TCRAP_Public/110329.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Tuesday, March 29, 2011, Vol. 14, No. 62

                            Headlines



A U S T R A L I A

ABC LEARNING: Creditor Appeals Expansive Reading on Injunction
CHARTWELL ENTERPRISES: Ex-Director Gets 13 Years Jail Sentence
COMMONWEALTH BIOTECHNOLOGIES: Holders of Common Stock Total 48
OPES PRIME: Emini Offers to Disclose Role in Group's Collapse
TT INTERNATIONAL: Supreme Court of Queensland Enters Wind-up Order


C H I N A

FUQI INT'L: Receives Final Notice of Noncompliance from NASDAQ
LONGFOR PROPERTIES: S&P Assigns 'BB' Rating to Senior Notes
WINSWAY COKING: Fitch Assigns Issuer Default Rating at 'BB'
WINSWAY COKING: Moody's Assigns 'Ba3' Corporate Family Rating


H O N G  K O N G

EVERMAX LIMITED: Members' Final Meeting Set for April 26
FASTWELL KNITWEAR: Ng Kam Chiu Appointed as Liquidator
FEDERAL INTERNATIONAL: Poon and Yao Step Down as Liquidators
GAINVIEW HOLDINGS: Leung Che Wing Steps Down as Liquidator
HK AND KOWLOON: Creditors' Proofs of Debt Due April 30

MBNS ENTERPRISES: Creditors' Proofs of Debt Due April 21
MUSHK LIMITED: Commences Wind-Up Proceedings
PALMSOURCE HK: Members' Final Meeting Set for April 29
PETER BLACK: Lam and Boswell Step Down as Liquidators
PHOENIX GARDEN: Commences Wind-Up Proceedings

REGER INTERNATIONAL: Final Meetings Set for May 4
SERFORD LIMITED: Creditors' Proofs of Debt Due April 26
SABIC HK: Seng and Cheng Step Down as Liquidators
SETWIN DEVELOPMENT: Creditors' Proofs of Debt Due April 23
SILVERY TARGET: Members' Final Meeting Set for April 29


I N D I A

B SORABJI: Fitch Affirms National Long-Term Rating at 'B'
BANSAL EXTRACTION: ICRA Assigns 'LB-' Rating to INR63cr LT Loan
CHETAN CABLETRONICS: CRISIL Assigns 'B' Rating to INR34.2MM Loan
DANIA ORO: CRISIL Reaffirms 'B-' Rating on INR100.1MM LT Loan
DEE WELDOGEN: CRISIL Places 'B' Rating to INR50-Mil. Cash Credit

DYNAMIX CHAINS: CRISIL Reaffirms 'B-' Rating on INR340.7MM Loan
ESGI LEATHER: CRISIL Reaffirms 'D' Rating on INR10.20MM Term Loan
FIREWORKS PRODUCTIONS: CRISIL Rates Overdraft Facility at 'BB+'
INDIAN PULP: ICRA Assigns 'LC' Rating to INR45.8cr Term Loans
KANAKA INFRATECH: ICRA Assigns 'LB+' Rating to INR170cr Bank Limit

KARAM AUTO: ICRA Assigns 'LB+' Rating to INR7cr Bank Facilities
LEELA P CLOTHING: ICRA Assigns 'LC' Rating to INR17.4cr Term Loans
MANAV INFRASTRUCTURE: CRISIL Rates INR300-Mil. LT Loan at 'BB'
MATS MINERALS: ICRA Assigns 'LBB-' Rating to INR7cr Bank Limits
MULTICOLOR STEEL: Fitch Assigns 'BB+' Rating on Capital Limits

N P INFRATECH: CRISIL Assigns 'B' Rating to INR250MM Cash Credit
NALANDA BUILDERS: CRISIL Rates INR70 Million Cash Credit at 'B+'
PSR & SONS: CRISIL Upgrades Rating on INR13.2MM Term Loan to 'BB-'
RAVI IRON: CRISIL Rates INR235-Mil. Cash Credit Facility at 'BB'
RAVE SCANS: ICRA Reaffirms 'LBB+' Rating on INR35cr Term Loans

ROLLY JEWELLERY: CRISIL Reaffirms 'D' Rating on INR120.3MM Loan
STYLEONE RETAIL: ICRA Assigns 'LC' Rating to INR16.60cr Term Loan
VELACITY: ICRA Assigns 'LB-' Rating to INR4.8cr Term Loans
VISHAL RETAIL: TPG Acquires Business for INR700 Million


J A P A N

* 1,135 Listed Firms Suffer Damage by Quake-Tsunami Disaster
JAPAN AIRLINES: Exits from Court-Backed Rehabilitation


K O R E A

HYVA GLOBAL: Fitch Assigns 'BB-' Rating to Senior Secured Notes
* SOUTH KOREA: Construction Sector Steeply Shrink on Market Slump


N E W  Z E A L A N D

HONK 2: Defaults on NZ$23 Million Secured Loan
NATHANS FINANCE: Gave Misleading Infos, Crown Prosecutor Says


P H I L I P P I N E S

PHILIPPINE AIRLINES: Palace Approves PAL's Outsourcing Plans


S I N G A P O R E

ACROPOLIS ELECTRONICS: Court to Hear Wind-Up Petition April 1
BSK TECHNOLOGIES: Creditors to Get 100% on Preferred Claims
CLIFFORD ENGINEERING: Creditors Get 15.8628% Recovery on Claims
GLOCAL MEDIA: Court to Hear Wind-Up Petition April 8
MIODINO THE OFFICE: Creditors Get 1.24832% Recovery on Claims


X X X X X X X X

* S&P's Global Corporate Default Tally Remains at Three
* BOND PRICING: For the Week March 21 to March 25, 2011


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A U S T R A L I A
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ABC LEARNING: Creditor Appeals Expansive Reading on Injunction
--------------------------------------------------------------
Bill Rochelle, Bloomberg News' bankruptcy columnist, reports that
RCS Capital Development LLC is appealing a judge's order that gave
an expansive reading to the injunction against creditor actions in
Chapter 15 with respect to the case of A.B.C. Learning Centres
Ltd.  In orders in November 2010 and January 2011, U.S. Bankruptcy
Judge Kevin Gross ruled that Australia was home to A.B.C.
Learning's "foreign main" bankruptcy proceeding.  Some of A.B.C.
Learning's assets are in the control of liquidators while others
are under the wing of administrators.

Judge Gross previously entered an order granting Chapter 15
protection to the Australian liquidator.  He prohibited creditor
actions in the U.S. against assets controlled by both the
liquidator and the receiver.  Judge Gross said it was proper to
stop all actions because Chapter 15 protection was granted for
A.B.C. Learning, without regard for who has control of particular
assets.  Judge Gross noted that substantially all of the assets
are in the control of the receiver.  If there was no Chapter 15
protection, RCS Capital would be able to strip the company of its
assets in the U.S.

According to the report, RCS Capital, the holder of a $47 million
jury verdict against A.B.C. Learning, is appealing, contending
that Chapter 15 doesn't confer the power to halt creditor actions
against the receiver's properties.

A.B.C. filed a Chapter 15 petition in May 2010 to stop collection
soon after RCS Capital obtained the judgment.  The RCS suit was
for breach of development contracts at sites in the U.S.

                         About ABC Learning

Based in Australia, ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On Jan. 26,
2007, it acquired La Petite Holdings Inc.  On Feb. 2, 2007, it
acquired Forward Steps Holdings Ltd.  On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

In November 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Administrators filed a Chapter 15 petition for the Company
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Petitioners in the Chapter 15 case.  ABC's debts and assets were
estimated to be between US$100 million and US$500 million.

A separate Chapter 15 petition was filed for affiliate A.B.C.
USA Holdings Pty Ltd., listing assets and debts of at least
US$100 million.


CHARTWELL ENTERPRISES: Ex-Director Gets 13 Years Jail Sentence
--------------------------------------------------------------
Former Chartwell Enterprises Pty Ltd director, Graeme Hoy, has
been sentenced to jail for 13 years and nine months following an
Australian Securities & Investments Commission investigation into
the collapse of the company.  The investigation uncovered that the
collapse of Chartwell, in April 2008, was a direct result of
Mr. Hoy operating one of Australia's largest ponzi schemes with
investors owed in excess of AU$82 million.

Mr. Hoy of Melbourne, Victoria, appeared in the Supreme Court of
Victoria after pleading guilty in December 2010 to 44 deception
charges totalling almost AU$22 million.  Mr. Hoy is required to
serve a minimum term of nine years.

Mr. Hoy, 58, was convicted of 34 charges of dishonestly obtaining
AU$13.3 million by deception from investors, 10 charges of
obtaining property by deception from investors that totalled
AU$2.5 million, and one charge of dishonestly obtaining property
in excess of AU$5.8 million by deception on behalf of Black Swan
Holdings Pty Ltd from the Commonwealth Bank of Australia.

Mr. Hoy was also convicted of one charge of dishonestly using his
position as a director, one charge of carrying on a financial
services business without a license, and one charge of engaging in
dishonest conduct in carrying on a financial services business by
giving false information to investors about how their investments
were performing.

In sentencing Mr. Hoy on March 23, 2011, Justice Terry Forrest
commented that the fraud had caused incalculable damage for
vulnerable people.  Justice Forrest said Mr. Hoy was responsible
for fraud on a grand scale.  Justice Forrest said he denounced
Mr. Hoy's conduct.

Regarding Mr. Hoy's failure to hold an Australian financial
services licence (AFSL), in sentencing Justice Forrest said the
law was designed to protect the public from unscrupulous and
unskilled financial advisors.  Justice Forrest said Mr. Hoy was
both of those things.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

On Aug. 19, 2010, former Chartwell secretary, Ian Rau, was
sentenced to two years and seven months imprisonment after
pleading guilty to eight charges arising from ASIC's
investigation.

                     About Chartwell Enterprises

Based in Geelong, Australia, Chartwell Enterprises Pty Ltd was
founded by Ian Rau and Graeme Hoy.  Mr. Hoy also owns a
hospitality company which has recently been placed in
receivership.

The Troubled Company Reporter-Asia Pacific reported on April 30,
2008, that administrators were appointed to look into the collapse
of Chartwell Enterprises.  Bruno Secatore from Cordis Chartered
Accountants was appointed as one of the administrators.
Mr. Secatore was later appointed as the company's liquidator.


COMMONWEALTH BIOTECHNOLOGIES: Holders of Common Stock Total 48
--------------------------------------------------------------
Commonwealth Biotechnologies Inc. filed with the U.S. Securities
and Exchange Commission on Tuesday Amendment No. 1 on Form 15/A to
withdraw the previous filing of the Form 15 filed on March 14,
2011, with respect to the Company's no par value common stock.

The Company also notes that the previous filing incorrectly stated
that there are 1,200 holders of record of the Company's common
stock.  As of March 22, 2011, there are 48 holders of record of
the Company's common stock.

A notice on Form 15 is filed with the SEC to inform of the
termination of registration of a class of securities or suspension
of duty to file reports.

The Form 15/A is available at http://is.gd/c0Rpdz

The previous Form 15 filing is available at http://is.gd/Jan5cJ

                About Commonwealth Biotechnologies

Based in Midlothian, Virginia, Commonwealth Biotechnologies offers
cutting-edge peptide research and development products and
services to the global life sciences industry.  CBI now operates
through its Australian subsidiary, Mimotopes, Pty Ltd.

Commonwealth Biotechnologies Inc. filed for Chapter 11 bankruptcy
protection (Bankr. E.D. Va. Case No. 11-30381) on Jan. 20,
2011.  Judge Kevin R. Huennekens presides over the case.  Paula S.
Beran, Esq., at Tavenner & Beran, PLC, represents the Debtor.  The
Debtor estimated both assets and debts of between $1 million and
$10 million.


OPES PRIME: Emini Offers to Disclose Role in Group's Collapse
-------------------------------------------------------------
Ben Butler at The Sydney Morning Herald reports that the head of
failed stockbroker and lender Opes Prime, Laurie Emini, is
prepared to give a statement to prosecutors laying out his role in
the group's collapse, a court has been told.

SMH relates that defense counsel Peter Fitzgerald told the
Victorian Supreme Court that after negotiations, his client was
"not that far away" from striking a deal with prosecutors to plead
guilty to criminal charges over the collapse.

"My client has indicated he will make a statement if required,"
SMH quotes Mr. Fitzgerald as saying.

Mr. Emini and fellow Opes Prime directors Anthony Blumberg and
Julian Smith appeared last week at a directions hearing after
being charged by the Australian Securities and Investments
Commission with offences over the 2008 failure of Opes Prime.

SMH discloses that Messrs. Smith and Blumberg face four charges
each of breaching their duties as a company director, while
Mr. Emini faces 26 similar charges, with each charge attracting a
maximum penalty of five years' jail.  All three men have pleaded
not guilty.

According to SMH, prosecutor Mark Gibson told the court
discussions with lawyers for Mr. Blumberg over the possibility of
his pleading guilty to a reduced number of charges "continue."

Counsel for Mr. Smith, Mark Regan, said his client was going to
contest the charges at trial, SMH relates.

SMH says Justice Coghlan extended bail for Messrs. Emini and
Blumberg until May 9 and adjourned the hearing until that date.

Mr. Smith's bail was extended until July 18, which Justice Coghlan
indicated was a possible start date for his trial, SMH adds.

                          About Opes Prime

Opes Prime Group Ltd was an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducted business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.

Sal Algeri and Chris Campbell from the Deloitte Corporate
Reorganization Group were appointed by a secured creditor, ANZ
Banking Group Ltd., as Receivers and Managers of Opes Prime Group
Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and
Hawkswood Investments Pty Ltd.

The TCR-AP reported on Oct. 17, 2008, that Opes Prime's creditors
voted on Oct. 15, 2008, to liquidate Opes Prime Stockbroking
Limited.  According to the Australian Associated Press, the
decision of the creditors will allow the liquidator to pursue
claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.

About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of
Opes -- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a
pool of nearly AU$1.6 billion in shares soon after the Opes
collapse, in a bid to recover money owed to them by Opes, the AAP
said.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on Sept. 22, 2008, the AAP
noted citing Ferrier Hodgson.


TT INTERNATIONAL: Supreme Court of Queensland Enters Wind-up Order
------------------------------------------------------------------
The Australian Securities and Investments Commission has obtained
orders from the Supreme Court of Queensland to wind up T.T.
International (Qld) Pty Ltd.

ASIC applied for the winding up order on the grounds that the
company is insolvent.  The appointment of a liquidator will assist
eligible former employees to receive certain employee entitlements
owed to them through the General Employee Entitlements and
Redundancy Scheme (GEERS) administered by the Department of
Education, Employment and Workplace Relations.

On May 25, 2009, Receivers and Managers were appointed to T.T.
International.  The company ceased trading and the two directors
of the company were subsequently declared bankrupt.

The Court appointed Mr. Gavin Morton of Morton's Solvency
Accountants as liquidator of the company.

The company previously traded as Couriers Worldwide Express and
was involved in international courier and freight management
services in the Brisbane region.


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C H I N A
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FUQI INT'L: Receives Final Notice of Noncompliance from NASDAQ
--------------------------------------------------------------
FUQI International, Inc., announced on March 25, 2011, receipt of
a notice of non-compliance from The NASDAQ Stock Market due to the
Company's inability to timely file its Annual Report on Form 10-K
for the year ended Dec. 31, 2010, with the Securities and Exchange
Commission, which constitutes an additional basis for the
delisting of the Company's securities from The NASDAQ Stock
Market.

As previously reported, the Company has been in the process of
preparing restated financial statements for the fiscal quarters
ended March 31, June 30, and Sept. 30, 2009, and had received
notices from NASDAQ for not complying with NASDAQ's filing
requirement as set forth in Listing Rule 5250(c)(1) because the
Company had not filed its Form 10-K for the year ended
Dec. 31, 2009 and Forms 10-Q for each of the periods ended
March 31, June 30, and Sept. 30, 2010.

The Company appeared before the NASDAQ Hearings Panel on Nov. 11,
2010, subsequent to which the Panel determined to continue the
listing of the Company's common stock on The NASDAQ Stock Market
subject to an extension through March 28, 2011, by which date the
Company must file all delinquent reports with the SEC.  Under
NASDAQ's rules, the extension through March 28, 2011, represents
the maximum length of time that the Panel may grant the Company to
come back into compliance with its rules.

Since the Company is not able to make all such filings by
March 28, 2011, and no further extensions are available, the
Company expects to receive a delisting determination from the
Panel in the very near term indicating that the Company's common
stock will be delisted from The NASDAQ Stock Market.  The Company
will provide additional disclosure upon receipt of such notice
from NASDAQ.

The Company has been advised by Pink OTC Markets Inc., which
operates an electronic quotation service for securities traded
over-the-counter, that its securities are immediately eligible for
quotation on the Pink Sheets.  The Company anticipates that its
shares will continue to trade under the symbol FUQI.  Investors
can view real time stock quotes for FUQI at
http://www.otcmarkets.com.

The Company anticipates applying for re-listing on NASDAQ at such
time as the Company is able to comply with all requirements for
initial listing.

                     About FUQI International

Based in Shenzhen, China, FUQI International, Inc. is a leading
designer, producer and seller of high quality precious metal
jewelry in China.  FUQI develops, promotes, manufactures and sells
a broad range of products consisting of unique styles and designs
made from gold and other precious metals such as platinum and
Karat gold.


LONGFOR PROPERTIES: S&P Assigns 'BB' Rating to Senior Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' issue rating to the proposed issue of U.S.-dollar fixed-rate
senior unsecured notes by Longfor Properties Co. Ltd.
(BB+/Stable/--).  The rating is subject to S&P's review of the
final issuance documentation.  The company will use the net
proceeds from the proposed issuance to fund its existing and new
property projects and general corporate purposes.

The issue rating is one notch lower than the issuer rating on
Longfor due to structural subordination risk.  Over the next 12
months, Longfor's ratio of priority debt to total assets will
likely remain above S&P's threshold of 15% for speculative-grade
debt.

The rating on Longfor reflects the company's rapid growth strategy
and short track record as a large-scale developer.  In addition,
Longfor is exposed to the high-end real estate market and tier-one
cities in China.  These segments are challenging because they are
subject to policies to cool investment demand and housing prices.
Nevertheless, in S&P's view, the company's good competitive
position and strong execution capability are likely to improve its
financial performance despite the uncertain outlook for China's
real estate market.

The stable outlook reflects S&P's expectation that Longfor can
demonstrate conservative cash and debt management to generate
positive cash flow while pursuing high growth.  In S&P's view, the
company's good competitive position and strong execution will help
boost sales and margins, leading to improved credit ratios.  S&P
expects Longfor's sales in 2011 to be satisfactory despite the
uncertain market conditions.

S&P may lower the rating if the company's sales or margins are
materially lower than its expectation or its expansion is more
aggressive than S&P anticipated.  Downward triggers for the rating
would be EBITDA interest coverage of less than 5x, a debt-to-
capital ratio of more than 50%, or a cash balance of less than
Chinese renminbi 3 billion.


WINSWAY COKING: Fitch Assigns Issuer Default Rating at 'BB'
-----------------------------------------------------------
Fitch Ratings has assigned Winsway Coking Coal Holdings Limited a
Long-Term Foreign-Currency Issuer Default Rating of 'BB' with a
Stable Outlook and a foreign-currency senior unsecured rating of
'BB'.  The agency has also assigned an expected rating of
'BB(EXP)' to Winsway's proposed senior unsecured notes.  The
proceeds will be used to purchase rolling stock, build railway-
related infrastructure to increase transportation capacity and to
finance investments in upstream coal resources.  The final rating
of the proposed notes is contingent upon the receipt of final
documents conforming to information already received.

"Winsway's ratings are supported by its unique business model and
solid market position as a virtual monopoly in the transportation
of Mongolian coal into China.  The company's credit strengths are
underpinned by its strategic logistics assets at Sino-Mongolian
border crossings, strong relationships with China's railway
authorities, as well as back-to-back inventory management," says
Ms.  Ying Wang, Director in Fitch's Asia-Pacific corporates team.
"Winsway's ratings are constrained by its relatively small
operating scale (2010 operating EBITDA: about CNY1.2bn or
US$180m), which puts it in line with the size of other Fitch-rated
Chinese industrial corporates in the 'BB' category.  Furthermore
Fitch expects negative free cash flow from 2011 to 2013 due to
increasing capex," adds Ms. Wang.

Winsway maintains a leading market position in the long haulage
land coal imports from Mongolia to China's key coking coal
markets.  The company's competitive edge is built upon its early
mover advantage to secure strategic land resources for its coal
logistics parks at key customs check-points at the Sino-Mongolian
border crossings.  In 2010, Winsway procured 9.5 million tonnes of
Mongolian and seaborne coal and was responsible for 55% of the
Mongolian coal exports to China, according to the company's data.

Winsway's competitive advantage is enhanced by its access to key
railway capacity, a major challenge in the transportation of
Mongolian coal to different markets in China.  Winsway has
"registered user" status with the Hohhot Railway Bureau of China's
Inner Mongolia region - as such Winsway's allocation of railway
capacity is included in the bureau's annual planning budget.
Winsway has also established joint ventures with various railway
bureaus in China to build railway logistics centres in which
Winsway owns 51% of equity.

A vast majority of Winsway's procurement and sales contracts are
on a "back-to-back" basis, thus lowering its inventory risk.
Winsway generally enters into procurement and sales contracts at
the same time locking in the volume and marking up the sale price
to secure a relatively stable margin.

However, Winsway's credit profile is constrained by its small
operating scale, a relatively short operating history as a public
company, a lack of product diversification and high planned capex
resulting in negative FCF in the short term.  Another limitation
is a potential mismatch between Winsway's pace of expansion and
its ability to secure required additional railway capacity.

Fitch believes Winsway has sufficient liquidity to meet its debt
obligations and capex needs over 12 to 18 months.  At end-2010,
Winsway had CNY6.9 billion in total liquidity consisting of about
CNY2.5 billion in unrestricted cash and around CNY4.4bn in
unutilized bank credit facilities, versus around CNY879m in debt
maturities and CNY1.7 billion in planned capex in 2011.  Winsway
ended 2010 with a net cash position and 0.9x of financial leverage
(defined as adjusted debt-to- operating EBITDAR ratio).

The Stable Outlook reflects Fitch's expectation that the operating
dynamics of Winsway's business environment will not change over
the next three to five years, and Winsway's business strategy and
financial policy will remain stable.

Negative rating actions could arise if Winsway's net profit
(excluding noncash and one-time items) is consistently below
CNY70 per ton; or if free cash flow remains negative or financial
leverage stays above 3.0x on a sustained basis; and/or if revenue
declines due to reduced coking coal production from
Mongolian/Russian coal reserves and/or reduced railway
transportation capacity.

Positive rating guidelines include an increase in Winsway's annual
EBITDA to consistently above US$500m, sustained positive FCF,
financial leverage sustained below 2.0x, and successful execution
of the coking coal logistics and transportation business at Sino-
Russian border crossings.


WINSWAY COKING: Moody's Assigns 'Ba3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating to Winsway Coking Coal Holdings Limited.

Moody's has also assigned a provisional (P)B1 rating to Winsway's
proposed senior unsecured US$ bonds.

The outlook for both ratings is stable.  This is the first time
that Moody's has assigned ratings to Winsway.

The provisional status of the bonds will be removed once Winsway
completes the bond issuance on satisfactory terms and conditions.

The bond proceeds will be used for rolling stock purchases,
capital investments, and general corporate purposes.

                        Ratings Rationale

"The Ba3 rating reflects Winsway's strong market position in the
supply of Mongolian coking coal to China -- a premium position
resulting from its access to train service at the Sino-Mongolian
border crossings," says Ken Chan, a Moody's Vice President, adding
that "the company is likely to maintain this core credit strength
for the foreseeable future."

"The rating also takes into consideration coking coal prices in
Mongolia, which are lower than in the international market; this
puts Winsway in a competitive position."

"In addition, the company's established infrastructure --
including its coking coal cleaning process -- at strategic border
crossings provides it with bargaining power in price negotiations,
which partly reduces the price risk for coking coal," said Chan.

"The Ba3 rating also factors in China's position as a net importer
of coking coal for the medium term, which will support Winsway's
business growth."

Counterbalancing these credit strengths are a number of major
credit challenges:

"First, the limited capacity of China's railway infrastructure has
been a hindrance to the expansion of the coking coal industry.
Moody's regards Winsway's need to secure enough railway capacity
in the future and the pace of domestic rail network development as
the primary credit challenges to the company's future growth,"
added Chan.

Although future capacity allocation is not guaranteed, Winsway has
already received an additional 3 million tons of railway capacity
this year (total capacity of 5 million tons in 2010).  The
company's decision to use its proposed bond proceeds to purchase
rolling stock for future railway capacity could mitigate this
concern in part.

"Second, Winsway has a short track record for coking coal
logistics.  Its fast-expansion business plan poses execution risk
and requires a high amount of working capital, which could strain
its banking credit limits," says Chan.

However, the company does have adequate liquidity, in the form of
cash on hand amounting to HKD2.9 billion (US$370 million) as of
end-2010.

Moreover, Winsway's estimated credit metrics -- debt/EBITDA of
3.0-3.5x and EBITDA/interest of around 4.0x -- for the next two
years position it in the lower Ba category.

Winsway's senior unsecured rating is B1, one notch lower than the
corporate family rating, and reflects legal and structural
subordination.  Moody's expects the company to incur secured debt
exceeding 15% of its total assets over the next two years, given
the need to support its fast growing business volume with working
capital facilities, which are usually onshore secured debt.

The outlook for the ratings is stable, reflecting Moody's
expectations that Winsway's liquidity will be sufficient to
implement its business plan and that the company will continue to
have access to sufficient railway capacity to meet its growth.

The ratings are unlikely to be upgraded in the near term.
However, upward pressure could arise over time if the company can:

1) implement its expansion plans and permanently increase its
   railway capacity;

2) expand its processing capacity commensurate with its high
   volume flow;

3) make upstream acquisitions in a financially prudent manner; and

4) improve its credit metrics such that debt/EBITDA remains below
   2.0-2.5x and EBITDA/interest, over 6.0x.

The ratings could experience downward pressure if the company's
financial position weakens, such that debt/EBITDA increases above
4.0-4.5x and EBITDA/interest stays below 3.5x, as a result of:

1) an inability to obtain enough railway capacity, which would
   limit its land-borne coal supply growth;

2) a prolonged drop in the per-ton profit of transported coal as a
   result of a squeeze on margins due to pressure from suppliers
   and customers; or

3) material delays or cost overruns in the development of the
   company's logistics infrastructure or processing plants.

In addition, any material change in Mongolian regulations for the
coal export industry that adversely affects Winsway's coal
sourcing would be negative for the ratings.

Winsway Coking Coal Holdings Limited is one of the largest
suppliers of coking coal for China from Mongolia and other
international markets.  The company also processes coal and
provides logistic services to its customers, mainly Chinese steel
makers and coke plants, through its integrated coking coal supply
chain in China.  Listed on the Hong Kong Stock Exchange in
September 2010, Winsway is 49.7% controlled by founder and CEO
Wang Xingchun.


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


EVERMAX LIMITED: Members' Final Meeting Set for April 26
--------------------------------------------------------
Members of Evermax Limited will hold their final general meeting
on April 26, 2011, at 5:45 p.m., at Level 28, Three Pacific Place,
1 Queen's Road East, in Hong Kong.

At the meeting, Poon Wai Hung Richard and Yao Yi, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


FASTWELL KNITWEAR: Ng Kam Chiu Appointed as Liquidator
------------------------------------------------------
Ng Kam Chiu on March 18, 2011, was appointed as liquidator of
Fastwell Knitwear Manufacturing Limited.

The liquidator may be reached at:

         Ng Kam Chiu
         13A, Tak Lee Commercial Building
         113-117 Wanchai Road
         Wanchai, Hong Kong


FEDERAL INTERNATIONAL: Poon and Yao Step Down as Liquidators
------------------------------------------------------------
Poon Wai Hung Richard and Yao Yi stepped down as liquidators of
Federal International Mining Group Co., Limited on March 18, 2011.


GAINVIEW HOLDINGS: Leung Che Wing Steps Down as Liquidator
----------------------------------------------------------
Leung Che Wing stepped down as liquidator of Gainview Holdings
Limited on March 1, 2011.


HK AND KOWLOON: Creditors' Proofs of Debt Due April 30
------------------------------------------------------
Creditors of Hong Kong and Kowloon Tailoring Contractors
Association Limited, which is in members' voluntary liquidation,
are required to file their proofs of debt by April 30, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 18, 2011.

The company's liquidator is:

         Sin King Cheung
         10/F., Crason Commercial Centre
         333 Nathan Road
         Kowloon, Hong Kong


MBNS ENTERPRISES: Creditors' Proofs of Debt Due April 21
--------------------------------------------------------
Creditors of MBNS Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 21, 2011, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


MUSHK LIMITED: Commences Wind-Up Proceedings
--------------------------------------------
Sole member of Mushk Limited, on March 17, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Fok Hei Yu
         Roderick John Sutton
         14/F, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


PALMSOURCE HK: Members' Final Meeting Set for April 29
------------------------------------------------------
Members of Palmsource Hong Kong Limited will hold their final
general meeting on April 29, 2011, at 2:03 p.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Poon Wai Hung Richard and Yao Yi, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PETER BLACK: Lam and Boswell Step Down as Liquidators
-----------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Peter Black Freight (Asia) Limited on
March 18, 2011.


PHOENIX GARDEN: Commences Wind-Up Proceedings
---------------------------------------------
Members of Phoenix Garden Investment 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


REGER INTERNATIONAL: Final Meetings Set for May 4
-------------------------------------------------
Members and creditors of Reger International Limited will hold
their meetings on May 4, 2011, at 10:00 a.m., and 11:00 a.m.,
respectively at the 27/F, Alexandra House, 18 Chater Road,
Central, in Hong Kong.

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


SERFORD LIMITED: Creditors' Proofs of Debt Due April 26
-------------------------------------------------------
Creditors of Serford Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 26, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Au Yeung Po Ying
         Unit 1402, 14th Floor
         Yue Xiu Building
         160-174 Lockhart Road
         Wanchai, Hong Kong


SABIC HK: Seng and Cheng Step Down as Liquidators
-------------------------------------------------
Seng Sze Ka Mee Natalia and Cheng Pik Yuk stepped down as
liquidators of Sabic Hong Kong Limited on March 15, 2011.


SETWIN DEVELOPMENT: Creditors' Proofs of Debt Due April 23
----------------------------------------------------------
Creditors of Setwin Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 23, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 17, 2011.

The company's liquidator is:

         Man King Chi Eddie
         13th Floor, 70 Morrison Hill Road
         Hong Kong


SILVERY TARGET: Members' Final Meeting Set for April 29
-------------------------------------------------------
Members of Silvery Target Limited will hold their final general
meeting on April 29, 2011, at 2:01 p.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Poon Wai Hung Richard and Yao Yi, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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


B SORABJI: Fitch Affirms National Long-Term Rating at 'B'
---------------------------------------------------------
Fitch Ratings has affirmed India's B Sorabji Group's National
Long-Term rating at 'B(ind)'.  The Outlook is Stable.  The agency
has also affirmed the ratings on B Sorabji's bank facilities:

  -- INR40m fund-based packing credit limits (enhanced from
     INR35m): 'B(ind)'; and

  -- INR70m fund-based FDBP/FUDP/AFDBC facility (enhanced from
     INR65m): 'B(ind)'.

The ratings continue to reflect B Sorabji's established position
through the three-decade long track record of its promoters in the
domestic textile industry.  The ratings benefit from the company's
strong customer relationship and its in-house design capability,
giving it an edge over competitors.  Fitch notes that although B
Sorabji's revenues remained low in FY09 and FY10 due to economic
slowdown in the Europe (90% of sales) and US markets, it had a
robust order book position of INR96.9 million at end-December
2010.

The ratings are constrained by B Sorabji's small scale of
operations in a highly competitive garment export industry,
inability to pass on cost increases fully to its customers, and
the volatility in raw materials prices.  EBIDTA margins declined
to 5.2% in FY10 (FY09: 10%) due to a steep increase in raw
material costs during the year.  The ratings are also constrained
by the company's exposure to foreign exchange rate fluctuations on
account of export revenues, which may impact its profitability in
the absence of any hedging policy.  Lower margins and higher
working capital requirements (on account of higher inventory days
FY10: 84 days; FY09: 57 days) led to a sharp increase in leverage
with adjusted debt/operating EBITDAR at 6.7x in FY10 (FY09: 1.0x).

Positive rating guidelines include a sustained improvement in B
Sorabji's sales and stable EBIDTA margins, resulting in net
leverage of below 4.0x.  Negative rating guidelines include a
sustained decline in sales and EBIDTA margins, high debt levels
resulting in interest coverage (operating EBITDA/interest expense)
of below 1.2x.

Established as a partnership firm in 1978, B Sorabji manufactures
and exports apparel to the EU and the USA.  Its product profile
includes men's, women's and children's wear.  The firm has one
manufacturing unit in Bangalore and is headquartered in Mumbai.
In FY10, B Sorabji's revenues remained flat at INR193 million
(FY09: INR191 million) and its profit after tax was INR3 million
(FY09: INR15 million).  Net debt/EBITDA stood at 6.3x and interest
coverage was 1.7x in FY10.


BANSAL EXTRACTION: ICRA Assigns 'LB-' Rating to INR63cr LT Loan
---------------------------------------------------------------
ICRA has assigned an 'LB-' rating on the long term scale and an
'A4' rating on the short term scale to the INR63 crore bank limits
of Bansal Extraction & Exports Pvt. Ltd.

The ratings are constrained primarily by the inadequate debt
servicing track record of the company owing to cash flow
mismatches resulting from delays in commencement of commercial
operations.  Given that the first phase of the project has
recently been commissioned and the time required for stabilizing
cash flows, ICRA expects the liquidity mismatch to continue over
the near term with the company having to depend on its sponsors
for funding support to maintain debt serviceability.  That apart
the ratings are constrained by the high business risks associated
with the edible oil (and related products) industry including high
competitive intensity and fragmentation; vulnerability of
profitability of domestic edible oil players to import pressure
and changes in import duty differential between crude and refined
oil; exposure to volatility in global price movements of both oil
and soymeal; exposure to commodity price and forex risks apart
from agro-climatic risks associated with the availability of the
main raw material, soybean.

The ratings also reflect the modest projected financial profile of
the company as reflected in its aggressive capital structure; high
working capital requirements and subdued return indicators, at
least over the medium term.  Nevertheless, while assigning the
ratings, ICRA has positively factored in the favorable export
prospects for soy meal; the company's locational advantages being
situated in the soybelt of the country; integrated manufacturing
operations and presence in value added product segment; low
residual project execution risks and the promoters satisfactory
track record in past business ventures.

                       About Bansal Extraction

Bansal Extraction & Exports Pvt Ltd was incorporated in May 2009
to set up a soybean processing unit in Mandideep in Madhya Pradesh
comprising a solvent extraction unit (750 tpd); a refinery (125
tpd) and processing facilities for value added food grade
products; the first phase of the project has recently been
commissioned (January 2011).  The company has been promoted by the
Bansal Group of Bhopal whose other business interests include
education (7 technical and management institutions run under
Shriniwas Education Society- rated at LBBB- (Stable) by ICRA);
civil construction (executing government projects under Bansal
Construction Works- rated at LBB+ (Stable)/A4+ by ICRA) and steel
bars (rolling mill set up in FY 2009 under S.D Bansal Iron & Steel
Private Limited- rated at LBB (Stable) by ICRA).  The promoters
have been engaged in business activities in the region for the
past three decades and enjoy a good reputation and track record.


CHETAN CABLETRONICS: CRISIL Assigns 'B' Rating to INR34.2MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' rating to the bank
facilities of Chetan Cabletronics Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR65.0 Million Cash Credit Limit     B/Stable (Assigned)
   INR34.2 Million Term Loan             B/Stable (Assigned)
   INR30.0 Million Bill Discounting      P4 (Assigned)
   INR30.0 Million Letter of Credit      P4 (Assigned)

The rating reflects CCPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and small scale of
operations in the fragmented wires, cords, and cables industry.
These weaknesses are partially offset by the extensive industry
experience of CCPL's promoters.

Outlook: Stable

CRISIL believes that CCPL will maintain its business risk profile
on back of its promoters' extensive experience in the wires,
cords, and cables industry.  Its liquidity, marked by high bank
limit utilization, and financial risk profile, marked by high
gearing and weak debt protection metrics, are, however, expected
to remain weak, due to large working capital requirements.  The
outlook may be revised to 'Positive' if the company's topline
growth and profitability exceed expectations and its capital
structure improves, primarily due to equity infusion, leading to
improvement in its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates due to an increase in working capital
requirements, or because of a large, debt-funded capital
expenditure programme.

                       About Chetan Cabletronics

CCPL was incorporated in 2002 by Mr. Rakesh Goyal.  It
manufactures wires, cords, and cables at its facilities in Bhiwadi
(Rajasthan).  The company manufactures around 6,000 varieties of
cables with diameters varying from 0.70 to 65 millimetres.  The
products are supplied to varied industries, such as power,
telecommunications, and electronic goods.

CCPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR264.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.9 million on net sales
of INR173.3 million for 2008-09.


DANIA ORO: CRISIL Reaffirms 'B-' Rating on INR100.1MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dania Oro Jewellery Pvt
Ltd, part of the Dynamix group, continue to be constrained by
delays in repayment of term loan obligations by a group company,
Rolly Jewellery Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR100.1 Million Long-Term Loan         B-/Stable (Reaffirmed)
   INR80.8 Million Packing credit          P4 (Reaffirmed)
   INR242.2 Million Post Shipment Credit   P4 (Reaffirmed)

The ratings also factor in the Dynamix group's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
its large working capital requirements, and geographical
concentration in its revenue profile. These weaknesses are
partially offset by the Dynamix group's moderate market position
in the jewellery industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Dania Oro, Dynamix Chains Manufacturing
Pvt Ltd (Dynamix Chains, rated 'B-/Stable/P4' by CRISIL), SAY
India Jewellers Pvt Ltd (SAY India, rated 'P4' by CRISIL), Lily
Jewellery Pvt Ltd (Lily, rated 'P4' by CRISIL), Yash Jewellery Pvt
Ltd (Yash, rated 'B-/Stable/P4' by CRISIL), Rolly Jewellery Pvt
Ltd (Rolly, rated 'D/P5' by CRISIL), Jewel America Inc (Jewel
America) and Barjon Inc (Barjon). This is because these entities,
collectively referred to as the Dynamix group, are under a common
promoter group, in the same line of business, and have operational
synergies and fungible cash flows.

Outlook: Stable

CRISIL believes that the Dynamix group will continue to benefit
from its sound manufacturing facilities and moderate market
position in the jewellery segment. The outlook may be revised to
'Positive' if there is significant improvement in the group's
financial risk profile because of healthy cash accruals and
profitability, and if the group companies demonstrate a track
record of timely repayment of debt obligations. Conversely, the
outlook may be revised to 'Negative' if the group's financial risk
profile deteriorates because of continued losses in Jewel America,
or if the group undertakes any large, debt-funded capital
expenditure programme.

                           About the Group

The Dynamix group of companies, engaged in the manufacture of
jewellery, is promoted by Mr. Pramod Goenka.  The group
manufactures gold, silver, and diamond-studded jewellery, which is
mainly exported to countries such as the US and the UK.

Set up in October 2007, Dynamix Chains manufactures specialised
chains and pendants, which are exported to the US. SAY India,
Lily, Dania Oro and Yash (set up in May 1995, February 2004,
February 2006, and November 2006, respectively), export diamond-
studded gold jewellery, while Rolly (established in January 2005)
exports light-weight electro-form jewellery. Jewel America, a
leading jewellery wholesaler in the US, was acquired by the group
in February 2009.

Dania Oro, on a standalone basis, reported a profit after tax
(PAT) of INR22 million on net sales of INR297 million for 2009-10
(refers to financial year, April 1 to March 31) as against a PAT
of INR57 million on net sales of INR691 million in the previous
year.


DEE WELDOGEN: CRISIL Places 'B' Rating to INR50-Mil. Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank loan
facilities of Dee Weldogen India Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         B/Stable (Assigned)
   INR4.3 Million Long-Term Loan     B/Stable (Assigned)
   INR20 Million Letter of Credit    P4 (Assigned)

The ratings reflect DWI's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
large working capital requirements, and small scale of operations.
These rating weaknesses are partially offset by the extensive
experience of DWI's promoters in the steel industry, and
established customer relationships.

Outlook: Stable

CRISIL believes that DWI will continue to benefit from its
established customer base and association with Raajratna Metal
Industries Ltd (RMIL, rated 'BBB/Stable/P2' by CRISIL), over the
medium term.  However, DWI's financial risk profile is expected to
remain weak because of high gearing and weak debt protection
metrics.  The outlook may be revised to 'Positive' if DWI's
financial risk profile improves because of higher-than-expected
profitability or equity infusion into the company. Conversely, the
outlook may be revised to 'Negative' if DWI undertakes a larger-
than-expected debt-funded capital expenditure programme or in case
it reports lower-than-expected profitability.

                         About Dee Weldogen

Set up in 1991 as a partnership firm and reconstituted as a
private limited company in 2000, DWI trades and manufactures
stainless steel wires and rods with various industrial and
architectural applications.  The company is an exclusive
distributor for RMIL in North India.  In 2009-10 (refers to
financial year, April 1 to March 31), more than 70 per cent of
revenues was contributed from the trading division.

DWI's manufacturing plant in Gautam Budh Nagar (Uttar Pradesh) has
a capacity of 300 tonnes per month (tpm), and plans to enhance
capacity to 450 tpm, over the medium term.

DWI reported a profit after tax (PAT) of INR1.3 million on net
sales of INR178 million for 2009-10, as against a PAT of INR0.3
million on net sales of INR139 million for 2008-09.


DYNAMIX CHAINS: CRISIL Reaffirms 'B-' Rating on INR340.7MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dynamix Chains
Manufacturing Pvt Ltd, part of the Dynamix group, continue to be
constrained by delays in repayment of term loan obligations by a
group company, Rolly Jewellery Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR340.7 Million Term Loans           B-/Stable (Reaffirmed)
   INR37.8 Million Proposed LT           B-/Stable (Reaffirmed)
            Bank Loan facility
   INR100.00 Million Packing Credit      P4 (Reaffirmed)
   INR200.00 Mil. Post Shipment Credit   P4 (Reaffirmed)
   INR50.00 Million Standby Letter of    P4 (Reaffirmed)
            Credit and Bank Guarantee

The ratings also factor in the Dynamix group's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
its large working capital requirements, and geographical
concentration in its revenue profile.  These weaknesses are
partially offset by the Dynamix group's moderate market position
in the jewellery industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Dynamix Chains, SAY India Jewellers Pvt
Ltd (SAY India, rated 'P4' by CRISIL), Lily Jewellery Pvt Ltd
(Lily, rated 'P4' by CRISIL), Yash Jewellery Pvt Ltd (Yash, rated
'B-/Stable/P4' by CRISIL), Rolly Jewellery Pvt Ltd (Rolly, rated
'D/P5' by CRISIL), Dania Oro Jewellery Pvt Ltd (Dania, rated 'B-
/Stable/P4' by CRISIL), Jewel America Inc (Jewel America) and
Barjon Inc (Barjon). This is because these entities, collectively
referred to as the Dynamix group, are under a common promoter
group, in the same line of business, and have operational
synergies and fungible cash flows.

Outlook: Stable

CRISIL believes that the Dynamix group will continue to benefit
from its sound manufacturing facilities and moderate market
position in the jewellery segment.  The outlook may be revised to
'Positive' if there is significant improvement in the group's
financial risk profile because of healthy cash accruals and
profitability, and if the group companies demonstrate a track
record of timely repayment of debt obligations. Conversely, the
outlook may be revised to 'Negative' if the group's financial risk
profile deteriorates because of continued losses in Jewel America,
or if the group undertakes any large, debt-funded capital
expenditure programme.

                           About the Group

The Dynamix group of companies, engaged in the manufacture of
jewellery, is promoted by Mr. Pramod Goenka. The group
manufactures gold, silver, and diamond-studded jewellery, which is
mainly exported to countries such as the US and the UK.

Set up in October 2007, Dynamix Chains manufactures specialised
chains and pendants, which are exported to the US. SAY India,
Lily, Dania Oro and Yash (set up in May 1995, February 2004,
February 2006, and November 2006, respectively), export diamond-
studded gold jewellery, while Rolly (established in January 2005)
exports light-weight electro-form jewellery. Jewel America, a
leading jewellery wholesaler in the US, was acquired by the group
in February 2009.

Dynamix Chains, on a standalone basis, reported a profit after tax
(PAT) of INR21 million on net sales of INR604 million for 2009-10
(refers to financial year, April 1 to March 31) as against a PAT
of INR40 million on net sales of INR664 million in the previous
year.


ESGI LEATHER: CRISIL Reaffirms 'D' Rating on INR10.20MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of ESGI Leather Exports
continue to reflect delays by the ESGI group in servicing its
debt; the delays have been caused by the group's weak liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR10.20 Million Term Loan               D (Reaffirmed)
   INR5.00 Million Open Cash Credit         D (Reaffirmed)
   INR50.00 Million Packing Credit          P5 (Reaffirmed)
   INR47.00 Million Foreign Bill Purchase   P5 (Reaffirmed)

The ESGI group has a weak financial risk profile, marked by high
gearing and weak debt protection metrics.  Moreover, the group has
large working capital requirements, as indicated by its reliance
on short-term bank borrowings.  The ESGI group, however, benefits
from its promoters' experience in the leather industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ESGI and it subsidiary, SG Fashions.
This is because both ESGI and SG Fashions, collectively referred
to as the ESGI group, are under the same management and have
operational linkages.

                           About the Group

Set up in 1993 in Chennai by Mr. M Rafiur Rahman, ESGI is a
partnership firm that manufactures leather apparel such as
jackets, skirts, shorts, and trousers.  The firm was initially
engaged in the processing of leather, and started manufacturing
operations in 2006-07 (refers to financial year, April 1 to
March 31).  It has a capacity of 3.5 million square feet of
finished leather and 90,000 pieces of leather apparel. It is
present predominantly in the export market, with sales to the US
and Europe.  SG Fashions, based in Delhi, undertakes job work for
ESGI and generates its entire income from sale to ESGI.

The ESGI group reported a profit after tax (PAT) of INR11 million
on net sales of INR242 million for 2009-10, against a PAT of INR5
million on net sales of INR181 million for 2008-09.


FIREWORKS PRODUCTIONS: CRISIL Rates Overdraft Facility at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the overdraft
facility of Fireworks Productions.

   Facilities                          Ratings
   ----------                          -------
   INR60 Million Overdraft Facility    BB+/Stable (Assigned)

The rating reflects FP's susceptibility to revenue concentration
in a single television programme, and risks related to the
television content production industry.  These rating weaknesses
are partially offset by FP's healthy financial risk profile,
marked by low gearing and healthy debt protection metrics, and
asset-light production model.

Outlook: Stable

CRISIL believes that FP will continue to benefit from its long-
running and successful programmes 'CID' and 'Aahat' on Sony
Entertainment Television.  The outlook may be revised to
'Positive' if the company bags new contracts with channels to
produce shows that generate high profits, and if it diversifies
its portfolio to reduce the risk of genre, channel, and language
concentration.  Conversely, the outlook may be revised to
'Negative' if FP's revenues decline sharply, most likely because
any of its key shows are discontinued, adversely affecting
internal cash generation, or its productions face cost overrun.

                    About Fireworks Productions

FP was set up as a partnership firm in 1994 by Mr. Pradeep Uppoor
and Mr. B P Singh.  Mr. Pradeep Uppoor and Mr. B P Singh produced
feature films independently in the 1980s, and joined hands to
produce TV programmes in 1994.  FP's head office is in Mumbai.
The company undertakes TV content production and has produced
popular shows such as 'CID' and 'Aahat' for SET.

FP reported a profit after tax (PAT) of INR19 million on net sales
of INR215 million for 2009-10 (refers to financial year, April 1
to March 31) as against a PAT of INR13 million on net sales of
INR121 million for 2008-09.


INDIAN PULP: ICRA Assigns 'LC' Rating to INR45.8cr Term Loans
-------------------------------------------------------------
ICRA has assigned an 'LC' rating to the INR45.8 crore term loans
and INR12 crore fund based bank limits (cash credit) of Indian
Pulp & Paper Private Limited.

ICRA has also assigned an 'A5' rating to the INR8 crore non fund
based bank limits of IPPL.  The ratings factor in IPPL's stretched
liquidity position leading to recent delays in debt servicing,
delays in commissioning of IPPL's kraft paper manufacturing
facilities leading to time and cost overruns, high competition in
the paper industry although mitigated to an extent by the
experience of promoters' in trading of paper products, and weak
financial profile as reflected by unfavorable capital structure
and weak debt coverage indicators.  The ratings take into account
the high working capital intensity of the business that is likely
to keep the liquidity position of the company under pressure and
the problems faced by the company in stabilizing the commissioned
paper mill.  The ratings also take note of the locational
advantage of IPPL's manufacturing unit, which is close to the
target markets as well as raw material sources, and the favorable
demand outlook for kraft paper.  In ICRA's opinion, the company's
ability to stabilize the operation as per stated parameters and
run it profitably will remain the key rating sensitivities going
forward.

                          About Indian Pulp

The Kolkata based Agarwal family had set up Balaji Kagaz Private
Limited in 2004.  The company acquired Indian Paper Pulp Company
Limited (IPPCL) in 2006 from the Government of West Bengal at a
consideration of INR11.8 crore.  Subsequently, the name of the
company was changed to Indian Pulp & Paper Pvt Ltd.

The company has a kraft paper manufacturing capacity of 42400
metric tonnes per annum (MTPA) and pulp making capacity of 60000
MTPA, along with 1.2 MW captive co-generation power plant at
Naihati, West Bengal.  The company proposes to manufacture a wide
range of Kraft paper as per the specifications of customers.

Recent Results During the first nine months of the current
financial year (9M FY11), IPPL recorded a net loss of INR41 lacs
on the back of an operating income (OI) of INR29.72 crore.


KANAKA INFRATECH: ICRA Assigns 'LB+' Rating to INR170cr Bank Limit
------------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR 170 crore fund based
limits of Kanaka Infratech Limited.  ICRA has also assigned an
'A4' rating to the INR 11.72 crore non-fund based limits of KIL.
ICRA has also assigned LB+/A4 ratings to proposed limits of KIL
such that the total utilization of these proposed limits does not
exceed INR18.28 crore.

The assigned ratings are constrained by KIL's high working capital
intensity largely due to its high receivables and resultant high
gearing levels, low operating margins due to the large quantum of
sub-contracting followed, KIL's future focus on real estate
development which will expose it to market risks in a sector in
which it has limited prior experience and KIL's exposure to
execution, market and funding risks associated with a PPP project
awarded to it in August 2010 in Goa as the debt required has not
yet been tied up, equity is yet to be infused and the construction
is at a very nascent stage.

The ratings however favorably factor in the long standing
experience of the promoter in the construction space, the
commitment demonstrated by the promoter by way of infusion of
equity and conversion of share application money in FY 11 and the
attractive location of KIL's recently awarded PPP project in Goa.

Mr. Jaykrishna Shetty commenced business in 1993 through
Jaykrishna Electrification Pvt. Ltd which, following a series of
name changes, resulted in the incorporation of Mumbai-based Kanaka
Infratech Limited (KIL) in March 2007.  KIL, entirely held by Mr.
Shetty and his family members, is a turnkey construction company
involved in civil, electrical and interior construction. KIL wins
contracts and then breaks down the entire work into different
components (like civil work, plumbing, electrical, interiors
including painting and flooring and tiling) which are then
entirely sub-contracted.


KARAM AUTO: ICRA Assigns 'LB+' Rating to INR7cr Bank Facilities
---------------------------------------------------------------
ICRA has assigned the long term rating of 'LB+' to INR7.0 crore
fund based facilities and the short term rating of 'A4' to
INR2.0 crore non fund based facilities of Karam Auto Components
Limited.

The assigned ratings take into account the company's weak
operating performance in the past with losses at net level during
2008-09 and 2009-10, high dependence on a single customer,
stretched coverage indicators and small scale of operations
leading to low bargaining power with the customers.  The ratings
also take into account the management's experience in the same
line of business, established relationship with Escorts Limited
and the company's plans to diversify its customer base through
acquisition of new customers such as JCB and Action Construction
Equipments.  The company's future expansion plans, however, are
expected to put pressure on the company's cash flows.

Karam Auto Components Limited (formerly Khosla Foundry)
manufactures casted components such as gear housings, clutch
plates, flywheel, flywheel housings, real axle and front axle
housings, cylinder blocks and cylinder heads for customers in
tractor and four wheeler industries.  The company's manufacturing
capacity is around 3,000 MT/month.

Recent Results

The company reported a net loss of INR 0.6 crore on an operating
income of INR25.9 crore during 2009-10.


LEELA P CLOTHING: ICRA Assigns 'LC' Rating to INR17.4cr Term Loans
------------------------------------------------------------------
ICRA has assigned 'LC' rating to the INR17.40 crore term loans and
the INR9.00 crore fund based facilities of Leela P Clothing
Private Limited.

The rating considers the delays in debt servicing by the Company
owing to tight liquidity conditions arising from its high working
capital intensity.  While the small scale of the Company's
operations restricts economies of scale and financial flexibility,
high competition in the apparel retail industry is expected to
restrict growth in revenues and margins.  The rating also
considers the promoters' experience in the RMG retail business of
over a decade, and its wide product portfolio catering to men,
women and children.

Incorporated in August 2007, the Company is engaged in the
business of apparel retailing.  In June 2008, it launched the
showroom StyleOne, which is located in Adyar, one of the prime
residential hubs in Chennai.  The showroom caters to all sections
(men, women and kids) and also sells accessories (like watches,
sunglasses etc).

The promoters have been engaged in the apparel retail business,
primarily catering to men's wear, since 1999.  The promoters have
recently floated a company, StyleOne Retail Concepts Private
Limited, which is expected to open a showroom (catering
exclusively to women's wear) by February 2012.  This showroom will
be in the same locality and the cost of construction is estimated
at INR24.0 crore.

Recent Results According to the unaudited results, the Company has
reported sales of INR 27.3 crore during the ten months ended
January 2011.  It reported net profit of INR0.9 crore on operating
income of INR25.2 crore for the year 2009-10. March


MANAV INFRASTRUCTURE: CRISIL Rates INR300-Mil. LT Loan at 'BB'
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the long-term loan
facility of Manav Infrastructure Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR300.0 Million Long-Term Loan   BB/Stable (Assigned)

The rating reflects MIPL's susceptibility to risks related to
project implementation & offtake and other inherent risks in real
estate sector.  These rating weaknesses are partially offset by
MIPL's established regional presence in Gujarat's real estate
sector.

Outlook: Stable

CRISIL believes that MIPL will continue to benefit from its
established regional presence and promoters' experience in the
real estate business.  The outlook may be revised to 'Positive' if
the company's ongoing and future projects are completed as per
schedule, and achieve better-than-expected offtake, resulting in
improvement in debt protection indicators.  Conversely, the
outlook may be revised to 'Negative' if the response to the
projects is significantly lower than expected, or the company
faces delays in execution of its ongoing and future projects,
leading to a stress on its liquidity and debt servicing metrics.

                     About Manav Infrastructure

Incorporated in 2007, MIPL is a real estate company that
constructs residential projects.  MIPL is part of the Ahmedabad
(Gujarat)-based Balaji group, having interests in construction of
residential and commercial projects in addition to operating four
petrol pumps in Ahmedabad.  MIPL is implementing three residential
projects in Gujarat, at a total project cost of INR1.44 billion.
MIPL is owned and managed by Mr. Ashish Shah.

MIPL reported a profit after tax (PAT) of INR12.4 million on net
sales of INR258.5 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.1 million on net
sales of INR167.4 million for 2008-09.


MATS MINERALS: ICRA Assigns 'LBB-' Rating to INR7cr Bank Limits
---------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB-', with a stable
outlook, to the INR7 crore fund based bank limits of MATS Minerals
& Logistics Pvt. Ltd.

ICRA has also assigned a short term rating of 'A4' to the
INR24 crore fund based and INR22 crore non-fund based bank limits
of MMLPL.  The ratings take into account the experience of the
senior management of MMLPL in areas such as raw material sourcing,
logistics and shipping, which is likely to assist the company to
an extent in growing its business.  The ratings also reflect the
limited history of operations of the company, the inherent
cyclicality in the iron ore trading business exposing the company
to the risk of volatile cash flows and the competitive nature of
the business, with the existence of a large number of players.
The ratings also incorporate the regulatory risks, with the
fortunes of the company being significantly dependent on the
Government's policies on export of iron ore, and the highly
working capital intensive nature of business that exerts pressure
on the company's liquidity position.  Absence of own mines exposes
the company to volatility in raw material prices, which can have
an adverse impact on profitability.  On the back of buoyant iron
ore prices, there has been significant improvement in MMLPL's
profitability in the first half of FY 11.  However, despite the
healthy accretion and fresh equity infusion in the first half of
FY 11, the capital structure remains adverse.  ICRA notes that the
recent Union Budget 2011-12 proposal to hike export duty on iron
ore fines from the existing rate of 5% to 20% is likely to have a
negative impact on MMLPL's profitability.

                         About MATS Minerals

MMLPL is a Bhubaneshwar based private limited company engaged in
trading of iron ore, exporting primarily to China. The company
started operations in September 2009.  The company is promoted by
Mr. Tushar Mishra, who has more than 30 years of experience in
infrastructure project execution, real estate and steel alloy
businesses.  From January 2011, MMLPL has also started coal mining
operations in Nagaland.


MULTICOLOR STEEL: Fitch Assigns 'BB+' Rating on Capital Limits
--------------------------------------------------------------
Fitch Ratings has assigned Multicolor Steel (India) Pvt. Ltd. a
National Long-Term rating of 'BB+(ind)'.  The Outlook is Stable.
The agency has also assigned ratings to Multicolor's bank
facilities:

  -- INR50m fund-based working capital limits:
     'BB+(ind)'/'F4(ind)'; and

  -- INR150m non-fund based working capital limits: 'F4(ind)'.

Multicolor's ratings reflect its established two decade-long track
record and the experience of its founders (promoters) in the
domestic prefabricated steel industry, as well as its large
product portfolio, long-term relationship with suppliers and
reputed client base.  The ratings are underpinned by the company's
comfortable order book position of INR942.9m as at 18 February
2011 (about 2x of FY10 revenues).  Fitch notes that Multicolor has
been able to maintain a moderate financial leverage over FY07-
FY10.

The ratings are constrained by Multicolor's small size of
operations, highly working capital intensity of its business and
its susceptibility to order book cyclicality, which is heavily
dependent on corporate capex.  Fitch notes that the company's
profitability has been lower than those of its highly competitive
industry peers.

Multicolor reported a 45.54% yoy decline in its revenue to INR528m
in FY10, due to delays in capex by its corporate clients.  Its
EBITDA margins also declined to 3.64% in FY10 (FY09: 4.23%).  The
company had to carry higher inventory levels in FY10, leading to
higher working capital requirements.  Consequently, its financial
leverage (total net debt/EBITDA) deteriorated to 3.8x in FY10
(FY09: 1.5x).  However, Fitch expects revenues to improve
significantly in FY11 and reach close to FY09 levels, given its
9mFY11 (the nine months of the financial year ending March 2011)
revenues of INR723 million and robust order book position.

Negative rating guidelines include a further decline in
Multicolor's revenues or any unanticipated debt-led capex or
stretching of its working capital cycle, resulting in a sustained
deterioration of its financial leverage.  Conversely, a sustained
improvement in the company's revenues, profitability and financial
leverage will be positive for the ratings.

Incorporated in 2002, Multicolor manufactures steel fabricated
products and provides solutions for wall cladding and roofing
systems.  About 95% of its revenues come from manufacturing, while
the remaining 5% are from installation of these products.


N P INFRATECH: CRISIL Assigns 'B' Rating to INR250MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the cash credit
facility of N P Infratech Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR250.00 Million Cash Credit    B/Stable (Assigned)

The rating reflects NPI's susceptibility to the start-up phase of
its ongoing project in Vrindavan (Uttar Pradesh), with risks
related to implementation and revenue concentration, and to
cyclicality in the Indian real estate industry.  These rating
weaknesses are partially offset by the moderate track record of
NPI's promoters in the construction industry.

Outlook: Stable

CRISIL believes that NPI's liquidity will remain constrained over
the medium term by the company's high dependence on timely cash
inflow from customer advances for funding its project.  The
outlook may be revised to 'Positive' in case of better-than-
expected bookings and customer advances, resulting in higher-than-
expected cash inflows and improved cash flow visibility.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected customer advances leading to possible delays
in project completion and pressure on liquidity.

                        About N P Infratech

Incorporated in 2010, NPI is a 50:50 joint venture between the
Nalanda group (Agra-based real estate developers) and Laser Group
(Agra-based group engaged in glass manufacturing and export).
Nalanda Builders and Developers India Ltd (NBDIL, rated
'B+/Stable' by CRISIL), the flagship company of the Nalanda group,
holds 44 per cent equity stake in NPI, with promoters of NBDIL
holding 6 per cent shares.  The Nalanda group is currently
implementing four residential projects in Agra and Jhansi.  Till
date, the group has completed four projects in Agra with a total
value of INR950 million, and has sold a total of 500 units from
these four projects.  NPI is developing the Nalanda Pooja Sanskar
City, a residential project comprising 926 flats in Vrindavan, at
a total cost of INR870 million; the company launched the project
in December 2010.


NALANDA BUILDERS: CRISIL Rates INR70 Million Cash Credit at 'B+'
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Nalanda Builders and Developers India Ltd, part of the
Nalanda group.

   Facilities                      Ratings
   ----------                      -------
   INR70.00 Million Cash Credit    B+/ Stable (Assigned)

The rating reflects the Nalanda group's exposure to risks related
to completion, funding, and saleability of its ongoing project
(the project is in the initial phase), susceptibility to downturn
in the Indian real estate industry, and geographical
concentration.  The rating also reflects the support that the
Nalanda group may be required to extend to N P Infratech Pvt Ltd
(NPI, rated B/Stable by CRISIL) for its real estate project. These
rating weaknesses are partially offset by the moderate track
record of the group's promoters in the construction industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of NBDIL and its subsidiaries, Nalanda
Constructions India Pvt Ltd and Nalanda Dwellings Pvt Ltd,
collectively referred to as the Nalanda group. This is because the
three companies have significant fungibility of cash flows.

Outlook: Stable

CRISIL believes that the Nalanda group's projects will remain
sensitive to timeliness in inflow of customer advances and in
funding of deficits (if any).  The outlook may be revised to
'Positive' if there is more-than-expected booking of units and
receipt of customer advances for the group's projects, leading to
higher-than-expected cash inflows.  Conversely, the outlook may be
revised to 'Negative' if the group's liquidity deteriorates
because of delays in receipt of customer advances, or time or cost
overrun in the project, or if the group undertakes projects that
are larger-than-expected prospective projects.

                           About the Group

Incorporated in September 2005, NBDIL is in the business of
residential real estate development in Agra, Jhansi, and Vrindavan
(all in Uttar Pradesh).  The company is promoted by Mr. Santosh
Katara, Dr. Sharad Bhaduria, and Mr. Radhey Shyam Sharma, and
their families.  The promoters are first-generation entrepreneurs,
who set up the business in 2003 as a partnership firm, which was
reconstituted as a private limited company in 2005.

NBDIL has two subsidiaries, NCIPL and NDPL.  NBDIL holds around 97
per cent equity stake in NCPL, and 95 per cent in NDPL. NCPL was
incorporated in 2009 with the purpose of building a land bank in
Faridabad, while NDPL was incorporated in 2009 to undertake the
Nalanda Om Garden project in Jhansi.

NBDIL and its promoters have formed a joint venture with the Laser
group (based in Agra; engaged in manufacturing and export of
glass) in 2009-10 (refers to financial year, April 1 to March 31).
NPI, the joint venture set up by them, is implementing a
residential real estate project, Nalanda Pooja Sanskar City, in
Vrindavan.

Till date, the Nalanda group has successfully completed four
projects (Nalanda Complex, Nalanda Enclave, Nalanda Estate, and
Nalanda Town) with a total value of INR950 million, and has sold a
total of 500 units from these four projects.

The Nalanda group reported a profit after tax (PAT) of INR4.9
million on net sales of INR176.6 million for 2009-10, against a
PAT of INR2.0 million on net sales of INR81.8 million for 2008-09.


PSR & SONS: CRISIL Upgrades Rating on INR13.2MM Term Loan to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of PSR &
Sons to 'BB-/Stable' from 'B+/Stable'.

   Facilities                            Ratings
   ----------                            -------
   INR90.0 Million Cash Credit Limit     BB-/Stable (Upgraded from
                                                      'B+/Stable')

   INR13.2 Million Term Loan             BB-/Stable (Upgraded from
                                                     'B+/Stable')

The upgrade reflects improvement in PSR's business risk profile,
driven by healthy demand for textile in the domestic market.
PSR reported a turnover of INR830 million for the nine months
ended Dec. 31, 2010; its turnover is expected to increase by 10%
in 2010-11 (refers to financial year, April 1 to March 31) over
that in the previous year. CRISIL expects PSR's operating margin
in 2010-11 to be 7-8% and remain stable over the medium term.  The
upgrade also reflects expected improvement in PSR's gearing to 1.5
times as on March 31, 2011 from 2.4 times as on March 31, 2010,
driven by increase in cash accruals.  PSR plans to open two new
showrooms (on rent) in Tamil Nadu in 2011-12; the capital
expenditure (capex) of INR12 million toward interior work for the
showrooms is expected to be funded in a debt-equity mix of 2:1.
The gearing is expected to remain below 2.0 times, on an average,
in 2011-12, supported by increasing cash accruals.  PSR's debt
protection metrics are expected to remain healthy, with interest
coverage and net cash accruals to total debt ratios of 4.56 times
and 39.00% respectively as on March 31, 2011.  The upgrade also
reflects PSR's adequate liquidity, marked by moderate bank line
utilization of 75% (on an average) and low maturing debt
obligations of INR7 million against expected net cash accruals of
INR40 million, for 2010-11.

The rating continues to reflect PSR's average financial risk
profile, marked by a small net worth, and working-capital-
intensive operations.  These rating weaknesses are partially
offset by the established position of the firm's promoters in the
business of trading in sarees and dress materials.

Outlook: Stable

CRISIL believes that PSR will continue to benefit over the medium
term from the healthy demand in the domestic textile market.
PSR's capital structure is expected to improve over the medium
term.  The outlook may be revised to 'Positive' if PSR reports
more-than-expected cash accruals and improvement in net worth,
leading to a significant improvement in its gearing and liquidity.
Conversely, the outlook may be revised to 'Negative' if PSR's
profitability declines, the promoter withdraws sizeable capital
from the firm, or if the firm undertakes a larger-than-expected,
debt-funded capex programme, thereby weakening its financial risk
profile.

                         About PSR & Sons

Set up in 1995 by Mr. P S Rangaswamy, PSR trades in sarees,
salwars and fabrics.  It operates its own retail stores in
Coimbatore, Erode, Pondicherry, and Mangalore.  In 2009-10, PSR
opened two showrooms in Pondicherry and Erode, and plans to open
additional two in 2011-12 in Madurai and Salem.

PSR reported a profit after tax (PAT) of INR64 million on net
sales of INR818 million for 2009-10, against a net profit of INR24
million on net sales of INR614 million for 2008-09.


RAVI IRON: CRISIL Rates INR235-Mil. Cash Credit Facility at 'BB'
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of Ravi Iron Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR235 Million Cash Credit Facility    BB/Stable (Assigned)

The rating reflects RIL's weak financial risk profile, marked by a
small net worth and weak debt protection metrics, driven by large
working capital requirements.  The rating also factors in RIL's
small scale of operations and exposure to risks related to
volatility in steel prices.  These rating weaknesses are partially
offset by RIL's comfortable risk management policies along with
the extensive experience of the company's promoters.

Outlook: Stable

CRISIL believes that RIL will maintain its business risk profile
over the medium term, backed by its strong relationships with
multiple suppliers and its established presence in servicing
customers in the North Indian markets of National Capital Region
(NCR) including Delhi.  However, the company's financial risk
profile is expected to remain weak, driven by large working
capital requirements and a small net worth.  The outlook may be
revised to 'Positive' if the financial risk profile strengthens,
primarily because of improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in RIL's profitability or capital structure, or in
case of debt-funded capital expenditure over the medium term.

Incorporated in 1997 by Mr. Ravindra Kumar Garg and his son,
Mr. Manu Garg, RIL trades in long and flat steel products.  The
company is the authorized stockist for Steel Authority India Ltd
and Rashtriya Ispat Nigam Ltd, in Ghaziabad (Uttar Pradesh).  The
company also trades in the products of other steel manufacturers
such as Jindal Steel and Power Ltd, KL Steels Pvt Ltd, and Rathi
Iron and Steel Industries Ltd.  Trading of steel products from
SAIL and RINL contributes around 60 per cent of RIL's total sales.

For 2009-10 (refers to financial year, April 1 to March 31), RIL
reported a profit after tax (PAT) of INR4.3 million on net
revenues of INR2134 million, against a PAT of INR4.7 million on
net revenues of INR1801 million for 2008-09.


RAVE SCANS: ICRA Reaffirms 'LBB+' Rating on INR35cr Term Loans
--------------------------------------------------------------
ICRA has reaffirmed 'LBB+' rating to the INR35.00 crore (enhanced
from INR34 crores) term loans and fund-based bank facilities of
Rave Scans Private Ltd.

The outlook on the long term rating is Stable.  ICRA has also
reaffirmed A4+ (pronounced A four plus) rating to the INR 3.00
crore (reduced from INR6 crores) non-fund based bank facilities of
RSPL.  The reaffirmation of ratings takes into account the modest
operating position of the company in the printing business as
reflected in the relatively small scale of operations which has
resulted in limited bargaining power vis-a-vis customers and the
high working capital intensity of the business leading to pressure
on cash flows.

The rating is also constrained by the high gearing levels of the
company on account of debt funded capital expenditure.  The
ratings, however, derive comfort from the experienced management
of the company, which coupled with a diversified customer base and
well-equipped manufacturing facilities has resulted in steady
turnover growth, which is expected to be sustained in the medium
term.  While the gearing is currently high on account of debt
funded capital expenditure done by the company, it is expected to
decline following the equity infusion done by the company in FY
2010-11.  Going forward, the company's ability to scale up its
operations and to maintain adequate margins in the intensely
competitive business will be the key rating sensitivities.

Recent results:

As per the audited results, RSPL reported a net profit of
INR2.01 crore on an operating income of INR29.15 crore for year
ended March 31, 2010, and a net profit of INR1.51 crore on an
operating income of INR22.37 crore for the year ended March 31,
2009.  As per the unaudited results, RSPL reported a net profit of
INR2.19 crore on an operating income of INR24.57 crore for the
nine months ended Dec. 31, 2010.

Established in 1993, RSPL Scan Private Limited (RSPL) is engaged
in the business of printing of magazines, corporate brochures,
annual reports, calendars, advertising posters, and other
promotional & merchandising materials etc.  The range of services
provided by the company includes designing, editing, typesetting,
scanning, image manipulation, printing, binding, finishing and
distributing.  RSPL is an ISO 9001:2000 certified company promoted
by Mr. Rakesh Bhatnagar in 1993 along with two more partners who
exited the erstwhile partnership firm and RSPL got converted into
a private company in 2002. The company was only a prepress unit
till 2004, post which it also entered into printing of the
materials.


ROLLY JEWELLERY: CRISIL Reaffirms 'D' Rating on INR120.3MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rolly Jewellery Pvt Ltd
continue to be constrained by instances of delay by Rolly in
servicing its debt; the delays have been caused by weak liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR120.30 Million Term Loan              D (Reaffirmed)
   INR32.00 Million Packing Credit          P5 (Reaffirmed)
   INR48.00 Million Post Shipment Credit    P5 (Reaffirmed)
   INR5.00 Million Bank Guarantee           P5 (Reaffirmed)

The Dynamix group has a weak financial risk profile, marked by
high gearing and weak debt protection metrics, large working
capital requirements, and geographical concentration in its
revenue profile.  These weaknesses are partially offset by the
Dynamix group's moderate market position in the jewellery
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Rolly, Dynamix Chains Manufacturing Pvt
Ltd (Dynamix Chains, rated 'B-/Stable/P4' by CRISIL), SAY India
Jewellers Pvt Ltd (SAY India, rated 'P4' by CRISIL), Lily
Jewellery Pvt Ltd (Lily, rated 'P4' by CRISIL), Yash Jewellery Pvt
Ltd (Yash, rated 'B-/Stable/P4' by CRISIL), Dania Oro Jewellery
Pvt Ltd (Dania, rated 'B-/Stable/P4' by CRISIL), Jewel America Inc
(Jewel America) and Barjon Inc (Barjon).  This is because these
entities, collectively referred to as the Dynamix group, are under
a common promoter group, in the same line of business, and have
operational synergies and fungible cash flows.

                          About the Group

The Dynamix group of companies, engaged in the manufacture of
jewellery, is promoted by Mr. Pramod Goenka.  The group
manufactures gold, silver, and diamond-studded jewellery, which is
mainly exported to countries such as the US and the UK.

Set up in October 2007, Dynamix Chains manufactures specialised
chains and pendants, which are exported to the US.  SAY India,
Lily, Dania Oro and Yash (set up in May 1995, February 2004,
February 2006, and November 2006, respectively), export diamond-
studded gold jewellery, while Rolly (established in January 2005)
exports light-weight electro-form jewellery.  Jewel America, a
leading jewellery wholesaler in the US, was acquired by the group
in February 2009.

Rolly, on a standalone basis, reported a net loss of INR37 million
on net sales of INR209 million for 2009-10 (refers to financial
year, April 1 to March 31) as against a profit after tax of INR6
million on net sales of INR421 million in the previous year.


STYLEONE RETAIL: ICRA Assigns 'LC' Rating to INR16.60cr Term Loan
-----------------------------------------------------------------
ICRA has assigned 'LC' rating to the INR16.60 crore term loans of
Styleone Retail Concepts Private Limited.

The rating considers ongoing delays in debt servicing by the
Company.  Timely commencement of the operations is critical, since
any delays in this regard are expected to tighten the Company's
cash flows towards principal repayment significantly.  The rating
however considers the promoters' experience of over a decade in
the apparel retail business.

Incorporated in March 2010, the management expects to launch the
retail showroom in February 2012.  The showroom will be located in
Adyar, one of the prime residential hubs in Chennai, and is
expected to be an exclusive showroom for women (catering to
designer and ethnic wear).

In addition to the showroom, the promoters also intend to commence
manufacturing readymade inner garments for women on a small scale.
The manufacturing unit, which is expected to house an installed
capacity of 3 lakh pieces per annum, is estimated to cost INR0.3
crore.

The promoters are primarily engaged in operating an apparel retail
outlet Styleone, under Leela P Clothing Private Limited.  This
showroom, which was opened in June 2008, is also located in Adyar
(Chennai) and caters to men, women and children.


VELACITY: ICRA Assigns 'LB-' Rating to INR4.8cr Term Loans
----------------------------------------------------------
ICRA has assigned 'LB-' rating to the INR4.80 crore term loans and
INR0.20 crore long-term fund based facility of Velacity.

The assigned ratings reflect recent delays in debt servicing,
relatively small scale and limited track record of operations of
Velacity.  The entity's weak financial profile characterized by
net losses, highly stretched capital structure and modest coverage
indicators also restrict financial flexibility.  The company is
expected to face strong competition from the relatively larger
Ginger Hotels set up in the vicinity which is expected to impact
the entity's occupancy rates.  The entity's exposure to the
cyclicality in the domestic economy is also a key sensitivity.

The management of Velacity has long standing experience which
lends some stability to the entity's operations.  Velacity's early
presence in a Velachery (Chennai) has enabled it to attract
reputed corporates such as Daimler India Private Limited and Nokia
India which has lent stability to the entity's revenue streams.
Planned upgradation of Velacity's food & beverage (F&B) service is
expected to improve its revenues in the near term while enabling
an expansion in its operating profits.

                          About Velacity

Velacity is a boutique service apartment, located near Chennai's
(Tamil Nadu) IT hub.  The entity is registered as a proprietorship
under the name of Mrs. Kashmira, who is the daughter of Mr. Abhaya
Kumar (promoter of Shasun Pharmaceuticals Limited, LBB+
/Stable/A4+).  The entity has 34 rooms including a range of
standard, deluxe and executive suites.

Velacity was registered in April 2009 as a proprietorship, and
currently counts reputed corporates such Daimler India Private
Limited, Amazon India, HLL Life Care Limited, Idea Cellular
Limited, J Ray McDermott India Private Limited and Nokia India
among its major clients.

Recent Results (un-audited)

During the nine months ended, December 2010, the entity posted a
net loss of INR0.6 crore on an operating income of INR1.3 crore.


VISHAL RETAIL: TPG Acquires Business for INR700 Million
-------------------------------------------------------
The Wall Street Journal reports that when American private equity
fund Texas Pacific Group gained control of ailing Vishal Retail
Ltd earlier this month, it marked the culmination of a process
involving the Reserve Bank of India, the nation's biggest banks
and financial institutions, and dealt with a mountain of debt and
a pile of unsold goods.

"This is the first significant distressed-asset buyout in the
Indian market," the Journal quotes Puneet Bhatia, managing
director and country head of TPG Capital India Pvt. Ltd., as
saying.  The Journal notes that India's central bank intervened to
ensure that banks with loans to Vishal were protected through a
corporate debt restructuring exercise.

The Journal reports that TPG and Shriram Group took over the debt-
ridden business through a joint venture subsidiary, TPG Wholesale
Pvt. Ltd, after paying INR700 million through a slump sale
approved by the Delhi High Court on March 14, 2011.

According to the Journal, Vishal's retail trading unit has been
sold to Airplaza Retail Holdings Pvt. Ltd, owned by the Shriram
Group, while the wholesale trading, institutional sales and
franchise operations has been taken over by TPG Wholesale, led by
Gunender Kapur, formerly president and chief executive of the food
and grocery division of Reliance Retail Ltd.

"The business is seriously financially distressed," the Journal
quotes Mr. Kapur, who heads the end-to-end operational turnaround
at Vishal, as saying.  "The first 90 days' objective will be to
identify and fill those gaps.  The extreme shortage of working
capital, and the availability of merchandise meant the business
has been losing customers."

The Journal said in a March 14 report that the sale completes a
process that Vishal Retail started in late 2009, after it couldn't
pay back the loans it took to scale up in 2008-09, when liquidity
dried up in the wake of the global economic meltdown.

According to the Journal, falling sales and rising financing costs
added to the Indian retail company's woes, pushing the company
into the red.  It had reported a consolidated net loss of
INR4.16 billion (US$92.1 million) for the financial year ended
March 31.

In late 2009, the Journal recalls, Vishal founders' approached
several of its lenders to restructure about INR7.30 billion
(US$161.7 million) in debt under the existing corporate debt
restructuring guidelines issued by India's central bank.

Subsequently, the Journal relates, some of the Indian company's
lenders, who held majority of its debt, had approved a proposal to
recast its debt, which also involved the company's founders ceding
control to TPG.

State Bank of India, HSBC, HDFC Bank Ltd., ING Vysya Bank Ltd.,
UCO Bank Ltd. and Bank of India were the lenders who agreed to the
proposals, the Journal says.

However, its other lenders, which include Deutsche Bank, Barclays,
SICOM Ltd. and DBS Bank Ltd., didn't participate in the debt
recast exercise and opposed the asset sale plan.  They also
approached the courts in early 2010, seeking the liquidation of
Vishal Retail for failing to honor debt repayment commitments.

Acting on the complaints filed by Barclays, SICOM Ltd. and DBS
Bank Ltd., the Delhi High Court restrained the retailer from
selling its assets.

Vishal Retail said Monday the sale completion follows an approval
from a Delhi Court, the Journal adds.

                         About Vishal Retail

Vishal Retail Ltd incorporated in the year 2001, is engaged in the
retailing of apparels, household merchandise and consumer good
items.  The company is promoted by Mr. Ram Chandra Agarwal, the
Chairman and Managing Director (CMD), having over two decades of
experience in the retail sector.  The Company started off as a
retailer of readymade apparels in 2001 and subsequently
diversified its product offering to include a variety of household
and consumer durable items in its portfolio.  The company
consistently scaled up the retail area over the years and had 170
stores covering a retail space of 3 mn sq. ft. as on July 24,
2009.


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


* 1,135 Listed Firms Suffer Damage by Quake-Tsunami Disaster
-------------------------------------------------------------
Kyodo News, citing Tokyo Shoko Research, reports that a total of
1,135 listed companies had their operations damaged by the
March 11 massive quake-tsunami disaster that jolted northeastern
Japan, and if non-listed companies are included, the number of
disaster-hit firms should rise significantly.

Kyodo relates that the credit research agency said the finding is
based on a survey that conducted on 1,597 listed companies that
had disclosed quake-induced damage to their operations and
facilities in the Tohoku region by March 16.

According to Kyodo, Tokyo Shoko Research found that 472 companies,
or 29.6% of all firms subject to the survey, were forced to halt
operations, while 481, or 30.1%, suffered partial or minor damage.

Damage to buildings was reported by 529 companies, the largest
among physical damage, and 208 firms were affected by crippled
infrastructures.  In addition, 194 companies reported damage to
production lines.

Kyodo says there are 32,341 companies based in 44 coastal
municipalities in Aomori, Iwate, Miyagi and Fukushima prefectures,
which were severely hit by the tsunami, according to the research
institute.  They had around JPY9.9 trillion in combined sales
before the disaster.


JAPAN AIRLINES: Exits from Court-Backed Rehabilitation
------------------------------------------------------
Kyodo News reports that Japan Airlines Corp. said Monday that it
had completed a court-backed rehabilitation process and was taking
the first step toward rebuilding its management after filing for
bankruptcy in January last year.

Kyodo relates that the airline aims to relist its stock by
January 2013, but it will first have to deal with several
difficulties, including a plunge in foreign passenger brought on
by the earthquake and tsunami catastrophe on March 11, and the
nuclear power plant crisis in Fukushima Prefecture.

The airline, according to the report, has paid back all its
rehabilitation debts with about JPY255 billion in new loans from
11 creditors, including the Development Bank of Japan.

Kyodo says the Tokyo District Court approved JAL's exit from
rehabilitation after the former flag carrier underwent painful
restructuring efforts, including reductions in its workforce,
routes and flights, under the protection of the court and the
state-backed Enterprise Turnaround Initiative Corp. of Japan.

As a result of those efforts, Kyodo relates, the airline achieved
a consolidated operating profit of JPY174.9 billion in the period
between April 2010 and February this year.

JAL President Masaru Onishi said at a news conference that the
airline plans to reduce some flights on 11 international routes in
April, Kyodo reports.

                    JAL, Jetstar Eye Joint Venture

Meanwhile, Kyodo News, citing unnamed sources, reports that Japan
Airlines is looking to establish a low-cost air carrier for
domestic flights with Australian budget airline Jetstar Airways
Pty Ltd.

Kyodo relates that JAL is apparently aiming to rely on the
Australian firm's knowhow to challenge All Nippon Airways Co.,
which plans to launch a low-fare airline based at Kansai
International Airport in the second half of 2011.

However, voices in JAL are wary about taking a risk on a new air
service at a time when passengers numbers are plunging in the wake
of the March 11 earthquake and tsunami, Kyodo's sources said.

Japan Airlines Corporation, Japan Airlines International Co.,
Ltd., and JAL Capital Co., Ltd., on January 19, 2010, filed
petitions to commence corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in
New York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company
estimated debts at $28 billion.

                        About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                           *     *     *

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Japan Airlines Corp. until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


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


HYVA GLOBAL: Fitch Assigns 'BB-' Rating to Senior Secured Notes
---------------------------------------------------------------
Fitch Ratings has assigned Hyva Global B.V.'s US$375m senior
secured notes due 2016 a final 'BB-' rating.  The notes are
guaranteed by Hyva Holding ('BB-'/Stable) and certain restricted
subsidiaries.

This follows the receipt of documents conforming to information
already received.  The final rating is in line with the expected
rating assigned on March 7, 2011.


* SOUTH KOREA: Construction Sector Steeply Shrink on Market Slump
-----------------------------------------------------------------
Yonhap News reports that South Korea's construction sector
contracted at the sharpest rate in more than a decade in the
fourth quarter of last year due mainly to a protracted property
market slump.

Citing data by the Bank of Korea and Statistics Korea, Yonhap
relates that the construction sector shrank 5.3% in the fourth
quarter from three months earlier.  The on-quarter decline is the
steepest since the second quarter of 1998 when the nation was
reeling from the Asia-wide financial crisis, Yonhap notes.


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


HONK 2: Defaults on NZ$23 Million Secured Loan
----------------------------------------------
The National Business Review reports that Allied Farmers said it
will need to write down the book value of loan on a property in
Silverdale in the Rodney District after borrower, Honk 2 Limited,
defaulted.

NBR says Allied Farmers Investments Ltd had been informed by
lawyers for Hong Kong-based lender Asian Syndicate Finance that
borrower Honk 2 would default on a secured loan on the 59-hectare
property.

According to NBR, AFIL holds a second mortgage over the property,
relating to a NZ$23 million loan made to Honk 2 by Hanover Finance
in March 2009.  A valuation indicated that Allied may need to
write down the book value of the loan but the carrying value of
the loan was still being assessed, NBR notes.

NBR reports that AFIL has also been supporting Fletcher
Construction in its bankruptcy action against property developer
Nigel McKenna.

AFIL was unwilling to support the creditors' proposal put forward
by Mr. McKenna, which should result in bankruptcy being declared
at the hearing on April 19, NBR says.

NBR adds that the bankruptcy of Mr. McKenna would have no impact
on AFIL's carrying value of the loan, as it has been previously
written down to zero.

                             About Honk 2

Honk 2 Limited is an investment vehicle of Andrew Tauber and
Paul Webb.


NATHANS FINANCE: Gave Misleading Infos, Crown Prosecutor Says
-------------------------------------------------------------
BusinessDay.co.nz reports that the High Court in Auckland heard on
March 22 that Nathans Finance gave false and misleading
information to potential investors, suggesting it was a
diversified lending company when, in fact, it was not.

"In reality, Nathans was not a diversified lender," Crown
prosecutor Colin Carruthers QC told the court on the second day of
the trial of three directors of the company -- Mervyn Doolan,
Roger Moses, and Don Young -- who face multiple criminal charges
laid under the Securities Act.

Mr. Carruthers told Justice Paul Heath, who is sitting without a
jury, that Nathans made untrue statements to lenders about their
"diverse lending book" which they said was also growing,
BusinessDay.co.nz relates.

Various letters and advertisements spoke of diverse loans made by
the company to various industry sectors, BusinessDay.co.nz points
out.  "The narrative gave a misleading impression about Nathans'
loan book by implying it was more diverse than it was.  The clear
impression was that it was growing and was diversified and this
was simply not the case," BusinessDay.co.nz quotes Mr. Carruthers
as saying.

At the time the company collapsed into receivership in Aug. 20,
2007, BusinessDay.co.nz notes, Nathan Finance's book had NZ$171
million in loans to parent company VTL and just NZ$6 million to
third parties, lent across seven loans.

Mr. Carruthers told the court a statement about the
diversification of the loan book would have been important for the
potential investors, according to BusinessDay.co.nz.

According to the report, Mr. Carruthers on March 21 said a
prospectus registered in December 2006 contained untrue statements
about the nature of Nathans' "related-party lending, bad debts,
corporate governance and management of its loans, diversification
and liquidity".

Mr. Carruthers, as cited by BusinessDay.co.nz, further said that
despite the finance company's position deteriorating after that
date, the directors extended the prospectus in March 2007, saying
its position had not "materially or adversely" changed.

Then, in three letters to investors between May and August that
year, Nathans "made a number of glowing statements as to its
financial worthiness", said Mr. Carruthers.  By August 2007, the
finances of the company were "on any objective measure quite
hopeless".

Mr. Carruthers told of a finance company taking public funds to
invest into a private international business venture.

According to BusinessDay.co.nz, Mr. Carruthers said it was Nathans
Finance's cosy lending relationship with its parent company VTL
that led to the loss of NZ$174 million of investors' funds.  Most
of Nathans Finance's lending was made to VTL or its associated
companies, and conflicts of interest existed at several levels of
the lending process, the report notes.

Mr. Carruthers said the accused held an "unreasonable belief in
the viability of the VTL business model", installing proprietary
software into vending machines and leasing them.

However, BusinessDay.co.nz notes, VTL reported a loss of
NZ$5.9 million for the six months to December 2006 and a loss of
NZ$133 million for the 14 months to August 2007.  The company was
placed in receivership on Nov. 5, 2008.

Mr. Carruthers relayed his statements on the alleged misleading
information in the trial of the company's directors.  The
directors face 18 charges that relate to distributing
prospectuses, advertisements and investment statements, which
included "untrue statements."  Messrs. Doolan, Moses, and Young
three directors have denied the charges.  A fourth director, John
Hotchin, admitted the charges three weeks ago after four months of
plea bargaining between defense counsel and the Crown,
BusinessDay.co.nz notes.


                        About Nathans Finance

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


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


PHILIPPINE AIRLINES: Palace Approves PAL's Outsourcing Plans
------------------------------------------------------------
Paolo Montecillo at the Philippine Daily Inquirer reports that
Malacanang on Friday upheld a decision of the Department of Labor
and Employment allowing Philippine Airlines to spin off its non-
core services but doubled the amount of gratuity to be given to
the affected 2,600 employees.

The Inquirer relates that the decision was announced on Friday
night by presidential spokesperson Edwin Lacierda only hours after
the airline's union, the PAL Employees Association (Palea)
announced that 95% of its members had voted to strike to force
management to negotiate a collective bargaining agreement.

According to the Inquirer, Mr. Lacierda said the Palace decided to
increase from PHP50,000 to PHP100,000 the gratuity to be given to
employees affected by the spinoff.

In a press statement, the Inquirer says, PAL welcomed the
Malacanang decision and said it would abide by the order, which
recognized its right to spin off non-core businesses in order to
survive as an airline.

The Inquirer relates that PAL president and chief operating
officer Jaime Bautista said the decision removes all legal
impediments of the spinoff program.

"PAL can now focus on its restructuring efforts in order to
survive in the long term," the Inquirer quotes Mr. Bautista as
saying.

He said management will reach out to affected workers to discuss
smooth and orderly implementation of the ruling, the Inquirer
adds.

In a separate report, BusinessWorld relates that PAL said Saturday
it is seeking talks with the company's labor union to ensure a
smooth implementation of layoffs following the Malacanang ruling.
However, PALEA, which has threatened to go on strike in early
April, refused such talks and insisted instead on pursuing
negotiations for a new collective bargaining agreement,
BusinessWorld cites.

"The goal is to sit down with the union leaders and dialogue with
them to ensure that this essential restructuring effort is carried
out in a smooth and orderly manner," BusinessWorld cited PAL
spokesperson Cielo C. Villaluna as noting in a text message to
reporters.

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

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

                      About Philippine Airlines

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


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


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

Chay Fook Yuen and Tay Puay Cheng filed the petition against the
company on March 17, 2011.

The Petitioner's solicitors are:

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


BSK TECHNOLOGIES: Creditors to Get 100% on Preferred Claims
-----------------------------------------------------------
BSK Technologies Pte Ltd will declare the first and final dividend
to creditors on March 30, 2011.

The company will pay 100% for preferential and 3% for ordinary
claims.

The company's liquidator is:

          Tan Suan Pin
          Infinity Consulting Pte Ltd
          133 New Bridge Road #25-08
          Chinatown Point
          Singapore 059413


CLIFFORD ENGINEERING: Creditors Get 15.8628% Recovery on Claims
---------------------------------------------------------------
Clifford Engineering Co Pte Ltd declared the first and final
dividend on March 18, 2011.

The company paid 15.8628% to the received claims.

The company's liquidator is:

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


GLOCAL MEDIA: Court to Hear Wind-Up Petition April 8
----------------------------------------------------
A petition to wind up the operations of Glocal Media Networks Pte
Ltd. will be heard before the High Court of Singapore on April 8,
2011, at 10:00 a.m.

Media Development Authority of Singapore filed the petition
against the company on March 16, 2011.

The Petitioner's solicitors are:

         Messrs Wong Partnership Llp
         63 Market Street #02-01
         Singapore 048942


MIODINO THE OFFICE: Creditors Get 1.24832% Recovery on Claims
-------------------------------------------------------------
Miodino The Office World Far East Pte Ltd declared the first and
final dividend on March 14, 2011.

The company paid 1.24832% to the received claims.

The company's liquidator is:

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


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


* S&P's Global Corporate Default Tally Remains at Three
-------------------------------------------------------
The 2011 global corporate default tally remains at three issuers,
marking the fifth consecutive week without a global corporate
default, said an article published March 25 by Standard & Poor's
Global Fixed Income Research, titled "Global Corporate Default
Update (March 18 - 24, 2011) (Premium)."  This is the longest gap
between defaults since June 2007, when no companies defaulted in a
six-week period.

Two of this year's defaults were based in the U.S., and one was
based in the Czech Republic.  By comparison, 22 global corporate
issuers had defaulted by this time last year (16 U.S.-based
issuers, one European issuer, two issuers based in the emerging
markets, and three issuers based in the other developed region
consisting of Australia, Canada, Japan, and New Zealand).

All three of this year's defaulters missed interest or principal
payments, which was one of the top reasons for default last year.
Of the defaults in 2010, 28 defaults resulted from missed interest
or principal payments, 25 defaults resulted from Chapter 11 and
foreign bankruptcy filings, 23 from distressed exchanges, three
from receiverships, one from regulatory directives, and one from
administration.


* BOND PRICING: For the Week March 21 to March 25, 2011
-------------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.22
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.95
BECTON PROP GR           9.50    06/30/2010   AUD       0.19
CENTAUR MINING          11.00    12/01/2007   USD       0.50
EXPORT FIN & INS         0.50    12/16/2019   NZD      63.40
EXPORT FIN & INS         0.50    06/15/2020   AUD      61.79
EXPORT FIN & INS         0.50    06/15/2020   NZD      59.94
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.92
NEW S WALES TREA         1.00    09/02/2019   AUD      65.21
NEW S WALES TREA         0.50    09/14/2022   AUD      53.00
NEW S WALES TREA         0.50    10/07/2022   AUD      52.82
NEW S WALES TREA         0.50    10/28/2022   AUD      52.63
NEW S WALES TREA         0.50    11/18/2022   AUD      52.45
NEW S WALES TREA         0.50    12/16/2022   AUD      52.21
NEW S WALES TREA         0.50    02/02/2023   AUD      51.74
NEW S WALES TREA         0.50    03/30/2023   AUD      53.98
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      73.26
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      66.56
RESOLUTE MINING         12.00    12/31/2012   AUD       1.18
TREAS CORP VICT          0.50    08/25/2022   AUD      53.85
TREAS CORP VICT          0.50    11/12/2030   AUD      52.13
TREAS CORP VICT          0.50    11/12/2030   AUD      36.14


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.79


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      44.62


  INDIA
  -----

POWER FIN CORP           8.99    01/15/2021   INR       9.20
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.42
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.16
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.11
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.24
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.56
PUNJAB INFRA DB          0.40    10/15/2029   INR      17.05
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.70
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.48
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.38
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.39


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


  JAPAN
  -----

AIFUL CORP               1.99    03/23/2012   JPY      72.92
AIFUL CORP               1.22    04/20/2012   JPY      67.92
AIFUL CORP               1.63    11/22/2012   JPY      54.92
AIFUL CORP               1.74    05/28/2013   JPY      47.92
AIFUL CORP               1.99    10/19/2015   JPY      37.92
COVALENT MATERIA         2.87    02/18/2013   JPY      71.91
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      57.00
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      56.37
SHINSEI BANK             5.62    12/29/2049   GBP      73.34
TAKEFUJI CORP            9.20    04/15/2011   USD      17.25


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.12
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.45
CRESENDO CORP B          3.75    01/11/2016   MYR       1.06
DUTALAND BHD             6.00    04/11/2013   MYR       0.85
DUTALAND BHD             6.00    04/11/2013   MYR       0.35
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.13
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.12
ENCORP BHD               6.00    02/17/2016   MYR       0.92
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.95
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MITHRIL BHD              3.00    04/05/2012   MYR       0.64
NAM FATT CORP            2.00    06/24/2011   MYR       0.03
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.53
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.35
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.32
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       0.83
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.84
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.83
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.55
TRC SYNERGY              5.00    01/20/2012   MYR       1.50
WAH SEONG CORP           3.00    05/21/2012   MYR       2.41
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.26
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.33


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

ALLIED FARMERS           9.60    11/15/2011   NZD      39.01
DORCHESTER PACIF         5.00    06/30/2013   NZD      74.03
FLETCHER BUI             8.50    03/15/2015   NZD       7.59
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       9.00
INFRATIL LTD             4.97    12/29/2049   NZD      60.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.29
MANUKAU CITY             6.15    09/15/2013   NZD       1.02
MANUKAU CITY             6.90    09/15/2015   NZD       1.05
MARAC FINANCE           10.50    07/15/2013   NZD       1.01
NZF GROUP                6.00    03/15/2016   NZD      13.79
SKY NETWORK TV           4.01    10/16/2016   NZD       7.87
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.72
ST LAURENCE PROP         9.25    07/15/2010   NZD      62.67
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03

TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.90
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.10
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.05
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00
VECTOR LTD               8.00    06/15/2012   NZD       6.95
VECTOR LTD               8.00    10/15/2014   NZD       1.06


SINGAPORE
---------

CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.95
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
EQUINOX OFFSHORE        20.00    10/13/2011   USD      70.99
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.67
WBL CORPORATION          2.50    06/10/2014   SGD       1.65


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

CN 1ST ABS               8.00    02/27/2015   KRW      31.76
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      15.20
DONGSAN TELECOM          6.00    07/02/2013   KRW      54.02
EPIVALLEY CO LTD         3.00    06/30/2012   KRW      60.76
HOPE KOD 1ST             8.50    06/30/2012   KRW      23.00
HOPE KOD 2ND            15.00    08/21/2012   KRW      36.12
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.53
HOPE KOD 4TH            15.00    12/29/2012   KRW      31.52
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.62
IBK 17TH ABS            25.00    12/29/2012   KRW      61.42
JOONG ANG DESIGN         6.00    12/18/2012   KRW      65.60
KB 11TH ABS             23.00    07/03/2011   KRW      67.51
KB 11TH ABS             20.00    07/03/2011   KRW      65.87
KB 12TH ABS             22.00    01/21/2012   KRW      35.50
KB 12TH ABS             25.00    01/21/2012   KRW      20.00
KB 13TH ABS             25.00    07/02/2012   KRW      62.51
KB 14TH ABS             23.00    01/04/2013   KRW      60.83
KDB 6TH ABS             20.00    12/02/2019   KRW      54.01
KEB 17TH ABS            20.00    12/28/2011   KRW      60.71
KOREA LINE CO            7.40    06/30/2011   KRW      62.57
KOREA LINE CO            6.80    11/11/2011   KRW      60.21
KOREA LINE CO            7.90    06/30/2012   KRW      45.63
NACF 17TH ABS           20.00    06/03/2011   KRW      22.00
NACF 17TH ABS           25.00    07/03/2011   KRW      20.01
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      25.00
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      62.97
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      62.74
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.75
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.45
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.44
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.27
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.47
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.18
SINGOK ABS               7.50    06/18/2011   KRW      52.61
SINGOK NS ABS            7.50    06/27/2011   KRW      52.71
SOLOMON MUTUAL B         8.10    04/19/2015   KRW      70.44


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       66.36


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       71.94


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      69.99
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      52.67
VIETNAM-PAR              4.00    03/12/2028   USD      73.00



                             *********

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

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

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


                            *********


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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