E A L A N D

AORANGI SECURITIES: SFO Decision on Probe Put On Hold
FIVE STAR: Neil Williams Wants to Withdraw Guilty Plea
GENEVA FINANCE: S&P Lowers LT Counterparty Credit Rating to 'CC'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


DCM GREEN: PPB Advisory Called In as Administrators
---------------------------------------------------
James Thomson at SmartCompany reports that DCM Green, formerly
known as DCM Solar, has been placed in administration.  The
company was placed in the hands of administrators Alan Hayes and
Brett Lord of PPB Advisory on March 10.

SmartCompany says it is unknown whether the business is still
operating at this stage.

According to SmartCompany, the solar industry in New South Wales
was hit hard in October 2010 when the New South Wales Government
suddenly slashed the feed-in tariff on solar panels from 60c per
kilowatt hour to 20c.  The feed-in tariff is the amount the
Government would pay for power fed back into the grid from solar
panels.

The NSW Government's costs of the scheme had blown out from
AU$202 million over seven years to an estimated AU$1.5 billion,
SmartCompany discloses.

SmartCompany relates that NSW Premier Kristina Keneally said that
at that time, cutting the tariff was designed to prevent
households with solar power from facing big hikes in electricity
charges when the feed-in scheme ended in 2016.  While she denied
the sudden tariff cut would lead to a downturn in the state's
solar sector, solar industry experts said demand has fallen in
recent months as a result of the tariff changes, SmartCompany
notes.

DCM Green is a solar panel installation company in New South
Wales.  The company bills itself as one of the largest panel
installers in Australia and has focused on retirement home and
villages.  The company claims to have installed panels on 6,500
retirement home units across New South Wales, and to have
installed 10% of the panels installed under the Federal
Government's Solar Homes and Communities Program.

The business was originally established in April 2009 as a
"special purpose unit trust" called DCM Solar.  The new company,
DCM Green, was registered in February 2010.


DON HA REAL: Ray White Pulls Out Support in Firm's Receivership
---------------------------------------------------------------
The National Business Review reports that the Ray White Group has
withdrawn from the receivership process for one of its franchises,
Don Ha Real Estate.

NBR relates that Don Ha Real Estate was put into receivership on
March 17.  The firm's principal, Don Ha, has had a high profile in
the real estate world and was prominent as a horse owner in the
mid-2000s.

According to NBR, Ray White New Zealand chief executive Carey
Smith previously said on March 18 that receivers Grant Thornton
would get the company's support in the receivership.  Mr. Smith
was quoted by NBR as earlier saying that Ray White will be
involved in the day-to-day management and operation of Don Ha Real
Estate, with the intention of putting the business into a position
where the assets and goodwill can be sold to a third party.

But that changed over the weekend as Mr. Smith said on Monday that
the company had withdrawn from the process, NBR reports.

"Our original intention was to assist in the receivership process.
However, more information has since come to light, and we (are)
now of the opinion that our involvement would not be advisable.
We have full confidence that the receiver can achieve the best
possible result for all parties, and we support their
appointment," NBR quotes Mr. Smith as saying.

NBR says the receiver's first report on the franchise's problems
will be released on May 20.

According to the report, Mr. Ha said on his former company's Web
site on Saturday said he recently realized that some of its
management controls and reporting systems weren't what they should
have been.

"I am confident that the bank which put me into receivership
doesn't have a true understanding of my position," Mr. Ha said,
according to NBR.

Mr. Ha, as cited by NBR, said he was confident that the situation
would be cleared up.


SUSAN DAY: Placed in Voluntary Administration
---------------------------------------------
James Thomson at SmartCompany reports that Melbourne cake company
Susan Day Cakes was placed in the hands of administrators Dennis
Turner and Luke Targett of accounting and insolvency firm PKF on
March 17.

Mr. Targett told SmartCompany that it was too early to comment on
the state of the business or the reasons for its decline, although
the company's manufacturing plant in the outer Melbourne suburb of
Hallam remains in operation.

SmartCompany relates that the exact reasons for the collapse of
the business are unknown at this stage, although sources said as
much as 80% of Susan Day's products were sold to Coles and
Woolworths, either through their own brands under private label
arrangements.

A first meeting of creditors will be held on March 28.

Susan Day Cakes, which celebrates its 60th birthday this year, has
been a fixture in Melbourne supermarkets for decades.  It is one
of Australia's largest manufacturers of so-called "ambient" cakes
and is best-known for its Madeira cakes, lamingtons and cake
rolls.


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


CHINA TEL GROUP: Inks US$9.57MM Equipment Contract With ZTE
-----------------------------------------------------------
ZTE Corporation and China Tel Group, Inc., jointly announced that
they have signed a contract for ZTE to supply ChinaTel with
infrastructure equipment for the nine city wireless broadband
network ChinaTel is deploying in the Fujian province.  The value
of equipment for the first two cities is $9.57 million.  The
parties have agreed on component pricing for future equipment in
the other seven cities, which will be ordered upon completion of
engineering work to determine final equipment needs.  The parties
will also enter into a separate contract for ZTE to provide
professional services including network planning and optimization
and equipment installation for all nine cities.

Phase 1 of the Fujian wireless broadband access (WBA) project will
focus on two major cities: Fuzhou, the capital city of Fujian
province, and Xiamen, one of the four special economic zones in
PRC.  Phase 2 of the Fujian WBA project will expand to seven
additional cities (Quanzhou, Zhang Zhou, Longyan, Putian, Sanming,
Nanping and Ningde) within the next 8 months.  ChinaTel will
complete engineering for the Phase 2 cities by Q3 2011.  The
equipment contract calls for delivery of 172 base stations and
associated core equipment for installation in Xiamen and Fuzhou.
ChinaTel projects the equipment for Phase 1 will be delivered by
July 2011, and construction of Phase 1 will be complete and a
commercial launch of the network in Fuzhou and Xiamen will occur
by Q4 2011.

All nine cities covered by the current phases of the project are
within Fujian Province, which enjoys status under PRC law as Haixi
Special Economic Zone, to promote foreign investment and
international trade.  "We expect to benefit in a variety of ways
from the relaxed economic regulations in effect in Fujian
Province, in terms of the services we will offer, as well as the
technology we will employ," stated ChinaTel's President Colin Tay.

The announcement marks another milestone in the relationship
between ZTE and ChinaTel.  "The contracts for the Fujian WBA
project reinforce the strength of our partnership with ZTE," noted
ChinaTel's CEO, George Alvarez.  "From cutting edge technology, to
aggressive pricing strategies, to favorable deferred payment
terms, ZTE has demonstrated its ability to satisfy all of
ChinaTel's needs."  ZTE and ChinaTel entered into a global
strategic memorandum of understanding in August 2010.  In November
2010, the parties finalized equipment and services contract needs
for deployment of a WBA network in Peru by ChinaTel's subsidiary,
Perusat.  ZTE is also assisting ChinaTel with design and
engineering to determine the scope of infrastructure equipment
needed to upgrade the fiber optic cable connecting most major
cities within PRC as part of ChinaTel's deployment map.

For more information about ChinaTel, visit
http://www.chinatelgroup.com/ To learn more about ZTE, visit
http://wwwen.zte.com.cn/en/ In addition, executives from ChinaTel
and ZTE are now available for media and analysts interviews.

A full-text copy of the Equipment Contract is available for free
at http://is.gd/qFZNYe

                       About ZTE Corporation

ZTE is a global provider of telecommunications equipment and
network solutions with the most comprehensive product range
covering virtually every sector of the wireline, wireless, service
and terminals markets.  The company delivers innovative, custom-
made products and services to over 500 operators in more than 140
countries, helping them to meet the changing needs of their
customers while achieving continued revenue growth.  ZTE's 2009
revenue led the industry with a 36% increase to USD 8,820.7
million.  ZTE commits 10 percent of its revenue to research and
development and takes a leading role in a wide range of
international bodies developing emerging telecoms standards.  A
company with sound corporate social responsibility (CSR)
initiatives, ZTE is a member of the UN Global Compact.  ZTE is
China's only listed telecom manufacturer, publicly traded on both
the Hong Kong and Shenzhen Stock Exchanges (H share stock code:
0763.HK / A share stock code: 000063.SZ).

                          About China Tel

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

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

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

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


DOT VN: Incurs $993,813 Net Loss in Jan. 31 Quarter
---------------------------------------------------
Dot VN, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net loss
of $993,813 on $212,299 of revenue for the three months ended
Jan. 31, 2011, compared with a net loss of $1.43 million on
$225,311 of revenue for the same period during the prior year.

The Company also reported a net loss of $3.95 million on $790,609
of revenue for the nine months ended Jan. 31, 2011, compared with
a net loss of $5.37 million on $878,651 of revenue for the same
period during the prior year.

The Company's balance sheet at Jan. 31, 2011, showed $2.74 million
in total assets, $10.92 million in total liabilities and $8.18
million in total shareholders' deficit.

A full-text copy of Dot VN's Quarterly Report is available for
free at http://is.gd/ZRwD60

                           About Dot VN

Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
www.INFO.VN.  The Company is the "exclusive online global domain
name registrar for .VN (Vietnam)."  Dot VN is the sole distributor
of Micro-Modular Data Centers(TM) solutions and E-Link 1000EXR
Wireless Gigabit Radios to Vietnam and Southeast Asia region.  Dot
VN is headquartered in San Diego, California with offices in
Hanoi, Danang and Ho Chi Minh City, Vietnam.

Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.

Dot VN reported a $7.3 million net loss on $1.1 million of
revenues for the fiscal year ended April 30, 2010, compared with a
$5.4 million net loss on $1.0 million of revenues for the same
period a year ago.

Following the Company's results for fiscal 2010, Chang G. Park CPA
expressed substantial doubt against Dot VN's ability to continue
as a going concern, citing the Company's losses from operations.


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


HUGE WAVE: Heng Poi Cher Appointed as Liquidator
------------------------------------------------
Heng Poi Cher on March 15, 2011, was appointed as liquidator of
Huge Wave Limited.

The liquidator may be reached at:

         Heng Poi Cher
         43/F, China Resources Building
         26 Harbour Road
         Wanchai, Hong Kong


POLONIUS COMPANY: Chuang Johnny Appointed as Liquidator
-------------------------------------------------------
Chuang Johnny on March 14, 2011, was appointed as liquidator of
Polonius Company Limited.

The liquidator may be reached at:

         Chuang Johnny
         Room 703, Chevalier Commercial Centre
         8 Wang Hoi Road
         Kowloon Bay
         Kowloon, Hong Kong


PO MING: Ng and Lui Appointed as Liquidators
--------------------------------------------
Ng Kwok Wai and Lui Chi Kit on March 1, 2011, were appointed as
liquidators of Po Ming Jewellery Factory Limited.

The liquidators may be reached at:

         Ng Kwok Wai
         Lui Chi Kit
         Unit A, 14/F
         JCG Building
         16 Mongkok Road
         Mongkok, Hong Kong


ST. FRANCIS: Andrew Hung Chi Yuen Appointed as Liquidator
---------------------------------------------------------
Andrew Hung Chi Yuen on March 9, 2011, was appointed as liquidator
of St. Francis of Assisi's Caritas School Alumni Association
Limited.

The liquidator may be reached at:

         Andrew Hung Chi Yuen
         Room 509A, Tower B
         Hung Hom Commercial Centre
         37-41 Ma Tau Wai Road
         Hung Hom, Kowloon


TOPCYCLE CONSTRUCTION: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Topcycle Construction Company Limited, on March 14,
2011, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

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


WELL FETCH: Members' Final Meeting Set for April 18
---------------------------------------------------
Members of Well Fetch Garment Limited, which is in members'
voluntary liquidation, will hold their final meeting on April 18,
2011, at 5:00 p.m., at Room 502, 5th Floor Prosperous Building,
48-52 Des Voeux Road Central, in Hong Kong.

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


YUEN CHEUNG: Wan and Fung Step Down as Liquidators
--------------------------------------------------
Dr. Terence Ho Yuen Wan and Henry Fung stepped down as liquidators
of Yuen Cheung Property Investment Co. Limited on March 4, 2011.


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I N D I A
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ANJAN INFRASTRUCTURE: CRISIL Assigns 'B' Rating to Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Anjan Infrastucture Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR30.00 Million Cash Credit         B/Stable (Assigned)
   INR40.00 Million Bank Guarantee      P4 (Assigned)
   INR29.90 Mil. Proposed Short-Term    P4 (Assigned)
                  Bank Loan Facility

The ratings reflect the Anjan group's small scale of operations,
large working capital requirements, and customer and geographical
concentration in its revenue profile.  These weaknesses are
partially offset by the experience of the Anjan group's promoters
in the execution of construction projects, its comfortable order
book position, and average financial risk profile.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of Anjana & Company (AAC; to be taken
over by AIPL) and Aqueduct Plastics Pvt Ltd, together referred to
as the Anjan group.  This is because the two entities are in
similar line of business, under common management, and have
significant inter-company transactions, and fungible cash flows.

Outlook: Stable

CRISIL believes that the Anjan group will benefit over the medium
term from its comfortable order book position and its promoters'
industry experience.  Its financial risk profile, over the medium
term, is expected to remain average, albeit constrained, by its
large working capital requirements.  The outlook may be revised to
'Positive' if the group's working capital cycle improves, or in
case the promoters infuse significant fresh equity to fund
incremental working capital requirements. Conversely, the outlook
may be revised to 'Negative' in case of decline in profitability
or if the group undertakes a large, debt-funded capital
expenditure programme, leading to significant deterioration in the
group's financial risk profile.

AIPL and APPL are promoted by Mr. Anjan Kumar Mazumdar. He has
been involved in civil construction works since the early 1980s.
Apart from these companies, Mr. Mazumdar also runs a partnership,
AAC.  The promoters are also setting up a high-density
polyethylene pipe manufacturing facility under another group
company, Anjan Tradecom Pvt Ltd. The companies are based in
Kolkata.

Incorporated in July 2009, AIPL currently does not have any
operations.  The operations of AAC are to be taken over by AIPL
before the end of 2010-11 (refers to financial year, April 1 to
March 31).  The takeover is aimed at converting the partnership
firm into a private limited company on the insistence of the
lender, State Bank of India.

APPL was incorporated in 2004 and is a civil contractor; it also
manufactures polyvinyl chloride (PVC) pipes.  The company was
promoted primarily to meet the PVC requirements of AAC.  The
company currently has a PVC production capacity of 4000 tonnes per
annum; 70 to 80 per cent of its capacity is utilized.

APPL reported a profit after tax (PAT) of INR16.2 million on an
operating income of INR390 million for 2009-10, as against a PAT
of INR4 million on an operating income of INR119.6 million for
2008-09. ACC reported a profit after tax (PAT) of INR8.2 million
on an operating income of INR232.9 million for 2009-10, as against
a PAT of INR2.2 million on an operating income of INR227.2 million
for 2008-09.


CITY CORPORATION: CRISIL Puts 'D' Rating on INR297.7M Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
City Corporation Ltd.  The ratings reflect CCL's frequent
overutilisation of cash credit limit and delays in repaying the
interest and principal components on term loans.  The
overutilisation and delays have been caused by CCL's weak
liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR297.7 Million Cash Credit         D (Assigned)
   INR1400.0 Million Rupee Term Loan    D (Assigned)
   INR50.0 Million Letter of Credit/
                      Bank Guarantee    P5 (Assigned)

CCL has a below-average financial risk profile, marked by weak
liquidity. The company, however, derives benefits from its
promoters' extensive experience in the construction industry.

CCL was incorporated in 2003, promoted by Mr. Anirudha Deshpande
to undertake real estate development, construction and property
management business.  The company is involved in development of
residential complexes in and around Pune (Maharashtra).

CCL is the flagship company of City Group, promoted by Mr.
Anirudha Deshpande.  The group was established in 1996. The group
has developed several projects in Pune in partnerships and by
forming joint ventures with other developers and builders over the
past 15 years.

For 2009-10 (refers to financial year, April 1 to March 31), CCL
reported, on provisional basis, a profit after tax (PAT) of INR44
million on net sales of INR1878 million; it reported a PAT of INR5
million on net sales of INR482 million for 2008-09.


DHANSHREE TEXTILE: ICRA Assigns 'LC' Rating to INR5.5cr LT Loan
---------------------------------------------------------------
ICRA has assigned an 'LC+' rating to the INR 5.5 crore, long-term
fund based facilities and INR2.92 crore term loans of Dhanshree
Textile Industrie.  ICRA has also assigned an 'A5' rating to the
INR 2.71 crore, short-term, non-fund-based facilities of DTI.

The ratings reflect occasional delays in debt servicing by the
company due to strained liquidity conditions. Also, the financial
profile of DTI is weak characterized by high leverage and poor
interest coverage indicators.

The company is however expected to benefit from experience of the
promoters in the textile fabrics business and strong demand
environment, both domestic as well as international, which is
likely to aid operating income growth in the medium term.  High
proportion of trading sales (about 44%) lowers the overall margins
for the company and modest scale restricts raw material
procurement efficiency.  In addition, rising raw material prices,
despite better demand conditions has resulted in pressure on
manufacturing margins for the company.  Though operating income
growth is expected to increase emanating from better demand
conditions, ability to pass on input costs remains a challenge.
Further, with fragmented nature of the industry and surplus
capacities available, the textile weaving industry remains exposed
to high degree of competition, both domestically and
internationally.

                      About Dhanshree Textile

Dhanshree Textile Industries, a partnership firm, incorporated on
March 10, 2005 is involved in the manufacturing of yarn-dyed
shirting fabrics. Almost 80-85% of the fabrics manufactured by the
company are cotton based, balance are polyester based.  The
company initially started with 14 looms and later on in Jan-2007
added another 12 looms at its manufacturing facility located at
Tarapur, Mumbai.  The company derives 56% of its income from
manufacturing and balance from trading in yarn-dyed fabrics. It
has a group company Indospin Filati Limited into manufacturing of
cotton yarn; the company was acquired by the promoters in 2009.


DIAMOND INDUSTRIES: ICRA Reaffirms 'LBB' Rating on Long Term Loan
-----------------------------------------------------------------
ICRA has re-affirmed the 'LBB' rating assigned to the long-term
fund-based limit of Diamond Industries - Ship Breaking Division;
rated amount enhanced from INR5.0 crore to INR42.5 crore.  ICRA
has assigned Stable outlook to the long term rating.  ICRA has
also re-affirmed the 'A4' rating assigned to the short term non-
fund based limit of Diamond; rated amount enhanced from INR 35.0
crore to INR 42.5 crore.

The ratings continue to be constrained by its modest size of
operations; low value additive nature of operations and high
volatility associated with the business of the firm, as the ship
breaking business prospects are linked to international shipping
business fundamentals.  The ratings are further constrained by
inventory risk due to the time lag involved between the purchase
of the ship and the selling of the scrap which results in the
profitability of the firm vulnerable to fluctuating foreign
exchange rate and steel prices.  The firm also remains exposed to
various environmental and regulatory risks due to the nature of
business.  Further, Diamond continues to be a proprietorship
concern and any significant withdrawals from the capital account
would affect its capital structure.

However, the assigned ratings are supported by Diamond's
established presence in the ship breaking business, low gearing
and its diversified client base. The ratings further draws comfort
from the increase of ~24% in Operating Income (OI) of the firm on
account of increase in sales volume of ship scrap and improvement
in the Operating Margin (OPBDITA/OI) in FY10 largely on account of
profit from foreign exchange rate fluctuations.  As per the
provisional figures; the profit margin of Diamond continues to
improve in the first nine months period of FY11 ending Dec. 31,
2010.

Diamond Industries - Ship Breaking Division was incorporated in
the year 1994 as a proprietorship firm.  The firm is managed by
Mr. Ajay Kumar Jain and is engaged in the business of ship
breaking. The business operations are carried out at Alang
Shipyard near Bhavnagar.  The company has taken plot no. 84 on
lease for the purpose of carrying out ship breaking activity.
Venus Exports also promoted by the same group is currently the
distributor for sanitary ware and tiles for brands like
Hydrobaths, Hotspring and Cotto and also trades in melting scrap
and ferrous scrap.

For the year ended March 31, 2010, Diamond reported an operating
income of INR 55.27 crore and profit after tax of Rs 1.75 crore.
As per the provisional figures for the period April 1, 2010 -
Dec. 31, 2010; the firm reported an operating income of INR 50.78
crore and profit after tax of Rs 3.66 crore.


DUSTERS TOTAL: ICRA Assigns 'LBB' Rating to INR25cr Bank Limits
---------------------------------------------------------------
ICRA has assigned a rating of 'LBB' to the INR 25 Crore fund based
limits of Dusters Total Solutions Services Private Limited.  The
rating has stable outlook.

ICRA's rating action draws strength from good market standing of
the company in facility management industry where organized
operations and branding are slowly gaining importance. DTSS has
strong presence in Southern and Western parts of India, which so
far is the key market for the organized facility management
operations.  Further DTSS also has good training infrastructure to
recruit and train employees, which is a key requirement in the
industry which faces substantial challenge due to employee
attrition.  Further the rating also draws strength from
substantial experience of the promoters and the management in the
industry.  However the rating is constrained by the moderate
financial profile, characterized by substantially high debtor
intensity and counterparty risk thereof.  Due to the moderate
entry barrier in the industry DTSS faces substantial competition
which has resulted in moderate profitability and cash accruals for
the company.  The capital structure is also constrained by the
liability due to redeemable nature of the preference shares, which
can put pressure on the cash flows of the company.

Further the credit profile is also constrained by the high
regulatory risk due to labour based operations and the fact that
in India, these regulations are still evolving and subject to
various interpretations, thus constraining the regular business
operations. Presently substantial revenues of DTSS are driven by
few property management companies, indicating risk due to customer
concentration.  However the capital infused by TVS Capital is
expected to help company to expand its service offering and build
its client portfolio.  The ability of the company to grow its
revenues organically/ inorganically over next 2 years, while
maintaining the profitability to satisfy its liability are the key
rating sensitivity factors.

                        About Dusters Total

Dusters Total Solutions Services Private Limited was formed by
amalgamation of Dusters Hospitality Services Private Limited and
Total Solutions Facility Management Private Limited with effect
from April 1, 2009.  It is one of the biggest facility management
firms in India, with healthy presence in Southern and Western
parts of India.  The company works exclusively in facility
management activities, supplying man-power to the customer
companies for Cleaning, Dust Control, Office logistics, meeting
room management, building maintenance, electricity, plumbing, pest
control, mail room management and wash room management, pantry
services, waste segregation and disposal etc. DTSS has around 800
clients and the company services close to 80.71 million Sq Ft
office area.  The clientele includes Cognizant, Mumbai Airport,
Morgan Stanley, Cisco, Star Bazaar, Future group and MacDonalds.
DTSS has presence in 35 cities and 12 states.  The company is
headquartered in Bangalore.

In FY2010, it reported INR 105.9 Cr revenues (15% growth YOY on
consolidated revenues of DHS and TSFM) and INR 0.63 Cr PAT.  In
9M-FY2011 (till Dec 31 2010) it has reported INR 126 Cr revenue
and INR 4 Cr PAT.


G.H AGRO: CRISIL Assigns 'B+' Rating to INR63.7 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of G.H Agro Products Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR110.00 Million Cash Credit   B+/Stable (Assigned)
   INR63.70 Million Term Loan      B+/Stable (Assigned)
   INR6.30 Million Proposed LT     B+/Stable (Assigned)
                 Bank Facility

The rating reflects GHAPL's weak financial risk profile, marked by
a small net worth, a high gearing, and weak debt protection
metrics.  The rating also factors in the company's large working
capital requirements, and small scale of operations in the highly
regulated and fragmented edible oils industry.  These rating
weaknesses are partially offset by the benefits that GHAPL derives
from its promoters' longstanding experience in the edible oils
industry, and its integrated nature of operations, with presence
in both the rice bran oil extraction and refining segments.

CRISIL has treated the unsecured loans of INR76.8 million extended
to GHAPL by its directors as quasi equity, as these are interest
free and the directors have undertaken to retain the loans in the
business until the company's bank loans are repaid.

Outlook: Stable

CRISIL believes that GHAPL will benefit over the medium term from
its promoters' experience and from the integrated nature of its
operations. However, the company's financial risk profile will
remain constrained by its highly leveraged capital structure, and
the small scale of its operations.  The outlook may be revised to
'Positive' if the company's financial risk profile improves
significantly, most likely because of substantial increase in cash
accruals or equity infusion by the promoters.  Conversely, the
outlook may be revised to 'Negative' if GHAPL's financial risk
profile deteriorates further because of slower-than-expected ramp-
up in operations or larger-than-expected incremental working
capital requirements.

                           About G.H Agro

GHAPL extracts and refines rice bran oil. The company has two
extraction units with total extraction capacity of 450 tonnes per
day (tpd), and one refining unit with capacity of 50 tpd. GHAPL
sells rice bran oil as well as de-oiled cake, which is a by-
product in the oil extraction process.  During 2009-10 (refers to
financial year, April 1 to March 31), rice bran oil accounted for
around 75 per cent of GHAPL's revenues, while de-oiled cake
accounted for the rest. GHAPL is among the few players in Punjab,
with both rice bran oil extraction and refining capacities.

GHAPL reported a profit after tax (PAT) of INR0.4 million on net
sales of INR470.5 million for 2009-10, against a PAT of INR1.4
million on net sales of INR329.4 million for 2008-09.


JAGANNATH TEXTILE: CRISIL Upgrades Rating on INR1.37B Loan to 'BB'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Jagannath Textile Company Limited to 'BB/Stable/P4+' from
'B+/Stable/P4'.

   Facilities                             Ratings
   ----------                             -------
   INR1379.60 Million Long-Term Loan      BB/Stable (Upgraded from
                                                     'B+/Stable' )

   INR450.20 Million Cash Credit Limit    BB/Stable (Upgraded from
                                                     'B+/Stable' )

   INR199.80 Million Working Capital      BB/Stable (Upgraded from
                           Term Loan                 BB'B+/Stable'

   INR10.00 Mil. Letter of Credit Limit   P4+ (Upgraded from 'P4')

   INR97.50 Mil. Bank Guarantee - EPCG    P4+ (Upgraded from 'P4')

   INR5.00 Million Bank Guarantee         P4+ (Upgraded from 'P4')

The upgrade reflects significant improvement in JTCL's financial
risk profile, driven by increased profitability and cash accruals.
The company reported, on provisional basis, a healthy operating
margin of around 19 per cent for the nine months ended December
31, 2010; it reported an operating margin of 13.8 per cent for
2009-10 (refers to financial year, April 1 to March 31).  The
improvement in operating margin has been driven by robust domestic
demand and favorable movement in the cotton yarn prices.

JTCL reported, on provisional basis, net sales of INR2.3 billion
for April 2010 to January 2011. However, JTCL's gearing is
expected to be high at around 3.7 times as on March 31, 2011. The
upgrade also reflects CRISIL's belief that JTCL's financial risk
profile will improve over the medium term on the back of steady
cash accruals and repayment of debt.

The ratings reflect JTCL's below-average financial risk profile
marked by high gearing and moderate debt protection metrics, and
susceptibility to raw material price volatility and power
shortage. These rating weaknesses are partially offset by JTCL's
healthy market position in the open-end yarn segment, and the
benefit it derives from promoters' experience in the open-end yarn
business.

Outlook: Stable

CRISIL believes that JTCL will maintain its market position over
the medium term, supported by its product specialisation and
promoters' rich industry experience. The outlook may be revised to
'Positive' if JTCL sustains the increase in its revenues operating
margins, and improves its capital structure considerably.
Conversely, the outlook may be revised to 'Negative' if the
company's margins or volumes decline steeply, if it undertakes a
larger-than-expected debt-funded capital expenditure (capex)
programme, thereby weakening its capital structure, or makes
unrelated diversifications.

                      About Jagannath Textile

Established in 1987 by Mr. R K Tibrewal, JTCL manufactures open-
end yarn and has 13,260 rotors installed. The company's
manufacturing units are located in Karumathampatti, near
Coimbatore (Tamil Nadu). The company has 15,840 spindles installed
for ring spinning. JTCL also launched its own knitwear inner
garment line under the brand Crusoe; manufacturing and processing
of these garments are outsourced.

JTCL reported a net profit of INR28.28 million on net sales of
INR2.11 billion for 2009-10, against a net loss of INR52.26
million on net sales of INR1.48 billion for 2008-09.


JAI SHIV: CRISIL Reaffirms 'D' Rating on INR63.3MM Term Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jai Shiv Aluminium Pvt
Ltd (JSAPL) continue to reflect the instances of delay by JSAPL in
servicing its term loan; the delays have been caused mainly by the
company's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR100.0 Million Cash Credit Limit   D (Reaffirmed)
   INR63.3 Million Term Loan            D (Reaffirmed)
   INR10.0 Million Letter of Credit     P5 (Reaffirmed)
   INR5.5 Million Bank Guarantee        P5 (Reaffirmed)

JSAPL also has a small scale of operations, a small net worth, and
working-capital-intensive operations. However, JSAPL benefits from
its moderate operating efficiencies.

Incorporated in 2006, JSAPL (formerly, JSK Aluminium Pvt Ltd)
manufactures aluminium extrusion profiles used in industrial,
automotive, railways, household, and other applications. The
company's manufacturing facility in Dera Bassi (Punjab) has
capacity of 3600 metric tonnes per annum.

JSAPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR213 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.8 million on net sales
of INR242 million for 2008-09.


KASIM COAL: ICRA Assigns 'LBB' Rating to INR5cr Bank Limits
-----------------------------------------------------------
ICRA has assigned a rating of LBB to the INR 5 Crore fund based
limits of Kasim Coal and Logistic Private Limited.  Further ICRA
has also assigned A4 rating to the INR 50 Cr non fund based
limits of KCL. The long term outlook carries a Stable outlook.

The rating action factors in the moderate size of the company,
modest profit margins and accruals in the business arising out of
the trading nature of operations and intensely price competitive
nature of the company's coal trading business.  This coupled with
growth in operations have resulted in very limited cash generation
in the business.  ICRA does not expect this situation to change
significantly in the short term.  The credit profile of the
company is also moderated by the counterparty credit risk in the
business, especially on the sales to SME segment, and exposure of
the company's margins to volatility in coal prices.  However, the
credit profile draws support from factors such as the company's
capable management and favorable demand trends for imported coal
arising from increasing coal supply-demand gap in the country
which are also reflected in healthy revenue growth since
inception.

While the promoters have shown an ability to infuse equity funds
which has supported, their ability to do so on a sustained basis
will remain a key rating driver.

                           About Kasim Coal

Kasim Coal and Logistics Private Limited was incorporated in
FY2007, and is promoted by Yasin & Yesesi Group. KCL is primarily
engaged in trading imported non-coking coal and has traded close
to 176000 MT in FY2010.  The company is based out of Chennai and
the client list of the company includes, OPG Power Generation
Private Limited, Chettinad Cement India Ltd etc.

In FY2010 KCL traded 176000 MT of coal and achieved INR 61.26 Cr
revenues with INR 0.71 Cr PAT.


KIRAN INDUSTRIES: CRISIL Upgrades Rating on INR47.7MM Loan to 'B+'
------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kiran Industries Pvt Ltd to 'B+/Stable' from 'B/Negative', while
reaffirming its rating on the short-term bank facilities at 'P4'.

   Facilities                           Ratings
   ----------                           -------
   INR47.7 Million Long-Term Loan       B+/Stable (Upgraded from
                                                   B/Negative')

   INR107.5 Million Cash Credit         B+/Stable (Upgraded from
                                                   'B/Negative')

   INR20.0 Million Letter of Credit     P4 (Reaffirmed)

   INR1.0 Million Bank Guarantee        P4 (Reaffirmed)

The upgrade reflects the favourable resolution of a large
contingent liability of INR226 million, 1.5 times KIPL's net worth
as on March 31, 2010, thereby eliminating the event risk the
company had been exposed to.  The contingent liability was on
account of a claim by the Director General of Central Excise
Investigation involving sales tax liability. The 'Negative'
outlook reflected the adverse impact the contingent liability
would have had on KIPL's credit risk profile had it crystallised.

The ratings reflect KIPL's small scale of operations, and average
financial risk profile, marked by small net worth and large
working capital requirements. These weaknesses are partially
offset by the extensive experience of KIPL's promoters in the
textile industry.

Outlook: Stable

CRISIL believes that KIPL will maintain its financial risk
profile, on account of limited debt repayment obligations and
moderate capital expenditure plans.  The outlook may be revised to
'Positive' if KIPL is able to significantly improve its
profitability, leading to more-than-expected net cash accruals and
improvement in its debt protection metrics, while maintaining its
capital structure.  Conversely, the outlook may be revised to
'Negative' if KIPL's profitability declines further, thereby
weakening its liquidity, or its capital structure deteriorates, on
account of a larger-than-expected, debt-funded capital expenditure
programme.

                      About Kiran Industries

KIPL was promoted in 1986 by the Surat-based Sekhani family,
headed by Mr. Ratan Lal Sekhani, as a private limited company.
KIPL manufactures dyed man-made yarn and embroidered threads, and
processes man-made fabric. The company exited the warp knitting
segment, which contributed around 25 per cent to revenues in 2009-
10 (refers to financial year, April 1 to March 31) in December
2010.

For 2009-10, KIPL reported a profit after tax (PAT) of INR2.3
million on net sales of INR582 million, as against a PAT of INR6.4
million on net sales of INR499 million for the previous year.


MANPASAND AGRO: CRISL Reaffirms 'BB+' Rating on INR67.5MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'BB+/Stable' rating to the long-term
bank loan facilities of Manpasand Agro Food.

   Facilities                             Ratings
   ----------                             -------
   INR75.0 Million Cash Credit Facility   BB+/Stable (Reaffirmed)
   INR67.5 Million Term Loan              BB+/Stable (Reaffirmed)

The rating continues to reflect MAF's large working capital
requirements, small scale of operations, and susceptibility to
volatility in raw material prices.  These rating weaknesses are
partially offset by MAF's established brand name, benefits from
operating efficiencies, and moderate financial risk profile,
marked by above-average debt protection metrics.

Outlook: Stable

CRISIL believes that MAF will continue to benefit over the medium
term from its increasing scale of operations and improving net
cash accruals.  The outlook may be revised to 'Positive' if the
firm reports higher-than-expected growth in revenues, and
maintains its operating margin. Conversely, the outlook may be
revised to 'Negative' if the firm's capital structure
deteriorates, most likely because of more-than-expected increase
in debt or if the firm's proprietor withdraws larger-than-expected
capital.

                            About Manpasand Agro

Set up as a proprietorship firm in Vadodara (Gujarat), MAF
manufactures fruit drinks. Headed by Mr. Dhirendra Singh, the firm
has brands such as Manpasand Mango Sip and Manpasand Apple Sip for
marketing its products. MAF has a network of approximately 350
distributors across 13 states.  The firm is registered as an 'A
category' supplier with Indian Railway Catering and Tourism
Corporation (IRCTC). Prior to 2011, the firm operated through its
manufacturing unit in Vadodara. In 2011, the firm set up its
second manufacturing unit in Varanasi (Uttar Pradesh). The firm's
capacities are expected to increase to 17,500 tetra packs and
23,000 pet bottle cases per day by end of 2010-11 from 4500 tetra
packs and 1500 pet bottles cases per day in 2008-09.

MAF reported a profit after tax (PAT) of INR37.8 million on net
sales of INR405.3 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.8 million on net
sales of INR224.4 million for 2008-09.


PAR DRUGS: ICRA Assigns 'LBB' Rating to INR3.94cr Term Loan
-----------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR3.94 crore term loan
and INR2.0 crore cash credit facilities of Par Drugs and Chemicals
Private Limited.  The long term rating has been assigned stable
outlook.  ICRA has also assigned an A4 rating to the INR1.50 crore
short term fund based facilities of PDPL.

The assigned rating reflects moderate financial risk profile
supported by unsecured loans from promoters though large debt
funded capex plans could stress capital structure and overall
liquidity profile considerably over the medium term. The assigned
ratings are constrained by marginal scale of operations for the
company and ability to diversify across product/clients being
limited by balance sheet size.  The ratings take into account
experienced management and track record of profitable
operations.

PDPL is promoted by Mr. V J Savani and his two sons Mr Falgun and
Mr. Jignesh Savani. Based out of Bhavnagar (Gujarat), company is
engaged in manufacturing basic chemicals including Aluminium and
Magnesium salts majorly used in Antacid Drugs and polymer
industry.  The company finds its roots in M/s Par Inorganic,
proprietary firm, set up in 1982 by first generation entrepreneur
Mr. V J Savani in Bhavnagar.  The firm was converted into a
private limited company in 1999.  The company has two
manufacturing facilities, one at Bhavnagar and other at
Ankaleshwar with Bhavnagar being WHO GMP approved.

Recent Results

For nine months ended December 2010, PDPL reported operating
income of INR10.0 crore with operating profit of INR2.70 crore.


LOOT (INDIA): ICRA Assigns 'LBB-' Rating to INR32.28cr LT Loan
--------------------------------------------------------------
ICRA has assigned the 'LBB-' rating to the INR 32.28 crore long
term fund based bank facilities of The Loot (India) Private
Limited.  ICRA has also assigned the 'A4' rating to the INR 7.72
crore short term fund based and non fund based bank facilities of
the company.  The outlook on long term rating is stable.

The ratings take into account promoter's experience in management
of varied retail formats like franchisee, factory outlets, multi
brand and mono brand stores, prior to incorporation of Loot and
experience of its key management personnel in the retail industry.
The strong growth in operating income of the company aided by
increase in number of stores and same store growth coupled with
healthy profitability further provides support to the ratings.
The company operates in a highly competitive retail environment,
which has seen dominance of the unorganized sector estimated to
account for close to 95% of the overall retail industry and
presence of large retail chain of stores and mono and multi brand
outlets of several leading textile groups in the organized
segment.  The company, in order to differentiate itself in this
competitive scenario, positions itself as a multi brand retailer
offering deep discounts on branded apparel throughout the year
with presence in several large cities and towns in India.

The ratings are however constrained by strained capital structure,
despite capital infusion in the previous years, as a result of
increased working capital requirements.  Coverage indicators
remain weak on account of increase in interest and finance charges
on borrowed funds.  The ratings are further constrained by
strained cash flows of the company primarily on account of high
trade receivables and inventory days resulting from rapid
expansion in scale of company's operations requiring high
investment in maintaining inventory at stores and its warehouse.
Inventory and receivables management would remain crucial for the
company going forward as it focuses on further expansion in scale
of business.  The availability of wide range of branded products
would remain crucial as stock outs and non-availability of
products can result in customer dissatisfaction and loss of
customer loyalty. The company aims to bridge any such gap due to
stock out on branded apparels through introduction of private
labels at its outlets.

ICRA notes that the company has recently ventured into commercial
real estate business through purchase of property at Worli,
Mumbai.  The increase in debt against this property has put
further strain on the already leveraged capital structure and the
time period taken to tie up lease agreement with lessee(s) may
result in cash flow mismatches further straining servicing ability
of the company. Company's initiatives to strengthen its capital
structure and support business expansion through planned public
offering and its ability to fill in vacancy at its new purchased
commercial property will remain a rating sensitive.


ORBIT RESORTS: CRISL Reaffirms 'BB' Rating to INR60MM Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Orbit Resort Private Ltd
continues to reflect Orbit's weak financial risk profile marked by
a highly leveraged capital structure because of large, debt-funded
capital expenditure (capex).

   Facilities                              Ratings
   ----------                              -------
   INR60.0 Million Cash Credit Facility    BB/Stable
   (Enhanced from INR48 Million)

   INR2602.13 Million Term-Loan Facility   BB/Stable (Reaffirmed)
   (Reduced from INR2970.1 Million)

   INR356.37 Million Proposed Long-Term    BB/Stable
   Loan Facility (Enhanced from INR0.4 Mil)

The rating also factors in the vulnerability of the company's
operating profit margin to downturns in the hotel industry. These
rating weaknesses are partially offset by the strong operating
performance of Orbit's hotel, The Trident, supported by the
management's tie-up with EIH Ltd.

Outlook: Stable

CRISIL believes that Orbit's business risk profile will improve
over the medium term with the commencement of operations at its
second hotel, The Oberoi.  The outlook may be revised to
'Positive' if Orbit successfully stabilizes operations at The
Oberoi, while maintaining its business performance at its hotel,
The Trident, resulting in more-than-expected cash accruals and a
stable capital structure.  Conversely, the outlook may be revised
to 'Negative' if Orbit's business performance is adversely
impacted by lower-than-expected occupancy levels or average room
rate at its hotels, or if the company undertakes a larger-than-
expected debt-funded capex programme, thereby further weakening
its capital structure.

                            About Orbit

Orbit was incorporated in 1988. The company owns a 136-room, five-
star hotel, The Trident, at Gurgaon (Haryana). Orbit has a
management tie-up with EIH Ltd under the Trident brand. The hotel
commenced commercial operations in January 2004.

Orbit is setting up a 202-room, five-star deluxe hotel, The
Oberoi, Gurgaon, adjoining The Trident. The estimated cost of the
project is INR3.77 billion, of which INR2.74 billion will be debt-
funded. The project is near completion and is expected to commence
operations by the end of March 2011.

For 2009-10 (refers to financial year, April 1 to March 31), Orbit
reported a profit after tax (PAT) of INR148.7 million (Rs.149.1
million for 2008-09) on net sales of INR788.2 million (Rs.840.7
million).


RIDDHI STEEL: ICRA Assigns 'LBB' Rating to INR4.25cr Term Loans
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR4.25 crore term loans
and INR13.50 crore cash credit facility of Riddhi Steel & Tube
Private Limited.  The outlook for the rating is stable.  ICRA has
also assigned an 'A4' rating to the INR0.08 crore, short-term,
non-fund based, bank guarantee limits of RSTPL.

The ratings are constrained by the relatively small size of the
company and weak financial risk profile as indicated by modest
profitability indicators, high gearing levels and weak debt
service indicators.  The ratings also reflect the limited
bargaining power of RSTPL with the raw material suppliers; the
vulnerability of profitability and cash flows to the raw material
price fluctuations due to cyclicality associated with the steel
industry and high working capital intensity.

The ratings have however positively considered the established
track record of the promoters in manufacturing of steel pipes, the
continuous increase in capacity utilization resulting in a steady
growth in the operating income during the last four years and a
positive demand outlook for the steel pipe industry which derives
its demand from sectors like oil and gas, real estate,
infrastructure and agriculture, which are witnessing increasing
investments.

                          About Ridhi Steel

Incorporated in September 2001, Riddhi Steel & Tube Private
Limited (RSTPL) is engaged in the manufacturing of Mild Steel
Electrically Resistance Welding (M.S. ERW) pipes.  It is a closely
held company and has its production facility located in Komad,
Ahmedabad.  It has an installed capacity of 48000 MTPA as on 31st
March, 2010 with the ability to manufacture pipes of sizes 0.5" NB
(15 mm) to 12" NB (300 mm). RSTPL sells its products under the
brand name "Riddhi".

Recent Results

During FY10, the firm reported an operating income of INR 90.85
Cr. and profit after tax of INR 1.05 Cr.


SACHETA METALS: CRISIL Reaffirms 'BB' Rating on INR7.3MM Term Loan
------------------------------------------------------------------
CRISIL has reaffirmed its 'BB/Stable/P4+' ratings on the bank
facilities of Sacheta Metals Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR7.30 Million Term Loan           BB/Stable (Reaffirmed)
   INR60.00 Million Packing Credit     P4+ (Reaffirmed)
   INR15.00 Million Letter of Credit   P4+ (Reaffirmed)

The ratings continue to reflect Sacheta's small scale of
operations in the fragmented aluminum products industry, its large
working capital requirements, and vulnerability to volatility in
raw material prices and foreign exchange rates. These weaknesses
are partially offset by Sacheta's moderate financial risk profile,
marked by comfortable gearing, moderate debt protection measures,
though its net worth is small. Sacheta also benefits from its
promoters' industry experience, and its presence in both the
domestic and export markets.

Outlook: Stable

CRISIL believes that Sacheta will benefit from the increase in its
revenues over the medium term. Its liquidity will, however, remain
constrained on account of large working capital requirements. The
outlook may be revised to 'Positive' if the company's scale of
operations and profitability increase significantly, leading to
more-than-expected cash accruals, or in case of improved working
capital management, leading to improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' in case
Sacheta's liquidity deteriorates further because of more-than-
expected working capital requirements, less-than-expected cash
accruals, or a large, debt-funded capital expenditure programme.

Update

Sacheta reported a topline of INR475.3 million in 2009-10 (refers
to financial year, April 1 to March 31), which was marginally
better than CRISIL's projection. However, its topline, in the nine
months ended December 2010, reduced to INR377.9 million. This is
mainly on account of higher production of the thin variety of
aluminium foil, leading to lower production. However,
profitability in 2010-11 is expected to be better, as the thin
variety of aluminum foil provides higher margins. The company
incurred equity-funded capacity expansion programme of around
INR90 million in 2010-11 to increase its aluminum foil producing
capacity by 3000 tonnes per annum (tpa). Equity infusion of around
INR89.4 million for the programme led to significant improvement
in Sacheta's net worth and gearing. However, the liquidity of the
company remains under pressure due to its large working capital
requirements, as reflected in high bank limit utilization of
around 95 percent over the nine months ended December 31, 2010,
during which the company occasionally availed of its adhoc limits
Though the fund-based bank limits was enhanced recently to INR80
million from INR60 million recently, the limit utilization remains
high.

                       About Sacheta Metals

Incorporated in 1988 as a private limited company, Sacheta
manufactures aluminium utensils and sheet coil products. The
company went public in 1995. It has two units in Sabarkantha
(Gujarat), one for manufacturing aluminium utensils, and another
for aluminium sheet coil products, with capacities of 800 tpa and
6000 tpa, respectively. It has recently set up a unit with
additional aluminium foil and coil capacity of 3000 tpa.

Sacheta reported a profit after tax (PAT) of INR6.2 million on
operating income of INR475.3 million for 2009-10, as against a PAT
of INR4.6 million on net sales of INR367.8 million for 2008-09.


SHREE SOMNATH: ICRA Assigns 'LB' Rating to INR8cr LT Loan
---------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR8.0 crore long term
fund based facilities of Shree Somnath Cotex.

The rating is constrained by the weak financial profile of the
firm as reflected by thin operating and net margins due to
inherently low value addition in the business and highly stretched
capital structure as a result of high working capital borrowings.
The rating further takes note of the firm's small scale of
operations which limits scale economies.  The rating also
incorporates lack of diversification in the product profile and
susceptibility of the cotton prices to seasonality and regulatory
risks which together with the highly competitive industry
environment further exerts pressure on margins.

The rating however considers the experience of the promoter in the
cotton ginning industry and advantage by virtue of its location in
cotton producing region giving it easy access to raw cotton.

Shree Somnath Cotex was incorporated in 2008.  The firm is
involved in the ginning & pressing of raw cotton.  Shree Somnath
Cotex deals in S-6 variety of cotton.  The factory is located at
Jasdan (Rajkot), Gujarat with an intake capacity of around 250
bales per day.  The business is owned and managed by Rajeshkumar M
Joshi and his family members.

Recent results

During FY 2010, the firm reported a profit after tax of INR0.01 Cr
on an operating income of INR 34.74 against a PAT of INR0.01
crores on an operating income of INR19.69 crores in 2008-09.


SHUBHAM GINNING: ICRA Assigns 'LB+' Rating to INR10cr LT Loan
-------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR10.0 crore long term
fund based facilities of Shubham Ginning & Pressing Pvt Ltd.  The
rating is constrained by the weak financial profile of the firm as
reflected by thin operating and net margins due to inherently low
value addition in the business and highly stretched capital
structure as a result of high working capital borrowings.  The
rating further takes note of the firm's small scale of operations
which limits scale economies.  The rating also incorporates lack
of diversification in the product profile and susceptibility of
the cotton prices to seasonality and regulatory risks which
together with the highly competitive industry environment further
exerts pressure on margins.

The rating however considers the experience of the promoter in the
cotton ginning industry and advantage by virtue of its location in
cotton producing region giving it easy access to raw cotton.

Shubham Ginning & Pressing Pvt Ltd was incorporated in 2007.  The
company is involved in the ginning & pressing of raw cotton. SGPPL
deals in S-6 variety of cotton.  The factory is located at
Jasdan (Rajkot), Gujarat with an intake capacity of around 250
bales per day.  The business is owned and managed by Ajaybhai
Kanubhai Vaghasiya and his family members.

Recent results

During FY 2010, SGPPL reported a profit after tax of INR0.03 Cr on
an operating income of INR 31.56 Cr and profit after tax of
INR0.13 on an operating income of INR9.62 crores for unaudited 6
months ending 30th September, 2010.


TARGET ASSOCIATES: Fitch Assigns 'B-' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Target Associates Private
Limited a National Long-Term rating of 'B-(ind)' with Stable
Outlook.  The agency has also assigned 'B-(ind)'/'F4(ind)' ratings
to TAPL's INR144.4 million term  loans and INR12 million non-fund
based working capital limits.

The ratings reflect TAPL's improving financial performance as
demonstrated in the 11-month period ended February 2011 (April
2010-February 2011).  The company started operations in July 2007;
its financial performance over FY08-FY10 was constrained by the
global and domestic economic slowdown, resulting in an irregular
interest repayment track record and multiple restructurings of the
term loan repayment schedule.  TAPL has however indicated that its
first quarterly term loan principal repayment was made ahead of
the due date of Dec. 31, 2010.  Fitch however believes that
despite the improvement in operating performance, the ballooning
repayment schedule for the term loans is likely to stress the cash
flows of TAPL from FY12 onwards.

Negative rating triggers include any delay or default in the
repayment of interest and principal obligations by TAPL or its
inability to sustain the improvement in financial performance
demonstrated during April 2010-February 2011.  A positive rating
trigger would be a sustained improvement in its debt/ operating
EBITDAR to below 10x coupled with a sustained improvement in
EBITDA interest cover to above 2x.

During April 2010-February 2011, TAPL reported (un-audited and
provisional figures) an operating income of INR71.3 million (FY10:
INR64.4 million), operating EBITDA of INR28.8 million (FY10:
INR7.7 million), operating EBITDA margin of 40.4% (FY10: 11.9%),
interest cover of 1.6x (FY10: 0.2x), debt/ (annualized) EBITDA of
12.7x (FY10: 54.3x).  Debt at end-February 2011 consisted of
INR144.5 million of secured bank loans and INR253.7 million of
promoters' unsecured loans.

TAPL owns an integrated facility around 15 km outside the centre
of Bangalore that comprises serviced offices, a three-star hotel,
restaurant, bar and coffee shop, and conferencing facilities.


TILE ITALIA: ICRA Places 'LB' Rating on INR7cr Fund Based Limits
----------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR 7 crore fund based
limits of Tile Italia Mosaics (P) Ltd.  ICRA has also assigned an
'A4' rating to the INR 6 crore non-fund based facilities of the
company.

The ratings take into account TIMPL's moderate scale of
operations, low profit margins arising out of high competition,
high gearing (4.75 times as on March 31, 2010) and stretched
coverage indicators with  interest coverage of 1.83 times  for FY
2010.  The ratings also factor in the high working capital
intensity of the company's operations and its stretched liquidity
characterized by high payables.  The ratings draw support from the
long track record of the company, its experienced management and
strong client base. The rating is also supported by the improved
real estate industry outlook which is expected to benefit the
company in terms of increased sales volumes in  the near to medium
term.

Going forward, company's ability to increase the scale of
operations keeping in check the working capital intensity and
capitalization and coverage indicators will be the key rating
determinants.

                         About Tile Italia

Established in 1981, Tile Italia Mosaics (P) Ltd. and was
initially engaged into manufacturing of tiles under the name
Basant Tiles.  From 1996 onwards, the company diversified into
Imported Marbles and since then is catering to the needs of the
real estate industry.  The company imports Marble from many
countries and sells the same to wide customer base in Bangalore
and Chennai.  The company is an exclusive distributor of
Technistone for India, a high performance quartz surface company
from Europe.

Recent Results

TIMPL reported an operating income of Rs 24.28 crore and a net
profit of Rs 0.69 crore in FY2010 as against a operating income of
INR 17.84 crore and a net profit of INR 0.38 crore in FY2009.


VVA DEVELOPERS: ICRA Assigns 'LBB' Rating to INR15cr Bank Lines
---------------------------------------------------------------
ICRA has assigned "LB" rating to INR 15.00 crore bank lines of VVA
Developers Private Limited.  The rating takes into account the
concentration risks arising out of operating a single property;
and market risk faced by VVA, as more than 50% of space in the
mall is yet to be leased/sold.

ICRA has also noted the fact that the project is currently running
with a delay; any further delay in the project execution can
affect the overall profitability of the project under pressure.
The rating however draws comfort from the attractive location of
the project and reputed brands with which the MoUs/LoIs are
already in place.  Going forward, ability of the company to
lease/sell the remaining space at competitive rates will be the
key rating sensitivity.

VVA Developers Private Limited is currently setting up a mall (V
Square Mall) in Bhiwadi (Rajasthan).  The company is promoted (and
is closely held) by Mr. Vivek Jain and his family and friends. V
Square Mall will have about two lakh sq. ft. of saleable/leasable
space spread over five floors. It will have a total of 104 retail
units in addition to food court, restaurants, anchor store, hyper
market and multiplex.

Recent Results
VVA Developers did not report any operating income in FY10 as its
first project is under construction and the company follows
completed contract method.


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


AORANGI SECURITIES: SFO Decision on Probe Put On Hold
-----------------------------------------------------
Adam Bennett at nzherald.co.nz reports that the Serious Fraud
Office has agreed to put aside its decision whether to proceed
with charges against Allan Hubbard until a legal stoush over who
will foot the South Canterbury Finance founder's legal bills is
resolved.

According to nzherald.co.nz, statutory managers of Mr. Hubbard's
affairs, Grant Thornton, had gone to the High Court to seek
directions on whether it can pay legal bills from Mr. Hubbard's
legal counsel, Russell McVeagh.

A spokesman for Grant Thornton last week said the firm was seeking
clarification of "how Mr. Hubbard's legal fees are to be paid,
especially his ongoing SFO-related costs," nzherald.co.nz relates.

SFO chief executive Adam Feeley said his organization was likely
to be "peripherally" dragged in to the matter, according to
nzherald.co.nz.

"Our time frame is now being dictated by that because until that's
sorted out I don't think we're in a position to go any further
because of what Mr Hubbard's lawyers are wanting to do,"
nzherald.co.nz quotes Mr. Feeley as saying.

"It seems perfectly reasonable to accede to that request to let
that matter get tidied up because effectively Mr. Hubbard could be
without representation unless that is satisfactorily resolved so
we've agreed that we will await the outcome of that."

nzherald.co.nz notes that the SFO's decision on whether to proceed
with action against Mr. Hubbard has been delayed a number of times
with the office late last year saying it had agreed to hold off
its call until additional information was provided by Russell
McVeagh.

Last month, nzherald.co.nz notes, Mr. Feeley confirmed that
information had been provided.

The SFO began investigating Mr. Hubbard's Aorangi Securities,
operated by him in conjunction with his Timaru accountancy
practice, shortly after Mr. Hubbard's affairs were put under
statutory management in June last year.  The SFO has said the
company owed approximately 400 investors NZ$90 million to NZ$100
million.

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.


FIVE STAR: Neil Williams Wants to Withdraw Guilty Plea
------------------------------------------------------
BusinessDay.co.nz reports that Neill Williams, the man said to be
the mastermind of failed finance company Five Star Finance, is
seeking to withdraw his guilty pleas to criminal charges.

BusinessDay.co.nz says Mr. Williams, who was referred to by Judge
Roderick Joyce QC in December in the Auckland District Court as
the mastermind in the business, maintains he only pleaded guilty
as he was very ill at the time.

Mr. Williams said he believed he would, if sentenced, only receive
home detention for his part in the group of companies that
collapsed in 2007 owing investors around NZ$86 million, according
to BusinessDay.co.nz.

BusinessDay.co.nz relates that Mr. Williams' lawyer EB Leary is
arguing that his client only has a menial position in the matter
and is well down the pecking order within the group and so cannot
be sentenced as harshly as others.

Mr. Leary told Judge Joyce on Monday his client, 76, suffered late
last year from frailty, ill health and age and had entered guilty
pleas as his client believed he would, at worst, attract a
sentence of home detention, BusinessDay.co.nz says.

BusinessDay.co.nz adds that Mr. Williams and former director
Marcus MacDonald both entered guilty pleas in October to charges,
which could attract a maximum sentence of five years imprisonment.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 27, 2010, the Serious Fraud Office laid over 100 charges
under the Crimes Act against Nicholas Kirk, Marcus MacDonald,
Anthony Bowden and Neill Williams who are associated with the
collapsed Five Star Finance Group.  The offences each carry a
maximum penalty of seven years imprisonment.  Messrs. Kirk,
McDonald and Bowden are former directors of Five Star Finance Ltd,
while Mr. Williams was heavily involved in its management.  The
Companies Office also laid criminal charges in Auckland District
Court against Messrs. MacDonald, Bowden, Kirk and Williams.  The
case was referred to it by the Securities Commission.

                         About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June 2009
the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


GENEVA FINANCE: S&P Lowers LT Counterparty Credit Rating to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
term counterparty credit rating on New Zealand finance company
Geneva Finance Ltd. to 'CC' from 'CCC' and placed its rating on
Geneva on CreditWatch with negative implications.  At the same
time, Standard & Poor's lowered its insurer financial strength
rating on Geneva's captive insurer, Quest Insurance Group Ltd., to
'CC' from 'CCC' and placed Quest's rating on CreditWatch with
developing implications.

"The rating action follows Geneva's announcement that it will seek
subordinated noteholder approval to convert existing debt
interests to equity," Standard & Poor's credit analyst Peter
Sikora said.

Mr. Sikora said the CreditWatch placement reflects Standard &
Poor's view that there is a high likelihood that the Geneva's
subordinated noteholders will agree to a debt-for-equity exchange
at a level less than par, which would result in the ratings on
Geneva being lowered to 'SD' when the exchange is completed in
April 2011.  After the exchange is completed, it is likely that
the rating on Geneva and Quest would be raised to a level no
higher than a 'CCC' rating category following further review of
the group, he said.

Standard & Poor's view is that should investors and shareholders
reject the plan, there is a high chance of Geneva being forced
into receivership.  Accordingly, the 'CC' rating on Geneva would
remain on CreditWatch with negative implications and transition to
'D' when the company is formally placed in receivership. The 'CC'
rating on Quest would also remain on CreditWatch but the direction
revised to negative, Mr. Sikora said.


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


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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