TCRAP_Public/110405.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, April 5, 2011, Vol. 14, No. 67

                            Headlines



A U S T R A L I A

MIRABELA NICKEL: Moody's Assigns (P)B2 First-Time Rating


C H I N A

FRANSHION PROPERTIES: S&P Assigns 'BB+' Rating to Sr. Unsec. Notes
GALAXY CASINOS: S&P Withdraws 'B' Ratings at Galaxy's Request
* One in Five of China's Coal-fired Power Plants Faces Bankruptcy


H O N G  K O N G

CENTURY MUTUAL: Annual Meetings Set for April 8
MEGMEET HONGKONG: Creditors' Proofs of Debt Due April 28
NANYANG FINANCE: Commences Wind-Up Proceedings
PATSON (HK): Commences Wind-Up Proceedings
PENTAX VQ: Lai and Haughey Step Down as Liquidators

POVIA LIMITED: Members' Final Meeting Set for May 3
POWER WHEEL: Members' Final Meeting Set for May 20
PRIVATE CLIENT: Liou and Ng Appointed as Liquidators
SCIENTIFIC-ATLANTA (HK): Lam and Boswell Step Down as Liquidators
SELCO (HK): Annual Meetings Set for April 26

VISCOUNTMARINE LIMITED: Annual Meetings Set for April 26
XIN SHI: Creditors' Proofs of Debt Due May 3
YOLIGATE LIMITED: Members' Final Meeting Set for May 3


I N D I A

CHORUS LABS: ICRA Puts 'LB-' Rating to INR4.0cr Fund Based Limits
CIPSA TEC: Fitch Downgrades Bank Loans to 'D' from 'BB-'
GOLDEN TREE: ICRA Assigns 'LB' Rating to INR24cr Term Loan
PREMIUM PAPER: CRISIL Reaffirms 'D' Rating on INR354.8MM Term Loan
PRISTINE PROPERTIES: CRISIL Rates INR500MM LT Bank Loan at 'BB'

RAINBOW PACKAGING: CRISIL Upgrades Cash Credit Rating to 'B+'
ROHAN BUILDERS: CRISIL Raises Rating on Cash Credit to 'BB+'
SANGHAMITRA HOSPITALS: CRISIL Rates INR100 Million LT at 'B'
SAURAV CHEMICALS: Fitch Rates Long-Term Loans at 'BB'
SHREECHEM PHARMACEUTICALS: CRISIL Reaffirms 'D' Rating on Debts

SIGNET CONDUCTORS: CRISIL Assigns 'B+' Rating to INR2.9MM Loan
SOLAR SEMICONDUCTOR: ICRA Cuts LT Rating on Loans to 'LC'
SRI JAGANNATH: ICRA Assigns 'LB' Rating to INR13.75cr LT Bank Loan
SRI LALITHA: CRISIL Reaffirms 'BB-' Rating on INR376.8MM LT Loan
VEERAPANDI COMMON: CRISIL Rates INR579.6 Million LT Loan at 'D'

VIJLAK PHARMA: CRISIL Assigns 'BB-' Rating to INR29MM LT Loan
VITTRAG MINES: CRISIL Cuts Rating on INR50MM Cash Credit to 'D'


M A L A Y S I A

TALAM CORP: Posts MYR81.08-M Net Loss for Qtr. Ended Jan. 31, 2011
VTI VINTAGE: Foong & Partners Demands Payment for Services


N E W  Z E A L A N D

DATA SOUTH: Finance in SFO Probe; Three Other Units in Liquidation
NATIONAL FINANCE: Ex-Accountant Wins Appeal Against Jail Sentence
PIKE RIVER: Labor Dept. Seeks More Time on Pike River Decision
PIKE RIVER: Receivers Get More Than a Dozen Strong Interests


S I N G A P O R E

AUSTRALIAN PROPERTY: Court Enters Judicial Management Order
CHUAN SIANG: Creditors' Meeting Set for April 12
CHUAN SOON: Creditors' Meeting Set for April 8
FASHION HOLDINGS: Court to Hear Wind-Up Petition on April 15
FOUNDATION ASIANA: Creditors' Meeting Set for April 14

FORTUNE DESIGN: Creditors' Meeting Set for April 12
LFE GROUP: Court to Hear Wind-Up Petition on April 8
SING ASIA: Creditors' Proofs of Debt Due April 15
TRU-LINE BEAUTY: Court to Hear Wind-Up Petition on April 15
UNITED BUILDING: Court to Hear Wind-Up Petition on April 15


X X X X X X X X


* BOND PRICING: For the Week March 28 to April 1, 2011


                            - - - - -


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A U S T R A L I A
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MIRABELA NICKEL: Moody's Assigns (P)B2 First-Time Rating
--------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2
Corporate Family rating to Mirabela Nickel Ltd.  At the same time,
Moody's has assigned a provisional (P)B2 senior unsecured rating
to the proposed US$375 million 144A senior unsecured notes
issuance.  The rating outlook is stable.  This is the first time
that Moody's has assigned ratings to Mirabela.

Proceeds from the proposed issue will be primarily used to
refinance existing indebtedness and support the continued ramp up
and expansion of the company's Santa Rita Nickel mine.

The Notes, issued by Mirabela Nickel Limited will rank equal to
all current and future senior unsecured indebtedness of the issuer
and guarantors.  The issuance is guaranteed by Mirabela's
subsidiaries Mirabela Minera‡ao do brasil Ltda ("Mirabela
Brazil"), Mirabela Investments Pty Limited.

The ratings are provisional based on information contained in
draft documentation as at March 30, 2011.  The assignment of
definitive ratings is subject to a review of the final
documentation, and to successful issuance of the proposed notes.

Ratings Rationale

The (P)B2 ratings reflect the company's position as a single asset
nickel producer currently in the ramp up phase of operations.  The
rating also reflects the inherent volatility of nickel prices and
its exposure to the cyclical stainless steel industry.

"The rating assumes that Mirabela will be able to manage execution
risk while improving recovery levels and per unit cash costs
during the continuing production ramp up", says Matthew Moore, a
Moody's Assistant Vice President - Analyst.

The project has experienced issues with nickel recoveries during
the ramp up, however recent results have shown improvements in
recovery and production levels.  The current rating incorporates
an expectation that these improvements will continue and that cash
costs will fall to around US$5.7/lb of nickel produced in 2011 -
compared to US$7/lb as at FY10 - as the project continues to ramp
up to expected run rate capacity of over 23,000 tonnes of nickel
produced per annum.

"The rating also considers the large long life resource base,
which lends itself to conventional mining and processing
techniques and the limited volume risk as a result of off-take
agreements in place for all production capacity through 2014",
adds Moore.

"Following the bond issue, the rating benefits from meaningful
liquidity to support the ramp up of operations, Moore says, adding
"We expect that credit metrics will gradually strengthen following
successful production ramp up".  For example, Moody's expects the
ratio of Debt/EBITDA to be below 3.5x in 2011, reducing to below
3.0x by 2013.

The stable outlook reflects Moody's expectation that Mirabela will
achieve full production ramp up in the second half of 2011, and
that improved recovery levels and reduced cash costs will lead to
improvements in credit metrics, as the mine continues to increase
production levels.

Moody's does not envisage upward rating pressure until Mirabela
demonstrates sustained operations at its name plate capacity and
approaches it design recovery and unit cash cost levels, such that
the ratio of Debt/EBITDA drops below 3.0x and EBITDA/Interest
exceeds 4.0x on a consistent basis.

On the other hand, the rating could be downgraded if Mirabela is
unable to sustain and improve current production levels, improve
recovery levels and reduce cash costs.  At the current rating,
Moody's expects Mirabela to maintain its Debt/EBITDA below 5.0x
and EBIT/Interest above 2.25x over the next 18 to 24 months.

This is a first time rating to Mirabela Nickel Limited.

The principal methodology used in this rating was Global Mining
Industry published in May 2009.

Based in Perth, Western Australia, Mirabela Nickel Ltd is a single
asset nickel producer. Mirabela's principal asset is the Santa
Rita Project in Bahia State, Brazil. The Santa Rita project is a
nickel sulphide operation currently in ramp up mode to its
ultimate nameplate of 7.2Mtpa of ore milled and full production
target of 23,000 to 25,000 tonnes of nickel in concentrate.


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C H I N A
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FRANSHION PROPERTIES: S&P Assigns 'BB+' Rating to Sr. Unsec. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'BBB-'
long-term corporate credit rating to China-based property
developer Franshion Properties (China) Ltd.  The outlook is
stable.  At the same time, Standard & Poor's assigned its 'BB+'
issue rating to the company's proposed issue of senior unsecured
notes.  "The rating on the notes is subject to our review of the
final issuance documentation," S&P said.

The rating on Franshion reflects the company's 'bb+' stand-alone
credit profile (SACP) and a one-notch uplift because of parental
support from Sinochem Corp.  The SACP on Franshion reflects the
company's high project concentration, limited geographic
diversification, substantial capital spending needs, and volatile
financial performance.  The company's recurring income from
property leasing and hotel operations, the high quality of its
leasing and development assets, and good execution track record
temper these weaknesses.

"We believe Franshion is strategically important to Sinochem and
will continue to benefit from the parent's support," said Standard
& Poor's credit analyst Frank Lu.  "The company is about 63% owned
by Sinochem and contributed a significant portion of its profits
in 2010.  Sinochem appoints Franshion's board of directors and
senior management.  It also underwrote Franshion's equity issuance
and injected its property assets into Franshion."

Franshion has significant recurring income from leasing properties
and hotels, which underpins its credit profile.  The company has a
portfolio of good quality and seasoned commercial properties for
leasing in Beijing and Shanghai.  Compared with its peers,
Franshion has a substantial rental income stream to support its
financial expenses.  "We expect Franshion's rental interest
coverage to be about 1x over the next two years.  The company's
hotel operations have weathered the recent market downturn well,
with good occupancy and satisfactory profitability," S&P said.

"In our view, Franshion's property development business has high
concentration risks," according to S&P.  The company has a limited
number of projects, albeit fairly large scale, mainly in Beijing,
Shanghai, and Changsha.  It is vulnerable to slippage in sales and
delivery of properties due to local market conditions and
regulations.  "This is reflected in the company's volatile
financial performance, which we expect will continue," S&P noted.
Two commercial property projects in Shanghai will contribute the
bulk of its property sales target for 2011.

Franshion has large capital investment needs in the next two to
three years, due to recent land bank acquisitions and investments
in commercial properties.

The development of its recently acquired Changsha project will
likely involve significant debt funding.  The execution risk for
this project is somewhat heightened because Changsha is a new
market for Franshion and the company has limited experience in
large-scale land development and residential properties.  "We
expect its capital expenditure to remain high because of its need
to replenish its land bank in urban areas," S&P related.

The issue rating on Franshion's proposed notes is one notch lower
than the corporate credit rating to reflect structural
subordination risks.  "In our view, the company's ratio of
priority borrowings to total assets is likely to remain above our
notching threshold of 20% for investment-grade issuers.
Proceeds from the proposed issuance will be used for working
capital, refinancing of outstanding debt, capital expenditure, and
other general corporate purposes," S&P said.

Franshion's liquidity is adequate.  As of Dec. 31, 2010, Franshion
had Chinese renminbi (RMB) 9.88 billion in unrestricted cash,
about RMB1.25 billion in undrawn committed offshore facilities,
and undrawn onshore facilities of about RMB6 billion.  Together
with projected property sales, these sources should be more than
sufficient to cover RMB10.32 billion in land premium, RMB4.95
billion in short-term debt (excluding inter-company entrustment
loans), and projected working capital needs.

Franshion has good financial flexibility compared with its rated
peers, in S&P's view.  The company has good access to onshore and
offshore banking facilities because of the support from its parent
company and its valuable commercial and hotel properties.
Franshion has a track record of raising capital from diverse
funding channels, including equity and hybrid securities.  The
company has sufficient financial headroom in its offshore bank
loan covenants.

The outlook is stable.  "We expect Franshion to generate
satisfactory cash flows from its rental and development properties
to meet its near-term obligations," S&P said.  The company's good
financial flexibility also supports the outlook.

"In our base-case scenario, we expect Franshion's financial
performance to improve materially in 2011.  The company has good
sales and earnings visibility for 2011.  Rental and hotel incomes
should improve as demand recovers.  We expect a debt-to-EBITDA
ratio of less than 5.0x and EBITDA interest coverage
of about 4.0x-4.5x in the next two years," according to S&P.

The rating upside is limited, in S&P's view.  "We could raise the
rating if Franshion maintains good financial strength, such as a
debt-to-EBITDA ratio of less than 3x, while it expands its scale
and improves its project and geographic diversification,"
according to S&P.

"We may lower the rating if the company's debt-funded expansion is
more aggressive than our expectation and profit margins are
significantly weaker than we estimated, such that its recurring
EBITDA from property leasing is materially less than 1.0x and
shows no signs of improving," S&P added.


GALAXY CASINOS: S&P Withdraws 'B' Ratings at Galaxy's Request
-------------------------------------------------------------
Standard & Poor's Ratings Services said it had affirmed its 'B'
long-term corporate credit rating on Galaxy Casino S.A. and the
'B' senior secured debt rating on the company's club loan
facility.  S&P then withdrew both ratings at Galaxy Casino's
request.

The rating on Galaxy Casino reflected the execution risks
associated with its resort, Galaxy Macau; the company's highly
leveraged financial risk profile; the intense competition in the
high-roller or "VIP" market, and its dependency on the Chinese
market for the bulk of its visitors.  These risks were tempered
by the company's position as one of six casino concession and sub-
concession holders in Macau and the solid operating performance of
its flagship StarWorld Casino.  In addition, rating factored in
support from Galaxy Casino's parent, Galaxy Entertainment Group
Ltd.  The parent operates in the construction materials industry,
and therefore helps to offset some risks associated with
construction material costs.


* One in Five of China's Coal-fired Power Plants Faces Bankruptcy
-----------------------------------------------------------------
Bloomberg News, citing China Power International Development Ltd,
reports that almost one in five of China's state-run coal-fired
power plants faces bankruptcy because rising fuel costs are
eroding earnings while electricity prices are frozen.

Eighty-four of the 436 plants owned by the nation's biggest
power producers aren't financially viable and more than half
made losses in 2010, Shou Rufeng, an investor-relations official
at Hong Kong-listed China Power, told Bloomberg, citing
statistics from the country's five largest utilities.

According to Bloomberg, China's electricity prices haven't risen
since November 2009, while power-station fuel costs surged, as the
government controls tariffs to contain inflation.  The average
benchmark price for coal for immediate delivery at Qinhuangdao,
China's largest port for the commodity, rose 25 percent last year.

"The only way to help the nation's coal-fired power plants is to
raise electricity prices but the government may become more
cautious as inflation is likely heating up, even though
there are rumors of a price hike," Bloomberg quotes Zhang Shun, an
analyst with Ping An Securities Co., as saying.


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


CENTURY MUTUAL: Annual Meetings Set for April 8
-----------------------------------------------
Members and creditors of Century Mutual Limited will hold their
annual meetings on April 8, 2011, at 3:00 p.m., and 3:30 p.m.,
respectively, at the offices of FTI Consulting (Hong Kong)
Limited, 14/F, The Hong Kong Club Building, 3A Chater Road,
Central, in Hong Kong.

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


MEGMEET HONGKONG: Creditors' Proofs of Debt Due April 28
--------------------------------------------------------
Creditors of Megmeet HongKong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 28, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 29, 2011.

The company's liquidator is:

         Lau Wai Yung Alice
         Room 2402, 24/F
         101 King's Road
         Fortress Hill, Hong Kong


NANYANG FINANCE: Commences Wind-Up Proceedings
----------------------------------------------
Members of Nanyang Finance Company Limited, on March 23, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Leung Fung Yee Alice
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


PATSON (HK): Commences Wind-Up Proceedings
------------------------------------------
Members of Patson (HK) Limited, on March 23, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Leung Fung Yee Alice
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


PENTAX VQ: Lai and Haughey Step Down as Liquidators
---------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Pentax VQ Co., Limited on March 25, 2011.


POVIA LIMITED: Members' Final Meeting Set for May 3
---------------------------------------------------
Members of Povia Limited will hold their final meeting on
May 3, 2011, at 10:30 a.m., at 15 Queen's Road Central, in Hong
Kong.

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


POWER WHEEL: Members' Final Meeting Set for May 20
--------------------------------------------------
Members of Power Wheel Logistics Limited will hold their final
meeting on May 20, 2011, at 11:00 a.m., at 9/F., Times Media
Centre, 133 Wanchai Road, Wanchai, in Hong Kong.

At the meeting, Cheung Chui Ping Chaplin, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


PRIVATE CLIENT: Liou and Ng Appointed as Liquidators
----------------------------------------------------
Liou Kun Chiu Eddie and Ng Kit Ying Zelinda on March 18, 2011,
were appointed as liquidators of Private Client Solutions Holdings
(HK) Limited.

The liquidators may be reached at:

         Liou Kun Chiu Eddie
         Ng Kit Ying Zelinda
         31/F., The Center
         99 Queen's Road
         Central, Hong Kong


SCIENTIFIC-ATLANTA (HK): Lam and Boswell Step Down as Liquidators
-----------------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Scientific-Atlanta (HK) Limited on
March 28, 2011.


SELCO (HK): Annual Meetings Set for April 26
--------------------------------------------
Members and creditors of Selco (Hong Kong) Limited will hold their
annual meetings on April 26, 2011, at 10:00 a.m., and 10:30 a.m.,
respectively, at 20th Floor, Prince's Building, 10 Chater Road,
Central, in Hong Kong.

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


VISCOUNTMARINE LIMITED: Annual Meetings Set for April 26
--------------------------------------------------------
Members and creditors of Viscountmarine Limited will hold their
annual meetings on April 26, 2011, at 11:00 a.m., and 11:30 a.m.,
respectively, at the 20th Floor, Prince's Building, 10 Chater
Road, Central, in Hong Kong.

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


XIN SHI: Creditors' Proofs of Debt Due May 3
--------------------------------------------
Creditors of Xin Shi Dian Mao Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 3, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 23, 2011.

The company's liquidator is:

         Liu Kai Wing
         12/F, OTB Building
         259-265 Des Voeux Road
         Central, Hong Kong


YOLIGATE LIMITED: Members' Final Meeting Set for May 3
------------------------------------------------------
Members of Yoligate Limited will hold their final meeting on
May 3, 2011, at 10:00 a.m., at 15 Queen's Road Central, in
Hong Kong.

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


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CHORUS LABS: ICRA Puts 'LB-' Rating to INR4.0cr Fund Based Limits
-----------------------------------------------------------------
ICRA has assigned a long-term rating of 'LB-' to the INR4.0 crore
fund based limits of Chorus Labs Limited.  ICRA has also assigned
a short-term rating of 'A4' to the INR2.85 crore non fund based
limits of the company.

The ratings factor in CLL's stretched liquidity profile as
exhibited by delays in debt servicing.  The ratings also factor in
CLL's modest scale of operations and its high working capital
intensity of the business.  Moreover, the company's profitability
remains vulnerable to adverse movement in foreign exchange and raw
material price fluctuations.  The rating is however supported by
CLL's experienced management, its foray in export markets, its low
gearing levels (0.6 times as on March 31, 2010) and comfortable
debt protection indicators as indicated by NCA/TD of 22% and
interest coverage of 3.40 times as on March 31, 2010.


Chorus Labs Limited began its operations in 2009 as the
manufacturers of Active Pharmaceutical Ingredients (API). The
promoter Mr. B.N. Reddy acquired BSN Pharma to start Chorus Labs.
Mr. Reddy has been associated with Dr. Reddy Laboratories Limited
and Hetero Drugs Limited and has a vast experience in the
pharmaceutical industry. Chorus Labs acquired the drug
manufacturing license in December 2009 and consequently started
the manufacturing of APIs in its manufacturing facilities situated
in Bidar, Karnataka.


CIPSA TEC: Fitch Downgrades Bank Loans to 'D' from 'BB-'
--------------------------------------------------------
Fitch Ratings has downgraded CIPSA TEC India Private Limited's
National Long-Term rating to 'D(ind)' from 'BB-(ind)'.  The agency
has also downgraded the ratings on CIPSA's bank facilities, as
follows:

   -- INR258.8m of long term loans: downgraded to 'D(ind)' from
      'BB-(ind)';

   -- INR170m of fund-based working capital limits: downgraded to
      'D(ind)'/'F5(ind)' from 'BB-(ind) '/'F4(ind)'; and

   -- INR276.7m of non-fund based working capital limits:
      downgraded to 'F5(ind)' from 'F4(ind)'.

The downgrades reflect CIPSA's delays in servicing debt
obligations in FY10 due to high working capital requirements.  As
a result, it reported high financial leverage with total adjusted
debt/EBITDA at 6.3x in FY10.  The company expects to infuse equity
in H1FY12 to ease the situation.  Furthermore in 9MFY11, CIPSA's
EBITDA margins declined to 11% (9MFY10: 15.7%) and interest
coverage was 0.9x.

Positive rating guideline would be regularity of debt service
payments for at least six months.

Incorporated in 2005, CIPSA is a Bangalore-based semiconductors
and electronics company.  In FY10, it reported revenues of
INR527.3 million (FY09: INR538 million), EBITDA of INR90.8 million
(FY09: INR60 million), and net loss of INR-61 million. (FY09:
INR2.8 million).


GOLDEN TREE: ICRA Assigns 'LB' Rating to INR24cr Term Loan
----------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR24 crore term loan
programme of Golden Tree Hotels Private Limited.

The LB rating factors in the execution risks given the ongoing
development of a 3-4 Star category 140-room hotel at Rajajinagar,
Bangalore, the presence of a time overrun on account of delays in
execution with a consequent impact on the project cost and the
funding risk given that a substantial portion of the equity is yet
to be contributed by the promoters.  The rating also factors in
the ongoing delays in interest servicing; while debt repayments
are due to commence in April 2012, ICRA notes that the current
delays in the project could necessitate a re-schedulement.  The
rating also factors in the market risks given the expectation of a
demand-supply imbalance across various hotel categories in
Bangalore although mitigated to an extent by Golden Tree Hotels'
tie-up with Sarovar Hotels for the operation and management of the
hotel over a 15-year period.

Golden Tree Hotels, promoted by the Bangalore-based Yadalam
family, is currently developing a 140 room 3-4 star hotel at
Rajajinagar, Bangalore at a cost of INR41 crore.  Other companies
within the Yadalam Group include Ramkumar Mills Private Limited
(rated LB/A4 by ICRA, engaged in the processing of cotton,
viscose, polyester and various blended fabrics) and Sumangala
Properties (engaged in the development of a 0.6 million sft mall
and commercial office complex at Rajajinagar, adjacent to Golden
Tree Hotels). The hotel to be operated under the 'Sarovar Portico'
brand, is currently under construction and is expected to be
delayed beyond the scheduled commissioning date of April 2011. The
project cost of INR41 crore is proposed to be funded by debt of
INR24 crore (fully tied up) and equity of INR17 crore. A cost
overrun is likely on account of the delay in commissioning.


PREMIUM PAPER: CRISIL Reaffirms 'D' Rating on INR354.8MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Premium Paper & Board
Industries Ltd continue to reflect the continued delays by PPBIL
in servicing its term debt from Bank of Baroda (BoB).

   Facilities                         Ratings
   ----------                         -------
   INR354.8 Million Term Loans        D (Reaffirmed)
   INR230.0 Million Cash Credit       D (Reaffirmed)
   INR10.0 Million Letter of Credit   P5 (Reaffirmed)

The company's proposal for restructuring its term loan facility
with BoB is pending approval.  PPBIL has restructured its term
loans with Shamrao Vithal Co-operative Bank and Axis Bank.  The
rescheduled term loans are under moratorium till September 2011
and interest payments have been converted into funded interest
term loan.  The earlier overdrawn cash credit (CC) amount and a
part of the CC limit with BoB have been converted into working
capital term loan; the current cash credit limits remain fully
utilised.

Incorporated in 1996, PPBIL manufactures industrial paper; the
company has capacity to manufacture up to 165 tonnes per day of
kraft paper.


PRISTINE PROPERTIES: CRISIL Rates INR500MM LT Bank Loan at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Pristine Properties'
bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR500.0 Million Proposed LT    BB/Stable (Assigned)
             Bank Loan Facility

The rating reflects Pristine's exposure to risks related to
completion, funding, and saleability of its ongoing residential
project (the project is in the initial phase), susceptibility to
downturn in the Indian real estate industry, and geographic
concentration in its operations.  These rating weaknesses are
partially offset by Pristine's promoters' track record in the real
estate construction industry in Pune, and its moderate financial
risk profile, marked by moderate net worth, comfortable debt
protection metrics, and moderate gearing.

Outlook: Stable

CRISIL believes that Pristine will remain sensitive to the
timeliness in inflow of customer advances for its large ongoing
project. The outlook may be revised to 'Positive' if booking of
units and receipt of customer advances for Pristine's ongoing
project are more than expected, leading to more-than-expected cash
inflows for the firm.  Conversely, the outlook may be revised to
'Negative' if Pristine's liquidity deteriorates, because of delays
in receipt of customer advances, time or cost overruns in the
ongoing project, or any larger-than-expected project undertaken by
the firm.

                     About Pristine Properties

Established in 2006, Pristine is a partnership firm established by
Mr. Ishwarchand Goyal and his sons, Mr. Pritam Goyal and Mr.
Sachin Goyal.  Pristine is part of the Pune-based Pristine group.
The firm is into residential and commercial real estate
development, mainly in Pune. The group has completed many real
estate projects in partnership with other players and has also
ventured into other business, including hospitality and
development of special economic zone. Pristine has recently
completed one residential project, Pristine Grandeur, with 192
flats, and is currently executing a residential project with 850
flats at Wakad, Pune.


RAINBOW PACKAGING: CRISIL Upgrades Cash Credit Rating to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rainbow Packaging Pvt Ltd to 'B+/Stable' from 'B/Stable', while
reaffirming its rating on the short-term bank facility at 'P4'.

   Facilities                           Ratings
   ----------                           -------
   INR75.0 Million Cash Credit Limit    B+/Stable (Upgraded from
                                                   'B/Stable')

   INR7.6 Million Term Loan             B+/Stable (Upgraded from
                                                  'B/Stable')
   INR15.0 Million Letter of Credit     P4 (Reaffirmed)

The upgrade factors in RPPL's better-than-expected performance for
2010-11 (refers to financial year, April 1 to March 31), supported
by the optimum utilization of its capacities; the company is
expected to register over 40% year-on-year (y-o-y) growth in
revenues during the year. RPPL's operating margin, though modest,
has remained stable at 4.5 to 5.5%, with the company's ability to
pass on any volatility in prices to its customers. The company's
capital structure, however, continues to remain aggressive at over
2 times.  RPPL recently completed a capital expenditure (capex)
programme involving the setting up of a five-layered film
manufacturing unit, which is is expected to commence operations
from April 2011.  The rating upgrade also factors in CRISIL's
belief that RPPL will be sustain its topline growth and maintain
its profitability on the back of capacity additions and steady
demand, over the medium term.

The ratings continue to reflect RPPL's weak financial risk
profile, marked by inadequate debt protection metrics, a high
gearing, and a small net worth, and small scale of operations.
These rating weaknesses are partially offset by the benefits that
RPPL derives from its promoters' industry experience and its
established relationship with its customers.

Outlook: Stable

CRISIL believes that RPPL will continue to benefit over the medium
term from its established customer base and its promoter's
industry experience; these strengths, along with the improving
demand scenario, augur well in terms of offtake from the recently
added capacities.  The outlook may be revised to 'Positive' in
case of significant improvement in RPPL's capital structure, most
likely because of equity infusion or improvement in operating
margin.  Conversely, the outlook may be revised to 'Negative' if
the company contracts a larger-than-expected quantum of debt to
fund its capex, which adversely impacts its capital structure, or
if it is unable to utilise its enhanced capacities in line with
expectations.

                      About Rainbow Packaging

Incorporated in 1994, RPPL manufactures co-extruded polyethylene
films (multi-layer films and lamination poly), and plastic barrels
(plastic containers with storage capacity of 220 litres).  The
company's plant in Ahmedabad (Gujarat) has capacity to manufacture
4800 tonnes per annum (tpa) of co-extruded polyethylene films and
900 tpa of plastic barrels.  RPPL is also involved in trading of
polymer products. It can currently manufacture only three-layer
films that are used for packaging of liquids with a low shelf
life, such as milk. RPPL has recently set up a five-layer film
manufacturing plant with an estimated capacity of 4200 tpa. The
project involved an outlay of about INR10 million.

RPPL reported a profit after tax (PAT) of INR3.5 million on net
sales of INR340.0 million for 2009-10, against a PAT of INR3.4
million on net sales of INR315.1 million for 2008-09.


ROHAN BUILDERS: CRISIL Raises Rating on Cash Credit to 'BB+'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Rohan
Builders (India) Pvt Ltd (RBIPL; part of the Rohan group) to
'BB+/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                            Ratings
   ----------                            -------
   INR130 Million Cash Credit Facility   BB+/Stable (Upgraded from
                                                     'B+/Stable')

   INR350 Million Rupee term Loans       BB+/Stable (Upgraded from
                                                    'B+/Stable')

   INR600 Million Bank Guarantee        P4+ (Upgraded from 'P4')

The upgrade reflects improvement in the Rohan group's financial
risk profile, particularly liquidity. The improvement has been
driven by increase in the group's revenues and its healthy
profitability.  The improved liquidity is reflected in the group's
moderate fund-based limit utilization of 75% on an average for the
12 months ended Dec. 31, 2010, high current ratio of 1.55 times as
on March 31, 2010, and cash and bank balance of around INR400
million as on March 15, 2011. CRISIL believes that the Rohan group
will maintain its improved liquidity over the medium term.  The
group's revenues and net profit increased to INR8.3 billion and
INR1.3 billion respectively in 2009-10 (refers to financial year,
April 1 to March 31) from INR3.2 billion and INR0.34 billion
respectively in 2008-09. This has led to decline in its gearing to
0.76 times as on March 31, 2010, from 0.92 times as on March 31,
2009. The group's debt protection metrics improved significantly -
its net cash accruals to total debt and interest coverage ratios
improved to 0.56 times and 9.6 times respectively in 2009-10 from
0.19 times and 4.0 times respectively in 2008-09. The upgrade also
reflects CRISIL's belief that the Rohan group's financial risk
profile will improve further over the medium term.

The ratings factor in the Rohan group's diversified business
profile, and strong order book, which provides good revenue
visibility. These rating strengths are partially offset by the
group's susceptibility to downturn in the real estate business and
to intense industry competition in its industrial construction
business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RBIPL and its group entities,
collectively referred to herein as the Rohan group. This is
because the entities are under a common management and have
fungibility of cash flows.  The financials of the entities that
the Rohan group has formed as joint ventures with the Rajdeep
group have also been combined in proportion to the shareholding of
the Rohan group.

Outlook: Stable

CRISIL believes that the Rohan group will maintain its healthy
business risk profile over the medium term, supported by sound
cash flows from industrial construction and real estate
businesses. The outlook may be revised to 'Positive' if the group
maintains adequate liquidity or generates more-than-expected
revenue without weakening its profitability. Conversely, the
outlook may be revised to 'Negative' if the group's financial risk
profile deteriorates significantly, most likely because of larger-
than-expected debt-funded investments or lesser-than-expected cash
accruals.

                          About the Group

RBIPL, the flagship company of the Pune-based Rohan group, is
engaged in industrial construction. The group is also into real
estate development and infrastructure construction businesses.
RBIPL was promoted by Mr. Suhas Lunkad as a proprietary entity in
1992; with increasing scale of operations, it was reconstituted as
a private limited company in 1994.

RBIPL reported a profit after tax (PAT) of INR200.0 million on net
sales of INR3.4 billion for 2009-10; it reported a PAT of INR134.1
million on net sales of INR2.1 billion for the previous year. For
the nine months ended Dec. 31, 2010, RBIPL reported, on
provisional basis, a PAT of INR226.0 million on net sales of
INR3.1 billion; it reported a PAT of INR152 million on net sales
of INR2.1 billion for the corresponding period of the previous
year.  The Rohan group reported, on provisional basis, a PAT of
INR1.3 billion on net sales of INR8.3 billion for 2009-10; it
reported a PAT of INR0.34 billion on net sales of INR3.2 billion
for the previous year.


SANGHAMITRA HOSPITALS: CRISIL Rates INR100 Million LT at 'B'
------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the long-term loan
facility of Sanghamitra Hospitals Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR100.00 Million Long-Term Loan   B/Stable (Assigned)

The rating reflects Sanghamitra's exposure to implementation-
related risks associated with its ongoing hospital project, and
its subdued accruals during the nascent stage of its operations.
The ratings also factor in weak financial risk profile, marked by
high gearing and weak debt protection metrics.  These rating
weaknesses are partially offset by Sanghamitra's promoters'
extensive experience in the healthcare industry, and the
competitive advantage the company enjoys because of its hospital's
strategic location.

Outlook: Stable

CRISIL believes that Sanghamitra will continue to benefit from its
promoters' experience in the healthcare industry and the strategic
location of its hospital.  The outlook may be revised to
'Positive' if Sanghamitra reports more-than-expected cash accruals
or its capital structure improves, leading to an improvement in
its financial risk profile.  Conversely, the outlook may be
revised to 'Negative' if Sanghamitra undertakes a larger-than-
expected debt-funded capital expenditure programme, if the demand
for the services of its hospital is less-than-expected, or
commencement of operations at the hospital gets delayed.

                     About Sanghamitra Hospitals

Sanghamitra was incorporated in 2008-09 (refers to financial year,
April 1 to March 31), and is promoted by Dr. Thirumala Reddy and a
group of 15 doctors based in Ongole (Andhra Pradesh). Sanghamitra
is constructing a 150-bed multi-specialty hospital, Sanghamitra
Hospital, in Ongole. Sanghamitra Hospital, it is the first multi-
speciality hospital in the Prakasam district of Andhra Pradesh and
is likely to commence operations in April 2011. The cost of the
project is about INR155 million, of which INR100 million is funded
by debt.


SAURAV CHEMICALS: Fitch Rates Long-Term Loans at 'BB'
--------------------------------------------------------
Fitch Ratings has assigned India-based Saurav Chemicals Limited a
National Long-Term rating of 'BB(ind)'.  The Outlook is Stable.
The agency has also assigned ratings to SCL's loans, as follows:

   -- Long term loans of INR37.2m: 'BB(ind)';

   -- Fund-based working capital limits of INR135m:
      'BB(ind)'/'F4(ind)'; and

   -- Non fund based working capital limits of INR50m: 'F4(ind)'.

The ratings reflect the improvement in SCL's profitability in
9MFY11 (the nine months of the financial year ending March 2011)
and FY10 due to its increased focus on better margin product mix,
export markets and hiving off its low-margin trading operations
into a separate entity in FY10. SCL reported revenues of
INR512 million (FY09: INR549 million), operating EBITDA margin of
12.6% (FY09: 6.3%) and net leverage (total adjusted net
debt/operating EBITDA) of around 4.7x (FY09: 8.2x) in FY10.

The ratings also draw comfort from SCL's strong share in the
domestic cephalosporin intermediates market and established
relationships with its clients. Fitch also notes the company's
marketing efforts to expand its presence in the domestic and
international regulated markets like Japan, US etc.

The ratings are however constrained by SCL's small size of
operations, tight liquidity record, the fluctuations in its
operating EBITDA margins in the past few years, and the working
capital intensive nature of the industry. Its working capital
cycle has been increasing over the past few years.

A negative rating action could result from a debt-led capital
expenditure by SCL and/or a fall in its profitability margins,
leading to sustained deterioration of financial leverage.
Conversely, a considerable increase in size of the company coupled
with reduced volatility in its profitability and an improvement in
its financial leverage on a sustained basis would be positive for
the ratings.

Established in 1993, SCL is involved in the manufacturing of
pharmaceutical intermediates and active pharmaceutical ingredients
(APIs) at its manufacturing facilities at Dera Bassi, Punjab, for
the domestic and international markets. It mainly manufactures
non-cephalosporin drugs APIs and intermediates for cephalosporin
and carbapenem APIs. SCL's API plant is EUGMP approved by the
Danish Medicine Authority and the German Health and is also in
process of procuring the USFDA approval.


SHREECHEM PHARMACEUTICALS: CRISIL Reaffirms 'D' Rating on Debts
---------------------------------------------------------------
CRISIL has reaffirmed its 'D/P5' ratings on the bank facilities of
Shreechem Pharmaceuticals Pvt Ltd.  The ratings reflect the
continued delays by Shreechem Pharma in servicing its term loan,
besides the company's overdrawn cash credit limits for more than
30 days, because of weak liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR22.50 Million Cash Credit             D (Reaffirmed)
   INR12.40 Million Long-Term Loan          D (Reaffirmed)
   INR17.50 Million Proposed LT Bank        D (Reaffirmed)
                     Loan Facilities
   INR50.00 Million Export Packing Credit   P5 (Reaffirmed)
   INR25.00 Million Letter of Credit        P5 (Reaffirmed)
   INR2.00 Million Bank Guarantee           P5 (Reaffirmed)
   INR23.00 Million Proposed ST Bank        P5 (Reaffirmed)
                     Loan Facilities

Incorporated in 1997 by Mr. Bharat Mehta, Shreechem Pharma
manufactures and exports (mainly to Africa) formulations in the
antibiotic, anti-inflammatory, analgesics and anti-diabetics
segments.  Shreechem Pharma is also engaged in trading of active
pharmaceutical ingredients and contract manufacturing. The
company's manufacturing unit at Rabale (Maharashtra) has the World
Health Organisation ( good manufacturing practice approval.


SIGNET CONDUCTORS: CRISIL Assigns 'B+' Rating to INR2.9MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Signet
Conductors Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR8.5 Million Cash Credit         B+/Stable (Assigned)
   INR2.9 Million Rupee Term Loan     B+/Stable (Assigned)
   INR30.5 Million Bill Discounting   P4 (Assigned)
   INR4.5 Million Letter of Credit    P4 (Assigned)
   INR6.5 Million Bank Guarantee      P4 (Assigned)
   INR0.6 Million Proposed ST Bank    P4 (Assigned)
                     Loan Facility

The ratings reflect SCPL's below-average financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics.  The ratings also reflect the company's small scale of
operations and susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by SCPL's
long standing presence in the copper and aluminium conductor
business.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit from its long
standing presence in the copper and aluminium conductor business.
However, the company's financial risk profile is expected to
remain constrained due to high gearing, small networth and weak
debt protection metrics.  The outlook may be revised to 'Positive'
if there is a significant improvement in the company's revenues,
coupled with sustained profitability and cash accruals, leading to
significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's revenues or margins decline sharply, or if it undertakes
a large, debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

                       About Signet Conductors

SCPL was set up in 1991 as a private limited company by Mr. D S
Sahni and his family members. The company manufactures copper and
aluminium conductors. It specialises in manufacturing bare and
insulated copper and aluminium conductors, which are used in
overhead electrical transmission and distribution systems for
appliances such as electrical motors, power generators, and
alternators. The manufacturing facility is located at Rewa, Madhya
Pradesh with an installed capacity of around 1800 metric tones per
annum.

SCPL reported a profit after tax (PAT) of INR1.9 million on net
sales of INR108.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.05 million on net
sales of INR51.1 million for 2008-09.


SOLAR SEMICONDUCTOR: ICRA Cuts LT Rating on Loans to 'LC'
---------------------------------------------------------
ICRA has downgraded the long term rating assigned to the term
loans and fund based facilities of Solar Semiconductor Private
Limited aggregating to INR208.55 crore (reduced from INR258.91
crore) and INR208.13 crore respectively from 'LB+' to 'LC'.  ICRA
has also downgraded the short term rating assigned to the non-fund
based limits of SSPL aggregating to INR92.00 crore from A4 to A5.

The downgrade in ratings takes into account the weakening
financial profile of the company highlighted by the increasing
loses at net levels, the deteriorating capital structure of the
company in the absence of adequate equity infusion and the
stretched liquidity position that has led to delays in meeting the
term loan repayment obligations.  The ratings are also constrained
by the low utilization levels of the company's manufacturing
facilities at present, the more than anticipated decline in solar
module prices and high working capital intensity in the business.
The company is also setting up a 20 MW solar project in Gujarat
through an SPV which would further lead to high equity commitments
from SSPL.  The company has been exploring the possibility of
infusing funds through Private Equity investors and its ability to
obtain the same in the near term remains critical.  The ratings
however continue to favorably factor in the technical competence
of the promoters, the healthy demand outlook for solar power
sector aided by the subsidies and feed-in tariffs being provided
by various governments and the significant growth expected in the
domestic market in the long term. The supply pressures have also
reduced with excess availability of solar cells and significant
decline in their prices.

Solar Semiconductor Private Limited specializes in Solar Photo
Voltaic technology products, services and solutions.  The company
was established in 2006 and its holding company, Solar
Semiconductor Inc. has 92.3% equity stake in the company. SSPL
leased facility in Gundlapochampally in Hyderabad for
manufacturing 75 MW Solar Module Line Facility which is a 100% EOU
registered with Vishkhapatnam Special Economic Zone. The company
commenced commercial operations in the second half of FY 2008 from
this facility.  The company also has a 120 MW Solar Module Line
Facility (commissioned in February 2009) and 30 MW Cell Line
Facility (commissioned in June 2010) at FabCity in Hyderabad. The
company plans to setup another 30 MW cell line facility during FY
2012.

During FY 2010, the company reported net losses of INR23.87 crore
on an operating income of INR250.95 crore. During the 9 month
period of FY 2011, the company has reported net losses of INR32.22
crore on an operating income of INR595.91 crore (provisional).


SRI JAGANNATH: ICRA Assigns 'LB' Rating to INR13.75cr LT Bank Loan
------------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR13.75 crore long-term
fund-based bank facilities of Sri Jagannath Steel Company.  ICRA
has also assigned an 'A4' rating to the INR25.00 crore short-term
bank facilities of SJSC.

The assigned ratings reflect the high gearing and weak coverage
indicators of SJSC on account of high working capital borrowings,
which indicates an adverse financial risk profile of the firm;
thin profitability indicators due the low value adding nature of
the trading business and the intense competition amongst traders;
the firm's moderately high working capital intensity of the
business due to high levels of inventory maintained as most of the
purchases are not order backed.  The ratings are also constrained
by the partnership nature of the firm and the past history of
capital withdrawals by the partners which have had adversely
impacted the capital structure of the firm.  The ratings also
factor in the firm's exposure to fluctuations in steel prices
given the cyclicality inherent in the steel business.  ICRA
however notes the long experience of the partners of SJSC in the
steel trading business over the past three decades; authorised
dealership of reputed steel manufacturers which ensures smooth
supply of steel at competitive prices; and diversified customer
base of the firm with the top 10 customers contributing to about
24% of the total sales in 2009-10.

Established in 1974, SJSC is a partnership firm based in Mumbai,
Maharashtra, engaged in the trading of various types of long and
flat steel products.  The firm is an authorized dealer of a number
of reputed steel manufacturers and sells steel mainly to other
steel traders in and around Mumbai.

Recent Results As per the audited results of 2009-10, SJSC
reported a profit before tax (PBT) of INR0.64 crore on an
operating income of INR202.44 crore as compared to a PBT of
INR0.60 crore on an operating income of INR141.90 crore in
2009-09.  As per the provisional results in the period between
April 2010 to December 2010, SJSC reported an operating income of
INR114.20 crore.


SRI LALITHA: CRISIL Reaffirms 'BB-' Rating on INR376.8MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Lalitha Enterprises
Industries Pvt Ltd continue to reflect Sri Lalitha's below-average
financial risk profile, marked by high gearing, and working-
capital-intensive operations.  These rating weaknesses are
partially offset by the benefits that Sri Lalitha derives from its
established market position and its promoters' extensive
experience in the rice milling business.

   Facilities                         Ratings
   ----------                         -------
   INR376.80 Million Long-Term Loan   BB-/Stable (Reaffirmed)
   INR123.20 Million Cash Credit      BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sri Lalitha will continue to benefit over the
medium term from its strong track record in the rice milling
business.  The outlook may be revised to 'Positive' if Sri Lalitha
improves its capital structure or its revenues and profitability
considerably, leading to an improvement in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company's capital structure deteriorates because of larger-
than-expected, debt-funded capital expenditure (capex), or if its
revenues and margins decline.

Update

Sri Lalitha's topline during 2010-11 (refers to financial year,
April 1 to March 31) is expected to increase by around 25% over
that in the past year, on the back of increased offtake by
customers and increased capacity utilization of the company's
mills.  The operating level profitability is expected to be around
8%.  The gearing is expected to remain high mainly because of
large working capital requirement to support the increased scale
of operations.  The company's bank limit utilization has been
high, averaging around 90%, over the 12 months through December
2010 mainly because of working-capital-intensive operations. Sri
Lalitha has no major capex plans for the medium term.

Sri Lalitha reported a profit after tax (PAT) of INR15 million on
net sales of INR3.5 billion for 2009-10, against a PAT of INR38
million on net sales of INR1.6 billion for 2008-09.

Incorporated in December 2004, Sri Lalitha mills, processes, and
markets rice. The company's rice mills are in Peddapuram (Andhra
Pradesh). The company has two units, with a combined milling
capacity of 70 tonnes per hour.


VEERAPANDI COMMON: CRISIL Rates INR579.6 Million LT Loan at 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Veerapandi Common Effluent Treatment Plant Ltd to 'D' from 'C'.
The downgrade reflects delays by VCETP in repaying its term loan
because of its weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR579.6 Million Long-Term Loan    D (Downgraded from 'C')

The company's liquidity has been further weakened by the closure
of its operations following the order of the Madras High Court,
dated January 28, 2011.  The court has ordered VCETP to shut down
all its dyeing and bleaching units in Tirupur (Tamil Nadu), which
were discharging effluents into River Noyyal, until the court
gives clearance to the company to resume operations at the units
(refer to CRISIL's press release, dated February 16, 2011, titled
'Discharge norms compliance to impact Tirupur-based textile
units').

VCETP's revenues depend on the performance of its member-dyeing
units. However, after operations at VCETP's units in Tirupur
resume, the company is expected to benefit from economies of
scale, as it is among the largest common effluent treatment plants
(CETPs) in Tirupur.

VCETP was formed in 1999 by 72 dyeing units (members) for effluent
treatment discharged by member units. Until 2006, the primary
treatment of effluents was taken up by the CETP. However, with a
revision in norms by the Tamil Nadu Pollution Control Board
(TNPCB) for treating total dissolved solid (TDS), VCETP setup a
zero-liquid-discharge and reverse osmosis (ZLD RO) plant that will
separate the salt and water from the effluent treated. The total
project cost of INR750 million was funded with term debt of
INR579.6 million and equity capital from the members in proportion
to their ownership in VCETP.


VIJLAK PHARMA: CRISIL Assigns 'BB-' Rating to INR29MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Vijlak Pharma Limited.

   Facilities                          Ratings
   ----------                          -------
   INR29.00 Million Long-Term Loan     BB-/Stable (Assigned)
   INR60.00 Million Cash Credit        BB-/Stable (Assigned)
   INR30.00 Million Letter of Credit   P4+ (Assigned)

The ratings reflect VPL's small scale of operations, its
susceptibility to intense competition in the bulk drugs industry,
and its below-average financial risk profile, marked by large
working capital requirements, small net worth, and weak debt
protection metrics.  These rating weaknesses are partially offset
by VPL's established presence in the excipients and bulk drugs
segment and its healthy customer relationships.

Outlook: Stable

CRISIL believes that VPL will benefit from its established
presence in the excipients and bulk drug segment, over the medium
term.  The outlook may be revised to 'Positive' if the company
enhances its scale of operations and net worth, and diversifies
its revenue profile into regulated markets, while sustaining
profitability.  Conversely, the outlook may be revised to
'Negative' if VPL's profitability declines steeply, or it
undertakes a large, debt-funded capital expenditure programme,
weakening its financial risk profile.

                        About Vijlak Pharma

Incorporated in 1988, VPL (formerly Vijlak Engineers Pvt Ltd) was
promoted by Mr. Mallikarjun Reddy and Mr. Chandra Reddy. However,
in March 2009, there was a change in management and the present
directors, Mr. K Raghava Reddy and Ms. K Rajani, took charge of
the company. VPL manufactures excipients and bulk drugs. The
company's manufacturing units (Unit I & Unit II), with an
installed capacity of 5000 tonnes per annum, are located in Anrich
Industrial Estates, Bollaram, and Gaddapotharan village of Medak
district (Andhra Pradesh).

VPL reported a profit after tax (PAT) of INR4 million on net sales
of INR247 million for 2009-10, (refers to financial year, April 1
to March 31) as against a net losses of INR0.05 million on net
sales of INR57 million for 2008-09.


VITTRAG MINES: CRISIL Cuts Rating on INR50MM Cash Credit to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vittrag Mines & Minerals Pvt Ltd (VMMPL) to 'D/P5' from
'B+/Negative/P4'.

   Facilities                       Ratings
   ----------                       -------
   INR50.0 Million Cash Credit      D (Downgraded from
                                       'B+/Negative')

   INR65.0 Million Proposed LT      D (Downgraded from
            Bank Loan Facility         'B+/Negative')

   INR35.0 Million Packing Credit   P5 (Downgraded from 'P4')

The downgrade reflects VMMPL's continuously overdrawn working
capital limits and delay in debt servicing, because of weak
liquidity.  The liquidity has been weak on account of the
company's inability to sell its Bauxite inventory, following the
ban on trading by the Gujarat state government. The company's bank
facilities have, in fact, been classified as a non-performing
asset (NPA) by its bank for over the past six months; moreover,
VMMPL's management had provided inaccurate information to CRISIL
regarding the company's debt servicing.

VMMPL is also susceptible to adverse regulatory changes with
respect to trading in, and mining of, bauxite. The company also
has large working capital requirements, a small scale of
operations, and a limited track record in the bauxite trading
business.

VMMPL was incorporated in 2007 by Mr. Jayesh Doshi. The company
primarily trades in bauxite. It also exports bauxite to Dubai,
China, and Singapore.  The company has taken mines on lease in
multiple locations in Maharashtra and in Ahmedabad (Gujarat); it
outsources mining activities on a contract basis.

VMMPL has not been able to generate any sales in 2010-11 (refers
to financial year, April 1 to March 31), whereas it reported a
profit after tax (PAT) of INR23.8 million on net sales of INR502.4
million for 2009-10.


===============
M A L A Y S I A
===============


TALAM CORP: Posts MYR81.08-M Net Loss for Qtr. Ended Jan. 31, 2011
------------------------------------------------------------------
Talam Corp Bhd reported a net loss of MYR81.08 million for the
quarter ended Jan. 31, 2011, compared with a net profit of
MYR5.09 million in the same quarter in 2010.

The Company reported revenue of MYR57.83 million for the quarter
ended Jan. 31, 2011, lower than the MYR75.62 net revenue recorded
in the corresponding quarter of the preceding year.

As of Jan. 31, 2011, the Company's unaudited balance sheet
showed total assets of MYR2.82 million, total liabilities of
MYR2.19 million and stockholders' equity of MYR626,107.

The Company's unaudited balance sheet as of Jan. 31, 2011,
showed strained liquidity with MYR1.46 million in total current
assets available to pay MYR1.74 million in total current
liabilities.

                         About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended Jan. 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on the
Company's Audited Accounts.  As such, the company is an affected
listed issuer of the Amended Practice Note 17 category.  In
accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


VTI VINTAGE: Foong & Partners Demands Payment for Services
----------------------------------------------------------
Vintage Roofing & Construction Sdn Bhd, a wholly owned subsidiary
of the VTI Vintage Bhd, has received a Notice Pursuant to Section
218 (1) (e) of the Companies Act, 1965 from Messrs. Foong &
Partners, demanding the total sum of MYR8,928.00 being the
outstanding amount for the services rendered to VRC, to be paid
within three weeks from the date of the Notice, failing which, a
winding-up petition may be filed against VRC.

The circumstances leading to the filing of the Notice against VRC
was due to the fact that the Company has defaulted and/or failed
to settle the sum claimed by F&P as the Company has a dispute on
the amount claimed for the legal services rendered by F&P.

The Company had on July 22, 2009, initiated the Proposed Scheme of
Arrangement under Section 176 of the Companies Act, 1965, and has
included F&P as one of the Scheme Creditors under the Proposed
Scheme of Arrangement under Section 176 of the Companies Act,
1965, which had been approved during the Court Convened Meeting of
the Group held on July 16, 2010.

Based on the legal advice obtained, F&P as one of the Scheme
Creditors, once the Court sanctions the Scheme of Arrangement
under Section 176 of the Companies Act, 1965, will be bound to
accept the Scheme under the approved Proposed Scheme.  Therefore,
pending the completion of the Proposed Scheme, no payment was made
to the Scheme Creditors including F&P.

In addition, the Company disclosed that an Order has been granted
by the High Court of Malaya at Kuala Lumpur on Feb. 8, 2011,
pursuant to Section 176(10) of the Act, to restrain all further
proceedings, and any and all actions or proceedings against the
Company and its subsidiary companies, for a period of 90 days from
Feb. 8, 2011, to May 7, 2011.

                      About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On Feb. 25, 2010, VTI Vintage Berhad was classified as an Amended
Practice Note 17 issuer based on the criteria set by theBursa
Malaysia Securities Bhd as it has triggered Paragraph 2.1 (a) of
the PN17.


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


DATA SOUTH: Finance in SFO Probe; Three Other Units in Liquidation
------------------------------------------------------------------
The National Business Review reports that three of four NZ-
registered companies associated with IT services company DataSouth
have been placed in liquidation.

A fourth, DataSouth Finance is now subject to a Serious Fraud
Office investigation, the agency revealed late Friday, according
to NBR.  The investigation relates to lease deals with DataSouth
Clients, bankrolled by South Canterbury Finance, NBR says.
NBR discloses that the three companies that have been placed in
liquidation -- DataSouth, DataSouth Business Solutions and
DataSouth Group -- are all 100% owned by managing director and
sole director Gavin Clifford Bennett, bar DataSouth Group in which
Alan Raymond MacDonald, of Gore, has a minority stake.

HFK has been appointed liquidator.  Its first report is due
April 6.

Mr. Bennett recently told NBR that his company's Burnside premises
suffered only superficial damage in the February 22 Christchurch
quake.  It was working with a number of key clients who faced
large insurance claims.

Clients listed on a Google cached version of DataSouth's NZ Web
site include Minter Ellison, Canterbury Development Corporation
and Presbyterian Support -- the latter an organization caught up
in the Allan Hubbard, South Canterbury Finance imbroglio.

Immediately after the quake, Mr. Bennett said he had been in touch
with more than 100 DataSouth clients.

DataSouth -- a Microsoft Partner Awards 2010 winner -- was founded
in 1993 in Christchurch and grew to open offices in Auckland,
Wellington, Melbourne and Sydney.

Datasouth comprising New Zealand: Datasouth Business Solutions
Ltd, Datasouth Finance Ltd.  Australia: Datasouth Business
Solutions Australia Pty Ltd (ABN 36 105 388 654.)


NATIONAL FINANCE: Ex-Accountant Wins Appeal Against Jail Sentence
------------------------------------------------------------------
Susie Nordqvist at The New Zealand Herald reports that John Gray,
the former accountant of failed finance firm National Finance
2000, has won an appeal against his 18-month jail term.

The NZ Herald relates that Mr. Gray plead guilty to theft and
false accounting charges in the Auckland District Court last year
and was remanded on bail pending an appeal of a decision not to
grant him home detention.

According to the report, the court heard Mr. Gray helped conceal
related party loans meaning the realities of the company's
financial position were not known for a "significant, and loss
causing, period of time".

The NZ Herald says Justice Rebecca Ellis said Judge Roderick
Joyce, in sentencing Mr. Gray, was of the view that "the purposes
of denunciation and deterrence could not be achieved by a sentence
other than imprisonment".

"While wholeheartedly sharing the learned District Court Judge's
concerns about appropriate messages being sent to the finance
industry . . . there is a real public interest in sentences of
home detention being imposed in appropriate cases," Justice Ellis
said in her decision, according to the NZ Herald.

Justice Ellis has recommended a substituted sentence of nine
months' home detention, the report notes.

                       About National Finance

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

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

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


PIKE RIVER: Labor Dept. Seeks More Time on Pike River Decision
--------------------------------------------------------------
The Department of Labour on April 4, 2011, applied for a time
extension to reach decisions on whether to prosecute over the Pike
River mine explosions that killed 29 miners in November 2010.

The Department is conducting an investigation under the Health and
Safety in Employment Act 1992 which provides that charges may be
laid at any time within six months of an incident (section 54B).
However, section 54D of the Act allows the Department to apply to
the District Court to extend the six month period.  The Department
has applied to the District Court in Greymouth for a further six
months to reach a decision on whether or not to lay charges.

"This investigation is one of the most complex ever undertaken by
the Department, involving large quantities of records, complex
technical issues and significant numbers of interviews," said
Lesley Haines, Acting Deputy Chief Executive, Labour Group.

"The investigation team is making very good progress. However, we
are determined to ensure the most thorough and detailed
investigation possible.

"This application does not imply any pre-determination of the
outcome of our investigation," Ms. Haines said.

                           About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River also owed another estimated NZ$10 million to
NZ$15 million to contractors, including some of the men who lost
their lives in the disaster.

The TCR-AP, citing a TVNZ report, said PricewaterhouseCoopers'
strategy now is to stabilize the mine with a view to either
restructuring the company or selling the assets while at the same
time maintaining a core team of workers to maintain the mine site
and pursuing insurance claims.  The receivers have had
"unsolicited expressions of interest" in Pikes assets, though they
are still considering options for the mine.  Under the terms of a
Deed of Priority, BNZ and NZOG rank equally and have priority over
Solid Energy among secured creditors, TVNZ added.


PIKE RIVER: Receivers Get More Than a Dozen Strong Interests
------------------------------------------------------------
Alan Wood at BusinessDay.co.nz reports that more than a dozen
groups are expressing interest in buying the Pike River coalfield,
which has a resource worth up to NZ$6 billion.

BusinessDay.co.nz relates that the West Coast coalfield is about
to be formally marketed by the receivers, who aim to get a sale by
the end of June.  Australian and Indian companies are thought to
be in the race, as well as state-owned Solid Energy, the report
says.

According to BusinessDay.co.nz, receiver John Fisk, of
PricewaterhouseCoopers, said he had received more than a dozen
unsolicited approaches from parties interested in the hard coking
coal around the mine operation, which came to an abrupt end late
last year.

A more formal sales campaign and marketing would start next week,
with a sale likely, he said.

BusinessDay.co.nz notes that New Zealand's largest coal miner
Solid Energy has already signalled a bid for the Pike River
coalfield but the receiver is not disclosing who has made the
other approaches.

Parties named as possibly interested include Pike River Coal
associate Gujarat NRE and Australian-listed coal developer
Bathurst Resources, which already has some resources on the West
Coast in the Buller region, BusinessDay.co.nz reports.

BusinessDay.co.nz relates that Mr. Fisk said he could only confirm
interest from Solid Energy, but said the potential overseas buyers
came from Asia, the Americas and Australia.

                          About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River also owed another estimated NZ$10 million to
NZ$15 million to contractors, including some of the men who lost
their lives in the disaster.

The TCR-AP, citing a TVNZ report, said PricewaterhouseCoopers'
strategy now is to stabilize the mine with a view to either
restructuring the company or selling the assets while at the same
time maintaining a core team of workers to maintain the mine site
and pursuing insurance claims.  The receivers have had
"unsolicited expressions of interest" in Pikes assets, though they
are still considering options for the mine.  Under the terms of a
Deed of Priority, BNZ and NZOG rank equally and have priority over
Solid Energy among secured creditors, TVNZ added.


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


AUSTRALIAN PROPERTY: Court Enters Judicial Management Order
-----------------------------------------------------------
The High Court of Singapore entered an order on March 21, 2011, to
place Australian Property Group Pte Ltd under judicial management.

The applicant's solicitor is M/s Sterling Law Corporation.


CHUAN SIANG: Creditors' Meeting Set for April 12
------------------------------------------------
Chuan Siang Enterprise (S) Pte Ltd, which is in creditors'
voluntary liquidation, will hold a meeting for its creditors on
April 12, 2011, at 11:30 a.m., at 51 Bukit Batok Crescent #08-04
Unity Centre, in Singapore 658077.

Agenda of the meeting include:

   a. to consider the Company's Statement of Affairs and to
      receive an update on the progress of the Liquidation;

   b. to consider the mandate to be given to the Liquidator,
      moving forward in the liquidation of the Company, in
      particular if the Liquidators should proceed for their
      discharge/release and the dissolution of the Company;

   c. to approve the Liquidator's fee and disbursements; and

   d. to discuss other business.

The company's liquidator is Wee Koon San.


CHUAN SOON: Creditors' Meeting Set for April 8
----------------------------------------------
Chuan Soon Huat Investments Pte Ltd, which is in liquidation, will
hold a meeting for its creditors on April 8, 2011, at 3:00 p.m.,
at 16 Raffles Quay #20-00 Hong Leong Building, in Singapore
048581.

Agenda of the meeting include:

   a. to update on the status of the liquidation;

   b. to consider and if thought fit, to appoint a committee of
      inspection; and

   d. to discuss other business.

The company's liquidator is Tay Puay Cheng.


FASHION HOLDINGS: Court to Hear Wind-Up Petition on April 15
------------------------------------------------------------
A petition to wind up the operations of This Fashion Holdings Pte
Ltd will be heard before the High Court of Singapore on April 15,
2011, at 10:00 a.m.

Deng Xiao Mei filed the petition against the company on March 23,
2011.

The Petitioner's solicitors are:

          Messrs Ng, Lee & Partners
          101 Upper Cross Street
          #06-07 People's Park Centre
          Singapore 058357


FOUNDATION ASIANA: Creditors' Meeting Set for April 14
------------------------------------------------------
Foundation Asiana Regional Pte Ltd, which is in liquidation, will
hold a meeting for its creditors on April 14, 2011, at 3:30 p.m.,
at Determination Room, Level 12, International Factors Building,
141 Market Street, in Singapore 048944.

Agenda of the meeting include:

   a. to receive and to consider the Liquidator's Status
      Report;

   b. to approve the Liquidator's proposed 1st & final billing for
      his fees and disbursements;

   c. to approve that a first & final dividend be paid on the
      various heads of claims of creditors whose proofs of debt
      sums have been admitted by the Liquidator, as set out in the
      Liquidator's Status Report (subject to the approval of the
      Liquidator's fees and disbursements which ranks ahead for
      payment before the payment of such dividend returns on the
      various heads of claims of creditors); and

   d. to approve that the Liquidator proceeds to apply to Court
      for orders to seek his discharge and release, for the
      dissolution of the Company and inter alia, for an order to
      destroy the books and records of the Company in his
      possession upon lodgement of such Order of Court with the
      Accounting & Corporate Regulatory Authority.

The company's liquidator is:

          Yin Kum Choy
          c/o K C Yin & Co
          138 Cecil Street
          #06-01 Cecil Court
          Singapore 069538


FORTUNE DESIGN: Creditors' Meeting Set for April 12
---------------------------------------------------
Fortune Design & Renovation Pte Ltd, which is in creditors'
voluntary liquidation, will hold a meeting for its creditors on
April 12, 2011, at 10:30 a.m., at 51 Bukit Batok Crescent #08-04
Unity Centre, in Singapore 658077.

Agenda of the meeting include:

   a. to consider the Company's Statement of Affairs and to
      receive an update on the progress of the Liquidation;

   b. to consider the mandate to be given to the Liquidator,
      moving forward in the liquidation of the Company, in
      particular if the Liquidators should proceed for their
      discharge/release and the dissolution of the Company;

   c. to approve the Liquidator's fee and disbursements; and

   d. to discuss other business.

The company's liquidator is Wee Koon San.


LFE GROUP: Court to Hear Wind-Up Petition on April 8
----------------------------------------------------
A petition to wind up the operations of LFE Group Holdings Pte Ltd
will be heard before the High Court of Singapore on April 8, 2011,
at 10:00 a.m.

Lim Ee Loong Eddie, Lim Er Loong Leslie, Lim San Loong Bennie and
Lim Shao Foong Debbie filed the petition against the company on
March 11, 2011.

The Petitioner's solicitors are:

          Goodwins Law Corporation
          3 Anson Road, #07-01
          Springleaf Tower
          Singapore 079909


SING ASIA: Creditors' Proofs of Debt Due April 15
-------------------------------------------------
Creditors of Sing Asia Builder Co. Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 15, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

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


TRU-LINE BEAUTY: Court to Hear Wind-Up Petition on April 15
-----------------------------------------------------------
A petition to wind up the operations of Tru-Line Beauty
Consultants Pte Ltd will be heard before the High Court of
Singapore on April 15, 2011, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on March 18, 2011.

The Petitioner's solicitors are:

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


UNITED BUILDING: Court to Hear Wind-Up Petition on April 15
-----------------------------------------------------------
A petition to wind up the operations of United Building Materials
Pte Ltd will be heard before the High Court of Singapore on
April 15, 2011, at 10:00 a.m.

The Comptroller of Income Tax filed the petition against the
company on March 25, 2011.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road, #16-00
          Robinson 77
          Singapore 068896


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


* BOND PRICING: For the Week March 28 to April 1, 2011
------------------------------------------------------


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

  AUSTRALIA
  ---------

AINSWORTH GAME           8.00    12/31/2011   AUD       1.24
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       0.30
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      61.66
EXPORT FIN & INS         0.50    06/15/2020   NZD      59.78
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.97
NEW S WALES TREA         1.00    09/02/2019   AUD      65.09
NEW S WALES TREA         0.50    09/14/2022   AUD      52.56
NEW S WALES TREA         0.50    10/07/2022   AUD      52.37
NEW S WALES TREA         0.50    10/28/2022   AUD      52.63
NEW S WALES TREA         0.50    11/18/2022   AUD      52.19
NEW S WALES TREA         0.50    12/16/2022   AUD      52.00
NEW S WALES TREA         0.50    02/02/2023   AUD      51.76
NEW S WALES TREA         0.50    03/30/2023   AUD      50.84
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      73.35
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      66.60
RESOLUTE MINING         12.00    12/31/2012   AUD       1.33
TREAS CORP VICT          0.50    08/25/2022   AUD      53.54
TREAS CORP VICT          0.50    11/12/2030   AUD      51.80
TREAS CORP VICT          0.50    11/12/2030   AUD      35.60


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.56


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      50.08


  INDIA
  -----

POWER FIN CORP           8.99    01/15/2021   INR       9.18
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.37
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.08
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.03
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.17
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.49
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.98
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.63
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.41
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.38
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.33


  JAPAN
  -----

AIFUL CORP               1.99    03/23/2012   JPY      73.11
AIFUL CORP               1.22    04/20/2012   JPY      68.16
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      41.94
DORCHESTER PACIF         5.00    06/30/2013   NZD      74.21
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       8.75
INFRATIL LTD             4.97    12/29/2049   NZD      60.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.28
NZF GROUP                6.00    03/15/2016   NZD      13.84
SKY NETWORK TV           4.01    10/16/2016   NZD       7.94
ST LAURENCE PROP         9.25    07/15/2010   NZD      60.52
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
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      30.45
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.44
SINBO 3RD ABS           15.00    09/30/2013   KRW      31.22
SINBO 4TH ABS           15.00    12/16/2013   KRW      30.65
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.32
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.01
SINGOK ABS               7.50    06/18/2011   KRW      52.72
SINGOK NS ABS            7.50    06/27/2011   KRW      54.27
SOLOMON MUTUAL B         8.10    04/19/2015   KRW      68.60


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       65.03


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       71.96


VIETNAM
--------

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


                             *********

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

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

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


                            *********


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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