TCRAP_Public/110324.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Thursday, March 24, 2011, Vol. 14, No. 59

                            Headlines



A U S T R A L I A

COMPASS HOTEL: In Receivership; Owes More Than AU$100 Million
GOODCROWD PTY: Calls in CRS Warner Kugel as Liquidator
METRIC GROUP: Appoints Ferrier Hodgson as Voluntary Liquidators


H O N G  K O N G

ACTIVE BASE: Court Enters Wind-Up Order
ALEXANDER & ALEXANDER: Members' Final Meeting Set for April 19
ALEXANDER LIPPO: Members' Final Meeting Set for April 19
APAC TRADING: Court to Hear Wind-Up Petition on April 6
ASIA INTELLIGENCE: Court to Hear Wind-Up Petition on April 20

BUILDING A BETTER: Creditors' Proofs of Debt Due April 20
CHINA CHASE: Court to Hear Wind-Up Petition on May 4
CROWN HONOR: Court to Hear Wind-Up Petition on May 11
DATACOM CABLE: Creditors Get 26.714% Recovery on Claims
EVERYOUNG CAPITAL: Court Enters Wind-Up Order

GLOBAL WEALTH: Court Enters Wind-Up Order
GOODREACH GARMENT: Court Enters Wind-Up Order
HANG WAY: Court Enters Wind-Up Order
HANSHIN FREIGHT: Creditors' Proofs of Debt Due April 18
HARMONY DESIGNS: Court Enters Wind-Up Order


I N D I A

AMBO EXPORTS: CRISIL Assigns 'P4+' Ratings to Various Bank Debts
ASK HOME FURNISHING: CRISIL Assigns 'B-' Rating to INR26MM Loan
BHANAVI AGRO: CRISIL Downgrades INR36.5MM Term Loan Rating to 'B'
DELTON CABLES: Fitch Gives Negative Outlook; Affirms 'BB+' Rating
DHAR COAL: CRISIL Assigns 'BB-' Rating to INR20MM Cash Credit

JANKI RICE: CRISIL Assigns 'B-' Rating to INR33MM Rupee Term Loan
KUMARAGIRI SPINNERS: CRISIL Reaffirms 'D' Rating on INR143MM Loan
PRECISION DRAWELL: CRISIL Puts 'BB+' Rating to INR40MM Cash Credit
PRIMACY INDUSTRIES: CRISIL Cuts Rating on INR40MM LT Loan to 'BB+'
ROYALLINE RESOURCES: CRISIL Assigns 'P4' Rating to INR75MM Loan

SAHUWALA HIGH: CRISIL Reaffirms 'D' Rating on INR420MM Term Loan
S C R NIRMAN: CRISIL Assigns 'BB+' Rating to INR40MM Cash Credit
SHASHI STRUCTURAL: CRISIL Assigns 'B' Rating to INR140M LT Loan
SHREE REFRIGERATIONS: CRISIL Assigns 'B+' Rating to Cash Credit
SME STEELS: CRISIL Assigns 'BB+' Rating to INR100MM Cash Credit

SRMB SRIJAN: CRISIL Downgrades Rating on Term Loan to 'BB+'
TIRUPUR TEXTILES: CRISIL Upgrades Rating on LT Loan to 'B-'
VENUS BIOSCIENCES: CRISIL Assigns 'BB+' Rating to INR20MM LT Loan
VISA DRUGS: CRISIL Assigns 'BB' Rating to INR200MM Cash Credit


K O R E A

NATIONAL AGRICULTURAL: Moody's Considers Giving Stable Outlook


N E W  Z E A L A N D

NATIONAL FINANCE: Former Accountant Appeals Jail Sentence


P H I L I P P I N E S

BANCO FILIPINO: Stockholders Seek TRO on Receivership Order
DEVELOPMENT BANK: Fitch Assigns 'BB' Rating to 2021 Senior Notes
PHILIPPINE AIRLINES: Says Union's Planned Strike Vote Groundless
* Fitch Assigns 'BB' Rating on 2026 Philippines' Bonds
* Moody's Puts 'Ba3' Rating on Republic of the Philippines' Bonds


S I N G A P O R E

ADCO INVESTMENT: Creditors' Proofs of Debt Due April 18
APPAREL REPUBLIC: Creditors' Proofs of Debt Due April 1
FUJINON SINGAPORE: Creditors' Proofs of Debt Due April 18
FUJITSU MEDIA: Creditors' Proofs of Debt Due April 18
MADJU SENDIRIAN: Creditors' Proofs of Debt Due April 18

MANTAS SINGAPORE: Creditors' Proofs of Debt Due April 18
NG CHYE: Creditors' Proofs of Debt Due April 18
ORCHID SEAWAYS: Creditors' Proofs of Debt Due April 18
TAN TOO: Creditors Get 0.37011% Recovery on Claims
SINOYING SINGAPORE: Court to Hear Wind-Up Petition April 1

VANGUARD SHIPMANAGEMENT: Court to Hear Wind-Up Petition April 1


V I E T N A M

DOT VN: Incurs US$993,813 Net Loss in Jan. 31 Quarter
VIETNAM SHIPBUILDING: No Penalty for Officials Involved in Scandal


                            - - - - -


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


COMPASS HOTEL: In Receivership; Owes More Than AU$100 Million
-------------------------------------------------------------
James Thomson at SmartCompany reports that Compass Hotel Group has
been placed in receivership.  SmartCompany says Quentin Olde, Ian
Francis, and Michael Ryan of insolvency firm Taylor Woodings were
appointed as receivers to the sharemarket-listed group on
March 22, 2011, after secured lender St George Bank, a subsidiary
of Westpac, lost patience with the debt-laden group.

SmartCompany relates that Compass Hotel's latest financial
statements, released in February, show the company had liabilities
of more than AU$100 million.  It is believed the bulk of the debts
is owed to St George.

The company reported a net loss of AU$3.38 million for the six
months to December 31, compared with a net profit of AU$1.77
million in the previous corresponding period, according to
SmartCompany.

SmartCompany relates that receiver Quentin Olde said the
businesses will continue to trade while the receivers assess the
state of the group.

"The group's employees, including staff working at the hotels and
bottle shops, will not be impacted by the appointment of the
receivers," SmartCompany quotes Mr. Olde as saying in a statement.

"We will maintain communication with key stakeholders, including
employees, throughout this process and will provide more detail to
these stakeholders as it becomes available."

                             About Compass Group

Compass Hotel Group (ASX:CXH) -- http://www.compasshotel.com.au/-
-- is engaged in the provision of operating hotel and tavern
businesses in Western Australia and managing investment properties
in Western Australia.  The Company has four segments: food,
retail, beverage and other.  The Company's property portfolio
includes Kalamunda Hotel, Carine Glades Tavern, Princess Rd
Tavern, Peninsula Tavern, Brighton Hotel, Peel Alehouse, Belmont
Tavern, Herdsman Lake Tavern, Albion Hotel, Gosnells Hotel,
Greenwood Hotel and Lakers Tavern.  Its subsidiaries include
Kalamunda Hotel (WA) Pty Ltd, Carine Glades Tavern (WA) Pty Ltd,
Princess Road Tavern (WA) Pty Ltd, Brighton Hotel (WA) Pty Ltd,
Belmont Tavern (WA) Pty Ltd and Peninsula Tavern (WA) Pty Ltd.


GOODCROWD PTY: Calls in CRS Warner Kugel as Liquidator
------------------------------------------------------
Nolan Giles at ProPrint reports that Goodcrowd Pty Ltd has called
in liquidators under AU$1.4 million of debt, and the company looks
set to continue under another name.

ProPrint says Goodcrowd appointed liquidator CRS Warner Kugel on
March 16.  The creditors' report shows AU$1.4 million owed to
unsecured creditors, including AU$688,219 to trade creditors.

The largest single debt is owed to Fuji Xerox Australia, with
AU$428,914 shown on the report, ProPrint discloses.  Goodcrowd
also owed AU$99,603 to SOS Print & Media, and AU$169,275 to the
Australian Tax Office.

"Based on information currently available, a dividend is unlikely
to be paid to the unsecured creditors of the company," the
liquidator's report said, according to ProPrint.

However, Fuji Xerox told ProPrint a considerable portion of its
debt had actually been paid off.

Managing director Robert Francis told ProPrint the move into
liquidation was motivated by illness in the family.  Goodcrowd Pty
Ltd is in the name of Mr. Francis' wife, Catherine.

According to ProPrint, Mr. Francis said he had been forced to sell
personal property to pay off debts. "We intend to pay our
creditors back, however, some government bodies may miss out."
ProPrint relates Mr. Francis said he would continue to trade under
a new name, Goodcrowd Integrated Print Communications Pty Limited,
which was registered with the Australian Securities and Exchange
Commission on June 4, 2010.

"There will definitely be no redundancies," Mr. Francis told
ProPrint.

Based in Sydney, Australia, Goodcrowd Pty Ltd is a printing
company.


METRIC GROUP: Appoints Ferrier Hodgson as Voluntary Liquidators
---------------------------------------------------------------
Members of Metric Group Ltd on March 16, 2011, appointed
John Lindholm and Brendan Richards of Ferrier Hogdson as voluntary
liquidators of the company.

The Company employed over 200 employees with 25 years of industry
experience.  The Company was formed in 2007 following the merger
of two complementary businesses to provide national full service
maintenance to the Australian retail fuel sector.

The Liquidators now control the Company and have begun the process
of winding up the Company.  The Liquidators will provide an update
on progress at the meeting of creditors scheduled for April.

A meeting of creditors will be held at the Institute of Chartered
Accountants in Australia, Level 3, at 600 Bourke Street, in
Melbourne, on April 1, 2011, at 10:30 a.m.  The main purpose of
the meeting is to consider:

    * the Directors' statement about the Company's business,
      property, affairs and financial circumstances giving
      rise to the Liquidators appointment;

    * the appointment of creditors to a committee of inspection;

    * the fixing of the Liquidators' remuneration; and

    * appointing an alternative Liquidator, if they so desire.

"At this stage it difficult to determine the length of time
required to finalize the Liquidation of the Company, however, we
estimate that it would take approximately 6 to 9 months," the
liquidators said in a statement.

"Further, based on our preliminary investigations to date, it
would appear highly unlikely that the realization of the Company's
assets would be sufficient to enable a dividend to unsecured
creditors," the liquidators added.


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


ACTIVE BASE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Feb. 21, 2011, to
wind up the operations of Active Base Limited.

The company's liquidator is Yuen Tsz Chun Frank.


ALEXANDER & ALEXANDER: Members' Final Meeting Set for April 19
--------------------------------------------------------------
Members of Alexander & Alexander (Hong Kong) Holdings Limited will
hold their final general meeting on April 19, 2011, at 10:00 a.m.,
at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong
Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ALEXANDER LIPPO: Members' Final Meeting Set for April 19
--------------------------------------------------------
Members of Alexander Lippo (Hong Kong) Limited will hold their
final general meeting on April 19, 2011, at 10:00 a.m., at Level
28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


APAC TRADING: Court to Hear Wind-Up Petition on April 6
-------------------------------------------------------
A petition to wind up the operations of Apac Trading
(International) Company Limited will be heard before the
High Court of Hong Kong on April 6, 2011, at 9:30 a.m.

The Petitioner's counsel is:

          Brian Leu
          Department of Justice
          2nd Floor, High Block
          Queensway Government Offices
          66 Queensway, Hong Kong


ASIA INTELLIGENCE: Court to Hear Wind-Up Petition on April 20
-------------------------------------------------------------
A petition to wind up the operations of Asia Intelligence (H.K.)
Limited will be heard before the High Court of Hong Kong on
April 20, 2011, at 9:30 a.m.

Chan Lai Ming filed the petition against the company on Feb. 16,
2011.


BUILDING A BETTER: Creditors' Proofs of Debt Due April 20
---------------------------------------------------------
Creditors of Building a Better Future Foundation Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by April 20, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Timothy John Bardwell
         Room 1408, Tak Shing House
         Theatre Lane
         20 Des Voeux Road
         Central, Hong Kong


CHINA CHASE: Court to Hear Wind-Up Petition on May 4
----------------------------------------------------
A petition to wind up the operations of China Chase Fashion
Company Limited will be heard before the High Court of Hong Kong
on May 4, 2011, at 9:30 a.m.

Tam Miu Yee filed the petition against the company on Feb. 28,
2011.


CROWN HONOR: Court to Hear Wind-Up Petition on May 11
-----------------------------------------------------
A petition to wind up the operations of Crown Honor Enterprises
Co., Limited will be heard before the High Court of Hong Kong on
May 11, 2011, at 9:30 a.m.

The Incorporated Owners of Kwai Wan Industrial Building filed the
petition against the company on March 7, 2011.

The Petitioner's solicitors are:

          Messrs. Lui & Law
          Suite 2202, 22/F
          Austin Plaza
          83 Austin Road, Kowloon
          Hong Kong


DATACOM CABLE: Creditors Get 26.714% Recovery on Claims
-------------------------------------------------------
Datacom Cable System Company Limited, which is in liquidation,
declared the first and final dividend to its creditors on
March 21, 2011.

The company paid 26.714% for ordinary claims.

The company's liquidator is E T O'Connell.


EVERYOUNG CAPITAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Dec. 17, 2010, to
wind up the operations of Everyoung Capital Management (HK)
Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


GLOBAL WEALTH: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on March 1, 2011, to
wind up the operations of Global Wealth Creation Limited.

The company's liquidator is Yuen Tsz Chun Frank.


GOODREACH GARMENT: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Jan. 28, 2011, to
wind up the operations of Goodreach Garment Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


HANG WAY: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on March 9, 2011, to
wind up the operations of Hang Way Property Management Limited.

The company's liquidator is E T O'Connell.


HANSHIN FREIGHT: Creditors' Proofs of Debt Due April 18
-------------------------------------------------------
Creditors of Hanshin Freight International (H.K.) Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by April 18, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Chan Mei Lan
         27th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


HARMONY DESIGNS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on March 9, 2011, to
wind up the operations of Harmony Designs Limited.

The company's liquidator is E T O'Connell.


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


AMBO EXPORTS: CRISIL Assigns 'P4+' Ratings to Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the short-term bank
facilities of Ambo Exports Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR250.00 Million Packing Credit       P4+ (Assigned)
   INR500.00 Million Bill Discounting     P4+ (Assigned)
   INR50.00 Million Letter of Credit      P4+ (Assigned)
   INR100.00 Million Bank Guarantee       P4+ (Assigned)

The rating reflects the Ambo group's moderate financial risk
profile and working-capital-intensive operations.  The rating also
factors in the group's exposure to risks related to seasonality
and price volatility of the products it trades, leading to limited
pricing flexibility. These rating weaknesses are partially offset
by the benefits that the Ambo group derives from its diversified
revenue profile and customer base, and its promoter's extensive
industry experience, supported by its established relationships
with its customers.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of AEL and Anita Exports.  This is because
both these entities, together referred to as the Ambo group, are
in a similar line of operations, and under a common management,
and have fungible cash flows.

AEL commenced operations in 1992; it primarily trades in products
such as tea, maize, iron ore and rice bran. Most of the tea is
exported to Iraq, Pakistan, Egypt, Russia, Kazakhstan, the US, and
Saudi Arabia. Exports constituted around 97% of the company's
revenues in 2009-10 (refers to financial year, April 1 to March
31). Anita Exports, a partnership firm, is also engaged in tea
export.

The Ambo group reported a profit after tax (PAT) of INR49 million
on net sales of INR2253 million for 2009-10, against a PAT of
INR27 million on net sales of INR2000 million for 2008-09.



ASK HOME FURNISHING: CRISIL Assigns 'B-' Rating to INR26MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to ASK Home
Furnishing Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Cash Credit Limit      B-/Stable (Assigned)
   INR26.0 Million Term Loan              B-/Stable (Assigned)
   INR15.0 Million Letter of Credit       P4 (Assigned)

The ratings reflect AHFPL's limited track record and small scale
of operations in the home furnishing industry. Moreover, the
company's financial risk profile is weak, marked by below-average
debt protection metrics and a small net worth. However, the
aforementioned rating weaknesses of AHFPL are partially offset by
a moderate operating margin and gearing.

Outlook: Stable

CRISIL believes that AHFPL will maintain its credit risk profile
over the medium term, backed by its moderate operating efficiency
in the blanket manufacturing business. The outlook may be revised
to 'Positive' if there is significant improvement in the company's
debt protection metrics and in case of more-than-expected
improvement in AHFPL's operating income and profitability.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected profitability and revenue growth and/or if
AHFPL undertakes any fresh, large debt-funded capex programme,
leading to deterioration in its capital structure.

                         About ASK Home

Set up in 2006 by Mr. Sandeep Singh Kochhar, AHFPL manufactures
acrylic and polyester (blend) mink blankets. The company's
manufacturing unit, situated at village Pathreri (Gurgaon
district, Haryana), has a production capacity of 4.8 lakh blankets
per annum. The company sells mink blankets to a network of 20 to
25 wholesalers in Panipat (Haryana) and Chandni Chowk (Delhi)
under its brand name Home Jewel.

AHFPL reported a profit after tax (PAT) of INR4.9 million on net
sales of INR223 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.1 million on net sales
of INR180 million for 2008-09.



BHANAVI AGRO: CRISIL Downgrades INR36.5MM Term Loan Rating to 'B'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Bhanavi Agro Pvt Ltd to 'B/Stable' from 'B+/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR70.0 Million Cash Credit       B/Stable (Downgraded from
                                               'B+/Stable')

   INR36.5 Million Term Loan         B/Stable (Downgraded from
                                              'B+/Stable')

The downgrade reflects decline in BAPL's operational performance
because of losses resulting from the high overhead costs at its
new plant at Banswara (Rajasthan). The losses were further
accentuated in the ongoing financial year by the delay in
acceptance of products manufactured at the Banswara plant. The
losses have also constrained BAPL's financial risk profile because
of deterioration in net worth and weakened debt protection
metrics.

The ratings reflect BAPL's weak financial risk profile, marked by
small net worth, high gearing, and average debt protection
metrics, susceptibility to small scale of operations in the
agricultural commodities industry, intense market competition,
adverse regulatory changes, and geographic and product
concentration in revenue profile. These rating weaknesses are
partially offset by the expected improvement in BAPL's operating
efficiencies.

Outlook: Stable

CRISIL believes that BAPL financial risk profile will remain
stable over the medium term backed by improving operations from
stabilisation of its plant at Banswara (Rajasthan) since October
2010. The outlook may be revised to 'Positive' if the company's
cash accruals increase, or if equity infusion strengthens BAPL's
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company continues to incur losses over the
medium term or undertakes a larger-than-expected debt-funded
capital expenditure programme.

                        About Bhanavi Agro

Incorporated in 2001, BAPL operates flour mills for producing
wheat products such as maida, atta, rava, suji, among other
variants. The mills in Udaipur and Banswara (both in Rajasthan),
have a capacity of 90 tonnes per day (tpd) and 150 tpd,
respectively. BAPL has a strong market position in Gujarat and
Maharashtra. It sells its products mainly in packages ranging from
25 kilogram (kg) to 90 kg. Most of BAPL's customers are
wholesalers and distributors.

BAPL reported a net loss of INR12.4 million on net sales of INR385
million for 2009-10, as against a PAT of INR1.8 million on net
sales of INR223 million for 2008-09.


DELTON CABLES: Fitch Gives Negative Outlook; Affirms 'BB+' Rating
-----------------------------------------------------------------
Fitch Ratings has revised India-based Delton Cables Limited's
Outlook to Negative from Stable.  Its National Long term rating of
'BB+(ind)' has been affirmed.  The agency has also affirmed
Delton's bank facilities:

  -- INR10.6m outstanding long term loan: 'BB+(ind)'

  -- INR320m fund-based working capital limits (reduced from
     INR336m): 'BB+(ind)'/'F4(ind)'; and

  -- INR606m non fund-based working capital limits (reduced from
     INR616m): 'BB+(ind)'/ 'F4(ind)'

The revision in Outlook reflects Delton's weakened financial
performance in the nine months to the financial year ending March
2011 (9MFY11) based on provisional and unaudited numbers, due to
increased working capital requirements and lower EBITDA margins on
account of low capacity utilization and continued exposure to
copper price volatility.  EBITDA margins fell to 5.1% during
9MFY11 (9MFY10:7%) and revenues declined to INR898.6m (INR1,080.3
million).  As a result, Fitch expects net financial leverage (net
adjusted debt/operating EBITDAR) in FY11 to be higher than
previous years.

The ratings continue to reflect the founding shareholders' track
record of over 60 years in cable manufacturing and its diversified
customer base comprising large public sector undertakings and
private contractors across a range of industries.

Delton's net financial leverage remained stable during FY10 at
3.7x and interest coverage (operating EBITDAR/gross interest
expense) improved to 2.1x (FY09: 1.5x) despite significant
increase in copper prices (which constitute about 70% of raw
material cost).  Fitch notes that in FY10, Delton was able to
increase its EBITDA margins to 7.6% (FY09:6.3%) despite pricing
pressures and higher debt requirements although revenues declined
14% to INR1,412.03 million.

The ratings are constrained by Delton's continued exposure to both
copper price volatility and unpredictable orders resulting from
the tender-based nature of its business.  The ratings are also
constrained by the company's small order book (of INR498.6 million
as of Jan. 31, 2011) and the working capital-intensive nature of
the business.  Delton's working capital requirements increased in
FY10 as increasing copper prices led to delayed off-take of cables
and consequently inventory build-up.  Fitch expects this trend to
continue in FY11, although working capital requirements may reduce
from FY12, following improved payment terms with major customers.

Negative rating action may result from net financial leverage
remaining above 4x due to lower profitability or unanticipated
capex or stretched working capital.  Conversely, leverage falling
below 4x on a sustained basis would lead to the Outlook being
revised to Stable.


DHAR COAL: CRISIL Assigns 'BB-' Rating to INR20MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank loan
facilities of Dhar Coal Products Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR20.0 Million Cash Credit Facility   BB-/Stable (Assigned)

   INR10.0 Million Proposed Long-Term     BB-/Stable (Assigned)
                   Bank Loan Facility

   INR60.0 Million Bill Discounting       P4+ (Assigned)
                           Facility

   INR90.0 Million Letter of Credit       P4+ (Assigned)

Rs.60.0 Million Proposed Short-Term    P4+ (Assigned)
                 Bank Loan Facility

The ratings reflect Dhar's weak financial risk profile, marked by
weak interest coverage ratio, moderate ratio of total outside
liabilities to tangible net worth and small net worth, and
susceptibility to volatility in raw material prices and risks
related to the commodity nature of the business. These rating
weaknesses are partially offset by the extensive experience of
Dhar's promoters in the coal industry, and robust growth prospects
in the imported coal trading business.

Outlook: Stable
CRISIL believes that Dhar will continue to benefit from its
promoters' extensive experience in the coal industry, over the
medium term. However, its financial risk profile is expected to
remain constrained because of its large working capital
requirements. The outlook may be revised to 'Positive' if Dhar
significantly improves its financial risk profile by substantially
improving capital structure or its revenues and operating margin.
Conversely, the outlook may be revised to 'Negative' if Dhar's
profitability weakens because of increased competition or weak
working capital management.

                          About Dhar Coal

Dhar was set up in 1991, and is promoted by Mr. Parasmal Deshlehra
and family. The company earlier manufactured special smokeless
fuel coke, and had a plant in Pithampur (Madhya Pradesh). However,
the company discontinued its manufacturing operations in 2006
because of a change in the coal linkage policy of Coal India Ltd,
and has been trading non-coking coal since then. The company has
five branches, located at Indore (Madhya Pradesh), Chennai (Tamil
Nadu), Durg (Chhattisgarh), Nagpur (Maharashtra), and Bellary
(Karnataka), with its main branch in Indore. The company's
warehouses are in Indore and Chennai.

Dhar reported a profit after tax (PAT) of INR4.08 million on net
sales of INR344.27 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.96 million on net
sales of INR493.91 million for 2008-09.


JANKI RICE: CRISIL Assigns 'B-' Rating to INR33MM Rupee Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' ratings to the bank facilities
of Janki Rice & Solvent Industries Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR33 Million Rupee Term Loan          B-/Stable (Assigned)
   INR65 Million Cash Credit Facility     B-/Stable (Assigned)

The ratings reflect JRSPL's weak financial profile, marked by
small net worth, high gearing, and weak debt protection metrics,
its small scale of operations, and its exposure to adverse
regulatory changes. These weaknesses are partially offset by the
extensive experience of JRSPL's promoters in the rice milling
industry.

Outlook: Stable

CRISIL believes that JRSPL will benefit from its promoters'
extensive experience in the rice industry, and its financial risk
profile is expected to remain weak, marked by a high gearing and a
small net worth, over the medium term. The outlook may be revised
to 'Positive' if the company significantly improves its scale of
operations and net worth, leading to improvement in its financial
risk profile. The outlook may be revised to 'Negative' if the
company is unable to maintain its operating margin, undertakes a
larger-than-expected, debt-funded capital expenditure programme,
or is unable to manage its working capital requirements, thereby
deteriorating its financial profile significantly.

                            About Janki Rice

JRSPL was incorporated in 2008 by the Ramwani and Vaghela families
of Ahmedabad. The company set up a rice milling plant at Sanand
(Ahmedabad), built at a total cost of INR50 million, financed with
term loans of INR33 million and the remainder through promoters'
contribution. The company commenced commercial operations on
December 1, 2009, with installed capacity of 192 tonnes of rice
per day. The promoter group has four other rice milling units in
Sanand, with a combined topline of approximately INR550 million in
2009-10 (refers to financial year, April 1 to March 31).

JRSPL reported a profit after tax (PAT) of INR0.3 million on net
sales of INR180.1 million for 2009-10.


KUMARAGIRI SPINNERS: CRISIL Reaffirms 'D' Rating on INR143MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kumaragiri Spinners Ltd
continue to reflect delays by KSL in repayment of the interest
obligation on its term loans.  The delays are being caused by
KSL's weak liquidity arising out of its large working capital
requirements.

   Facilities                             Ratings
   ----------                             -------
   INR90.0 Million Cash Credit Limit      D (Reaffirmed)
   INR143.6 Million Term Loan             D (Reaffirmed)
   INR7.0 Million Bank Guarantee          P5 (Reaffirmed)

KSL has a weak financial risk profile and is exposed to risks
related to small scale of operations and raw material price
volatility.  However, the company benefits from the experience of
its promoters in the textile industry.

KSL was incorporated in 2004, promoted by Mr. T R Thangavelli.
The company manufactures cotton and polyester blended yarn. Its
unit in Erode (Tamil Nadu) has 18,000 spindles, with production
capacity of 6000 kilograms per day. The company sells yarn in the
domestic market, mainly to customers in Maharashtra, Madhya
Pradesh, and Andhra Pradesh, and exports to countries including
the US, Algeria, Italy, and Spain.

KSL reported a net loss of INR9.01 million on net sales of
INR323.29 million for 2009-10 (refers to financial year, April 1
to March 31), against a net loss of INR9.50 million on net sales
of INR298.98 million for 2008-09.


PRECISION DRAWELL: CRISIL Puts 'BB+' Rating to INR40MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Precision Drawell Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR40.5 Million Rupee Term Loan       BB+/Stable (Assigned)
   INR40.0 Million Cash Credit           BB+/Stable (Assigned)
   INR7.5 Million Proposed Long-Term     BB+/Stable (Assigned)
                  Bank Loan Facility
   INR2.0 Million Letter of Credit        P4+ (Assigned)

The ratings reflect PDPL's average financial risk profile, marked
by small net worth and average gearing, and the competitive nature
of the wire drawing industry. These weaknesses are partially
offset by PDPL's established market presence and efficient working
capital management.

Outlook: Stable
CRISIL believes that PDPL's financial risk profile will remain
stable over the medium term, backed by satisfactory cash accruals,
on account of stable growth in revenues and the maintenance of its
modest operating margin. The outlook may be revised to 'Positive'
in case of substantial equity infusion or sustained improvement in
the operating margin. Conversely, the outlook may be revised to
'Negative' if a larger-than-expected, debt-funded capital
expenditure programme impacts PDPL's debt protection metrics or if
the company's profitability declines significantly, due to raw
material price volatility.

PDPL, promoted by the Khandelwal family in 1996, manufactures
electrode quality (EQ) wires, fastener grade wires, and copper-
coated wires. Since 2009-10 (refers to financial year, April 1 to
March 31), the company has been manufacturing higher-value-added
fastener grade or detonator grade wires. The company has the
capacity to manufacture around 600 tonnes of EQ wires per month.

Kandelwal Yantra Pvt Ltd (KYPL), also promoted by the Khandelwal
family, manufactures EQ wires, and has a capacity of 400 tonnes
per annum.

As per the court order received in August 2009, with effect from
April 1, 2010, KYPL stands merged with PDPL. The amalgamated
company sells its products to the manufactures of electrodes and
fasteners.

PDPL reported a profit after tax (PAT) of INR11 million on net
sales of INR648 million for 2009-10, against a PAT of INR5 million
on net sales of INR338 million for 2008-09.


PRIMACY INDUSTRIES: CRISIL Cuts Rating on INR40MM LT Loan to 'BB+'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Primacy Industries Ltd to 'BB+/Stable/P4+' from 'BBB-/Stable/P3'.

   Facilities                        Ratings
   ----------                        -------
   INR40 Million Long-Term Loan      BB+/Stable (Downgraded from
                                                 'BBB-/Stable')

   INR10 Million Packing Credit      P4+ (Downgraded from 'P3')

   INR350 Million Bill Purchase      P4+ (Downgraded from 'P3')
         -Discounting Facility

The rating downgrade has been driven by deterioration in Primacy's
capital structure, and liquidity, after its debt-funded
acquisition of MVP Group International.  As on March 31, 2010,
Primacy had a high gearing of 7.39 times; the gearing, though
expected to improve over the near term, will remain high. The
downgrade also factors in expected further deterioration in
Primacy's liquidity, as the company's debt repayments are expected
to increase sharply from 2011-12 (refers to financial year,
April 1 to March 31) onwards because of the debt it had contracted
for the acquisition.

The ratings reflect Primacy's healthy operating efficiency, and
increased access to the US markets post acquisition of MVP,
leading to an improved business risk profile. These rating
strengths are partially offset by Primacy's high degree of product
and geographic concentration, and working-capital-intensive
operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Primacy and MVP.  This is because MVP
is now a wholly owned subsidiary of Primacy, and both the
companies are in the same line of business, with operational
synergies and fungible cash flows between them.

Outlook: Stable

CRISIL expects Primacy's business risk profile to improve after
its acquisition of MVP. However, the debt contracted to fund the
acquisition will constrain the company's capital structure and
liquidity.  The outlook may be revised to 'Positive' if the
benefits of the acquisition lead to Primacy reporting a
significant improvement in its revenues and profitability, thereby
improving its capital structure and liquidity. Conversely, the
outlook may be revised to 'Negative' if there is deterioration in
Primacy's profitability, or its financial risk profile
deteriorates as a result of large, debt-funded capital expenditure
or acquisition.

                      About Primacy Industries

Primacy, incorporated in September 2004, was promoted by Mr. T
Gautham Pai, Mr. R K Sehgal and Dr. Mahendra Srivastava. The
company commenced commercial operations in July 2005. The company
is a 100% export-oriented unit, engaged in production of perfumed
designer candles. It has a capacity of manufacturing 90 containers
per month. Primacy was set up with technical and financial
assistance from MVP. Between February and September 2010, Primacy
wholly acquired MVP.

Primacy, on standalone basis, reported a profit after tax (PAT) of
INR125.9 million on net sales of INR1.2 billion for 2009-10,
against a PAT of INR100.1 million on net sales of INR1.2 billion
for 2008-09. Combined with MVP, Primacy reported a net loss of
INR215.2 million on net sales of INR4.9 billion for 2009-10.


ROYALLINE RESOURCES: CRISIL Assigns 'P4' Rating to INR75MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'P4' ratings to the bank facilities of
Royalline Resources Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR150.0 Million Packing Credit       P4 (Assigned)
   INR75.0 Million Proposed ST Bank      P4 (Assigned)
                      Loan Facility

The ratings reflect susceptibility of the Royalline group's
business risk profile to adverse changes in procurement policies
of China-based steel mills and in India's regulatory framework for
iron ore trade. These rating weaknesses are partially offset by
the group's business model which significantly mitigates the key
trading risks.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of RRL, Crest Merchandise Pvt Ltd, and
Infrastil Global Impex Pvt Ltd.  This is because the entities,
collectively referred to herein as the Royalline group, have
common business lines, common management, and fungible cash flows.

RRL (formerly known as Sacvinam Exports Pvt Ltd) was incorporated
in 1994. The company exports iron-ore fines and mill scales to
China-based steel manufacturers and traders. Its day-to-day
operations are managed by Mr. Pinkesh Nahar and his brother, Mr.
Sachin Nahar. The Royalline group's registered office is in
Mumbai.

The Royalline group reported a profit after tax (PAT) of INR13.4
million on net sales of INR1,402.08 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR4.9
million on net sales of INR496.6 million for 2008-09.


SAHUWALA HIGH: CRISIL Reaffirms 'D' Rating on INR420MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Sahuwala High Pressure
Cylinders (P) Ltd continues to reflect delays by SHPCPL in
servicing its term loan. The delays are being caused by SHPCPL's
weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR420.00 Million Term Loan        D (Reaffirmed)
   INR180.00 Million Cash Credit      D (Reaffirmed)

SHPLCL has a weak financial risk profile marked by poor debt
protection metrics and is exposed to risks related to nascent
stages of operations.  However, the company continues to benefit
from its promoters' experience in the business of manufacturing
high pressure cylinders.

Incorporated in 2006 as a 100% export-oriented unit, SHPCPL
manufactures high-pressure cylinders for compressed natural gas
auto kits and industrial applications. The company commenced
commercial operations in August 2008. The company de-bonded its
EOU Status in May 2010. The company has an installed capacity of
0.2 million cylinders per annum. SHPCL is part of the Sahuwala
group of companies, which has business interests in flourmills,
liquid petroleum gas cylinders, and pre-stressed concrete
sleepers.

SHPCL reported a loss of INR38.6 million on net sales of INR156.8
million for 2009-10 (refers to financial year, April 1 to
March 31), as against a loss of INR16.8 million on net sales of
INR69 million for 2008-09.


S C R NIRMAN: CRISIL Assigns 'BB+' Rating to INR40MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of S C R Nirman Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR40.00 Million Cash Credit          BB+/Stable (Assigned)
   INR10.00 Million Proposed Long-Term   BB+/Stable (Assigned)
            Bank Loan Facility
   INR25.00 Million Letter of Credit     P4+ (Assigned)
   INR145.00 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect the SCRN group's small scale of operations in
the intensely competitive infrastructure industry, high customer
concentration in revenue profile, and volatility in revenues
because of its tender-driven business. These rating weaknesses are
partially offset by the group's moderate financial risk profile,
marked by moderate gearing and debt protection metrics, and the
extensive industry experience of its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SCRN and the proprietorship firm, S
Chenna Reddy (SR), together referred to as the SCRN group. This is
because SCRN has been gradually taking over SR's operations over
the past one year and SR's business and assets and liabilities
will be entirely taken over by SCRN from 2011-12 (refers to
financial year, April 1 to March 31) onwards. Also, both the
entities are in the same line of business.

Outlook: Stable

CRISIL believes that the SCRN group will continue to benefit from
the extensive industry experience of its promoters and strong
client relationships, over the medium term.  However, the group
will continue to face pressures because of its small scale of
operations and volatility in its revenues.  The outlook may be
revised to 'Positive' if the SCRN group increases its scale of
operations, while completing its ongoing and planned projects on
time.  Conversely, the outlook may be revised to 'Negative' if the
group delays in completing its ongoing and planned projects, or if
there is increased pressure on its liquidity because of larger-
than-expected debt-funded capital expenditure undertaken by it or
more-than-expected working capital borrowings.

                         About the Group

SCRN lays out railways tracks for the Indian Railways, public and
private sector entities. The group's promoters commenced
operations by establishing SR in 1981. SCRN was incorporated in
2009 to expand the group's scale of operations. SCRN has been
gradually taking over the business of SR and all the operations
from 2011-12 onwards will be undertaken by SCRN. The SCRN group
had 14 orders, aggregating INR700 million, in pipeline as on
January 31, 2011. The orders, to be executed over the next three
years, are primarily for projects in Andhra Pradesh, Maharashtra,
Orissa, and Karnataka. A large portion of the order book comprises
projects for the Eastern Railways.

The SCRN group reported a profit after tax (PAT) of INR39.4
million on net sales of INR531.3 million for 2009-10, against a
PAT of INR10.7 million on net sales of INR237.2 million for 2008-
09.


SHASHI STRUCTURAL: CRISIL Assigns 'B' Rating to INR140M LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Shashi Structural
Engineers Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR80.00 Million Cash Credit          B/Stable (Assigned)
   INR140.00 Million Long-Term Loan      B/Stable (Assigned)
   INR80.00 Million Bank Guarantee       P4 (Assigned)

The ratings reflect SSE's modest financial risk profile, marked by
small net worth and high gearing and exposure to risks related to
modest scale of operations, and customer concentration in revenue
profile. These rating weaknesses are partially offset by
experience of SSE's promoters in the civil construction industry.

Outlook: Stable

CRISIL believes that SSE will continue to benefit from its
promoters' extensive experience in the civil construction
industry, over the medium term.  The outlook may be revised to
'Positive' if SSE exhibits significant improvement in revenues and
profitability while diversifying its customer and geographical
base and maintaining its debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates on account of larger than expected debt-
funded capital expenditure.

SSE, set up by Mr. Amresh K Tiwari, undertakes civil construction
activities, mainly construction of roads and highways, and
industrial buildings. SSE undertakes infrastructure projects from
customers that include large infrastructure players, such as
Ashoka Buildcon Ltd (rated 'A+/Stable/P1' by CRISIL), Larsen &
Toubro Ltd (rated, 'AAA/FAAA/Stable/P1+'), Lavasa Corporation and
Hindustan Construction Company (HCC). SSE has an order book of
around INR700 million as on January 31, 2011, to be executed over
the next 18 months.

SSE reported a profit after tax (PAT) of INR7.7 million on net
sales of INR246.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR15.6 million on net
sales of INR197.9 million for 2008-09.


SHREE REFRIGERATIONS: CRISIL Assigns 'B+' Rating to Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Shree Refrigerations Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR45 Million Cash Credit            B+/Stable (Assigned)
   INR33 Million Rupee Term Loan        B+/Stable (Assigned)
   INR10 Million Bank Guarantee         P4 (Assigned)

The ratings reflect SRPL's small scale of operations and modest
financial risk profile, marked by small net worth and high
gearing. These weaknesses are partially offset by the extensive
experience of SRPL's promoters in the refrigeration and condensing
industry, and its established customer relationships.

Outlook: Stable

CRISIL believes that SRPL will benefit over the medium term from
its established customer relationships and extensive industry
experience of its promoters. The outlook may be revised to
'Positive' if SRPL reports significant improvement in operating
revenues, while maintaining or improving its debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
the company's net cash accruals decline significantly or if its
gearing or debt protection metrics deteriorate, on account of a
larger-than-expected debt-funded capital expenditure programme or
due to deterioration in its cash cycle.

                     About Shree Refrigerations

SRPL, incorporated in 1990 by Mr. Ravalnath Shende and erstwhile
partner Mr. M B Joshi, manufactures condensers, chillers,
compressors, and appliance-testing machines. SRPL entered the
sheet metal fabrication business in 2010. The products of the
company primarily find application in milk and food products
industry, and press printing machines. SRPL has an 18,000 square
foot manufacturing facility in Karad (Satara District,
Maharashtra). It has an order book of about INR96 million, to be
executed by March 31, 2011. SRPL's clientele includes Indian Dairy
Machinery Company Ltd, Kirloskar Pneumatics Co. Ltd, De Laval Pvt
Ltd, Manugraph India Ltd, and Tata Motors Ltd.

SRPL reported a profit after tax (PAT) of INR2.13 million on net
sales of INR122.1 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.53 million on net
sales of INR88.8 million for 2008-09.


SME STEELS: CRISIL Assigns 'BB+' Rating to INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to SME Steels Pvt
Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR100 Million Cash Credit            BB+/Stable (Assigned)
   INR20 Million Letter of Credit        P4+ (Assigned)

The ratings reflect SSPL's below-average financial risk profile,
marked by a small net worth, low profitability, weak debt
protection metrics, and average gearing; the ratings also factor
in SSPL's marginal market share, and its exposure to intense
competition in the steel industry. These rating weaknesses are
partially offset by SSPL's prudent working capital management.

Till 2008-09 (refers to financial year, April 1 to March 31),
CRISIL had combined the business and financial risk profiles of
SSPL and SM Enterprise, a group entity of SSPL, for arriving at
its ratings. This was because the partners of SM Enterprise had
gradually transferred the steel trading business of SM Enterprise
to SSPL. In 2009-10, however, CRISIL has considered the standalone
financials of SSPL for the ratings, as SM Enterprise had no
operations during the year. SSPL did not have any bank lines in
2009-10, and the promoters had utilised the cash credit limit
sanctioned to SM Enterprise to meet the working capital
requirement of the SSPL. CRISIL has, therefore, treated the amount
utilised by SSPL against the cash credit limits of SM Enterprise
as debt in the books of SSPL.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit from its
promoters' considerable experience in the steel industry; however,
SSPL's financial risk profile will remain weak, over the medium
term, because of its low profitability and small net worth. The
outlook may be revised to 'Positive' in case of more-than-expected
increase in SSPL's revenues and profitability, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the company reports lower-than-
expected revenues and profitability, or undertakes any larger-
than-expected, debt-funded capital expenditure (capex) programmes,
leading to deterioration in its financial risk profile.

                         About SME Steels

SSPL trades in steel flat and long products such as coils, plates,
structurals, and thermo-mechanically-treated bars. The company
operates in Andhra Pradesh, Maharashtra, and Karnataka. Its day-
to-day operations are managed by its promoter-directors Mr. Manoj
Kumar Jain and Mr. Surender Kumar Jain. The promoters have been
trading in steel for 13 years. SSPL plans to set up a de-coiling
unit with 250 tonnes per day capacity at an estimated capital
outlay of INR30 million. The capex is expected to be completed in
24 months.

SSPL reported a profit after tax (PAT) of INR4.1 million on net
sales of INR1.22 billion for 2009-10, against a consolidated PAT
of INR3.7 million on consolidated net sales of INR986.1 million
for 2008-09.


SRMB SRIJAN: CRISIL Downgrades Rating on Term Loan to 'BB+'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of SRMB
Srijan Ltd to 'BB+/Stable/P4+' from 'BBB/Stable/P3+'.

   Facilities                             Ratings
   ----------                             -------
   INR600 Million Cash Credit Limits      BB+/Stable (Downgraded
                                               from 'BBB/Stable')

   INR140 Million Term Loan               BB+/Stable (Downgraded
                                              from 'BBB/Stable')

   INR150 Million Letter of Credit        P4+ (Downgraded from
                                               'P3+')

   INR165 Million Bank Guarantee          P4+ (Downgraded from
                                              'P3+')

   INR195 Million LC Backed Bill          P4+ (Downgraded from
                     Discounting             'P3+')

The rating downgrade reflects expected deterioration in the SRMB
group's financial risk profile in 2010-11 (refers to financial
year, April 1 to March 31) and 2011-12, post its recent
acquisition of around 41% stake in a Rourkela-based steel
intermediary, Bhaskar Steel & Ferro Alloy Ltd (BSFAL; part of the
SRMB group).  The acquisition is expected to significantly
increase the group's gearing to around 2.0 times in 2010-11 from
the gearing of 0.9 times in 2009-10 on a standalone level, thereby
resulting in the weakening of its debt protection metrics over the
medium term.

The ratings also reflect SRMB group's 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.  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

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.

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, incorporated in 2003, has sponge iron
and billets manufacturing facilities 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 is 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, 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.


TIRUPUR TEXTILES: CRISIL Upgrades Rating on LT Loan to 'B-'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Tirupur
Textiles Pvt Ltd to 'B-/Stable/P4' from 'D/P5'.

   Facilities                             Ratings
   ----------                             -------
   INR533.0 Million Long-Term Loan        B-/Stable (Upgraded from
                                                     'D')

   INR167.7 Million Cash Credit Limits    B-/Stable (Upgraded from
                                                     'D')

   INR20.0 Million Foreign Bill Purchase/ P4 (Upgraded from 'P5')
           Foreign Usance Bill Limits

   INR201.0 Million Letter of Credit      P4 (Upgraded from 'P5')
                             Limits

   INR2.5 Million Bank Guarantee Limits   P4 (Upgraded from 'P5')

The upgrade follows regularization of TTPL's overdrawn working
capital limits and the timely servicing of its debt over the 11
months through February 2011, on account of its improved
liquidity.  The improvement in TTPL's liquidity has been driven by
increased revenues and cash accruals. The upgrade also reflects
CRISIL's belief that TTPL's cash accruals over the medium term
will be sufficient to service its debt.

The ratings reflect TTPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, power shortages in
Tamil Nadu, and its susceptibility to volatility in cotton prices.
These rating weaknesses are partially offset by TTPL's established
presence in the hosiery yarn segment.

Outlook: Stable

CRISIL believes that TTPL will continue to benefit over the medium
term from its promoters' experience in the cotton yarn industry.
The outlook may be revised to 'Positive' in case of significant
improvement in TTPL's capital structure and debt protection
metrics.  Conversely, the outlook may be revised to 'Negative' if
the company's margins and volumes decline steeply, or if it
undertakes a large, debt-funded capital expenditure programme,
thereby impacting its liquidity profile.

                       About Tirupur Textiles

Established in 1956 by Mr. G T Krishnaswamy Naidu and his son, Mr.
K Sivasubramaniam, TTPL manufactures hosiery cotton yarn. Its
three manufacturing units, in Coimbatore and Tirupur (both in
Tamil Nadu), have a total capacity of 59,376 spindles. TTPL also
has 10 windmills in Tamil Nadu with a total capacity of 12.5
megawatt.

For 2009-10 (refers to financial year, April 1 to March 31), TTPL
reported a PAT of INR0.74 million on net sales of INR615.85
million, against net loss of INR34.93 million against net sale of
INR550.46 million, respectively for 2008-09.


VENUS BIOSCIENCES: CRISIL Assigns 'BB+' Rating to INR20MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Venus Biosciences Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR20 Million Long-Term Loan        BB+/Stable (Assigned)
   INR120.1 Million Cash Credit        BB+/Stable (Assigned)

The rating reflects VBPL's large working capital requirements and
exposure of the company to intense competition from domestic
players.  These weaknesses are partially offset by the experience
of VBPL's promoters in the pharmaceuticals industry, and its
healthy financial risk profile, marked by strong debt protection
metrics and comfortable gearing.

Outlook: Stable

CRISIL believes that VBPL will benefit over the medium term from
its promoters' experience in the pharmaceuticals industry and
stable accruals.  The outlook may be revised to 'Positive' in case
the company improves its revenue diversity.  Conversely, the
outlook may be revised to 'Negative' if a large, debt-funded
capital expenditure programme adversely impacts its capital
structure.

VBPL, formerly Zeus Pharmaceuticals, was established in 2005 as a
partnership firm.  It was reconstituted as a closely held private
limited company in 2007; its name was changed in 2008.  The
company manufactures pharmaceutical formulations, including
antibiotics and antipyretics.  It also undertakes contracts to
manufacture formulations for companies such as Nicholas Piramal
(India) Limited, Nectar Lifesciences Limited, Glenmark
Pharmaceuticals Limited (rated A+/Stable/P1 by CRISIL), and Alchem
International Limited (rated A-/Stable/P2+ by CRISIL). Its
manufacturing facilities are in Baddi (Himachal Pradesh).

VBPL reported a profit after tax (PAT) of INR65.67 million on net
sales of INR728.55 million for 2009-10, as against a PAT of
INR23.48 million on net sales of INR186.27 million for 2008-09.


VISA DRUGS: CRISIL Assigns 'BB' Rating to INR200MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the long-term bank
facilities of Visa Drugs & Pharmaceuticals Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR200 Million Cash Credit          BB/Stable (Assigned)
   INR150 Million Long-Term Loan       BB/Stable (Assigned)
   INR75 Million Proposed LT Bank      BB/Stable (Assigned)
                    Loan Facility  

The rating reflects VSD's limited track record of operations, and
susceptibility to risks related to revenues accruing from a single
activity.  These rating weaknesses are partially offset by the
extensive experience of VSD's promoters in the pharmaceutical
industry, healthy relations with suppliers and customers, and
strong revenue visibility.

Outlook: Stable

CRISIL believes that VSD will continue to benefit from its
promoters' extensive experience in the pharmaceutical industry and
strong client relations, over the medium term. The outlook may be
revised to 'Positive' if VSD improves its revenue diversity.
Conversely, the outlook may be revised to 'Negative' if any large
debt-funded capital expenditure programme weakens its capital
structure.

Visa Drugs & Pharmaceuticals Pvt Ltd manufactures pharmaceutical
formulations and undertakes contract manufacturing.  The company's
facilities, in Baddi (Himachal Pradesh), have a production area of
0.2 million square feet.

VSD reported a profit after tax (PAT) of INR0.2 million on net
sales of INR93.83 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.03 million on net
sales of INR88.7 million for 2008-09.


=========
K O R E A
=========


NATIONAL AGRICULTURAL: Moody's Considers Giving Stable Outlook
--------------------------------------------------------------
Moody's Investors Service could consider a change of the current
negative outlook on the National Agricultural Cooperative
Federation's ratings (A1 negative/D+/Ba1 negative) to stable if
the benefits from its reorganization are assessed as sufficient to
mitigate concerns over asset quality and earnings.

But, Moody's will only be able to assess the benefits when details
of key implementation aspects of the reorganization become clear.

On March 11, 2011, Korea's National Assembly passed a revision of
the Agricultural Cooperative Law -- which is the charter for NACF.

According to the revision, NACF will be reorganized and adopt a
holding company structure on March 2, 2012.

The reorganization -- which will enhance NACF's weak
capitalization as well as improve its transparency -- is likely to
be credit-positive for NACF's standalone credit quality.

The capital increase (exact size and terms to be fixed in late
2011) will address NACF's capital deficiency issue.  This is
because the reorganization will require a relatively large capital
increase of about KRW6 trillion from various sources such as the
government, member cooperatives, or employees.

The National Assembly will review the government's proposal for
its capital injection into NACF in late 2011, after the government
completes its due diligence on NACF's assets and after NACF
finalizes the size of the capital increase from non-government
sources, such as member cooperatives.

NACF's transparency will improve, as the reorganization will
transform the very complex organizational structure -- because of
NACF's current operation of diverse financial and corporate
businesses under one legal entity -- into a relatively simple
legal structure where two intermediate holding companies own well-
defined operating subsidiaries.

However, it is still uncertain precisely how the reorganization
will affect creditors, and these points are awaiting confirmation:

(1) Division of existing assets and liabilities into separate
    legal entities after the reorganization

NACF's board of directors must decide on the exact division of
assets and liabilities, and it is not entirely clear at this stage
which legal entities will assume the rated debt.  However, Moody's
expect that most of the asset and liabilities of the current
credit and banking division will be assumed by the to-be-formed NH
Bank.  But the precise credit implications for bondholders cannot
be determined until there is certainty about the entity that will
assume these obligations and the credit profile of that entity can
be assessed.

(2) Application of a cross-guarantee on existing debt among
    entities after the reorganization

The application of a cross-guarantee is not 100% certain.  NACF's
existing debt at the time of the reorganization is likely to be
cross-guaranteed by all the legal entities after the
reorganization, in accordance with the Commercial Code of Korea.
However, the code allows NACF's Representative Assembly to reject
the application of the cross-guarantee.  Note that this cross-
guarantee will work both ways: bonds that are assigned to the
future NH Bank will benefit from cross guarantees from other NACF
legal entities.  But NH Bank would also have cross guarantee
obligations to other legacy debt within the group.

(3) The credit quality of NH Bank that will be established as a
    separate legal entity after the reorganization

When Moody's have adequate information, Moody's will analyze the
intrinsic financial strength of the new NH Bank as well as make
assumptions about systemic support, as the bank will take over
most of the assets and liabilities of NACF's banking unit and will
also issue new debt after the reorganization.

One of the key variables used to assess NH Bank's intrinsic
financial strength will be its capital adequacy in terms of size
and composition.  Despite the internal plan to capitalize NH Bank
adequately, it is still uncertain how its capital adequacy will
compare with the capital adequacy of its major domestic peers.

The implicit systemic support level for NH Bank could be lower
than NACF's current level.  NACF carries out comprehensive public
policy roles for the agricultural industry, including financing,
supply chain services for agricultural products, guidance services
for farmers, and a central bank role for member co-ops.  NH Bank's
public policy role will be limited to providing financing to the
agricultural sector and it will be more active in developing its
non-policy commercial operations.

(4) Implications of creditors' consent to the reorganization

The process of obtaining debtholder consents to the reorganization
has not yet begun.  Moody's will wish to have more clarity
regarding the costs of the consent process and the potential for
early redemption of certain securities.

The list of NACF's ratings is:

  -- Foreign currency long-term deposit rating: A1 negative

  -- Foreign currency long-term senior debt rating: A1 negative

  -- Foreign currency long-term subordinated/junior subordinated
     debt of A2/A2 negative

  -- Foreign currency short-term deposit of Prime-1

  -- Bank Financial Strength Rating: D+ negative

  -- Baseline Credit Assessment: Ba1 negative

The last rating action on NACF was taken on 14 April 2010, when
the foreign currency long-term senior debt rating and the foreign
currency long-term deposit rating were raised to A1 from A2 with a
negative outlook.

NACF -- established in 1961 under the Constitution of Korea and
the Agricultural Co-operative Law -- acts as an umbrella
organization for agricultural and livestock co-operatives, which
represent almost all farmers in Korea.  The structure operates on
a two-tier system, with NACF in the upper tier and member co-ops
in the lower tier.  Member co-ops own NACF.  NACF, headquartered
in Seoul, had KRW288 trillion in assets (including its non-
financial operations) as of September 2010.


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


NATIONAL FINANCE: Former Accountant Appeals Jail Sentence
---------------------------------------------------------
The National Business Review reports that former National Finance
2000 accountant John Gray has appealed against a prison sentence
handed down after he was convicted on charges brought by the
Serious Fraud Office.

Last November, says NBR, Mr. Gray was sentenced in the District
Court at Auckland to 18 months in prison; he is on bail awaiting
the outcome of his appeal.

NBR relates that Mr. Gray had earlier pleaded guilty in the
District Court in Auckland to theft by a person in a special
relationship, which related to misuse of National Finance funds in
breach of its trust deed requirements.

He also pleaded guilty to a charge of false accounting whereby he
concealed the true recipient of funds by creating a false
document, NBR notes.

In the High Court at Auckland on Wednesday, Mr. Gray's lawyer
Sanjay Patel compared his sentence to those of former Nathans
Finance director John Hotchin and former Clegg & Co director Brian
Clegg, who both got home detention sentences.

According to NBR, Mr. Patel said Mr. Gray was arguably less
culpable than Mr. Hotchin and Mr. Clegg, who were "principal
actors" in the offences that took place in their companies.

NBR relates that Crown lawyer Nick Williams said the District
Court has experience dealing with SFO cases and therefore is
"well-placed to assess the seriousness in relation to other
cases."

Justice Rebecca Ellis reserved her decision, saying she would make
a judgment within the next couple of weeks, NBR reports.

                        About National Finance

National Finance 2000 is the first major finance company to
collapse in recent years and has re-ignited fears of a wider rout
in a sector weighed down by debt after several years of strong
economic growth.

National Finance's managing director, Allan Ludlow, shouldered
the blame for the company's collapse, but assured that he will
work closely with the receivers appointed by Covenant Trustee
Company -- John Waller and Colin McCloy of PricewaterhouseCoopers
-- to get the maximum amount of money back for investors.

The receivers estimate that around NZ$24 million is owed to
members of the public and that the likely recovery for secured
investors will be about 47 percent to 48 percent of their
investments.  Subordinated investors and other unsecured creditors
are unlikely to recover anything from the receivership.


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


BANCO FILIPINO: Stockholders Seek TRO on Receivership Order
-----------------------------------------------------------
The Daily Tribune reports that stockholders of Banco Filipino
Savings and Mortgage Bank, ordered taken over by state regulators,
has asked the Court of Appeals to stop the Bangko Sentral ng
Pilipinas, its policy-making Monetary Board (MB) and state firm
Philippine Deposit Insurance Corp. from shutting down its
operations and placing the bank under receivership.

The Tribune relates that the petitioners sought the immediate
issuance of a temporary restraining order and a writ of
preliminary mandatory and preventive injunction prohibiting
respondents BSP, MB and PDIC from implementing MB Resolution No.
372-A.  The report says the petitioners blamed its current dilemma
to BSP's smear campaign and its refusal to release the PHP25-
billion financial package and regulatory reliefs to the bank.

According to the report, the resolution which was issued on
March 17 placed BF under receivership and barred it from
continuing its business operations in the country.  Among the
petitioners are Metropolis Development Corp., Apex Mortgage and
Loans Corp., BF Citiland Corp., Grand Farms Inc., Spring Sun
Management Systems Corp., Tropical Land Corp., El Grande
Development Corp., CLI Management Corp., Casa Tropical Inc.,
Filipino Vastland Co. Inc., Pilar Development Corp., PSC Financial
Corp., Top Management Programs Corp., all stockholders of BF, the
Tribune discloses.

The Tribune says the petition before the CA insisted that BSP's
closure order was made in grave abuse of discretion as it denied
the latter's claim that it is operating under unsound banking
practices.

The petitioners, according to the report, noted that since it
re-opened in 1994, the bank has been operating under the "enhanced
monitoring system" of the BSP.  As such, the petitioners said, all
transactions of the bank are "passed upon" by the BSP Comptroller
who reports directly to the MB.

"Thus, because respondent BSP had been essentially co-managing
Banco Filipino, it has never been sanctioned by respondent MB for
any unsafe or unsound banking practice and neither was any of its
officials charged for malfeasance or misfeasance in the discharge
of their functions," the BF stockholders insisted, the Tribune
reports.

The Tribune adds that the petitioners added that the bank's
closure is illegal considering that it is not insolvent.  The
bank, according to the petitioners, does not have a negative net
asset value and that its total assets exceed its liabilities by
around PHP25 billion.

It noted that the total appraised value of its real properties
amounts to PHP37.89 billion.

A senior member of the House of Representatives, meanwhile, called
haphazard the BSP's decision to declare BF as insolvent describing
it as reminiscent of the closure of the same bank in 1985 which
was later ruled by the Supreme Court as illegal, the Tribune
reports.

During a House hearing March 22 on BF's closure, Camarines Sur
Rep. Luis Villafuerte, vice chairman of the House committee on
banks and financial intermediaries, said the answers of BSP
officials are indicative there must be something seriously
deficient in the action of the BSP in closing the bank.

As reported in the Troubled Company Reporter on March 21, 2011,
BusinessWorld Online reports that Banco Filipino Savings and
Mortgage Bank has been placed under receivership by the Bangko
Sentral ng Pilipinas after the thrift bank stopped servicing
clients due to funding problems.

                        About Banco Filipino

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


DEVELOPMENT BANK: Fitch Assigns 'BB' Rating to 2021 Senior Notes
----------------------------------------------------------------
Fitch Ratings has assigned Development Bank of the Philippines'
US$300 million 5.5% senior notes due 2021 a final 'BB' rating

This rating action follows the completion of the senior notes
issue and the receipt of documents conforming to information
previously received.  The final rating is the same as the expected
rating assigned on March 14, 2011.

DBP is a government-owned policy bank that supports developmental
programmes and projects aligned with the government's agenda in
the Philippines.


PHILIPPINE AIRLINES: Says Union's Planned Strike Vote Groundless
----------------------------------------------------------------
The Daily Tribune reports that the management of flag carrier
Philippine Airlines is unfazed by the planned strike vote of its
ground crew union, stressing that the grounds cited for a planned
work stoppage are "utterly baseless."

"PAL is perplexed over the planned strike because apart from
expressing willingness to negotiate a new collective bargaining
agreement (CBA), we told the National Conciliation and Mediation
Board that we will submit our counter-proposal on or before Monday
(March 28) next week," the Tribune quotes PAL president and COO
Jaime Bautista as saying.

The Tribune relates that Mr. Bautista maintained, however, that
the CBA negotiations can proceed independently of the labor
dispute on the spin-off issue that is still pending before the
Office of the President.  PAL Employees Association or 'Palea', on
the other hand, wants the CBA to delve on the spin-off issue.

According to the report, Mr. Bautista reminded leaders of the
Palea that they should wait for the results of their own petition
for presidential intervention before Malacanang.  "Using the CBA
negotiations as a forum to discuss the merits of a pending case is
unacceptable," he stressed.

Reacting to Palea's planned strike vote, the Tribune notes,
Mr. Bautista said PAL management will not be cowed by the union's
pressure tactics.  He stressed that Palea's planned mass action
betrays the insensitivity of Palea leaders to the current problems
plaguing the country and the rest of the world, the Tribune notes.

Moreover, conciliation proceedings are still going on before the
NCMB hence any strike would be premature and illegal, the Tribune
reports.

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

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

                      About Philippine Airlines

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


* Fitch Assigns 'BB' Rating on 2026 Philippines' Bonds
-----------------------------------------------------------------
Fitch Ratings has assigned the Republic of the Philippines'
upcoming US$-denominated global bonds due 2026 an expected 'BB'
rating.  The final rating is contingent on the receipt of final
documentation conforming to information already received.

As the currency of settlement is specified as US$, the rating is
in line with the Philippine sovereign's Long-Term Foreign Currency
Issuer Default Rating of 'BB'.  The Philippines' Long-Term Local
Currency IDR is 'BB+'.  The rating Outlooks are Stable.


* Moody's Puts 'Ba3' Rating on Republic of the Philippines' Bonds
-----------------------------------------------------------------
Moody's Investors Service will assign a Ba3 rating with a positive
outlook to the upcoming global bond issuance of the Government of
the Republic of the Philippines.  The proposed rating is subject
to receipt of final documentation, the terms and conditions of
which are not expected to change in any material way from the
draft documents reviewed by Moody's.

The Philippines' sovereign rating is supported by a favorable
outlook for government finances amidst robust economic growth and
an increasingly strong external payments position.  Largely due to
expenditure restraint by the new government, the Philippines
recorded a fiscal deficit of 3.7% of GDP over 2010, less than
budget projections of 3.9% and despite a record shortfall by the
outgoing administration in the first half of the year.  Economic
growth also accelerated to its fastest rate in three decades in
2010, bolstered by the continued strength in private consumption,
as well as gains in private investment spending and a rebound in
export shipments.

Foreign exchange reserves continue to reach record highs, climbing
to $63.9 billion in February 2011 and further reducing external
vulnerabilities.  Remittance inflows from the large overseas
diaspora, coupled with increasingly large revenues generated by
business process outsourcing activities, have offset the
relatively large trade deficit.  Meanwhile, the encouraging
outlook for growth and prospects for reform have led to increased
portfolio and direct investments inflows over the past year.

The positive outlook reflects Moody's view that reasonable policy
management will offset the headwinds facing the Philippine economy
over the next 12 to 18 months.  Fiscal consolidation will proceed
apace as the government's efforts at improved tax compliance gain
traction.  The monetary authorities' track record of inflation
management will also continue to anchor inflation expectations in
an environment of rising food and energy prices.

Nevertheless, the Philippines continues to lag behind its rating
peers in a number of aspects.  It has a larger stock of debt and
devotes a larger share of its revenues towards interest payments
than the median among its Ba-rated peers.  Revenue performance and
investment spending similarly are among the weakest in its peer
group, but the continuation of recent improvements in these
metrics could place the rating on a much firmer upward trajectory.

The last rating action on the Philippines was taken on January 6,
2010, when Moody's assigned a positive outlook to the Ba3
sovereign rating.


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


ADCO INVESTMENT: Creditors' Proofs of Debt Due April 18
-------------------------------------------------------
Creditors of Adco Investment 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 liquidators are:

          Neo Ban Chuan
          Cameron Duncan
          c/o KordaMenthaNeo
          30 Robinson Road
          Robinson Towers #12-01
          Singapore 048546


APPAREL REPUBLIC: Creditors' Proofs of Debt Due April 1
-------------------------------------------------------
Creditors of Apparel Republic Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
April 1, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


FUJINON SINGAPORE: Creditors' Proofs of Debt Due April 18
---------------------------------------------------------
Creditors of Fujinon Singapore 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:

          Lau Chin Huat
          50 Havelock Road
          #02-767
          Singapore 160050


FUJITSU MEDIA: Creditors' Proofs of Debt Due April 18
-----------------------------------------------------
Creditors of Fujitsu Media Devices Singapore Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by April 1, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Junshi Yamashita
          c/o 151 Lorong Chuan
          #05-08 Lobby H, New Tech Park
          Singapore 556741


MADJU SENDIRIAN: Creditors' Proofs of Debt Due April 18
-------------------------------------------------------
Creditors of Madju Sendirian Berhad, 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 liquidators are:

          Leow Quek Shiong
          Leong Hon Mun Peter
          c/o BDO LLP
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


MANTAS SINGAPORE: Creditors' Proofs of Debt Due April 18
--------------------------------------------------------
Creditors of Mantas Singapore 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 liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Pheng Cheong Martin
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


NG CHYE: Creditors' Proofs of Debt Due April 18
-----------------------------------------------
Creditors of Ng Chye Mong 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:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


ORCHID SEAWAYS: Creditors' Proofs of Debt Due April 18
------------------------------------------------------
Creditors of Orchid Seaways 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 liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Pheng Cheong Martin
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


TAN TOO: Creditors Get 0.37011% Recovery on Claims
------------------------------------------------
Tan Too Guan Pte Ltd declared the first and final dividend to
creditors on March 10, 2011.

The company paid 0.37011% to the received claims.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


SINOYING SINGAPORE: Court to Hear Wind-Up Petition April 1
----------------------------------------------------------
A petition to wind up the operations of Sinoying Singapore Pte
Ltd. will be heard before the High Court of Singapore on April 1,
2010, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on March 9,
2011.

The Petitioner's solicitors are:

         Rajah & Tann Llp
         9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910


VANGUARD SHIPMANAGEMENT: Court to Hear Wind-Up Petition April 1
---------------------------------------------------------------
A petition to wind up the operations of Vanguard Shipmanagement
(S) Pte Ltd. will be heard before the High Court of Singapore on
April 1, 2010, at 10:00 a.m.

The Applicant's solicitors are:

         Rajah & Tann Llp
         9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910


=============
V I E T N A M
=============


DOT VN: Incurs US$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 the 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.


VIETNAM SHIPBUILDING: No Penalty for Officials Involved in Scandal
------------------------------------------------------------------
Agence France-Press reports that members of the Vietnamese
government will not be punished for problems at state-owned
Vietnam Shipbuilding Industry Group whose debts threatened the
country's global financial reputation, a top official said Monday.

AFP relates that Deputy Prime Minister Nguyen Sinh Hung made the
comments to the National Assembly, where some lawmakers last year
said the government should be held accountable for the scandal at
Vinashin.

One member of the communist-led body even demanded a vote of no
confidence in Prime Minister Nguyen Tan Dung, who appointed the
firm's former chairman Pham Thanh Binh, according to AFP.

"The government, the prime minister and some cabinet members had
some shortcomings and mistakes," AFP quotes Mr. Hung as saying at
the opening of a new assembly session.

But he said the ruling Politburo "decided not to have disciplinary
measures towards these people", asking them instead to learn from
the experience, AFP notes.

A police investigation is, however, being conducted into former
executives of the firm.

AFP recalls that the ex-chairman, Binh, was arrested last year and
accused of violating state economic management regulations, while
others have also reportedly been held in the case.

Vinashin, whose debts of more than US$4 billion pushed it to the
brink of bankruptcy, in December reportedly defaulted on the first
US$60 million installment of a US$600 million loan arranged by
Credit Suisse in 2007.

Vinashin got a US$600 million loan in 2007 from banks led by
Credit Suisse Group AG that paid interest of 1.5 percentage points
more than the London interbank offered rate, according to data
compiled by Bloomberg.  While it made a US$6.8 million interest
payment on Dec. 23, the company missed a Dec. 20 deadline to make
a US$60 million principal payment and asked lenders for a one-year
extension, Bloomberg relates.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.


                             *********

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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