TCRAP_Public/110328.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, March 28, 2011, Vol. 14, No. 61

                            Headlines


A U S T R A L I A

BOSCHE AUSTRALIA: Cuts 380 Jobs at Clayton Automotive Factory
BROCKGOLD PTY: Tee Trees Golf Site to be Put Up for Sale
GLENWOOD HOMES: Likely to be Place Into Liquidation
NO LIMIT: Receivers Put Commercial Property Up for Sale
PERPETUAL TRUSTEE: Moody's Assigns Ratings on Various Notes


C H I N A

KWG PROPERTY: Moody's Assigns 'B1' Rating to Proposed Bonds
SUNRISE REAL ESTATE: Closing of BTI Purchase Pact Moved to July
SUNRISE REAL ESTATE: Closing of GSSL Purchase Pact Extended
SUNRISE REAL ESTATE: W. Yan Resigns; L. Yu Named New CFO


H O N G  K O N G

BELTON COMPONENTS: Annual General Meeting Set for April 18
CITIMEX ASIA: Commences Wind-Up Proceedings
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
RICH CHANNEL: Court Enters Wind-Up Order
SINO PEAK: Creditors Get 0.983% Recovery on Ordinary Claims

STAR CHAMPION: Court Enters Wind-Up Order
TOP SUMMIT: Court Enters Wind-Up Order
UPTRANS LOGISTICS: Members' Final Meeting Set for April 20
WAH TAI: Court Enters Wind-Up Order
WENG HENG: Creditors' Proofs of Debt Due April 6

WESTLB SECURITIES: Members' Meeting Set for April 26


I N D I A

BHOLA NATH: ICRA Assigns 'LBB-' Rating to INR4.02cr Bank Limits
DIGITAL MICRON: ICRA Assigns 'LB-' Rating to INR5.25cr Bank Limits
KETI CONSTRUCTIONS: CRISIL Assigns 'BB+' Rating to INR336.4M Loan
MOHAN ENTERPRISES: CRISIL Rates INR1.11BB Term Loan at 'BB'
P. ASHOKKUMAR: CRISIL Reaffirms 'P4' Packing Credit Rating

PRESS MACH: CRISIL Reaffirms 'BB-' Rating on INR15MM LT Loan
S. M. STEELS: CRISIL Assigns 'BB' Rating to INR100MM Cash Credit
SAHAYATA MICROFINANCE: CRISIL Assigns 'BB-' Rating to LT Loan
SHREE NURSINGSAHAY: CRISIL Reaffirms 'BB-' Cash Credit Rating
SHREYANS CREATION: CRISIL Reaffirms 'B+' Cash Credit Rating

SUNSHIELD CHEMICALS: CRISIL Upgrades Rating on LT Loan to 'BB-'
TATA CHEMICALS: Fitch Gives Stable Outlook; Affirms 'BB+' Rating
TIMBOR HOME: CRISIL Assigns 'BB' Rating on INR60.7MM LT Loan
VEDIKA CREDIT: CRISIL Reaffirms 'B+' Rating on INR300MM LT Loan
VIVEKANANDA HOSPITAL: CRISIL Assigns 'D' Rating to INR20MM Loan

WARM GEARS: CRISIL Assigns 'C' Rating to INR50MM Term Loan


J A P A N

JLOC 39 TRUST: Fitch Downgrades Ratings on All Interests


K O R E A

KUMHO ASIANA: Kumho Tire Closes Plants Amid Workers' Strike


N E W  Z E A L A N D

FIVE STAR: Court Denies Reversal of Neill Williams' Guilty Plea


N E P A L

GORKHA DEVELOPMENT: Declared 'Troubled Financial Institution'
SAMJHANA FINANCE: Nepal Rastra Bank Places Firm In Liquidation


T A I W A N
CHINATRUST GROUP: Fitch Takes Various Rating Actions




                            - - - - -


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


BOSCHE AUSTRALIA: Cuts 380 Jobs at Clayton Automotive Factory
-------------------------------------------------------------
Andrew Heasley at The Sydney Morning Herald reports that Robert
Bosch (Australia) Pty Ltd will shed 380 jobs from its Clayton
automotive factory in Melbourne's south-east, citing tough global
competition.

Those jobs, involving the manufacturing of anti-lock brake systems
(ABS) and electronic stability control (ESP) modules for cars, are
heading off shore to Asia and Europe, SMH relates.

According to SMH, the jobs will be progressively lost over the
next three years.  The local production of ABS and ESP modules at
Clayton will be phased out by 2012.  The manufacturing of steering
wheel angle sensors and electronic control units will be phased
out by the following year.  Instead, the work will be farmed out
to overseas Bosch plants.

SMH relates that Robert Bosch Australia president David Robinson
blamed a significant increase in global competition for electronic
vehicle components and continuously decreasing prices.

The job losses, according to SMH, will cut its Clayton plant to
720 people, and its Australian workforce to 1,480.

Mr. Robinson said displaced workers will be offered outplacement
and counseling services, and all entitlements would be paid, SMH
adds.

Robert Bosch (Australia) Pty Ltd is a subsidiary of the Bosch
Group, a global supplier of technology and services.


BROCKGOLD PTY: Tee Trees Golf Site to be Put Up for Sale
--------------------------------------------------------
Tracey McBean at goldcoast.com.au reports that Brockgold Pty Ltd's
receivers will place the controversial golf course site in the Tee
Trees estate at Arundel on the market within weeks but finding a
buyer for it could prove difficult.

The move to sell the 61 hectare parcel in Tee Trees Boulevard
follows the appointment of receivers to Brockgold Pty, a company
linked to the estate's developer Graeme Ingles, on March 18, 2011,
according to goldcoast.com.au.

According to the report, receiver David Whyte of BDO Business
Recovery and Insolvency said the development-approved land would
be listed for sale within the next two to three weeks in an effort
to recover an undisclosed amount for Australian Coast-based
financier Shakespeare Haney Securities.

The report, citing property industry sources, says it would be a
difficult site to offload because it had no developable
residential land attached and, if a buyer could be found,
developers were finding it hard to source finance for projects --
a problem faced by Mr. Ingles.

goldcoast.com.au notes that it is the latest twist in an ongoing
saga for those people who bought into the "residential golf
community" and are yet to see its AU$20 million centrepiece course
developed.

The 18-hole course, according to the report, has been promised
since people started buying blocks in the AU$300 million estate as
far back as 2001.

In 2008, goldcoast.com.au recounts, Mr. Ingles came under fire
from the Australian Competition and Consumer Commission over
claims made about the course in a 2003 letter to potential buyers.

The report says an ACCC investigation led to the Federal Court
finding Mr. Ingles and his company Ingles Group misled residents
and potential residents over the progress of construction of the
course -- a major selling point of the estate.

Goldcoast.com.au discloses that Mr. Ingles offered a court-
enforceable undertaking to make a public apology and to keep
residents updated on the progress of the course via mailouts and
the Ingles Group Web site.

The most recent quarterly updates from Ingles Group stated that
development of the course continued to be delayed because of the
problems involved in accessing finance for projects in southeast
Queensland, the report adds.

Brockgold Pty Ltd, an Ingles Group company, develops the Tee Trees
golf community.


GLENWOOD HOMES: Likely to be Place Into Liquidation
---------------------------------------------------
ABC News reports that the administrator for Glenwood Homes said it
is likely the company will be put into liquidation.

The firm, ABC News relates, went into voluntary administration on
March 11, 2011, leaving more than 40 homes in Townsville
unfinished.  The first creditors' meeting took place on March 24,
2011.

According to ABC, Moira Carter from BRI Ferrier said the company
owes nearly AU$6 million to unsecured creditors, including
subcontractors.

Ms. Carter said it is too early to determine if creditors will
receive any money, ABC News relates.

"I presume it will be put into liquidation unless we get an offer
from someone and we can propose a deed to creditors that might see
that they get a better return than if the company was liquidated,"
ABC News quotes Ms. Carter as saying.  "At this stage, no one has
putting forward any proposal for a deed.

"We can't say at this stage because . . .  [of a] number of
factors, the main being of course is the Commonwealth Bank
realising the real property that it's secured over and what the
wash-up of that is after that property has been sold," Ms. Carter
said.

                       About Glenwood Homes

Glenwood Homes -- http://www.glenwoodhomes.com.au/-- is a
Queensland, Australia-based builder.

Glenwood Homes and Glencorp Property Pty Ltd were placed in
voluntary administration on March 11, 2011.

On March 16, 2011, the Commonwealth Bank appointed Bill Buckby and
Robert Hutson of KordaMentha as receivers to Glencorp Property
Management Pty Ltd, Clifton Waters Pty Ltd, Clifton Beach Views
Pty Ltd, Riverview Residential Pty Ltd and Waterside Residential
Pty Ltd.


NO LIMIT: Receivers Put Commercial Property Up for Sale
-------------------------------------------------------
Denis Doherty at goldcoast.com.au reports that receivers of the No
Limit group have booted yet another commercial property to the
market in a bid to recoup some of the AU$13 million owed to
creditors.

According to the report, the receivers have sent boutique shopping
centre at Ferry Road Plaza out to test the appetite of buyers.

Goldcoast.com.au says the 20-tenancy centre, which sits on a 6887
sq.m. site at 175 Ferry Rd, will be offered in a formal offers-to-
purchase campaign that closes on May 6.

No Limit, which had earmarked the property for redevelopment,
first tried to offload the site in March 2009, goldcoast.com.au
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
March 1, 2010, St. George Bank appointed John Greig and Nicholas
Harwood of Deloitte, as receivers to four companies owned by
private Gold Coast developer John Marshall.  The companies under
receivership are No Limit, No Limit 7, No Limit 12 and Storage
King Miami.


PERPETUAL TRUSTEE: Moody's Assigns Ratings on Various Notes
-----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Trustee Company Limited in its capacity as
trustee of the SMART Series 2011-1US Trust.

Issuer: SMART Series 2011-1US Trust

  -- US$147.0 million Class A-1 Notes, Definitive Rating Assigned
     P-1 (sf);

  -- US$54.0 million Class A-2a Notes, Definitive Rating Assigned
     Aaa (sf);

  -- US$108.0 million Class A-2b Notes, Definitive Rating
     Assigned Aaa (sf);

  -- US$83.0 million Class A-3a Notes, Definitive Rating Assigned
     Aaa (sf);

  -- US$184.0 million Class A-3b Notes, Definitive Rating
     Assigned Aaa (sf);

  -- US$174.0 million Class A-4a Notes, Definitive Rating
     Assigned Aaa (sf);

  -- AUD18.9 million Class B Notes, Definitive Rating Assigned
     Aa2 (sf);

  -- AUD23.2 million Class C Notes, Definitive Rating Assigned A2
      (sf);

  -- AUD21.1 million Class D Notes, Definitive Rating Assigned
     Baa2 (sf);

  -- AUD21.0 million Class E Notes, Definitive Rating Assigned
     Ba2 (sf).

The AUD8.4 million Seller Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal with respect to the
Class A-1, Class A-2a, Class A-2b, Class A-3a, Class A-3b and
Class A-4a Notes by the legal final maturity, and ultimate payment
of interest and principal with respect to other classes of rated
notes by the final legal maturity.  The last rating action was on
March 8, 2011 when the provisional ratings were assigned.

The transaction is a securitization of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles, originated
by Macquarie Leasing Pty Limited.

                        Ratings Rationale

In broad terms, SMART Series 2011-1US Trust replicates structures
seen in previous SMART transactions sponsored by Macquarie, and
closely follows the structure seen in SMART Series 2010-1US Trust.
Notable features of the transaction include the conservative
composition of the receivables pool backing the transaction, the
US$-denominated senior notes and the pro-rata principal repayment
profile.

The pool includes a relatively high percentage of novated leases
(62.9%).  Moody's considers novated leases to have a lower level
of risk than other contract types and this is a positive feature
of the transaction.  At the same time, the deal is exclusively
backed by motor vehicles, predominantly cars.  Past SMART and
other Australian ABS transactions typically include 10-15% of
other equipment types.  In Moody's opinion, motor vehicles exhibit
less pro-cyclical default patterns and, on average, higher
recovery rates.  As a result, Moody's views the SMART 2011-1US
Trust pool as more conservatively structured than peer portfolios.

In order to fund the purchase price of the portfolio, the Trust
has issued eleven classes of notes.  The notes will be repaid on a
sequential basis in the initial stages (until the subordination
percentage increases from the initial 11.0% to 18.9%, and from
12.0% to 19.9% including the liquidity reserve) and during the
tail end of the transaction.  At all other times, the structure
will follow a pro rata repayment profile.  This principal paydown
structure is a departure from other comparable structures in the
Australian ABS market.

The deal includes six senior, US$-denominated tranches.  The Class
A-1 Notes are fast-pay money-market notes, rated P-1.  The Class A
Notes will be repaid sequentially within the Class A Note
allocation.  The ratings are based on the credit enhancement
provided by the subordinated notes and the liquidity reserve, in
total equal to 12% for the Class A Notes.

An unusual feature of the transaction is that the maturity dates
of the Class A Notes were set not with reference to the maturity
of the longest dated receivable but rather with reference to the
scheduled principal amortization profile (with a certain buffer to
allow for defaults and delinquencies).  Moody's has accounted for
the possibility of losses and delinquencies during the term of the
Class A notes in its assessment of the likelihood of their
repayment and believes scheduled principal amortization to be
sufficient to repay the Class A Notes by the maturity dates in
full.

Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40%.  These imply a expected (net) loss of 1.08%.
Both the default rate and the recovery rate have been stressed
relative to observed historical levels of 1.26% and 50-55%
respectively.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

     Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector.  Among
other factors, Moody's note the availability of a substantial
amount of historical performance data in the Australian ABS market
as well as on an issuer-by-issuer basis.  Here, for instance,
Moody's have been provided with detailed vintage and individual
default data for the 1998-2010 period.  In addition, Moody's
observe that Australian auto ABS, and specifically past SMART
transactions, have to date been performing stably.  This allows
Moody's to have a material degree of comfort with regard to
assumptions made in rating the SMART Series 2011-1US Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating.  High variability in
key assumptions could expose a rating to more likelihood of rating
changes.  The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the expected
loss and the Aaa credit enhancement - differed.  The analysis
assumes that the deal has not aged.  Parameter Sensitivities only
reflect the ratings impact of each scenario from a
quantitative/model-indicated standpoint.

In the case of SMART Series 2011-1US Trust, the Class A Notes
remain strongly investment grade and typically Aa when the default
rate rises to 3.60% (double of Moody's assumption of 1.80%).
Similarly, high investment grade ratings are maintained when the
base recovery rate is stressed from the assumed 40% to 20%
(holding other factors, including the assumed default rate of
1.80% constant).  Where the default rate assumption doubles and
the recovery rate assumption halves, the rating drops to A1.

Moody's Investors Service did not receive or take into account any
third party due diligence reports on the underlying assets or
financial instruments in this transaction.


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C H I N A
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KWG PROPERTY: Moody's Assigns 'B1' Rating to Proposed Bonds
-----------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to KWG Property
Holding Limited's proposed bond issuance.

At the same time, Moody's has affirmed KWG's Ba3 corporate family
rating.

The outlook for both ratings is stable.

The proceeds from the bond issuance will be used to finance
existing and new property projects.

                        Ratings Rationale

"The proposed bonds will improve KWG's liquidity, which will in
turn help the company operate through the tight bank credit
conditions likely to prevail in China in 2011," says Kaven Tsang,
a Moody's AVP/Analyst.

"Furthermore, the bonds will lengthen the debt maturity profile of
KWG," says Tsang, also Moody's lead analyst for KWG.

"On the other hand, KWG's credit metrics -- adjusted debt/total
capitalization at 50-55% and EBITDA/interest coverage at 2.5-3x --
will be kept at the weaker end of the range for its rating level
in the next 12 - 18 months," says Tsang.

Moody's expects KWG will cautiously manage its land acquisitions,
such that its liquidity position will remain adequate -- including
a cash position at least above 10% of total assets - and that its
adjusted debt/capitalization will stay under 55%.  Any deviation
from such expectations would pressure the ratings and outlook.

KWG's Ba3 corporate family rating continues to reflect its strong
brand name, in turn supported by its quality products and its
diversified product range.  It also recognizes KWG's good
operating track record for property development in the Mainland
cities of Guangzhou, Chengdu and Suzhou.

At the same time, it is constrained by its fairly concentrated
geographic diversity, with almost half of its land bank in
Guangzhou, and the high level of execution risk associated with
the company's fast growth plan against the expectation of tighter
Chinese government controls this year.

The bond rating is notched down to B1 from Ba3, reflecting the
risk of structural and legal subordination.

The stable outlook reflects the company's current adequate
liquidity position that will support its property development
business in the next 12 - 18 months.

The ratings could undergo a downgrade if KWG (1) experiences a
significant shortfall in sales; (2) implements aggressive debt-
funded land acquisitions; and/or (3) shows evidence of material
weakening of balance sheet liquidity with cash falling below 10%
of total assets.

Moody's also sees EBITDA/interest falling below 2.5 - 3.0x and
adjusted debt leverage consistently above 50-55% as indications of
a potential downgrade of the ratings.

Upward rating pressure on the ratings could be limited in the near
future.  However, medium-term upgrade pressure may emerge if KWG
(1) achieves its planned sales; (2) replicates its success in
Guangdong Province in other Chinese cities; and (3) shows good
financial discipline and expands cautiously, while maintaining a
sound liquidity profile and strong credit metrics.

Moody's sees EBITDA/interest coverage consistently above 4-5x and
adjusted debt leverage below 40% - 45% as indications of a
potential rating upgrade.

Moody's last rating action on KWG was taken on 25 August 2010,
when Moody's assigned a definitive B1 bond ratings on its US
dollar senior unsecured notes.

KWG Property Holding Limited is a Chinese property developer.  It
listed on the Hong Kong Stock Exchange in July 2007.  It operates
in Guangzhou, Chengdu, Suzhou, Beijing, Shanghai, Tianjin and
Hainan, developing mid-to-high end residential properties, office
buildings, shopping malls and hotels.


SUNRISE REAL ESTATE: Closing of BTI Purchase Pact Moved to July
---------------------------------------------------------------
Sunrise Real Estate Group, Inc., and Sunrise Real Estate
Development Group, Inc., entered, on Jan. 22, 2011, into a Share
Purchase Agreement with Better Time International to issue
2,500,000 shares to Better Time for US$500,000.  This agreement,
subject to standard closing terms and conditions, was scheduled to
close on or before March 20, 2011.

On March 16, 2011, Sunrise and Better Time agreed to extend the
scheduled closing date of the Share Purchase Agreement, subject to
standard closing terms and conditions, to on or before July 1,
2011.  All other terms and conditions of the Share Purchase
Agreement remain unchanged and in full force and effect.

                         About Sunrise Real

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc.
On Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc. filed Articles of Amendment with the Texas
Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

The Company's balance sheet at Sept. 30, 2010, showed
$15.20 million in total assets, $17.15 million in total
liabilities, $1.40 million in non-controlling interests of
consolidated subsidiaries, and a stockholders' deficit of
$3.36 million.

As reported in the Troubled Company Reporter on April 21, 2010,
Kenne Ruan, CPA, P.C., in Woodbridge, Conn., expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
the Company has significant accumulated losses from operations and
has a net capital deficiency.


SUNRISE REAL ESTATE: Closing of GSSL Purchase Pact Extended
-----------------------------------------------------------
Sunrise Real Estate Group, Inc., and Sunrise Real Estate
Development Group, Inc., entered into a Share Purchase Agreement
with Good Speed Services Limited to issue 2,500,000 shares to Good
Speed for US$500,000.  This agreement, subject to standard closing
terms and conditions, was scheduled to close on or before
March 20, 2011.

On March 18, 2011, Sunrise and Good Speed agreed to extend the
scheduled closing date of the Share Purchase Agreement, subject to
standard closing terms and conditions, to on or before July 5,
2011.  All other terms and conditions of the Share Purchase
Agreement remain unchanged and in full force and effect.

                         About Sunrise Real

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc.
On Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc. filed Articles of Amendment with the Texas
Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

The Company's balance sheet at Sept. 30, 2010, showed
$15.20 million in total assets, $17.15 million in total
liabilities, $1.40 million in non-controlling interests of
consolidated subsidiaries, and a stockholders' deficit of
$3.36 million.

As reported in the Troubled Company Reporter on April 21, 2010,
Kenne Ruan, CPA, P.C., in Woodbridge, Conn., expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
the Company has significant accumulated losses from operations and
has a net capital deficiency.


SUNRISE REAL ESTATE: W. Yan Resigns; L. Yu Named New CFO
--------------------------------------------------------
Sunrise Real Estate Group, Inc., announced that effective
March 17, 2011, Mr. Wang Wen Yan resigned as Chief Financial
Officer of the Company.  His resignation was not due to any
disagreement with the Company or its management regarding any
matter relating to the Company's operations, policies or
practices.  At the same day, Mr. Liu Zhen Yu is appointed as CFO
of Sunrise.

Prior to joining the Company, Mr. Liu, 38 years old, was with
Tarsus China Holding where he was the China regional finance
manager since 2008.  His main duties at Tarsus include supervising
the company's finance and administrative operation in China.
Prior to joining Tarsus, Mr. Liu was one of the members in setting
up Best Buy in China as the finance manager for the China region.
He was responsible for overseeing day-to-day financial matters.
Mr. Liu graduated from Tong Ji University in 2009 where he
received his MBA.

                         About Sunrise Real

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc.
On Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc. filed Articles of Amendment with the Texas
Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

The Company's balance sheet at Sept. 30, 2010, showed
$15.20 million in total assets, $17.15 million in total
liabilities, $1.40 million in non-controlling interests of
consolidated subsidiaries, and a stockholders' deficit of
$3.36 million.

As reported in the Troubled Company Reporter on April 21, 2010,
Kenne Ruan, CPA, P.C., in Woodbridge, Conn., expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
the Company has significant accumulated losses from operations and
has a net capital deficiency.


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


BELTON COMPONENTS: Annual General Meeting Set for April 18
----------------------------------------------------------
Members of Belton Components Limited will hold their final general
meeting on April 18, 2011, at 4:00 p.m., at 62nd Floor, One Island
East, 18 Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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

The company's liquidators are:

         Woo Pui Man
         Chan Wai Kum
         Level 13, 1 Queen's Road
         Central, Hong Kong


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) on March 25, 2011,
announced that investigation of over 99% of a total of 21,758
Lehman Brothers-related complaint cases received has been
completed.  These include:

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

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

     * 2,704 cases, which were closed because insufficient prima
       facie evidence of misconduct was found after assessment or
       no sufficient grounds and evidence were found after
       investigation;

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

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

Investigation work is underway for the remaining 92 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman Brothers-related
complaints is available at http://ResearchArchives.com/t/s?7583

                        About Lehman Brothers

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

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

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

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

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

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

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

                 International Operations Collapse

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

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

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


RICH CHANNEL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Dec. 17, 2010, to
wind up the operations of Rich Channel Development Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


SINO PEAK: Creditors Get 0.983% Recovery on Ordinary Claims
-----------------------------------------------------------
Sino Peak Finance Limited, which is in liquidation, declared the
first and final dividend to its creditors on March 18, 2011.

The company paid 0.983% for ordinary claims.

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


STAR CHAMPION: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Oct. 8, 2010, to
wind up the operations of Star Champion Investments Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


TOP SUMMIT: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Feb. 25, 2011, to
wind up the operations of Top Summit Finance Limited.

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


UPTRANS LOGISTICS: Members' Final Meeting Set for April 20
----------------------------------------------------------
Members of Uptrans Logistics Limited will hold their final general
meeting on April 20, 2011, at 11:00 a.m., at Unit 1703, 17/F.,
Enterprise Square Three, 39 Wang Chiu Road, Kowloon Bay, Kowloon.

At the meeting, TSE Tong Kwan Steve, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


WAH TAI: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Feb. 21, 2011, to
wind up the operations of Wah Tai Transportation Co. Limited.

The company's liquidator is Yuen Tsz Chun Frank.


WENG HENG: Creditors' Proofs of Debt Due April 6
------------------------------------------------
Creditors of Weng Heng Investment Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 6, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Cosimo Borrelli
         Level 17, Tower 1 Admiralty Centre
         18 Harcourt Road
         Hong Kong


WESTLB SECURITIES: Members' Meeting Set for April 26
----------------------------------------------------
Members of WestLB Securities Pacific Limited will hold their
meeting on April 26, 2011, at 10:00 a.m., at 27/F, Alexandra
House, 18 Chater Road, Central, in Hong Kong.

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


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


BHOLA NATH: ICRA Assigns 'LBB-' Rating to INR4.02cr Bank Limits
---------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR4.02 crores fund
based limits and INR0.98 crores of proposed limits of M/s Bhola
Nath Rakesh Kumar.  The rating carries stable outlook.

The rating takes into account the rich experience of promoters in
line of fruit trading, long standing relationship with the growers
to ensure steady supply of apples, stable business model as there
is no inventory risk, healthy demand for fruits and vegetables in
India, availability of cold storage facilities of group company
(Harshna Ice and Cold Storage) to store the fruits to ensure
supply during off- peak season.

The rating is, however, constrained by the firm's presence in the
lower end of the value chain with operations confined to trading
activity, modest scale of operations, intensely competitive nature
of industry due to low entry barriers, weak financial risk profile
characterized by high working capital requirements and stretched
capitalization and coverage indicators.  Moreover, BNRKs business
concentration risk remains high owing to significant dependence on
a single product. Moreover the firm deals in trading of apples and
other temperate fruits thus exposing the firm to related agro
climatic risk.

M/s Bhola Nath Rakesh Kumar is a part of Harshna Group which has
presence across the value chain in the fruits and vegetables
industry through its various companies.  BNRK was promoted in 1994
as a partnership firm.  The firm acts as a fruit commissioning
agent.  It assists the growers from Jammu & Kashmir and Himachal
Pradesh to sell apples and other temperate fruits directly in the
Azadpur Fruit & Vegetable Market in Delhi for a commission. The
commission is capped at 6% of sales value by Agricultural Produce
Marketing Committee.  APMC regulates the marketing of agricultural
produce in Delhi.

The firm derives majority of its commission from trading of
apples.  BNRK's reliance on a single fruit makes the firm highly
vulnerable to variation in production from crop failures, changes
in demand pattern etc.  Further apple being a seasonal product
leads to seasonality in the business. The commodity is
agricultural in nature thus posing agro climatic risk.

The fruit trading business in India is highly competitive and
fragmented due to low capital requirements and entry barriers.
APMC, which monitors the wholesale trade in Azadpur mandi, had
given license to 2132 Commission Agents as at end on 2007 for
Azadpur mandi only.  However BNRK derives its strength from the
long experience of promoters in fruit commissioning business and
its strong relationship with the growers.  Moreover, being a part
of Harshna Group, the firm also enjoys the benefits of integrated
operations, cold storage and processing facilities.

The firm reported an Operating Income of Rs 1.38 crores in FY10 as
against INR1.31 crores in FY09.  The revenue of the firm has grown
at a CAGR of 10% in the last five years.  The operating margins of
the firm have remained steady over the years.  It reported Net
Profit of INR0.23 crores in FY10.  The capitalization indicators
of the firm are over stretched and the gearing of the firm has
remained above 5 times over past couple of years on account of
high working capital requirements and withdrawal of capital by
partners.  The debt of the company is largely in the form of
working capital.  The coverage indicators are low due modest
operating profits and cash accruals.  The firm reported Interest
coverage ratio of 1.49 times and NCA/Debt of 1% in FY10.

The firm follows a business model wherein it gives advances to
growers during the pre-harvest season and provides credit to
customers.  Thus the working capital intensity of the business is
high.

                       About M/s Bhola Nath

The firm was established in 1994 as a partnership firm.  It is
managed by three partners who are members of the same family.  The
promoters have a rich experience of more than 20 years in fruit
trading which helps the firm to maintain long standing
relationships with the growers.  The firm acts as a fruit
commissioning agent.  It assists the growers from Jammu & Kashmir
and Himachal Pradesh to sell apples and other temperate fruits
directly in the Azadpur Fruit & Vegetable Market in Delhi for a
commission which is capped by APMC (Agricultural Produce Marketing
Committee) at 6% of sales value.  But the firm does not bear the
risk in case it's unable to sell the product in the market. The
firm has modest scale of operations and has shown a healthy growth
in operating income over the last 5 years.

In FY2009-10 the firm reported a net profit of INR 0.23 crores on
an operating income of INR1.38 crores as against a net profit of
INR0.26 crores on an operating income of INR1.31 crores in
2008-09.


DIGITAL MICRON: ICRA Assigns 'LB-' Rating to INR5.25cr Bank Limits
------------------------------------------------------------------
ICRA has assigned a LB- rating to the INR5.25 crore fund based
facilities of Digital Micron Roto Print Private Limited.  ICRA has
also assigned A4 rating to the INR1.0 crore non fund based
facilities of DMRP.

The assigned ratings are constrained by the DMRP's limited track
record of operations, weak financial profile with high leverage
and modest debt coverage indicators; and tight liquidity position
as evidenced in delays in term loan repayments and high working
capital utilization levels.  The rating also takes into the
account the facts that the company is exposed to price risks
associated with key raw material poly film and high competitive
intensity in the flexible packaging converters industry. However,
the ratings favorably factor the favorable demand prospects in the
flexible packaging industry and promoter's experience in this
business.

DMRP is promoted by the Ramrakhiya family of Indore and is engaged
in the conversion of flexible packaging polyfilms into multicolour
rolls and pouches.  It has set up its automated manufacturing
facility in Pithampur, Indore in early 2008 at a cost of INR6.2
crore which was funded by term loan of INR3.5 crore, equity of
INR2.1 crore and unsecured promoter loans of INR0.6 crore, leading
to debt equity ratio of 56:43.  The facility was commissioned in
October 2008, thus FY 2010 was DMRP's first full year of
operations.  Although DMRP is a new entrant in this industry, it
was able to acquire clients as the promoters had experience in
this industry through another group concern.  At present, the
company's client portfolio primarily includes local snack and
confectionary manufacturers.

In its first full year of operations, DMRP posted a modest
operating income of INR5.5 crore with an operating margin of 18%
owing to low administration costs in a small and automated set up
and favorable input price trend.  However, high interest costs led
to net margin of 1%.  The company's profitability remains exposed
to fluctuation in prices polyfilm, the company's key raw material.
Poly film supply is controlled by few large sized players leading
to small sized converters like DMRP having low bargaining power
with respect to these suppliers.  The company is also exposed to
intense competition from organized and unorganized players in this
widely fragmented industry.  However, investment in customized
rotogravure cylinders which leads to some traction with a client
and availability of automated machinery that is capable of fast
processing gives DMRP some competitive advantage over smaller
sized competitors with manual facilities.

The company's working capital intensity was high at 52% mainly on
account of inventory days which stood at 196 days. This is on
account of the requirement of stocking customized rotogravure
cylinders with respect to each order.  The debtor days were also
high at 123 days which the company was able to fund by stretching
payments to creditors, mainly suppliers of ink and adhesives,
hence the creditor days stood at 121 days.  The high working
capital intensity has led to stretched liquidity position
evidenced in high working capital utilization and delays in loan
repayments; also reflected in negative fund flow from operations
in FY 2010.  As of March 31, 2010, the company's debt consisted of
term loan of INR3.1 crore, interest bearing unsecured loans of
INR1.0 crore and working capital borrowings of INR2.1 crore.  With
low accretion to reserves and majority of the term loan repayments
to yet to commence, DMRP's capitalization and coverage indicators
remained weak in FY2010.

Going forward, given the favorable demand prospects in the fast
growing flexible packaging industry, DMRP's ability to strengthen
its client portfolio and scale up its operations in addition to
improving profitability and managing liquidity would be key rating
sensitivities.

                       About Digital Micron

Digital Micron Roto Print Private Limited is engaged in the
manufacturing of polyester film pouches and rolls.  The company
was incorporated in 2005 by the Ramrakhiya family of Indore,
Madhya Pradesh.  The manufacturing facility, situated in Pithampur
Industrial Area, has an installed capacity of 5-7 tonnes per day
translating to around 2520 MTPA and started commercial operation
in October 2008.  The company essentially converts Poly Ethylene
(PE) film into flexible packaging rolls and pouches.  The company
caters to various local players across industries like
confectionary, FMCG and pharmaceuticals.  The Ramrakhiya family
also has another company 'Pick n Pouch' which was established in
2000 and is into similar activity with an installed capacity of
around 730 MTPA.


KETI CONSTRUCTIONS: CRISIL Assigns 'BB+' Rating to INR336.4M Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Keti Constructions Ltd.

   Ratings                            Facilities
   -------                            ----------
   INR353.5 Million Cash Credit       BB+/Stable (Assigned)
   INR336.4 Million Long-Term Loan    BB+/Stable (Assigned)
   INR300 Million Bank Guarantee      P4+ (Assigned)
   INR10.1 Mil. Proposed Short-Term   P4+ (Assigned)
                 Bank Loan Facility

The ratings reflect risks related to geographical concentration in
its revenue profile and tender-based nature of its business. The
ratings also reflect susceptibility of KCL's credit profile to the
timely stabilization & performance of the projects being executed
under special purpose vehicles (SPVs) promoted by KCL.  These
weaknesses are partially offset by KCL's established market
position in the civil construction industry, and the extensive
industry experience.

KCL has availed project-specific credit facilities and in turn
extended the support to the SPVs. KCL has extended its corporate
guarantees in respect of debt availed in SPVs.  KCL is attached to
each SPV in a dual capacity - one as a promoter and secondly as a
contractor for the toll way project.  KCL is expected to provide
additional financial support to SPVs in the event of any shortfall
in cash flows to meet their debt servicing commitments.

Outlook: Stable

CRISIL expects KCL to maintain its stable credit risk profile over
the medium term on the back of its established market presence and
extensive experience of promoters.  The outlook may be revised to
'Positive' if there's timely completion of toll way projects &
toll collections for SPVs stabilize in time, in turn significantly
improving the credit profile of KCL.  Conversely, the outlook may
be revised to 'Negative' if the execution of toll way projects is
delayed or toll collections are substantially lower than expected
thereby resulting in deterioration of debt protection indicators
and capital structure.

                      About Keti Constructions

Established in 1976 as a partnership firm of Mr. K.M. Jakhetia &
Mr. T.C. Garg, and later converted into Private Limited co. in
1986 & into closely held public limited company in 1999, KCL is
into civil engineering work projects of roads, bridges, buildings,
dams & other infrastructure projects.  The entire shareholding is
within promoter group. KCL's registered office is at Indore.

KCL reported a profit after tax (PAT) of INR150 million on net
sales of INR2310 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR110 million on net
sales of INR1640 million for 2008-09.


MOHAN ENTERPRISES: CRISIL Rates INR1.11BB Term Loan at 'BB'
----------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the term loan
facility of Mohan Enterprises.

   Ratings                         Facilities
   -------                         ----------
   INR1116.5 Million Term Loan     BB/Stable (Assigned)

The rating reflects MET's weak financial flexibility, and high
client and geographical concentration in revenue profile.  These
rating weaknesses are partially offset by the benefits that MET
derives from its promoters' extensive industry experience and its
established relationship with its clients.

Outlook: Stable

CRISIL believes that MET will continue to benefit over the medium
term from its promoters' extensive experience in the commercial
real estate industry in Bengaluru (Karnataka) and its established
relationship with its clients.  The outlook may be revised to
'Positive' if MET diversifies its client base, and maintains or
increases its operating margin on a sustained basis. Conversely,
the outlook may be revised to 'Negative' in case of a decline in
lease rentals, which may adversely affect its expected cash
accruals, or if the firm undertakes a larger-than-expected, debt-
funded capital expenditure programme, adversely affecting its
capital structure and debt protection metrics.

                       About Mohan Enterprises

MET was set up in 1991 by Mr. S Anantha Raju and his son Mr. A
Mohan Raju.  The firm constructs office complexes and provides
them on lease to corporate clients.  MET operates in Bengaluru
(Karnataka) and has developed more than 1.257 million square feet
of office space.  The firm has leased the office space to clients
such as Honeywell Technology Software Solutions Pvt Ltd, Accenture
Services Pvt Ltd, Oracle India Pvt Ltd, and Johnson & Johnson Ltd.
The annual lease revenue of the firm is expected to be around
INR565 million in 2010-11 (refers to financial year, April 1 to
March 31).

For 2008-09, MET reported a profit after tax (PAT) of INR94.0
million on net revenues of INR379.0 million, against a PAT of
INR76.0 million and net revenues of INR233.0 million for the
previous year.


P. ASHOKKUMAR: CRISIL Reaffirms 'P4' Packing Credit Rating
----------------------------------------------------------
CRISIL's ratings on the bank facilities of P. Ashokkumar & Co.
continue to reflect the company's weak financial risk profile
marked by small net worth, high gearing, and weak debt protection
metrics, and small scale of operations.  These rating weaknesses
are partially offset by PAC's partners' experience in the diamond
trading business.

   Ratings                                 Facilities
   -------                                 ----------
   INR21.5 Million Packing Credit          P4 (Reaffirmed)
   INR78.5 Million Post Shipment Credit    P4 (Reaffirmed)

Update

PAC's revenues of INR680 million for 2009-10 (refers to financial
year, April 1 to March 31) were higher than CRISIL's expectations
because of a revival in demand for polished diamonds in the second
half of the year.  However, the firm's revenues are expected to be
lower in the current year due to decline in volumes, with INR500
million registered in the first nine months and INR650 million
expected by year-end. PAC's gross current asset days were lower at
190 because of lower debtor levels.  The firm's receivables were
at INR230 million as on March 31, 2010 (same value as on March 31,
2009, despite a decline from 162 days); the levels have increased
to INR305 million as on Oct. 30, 2010.

PAC's gearing and total outside liabilities to net worth ratios
were lower than expected because of a decline in debtors, and
higher creditors. However, the ratios are expected to remain high
because of large working capital requirements.  The firm's
liquidity continues to remain weak because of working capital
intensity. PAC's bank limit utilizations have been high at around
95% over the past 12 months ended October 2010; this was partially
offset by capital infusion of INR10.4 million during 2009-10.

PAC reported a profit after tax (PAT) of INR10 million on net
sales of INR677.3 million for 2009-10, against a PAT of INR5.4
million on net sales of INR527.2 million for 2008-09.

                        About P. Ashokkumar

Set up as a partnership firm in 1984, PAC processes and trades in
polished diamonds.  The firm is managed by Mr. Ashok Shah, his
brother, Mr. Prakash Shah, and friends, Mr. Prakash Desai and
Mr. Girish Desai.  PAC primarily sells round and white diamonds in
the range of 10 pointers to 30 pointers to clients in Hong Kong,
Singapore, Dubai, and Antwerp (Belgium). The firm gets the
processing done on job-work basis from Surat (Gujarat).


PRESS MACH: CRISIL Reaffirms 'BB-' Rating on INR15MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Press Mach continue to
reflect Press Mach's small scale and working-capital-intensive
operations, and below-average financial risk profile marked by a
high gearing and weak debt protection metrics.  These rating
weaknesses are partially offset by the benefits that Press Mach
derives from the healthy growth prospects in the niche pre-
fabricated shelter segment.

   Ratings                            Facilities
   -------                            ----------
   INR15.00 Million Long-Term Loan    BB-/Stable (Reaffirmed)
   INR80.00 Million Cash Credit       BB-/Stable (Reaffirmed)
   INR7.50 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Press Mach will maintain its business risk
profile over the medium term, supported by its established
position in the installation of pre-fabricated shelters.  The
outlook may be revised to 'Positive' if Press Mach's liquidity
improves significantly on account of high cash accruals,
enhancement of bank lines, or improved receivables management.
Conversely, the outlook may be revised to 'Negative' if there is
continued pressure on liquidity, or if the firm undertakes a
large, debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

Update
Press Mach's revenues and profitability in 2009-10 (refers to
financial year, April 1 to March 31) were in line with CRISIL's
expectations. Press Mach's performance in the current year is
above CRISIL's expectations, driven by increased demand from the
firm's customers along with a comfortable order book of INR150
million to be completed over the next three months.  The firm
generated revenues of INR515 million over the ten months ended
Jan. 31, 2010, and is expected to close the year at INR700 million
as compared to INR339 million in 2009-10.  The firm is currently
setting up a new manufacturing facility of about 42,000 square
feet in Maraimalai Nagar near Chennai (Tamil Nadu) at a cost of
INR50 million, of which INR25 million was funded through term
loan. Press Mach's capital structure remains as per CRISIL
expectations, with gearing of 3.34 times as on March 31, 2010;
however, the firm is expected to generate sufficient net cash
accruals of INR40 million as against no term debt obligations.
Press Mach's liquidity remains constrained because of stretched
receivables leading to high bank limit utilization, driven by
frequently availing limits on ad hoc basis, and low unencumbered
cash balances of INR8 million as on March 31, 2010.

Press Mach reported a profit after tax (PAT) of INR31 million on
net sales of INR339 million for 2009-10, against a PAT of INR29
million on net sales of INR348 million for 2008-09.

                          About Press Mach

Set up in 1984 as a proprietorship firm by Mr. C A Sunny, Press
Mach is engaged in the erection of pre-fabricated site offices,
guesthouses, and staff hostels.  These pre-fabricated shelters are
made of reinforced plastic and steel.  The shelters are mostly
temporary structures to shelter staff and employees at site
offices in the infrastructure segment. Press Mach has completed
projects for many large infrastructure entities, including Larsen
& Toubro Ltd, Consolidated Consortium Construction Ltd, and
Ascendas Property Management Services India Pvt Ltd, Bangalore.
Press Mach has a facility near Chennai to manufacture and assemble
pre-fabricated segments.


S. M. STEELS: CRISIL Assigns 'BB' Rating to INR100MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of S. M. Steels.

   Ratings                               Facilities
   -------                               ----------
   INR100 Million Cash Credit            BB/Stable (Assigned)
   INR69.9 Million Long-Term Loan        BB/Stable (Assigned)
   INR1.9 Million Proposed L Bank        BB/Stable (Assigned)
                     Loan Facility
   INR18.2 Million Overdraft Facility    BB/Stable (Assigned)
   INR80 Million Letter of Credit        P4+ (Assigned)

The ratings reflect SM's constrained financial risk profile,
marked by weak capital structure and small net worth, and risks
arising from working capital intensive nature of operations.
These weaknesses are partially offset by the extensive experience
of SM's promoters in the steel trading industry.

Outlook: Stable

CRISIL believes that SM will maintain a stable business risk
profile over the medium term on the back of its established market
position and extensive experience of its promoters in the steel
trading industry.  The outlook may be revised to 'Positive' in
case of a significant increase in revenues, coupled with
improvement in net cash accruals and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in SM's operating margin or a further distortion in
its capital structure.

                         About S. M. Steels

SM was promoted by Mr. Satish Shah and his wife, Mrs. Pratibha
Shah as a partnership firm in 1991.  The firm is engaged in
trading of various steel products like thermo-mechanically-treated
bars and plates, hot-rolled coils, and structural steel products
such as angles, beams, and channels, in and around Mumbai.  Mr.
Satish Shah looks after the day to day operations of the firm.

SM reported a profit after tax (PAT) of INR35 million on net sales
of INR1.86 billion for 2009-10 (refers to financial year, April 1
to March 31) as against a PAT of INR8.9 million on net sales of
INR1.4 billion for 2008-09.


SAHAYATA MICROFINANCE: CRISIL Assigns 'BB-' Rating to LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the long-term bank
loan facilities of Sahayata Microfinance Pvt Ltd.

   Ratings                           Facilities
   -------                           ----------
   INR700.0 Million Long-Term Bank   BB-/Stable (Assigned)
                   Loan Facilities

The rating reflects the heightened regulatory and legislative
risks associated with the microfinance sector and constrained
funding environment for microfinance institutions (MFIs). The
rating also factors in Sahayata's modest asset quality and
earnings profile. These rating weaknesses are partially offset by
Sahayata's adequate capitalization levels and the experience of
its senior management in the financial services sector.

Regulatory and legislative risks associated with the MFI sector
have heightened since the implementation of the MFI ordinance by
the Government of Andhra Pradesh in October 2010. Furthermore,
bank funding to the MFI sector has been constrained, thereby
impacting the sector's liquidity and growth prospects. Sahayata,
like most MFIs operating outside Andhra Pradesh, has been able to
draw down a total of INR380 million from already sanctioned loans
since the ordinance and INR15 million in fresh funding in December
2010.  In the interim, Sahayata had slowed down its disbursements
and growth projections in order to ensure availability of
sufficient liquidity for operations and debt servicing.
Subsequently, the company is expecting to issue INR190 million of
non-convertible debentures (NCDs) by March 2011.  CRISIL believes
that the issuance of the NCDs will alleviate Sahayata's funding
concerns over the near term, and will monitor the timely
completion of the transaction. However, resumption of bank funding
will be critical for Sahayata, if it has to meet its revised
business plans over the medium term.

Sahayata's asset quality is modest; its 90 days past due
(including write-offs) on a six month lagged basis as a percentage
of its loan portfolio increased to 2.3% as on Sept. 30, 2010 from
0.99% as on March 31, 2010.  The increase in delinquency numbers
is due to the aggressive growth strategy adopted by the company
since 2009-10 (refers to financial year, April 1 to March 31) and
its conservative policy of writing off loans that have been
overdue for more than 60 days. Apart from these, certain staff
frauds have also led to the increase in write-offs.  To counter
this problem, the company has put in place adequate systems and
processes and is enhancing its monitoring and collection
mechanisms, and deploying unit audit managers in select branches.
However, the benefit of these initiatives, in the form of improved
asset quality, needs to be demonstrated. Additionally, Sahayata
plans to start new products, such as individual business loans and
home improvement loans, but its ability to scale up these
businesses while maintaining asset quality is yet to be seen.

Furthermore, Sahayata's earnings profile is modest, as reflected
in a net profit after tax (PAT) of INR4.4 million (INR51.9 million
in 2009-10) and post-credit net profitability margin (based on
quarterly average) of a negative 2.8% for the nine months ended
Dec. 31, 2010 (3.8% in 2009-10).  This was because of the
company's increased cost of borrowing (17% of average borrowings
as on Dec. 31, 2010), high operating expenses (13% of average
funds deployed) and high credit costs (4.5% of average funds
deployed).  In addition, the proposed cap on margins and
individual loans, coupled with the expected operating- and
compliance-related challenges if the Malegam committee's
recommendations are accepted, are expected to weaken MFIs' growth
and profitability.  CRISIL believes the challenges of
transitioning to the recommendations of the Malegam Committee will
be more pronounced in small-to-medium MFIs, such as Sahayata,
which have higher funding and operating expenses.

However, Sahayata's capitalization levels are adequate; it had a
net worth of INR363.9 million as on Dec. 31, 2010.  Moreover, the
current private equity investors have agreed to infuse INR200-250
million equity capital in the company within the next few weeks.
CRISIL believes that this equity infusion will enhance Sahayata's
ability to manage the current crisis. Since its inception in
September 2007, the company has been able to raise capital from
private equity players thrice, thereby supporting its growth
plans. Its capital adequacy ratio and adjusted gearing (including
managed portfolio) was 20.8% and 5.6 times, respectively, as on
Dec. 31, 2010.  Also, Sahayata's senior management comprises
experienced professionals from the financial services sector.
CRISIL believes that Sahayata will benefit from the experience of
its management team in tiding over the challenging environment.

Outlook: Stable

CRISIL believes that Sahayata will benefit from its adequate
capitalization levels and experience of its senior management in
the financial services sector.  Its scale of operations, asset
quality, and earnings are, however, expected to remain modest.
The outlook may be revised to 'Positive' if Sahayata is able to
make a smooth transition to the new regulatory framework and
sustainably improve its scale of operations, asset quality and
earnings profile.  Conversely, the outlook may be revised to
'Negative' if the company is unable to raise adequate funds
required to scale up its operations and meet liquidity
requirements, or if asset quality deteriorates substantially,
thereby impacting its capitalization levels.

                     About Sahayata Microfinance

Sahayata started its operations as a society in September 2006 in
Udaipur (Rajasthan).  The promoters came together with their own
investments to test the viability of the business in Rajasthan. In
August 2007, the promoters acquired a non-banking finance company,
Shree Hari Fintrade Pvt Ltd.  In August 2009, the company got its
present name.  The company's assets under management amounted to
INR1.6 billion as on December 31, 2010 and it disbursed loans, for
the first nine months of 2010-11, aggregating INR2.4 billion.

Sahayata reported a PAT of INR52 million on total income of INR247
million in 2009-10, against a net loss of INR23 million on total
income of INR237 million for 2008-09. For the nine months ended
December 31, 2010, Sahayata reported a PAT of INR4 million on
total income of INR410 million.


SHREE NURSINGSAHAY: CRISIL Reaffirms 'BB-' Cash Credit Rating
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the long-term
letter of credit facility of Shree Nursingsahay Mudungopal
Engineers Pvt Ltd; this facility was earlier part of the company's
short-term letter of credit facility, the rating on which has been
reaffirmed at 'P4' by CRISIL.

   Ratings                             Facilities
   -------                             ----------
   INR55.00 Million Cash Credit        BB-/Stable(Reaffirmed)
   INR15.00 Million Letter of Credit   BB-/Stable (Reassigned)
   INR20.00 Million Letter of Credit   P4 (Reaffirmed)
   INR30.00 Million Bank Guarantee     P4 (Reaffirmed)

CRISIL's ratings on the bank loan facilities of SNMEPL continue to
reflect SNMEPL's weak financial risk profile, marked by a small
net worth, a high total outside liabilities to tangible net worth
(TOL/TNW) ratio, and weak debt protection metrics.  The ratings
also factor in SNMEPL's large working capital requirements, marked
by high inventory levels and gross current asset days. These
rating weaknesses are partially offset by SNMEPL's established
market position and the extensive experience of its promoters in
the electrical equipment distribution industry.

Outlook: Stable

CRISIL believes that SNMEPL will continue to benefit over the
medium term from its established market position and its
promoters' industry experience. The outlook may be revised to
'Positive' in case of more-than-expected improvement in operating
income and profitability, leading to improvement in the company's
financial risk profile.  Conversely, the outlook may be revised to
'Negative' in case of a decline in SNMEPL's profitability,
resulting in decline in cash accruals, or if the company
undertakes a large, debt-funded capital expenditure programme,
leading to deterioration in its capital structure.

Update
SNMEPL's operating performance was lower than CRISIL's
expectations, in 2009-10 (refers to financial year, April 1 to
March 31); however, the company's operating performance is in line
with CRISIL's 2010-11 expectations. SNMEPL reported net sales of
INR539.9 million for 2009-10, against net sales of INR681.1
million for 2008-09.  Sales declined because of low realizations,
as a result of change in excise duty leading to higher cost of
goods which were bought at a higher excise duty. The company
generated a turnover of about INR640 million between April 2010
and January 2011, and its turnover for 2010-11 is expected to be
in the range of INR700-750 million in 2010-11.  SNMEPL reported an
operating margin of 1% for 2009-10, lower than CRISIL's
expectations of 1.5% on account of the above-mentioned factors.
SNMEPL's operating profitability is expected to improve to around
1.6% over the near term.  SNMEPL continues to have a weak
financial risk profile, marked by a small net worth, a large
TOL/TNW ratio, and weak debt protection metrics.

                     About Shree Nursingsahay

Set up in 1949, SNMEPL trades in industrial electrical equipment
such as high-tension transformers, circuit breakers, wires and
cables, capacitors, protection relays, industrial fans, and
misting systems.  The company is headquartered in New Delhi and
operates through eight branches spread across North India.

SNMEPL reported a net loss of INR0.24 million on net sales of
INR539.9 million for 2009-10, against a PAT of INR0.93 million on
net sales of INR681.1 million for 2008-09.


SHREYANS CREATION: CRISIL Reaffirms 'B+' Cash Credit Rating
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Shreyans Creation
Global Ltd continue to reflect SCGL's below average financial risk
profile, marked by high gearing and weak debt protection measure,
and working-capital-intensive operations.  These rating weaknesses
are partially offset by the benefits that the company derives from
its promoters' experience in the textiles business.

   Ratings                                Facilities
   -------                                ----------
   INR40 Million Cash Credit              B+/Stable (Reaffirmed)
   INR5 Million Standby Line of Credit    B+/Stable (Reaffirmed)
   INR5 Million Letter of Credit          B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCGL's financial risk profile will remain
constrained over the medium term because of a high gearing,
limited financial flexibility, and the large capital expenditure
(capex) planned by the company during this period.  The outlook
may be revised to 'Positive' if there is considerable improvement
in the company's revenues, capital structure, and debt protection
metrics, post stabilization of the planned capex towards setting
up retail outlets over the medium term.  Conversely, the outlook
may be revised to 'Negative' in case of larger-than-expected,
debt-funded capex or delays in stabilisation of planned capex
resulting in deterioration in financial risk profile.

                       About Shreyans Creation

Set up in 1988 as a partnership firm, Instyle Apparel, by Mr.
Rajendra Surana and Mr. Naveen Kapoor, SCGL was reconstituted as a
closely held company in 2005 (formerly, Shreyans Creation Pvt
Ltd). It manufactures ready-made garments for men and trades in
fabrics; the ready-made garments are sold under the Zedd brand
name.  The company supplies to retail chains, besides wholesalers.
SCGL plans to enter into the retail business by setting up retail
outlets dealing in its own as well as other mid-segment brands
over the medium term.

SCGL reported a profit after tax (PAT) of INR2.30 million on net
sales of INR368.42 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.30 million on net
sales of INR237.48 million for 2008-09.


SUNSHIELD CHEMICALS: CRISIL Upgrades Rating on LT Loan to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Sunshield Chemicals Ltd to 'BB-/Stable/P4+' from 'B/Stable/P4'.

   Ratings                          Facilities
   -------                          ----------
   INR115.0 Million Cash Credit     BB-/Stable (Upgraded from
                                                'B/Stable')

   INR67.6 Million Long-Term Loan   BB-/Stable (Upgraded from
                                                'B/Stable')

   INR32.4 Million Proposed LT      BB-/Stable (Upgraded from
            Bank Loan Facility                  'B/Stable')

   INR42.5 Mil. Letter of Credit    P4+ (Upgraded from 'P4')

   INR17.5 Mil. Bank Guarantee      P4+ (Upgraded from 'P4')

   INR10.0 Mil. Bill Purchase-      P4+ (Upgraded from 'P4')
         Discounting Facility

The upgrade reflects improvement in Sunshield's liquidity,
following restructuring of its sales tax deferral loan in 2009-10
(refers to financial year, April 1 to March 31); the remaining
INR20 million has to be repaid in annual installments by 2020-21.
The upgrade also factors in expected improvement in Sunshield's
cash accruals because of introduction of new products by the
company and its shift in focus from commodity-based chemicals to
specialty chemicals.

The ratings reflect Sunshield's weak financial risk profile marked
by small net worth and high gearing, and small scale of
operations.  These rating weaknesses are partially offset by
Sunshield's established market position in the chemicals industry.

Outlook: Stable

CRISIL believes that Sunshield will continue to benefit from its
established customer relationships and shift in focus to
manufacture of specialty chemicals.  The outlook may be revised to
'Positive' if Sunshield's capital structure improves
significantly, backed by improvement in profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's working capital intensity increases, or it undertakes a
larger-than-expected debt-funded capital expenditure programme,
thereby further weakening its financial risk profile.

                     About Sunshield Chemicals

Sunshield was incorporated in 1986 as a private limited company,
promoted by Mr. Satish Kelkar.  The company got listed on the
Bombay Stock Exchange (BSE) in 1995.  In 2004-05, Mr. Amit Choksey
acquired a controlling stake in Sunshield.  The company
manufactures organic chemicals such as trihydroxy ethyl
isocyanurate (THEIC), ethylene oxide condensate (EOC),
antioxidants, and other specialty chemicals at its plant at Raigad
(Maharashtra); these organic chemicals are used in industries such
as rubber, plastic, polymers, lubes/oil, and wire enamel.

Sunshield reported a profit after tax (PAT) of INR29.4 million on
net sales of INR629.1 million for 2009-10, against a PAT of
INR36.6 million on net sales of INR612.4 million for 2008-09. For
the nine months ended December 31, 2010, Sunshield reported a PAT
of INR22.3 million on net sales of INR585.6 million.


TATA CHEMICALS: Fitch Gives Stable Outlook; Affirms 'BB+' Rating
----------------------------------------------------------------
Fitch Ratings has revised India-based Tata Chemicals Limited's
Outlook to Stable from Negative.  Its Long-Term Foreign Currency
Issuer Default Rating and National Long-Term rating have been
affirmed at 'BB+' and 'AA(ind)', respectively.

The agency has also affirmed TCL's INR36bn (enhanced from INR16bn)
bank facilities at 'AA(ind)'/F1+(ind)' and INR2bn commercial paper
programme at 'F1+(ind)'.  The CP programme forms part of TCL's
fund-based working capital lines.

The revision in Outlook to Stable reflects the improvement in
TCL's operational and financial performance during the nine months
of the financial year ending March 2011 (9MFY11), which should
help keep consolidated net financial leverage below 2.5x for FY11.
The Outlook also reflects the stability of TCL's business and
financial profile through the business cycle.  TCL's consolidated
operations remained robust in 9MFY11 with revenues of INR83bn and
operating EBITDAR margins of 15% despite unexpected plant
shutdowns at Babrala and in the UK.

The ratings continue to reflect TCL's strong business position as
the world's second-largest and India's largest soda ash producer
as well as its diversified customer base and soda ash
manufacturing facilities.  The ratings also reflect TCL's track
record as an efficient urea producer in India and its moderately
diversified business profile by geography and product.  The
ratings further draw comfort from low demand risks in the
fertilizer business and continued government support for the
fertilizer industry.

TCL's credit profile is constrained by input inflation and higher
energy prices impacting earnings from its soda ash business,
dependence of the fertilizer business on government subsidy and
its modest size in the Indian fertilizer industry.  However, these
risks are mitigated by TCL's ability to pass on part of any
increase in energy costs to the end customer, the government's
reasonable track record in meeting its subsidy obligations on a
timely basis and synergies derived from its subsidiary Rallis
India Limited for the fertilizer business.

The ratings also reflect TCL's strong liquidity with more than
INR10bn of consolidated cash and bank balances as at 31 March 2010
and access to fund-based bank lines of INR33bn.  Fitch notes that
Tata Sons, the parent group, injected INR3.65bn through
preferential shares in TCL in FY11.

TCL plans to double its urea capacity at Babrala at an estimated
cost of US$1bn but these plans are dependent upon the allocation
of long-term gas supplies by the government of India.  Fitch
treats this capex as an event risk and hence has not factored it
into the current ratings.

The IDR and the National Long-term rating may benefit from net
financial leverage (total net adjusted debt/ operating EBITDA)
being sustained below 1.5x and below 2x respectively.  Conversely,
the ratings may come under pressure from any adverse change in
subsidy policy or from a large debt-led capex or acquisition that
weakens TCL's net financial leverage above 3.5x.

Established in 1939 in Gujarat, TCL is a part of the multi-billion
dollar conglomerate "Tata".  Its business interests include
manufacturing of inorganic chemicals (soda ash, salt, sodium
bicarbonate etc.) and farm inputs (fertilizers, pesticides,
speciality nutrients, seeds, agri services, crop protection among
others).  The company has manufacturing facilities in India, the
UK, the US and Kenya.  TCL recorded net revenues of INR94.5bn,
operating EBITDAR of 17.4bn, and net leverage of 2.2x at FYE10.


TIMBOR HOME: CRISIL Assigns 'BB' Rating on INR60.7MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Timbor Home Ltd.

   Ratings                              Facilities
   -------                              ----------
   INR170.0 Million Cash Credit Limit   BB/Stable (Assigned)
   INR60.7 Million Long-Term Loan       BB/Stable (Assigned)
   INR66.4 Million Proposed Long-Term   BB/Stable (Assigned)
                   Bank Loan Facility

The rating reflects THL's average financial risk profile, marked
by modest debt protection metrics and high working capital
requirements, and small scale of operations in the competitive
Indian furniture retail segment.  These weaknesses are partially
offset by extensive experience of THL's promoters in the timber
trading and modular furniture business.

Outlook: Stable

CRISIL believes that the THL will benefit over the medium term
from its established position in the modular kitchen industry, and
the high demand prospects for the retail furniture industry.  The
outlook may be revised to 'Positive' if the company's financial
risk profile improves substantially, supported by significant
growth in revenues and profitability, or if its planned initial
public offer (IPO) is well accepted by investors. Conversely, the
outlook may be revised to 'Negative' if the company undertakes a
large, debt-funded capital expenditure programme, leading to
deterioration in its debt protection indicators, if the company's
revenues and profitability are less than expected, or if the
planned IPO is delayed or cancelled, leading to substantial debt-
funding of THL's planned capital expenditure over the medium term.

Incorporated in 2000, THL manufactures furniture and also
processes and trades in timber logs.  Promoted by Mr. Anant Maloo,
the company is based in Ahmadabad (Gujarat), close to which it has
three manufacturing facilities.  The retail operations are
undertaken by around 84 exclusive stores, in which THL has a
majority stake.  These stores are located all over India and
operate under three brands, Timbor Home (sells home furniture),
Timbor Cucine (furniture for modular kitchens), and Timbor Door
(doors).  The company has also entered the agro forestry business
by leasing 100 acres of land for timber farming. The day-to-day
operations are managed by Mr. Anant Maloo.

It is also planning to come out with an IPO of 36, 90,000 shares,
with a face value of INR10.  The IPO is scheduled to open in first
quarter of 2011-12.  The proceeds from the IPO will be utilized to
expand the manufacturing facility, open additional retail stores,
and to finance the resultant incremental working capital
requirements.

THL reported a profit after tax (PAT) of INR18.2 million on net
sales of INR510.4 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR11.4 million on net
sales of INR266.6 million for 2008-09.


VEDIKA CREDIT: CRISIL Reaffirms 'B+' Rating on INR300MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the bank facility of Vedika Credit Capital Ltd
continues to reflect Vedika's susceptibility to increased
regulatory and legislative risks and constrained funding
environment across the microfinance institutions sector, the
company's short track record, small market share in the
microfinance business, regional concentration of operations, and
modest financial risk profile, marked by modest net worth and
earnings profile.  These rating weaknesses are partially offset by
Vedika's sound asset quality, marked by low delinquency levels.


   Ratings                          Facilities
   -------                          ----------
   INR300 Million Long-Term Bank    B+/Stable (Reaffirmed)
                   Loan Facility

On January 14, 2011, CRISIL removed its ratings on Vedika's bank
facility from 'Rating Watch with Negative Implications', and
reaffirmed the rating, while revising the rating outlook to
'Stable'.

Outlook: Stable

CRISIL believes that Vedika will remain a relatively small and
geographically concentrated MFI over the medium term.  Given the
Vedika's promoters' short track record in the sector, their
ability to grow the business, and accordingly, scale up systems
and processes to manage asset quality and operating expenses,
needs to be demonstrated.  The outlook may be revised to
'Positive' if Vedika improves its profitability, scales up its
business, strengthens its capitalization, adapts to the new
regulatory framework, and maintains its asset quality. Conversely,
the outlook may be revised to 'Negative' if the company is unable
to raise adequate funds to scale up its operations and meet its
liquidity requirements, its asset quality deteriorates
significantly, thereby weakening its capitalization, or if it is
unable to adapt to the new regulatory framework, thereby
jeopardising its business.

                         About Vedika Credit

Incorporated in 1995, Vedika is a non-deposit-taking non-banking
financial company registered with the Reserve Bank of India.
Vedika lends to joint-liability groups, and provides top-up loans
to clients, in and around Ranchi (Jharkhand).  It entered into the
microfinance business in 2007, before which, it was involved in
two-wheeler financing.  As on Dec. 31, 2010, Vedika had a borrower
base of 26,000 members across 15 branches in 8 districts of
Jharkhand and 2 districts of Bihar.

For 2009-10 (refers to financial year, April 1 to March 31),
Vedika reported a profit after tax (PAT) of INR3.4 million on a
total income of INR61.2 million, against a PAT of INR3.3 million
on a total income of INR57.0 million for the previous year. For
the six months ended September 30, 2010, Vedika's PAT was INR2.2
million on a total income of INR43.0 million.


VIVEKANANDA HOSPITAL: CRISIL Assigns 'D' Rating to INR20MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of
Vivekananda Hospital Pvt Ltd.  The rating reflects the delays by
VHPL in servicing its debt; the delays have been caused by VHPL's
weak liquidity.

   Ratings                         Facilities
   -------                         ----------
   INR5.0 Million Cash Credit      D (Assigned)
   INR74.5 Million Term Loan       D (Assigned)
   INR20.0 Million Proposed LT     D (Assigned)
            Bank Loan Facility

VHPL has a weak financial risk profile marked by high gearing,
small net worth, and weak debt protection measures, and driven by
the start-up nature of its operations.  Moreover, the company is
exposed to risks related to geographical concentration in its
revenue profile, intense industry competition, and price-sensitive
customers.  However, VHPL benefits from its position as one of the
two hospitals offering multi-specialty treatments in the Durgapur
(West Bengal) region.

Promoted by Mr. Sujit Kumar Dutta, VHPL operates a 100-bed multi-
specialty hospital in Durgapur.  The hospital, which commenced
operations in December 2008, has specialty departments, which
include neurology, cardiology, gynaecology centers; these are
equipped with facilities for diagnostics, imaging, intensive care,
and surgery.  The hospital has tie-ups with around 13 insurance
agencies and around 16 corporate clients. The Dutta family has
also set up Little Heart, a hospital for children, in Durgapur;
the promoters have prior experience of around 12 years in managing
hospital facilities.

VHPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR54.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR7.1 million on net
sales of INR13.3 million for 2008-09.


WARM GEARS: CRISIL Assigns 'C' Rating to INR50MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'C' ratings to the bank facilities of Warm
Gears Pvt Ltd.  The ratings reflect WGL's weak liquidity, which
has led to delayed repayment of its term loan obligations in the
past.

   Ratings                              Facilities
   -------                              ----------
   INR25.0 Million Cash Credit Limit    C (Assigned)
   INR50.0 Million Term Loan            C (Assigned)

The ratings also reflect the Warm group's weak financial risk
profile, marked by high gearing and small net worth, small scale
of operations, and its exposure to risks related to customer
concentration in its revenue profile.  These weaknesses are
partially offset by the extensive experience of the Warm group in
the automotive components industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Warm Forgings Pvt Ltd (rated
B/Stable/P4 by CRISIL), WGL, and Mah Impex Pvt Ltd.  This is
because all the entities, together referred to as the Warm group,
are owned and managed by the same promoter.  Also, all the
entities derive considerable operational, financial, and business
synergies from each other. WFL and WGL manufacture gear
components, while MIL manufactures mild steel ingots which are
used by WFL and WGL.  WFL markets WGL's products in addition to
its own products. Furthermore, the bank limits of WFL are cross
guaranteed by the bank limits of MIL.

                          About the Group

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

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

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


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


JLOC 39 TRUST: Fitch Downgrades Ratings on All Interests
--------------------------------------------------------
Fitch Ratings has downgraded all classes of trust beneficiary
interests from JLOC 39 Trust due April 2014, and simultaneously
removed them from Rating Watch Negative.  The transaction is a
Japanese multi-borrower type CMBS securitization.  The details of
the rating actions are:

  -- JPY12.8bn* Class A TBIs downgraded to 'Asf' from 'AAsf';
     Outlook Stable; off RWN;

  -- JPY5.4bn* Class B TBIs downgraded to 'Bsf' from 'BBB+sf';
     Outlook Stable; off RWN;

  -- JPY3.9bn* Class C TBIs downgraded to 'CCsf' from 'B-sf';
     assigned a Recovery Rating of 'RR5'; off RWN; and

  -- JPY2.2bn* Class D TBIs downgraded to 'CCsf' from 'CCCsf';
     Recovery Rating 'RR6'; off RWN.

  * as of March 22, 2011

Fitch has downgraded all the classes to reflect a further downward
revision of the value of the largest property in the portfolio,
which is an office building in Tokyo.  Following the departure of
a major tenant in March 2009, the weighted average rental rate has
been lower than expected, resulting in a downward revision of
Fitch's rental rate estimation and ultimate valuation of this
property.  Due to the deterioration in property cash flow, the
underlying loan backed by this property faces increased risk of
continuance of timely payments of interest and replenishment of
the reserve fund in accordance with transaction documentation.

According to initial information provided by the servicer, there
has been no significant damage to any of the collateral properties
from the recent earthquake, although some properties including the
largest property have been partially damaged, suffering cracks in
the walls and/or ceilings.  Fitch will continue to monitor the
situation and take any further rating actions as necessary.

This transaction was a securitization of Tokutei Mokuteki Kaisha
specified bonds and non-recourse loans (collectively, 'underlying
loans') issued by or extended to a total of 10 issuers or
borrowers.  At closing, these underlying loans were ultimately
secured by 34 commercial real estate properties.  The transaction
is currently secured by seven underlying loans backed by eight
commercial real estate properties.


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


KUMHO ASIANA: Kumho Tire Closes Plants Amid Workers' Strike
-----------------------------------------------------------
Yonhap News reports that Kumho Tire on Friday closed its two
plants in South Korea's southwest region in response to its
unionized workers' general walkout over pay hikes and better
working conditions, company officials said.

Yonhap relates that the closure of the two Kumho factories came
after the company decided on March 22 to recall its problematic
tires in China made with more recycled rubber than allowed.

According to the news agency, Union workers at Kumho Tire, which
also ranks as the largest tiremaker in China, staged a walkout
early Friday, demanding that management engage in talks on their
working conditions and pay raises.

"Despite several requests for talks, the company has not engaged
in negotiations," Yonhap cited the union in a statement.  "We are
staging a one-day strike to urge the management to negotiate with
the union."

A Kumho spokesperson said that the company has yet to decide when
to resume operations, noting it will only do so if the union stops
their "illegal" strike, Yonhap reports.

As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana Group has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July 2009 decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  The creditors
decided on December 30, 2009, to put two other ailing units
-- Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program.  Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.
Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap News Agency reported.

Kumho Tire Co. Ltd. manufactures tire.  The company's offerings
include tires for sports utility vehicles, passenger cars, various
sizes of trucks and buses and racing cars.  In addition, the
company provides batteries for automobiles.  The company is part
of the Kumho Asiana Group.

                         About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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


FIVE STAR: Court Denies Reversal of Neill Williams' Guilty Plea
---------------------------------------------------------------
BusinessDay.co.nz reports that Neill Williams, the man said to be
the mastermind of failed finance company Five Star Finance, has
failed in the Auckland District Court to reverse his guilty pleas
to criminal charges.

BusinessDay.co.nz says Mr. Williams denies he was the principal
controller of the failed Five Star group, and sought to change his
plea when his case began last week in court.

But Judge Roderick Joyce QC ruled against the application to
vacate the pleas and Mr. Williams' lawyer EB Leary said he will
now contest that ruling in the High Court at Auckland, according
to BusinessDay.co.nz.

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

According to the report, Mr. Leary said Mr. Williams is entitled
to exercise his right of appeal by way of judicial review and has
until April 5 to lodge that appeal in the Auckland High Court.

Mr. Leary claims the health of 77-year-old Williams is suffering
as a result of the court proceedings, the report says.

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

                         About Five Star

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

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

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


=========
N E P A L
=========


GORKHA DEVELOPMENT: Declared 'Troubled Financial Institution'
-------------------------------------------------------------
The Himalayan Times reports that Nepal's central bank has declared
Gurkha Development Bank (Nepal) Ltd a 'troubled financial
institution'.

The report relates that the central bank's board of directors'
meeting last week has taken the decisions under the Nepal Rastra
Bank Act that gives the central bank the right to declare any bank
and financial institution troubled in case of financial
discrepancies.

According to the Himalayan Times, the financial institution will
be restricted to mobilize deposits and float loans after being
declared troubled.  The report discloses that Gurkha Development
Bank, promoted by British Gurkhas, has been in trouble after an
embezzlement scandal over to the tune of INR130 million by its
former executive director D B Bomjan and other staffers.

The Himalayan Times relates that the bank replaced its 'tainted'
executive director Bomjan and his team with chairman Nirmal Gurung
in the second week of March.  But after a week, Bomjan again took
over by force by replacing Gurung.

Earlier, the report cites, the central bank directed Gurkha
Development Bank to prepare a Due Diligence Report after former
executive director DB Bamjan was found to have been involved in
embezzlement while issuing credit to a customer Panchalal
Maharjan.

Gurkha Development Bank (Nepal) Ltd, promoted by British Gurkhas,
has been in trouble after an embezzlement scandal to the tune of
INR130 million.


SAMJHANA FINANCE: Nepal Rastra Bank Places Firm In Liquidation
--------------------------------------------------------------
The Himalayan Times reports that Nepal Rastra Bank has decided to
send Samjhana Finance for liquidation after the finance company's
explanation could not satisfy the central bank.  The report says
the finance company submitted its explanation with proposal of new
management that would take over the current the management and run
it but the central bank rejected the proposal and decided to send
it for liquidation.

The Himalayan Times notes that after declaring Samjhana Finance a
troubled financial institution, the central bank had last year
restricted the financial institution to mobilize deposits and
float loans on the basis of its weak capital base and high
non-performing asset.

Samjhana Finance Company Limited is a Nepal based finance company.


===========
T A I W A N
===========


CHINATRUST GROUP: Fitch Takes Various Rating Actions
----------------------------------------------------
Fitch Ratings has affirmed the ratings of Chinatrust Group, namely
Chinatrust Financial Holding Company and its subsidiaries,
Chinatrust Commercial Bank and Chinatrust Securities Co.  A full
rating breakdown is detailed below.

The affirmation follows the group's stronger-than-expected 2010
performance in profits and asset quality.  Group consolidated
profit increased to TWD14.1bn (unaudited, return on equity of
10.5%) in 2010 from TWD2.4bn in 2009.  CFHC's commercial banking
operations reported a notable improvement in wealth management,
institutional banking fees and loan impairment charges, as the
asset quality of its US banking subsidiary CTCBUSA stabilized
after a major asset-cleansing and recapitalization exercise was
completed in H110.  Fitch expects group profit to further improve
modestly in 2011 on the back of strong asset quality and a
favorable economic outlook.

The ratings of CFHC and its principal operating subsidiary CTCB,
which represents 99% of the group's assets, reflect CTCB's strong
banking franchise superior performance in revenue/earnings
quality, risk management and capital strength relative to domestic
peers.  The strengths are tempered by limited geographical
diversity and structural overhangs (including Taiwan's saturated
and competitive banking market), which have contributed to an
ongoing volatility in profit.

The ratings of CTSC reflect its status as an integral part of
Chinatrust Group.  CTSC's IDR is rated one notch lower than CFHC's
and CTCB's to reflect Fitch' view of possible reduction in
propensity and available resources of CTCB and CFHC to support the
subsidiary in case of need.  The perpetual subordinated bonds by
CTCB are rated two notches below its Long-Term Issuer Default
Rating, in line with Fitch's hybrid notching criteria, reflecting
the debt issues' feature of loss absorption through coupon and
principal deferrals.

CTCB's 'A' IDR, the anchor rating for the group companies' IDRs,
is based on its fundamental financial strengths as indicated by
its Individual Rating 'B/C'.  The bank's IDR has a Stable Outlook,
underpinned by a sound capital buffer and solid asset quality.
Its Support Rating of '3' and Support Rating Floor of 'BB+'
highlight Fitch's expectation of a moderate level of state support
for the bank in case of need given its systemic importance in
Taiwan.  Negative pressure on CTCB's IDR may arise from aggressive
investments in non-core and/or overseas markets that weaken its
capital and risk profile.  Likewise, such investments (or
acquisitions) by CFHC leading to substantial weakening of the
holding company's financial leverage and liquidity profile may
cause its IDR to be rated lower than CTCB's and could also
consequently impact CTCB's ratings.  This is because CTCB may be
required to upstream dividend to the weakened holding company,
undermining the bank's financial profile.

Management's strategy of pursuing growth outside of its well-
developed commercial banking business in Taiwan is visible in
CTCB's overseas expansion, and the failed attempt by CFHC to
acquire Nan Shan Life Insurance Company, Ltd.  (IFS Rating
'A+(twn)', Rating Watch Negative).  While the group is well-
positioned relative to Taiwanese peers for overseas expansion,
such ventures, particularly a foray into the non-bank segment,
could bring about risks and burden its balance sheet.

CTCB is well capitalized in terms of level and quality.  The Tier
1 capital ratio stood at 11.55% at end-2010, up from 10.95% at
end-2009.  The strong local franchise renders CTCB a strong
deposit base to fund lending, with a loan-to-deposit ratio of
around 80%.  CFHC is moderately leveraged, with a double-leverage
ratio at 112% at end-2010 (2009: 114%) based on Fitch-defined
eligible capital.  The company plans to raise fresh capital to
refinance its outstanding preferred shares due in December 2012.
Capitalization is adequate, with a statutory sum-of-parts capital
adequacy of 116.8% against the regulatory minimum of 100%,
reflecting sound capitalization among its subsidiaries.  CTSC
maintains a small but strong balance sheet with its statutory
capital adequacy ratio of 887% (versus the regulatory threshold at
150%) end-2010.

CFHC, established in 2002, is a bank-centric financial holdings
company.  CTCB is the largest privately-held bank in Taiwan,
commanding a 5% market share of deposits.  The Koo family is its
largest shareholder and has two seats on the board (out of nine
seats), with the rest being independent from the Koos to
facilitate corporate governance.

The rating actions are:

Chinatrust Financial Holding Company

  -- Long-term foreign currency IDR affirmed at 'A', Outlook
     Stable;

  -- Short-term foreign currency IDR affirmed at 'F1';

  -- National Long-term rating affirmed at 'AA+(twn)';

  -- National Short-term rating affirmed at 'F1+(twn)';

  -- Individual affirmed at 'B/C';

  -- Support affirmed at '5'; and

  -- Support Rating Floor affirmed at 'No Floor'.

Chinatrust Commercial Bank

  -- Long-term foreign currency IDR affirmed at 'A', Outlook
     Stable;

  -- Short-term foreign currency IDR affirmed at 'F1';

  -- National Long-term rating affirmed at 'AA+(twn)';

  -- National Short-term rating affirmed at 'F1+(twn)';

  -- Individual affirmed at 'B/C';

  -- Support affirmed at '3';

  -- Support Rating Floor affirmed at 'BB+';

  -- Perpetual cumulative TWD subordinated bonds' National Long-
     tem rating affirmed at 'AA-(twn)';

  -- Perpetual non-cumulative US$ subordinated bonds' Long-term
     foreign currency rating affirmed at 'BBB+';

  -- Subordinated bonds' Long-term foreign currency rating
     affirmed at 'A-' and National Long-term rating affirmed at
     'AA(twn)';

  -- Senior unsecured bonds affirmed at 'AA+(twn)'.

Chinatrust Securities Co.

  -- Long-term foreign currency IDR affirmed at 'A-', Outlook
     Stable;

  -- Short-term foreign currency IDR affirmed at 'F1';

  -- National Long-term rating affirmed at 'AA(twn)', Outlook
     Stable;

  -- National Short-term rating affirmed at 'F1+(twn)';

  -- Individual affirmed at 'C/D'; and

  -- Support affirmed at '1'.


                             *********

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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