TCRAP_Public/110408.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

              Friday, April 8, 2011, Vol. 14, No. 70

                            Headlines



A U S T R A L I A

360 CAPITAL: S&P Lowers Ratings on Two Tranches of CMBS
CENTRO PROPERTIES: PwC Resisted Debt Review in 2007 Accounts
EQUITITRUST CAPITAL: Suspends Distributions Amid Property Woes
REDGROUP RETAIL: To Close 16 Borders Bookstores in Australia


H O N G  K O N G

LEHMAN BROTHERS: HK Minibond Investors Offered Higher Payout
PHYSICAL PROPERTY: Incurs HK$640,000 Net Loss in 2010
SILVER EAGLE: Tai and Leung Step Down as Liquidators
WELL TOP: Court to Hear Wind-Up Petition on May 11
WIDE TECH: Creditors Get 1.7% Recovery on Claims


I N D I A

ACTIF CORP: Fitch Maintains Long-term 'BB+(ind)' Rating on RWN
AKASH COKE: Fitch Assigns 'C(ind)' National Long-Term Rating
ASHMITA PAPERS: CRISIL Rates INR280 Million Term Loan at 'B+'
APOLLO-SOYUZ ELECTRICALS: CRISIL Rates INR15.5MM Term Loan at 'BB'
AVANT DEVELOPMENTS: CRISIL Rates INR180MM Cash Credit at 'BB'

B. I. GROUP: CRISIL Assigns 'BB+' Rating to INR45MM Cash Credit
BAMBOLI AGENCIES: CRISIL Rates INR55MM Cash Credit at 'BB+'
DADU STEEL: CRISIL Assigns 'D' Rating to INR25.3MM Term Loan
FERTILISERS AND CHEMICALS: CRISIL Reaffirms 'BB-' Loan Ratings
GOVINDA MINERALS: CRISIL Assigns 'B' Rating to INR70MM Cash Credit

ILC INDUSTRIES: CRISIL Assigns 'BB+' Rating to INR500MM LT Loan
INDIAN SECURITIES: CRISIL Assigns 'BB+' Rating to INR44MM Loan
J HOTELS: CRISIL Assigns 'BB' Rating to INR126 Million LT Loan
JAI BHARAT: CRISIL Reaffirms 'BB' Rating on INR10MM Cash Credit
KAKHANI METAL: CRISIL Rates INR99.9 Million Cash Credit at 'BB-'

KINGFISHER AIRLINES: Lenders Get 22% Stake in Kingfisher
KJSL COAL: CRISIL Assigns 'BB' Rating to INR7MM Cash Credit
SATYAM COMPUTER: To Pay $100 Million to Settle SEC Charges
SHIV STEEL: CRISIL Assigns 'D' Rating to INR6 Million LT Loan
TRINETHRA INFRA: CRISIL Rates INR80.00MM Cash Credit at 'BB-'


J A P A N

TOKYO POWER: Lenders Urge Government to Provide Aid to Tepco


N E W  Z E A L A N D

AMI INSURANCE: Government to Provide Up to NZ$1BB Support Package
GENEVA FINANCE: S&P Lowers Counterparty Credit Rating to 'SD'
REDGROUP RETAIL: No New Zealand Store Closures, Administrators Say


X X X X X X X X


* Large Companies With Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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360 CAPITAL: S&P Lowers Ratings on Two Tranches of CMBS
-------------------------------------------------------
Standard & Poor's Ratings Services said it had lowered the ratings
on two classes of commercial mortgage-backed securities (CMBS)
issued by 360 Capital CMBS Pty Ltd.  At the same time, the ratings
on all classes of notes remain on CreditWatch with negative
implications, pending the progress of collateral asset sales and
repayments.  "The lowering of the ratings reflects our opinion of
the uncertain timing and strategy, and heightened execution risk
associated with repayment of the notes on or before the legal
final maturity date on Jan. 18, 2012," S&P said.

The issuer has been renamed from Becton CMBS No. 1 Pty Ltd.
following the sale of Becton Property Group's funds management
business to 360 Capital Group in December 2010.  The transaction
is a single-borrower, CMBS program ultimately supported by
interests in four Australian office buildings located in New
South Wales, Queensland, and the Australian Capital Territory.
"The four properties are at various stages of being marketed for
sale and, in our view, there is potential further downward
pressure on the value of the remaining collateral portfolio.  The
size and composition of the remaining asset pool remain a key
consideration in our rating analysis," S&P related.

"The CreditWatch is likely to be resolved either: (a) by a rating
affirmation and withdrawal if a repayment of the securities is
completed, or (b) by lowering the ratings on the securities, at
any time, if we believe there is an increasing prospect that
repayment or refinancing will not be achieved prior to the legal
final maturity date of the notes," S&P noted.

Ratings Lowered and Remaining on CreditWatch

           Rating
Class     To                   From
-----     --                   ----
A         BB+ (sf)/Watch Neg   BBB+ (sf)/Watch Neg
B         BB (sf)/Watch Neg    BB+ (sf)/Watch Neg

Ratings Remaining on CreditWatch

C         BB- (sf)/Watch Neg
D         B (sf)/Watch Neg
E         B- (sf)/Watch Neg


CENTRO PROPERTIES: PwC Resisted Debt Review in 2007 Accounts
------------------------------------------------------------
The Sydney Morning Herald reports that the accountancy firm
PricewaterhouseCoopers "resisted" moves by Centro Management to
get an urgent review of its debt classifications after the
property group discovered a multibillion-dollar error in its
short-term liabilities in late 2007.

SMH relates that the Federal Court in Melbourne heard on April 6,
2011, that PwC, which audited Centro's 2006-07 accounts and whose
partners had attended many Centro board meetings, told Centro in
January 2008 that debt classifications were a "grey area."

Under cross-examination, SMH relates, Centro's general manager of
finance, Paul Belcher, told the court that PwC was "keen for
management not to jump to conclusions" and the firm had suggested
that a debt review might take five to six weeks.

According to SMH, Mr. Belcher said he was not party to any
discussions where PwC had thought an indemnity was a condition of
conducting the review.

Mr. Belcher also told Justice John Middleton that the prospect of
litigation was "not discussed directly [with PwC] but I think it
was an undercurrent in the discussions," according to SMH.

Under cross-examination by Alan Archibald, QC, for the Centro non-
executive directors, Mr. Belcher agreed that a $1.1 billion error
in short-term debt, discovered in August 2007, had not been raised
when the board met in early September to finalise the accounts.

He said it was a matter that he believed "absolutely" should have
been raised.

According to SMH, the Australian Securities and Investments
Commission is suing eight former and current directors and
officers of Centro, alleging they breached their duties when the
company in 2007 failed to disclose it had billions of dollars of
debt that had to be paid within months.

The Centro directors, including chairman Paul Cooper and his
predecessor Brian Healey, face the possibility of bans and fines
of up to $200,000 if found guilty, Business Spectator reports
citing the Australian Financial Review.

In addition to Mr. Cooper and Mr. Healey, says Business Spectator,
former chief executive Andrew Scott and former chief financial
officer Romano Nenna face accusations that they breached their
obligations when they signed off on incorrect reports.  Also in
the spotlight are former non-executive directors Peter Wilkinson,
Sam Kavourakis and Peter Goldie, as well as current board member
Jim Hall.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2010, the Sydney Morning Herald said indicative bids for
Centro Properties' AU$13.5 billion worth of assets were lodged on
Dec. 17, 2010, and the list of bidders includes large Australian
retail landlords.  Offers for the U.S. assets are said to be
coming mainly from private investors and hedge funds, which pay
lower costs due to the low interest rates in the U.S. but are
happy to take on some of the Centro debt.  Another interested
party is said to be the Israel-based Gazit Globe.  Among the
interested buyers for some or all of the malls are Westfield, Lend
Lease's Australian Prime Property Fund, CFS Retail Trust,
Queensland Investment Corp., and the Singapore Government
Investment Corp.  According to SMH, Centro decided in Nov. 2010 to
put all its assets on the block after having received approval to
refinance the next round of debt.

The sale of the assets comes almost three years to the day that
Centro's former chief executive, Andrew Scott, and the board
revealed the group did not have the funds needed to pay the
AU$4 billion of debt that was due in December 2007.  That resulted
in the shares of the company dropping in value by as much as 90%,
SMH added.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2010, CNP secured a one-year extension from December 31, 2010, to
December 31, 2011, for US$2.3 billion of debt within Super LLC (a
joint venture of CNP, Centro Retail Trust and Centro MCS 40).  The
extension includes Super LLC's US$1.7 billion bridge term loan
(US$1.2 billion CNP, US$0.5 billion CER) and US$580.0 million of
additional debt.

                       About Centro Properties

Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.


EQUITITRUST CAPITAL: Suspends Distributions Amid Property Woes
--------------------------------------------------------------
Tracey McBean at goldcoast.com.au reports that Gold Coast fund
manager Equititrust Capital has suspended monthly distributions
from two of its flagship investment funds blaming the city's
lacklustre property market.

According to the report, Equititrust Capital managing director
Mark McIvor said the move was prompted by ongoing market
uncertainty which had delayed settlement of the sale of several
assets, totalling more than AU$15 million alone in the Equititrust
Income Fund.

Goldcoast.com.au relates that Mr. McIvor said the company was now
looking at how to restructure the EIF and the other affected fund,
the Equititrust Premium Fund.

He said the restructure would aim to accelerate bank debt
repayments and provide greater flexibility to strengthen investor
protection and drive future fund performance, goldcoast.com.au
says.

"We anticipate being able to finalize all debt repayments and
revised asset valuations and unit pricing within 90 days and
putting a proposal to restructure the funds to investors by
June 30," goldcoast.com.au quotes Mr. McIvor as saying.

"The current structure of the funds restricts us from facilitating
new investment inflows which would allow us to pay down the debt
in an orderly fashion as we had previously envisaged.

"Unfortunately, as part of the review and as a result of the
delayed settlements of secured properties it is necessary to
postpone distributions from the funds until we are able to provide
investors with a clearer picture of the long-term future of the
funds.

"We will determine an amended distribution policy as soon as we
possibly can."

Mr. McIvor, as cited by goldcoast.com.au, said that the company
was likely to take a conservative view of unit values in the EPF
and the EIF as it reviewed their structure.

Goldcoast.com.au notes that Mr. McIvor said in response to a
reassessment of security values, Equititrust Capital had already
substantially written down the value of its $10 million capital
protection in the EPF.

As at Dec. 31, 2011, the EPF had a total of AU$65.5 million of
assets while the EIF had AU$262 million of assets.  The bank debt
of the two funds totals $42 million and involves NAB and Bank of
Scotland International, goldcoast.com.au discloses.

Equititrust Capital is a specialist funds management and property
investment group.


REDGROUP RETAIL: To Close 16 Borders Bookstores in Australia
------------------------------------------------------------
The Administrators of REDgroup Retail Pty Ltd said that a total of
16 Borders bookstores will close under the next round of
restructuring announced on April 6, 2011.  This will leave nine
Borders stores in Australia.

The closures, which will take place over the next eight weeks,
will affect 510 staff (310 permanent full-time and part-time; 200
casual).

The restructure will leave 163 REDgroup outlets, including nine
Borders and 67 Angus & Robertson stores in Australia as well as 87
stores in New Zealand, which has not been subject to any store
closures.

Borders Online is not affected by this restructure.

The Administrator, Steve Sherman, said that the remaining store
footprint maximised the opportunities for either a sale or
restructure of the business -- both of these options are currently
being examined.

"Through these progressive restructures we are moving the business
towards a more sustainable model," Mr. Sherman said.  "It is my
hope that the resulting business is able to stand on its own two
feet as well as being more attractive to any potential buyer."

Mr. Sherman also announced the sale of a portfolio of 10 REDgroup
bookstores located in New Zealand's airports trading under the
Whitcoulls banner in Auckland (5), Wellington (2), Christchurch
(2) and Rotorua (1).  The buyer is Australia-based travel retail
specialist LS Travel Retail Pacific, formerly known as Lagardere
Services Asia Pacific.  The sale price remains confidential.

Borders bookstore closures:

   1. Adelaide
   2. Brisbane
   3. Camberwell
   4. Chatswood
   5. Doncaster
   6. Garden City
   7. Geelong
   8. Highpoint
   9. Hornsby
  10. Kotara
  11. Macarthur
  12. Macquarie
  13. Parramatta
  14. South Wharf
  15. South Yarra
  16. Tuggerah

                        About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand, and Singapore in 2008.

                       *     *     *

REDgroup Retail Pty. Ltd. on Feb. 17, 2011, named Ferrier Hodgson
as voluntary administrators.  The appointment comes less than a
day after Borders Group Inc. filed for bankruptcy in the U.S. and
began taking bids for 200 stores, according to Bloomberg News.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd


================
H O N G  K O N G
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LEHMAN BROTHERS: HK Minibond Investors Offered Higher Payout
------------------------------------------------------------
Hong Kong holders of Lehman Brothers Holdings Inc.-linked
structured notes may get better recovery of their money after
banks offered an additional payment that will bring recovery
level to as high as 96.5%, according to a March 28, 2011 report
by Bloomberg News.

The offer covers about 31,000 buyers whose investments were
almost wiped out when Lehman filed for bankruptcy protection in
2008.

The new offer is the second attempt made by the banks to settle a
dispute that forced them to change the way they sell investment
products.  A repayment offer in July 2009 of at least 60 cents on
the dollar failed to mollify investors, with some of them staging
daily protests outside bank branches in Hong Kong.

An agreement is conditional on noteholders voting in favor of the
settlement, Bloomberg News reported.

Investors in some series of the so-called minibonds will get 70%
to 93% of their money back, the report said, citing
PricewaterhouseCoopers LLP, the receiver of the minibonds, as its
source.

About 43,000 investors in Hong Kong bought an estimated $1.8
billion of Lehman minibonds that were sold by lenders before the
company's bankruptcy filing.

Billy Mak, an associate professor in the department of finance
and decision sciences at the Hong Kong Baptist University, said
the settlement is a much better deal for investors than the
previous one.

"If they insist on a 100-percent refund by filing lawsuits,
there's going to be costs in taking legal actions and the final
compensation could be less," Bloomberg News quoted Mr. Mak as
saying.

Eddy Chan, a representative of the Alliance of Lehman Brothers
Victims in Hong Kong, said the latest repurchase proposal does
not reflect the "large-scale" violations in regulations by the
banks.  He said the investors want 100% of their money back as a
minimum and that the banks should disclose more of the details of
the negotiations.

An estimated 4% of note holders would get at least 90% of their
investments back, and 65% of those eligible would get 80% to 90%.
Some 96% of minibond holders eligible for repayments under the
original agreement had already accepted offers to repurchase
their bonds before the new offer was announced, Bloomberg News
reported.

BOC Hong Kong (Holdings) Ltd., Bank of China's Hong Kong unit,
said in a statement that it will make HK$160 million ($20.5
million) available for the settlement of the minibonds.  The bank
also disclosed its plan to write back part of the provisions for
the investments, according to the report.

BOC Hong Kong, along with 15 banks, including Chong Hing Bank
Ltd., have offered to pay a lump sum of up to 50% of the
shortfall in the amount invested in minibonds to people who
already came to individual agreements with banks over the issue.
Bondholders will vote on the settlement at a series of meetings
and payments may start in June, Bloomberg News reported.

                         HKMA Statement

The Securities and Futures Commission (SFC) and the Hong Kong
Monetary Authority (HKMA) are pleased to note the announcements by
the 16 Lehman Brothers' Minibond distributing banks and
PricewaterhouseCoopers, the Receivers of the Minibond collateral,
concerning the recovery and proposed distributions of the net
value of the underlying collateral assets of Minibond series 10 to
12, 15 to 23 and 25 to 36 (the relevant series).

The proposed distributions, if approved, will provide substantial
recoveries for all customers who held Minibonds issued in the
relevant series including those who were ineligible to receive
repurchase offers under the resolution between the SFC, HKMA and
the Banks on July 22, 2009 (the Minibond Agreement).

This outcome is the result of the Minibond Agreement between the
SFC, HKMA and the Banks which was announced on July 22, 2009.
In the Minibond Agreement, the Banks were required to take
reasonable steps to expedite the return of the collateral
including creating a fund using the commission income earned from
the sale of Minibonds.  In compliance with this obligation, the
Banks provided a fund of up to HK$291 million which enabled PwC,
appointed as Receivers by HSBC Bank USA, N.A., the Trustee for
the Minibonds, to take all necessary actions to recover the
underlying Minibond collateral.

"The SFC is pleased that, subject to the necessary approvals, the
strategy we set in motion back in July 2009 in the Minibond
Agreement has worked and that all Minibond customers in the
relevant series, including those who were ineligible to receive
the initial repurchase offer, will recover much higher amounts of
their initial investments than would have been possible without
this strategy in place," the Chief Executive Officer of SFC,
Martin Wheatley said.

In addition, the regulators note that the 16 Banks have agreed to
make additional ex gratia payments to customers who were
classified as eligible customers in the Minibond Agreement and the
Banks will continue to support the Trustee.  The additional ex-
gratia payment will increase the level of recovery of eligible
customers to 85% to 96.5% of their initial investment.

"This outcome would have been seen as impossible in the months
following the collapse of Lehman and demonstrates the value of
good regulators responding efficiently and robustly when things go
wrong. It is unlikely these recoveries could have been achieved by
any other means.  The SFC acknowledges the additional voluntary
payments by the Banks and their continuing support for the Trustee
which will further bolster the market's confidence in Hong Kong's
financial institutions following the global financial crisis,"
Mr. Wheatley added.

"This is an important development which not only allows investors
to avoid lengthy litigation and potentially costly fees and legal
uncertainty, but also represents the concerted efforts among
regulators, the participating banks and the relevant investors to
recover the invested amount as far as practicable.  We are pleased
to note that investors of the relevant Minibond series will
benefit from the high level of recovery," the Deputy Chief
Executive of HKMA, Mr. Arthur Yuen said.

                      About Lehman Brothers

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

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

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

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

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

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

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

                 International Operations Collapse

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

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

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


PHYSICAL PROPERTY: Incurs HK$640,000 Net Loss in 2010
-----------------------------------------------------
Physical Property Holdings Inc. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K reporting a net
loss and total comprehensive loss of HK$640,000 on HK$765,000 of
rental income for the year ended Dec. 31, 2010, compared with a
net loss and total comprehensive loss of HK$899,000 on HK$602,000
of rental income during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed HK$10.68
million in total assets, HK$11.17 million in total liabilities,
and a HK$493,000 stockholders' deficit.

Mazars CPA Limited, in Hongkong, expressed substantial doubt about
the Company's ability to continue as a going concern, following
the Company's 2010 financial results.  The independent auditors
noted that the Company had a negative working capital as of
Dec. 31, 2010 and incurred loss for the year then ended.

A full-text copy of the annual report on Form 10-K is available
for free at http://is.gd/DY91xb

Physical Property Holdings Inc. (formerly known as Physical Spa &
Fitness Inc.), through its wholly owned subsidiary Good Partner
Limited, owns five residential apartments located in Hong Kong.
The Company was incorporated on September 21, 1988, under the laws
of the United States of America.


SILVER EAGLE: Tai and Leung Step Down as Liquidators
----------------------------------------------------
Messrs. Tai Hay Yuen and Leung Man Kay stepped down as liquidators
of Silver Eagle Foods & Trading Company Limited on Jan. 24, 2011.


WELL TOP: Court to Hear Wind-Up Petition on May 11
--------------------------------------------------
A petition to wind up the operations of Well Top Development
Limited will be heard before the High Court of Hong Kong on
May 11, 2011, at 9:30 a.m.

Wong Kwan filed the petition against the company on March 9, 2011.


WIDE TECH: Creditors Get 1.7% Recovery on Claims
------------------------------------------------
Wide Tech Shipping Limited, which is in liquidation, will declare
the first and final dividend to its creditors on April 15, 2011.

The company will pay 1.7% for ordinary claims.


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ACTIF CORP: Fitch Maintains Long-term 'BB+(ind)' Rating on RWN
--------------------------------------------------------------
Fitch maintains the Rating Watch Negative (RWN) on various
entities of the Tayal group:

Krishna Knitwear Technologies Limited:

National Long-term 'BBB+(ind)' rating remains on RWN
INR195m non-fund based limits: 'F2(ind)' remains on RWN
INR4.1bn fund-based limits: 'BBB+(ind)'/'F2(ind)' remain on RWN
INR6.6bn long-term loans: 'BBB+(ind)' remains on RWN

Eskay K'n'IT (India) Limited:

National Long- term 'BBB+(ind)' rating remains on RWN
INR40m non-fund based limits: 'F2(ind)' remains on RWN
INR1.2bn fund-based limits: 'BBB+(ind)' remains on RWN
INR1,316m long-term loans: 'BBB+(ind)' remains on RWN
INR1bn non-convertible debentures (proposed to be issued):
'BBB+(ind)' remains on RWN

Actif Corporation Limited:

National Long-term 'BB+(ind)' rating remains on RWN
INR25m non-fund based limits: 'F4(ind)' remains on RWN
INR320m cash credit limits: 'BB+(ind)' remains on RWN
INR1,926m long-term loans: 'BB+(ind)' remains on RWN

Global Softech Limited:

Long-term debt: 'BBB+(ind)(SO)' remains on RWN
INR90m bank loan facility: 'F2(ind)(SO)' remains on RWN
INR850m cash credit limits: 'BBB+(ind)(SO)' remains on RWN
INR2bn long-term loans: 'BBB+(ind)(SO)' remains on RWN

Fitch notes that the outstanding SEBI (Securities and Exchange
Board of India) order against various entities of the Tayal group
is yet to be resolved, and continues to limit the sponsors' access
to existing liquidity which is lying in the form of listed shares.

The agency plans to resolve the RWN by May 2011 upon clarity with
regard to the financial flexibility of the rated entities,
including their ability to raise external debt to meet working
capital, capex and refinancing needs.  Fitch will also continue to
monitor any progress with regard to the SEBI order.


AKASH COKE: Fitch Assigns 'C(ind)' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Akash Coke Industries Private
Limited a National Long-Term rating of 'C(ind)'.  The agency has
also assigned these ratings to ACIPL's bank loans:

   -- INR143m fund-based loans: 'C(ind)'; and

   -- INR50m non-fund based limits: 'F5(ind)'.

The ratings reflect irregularities in the use of ACIPL's working
capital facilities, due to its stretched liquidity position as a
result of volatility of raw material prices and enhancement of
coal linkages from 4,800 tons per month to 20,000 tons per month
without any adequate increase in working capital funds.  The
financial profile of the company is weak with high debt/EBITDA of
9.5x and interest coverage of 1.5x in FY10.

The ratings may be upgraded upon an improvement in ACIPL's
liquidity position, which would be reflected in regularity in the
use of its working capital facilities.

ACIPL was formed in 1988 to take over the business of Akash Coke
Industries -- a partnership firm, established in 1973.  The
company produces hard coke and has an installed capacity of
1,26,000 MT at Katras Road in Dhanbad, Jharkhand.  In FY10, its
turnover was INR234.6 million, EBIDTA margin was 8.3% and
debt/EBITDA was 9.5x.  The company had a total debt of
INR185.2 million as at FYE10.


ASHMITA PAPERS: CRISIL Rates INR280 Million Term Loan at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
loan facility of Ashmita Papers Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR280 Million Rupee Term Loan   B+/Stable (Assigned)

The rating reflects Ashmita's average financial risk profile,
small scale of operations in the highly fragmented paper trading
industry, volatility in the raw material prices, and
susceptibility to implementation and off-take risks related to its
manufacturing project.  These rating weaknesses are partially
offset by the experience of Ashmita's promoters in the paper
industry.

Outlook: Stable

CRISIL believes that Ashmita will continue to benefit from its
promoters' experience in the paper trading industry, over the
medium term.  The outlook may be revised to 'Positive' if the
company is able to successfully commission its manufacturing
project without any significant time or cost overrun and the
company achieves higher-than-expected revenues and profitability.
Conversely, the outlook may be revised to 'Negative' if the
project faces significant time or cost overrun, adversely
affecting its ongoing trading operations and financial risk
profile, or if its working capital requirements significantly
increase leading to deterioration in its debt protection
indicators.

                        About Ashmita Papers

Incorporated in 2008 by Mr. Tarun Kumar Jain, Ashmita trades
industrial papers, fabrics, and textile chemicals. It is also
setting up a 100-tonne-per-day Kraft paper manufacturing facility
at Ahmedabad (Gujarat) that is expected to be commissioned by
June 2011. Its daily operations are managed by Mr. Tarun Kumar
Jain.

Ashmita reported a profit after tax (PAT) of INR7.9 million on net
sales of INR1118.1 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.0 million on net
sales of INR987.8 million for 2008-09.


APOLLO-SOYUZ ELECTRICALS: CRISIL Rates INR15.5MM Term Loan at 'BB'
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Apollo-Soyuz Electricals Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR15.5 Million Rupee Term Loan    BB/Stable (Assigned)
   INR30.0 Million Cash Credit        BB/Stable (Assigned)
   INR5.0 Million Bank Guarantee      P4+ (Assigned)
   INR129.5 Million Bill Purchase-    P4+ (Assigned)
              Discounting Facility
   INR15.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect ASEPL's modest financial risk profile, marked
by moderate gearing and average debt protection measures and small
net worth, and small scale of operations.  These weaknesses are
partially offset by ASEPL's established presence in the electrical
equipment business.

Outlook: Stable

CRISIL expects ASEPL to maintain its moderate business risk
profile over the medium term on the back of its established
clientele.  The outlook could be revised to 'Positive' if the
company achieves more-than-expected revenue growth and increases
profitability, without deteriorating its existing capital
structure.  Conversely, the outlook could be revised to 'Negative'
in case of any larger-than-expected debt-funded capital
expenditure programme, resulting in the deterioration of the
company's debt protection measures or capital structure.

                   About Apollo-Soyuz Electricals

ASEPL, established in 1975 as a partnership firm, was incorporated
in 1997.  It manufactures transformers, reactors, control panels
and uninterruptible power systems, which find application as
electrical and electronic equipment in the windmill, railways and
marine sectors.  The company sells its products to Emerson Network
Power India Ltd, Larsen and Tourbo Ltd, Enercon India Ltd and
Siemens India Ltd. The company has entered into technical
collaboration with a Germany-based company called Mdexx
Magnetronic Devices GmbH & Co. KG.

ASEPL reported a profit after tax (PAT) of INR11 million on net
sales of INR462 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR7 million on net sales
of INR387 million for 2008-09.


AVANT DEVELOPMENTS: CRISIL Rates INR180MM Cash Credit at 'BB'
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Avant Developments Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR180.0 Million Cash Credit     BB/Stable (Assigned)
   INR70.0 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect ADPL's modest scale of operations in the
intensely competitive civil construction industry, expected
deterioration in its financial risk profile because of low
profitability and debt funding of its incremental working capital
requirements, and high project concentration in its revenue
profile.  These rating weaknesses are partially offset by the
benefits that ADPL derives from its promoters' extensive
experience in the civil construction industry and its healthy
order book.

Outlook: Stable

CRISIL believes that ADPL will continue to benefit over the medium
term from its promoters' extensive industry experience.  The
outlook may be revised to 'Positive' if ADPL significantly
improves its profitability, leading to higher-than-expected cash
accruals, and efficiently managing its working capital
requirements.  Conversely, the outlook may be revised to
'Negative' if ADPL's liquidity deteriorates, because of delays in
execution of its order book, leading to large working capital
requirements or low profitability and cash accruals.

                      About Avant Developments

Incorporated in 2006 by Mr. Ashwin Handa, ADPL acquired the
business operations of its promoter's proprietorship firm, Avant
Developments from April 1, 2010.  So far, ADPL has mainly executed
civil construction projects for various state government entities.
However, the company has now increased its focus on private sector
companies with a majority of its current order book of INR7455
million from this sector. ADPL's current order book includes a
large project of INR3486 million from a single private sector
company in Maharashtra.

ADPL reported a profit before tax (PBT) of INR11.5 million on net
sales of INR842.0 million for 2009-10, against a PBT of INR8.8
million on net sales of INR757.0 million for 2008-09.


B. I. GROUP: CRISIL Assigns 'BB+' Rating to INR45MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of B. I. Group of Industries.

   Facilities                      Ratings
   ----------                      -------
   INR45.0 Million Cash Credit       BB+/Stable (Assigned)
   INR2.0 Million Rupee Term Loan    BB+/Stable (Assigned)
   INR43.0 Million Proposed LT Bank
                      Loan Facility  BB+/Stable (Assigned)

The rating reflects BIGI's small scale of operations, low
operating profitability, and large working capital requirements.
These rating weaknesses are partially offset by the benefits that
BIGI derives from its established market position, supported by
its promoters' extensive experience in the fabric and garments
business, and its moderate financial risk profile, marked by low
gearing and satisfactory interest coverage ratio.

Outlook: Stable

CRISIL believes that BIGI will continue to benefit over the medium
term from its well-diversified customer base and promoters'
extensive industry experience.  The outlook may be revised to
'Positive' if the firm improves its profitability margin
significantly, while maintaining its revenue growth. Conversely,
the outlook may be revised to 'Negative' if BIGI's financial risk
profile deteriorates because of liquidity pressures or a large,
debt-funded capital expenditure programme.

                   About B. I. Group of Industries

Set up in 2003 in Rajasthan, BIGI processes and sells synthetic
fabric, mainly dress material for women.  The firm purchases grey
fabric and undertakes processes such as mercerizing, dyeing, and
finishing. The firm's day-to-day operations are managed by Mr.
Indermal Chopra with assistance from his brother Mr. Mahendra
Kumar Chopra and nephew, Mr. Manoj Kumar Chopra. The firm has in-
house facilities for processing, whereas it procures raw material
from its associate concerns, Gaurav Trading and Gaurav
Enterprises, in Maharashtra. The promoters also have interest in
B. I. Fabrics (rated 'BB/Stable' by CRISIL), which manufactures
blouse materials for women.

BIGI reported a profit after tax (PAT) of INR6.1 million on net
sales of INR395.0 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.1 million on net
sales of INR317.5 million for 2008-09.


BAMBOLI AGENCIES: CRISIL Rates INR55MM Cash Credit at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the long-term bank
facilities of Bamboli Agencies Pvt. Ltd. (BAPL, part of the
Bamboli group).

   Facilities                      Ratings
   ----------                      -------
   INR55.00 Million Cash Credit    BB+/Stable (Assigned)
   INR2.60 Million Proposed LT     BB+/Stable (Assigned)
            Bank Loan Facility

The rating reflects the Bamboli group's weak financial risk
profile, marked by a small net worth, a moderate gearing, and weak
debt protection metrics, driven by low profitability and large
working capital requirements.  The rating also factors in the
group's modest scale of operations, and susceptibility to supplier
concentration in revenue profile.  These rating weaknesses are
partially offset by the extensive industry experience of the
Bamboli group's promoters, and the group's established supplier
relationships, low inventory, and low exposure to undue delays in
collection of receivables.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of BAPL, Bamboli Agencies, and Savita
Marketing, collectively referred to as the Bamboli group. This is
because all these entities have the same promoters and fungible
cash flows, as reflected in the frequent loans and advances given
by the entities to each other.

Outlook: Stable

CRISIL believes that the Bamboli group's financial risk profile,
particularly its liquidity, will remain weak over the medium term
because of the group's large working capital requirements and low
profitability.  However, the Bamboli group is expected to continue
to benefit from its promoter's extensive industry experience
during this period.  The outlook may be revised to 'Positive' in
case of an improvement in the group's financial risk profile,
particularly its liquidity, most likely because of higher-than-
expected cash accruals or improvement in its working capital
management.  Conversely, the outlook may be revised to 'Negative'
in case the Bamboli group's liquidity deteriorates because of
large working capital requirements or lower-than-expected cash
accruals.

                         About the Group

The Bamboli group commenced operations in 1991 in Pune
(Maharashtra) as a distributor of various fast-moving consumer
goods (FMCG). The group includes three entities: BA, BAPL, and SM.
The group has a strong presence in Pune city.

BAPL is the exclusive distributor of Nokia handsets in Pune, and
has a wide distribution network of over 375 retail outlets. BA and
SM are engaged in the business of distribution of Airtel prepaid
cards, Direct-To-Home (DTH) connections, FMCG products, and
consumer durables.

The Bamboli group reported a profit after tax (PAT) of INR18.6
million on net sales of INR1,800 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of Rs12.7
million on net sales of INR4,054 million for 2008-09.


DADU STEEL: CRISIL Assigns 'D' Rating to INR25.3MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'D' rating to the long-term bank
facilities of Dadu Steel and Power Ltd.  The rating reflects
instances of delay by DSPL in servicing its debt; the delays have
been caused by the company's weak liquidity.

   Facilities                      Ratings
   ----------                      -------
   INR35.00 Million Cash Credit    D (Assigned)
   INR25.30 Million Term Loan      D (Assigned)
   INR19.70 Million Proposed Cash  D (Assigned)
                           Credit

DSPL also has a weak financial risk profile, marked by a small net
worth and weak debt protection metrics, large incremental working
capital requirements, and weak operating efficiencies driven by
lack of backward integration. The company, however, benefits from
its moderate scale of operations and the continuous funding
support it receives from its promoters.

                          About Dadu Steel

DSPL manufactures mild steel ingots at its facility in Raipur
(Chhattisgarh). It was incorporated in 2004, with a production
capacity of 18,000 tonnes per annum.  DSPL installed another
furnace, between April 2010 and May 2010, doubling the company's
production capacity to 36,000 tpa.

DSPL reported a profit after tax (PAT) of INR11 million on net
sales of INR4360 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR13 million on net sales
of INR4402 million for 2008-09.


FERTILISERS AND CHEMICALS: CRISIL Reaffirms 'BB-' Loan Ratings
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Fertilisers and
Chemicals Travancore Ltd continue to reflect FACT's low operating
efficiency, weak financial risk profile, marked by high gearing
and weak debt protection metrics, and exposure to stringent
regulations in the fertiliser business. These rating weaknesses
are partially offset by FACT's established market position in
South India.

   Facilities                            Ratings
   ----------                            -------
   INR2,428.5 Million Cash Credit        BB-/Stable (Reaffirmed)
   INR164.2 Million Foreign Currency     BB-/Stable (Reaffirmed)
                   Non-Resident Loan
   INR407.3 Million Working Capital      BB-/Stable (Reaffirmed)
                        Demand Loan
   INR539.0 Million Term Loan            BB-/Stable (Reaffirmed)
   INR1,500.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR500.0 Million Bank Guarantee       P4+ (Reaffirmed)

Outlook: Stable

CRISIL expects FACT's financial risk profile to remain weak over
the medium term, as its profitability is likely to remain low and
vulnerable to volatility in raw material prices.  The outlook may
be revised to 'Positive' if there is a significant and sustained
improvement in the FACT's profitability, or if the Government of
India (GoI) makes fresh capital infusion into the company, leading
to improvement in its debt protection metrics and capital
structure. Conversely, the outlook may be revised to 'Negative' if
the company undertakes a larger-than-expected debt-funded capital
expenditure (capex) programme, or if there is any reduction in its
subsidy accruals due to non-conversion of existing plant to gas-
based manufacturing.

          About The Fertilisers and Chemicals Travancore

FACT, incorporated in 1943, is engaged in manufacture and
marketing of complex-fertilisers (mainly grade NP 20:20:0:13,
trade name factamfos) and caprolactam, which is a raw material for
Nylon-6. The production of caprolactum also yields ammonium
sulphate, as a bi-product which is a fertiliser. The company has
two complex-fertiliser production units, one each at Udyogamandal
and Ambalamedu, in Cochin.  The petrochemicals division, which
produces caprolactam, is in Udyogamandal.  The company has an
installed capacity to manufacture 666,020 tonnes per annum (tpa)
of factamfos, 50,000 tpa of caprolactum, and 225,000 tpa of
ammonium sulphate.  FACT also manufactures intermediates,
including ammonia, and sulphuric and phosphoric acid. As on
December 31, 2010, GoI owned 98.96 per cent of FACT's equity
shares.

For 2009-10 (refers to financial year, April 1 to March 31), FACT
reported a net loss of INR1.04 billion on net sales of INR21.59
billion, against a net profit of INR429.54 million on net sales of
INR21.36 billion for the previous year. For the nine months ended
December 31, 2010, FACT reported a net loss of INR140.9 million
(net loss of INR633.9 for the corresponding period of the previous
year) on net sales of INR17.94 billion (Rs.14.75 billion).


GOVINDA MINERALS: CRISIL Assigns 'B' Rating to INR70MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to the bank
facilities of Govinda Minerals Pvt Ltd.  The ratings reflect
Govinda's large working capital requirements and small scale of
operations in the fragmented steel industry.  These weaknesses are
partially offset by Govinda's comfortable capital structure.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        B/Negative (Assigned)
   INR50 Million Letter of Credit   P4 (Assigned)

Outlook: Negative

CRISIL believes that Govinda's large working capital requirements
will continue to exert pressure on its liquidity over the medium
term. The rating may be downgraded in case of further
deterioration in its liquidity or if Govinda experience a steep
decline in revenues or profitability.  Conversely, the outlook may
be revised to 'Stable' in case Govinda's liquidity improves on
account of better working capital management, fresh equity
infusion by promoters, or enhancement in bank lines.

                      About Govinda Minerals

Govinda trades in various steel products and minerals, such as
iron ore and ferro alloys.  The company commenced commercial
operations in 2008-09 (refers to financial year, April 1 to
March 31).  Around 75 per cent of its revenues are derived from
trading in steel products, while the remainder is from trading in
minerals.  The company operates primarily in and around Kolkata.
Around 80 per cent of its revenues are derived from Kolkata.
Govinda's day-to-day operations are looked after by its promoter
directors, Mr. Rajesh Singhi and Mr. Giriraj Binani.

Govinda reported a profit after tax (PAT) of INR1.4 million on net
sales of INR617.9 million for 2009-10, as against a PAT of INR0.5
million on net sales of INR206.5 million for 2008-09.


ILC INDUSTRIES: CRISIL Assigns 'BB+' Rating to INR500MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable /P4+' ratings to the bank
facilities of ILC Industries Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR500.00 Million Proposed LT         BB+/Stable (Assigned)
              Bank Loan Facility
   INR550.00 Million Packing Credit      P4+ (Assigned)
   INR280.00 Million Bills Discounting   P4+ (Assigned)

The ratings reflect the susceptibility of ILC's margins to
volatility in iron ore prices, implementation risks associated
with its integrated steel plant, and risks relating to
sustainability of its revenues against the backdrop of increasing
regulatory interventions.  These weaknesses are partially offset
by the healthy demand outlook for iron ore, the longstanding
experience of ILC's promoters in the industry, and its established
customer relationships.

Outlook: Stable

CRISIL expects ILC's business and financial risk profile will
remain stable over the near term, on account of its established
presence in industry and comfortable financial profile.  The
outlook may be revised to 'Negative' in case the company's trading
activity is adversely impacted in case of significant delays in
resolution of the existing restrictions on export of iron ore
adversely impacting its operating cash flows and its project's
implementation schedule and debt protection metrics. The outlook
may be revised to 'Positive' in case the company is able to
demonstrate significant improvement in revenue and cash accruals,
maintain its debt protection indicators and is able to adhere to
project implementation schedule without any significant cost
overruns.

                        About ILC Industries

ILC, engaged in trading and mining of iron ore, is promoted by Mr.
K. Somasekhar who has been associated with logistics and mining
since early 1993. It operates from Hospet (Karnataka). Apart from
iron ore exports, the company is also into wind mill power
generation, rice processing and petroleum retailing which however
form less than ten per cent of sales.

ILC reported a net profit after tax (PAT) of INR 221 million on
net sales of INR7.87 billion for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR168.35 million on
net sales of INR3.02 billion for 2008-09.


INDIAN SECURITIES: CRISIL Assigns 'BB+' Rating to INR44MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Indian Securities Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit        BB+/Stable (Assigned)
   INR44 Million Term Loan          BB+/Stable (Assigned)
   INR12 Million Letter of Credit   P4+ (Assigned)

The ratings reflect ISL's low operating margin, constrained
financial risk profile because of ongoing debt-funded expansion
and the consequent incremental working capital requirements, and
exposure to intense competition in the thermo-mechanically treated
(TMT) steel bar industry.  These weaknesses are partially offset
by the benefits that ISL derives from its promoters' experience in
the long steel products industry and its marketing agreement with
Kamdhenu Industries Ltd.

For arriving at its ratings, CRISIL has consolidated ISL with its
group companies: Gee Enn India Private Ltd, Goyal India Private
Ltd, Subh Luxmi Securities Pvt Ltd, Alkon Trading Ltd, and Top
Most Securities Private Ltd.  This is because all the five
companies are in the process of merging with ISL and have received
approval for the same from The Honourable High Court of Delhi. All
the companies were investment companies held by the promoters of
ISL and there were significant cross-holdings amongst them.

Outlook: Stable

CRISIL believes that ISL will maintain its business risk profile
on the back of its marketing agreement with KIL and the
established marketing network of its structural division.  The
company's financial risk profile is, however, expected to remain
constrained over the medium term because of its ongoing large
debt-funded capex and working-capital-intensive operations. The
outlook may be revised to 'Positive' if its upcoming capacity
stabilises sooner than expected, or in case of sustenance of its
operating margin. Conversely, the outlook may be revised to
'Negative' in case of cost or time overruns in its ongoing capex
or if its working capital requirements increase significantly,
leading to a weaker financial risk profile.

                       About Indian Securities

ISL was established in 1991 by Mr. Ramesh Goyal.  The company
commenced commercial production of steel products in 1994.  In
2001, it entered into an agreement with KIL to manufacture TMT
bars under the Kamdhenu Gold brand.  The company has installed
capacity to manufacture 20,000 tonnes per annum (tpa) of TMT bars
and 40,000 tpa of structural steel products; the company sells
structural steel products under its AarKay brand through a network
of 150 dealers across the country. Its TMT bars unit operates at
80 per cent of capacity and structural steel products unit
operates at 70 per cent of capacity. Additionally, the company has
two windmills with a combined capacity of 1.85 MW in Jaisalmer
(Rajasthan).  The company has entered into an agreement with the
Rajasthan State Electricity Board to sell the power generated by
the windmills.

ISL is in the process of increasing its TMT bar capacity by 40,000
tpa at a cost of INR204.4 million. The capex will be funded
through term loans of INR100 million and equity of INR104.4
million. The company has already purchased land for the new unit
and civil construction work is in progress. The new unit is
expected to commence commercial production in July 2011.

ISL reported a profit after tax (PAT) of INR23.2 million on net
sales of INR1191.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.7 million on net sales
of INR1164.3 million for 2008-09.


J HOTELS: CRISIL Assigns 'BB' Rating to INR126 Million LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of J Hotels Private Limited.

   Facilities                          Ratings
   ----------                          -------
   INR126.00 Million Long-Term Loan    BB/Stable (Assigned)
   INR24.00 Million Cash Credit        BB/Stable (Assigned)

The rating reflects JHPL's limited geographical diversity,
susceptibility to intense competition and cyclicality in the hotel
industry. These rating weaknesses are partially offset by JHPL's
moderate financial risk profile marked by moderate gearing and
debt protection metrics and its established brand in the Chennai
hospitality industry.

Outlook: Stable

CRISIL believes that JHPL will continue to maintain its
established brand position and benefit from its comfortable
capital structure, over the medium term.  The outlook may be
revised to 'Positive' if there is a substantial improvement in
occupancy and Average Room Rates (ARR's), leading to an increase
in cash accruals.  Conversely, the outlook may be revised to
'Negative' if the company undertakes a larger-than-expected debt-
funded capital expenditure programme or the company's occupancy
levels or ARR's decline, or if the company makes significant
investments in other group ventures.

                           About J Hotels

Incorporated in 2004, JHPL is promoted by Mr. S Jagathratchagan
and is closely held by his family members. The day to day
operations of the company is managed by Mr. J Sandeep Aanand (son
of Mr. S Jagathratchagan). JHPL runs a 162-room five-star hotel,
The Accord Metropolitan, in T Nagar, Chennai. The hotel has two
restaurants, two pubs, three banquet halls, and a health centre.
The hotel has an average occupancy rate of 65 per cent, with an
average room rate of INR4500.  JHPL is the parent-holding company
of Elite Distilleries Pvt Ltd (rated 'BB/Stable' by CRISIL), which
is engaged in blending and bottling of Indian Made Foreign Liquor
(IMFL) and is managed independently.

JHPL reported a net loss of INR7.4 million on net sales of
INR256.4 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a PAT of INR26.9 million on net sales of
INR267.2 million for 2008-09.


JAI BHARAT: CRISIL Reaffirms 'BB' Rating on INR10MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jai Bharat Gum &
Chemicals Ltd continue to reflect JBGCL's low profitability,
working-capital-intensive operations, customer concentration and
susceptibility to volatility in raw material prices. These
weaknesses are, partially, mitigated by JBGCL's established track
record in the guar gum business and extensive experience of its
promoters.

   Facilities                         Ratings
   ----------                         -------
   INR10.0 Million Cash Credit        BB/Stable (Reaffirmed)
   Rs .270.0 Million Packing Credit   P4+ (Reaffirmed)
   INR200.0 Million Bill Purchase     P4+ (Reaffirmed)
   INR20.0 Million Short-Term Loan    P4+ (Reaffirmed)
   INR2.5 Million Bank Guarantee      P4+ (Reaffirmed)
   INR2.5 Million Letter of Credit    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that JBGCL will maintain its financial risk
profile over the medium term, notwithstanding the expected
increase in its gearing because of increase in working capital
borrowings, and will also maintain its business risk profile over
the medium term, supported by stabilization of operations at its
expanded guar gum powder capacities.  The outlook may be revised
to 'Positive' if there is a sustained improvement in JBGCL's
profitability or significant improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if JBGCL
undertakes larger-than-expected debt-funded capital expenditure
programme, or there is a significant decline in JBGCL's business
growth and profitability.

                          About Jai Bharat

Established in 1982, JBGCL is a closely-held public limited
company that manufactures guar gum splits and guar gum powder,
primarily for the exports market. Guar gum meal, a by-product in
the process, is sold in the Indian market and is used as cattle
feed. JBGCL has capacity to manufacture 33,600 tonnes per annum
(tpa) of guar gum splits and 16,800 tpa of guar gum powder. The
manufacturing units of the company are located in Siwani Mandi
(Haryana).

For 2009-10 (refers to financial year, April 1 to March 31), JBGCL
reported a profit after tax (PAT) of INR12.70 million on net sales
of INR1.30 billion, against a PAT of INR8.83 million on net sales
of INR1.48 billion for the previous year. For the six months ended
September 30, 2010, JBGCL reported, on provisional basis, a profit
before tax (PBT) of INR46.50 million on net sales of INR1.49
billion, against a PBT of INR27.80 million on net sales of
INR618.20 million for the corresponding period of the previous
year.


KAKHANI METAL: CRISIL Rates INR99.9 Million Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Kakhani Metal Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR99.9 Million Cash Credit  BB-/Stable (Assigned)

The rating reflects the KMPL group's presence in low value-added
product segments, the modest scale of its operations, and its
susceptibility to intense competition in the metal trading
business and to volatility in raw material prices.  The rating
also reflects expectation of deterioration in the group's
financial risk profile, on account of incremental working capital
requirements.  These weaknesses are partially offset by the
extensive industry experience of the KMPL group's promoters and
the favorable demand prospects for copper.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KMPL and Kakhani Metal (KM), together
referred to as the KMPL group. This is because both the entities
have significant operational, managerial, and financial linkages.

Outlook: Stable

CRISIL believes that the KMPL group's credit risk profile will be
supported by the experience of its promoters in the metal trading
business and its established relationships with its suppliers and
customers. Its financial risk profile is, however, expected to
remain constrained by its large working capital requirements. The
outlook may be revised to 'Positive' if the group's turnover and
profitability improve significantly, or if its financial risk
profile improves, most likely due to infusion of capital by
promoters. Conversely, the outlook may be revised to 'Negative' if
the KMPL group's profitability deteriorates significantly, thus
exerting pressure on its debt protection metrics, or if the
company undertakes a large, debt-funded capital expenditure
programme.

                          About the Group

KMPL is promoted by Mr. Ashok Kakhani and his brother, Mr. Mukesh
Kakhani. KMPL trades in metals such as copper, aluminium, brass,
nickel, lead, and zinc; however, 80 per cent of its revenues are
derived from copper trading.  KMPL was incorporated on June 13,
2008, and it began commercial operations in 2010-11 (refers to
financial year, April 1 to March 31).  The company has a 900
square-metre godown, taken on lease and located at GIDC -
Kathwada, Ahmedabad. Mr. Ashok Kakhani has been running KM since
1990; KM is engaged in the same line of business. However, he
plans to shut down this firm in 2011-12, and transfer its business
to KMPL.

The KMPL group reported a profit after tax (PAT) of INR1.7 million
on net sales of INR294.1 million in 2009-10, as against a PAT of
INR1.7 million on net sales of INR218.9 million for the previous
year.


KINGFISHER AIRLINES: Lenders Get 22% Stake in Kingfisher
--------------------------------------------------------
The Hindu Business Line reports that Kingfisher Airlines has
recast 22% of its INR7,651-crore debt by giving its lenders an
equity stake in the company.  After the recast, the airline's debt
stands at INR6,007 crore.

According to the report, the company informed the BSE that a total
of 13 banks, that had lent it money, were issued 750 million
compulsorily convertible preference shares which gave them
116.33 million of the company's equity shares at INR64.48, a
premium of about 35% to the closing price of the scrip on
Wednesday.  The scrip closed at INR48.05 on the BSE on April 6, up
4.57 per cent from its previous close.

Among the 13 banks, State Bank of India got about 5.7%, valued at
INR182.25 crore.  ICICI Bank was allotted 5.30%, valued at
INR169.9 crore.

The 13 lenders together now hold a stake of almost 24% in
Kingfisher Airlines.

                       About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.


KJSL COAL: CRISIL Assigns 'BB' Rating to INR7MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of KJSL Coal and Power Pvt Ltd.

  Facilities                        Ratings
   ----------                       -------
   INR7.00 Million Cash Credit      BB/Stable (Assigned)
   INR453.00 Million Proposed LT    BB/Stable (Assigned)
             Bank Loan Facilities
   INR100.00 Million ST Bank Loan   P4+ (Assigned)
                       Facilities

The ratings reflect KCP's moderate financial risk profile, marked
by a high gearing and low debt protection metrics, and modest
scale of operations.  These rating weaknesses are partially offset
by the established track record of the promoters, and the steady
demand for coal from end-user industries such as power.

Outlook: Stable

CRISIL believes that KCP will benefit over the medium term from
the established track record of its promoters and the steady
demand for coal beneficiation services. The outlook may be revised
to 'Positive' if KCP significantly scales up its operations, while
maintaining its margins and debt protection metrics. Conversely,
the outlook may be revised to 'Negative' if the company pursues a
large, debt-funded capital expenditure, or if there is
deterioration in the margins and the debt protection metrics of
the company.

                          About KJSL Coal

Set up in January 2010, KCP is engaged in beneficiation of coal at
its washery set up at Hardibazar in Korba (Chhattisgarh). The
washery has capacity of processing 2 million tonnes of raw coal
per annum. Mr. Alok Choudhary, Mr. Subhash Sharma, and Mr.
Dharampal Kalash are the promoters of the company.

For the three months of its operations starting January 2010, KCP
reported a profit after tax (PAT) of INR0.33 million on net sales
of INR82.6 million for 2009-10 (refers to financial year, April 1
to March 31).


SATYAM COMPUTER: To Pay $100 Million to Settle SEC Charges
----------------------------------------------------------
The Times of India reports that Satyam Computer Services has
agreed to pay US$10 million to settle U.S. charges that former top
managers inflated the Indian company's revenue, the US Securities
and Exchange Commission said Tuesday.

The Times of India says the SEC, in a complaint filed in U.S.
District Court, alleged that former top officials at Satyam
overstated the software company's revenue, income and cash
balances by more than $1 billion over five years.  The SEC said
the Satyam officials used false invoices and forged bank
statements to inflate Satyam's cash balances to make it appear
more profitable to investors, the report relates.  Satyam was
traded on Indian stock markets but American depository shares were
traded on the NYSE.

As reported in the Troubled Company Reporter-Asia Pacific, former
Satyam Chairman Ramalinga Raju resigned in January 2009 after
admitting he manipulated the company's accounts, including
inflating cash and bank balances, understating liabilities and
overstating debtors position.  Mr. Raju's confession prompted
investigations into the company by different entities including
Andhra Pradesh state police, the U.S. Securities and Exchange
Commission and the Securities and Exchange Board of India.  A
three-member board was subsequently created by the government,
which appointed KPMG and Deloitte Touche Tohmatsu to reevaluate
the software company's books.  Several groups considered filing
class action suits against the company.  Mr. Raju was later found
to have invented more than one quarter of Satyam's workforce and
used fictitious names to siphon INR200 million (US$4.1 million) a
month out of the company.  Tech Mahindra Ltd. acquired control of
the company in April 2009.

Satyam reported a INR1.25 billion (US$28 million) loss for the 12
months ended March 31, 2010, and an INR81.8 billion loss for 2009.

                      About Satyam Computer

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance.  Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services.  The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services.  Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services.  As
of July 6, 2009, Tech Mahindra Limited had acquired roughly
31.04% of the Company's outstanding shares of common stock.


SHIV STEEL: CRISIL Assigns 'D' Rating to INR6 Million LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Shiv Steel Industries.  The ratings reflect instances of delay by
SSI in servicing its debt; the delays have been caused by the
firm's weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR57.5 Million Cash Credit      D (Assigned)
   INR6.0 Million Long-Term Loan    D (Assigned)
   INR20.0 Million Bank Guarantee   P5 (Assigned)

SSI also has large working capital requirements, marginal market
share in the steel industry, and is susceptible to cyclicality in
the industry.  These weaknesses are partially offset by the
extensive industry experience of SSI's promoters and its
established customer relationships.

SSI, based in Changsari (Assam), was set up in 2006, as a
partnership firm by Mr. Ratan Lal Bhati (40 per cent share),
Mrs. Rukmini Devi Bhati, Mrs. Suman Devi Bhati (both 20 per cent),
Mr. Keshab Chandra Das, and Mr. Ratan Lal Bhati
(both 10 per cent).  The firm manufactures mild steel pipes and
tubes having application in general engineering, factory shed,
agricultural equipment, furniture, electronics, and others. It
also trades in tubular poles.  The firm has an installed capacity
of 12,000 tonnes per annum.

SSI reported a profit after tax (PAT) of INR36 million on net
sales of INR398 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR11 million on net
sales of INR252 million for 2008-09.


TRINETHRA INFRA: CRISIL Rates INR80.00MM Cash Credit at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Trinethra
Infraventures Ltd's cash credit facility.

   Facilities                      Ratings
   ----------                      -------
   INR80.00 Million Cash Credit    BB-/Stable (Assigned)

The rating reflects TIVL's exposure to risks related to
geographical and principal concentration in its revenue profile,
its limited track record of operations in the civil construction
industry and its exposure to risks related to the implementation
of its capital expenditure programme.  These rating weaknesses are
partially offset by TIVL's above-average financial risk profile,
marked by healthy debt protection measures and moderate capital
structure.

Outlook: Stable

CRISIL believes that TIVL will maintain a comfortable financial
risk profile over the medium term and continue to benefit from its
healthy relationships with its key principals.  The outlook may be
revised to 'Positive' if TIVL increases its scale of operations
substantially while maintaining its profitability. Conversely, the
outlook may be revised to 'Negative' if TIVL undertakes a larger
than expected, debt-funded capital expenditure programme or if
time and cost overruns occur in the implementation of its ongoing
and future projects.

                    About Trinethra Infraventures

Based in Hyderabad, TIVL undertakes civil construction projects as
a special-grade sub-contractor in Andhra Pradesh. Over the past
three years, the company had executed civil construction work on a
sub-contract basis.  As of date, the company has an unexecuted
order book position of INR870 million to be executed over the
ensuing medium term.  The company has debt funded capital
expenditure plans of around INR615 million over the ensuing medium
term. This would be debt funded to the extent of INR405 million.
The company plans to construct 3 star hotels in Hyderabad, Eluru,
Kakinada and Vishakapatnam (Andhra Pradesh) and in Bengaluru
(Karnataka).

TIVL reported a profit after tax (PAT) of INR46 million on net
sales of INR1010 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR24 million on net sales
of INR476 million for 2008-09.


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


TOKYO POWER: Lenders Urge Government to Provide Aid to Tepco
------------------------------------------------------------
Shigeru Sato and Takako Taniguchi at Bloomberg News report that
the government needs to come to the financial aid of Tokyo
Electric Power Co. before banks resume lending to the beleaguered
utility, the head of the Japanese Bankers Association said.

"We need to wait until the government clarifies how it will help
Tepco, particularly in the area of compensation for victims of the
crisis at the Fukushima No. 1 nuclear plant," Masayuki Oku told
Bloomberg in an interview Tuesday.  "We would provide financial
assistance if the soundness of the company is maintained by a
public rescue."

Mr. Oku, according to Bloomberg, is also chairman of Sumitomo
Mitsui Financial Group Inc., which led a group of banks that lent
about JPY2 trillion to Tepco, money that he said the utility will
use to finance operations rather than pay for damages.  Neither
Tepco nor the government has revealed who should compensate
citizens and businesses after radiation from the plant forced
evacuations and tainted food and seawater, Bloomberg notes.

Bloomberg says Tepco's market value has plunged 86% since the
March 11 earthquake and tsunami damaged the nuclear plant's
cooling equipment, resulting in a partial meltdown.  It faces
claims of as much as JPY11 trillion if the crisis lasts two years,
and that could lead to nationalization, according to Bank of
America Merrill Lynch, Bloomberg relates.

"No one wants to see Tepco go bankrupt," Bloomberg quotes Ben
Wedmore, a Tokyo-based analyst at MF Global FXA Securities Ltd, as
saying.  One option "may be that Tepco would issue enormous
amounts of new shares and the government would then buy most of
them.  The government can hold them for a while until the price of
Tepco shares stabilizes, and then sell them to other investors."

Bloomberg adds that engineers and analysts have said the damaged
reactors may take three decades to decommission and cost Tepco
more than JPY1 trillion.

Tepco shares fell to about JPY300 from about JPY2,000 before the
quake. The company has JPY5 trillion in debt, making it the
fourth-biggest borrower among members of the Nikkei 225 stock
average, according to data compiled by Bloomberg.

Sumitomo Mitsui's banking unit is the sixth-largest shareholder in
Tepco, with a 2.2 percent stake. It topped the list of lending to
the utility with JPY600 billion, followed by JPY500 billion from
Mizuho Corporate Bank Ltd. and JPY300 billion from Bank of Tokyo-
Mitsubishi UFJ Ltd., Bloomberg discloses, citing three sources
familiar with the agreements.

According to Bloomberg, Tsunehisa Katsumata, chairman of the
utility, told reporters March 30 that Tepco plans to use the funds
to cover costs of stabilizing the reactors at the nuclear plant,
and expenses for fuels that are burned at thermal power generators
to help reduce electricity shortages.  Without elaborating, Mr.
Katsumata said his company is short of funds and in talks with the
government to deal with the situation, Bloomberg reports.

                            About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.


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


AMI INSURANCE: Government to Provide Up to NZ$1BB Support Package
-----------------------------------------------------------------
Adam Bennett at The New Zealand Herald reports that New Zealand's
government has announced a support package for AMI Insurance that
Finance Minister Bill English acknowledges could top NZ$1 billion
and leave the Crown liable for up to NZ$200 million a year in
ongoing claims.

AMI, the largest general insurer in quake hit Christchurch, may
face a shortfall between its available funds and reinsurance cover
and the cost of claims from the two recent earthquakes and has
been working on the problem with Government since early last
month, according to the report.

The NZ Herald relates that Mr. English on Thursday unveiled a
"back up financial support package" for AMI Insurance which
commits an initial $500 million of funds to the company to meet
any shortfall, although he acknowledged the potential bill could
be twice that or more.

The support package -- which would see the Government become the
effective owner of New Zealand's second largest general insurer --
would only be called on as a last resort if AMI's own reserves
have been exhausted -- "unless the Crown believes it is in the
public interest to take control sooner," the report notes.

Mr. English, as cited by the NZ Herald, said the Government was
reluctant to become involved in the insurance market but "cannot
leave Christchurch homeowners in the lurch".

"The prospect . . . of having a third of the homeowners in
Christchurch not knowing whether their claim would be met for a
period of two or three years would paralyse the Christchurch
recovery effort . . . New Zealand can't afford that," the NZ
Herald quotes Mr. English as saying.

In Christchurch alone the company has more than 85,000
policyholders with 225,000 policies -- or about 35 per cent of the
residential insurance market in the city, the NZ Herald discloses.

Mr. English said the package would also give AMI the time to seek
a market solution to the challenges it faces as a result of the
two Canterbury earthquakes, according to the NZ Herald.

"Whatever equity the Crown puts in, there is the possibility of
recovery of that through potentially the sale of the business,
bearing in mind that outside of Christchurch there are another
400,000 policy holders," Mr. English said.

Mr. English said there should be non uncertainty as to the intent
of the package, which was to ensure that "all claims can be met".

Meanwhile, the New Zealand Herald says AMI said earlier this month
that it was looking at options to raise money to help pay claims
from the February 22 earthquake.  As a mutual owned by its
policyholders, AMI does not have shareholders or other investors
it can go to for funding.

AMI had $600 million of reinsurance cover for the February quake
and about $500 million in cash and investments.

AMI Insurance -- http://www.ami.co.nz/-- is the largest general
insurer in Christchurch, New Zealand.


GENEVA FINANCE: S&P Lowers Counterparty Credit Rating to 'SD'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
term counterparty credit rating on New Zealand finance company
Geneva Finance Ltd. to 'SD' from 'CC'.  The rating was also
removed from CreditWatch with negative implications, where it was
placed on March 17, 2011.  At the same time, the insurer financial
strength rating on Geneva's captive insurer, Quest Insurance Group
Ltd., was affirmed at 'CC' and removed from CreditWatch with
developing implications.  A positive rating outlook has been
assigned on the Quest rating.

"The rating action follows shareholder and subordinated noteholder
approval on March 31, 2011, to convert existing debt interests to
equity, which, in our view, constitutes a distressed exchange,
considering the conversion price is higher than the current market
value of shares, and noting the limited liquidity of Geneva's
shares," S&P stated.

"We anticipate that the rating on Geneva will revert to a level no
higher than 'CCC', following our further discussions with Geneva's
management and our subsequent analysis of the insurer's business
and financial profiles -- including an evaluation of its prospects
of operating as a viable entity in the future," said credit
analyst Peter Sikora, of the Financial Services Ratings group.
"The rating on Quest is expected to be positioned in line with
that of Geneva, given its role within the group as a captive
financial insurer."


REDGROUP RETAIL: No New Zealand Store Closures, Administrators Say
------------------------------------------------------------------
The Administrators of REDgroup Retail -- owners of New Zealand's
biggest book retailing chains, Whitcoulls, Borders New Zealand and
Bennetts -- confirmed that no New Zealand stores will close as
part of the restructuring announced in Australia on March 6, 2011.

The third phase of restructuring of the Australian store network
was Wednesday and will result in the closure of 16 Borders
bookstores in Australia.

The closures in Australia will affect 510 store staff (310
permanent full-time and part-time; 200 casual).

The Administrator Steve Sherman said the Australian store closures
were the next stage in the restructuring of the business and will
allow the business to focus on the more profitable stores.

Mr. Sherman said the sale process for the New Zealand business is
continuing to progress and he expects to have a clearer view of
the business' prospects after the closure of final binding bids
towards the end of April.

                        About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand, and Singapore in 2008.

                       *     *     *

REDgroup Retail Pty. Ltd. on Feb. 17, 2011, named Ferrier Hodgson
as voluntary administrators.  The appointment comes less than a
day after Borders Group Inc. filed for bankruptcy in the U.S. and
began taking bids for 200 stores, according to Bloomberg News.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                       Total      Shareholders
                                      Assets            Equity
Company                Ticker       (US$MM)           (US$MM)
-------                ------        ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW          AHGN            -16.93        8.23
ASTON RESOURCES           AZT            -469.54        7.49
AUSTAR UNITED             AUN            -502.05      284.60
AUSTRALIAN ZI-PP          AZCCA           -77.74        2.57
AUSTRALIAN ZIRC           AZC             -77.74        2.57
AUTRON CORP LTD           AAT             -32.39       13.42
AUTRON CORP LTD           AAT             -32.39       13.42
BCD RESOURCES OP          BCO             -23.39       60.19
BCD RESOURCES-PP          BCOCC           -23.39       60.19
BIRON APPAREL LT          BIC             -19.71        2.22
CENTRO PROPERTIE          CNP         -14,253.26      825.84
CHALLENGER INF-A          CIF          -2,161.41      339.11
CHEMEQ LTD                CMQ             -25.19       24.25
COMPASS HOTEL GR          CXH             -88.33        1.08
ELLECT HOLDINGS           EHG             -18.25       15.49
HEALTH CORP LTD           HEA             -11.97        2.66
HYRO LTD                  HYO             -11.81        5.15
IVANHOE AUST LTD          IVA             -49.44        6.51
MAC COMM INFR-CD          MCGCD        -8,104.42      103.34
MAVERICK DRILLIN          MAD             -24.66        1.30
MISSION NEWENER           MBT             -32.23       21.48
NATURAL FUEL LTD          NFL             -19.38      121.51
NEXTDC LTD                NXT             -17.46        0.14
ORION GOLD NL             ORN             -11.06        4.86
RESIDUAL ASSC-EE          RAGXF          -597.33      126.96
RIVERCITY MOTORW          RCY            -386.88      809.14
SCIGEN LTD-CUFS           SIE             -69.94       29.79
SHELL VILLAGES A          SVC             -13.47        1.66
TAKORADI LTD              TKG             -13.99        0.41
VERTICON GROUP            VGP             -10.08       29.12
YANGHAO INTERNAT          YHL             -44.32       54.68


CHINA

BAOCHENG INVESTM          600892          -23.14        3.54
CHENGDE DALU -B           200160          -27.04        6.64
CHENGDU UNION-A           693             -39.10       17.39
CHINA KEJIAN-A            35              -88.96      189.48
CONTEL CORP LTD           CTEL            -24.17       45.31
DATONG CEMENT-A           673             -20.41        3.25
DONGGUAN FANGD-A          600656          -27.97       57.39
DONGXIN ELECTR-A          600691          -13.60       21.94
FANGDA JINHUA-A           818            -389.84       46.28
GAOXIN ZHANGTO-A          2075           -153.10        6.31
GUANGDONG ORIE-A          600988          -12.25        5.34
GUANGMING GRP -A          587             -49.10       40.40
GUANGXIA YINCH-A          557             -30.39       32.88
HEBEI BAOSHUO -A          600155         -127.82      394.70
HEBEI JINNIU C-A          600722         -238.23      243.80
HUASU HOLDINGS-A          509             -86.70        4.20
HUNAN ANPLAS CO           156             -38.70       65.44
JIANGSU CHINES-A          805             -12.70       12.83
JINCHENG PAPER-A          820            -258.98       37.74
QINGHAI SUNSHI-A          600381         -110.68       17.35
SHAANXI QINLIN-A          600217         -234.36       36.75
SHANG BROAD-A             600608          -69.46       17.67
SHANG HONGSHENG           600817          -15.69      443.71
SHANGHAI WORLDBE          600757         -143.11      291.80
SHENZ CHINA BI-A          17              -24.86      272.59
SHENZ CHINA BI-B          200017          -24.86      272.59
SHENZHEN DAWNC-A          863             -24.38      155.20
SHENZHEN KONDA-A          48             -117.23        0.23
SHENZHEN ZERO-A           7               -44.00        7.96
SHIJIAZHUANG D-A          958            -224.19       70.54
SICHUAN DIRECT-A          757            -108.57      146.61
SICHUAN GOLDEN            600678         -209.77       74.90
TAIYUAN TIANLO-A          600234          -52.96       26.72
TIANJIN MARINE            600751          -78.09       63.86
TIANJIN MARINE-B          900938          -78.09       63.86
TIBET SUMMIT I-A          600338          -91.86        3.73
TOPSUN SCIENCE-A          600771         -162.47      163.30
WINOWNER GROUP C          600681          -11.30       70.39
WUHAN BOILER-B            200770         -275.89      142.53
WUHAN GUOYAO-A            600421          -11.01       24.78
XIAMEN OVERSEA-A          600870         -319.68      138.16
XINHUA FINANCE            9399            -35.80        1.17
YANBIAN SHIXIA-A          600462         -197.99       16.19
YUEYANG HENGLI-A          622             -36.49       16.37
YUNNAN MALONG-A           600792         -145.58       51.15
ZHANGJIAJIE TO-A          430             -38.71        1.45


HONG KONG

ASIA TELEMEDIA L          376             -16.62        5.37
BUILDMORE INTL            108             -13.48       69.17
CHINA COMMUNICAT          8206            -36.62        6.93
CHINA HEALTHCARE          673             -44.13        4.49
CHINA PACKAGING           572             -17.10       17.49
CMMB VISION HOLD          471             -41.31        5.11
COSMO INTL 1000           120             -83.56       37.93
DORE HOLDINGS LT          628             -25.44        5.34
EGANAGOLDPFEIL            48             -557.89      132.86
FULBOND HLDGS             1041            -54.53       24.07
MELCOLOT LTD              8198            -63.10       34.44
MITSUMARU EAST K          2358            -18.15       11.83
NEW CITY CHINA            456            -110.49       17.32
NGAI LIK INDL             332             -22.70        9.69
PAC PLYWOOD               767             -72.60       12.31
PAC PLYWOOD HLD           2969            -72.60       12.31
PALADIN LTD               495            -146.73        8.91
PCCW LTD                  8            -5,350.25      416.24
PROVIEW INTL HLD          334            -314.87      294.85
SINO RESOURCES G          223             -10.01       41.90
SMART UNION GP            2700            -13.70       43.29
TACK HSIN HLDG            611             -27.70       53.62
TONIC IND HLDGS           978             -67.67       37.85


INDONESIA

ARGO PANTES               ARGO           -160.07        2.77
ASIA PACIFIC              POLY           -475.69      841.22
ERATEX DJAJA              ERTX            -12.09       20.12
HANSON INTERNATI          MYRX            -10.84       14.73
HANSON INT-PREF           MYRXP           -10.84       14.73
JAKARTA KYOEI ST          JKSW            -31.92       43.20
MITRA INTERNATIO          MIRA           -970.13      256.04
MITRA RAJASA-RTS          MIRA-R2        -970.13      256.04
MOBILE-8 TELECOM          FREN           -520.80        6.99
MULIA INDUSTRIND          MLIA           -338.82      334.75
PANASIA FILAMENT          PAFI            -42.43       11.04
PANCA WIRATAMA            PWSI            -30.79       38.79
PRIMARINDO ASIA           BIMA            -11.14       21.39
STEADY SAFE TBK           SAFE            -11.46        6.01
SURABAYA AGUNG            SAIP           -267.24       83.34
UNITEX TBK                UNTX            -17.29       17.14


INDIA

AMIT SPINNING             AMSP            -22.70        1.90
ARTSON ENGR               ART             -15.63        1.61
ASHIMA LTD                ASHM            -63.65       55.81
ATV PROJECTS              ATV             -60.46       55.04
BALAJI DISTILLER          BLD             -66.32       25.40
BELLARY STEELS            BSAL           -451.68      108.50
BHAGHEERATHA ENG          BGEL            -22.65       28.20
CAMBRIDGE SOLUTI          CAMB           -156.75       46.79
CFL CAPITAL FIN           CEATF           -15.35       46.89
COMPUTERSKILL             CPS             -14.90        7.56
CORE HEALTHCARE           CPAR           -185.36      241.91
DCM FINANCIAL SE          DCMFS           -17.10        9.46
DIGJAM LTD                DGJM            -98.77       14.62
DUNCANS INDUS             DAI            -133.65      205.38
FIBERWEB INDIA            FWB             -13.25        8.17
GANESH BENZOPLST          GBP             -48.95       22.44
GEM SPINNERS LTD          GEMS            -16.44        1.53
GLOBAL BOARDS             GLB             -14.98        7.51
GSL INDIA LTD             GSL             -37.04       42.34
GUJARAT SIDHEE            GSCL            -59.44        0.66
HARYANA STEEL             HYSA            -10.83        5.91
HENKEL INDIA LTD          HNKL           -102.05       10.24
HIMACHAL FUTURIS          HMFC           -406.63      210.98
HINDUSTAN PHOTO           HPHT            -68.94    1,147.18
HINDUSTAN SYNTEX          HSYN            -14.15        3.66
HMT LTD                   HMT            -142.67      386.80
ICDS                      ICDS            -13.30        6.17
INTEGRAT FINANCE          IFC             -49.83       51.32
JAYKAY ENTERPRIS          JEL             -13.51        3.03
JCT ELECTRONICS           JCTE           -122.54       50.00
JD ORGOCHEM LTD           JDO             -10.46        1.60
JENSON & NIC LTD          JN              -17.91       84.78
JIK INDUS LTD             KFS             -20.63        5.62
JOG ENGINEERING           VMJ             -50.08       10.08
KALYANPUR CEMENT          KCEM            -37.45       45.90
KERALA AYURVEDA           KRAP            -13.99        1.18
KIDUJA INDIA              KDJ             -17.15        2.28
KINGFISHER AIR            KAIR         -1,781.30      861.06
KITPLY INDS LTD           KIT             -48.42       24.51
LLOYDS FINANCE            LYDF            -23.77       10.87
LLOYDS STEEL IND          LYDS           -415.66       63.93
LML LTD                   LML             -65.26       56.77
MILLENNIUM BEER           MLB             -52.23        5.22
MILTON PLASTICS           MILT            -18.65       52.29
MTZ POLYFILMS LT          TBE             -31.94        2.57
NICCO CORP LTD            NICC            -82.41        2.85
NICCO UCO ALLIAN          NICU            -32.23       71.91
NK INDUS LTD              NKI             -49.04        4.95
NRC LTD                   NTRY            -92.88       36.76
ORIENT PRESS LTD          OP              -16.70        0.09
PANCHMAHAL STEEL          PMS             -51.02        0.33
PARASRAMPUR SYN           PPS             -99.06      307.14
PAREKH PLATINUM           PKPL            -61.08       88.85
PEACOCK INDS LTD          PCOK            -11.40       14.40
PIRAMAL LIFE SC           PLSL            -45.82       32.69
QUADRANT TELEVEN          QDTV           -173.52      101.57
RAJ AGRO MILLS            RAM             -10.21        0.61
RAMA PHOSPHATES           RMPH            -34.07        1.19
RATHI ISPAT LTD           RTIS            -44.56        3.93
REMI METALS GUJA          RMM            -102.64        5.29
RENOWNED AUTO PR          RAP             -14.12        1.25
ROLLATAINERS LTD          RLT             -22.97       22.24
ROYAL CUSHION             RCVP            -20.62       75.53
SCOOTERS INDIA            SCTR            -18.63        6.88
SEN PET INDIA LT          SPEN            -12.99       25.24
SHAH ALLOYS LTD           SA             -212.81        9.74
SHALIMAR WIRES            SWRI            -24.87       51.77
SHAMKEN COTSYN            SHC             -23.13        6.17
SHAMKEN MULTIFAB          SHM             -60.55       13.26
SHAMKEN SPINNERS          SSP             -42.18       16.76
SHREE GANESH FOR          SGFO            -44.50        2.89
SHREE RAMA MULTI          SRMT            -62.72       45.92
SIDDHARTHA TUBES          SDT             -76.98       12.45
SOUTHERN PETROCH          SPET         -1,584.27        4.80
SPICEJET LTD              SJET           -220.03       76.12
SQL STAR INTL             SQL             -11.69        1.14
STI INDIA LTD             STIB            -30.87       10.59
TAMILNADU TELE            TNT             -12.82        5.15
TATA TELESERVICE          TTLS         -1,069.83      154.99
TRIUMPH INTL              OXIF            -58.46       14.18
TRIVENI GLASS             TRSG            -24.55        8.57
TUTICORIN ALKALI          TACF            -14.15       11.20
UNIFLEX CABLES            UFC             -45.05        0.90
UNIFLEX CABLES            UFCZ            -45.05        0.90
UNIMERS INDIA LT          HDU             -19.23        3.23
UNITED BREWERIES          UB           -2,652.00      242.53
UNIWORTH LTD              WW             -145.71      114.87
USHA INDIA LTD            USHA            -12.06       54.51
VENTURA TEXTILES          VRTL            -14.25        0.33
VENUS SUGAR LTD           VS              -11.06        1.08
WINDSOR MACHINES          WML             -15.52       24.34
WIRE AND WIRELES          WNW            -115.34       34.49


JAPAN

CREDIT ORG S&M            8489            -97.07        9.98
DPG HOLDINGS INC          3781            -11.77        3.99
FIDEC                     8423           -182.86       11.14
FUJI TECHNICA             6476           -175.22       18.71
HARAKOSAN CO              8894           -190.27       19.80
KNT                       9726         -1,058.18       13.37
L CREATE CO LTD           3247            -42.34        9.15
LAND                      8918           -293.88       53.39
LCA HOLDINGS COR          4798            -55.65        3.28
PROPERST CO LTD           3236           -305.90      330.20
RAYTEX CORP               6672            -41.66       28.52
SHIN-NIHON TATEM          8893           -124.85       39.12
SHINWA OX CORP            2654            -43.91       30.19
SHIOMI HOLDINGS           2414           -201.19       33.62
S-POOL INC                2471            -18.11        0.41
TAIYO BUSSAN KAI          9941           -171.45        3.35
TERRANETZ CO LTD          2140            -11.63        4.29


KOREA

AJU MEDIA SOL-PF          44775           -13.82        1.25
DAISHIN INFO              20180          -740.50      158.45
KEYSTONE GLOBAL           12170           -10.61        0.74
KUKDONG CORP              5320            -51.19        1.39
KUMHO INDUS-PFD           2995         -5,837.32      967.28
KUMHO INDUSTRIAL          2990         -5,837.32      967.28
ORICOM INC                10470           -82.65       40.04
SAMT CO LTD               31330          -200.83      152.09
SEOUL MUTL SAVIN          16560          -874.79       34.13
TAESAN LCD CO             36210          -296.83       91.03
TONG YANG MAGIC           23020          -355.15       25.77
YOUILENSYS CORP           38720          -166.70       12.34


MALAYSIA

AXIS INCORPORATI          AXIS            -32.82      103.86
GULA PERAK BHD            GUP             -93.99       51.05
HO HUP CONSTR CO          HO              -65.19        7.21
JPK HOLDINGS BHD          JPK             -20.34        0.50
LUSTER INDUSTRIE          LSTI            -22.93        3.18
NGIU KEE CO-BHD           NKC             -19.05        4.89
OILCORP BHD               OILC            -93.18       70.42
TRACOMA HOLDINGS          TRAH            -74.10       12.24
TRANSMILE GROUP           TGB            -157.66       35.52


PHILIPPINES

APEX MINING 'B'           APXB            -45.79       23.46
APEX MINING-A             APX             -45.79       23.46
BENGUET CORP 'B'          BCB             -84.71       38.98
BENGUET CORP-A            BC              -84.71       38.98
CYBER BAY CORP            CYBR            -13.98       88.63
EAST ASIA POWER           PWR             -36.35      177.28
FIL ESTATE CORP           FC              -40.29       14.05
FILSYN CORP A             FYN             -23.37       11.33
FILSYN CORP. B            FYNB            -23.37       11.33
GOTESCO LAND-A            GO              -21.76       19.21
GOTESCO LAND-B            GOB             -21.76       19.21
MRC ALLIED INC            MRC             -13.92        6.18
PICOP RESOURCES           PCP            -105.66       23.33
STENIEL MFG               STN             -20.43       15.89
UNIVERSAL RIGHTF          UP              -45.12       13.48
UNIWIDE HOLDINGS          UW              -50.36       57.19
VICTORIAS MILL            VMC            -164.26       18.20


SINGAPORE

ADV SYSTEMS AUTO          ASA             -18.08       11.82
ADVANCE SCT LTD           ASCT            -16.05       43.84
HL GLOBAL ENTERP          HLGE            -97.30       11.43
JAPAN LAND LTD            JAL            -203.24       14.68
LINDETEVES-JACOB          LJ              -16.86        6.64
NEW LAKESIDE              NLH             -19.34        5.25
SUNMOON FOOD COM          SMOON           -14.93       14.71
TT INTERNATIONAL          TTI            -272.51       57.42


THAILAND

ABICO HLDGS-F             ABICO/F         -15.28        4.40
ABICO HOLDINGS            ABICO           -15.28        4.40
ABICO HOLD-NVDR           ABICO-R         -15.28        4.40
ASCON CONSTR-NVD          ASCON-R         -59.78        3.37
ASCON CONSTRUCT           ASCON           -59.78        3.37
ASCON CONSTRU-FO          ASCON/F         -59.78        3.37
BANGKOK RUBBER            BRC             -97.98       81.80
BANGKOK RUBBER-F          BRC/F           -97.98       81.80
BANGKOK RUB-NVDR          BRC-R           -97.98       81.80
CIRCUIT ELEC PCL          CIRKIT          -16.79       96.30
CIRCUIT ELEC-FRN          CIRKIT/F        -16.79       96.30
CIRCUIT ELE-NVDR          CIRKIT-R        -16.79       96.30
DATAMAT PCL               DTM             -12.69        6.13
DATAMAT PCL-NVDR          DTM-R           -12.69        6.13
DATAMAT PLC-F             DTM/F           -12.69        6.13
GRANDE ASSE-NVDR          GRAND-R        -217.95        9.04
GRANDE ASSET H-F          GRAND/F        -217.95        9.04
GRANDE ASSET HOT          GRAND          -217.95        9.04
ITV PCL                   ITV             -37.14      110.85
ITV PCL-FOREIGN           ITV/F           -37.14      110.85
ITV PCL-NVDR              ITV-R           -37.14      110.85
K-TECH CONSTRUCT          KTECH           -38.87       46.47
K-TECH CONSTRUCT          KTECH/F         -38.87       46.47
K-TECH CONTRU-R           KTECH-R         -38.87       46.47
KUANG PEI SAN             POMPUI          -17.70       12.74
KUANG PEI SAN-F           POMPUI/F        -17.70       12.74
KUANG PEI-NVDR            POMPUI-R        -17.70       12.74
PATKOL PCL                PATKL           -52.89       30.64
PATKOL PCL-FORGN          PATKL/F         -52.89       30.64
PATKOL PCL-NVDR           PATKL-R         -52.89       30.64
PICNIC CORP-NVDR          PICNI-R        -110.91      149.25
PICNIC CORPORATI          PICNI/F        -110.91      149.25
PICNIC CORPORATI          PICNI          -110.91      149.25
PONGSAAP PCL              PSAAP/F         -24.61       10.99
PONGSAAP PCL              PSAAP           -24.61       10.99
PONGSAAP PCL-NVD          PSAAP-R         -24.61       10.99
SAHAMITR PRESS-F          SMPC/F          -21.99        4.01
SAHAMITR PRESSUR          SMPC            -21.99        4.01
SAHAMITR PR-NVDR          SMPC-R          -21.99        4.01
SUNWOOD INDS PCL          SUN             -19.86       13.03
SUNWOOD INDS-F            SUN/F           -19.86       13.03
SUNWOOD INDS-NVD          SUN-R           -19.86       13.03
THAI-DENMARK PCL          DMARK           -15.72       10.10
THAI-DENMARK-F            DMARK/F         -15.72       10.10
THAI-DENMARK-NVD          DMARK-R         -15.72       10.10
THAI-GERMAN PR-F          TGPRO/F         -55.31        8.54
THAI-GERMAN PRO           TGPRO           -55.31        8.54
THAI-GERMAN-NVDR          TGPRO-R         -55.31        8.54
TRANG SEAFOOD             TRS             -13.90        3.59
TRANG SEAFOOD-F           TRS/F           -13.90        3.59
TRANG SFD-NVDR            TRS-R           -13.90        3.59


TAIWAN

CHIEN TAI CEMENT          1107           -202.42       33.40
HELIX TECH-EC             2479T           -23.39       24.12
HELIX TECH-EC IS          2479U           -23.39       24.12
HELIX TECHNOL-EC          2479S           -23.39       24.12
PRODISC TECH              2396           -253.76       36.04
TAIWAN KOL-E CRT          1606U          -507.21      147.14
TAIWAN KOLIN-EN           1606V          -507.21      147.14
TAIWAN KOLIN-ENT          1606W          -507.21      147.14
VERTEX PREC-ENTL          5318T           -42.86        0.71
VERTEX PRECISION          5318            -42.86        0.71


                             *********

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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