TCRAP_Public/110412.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Tuesday, April 12, 2011, Vol. 14, No. 72

                            Headlines



A U S T R A L I A

RAY WHITE BROADBEACH: Receivers Sell Business to Larry Malan
REDGROUP RETAIL: Administrators, Franchisees to Face Off in Court


C H I N A

CHINA CENTURY: Rigrodsky-Led Class Suit Filed in U.S. Court
CHINA CENTURY: Gets Additional NYSE Amex Delinquency Notice
CHINA INTELLIGENT: Receives NYSE Amex Delisting Notice
FUFENG GROUP: Fitch Rates USD300MM Senior Notes Final at 'BB'
HQ SUSTAINABLE: Gets NYSE Amex Notice for Non-Filing of Form 10-K


H O N G  K O N G

JETFLY INDUSTRIAL: Creditors' Proofs of Debt Due May 13
JUMBO WELL: Commences Wind-Up Proceedings
MACQUARIE GOODMAN: Middleton and Cowley Step Down as Liquidators
METRO SPORT: Commences Wind-Up Proceedings
NEW CHINA: Creditors' Proofs of Debt Due April 26

NEWTIME INVESTMENTS: Leong and Mok Step Down as Liquidators
STONEYCROFT ESTATES: Middleton and Cowley Step Down as Liquidators
TONIC DIGITAL: Placed Under Voluntary Wind-Up Proceedings
UNICORN LIMITED: Arboit and Blade Step Down as Liquidators
VICTORY GUIDE: Yan Tat Wah Appointed as Liquidator

WORLD GLORY: Members' Final Meeting Set for May 13


I N D I A

AKSHARA MOTORS: CRISIL Places 'BB-' Rating to INR53.10MM LT Loan
AUTOMOBILE KAPOOR: CRISIL Places 'B-' Rating on INR77.6MM LT Loan
BHARAT CONSTRUCTIONS: CRISIL Reaffirms 'B-' Cash Credit Rating
BHARAT HYDEL: CRISIL Assigns 'B-' Rating to INR100MM Cash Credit
CIMECHEL ELECTRIC: CRISIL Assigns 'BB+' Rating to Cash Credit

CURO INDIA: ICRA Assigns 'LBB' Rating to INR65cr Fund Based Limits
DIXCY TEXTILES: ICRA Reaffirms 'LBB+' Rating on INR0.88cr Loan
GEETHA KRISHNA: CRISIL Reaffirms 'B+' Rating on INR300MM LT Loan
M L RICE: ICRA Assigns 'LB+' Rating to INR7cr Bank Lines
MARSONS LIMITED: Fitch Rates INR65.5MM LT Loans at 'BB(ind)'

MITTAL CLOTHING: ICRA Assigns 'LBB' Rating to INR13cr Bank Debts
NANDINI IMPEX: Fitch Rates INR431.9MM Term Loan at 'B+(ind)'
NARAYAN COTGIN: CRISIL Reaffirms 'B' Cash Credit Rating
NICO EXTRUSIONS: ICRA Rates INR10cr Fund Based Limits at 'LBB-'
PIPAVAV RAILWAY: ICRA Places 'LBB+' Rating on INR89.44cr Loan

RAMA EXPORTS: ICRA Assigns 'LBB+' Rating to INR12.5cr Bank Limits
RAVINDRA RICE: ICRA Assigns 'LB+' Rating to INR8cr Bank Lines
SATYAM COMPUTER: Government Recalls INR617cr Tax Demand
SPANDANA SPHOORTY: CRISIL Downgrades Rating on LT Debt to 'D'
SUNARK ALUMINIUM: ICRA Assigns 'LB+' Ratng to INR6.75cr Term Loan

TATVA CHINTAN: CRISIL Puts 'BB+' Rating on INR34.4MM Term Loan
TUBE TURN: CRISIL Assigns 'BB-' Rating to INR10MM Cash Credit


J A P A N

* JAPAN: Corporate Bankruptcies Drop 11.31% in 2010


N E W  Z E A L A N D

ALLIED FARMERS: May Default on NZ$7.5 Million Loan to Unit
DATASOUTH GROUP: Owes Millions to More Than 80 Creditors
GENEVA FINANCE: Restructures, Changes Name to GFNZ Group
GENESIS POWER: S&P Assigns 'BB-' Rating to Capital Bonds


P H I L I P P I N E S

BANCO FILIPINO: Denies Operating a "Ponzi Scheme"


T A I W A N

TAICHUNG BANK: Fitch Affirms 'BB+' LT FC Issuer Default Rating


X X X X X X X X


* S&P's Global Default Tally Rises to Four
* BOND PRICING: For the Week April 4 to April 8, 2011


                            - - - - -


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


RAY WHITE BROADBEACH: Receivers Sell Business to Larry Malan
------------------------------------------------------------
Tracey McBean at goldcoast.com.au reports that receivers have sold
Gary Gannon's Ray White Broadbeach business to neighboring Gold
Coast real estate agent Larry Malan.

Ray White Group on Monday formally revealed Mr. Malan as the new
owner but the news had been grist for the rumor mill for some
weeks, goldcoast.com.au says.

Mr. Malan, according to the report, will merge his Location agency
with Ray White Broadbeach.

The report notes that Mr. Gannon will continue to work with
receivers at his Ray White Mermaid Beach office, which was put on
the market with the Broadbeach business in January.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2011, receivers to Gary Gannon's Ray White
Broadbeach/Mermaid Beach franchise have placed the troubled
business on the market.  Mr. Gannon, who called in the receivers
just before Christmas, had been optimistic he could trade his
high-profile group through its financial woes.


REDGROUP RETAIL: Administrators, Franchisees to Face Off in Court
-----------------------------------------------------------------
SmartCompany reports that a group of former Angus & Robertson
franchisees will face off in court this week with the
administrator of A&R's owner REDgroup Retail as both groups dig in
on whether the group is legally entitled to break a franchise
agreement with its collapsed parent.

SmartCompany says the groups will meet in the New South Wales
Supreme Court on April 13.

According to the report, the rogue group of franchisees has
claimed that an A&R representative "actively encouraged" them to
"properly de-badge" as A&R franchisees after they decided to scrap
their franchise agreement last week.

The group has also alleged that A&R is "seeking orders which could
mean that people who do not wear A&R clothing could be put in
jail," SmartCompany reports.

SmartCompany relates that group spokesperson and former
franchisee, Maree Fiztpatrick, said while her store was not
encouraged to remove materials in her store that relate to A&R --
such as internal and external badging, business names and
promotional literature -- other company representatives had
encouraged some of the breakaway stores to de-badge.

"Our focus is on that we have a legal right to terminate our
agreement," Ms. Fitzpatrick told SmartCompany.

But a spokesman for Ferrier Hodgson said Monday he was not aware
of any A&R representative encouraging the breakaways to de-badge.
He describes it as a "bit extreme" the group's claim that
individuals who do not wear A&R clothing could face jail,
SmartCompany adds.


=========
C H I N A
=========


CHINA CENTURY: Rigrodsky-Led Class Suit Filed in U.S. Court
-----------------------------------------------------------
Rigrodsky & Long, P.A., announces that a class action lawsuit has
been filed in the United States District Court for the Central
District of California on behalf of all persons or entities who
purchased or otherwise acquired the stock of China Century Dragon
Media, Inc. pursuant and/or traceable to the Company's Feb. 8,
2011 Initial Public Offering and between Feb. 8, 2011, and
March 25, 2011, inclusive, alleging violations of the Securities
Act of 1933 and the Securities Exchange Act of 1934.

According to Rigrodsky & Long, parties who wish to discuss this
action or have any questions concerning this notice or their
rights or interests, may contact Timothy J. MacFall, Esquire or
Noah R. Wortman, Case Development Director of Rigrodsky & Long,
P.A., 919 North Market Street, Suite 980 Wilmington, Delaware,
19801 at (888) 969-4242, or by e-mail to info@rigrodskylong.com,
or via the firm's Web site:
http://www.rigrodskylong.com/news/ChinaCenturyDragonMedia-CDM

The Complaint names China Century, certain of the Company's
current executive officers and directors, and certain underwriters
as defendants.

The Complaint alleges that the Company, certain of its officers
and directors, and certain underwriters issued materially false
and misleading information in China Century's IPO documents.
Thereafter, on March 21, 2011, China Century's stock was halted by
the NYSE AMEX and to date, remains halted.

On March 28, 2011, China Century announced the resignation of its
auditor, MaloneBailey LLP, and that MB had informed the Company
that "due to discrepancies noted on customer confirmations and the
auditors inability to directly verify the Company's bank records,
they believe these irregularities may be an indication of that the
accounting records may have been falsified, which would constitute
an illegal act . . . As a result, MB stated that it is unable to
rely on management's representations as they relate to previously
issued financial statements and it can no longer support its
opinions related to the financial statements as of December 31,
2009 and 2008."

In addition, on March 23, 2011, China Century received
notification from NYSE Amex of its intention to delist the
Company's common stock.  Moreover, China Century was also notified
by the United States Securities and Exchange Commission (the
"SEC") that it has initiated a formal, non-public investigation
into whether the Company made material misstatements or omissions
concerning its financial statements. On March 24, 2011, the SEC
served a subpoena on China Century regarding its investigation.

Rigrodsky & Long says that if one wishes to serve as lead
plaintiff, one must move the Court no later than May 31, 2011.  A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation.  In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members,
and that the class member will adequately represent the class.
"Your ability to share in any recovery is not, however, affected
by the decision whether or not to serve as a lead plaintiff," the
firm points out.

Any member of the proposed class may move the court to serve as
lead plaintiff through counsel of their choice, or may choose to
do nothing and remain an absent class member.

While Rigrodsky & Long, P.A. did not file the Complaint in this
matter, the firm, with offices in Wilmington, Delaware and Garden
City, New York, regularly litigates securities class, derivative
and direct actions, shareholder rights litigation and corporate
governance litigation, including claims for breach of fiduciary
duty and proxy violations in the Delaware Court of Chancery and in
state and federal courts throughout the United States.

                       About China Century

China Century Dragon Media is a television advertising company in
China that primarily offers blocks of advertising time on certain
channels on China Central Television, the state television
broadcaster of China and China's largest television network.  The
Company purchases, repackages and sells advertising time on
certain of the nationally broadcast television channels of CCTV.


CHINA CENTURY: Gets Additional NYSE Amex Delinquency Notice
-----------------------------------------------------------
China Century Dragon Media, Inc., announced on April 8, 2011, that
on April 5, 2011, it received, as expected, a notice of
noncompliance from the NYSE Amex LLC due to the delay in filing
the Company's Annual Report on Form 10-K for the year ended
Dec. 31, 2010.  Sections 134 and 1101 of the Exchange Company
Guide require the timely filing of the report with the Securities
and Exchange Commission.  The staff of the Exchange cites the
Company's failure to file its Annual Report within the extended
due date, that due to the fact that the Company's auditor withdrew
its most recent audit opinion, a new independent auditor will need
to complete a full audit of the Company's financial statements,
and the Company's inability to estimate when it will be able to
file the Annual Report in its determination that the Company has
failed to comply with certain additional continued listing
standards of the Exchange.  Given the nature of these deficiencies
and the fact that the Company is already in delisting proceedings,
the Exchange determined that it is inappropriate to offer the
Company a plan period under Section 1009 of the Company Guide to
rectify these issues.  The Company will instead have the
opportunity to address these issues, as well as all of the other
continued listing deficiencies, at its scheduled hearing.

As previously reported, on March 23, 2011, the Company received a
delisting notification from the Exchange due to the Company's
noncompliance with Sections 1003(f)(iii), 132(e), 1003(d), 1002(e)
and 127 of the Company Guide. As a result, the Company was subject
to immediate delisting unless it requested an appeal of the
Staff's delisting determination. In response, the Company timely
appealed the Staff's determination for a hearing before a Listing
Qualifications Panel. The notice of noncompliance has no immediate
effect on the listing of the Company's common stock on the
Exchange.

The Company also announced it has engaged the law firm of McKenna
Long & Aldridge LLP to serve as its independent counsel in
connection with its investigation into the allegations contained
in the resignation letter of its former auditor, MaloneBailey LLP,
and the investigation initiated by the U.S. Securities and
Exchange Commission.  As previously announced on March 28, 2011,
the Company's Board of Directors formed a Special Investigation
Committee consisting of the independent members of the Board of
Directors to launch an investigation with respect to the concerns
raised by MaloneBailey and the SEC investigation.

                       About China Century

China Century Dragon Media is a television advertising company in
China that primarily offers blocks of advertising time on certain
channels on China Central Television, the state television
broadcaster of China and China's largest television network.  The
Company purchases, repackages and sells advertising time on
certain of the nationally broadcast television channels of CCTV.


CHINA INTELLIGENT: Receives NYSE Amex Delisting Notice
------------------------------------------------------
China Intelligent Lighting and Electronics, Inc., announced on
April 7, 2011, that it engaged Friedman LLP as its new independent
registered public accounting firm.  Pursuant to the engagement
letter, Friedman will audit the financial statements for the years
ended Dec. 31, 2010 and 2009.

The Company also announced that the Special Investigation
Committee has engaged the law firm of Cozen O'Connor to serve as
its independent counsel in connection with its investigation.  As
previously reported, the Board of Directors established a Special
Investigation Committee to investigate allegations contained in
the resignation letter of its former auditors, MaloneBailey LLP.

On April 5, 2011, the Company received a notification from NYSE
Amex LLC of its intention to delist the Company's common stock
pursuant to Section 1009(d) of the Amex Company Guide based on a
determination that it is necessary and appropriate for the
protection of investors to initiate immediate delisting
proceedings.  Based on Amex's review of the resignation letter
from MaloneBailey, it determined that the Company is not in
compliance with Amex listing standards and is therefore subject to
immediate delisting.  Specifically, the Company is subject to
delisting pursuant to Section 1003(f)(iii) in that the Company's
actions and inactions led to MaloneBailey's resignation and
withdrawal of its audit opinions casting material doubt on the
integrity of the Company's financial statements, which were relied
upon by Amex; MaloneBailey's withdrawal of its audit opinions and
that its opinions may no longer be relied upon constitutes a
material misstatement and a violation of Section 132(e); the
withdrawal of MaloneBailey's audit opinions and that there are no
current audited financial information available for the Company as
a result have caused the Company's filings to be noncompliant with
regulations of the SEC and, thus, noncompliant with Section
1003(d); MaloneBailey's withdrawal of its audit opinions calls
into question whether the Company actually met the listing
standards subjecting the Company to delisting pursuant to Section
1002(e); Amex states that, based on the withdrawal of
MaloneBailey's opinions, the Company is not compliant with Section
127; the resignation of Mr. Askew as a member and Chairman of the
Company's Audit Committee leaves the Audit Committee with less
than the required three independent directors and therefore,
violates Section 803B(2); Mr. Askew's resignation also resulted in
the Company having less than majority of independent directors,
which violates Section 802(a); and the filed Form 12b-25 indicates
that the Company will not be able to file its Form 10-K for the
year ended Dec. 31, 2010, within the extended due date and the
Company is unable to estimate when it will be able to complete the
filing, which violates Sections 134 and 1101 requiring timely
filing of the report.

The Company has until April 12, 2011, a limited right to request
an appeal. If the Company does not request an appeal by then, then
the decision will become final and Amex will submit an application
to the SEC to strike the Company's common stock from listing.  If
the Company requests an appeal, then the request will stay a
delisting action.

The Company intends to appeal the delisting determination.  There
can be no assurance that the Company's request for continued
listing will be granted, or even if it is granted, the Company
will be able to execute upon the request in a timely manner or to
the satisfaction of Amex.  The details of the Amex delisting
notice is set forth in Item 3.01 of the Company's Current Report
on Form 8-K filed with the SEC on April 7, 2011.

                       About China Intelligent

China Intelligent Lighting and Electronics, Inc., is a China-based
company that provides a full range of lighting solutions,
including the design, manufacture, sales and marketing of high-
quality LED and other lighting products for the household,
commercial and outdoor lighting industries in China and
internationally.  The Company currently offers over 1,000 products
that include LEDs, long life fluorescent lights, ceiling lights,
metal halide lights, super electric transformers, grille spot
lights, down lights, and recessed and framed lighting.


FUFENG GROUP: Fitch Rates USD300MM Senior Notes Final at 'BB'
-------------------------------------------------------------
Fitch Ratings has assigned Fufeng Group Limited's ('BB'/Stable)
USD300 million senior unsecured notes due 2016 a final 'BB'
rating.  This follows the receipt of documents conforming to
information already received.  The final rating is in line with
the expected rating assigned on March 29, 2011.


HQ SUSTAINABLE: Gets NYSE Amex Notice for Non-Filing of Form 10-K
-----------------------------------------------------------------
HQ Sustainable Maritime Industries, Inc., announced that it had
received a notice from the NYSE Amex dated April 1, 2011, stating
that the Company was not in compliance with certain continued
listing standards of the NYSE Amex Company Guide. Specifically,
the Company was not in compliance with standards set forth under
Sections 134 and 1101 of the Exchange Company Guide since the
Company has not yet filed its Annual Report on Form 10-K for the
fiscal year ended Dec. 31, 2010.  The Exchange notified the
Company that pursuant to Section 1003(d) of the Company Guide, the
Exchange was authorized to suspend and, unless prompt corrective
action is taken, remove the Company's securities from the
Exchange.  Currently, the trading in the Company's securities has
been halted.

The Company must submit a plan of compliance by April 15, 2011,
advising the Exchange staff of the actions it has taken, or will
take, that would bring the Company into compliance with foregoing
Sections by no later than June 30, 2011.  The Company is taking
steps to prepare and submit such a plan to the Exchange staff by
the required submission date.

If the Company's plan to regain compliance is accepted by the
Exchange, the Company may be able to continue its listing during
this period, during which time it will be subject to periodic
review to determine progress consistent with the plan.  If,
however, the plan is not accepted by the Exchange, the Company
will be subject to delisting procedures as set forth in the
Company Guide.  Under Company Guide rules, the Company has the
right to appeal the determination by the Exchange staff to
initiate delisting proceedings.  There is no assurance that the
Exchange staff will accept the Company's plan of compliance or
that, even if such plan is accepted, the Company will be able to
implement the plan within the prescribed timeframe.

                   About HQ Sustainable Maritime

HQ Sustainable Maritime Industries, Inc., produces and markets
health products derived from marine based raw materials as well as
Tilapia resulting from vertically integrated operations. HQS
practices cooperative farming of sustainable aquaculture, produces
all-natural enriched feeds, Tilapia value added products and
health products. The Company markets its nutraceutical and health
products, including its "Omojo" branded health products through
retail and franchise sales in China.  Some of these products are
now being introduced to the United States.  The World Brand
Laboratory and also the China Health Care Association have
recognized these as China leading Health product brands.  The
Company produces and sells certified, value added Seafood
products, including "Gluten Free" "Lillian's Healthy Gourmet"
products in the United States through its Seattle based affiliate.
US based sales have been expanded to include "Omojo" health
products.


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


JETFLY INDUSTRIAL: Creditors' Proofs of Debt Due May 13
-------------------------------------------------------
Jetfly Industrial Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 13, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Li Yuen Yu Alice
         10/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


JUMBO WELL: Commences Wind-Up Proceedings
-----------------------------------------
Members of Jumbo Well Knitting Factory Limited, on March 30, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Chan Sun Kwong
         Office No. 1818, 18/F
         Beverly Commercial Centre
         87-105 Chatham Road
         Tsimshatsui, Kowloon
         Hong Kong


MACQUARIE GOODMAN: Middleton and Cowley Step Down as Liquidators
----------------------------------------------------------------
Edward Simon Middleton and Patrick Cowley stepped down as
liquidators of Macquarie Goodman Container Investments No. 1
Limited on March 31, 2011.


METRO SPORT: Commences Wind-Up Proceedings
------------------------------------------
Members of Metro Sport Merchandising (HK) Limited, on March 29,
2011, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Kong Chi How Johnson
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


NEW CHINA: Creditors' Proofs of Debt Due April 26
-------------------------------------------------
The New China Hong Kong Finance Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by April 26, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


NEWTIME INVESTMENTS: Leong and Mok Step Down as Liquidators
-----------------------------------------------------------
Leong Ting Kwok David and Mok Mun Lan Linda stepped down as
liquidators of Newtime Investments Limited on March 30, 2011.


STONEYCROFT ESTATES: Middleton and Cowley Step Down as Liquidators
------------------------------------------------------------------
Edward Simon Middleton and Patrick Cowley stepped down as
liquidators of Stoneycroft Estates Limited on March 31, 2011.


TONIC DIGITAL: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on March 29, 2011,
creditors Tonic Digital Products Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Darach E. Haughey
         Yeung Lui Ming (Edmund)
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


UNICORN LIMITED: Arboit and Blade Step Down as Liquidators
----------------------------------------------------------
Bruno Arboit and Simon Richard Blade stepped down as liquidators
of Unicorn Limited on March 25, 2011.


VICTORY GUIDE: Yan Tat Wah Appointed as Liquidator
--------------------------------------------------
Yan Tat Wah on March 29, 2011, was appointed as liquidator of
Victory Guide Limited.

The liquidator may be reached at:

         Yan Tat Wah
         5/F, Dah Sing Life Building
         99-105 Des Voeux Road
         Central, Hong Kong


WORLD GLORY: Members' Final Meeting Set for May 13
--------------------------------------------------
Members of World Glory Properties Limited will hold their final
meeting on May 13, 2011, at 9:00 a.m., at Unit 1409-10, 14/F., C C
Wu Building, 302-308 Hennessy Road, Wanchai, in Hong Kong.

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


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I N D I A
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AKSHARA MOTORS: CRISIL Places 'BB-' Rating to INR53.10MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Akshara Motors Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR53.10 Million Long-Term Loan   BB-/Stable (Assigned)
   INR100.00 Million Cash Credit     BB-/Stable (Assigned)

The rating reflects AMPL's below-average financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio and relatively small net worth.  The ratings also factor in
AMPL's low bargaining power with its principal, Honda Siel Cars
India Ltd and exposure to intense competition in Bangalore market
and geographical concentration in its revenue profile.  These
rating weaknesses are partially offset by the extensive industry
experience of AMPL's management.

Outlook: Stable

CRISIL believes that AMPL will continue to benefit from the
extensive industry experience of its management and the healthy
demand for Honda passenger cars, over the medium term.  The
outlook may be revised to 'Positive' if the company's financial
risk profile improves, with an increase in its scale of operations
and profitability on a sustained basis.  Conversely, the outlook
may be revised to 'Negative' if AMPL's financial risk profile
deteriorates because of lower-than-expected cash accruals or
larger-than-expected debt-funded capital expenditure.

                       About Akshara Motors

Set up in June 2008, the Bengaluru (Karnataka)-based company is an
authorized dealer of Honda's passenger cars.  The company has two
sales outlets and two service centres in Bengaluru.  AMPL reported
a profit after tax (PAT) of INR3 million on net sales of
INR993 million for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR2 million on net sales of
INR683 million for 2008-09.


AUTOMOBILE KAPOOR: CRISIL Places 'B-' Rating on INR77.6MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Automobile Kapoor's India Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR80.00 Million Cash Credit       B-/Stable (Assigned)
   INR77.60 Million Long-Term Loan    B-/Stable (Assigned)
   INR15.00 Million Bank Guarantee    P4 (Assigned)

The ratings reflect AKPL's weak financial risk profile, marked by
a small net worth, a very high gearing, and weak debt protection
metrics, low bargaining power with the principal, and exposure to
intense competition in the automotive dealership market.  These
rating weaknesses are partially offset by AKPL's promoters'
extensive industry experience.

Outlook: Stable

CRISIL believes that AKPL will continue to benefit over the medium
term from its promoters' extensive industry experience. However,
the company's financial risk, particularly its liquidity, will
continue to remain weak during this period because of large
working capital requirements and low cash accruals.  The outlook
may be revised to 'Positive' if AKPL reports improvement in its
liquidity, because of equity infusion, or in its operating margin
and cash accruals.  Conversely, the outlook may be revised to
'Negative' if AKPL's liquidity deteriorates because of larger-
than-expected working capital requirement or further debt-funded
capital expenditure.

                   About Automobile Kapoor

Incorporated in 2001 by the Kapoor family of Punjab, AKPL is the
sole authorized dealer of Tata Motors Ltd's passenger cars in
Amritsar and Tarn Taran.  The company deals in all the model
variants of TML and also four to five variants of Fiat cars. The
company operates three showrooms with integrated workshops, and
also has a warehouse for passenger cars.  In 2010-11 (refers to
financial year, April 1 to March 31), AKPL obtained its second
dealership license.  Its fourth showroom-cum-integrated workshop
is expected to commence operations in April 2011.

AKPL reported a profit after tax (PAT) of INR2.8 million on net
sales of INR603.3 million for 2009-10, against a PAT of INR1.8
million on net sales of INR493.5 million for 2008-09.


BHARAT CONSTRUCTIONS: CRISIL Reaffirms 'B-' Cash Credit Rating
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Bharat
Constructions, a part of the BC group, continue to reflect the BC
group's small scale of operations, susceptibility to intense
competition in the construction industry, and weak financial risk
profile, marked by small net worth and high gearing.  Moreover,
the partnership constitution of the group has undergone frequent
changes, thereby resulting in the partners often withdrawing
sizeable capital from the group's account.  These rating
weaknesses are partially offset by the BC group's presence in the
high-margin hydroelectric power projects segment.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       B-/Stable (Reaffirmed)
   INR100 Million Bank Guarantee    P4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the financial
risk profiles of BC and Bharat Hydel Projects Pvt Ltd,
collectively referred to as the BC group.  This is because both
entities are under a common management, in the same line of
business, and share common resources to implement orders.

Outlook: Stable

CRISIL believes that BC group will maintain its stable business
risk profile backed by its healthy order book position. However,
the firm's financial risk profile will remain weak over the medium
term.  The outlook may be revised to 'Positive' in case BC
maintains its financial risk profile or in case of stability in
the firm's ownership.  Conversely, the outlook may be revised to
'Negative' in case the firm undertakes any larger-than-expected
debt-funded capex programme, thereby impacting its financial risk
profile or faces time or cost overruns in its ongoing and future
projects.

                           About the Group

BC is a partnership firm, and undertakes road construction and HEP
projects in Uttarakhand and Himachal Pradesh.  The equal-stake
partners are Mr. Rajeev Garg and Mr. Ranbeer Singh Panwar.  The BC
group is working on various road and hydel power projects; its
order book position was INR3.18 billion as on January 1, 2011.

BHPL is a private limited company, incorporated by Mr. Rajeev Garg
and Mr. Ranbeer Singh Panwar, so that the BC group can participate
in big size tenders and contracts in the same line of business as
BC.  The company has been sanctioned cash credit facility of
INR100 million and bank guarantee of INR99.9 million. These
facilities are guaranteed by the partners in their personal
capacity.

The BC group reported a profit after tax (PAT) of INR48 million on
net sales of INR1.3 billion for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR38.7 million on net
sales of INR1.02 billion for 2008-09.


BHARAT HYDEL: CRISIL Assigns 'B-' Rating to INR100MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Bharat Hydel Projects Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR100.0 Million Cash Credit Limit   B-/Stable (Assigned)
   INR99.9 Million Bank Guarantee       P4 (Assigned)

The ratings reflect the BC group's small scale of operations,
susceptibility to intense competition in the construction
industry, and weak financial risk profile, marked by small net
worth and high gearing.  Moreover, the partnership constitution of
the group has undergone frequent changes, thereby resulting in the
partners often withdrawing sizeable capital from the group's
account.  These rating weaknesses are partially offset by the BC
group's strong position in the high-margin hydroelectric power
projects segment.

For arriving at the ratings, CRISIL has combined the financial
risk profiles of BHPL and Bharat Constructions, collectively
referred to as the BC group.  This is because both entities are
under a common management, in the same line of business, and share
common resources to implement orders.

Outlook: Stable

CRISIL believes that BC group will maintain its stable business
risk profile backed by its healthy order book position.  However,
the firm's financial risk profile will remain weak over the medium
term.  The outlook may be revised to 'Positive' in case BC
maintains its financial risk profile or in case of stability in
the firm's ownership.  Conversely, the outlook may be revised to
'Negative' in case the firm undertakes any larger-than-expected
debt-funded capex programme, thereby impacting its financial risk
profile or faces time or cost overruns in its ongoing and future
projects.

                          About the Group

BHPL is a private limited company, incorporated by Mr. Rajeev Garg
and Mr. Ranbeer Singh Panwar, so that the BC group can participate
in big size tenders and contracts in the same line of business as
BC. The company has been sanctioned cash credit facility of INR100
million and bank guarantee of INR99.9 million.  These facilities
are guaranteed by the partners in their personal capacity.

BC is a partnership firm, and undertakes road construction and HEP
projects in Uttarakhand and Himachal Pradesh.  The equal-stake
partners are Mr. Rajeev Garg and Mr. Ranbeer Singh Panwar.  The BC
group is working on various road and hydel power projects; its
order book position was INR3.18 billion as on January 1, 2011.

The BC group reported a profit after tax (PAT) of INR 48 million
on net sales of INR1.3 billion for 2009-10 (refers to financial
year, April 1 to March 31) as against a PAT of INR38.7 million on
net sales of INR1.02 billion for 2008-09.


CIMECHEL ELECTRIC: CRISIL Assigns 'BB+' Rating to Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Cimechel Electric Co.

   Facilities                       Ratings
   ----------                       -------
   INR40 Million Cash Credit        BB+/Stable (Assigned)
   INR80 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect the benefits that Cimechel derives from its
promoters' industry experience and its established track record in
executing contract jobs for Indian Railways, and the firm's above-
average financial risk profile marked by low gearing and
satisfactory debt protection metrics.  These rating strengths are
partially offset by Cimechel's small scale of operations and the
customer concentration in its revenue profile.

Outlook: Stable

CRISIL believes that Cimechel will maintain its financial risk
profile, supported by satisfactory cash accruals and absence of
any term loan obligations.  The outlook may be revised to
'Positive' if the firm's financial risk profile improves because
of sustained revenue growth and improvement in profitability, or
fresh capital infusion.  Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile deteriorates, most
likely because of any major, debt-funded capital expenditure and
constrained liquidity.

                       About Cimechel Electric

Set up as a partnership firm in 1996, Cimechel is a licensed
contractor for Central Railways in Maharashtra.  Cimechel
undertakes overhead electrification activities and also sets up
new substations for suburban railways in Mumbai as well as other
parts of Maharashtra.

Cimechel reported a profit after tax (PAT) of INR11.9 million on
net sales of INR237.4 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR6.9 million on net
sales of INR153.4 million for 2008-09.


CURO INDIA: ICRA Assigns 'LBB' Rating to INR65cr Fund Based Limits
------------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to the INR65 crore
fund based limits of Curo India Private Limited.  The outlook on
the long-term rating is stable.

The rating is constrained by execution risk given the early stage
of construction of its recently launched project, market risks
with regard to the un-booked area as more than 50% of space in the
mall is yet to be leased/sold, competition from new malls in the
vicinity, funding remaining to be tied up for the entire cost of
the project, and a number of other real estate projects planned by
the company that can weaken its financial risk profile.

However, the rating is supported by the low approval risk as the
key requisite approvals are in place, the land for the project
being owned by the promoters, the experience of the promoters in
the real estate business, the proximity of the mall to the posh
areas of the city despite being located at the outskirts of the
city, and reputed brands with which the MoUs/LoIs are already in
place.  The rating also draws comfort from the company's already
operational mall at Ludhiana, which generates a modest income in
the form of lease rentals.  Going forward, ability of the company
to lease/sell the remaining space at competitive rates will be the
key rating sensitivity.

Curo India Private Limited, established in 1987 by Mr. Pawan Garg,
is present in the real estate, hospitality, and power industries.
The company was formerly known as Dynamic Continental Private
Limited, and acted as an exclusive retail partner for General
Motors in Northern India.  CIPL already owns an operational mall,
Curo Square in Ludhiana, and is planning several other real estate
projects including Curo High Street, a mall spread over 5 acres of
land, in Jalandhar.  The INR68 crore project, situated on
Jalandhar-Nakodar Link road, is scheduled to be completed by FY13.
About 22% of the work on the project is already complete.


DIXCY TEXTILES: ICRA Reaffirms 'LBB+' Rating on INR0.88cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the 'LBB+' rating outstanding on the
INR0.88 crore term loan facilities and the INR39.00 crore fund
based facilities of Dixcy Textiles Private Limited.  The outlook
on the LBB+ rating is stable.

The rating reflects DTPL's diversified customer base across India,
which offers stability to revenues to an extent.  While the
established brand presence, aided by aggressive advertising has
resulted in strong revenue growth, the experience of promoters in
the business of about three decades is expected to drive business
growth.  The ratings also consider the competition faced by DTPL
from other established players, which restricts the pricing
flexibility. DTPL's financial profile is characterized by
relatively thin operating margins / net accruals, highly geared
capital structure (Total Debt / Tangible Net Worth of 2.4x as on
March 31, 2010) and high working capital intensity.  The Company
envisages capital expenditure of INR33.6 crore during the period
2010-12, primarily towards consolidation of facilities and
procuring additional machinery.  This is expected to be financed
through debt of INR25.0 crore, equity of INR5.0 crore and internal
accruals. Aggressive debt-financing of this capital expenditure is
likely to stretch the capital structure and coverage indicators.

Dixcy Textiles Private Limited is primarily engaged in making
inner wear for men, women and children, sales of which contribute
to approximately 80 per cent of the revenues.  The Company also
makes casual wear and thermo / winter wear under the brand name
"Higgins".  The Company employs an asset light model of
manufacturing, outsourcing a majority of its operations.  The
Company's products are mainly sold across India (through
approximately 750 distributors) under the brand names "Dixcy",
"Josh" and "Scott".  Mr. Prem Prakash Sikka founded Dixcy Textiles
(then known as Prem Hosiery) in 1982.  The entity was converted
into a private limited company in 2004.  The promoter and his
family members hold the entire share capital in the Company.

Recent Results

According to unaudited results, the Company reported profit before
tax of INR10.1 crore on operating income of INR 224.5 crore during
the nine months ended Dec. 31, 2010.  DTPL reported net profit of
INR 5.1 crore on operating income of INR193.5 crore during
2009-10, against net profit of INR2.6 crore on operating income of
INR154.6 crore for the corresponding previous fiscal.


GEETHA KRISHNA: CRISIL Reaffirms 'B+' Rating on INR300MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Geetha Krishna Spinning
Mills Pvt Ltd continue to reflect GKSMPL's below-average financial
risk profile marked by a high gearing, large working capital
requirements, and a relatively small scale of operations.  These
rating weaknesses are partially offset by the company's moderate
operating capabilities.

   Facilities                           Ratings
   ----------                           -------
   INR300.0 Million Long-Term Loan      B+/Stable (Reaffirmed)
   INR70.0 Million Overdraft Facility   B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GKSMPL will continue to benefit over the
medium term from its promoter's experience in the cotton spinning
industry.  The outlook may be revised to 'Positive' if there is a
significant improvement in the company's capital structure and
scale of operations.  Conversely, the outlook may be revised to
'Negative' if there is a downward pressure on GKSMPL's operating
margin, resulting in lower-than-expected cash accruals, or if the
company's undertakes a large, debt-funded capital expenditure
programme, leading to deterioration in its financial risk profile,
particularly its liquidity.

Update
GKSML posted sales of around INR 280 million for the 11 months
through February 2011, in line with CRISIL's expectation.  The
sale of hank yarn constituted around 50 per cent of the company's
total revenues and cone yarn constituted the rest.  The operating
margin reduced to 15.5 per cent for the six months ending
September 30, 2010, from 18 per cent during 2009-10, because of a
sharp increase in cotton prices. GKSMPL's financial risk profile
continues to remain below average marked with a high gearing of
around 2.4 times and weak debt protection metrics, with net cash
accruals to total debt ratio of 14 per cent and interest coverage
ratio of about 2.8 times for the six months ended September 30,
2010.  However, GKSML has adequate liquidity, with low bank limit
utilization of around 37 per cent for the 12 months through
February 2011.  Furthermore, GKSML's cash accruals are expected to
be just sufficient to meet its maturing debt obligations of INR300
to INR350 million over the medium term.

                        About Geetha Krishna

Set up in 1993 in Rajapalayam (Tamil Nadu) as a closely held
company by Mr. V K Subramania Raja, GKSMPL manufactures cotton
yarn.  The company has a total installed capacity of 31,920
spindles.  GKSMPL also has wind energy capacity of 750 kilowatts,
which is used for captive consumption.

For 2009-10 (refers to financial year, April 1 to March 31),
GKSMPL reported a profit after tax (PAT) of INR4.23 million on net
sales of INR219.97 million, against a PAT of INR0.69 million on
net sales of INR188.07 million for 2008-09.


M L RICE: ICRA Assigns 'LB+' Rating to INR7cr Bank Lines
--------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR 7.0 crore
bank lines of M L Rice Mill.

The rating factors in the competitive nature of the industry,
MRM's moderate scale of operations and its weak profitability
metrics.  This coupled with MRM's high gearing has resulted in
weak debt protection indicators.  The rating is also constrained
by its stretched liquidity position as reflected by consistently
high working capital limits utilization arising out of high
inventory holding period.  The rating also takes into
consideration risks inherent in a partnership firm like limited
ability to raise equity capital, risk of dissolution due to
death/retirement/insolvency of partners etc.  However, the ratings
favorably factor in MRM's experienced promoters with long track
record in rice milling industry.

M L Rice Mill is a partnership firm established in 1983 promoted
by Mr. Janak Raj and his family members. The firm is primarily
engaged in milling of basmati rice.  The firm is also engaged in
converting semi processed rice into parboiled Basmati rice. MRM's
milling unit is based out of Jalalabad, Distt. Ferozpur, Punjab
which is in close proximity to the local grain market.

Recent Results

The firm reported a net profit after tax of INR 0.05 crore on an
operating income of INR 17.11 crore in FY2010.


MARSONS LIMITED: Fitch Rates INR65.5MM LT Loans at 'BB(ind)'
------------------------------------------------------------
Fitch Ratings has assigned India's Marsons Limited (Marsons) a
National Long-Term Rating of 'BB(ind)' with a Stable Outlook.  The
agency has also assigned these ratings to Marson's bank loans:

   -- INR65.5 million outstanding long term loans: 'BB(ind)'

   -- INR180 million fund-based limits: 'BB(ind)'

   -- INR300 million non-fund based loans: 'F4(ind)'

The ratings reflect Marson's strong financial profile with a net
debt/EBITDA of 2x and EBITDA margin of 10.4% for the financial
year ended March 2010.  The ratings also take into account its
established track record of over five decades in the transformers
industry, its capability to manufacture a diversified range of
transformers and a strong customer base consisting of various
electricity boards across India.  The ratings are, however,
constrained by liquidity pressures stemming from delays in
payments from its customers, mostly government undertakings, and
the resulting higher working capital cycle of 110-227 days during
the past four financial years.

Positive rating guidelines include an improvement in liquidity and
net leverage (total adjusted net debt/ operating EBITDA) to below
1.5x.  Negative rating guidelines include deterioration in
liquidity and net leverage exceeding 3x.

Marsons, incorporated in 1957, is engaged in the manufacture of
power and distribution transformers.  For 9MFY11, Marsons reported
revenue of INR827.3 million with an EBITDA margin of 14.1%.  It
had an outstanding order book of INR1464 million as of
February 2011 to be executed over the next 12 months.  It
completed its capacity enhancement programme in FY11, which allows
the production of transformers of up to 220KVA compared with
132KVA previously.


MITTAL CLOTHING: ICRA Assigns 'LBB' Rating to INR13cr Bank Debts
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR13.0 crore fund based
facilities and INR4.8 crore proposed facilities of Mittal Clothing
Company.  ICRA has also assigned A4 rating to the INR2.2 crore
non-fund based facilities of MCC.  The outlook on the long-term
rating is Stable.

The ratings assigned reflect the rich experience of MCC's
promoters of more than a decade and strong relationship with
renowned international brands like Gap, CJ Apparels group, Old
Navy and H&M.  The ratings are however constrained by the weak
demand conditions in MCC's major markets of Europe and US which
has led to rigid pricing in the backdrop of rising input costs.
The significant fluctuations in foreign exchange movements further
drive the volatility in earnings for the textile industry. The
expected recovery in the export markets is likely to benefit the
Firm through increased volumes.  However, the intense competition
in the ready-made garment industry and the Firm's prime focus on
volume based orders alone, will restrain the significant
improvement in pricing levels.  The growth in margins will thus
depend on improvement in pricing flexibility with the customers.
The rating is also affected by the Firm's small scale of
operations which restrict the scale economics and financial
flexibility. However, ICRA draws comfort from comfortable working
capital and other coverage indicators owing to the absence of any
major capital expenditure in last few years.

MCC derives approximately 40% of its revenues from its one
customer Gap, thereby heightening the impact of any order
volatility on order growth; the risk is however buffered to an
extent by MCC's decade long relationship with the customer and its
gradually expanding customer portfolio.

Promoted as a partnership firm by Mr. Gajanand Mittal and his four
sons in 1996, MCC is engaged in the manufacturing and exporting of
ready-made garments, primarily to the markets of US and EU. MCC
caters to casual clothing for men n women (primarily knitted T-
shirts) for renowned customers like Gap, H&M, Old Navy and CJ
Apparels Group.  The Firm has got total installed manufacturing
capacity of 2.0 lakh pieces per month. MCC's manufacturing
facilities are located in Bangalore and Tirupur. Currently, MCC
earns approximately 98% of its revenues from export markets while
domestic markets contribute the rest.


NANDINI IMPEX: Fitch Rates INR431.9MM Term Loan at 'B+(ind)'
------------------------------------------------------------
Fitch Ratings has assigned India's Nandini Impex Private Limited a
National Long-Term rating of 'B+(ind)'.  The Outlook is Stable.
The agency has also assigned these ratings to NIPL's bank loans:

   -- INR320 million fund-based limits: 'B+(ind)';

   -- INR431.9 million term Loans: 'B+(ind)'; and

   -- INR50 million non-fund based limits: 'F4(ind)'.

The ratings reflect NIPL's small scale of operation, high adjusted
net leverage of 7.6x in FY10 (FY09: 11.2x) and low interest
coverage of 1.5x in FY10 (FY09: 1.7x).  It had a long net cash
cycle of 200 days in FY10 with debtors and inventory cycle of 110
days and 150 days, respectively, leading to high utilization of
working capital limits.  Its working capital requirements are
mainly funded by borrowed funds.

The ratings benefit from the company's high EBITDA margins (FY10:
18.3%) and comfortable order book position with unexecuted orders
of about INR898.5 million at end-March 2011, representing 125% of
expected FY11 turnover of INR712 million.  NIPL's well-diversified
clientele and its presence in different industries like telecom,
oil and gas and power are also positive credit factors.  Further,
Fitch notes that an increase in direct orders in proportion to
sub-contracted orders will help improve the company's order book
and maintain its EBITDA margins at the current levels in the next
two years.

Positive rating guidelines include a sustained improvement in
NIPL's net leverage to below 5x and interest coverage to above 2x.
Conversely, significant liquidity pressure, resulting in a
deterioration of its net leverage to above 8x and a fall in
interest coverage to below 1.2x on a sustained basis, could result
in a ratings downgrade.

Incorporated in 1993, NIPL is engaged in pipeline infrastructure
development for the installation of underground utilities, i.e.
pipelines for carrying products like oil & gas, optical fibres
conduits, power transmission cables, etc. NIPL reported total debt
of INR668.3 million at FYE10, comprising working capital debt of
INR154.4 million, term loans of INR303.4 million and unsecured
debt of INR97.9 million from directors and group companies.  Its
revenues grew 47% yoy to INR475 million in FY10 (FY09: INR323
million).  In the 9MFY11, Nandini recorded revenues of INR557
million and EBITDA margins of 24%.


NARAYAN COTGIN: CRISIL Reaffirms 'B' Cash Credit Rating
-------------------------------------------------------
CRISIL's ratings on the bank facilities of Narayan Cotgin
Corporation continue to reflect NCC's weak financial risk profile,
the business constraints it faces because of its partnership
structure, its working-capital-intensive operations, and its
susceptibility to adverse regulatory changes. These rating
weaknesses are partially offset by the firm's promoters'
experience in the cotton ginning industry.

   Facilities                           Ratings
   ----------                           -------
   INR90.0 Million Cash Credit Limit    B/Stable (Reaffirmed)
   INR5.0 Million Proposed Long-Term    B/Stable (Reaffirmed)
                  Bank Loan Facility

Outlook: Stable

CRISIL believes that NCC will continue to benefit from its
promoters' experience in the cotton industry. The outlook may be
revised to 'Positive' if improvement in working capital management
leads to increase in cash flows from operations and improvement in
capital structure for NCC.  Conversely, the outlook may be revised
to 'Negative' if the firm's operating margin, and subsequently its
cash accruals, decline sharply over the medium term.

Update
NCC's revenues increased by 29.6 per cent year-on-year in 2009-10
(refers to financial year, April 1 to March 31), driven by higher-
than-expected capacity utilization.  Sales volumes increased to
around 50,000 cotton bales in 2009-10 from 40,000 bales in 2008-09
(turnover of INR560 million).  Revenues for the first nine months
of 2010-11 have been around INR1.00 billion; revenue growth in
2010-11 has been primarily driven by a significant increase in
cotton prices, while production is estimated to be lower than that
in 2009-10 (the firm has produced around 34,000 bales in the first
nine months of 2010-11).

NCC's liquidity continues to be weak because of high utilization
of bank limits during the cotton growing season. Although there
are no outstanding term loans, the firm's financial flexibility is
constrained by frequent withdrawal of capital by the partner-
promoters. However, the partner-promoters have also extended
unsecured loans to the firm when required.

NCC reported a profit after tax (PAT) of INR1 million on net sales
of INR725 million for 2009-10, against a PAT of INR2 million on
net sales of INR559 million for 2008-09.

                       About Narayan Cotgin

NCC, set up in 2005, undertakes cotton ginning and pressing in
Amreli (Gujarat). The firm's plant has capacity to process around
400 cotton bales per day.


NICO EXTRUSIONS: ICRA Rates INR10cr Fund Based Limits at 'LBB-'
---------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB-' to the fund based
limits of INR10 crores of NICO Extrusions Pvt. Limited.  ICRA has
also assigned an 'A4' rating to the INR40 crores (enhanced from
INR 21 crores) Non-Fund based limits of NEL.  The outlook on the
long term ratings is stable.

The ratings are constrained by the company's relatively small
scale of operations in the non-ferrous secondary alloy business,
and its high financial risk profile as reflected in low
profitability, stretched liquidity profile and weak debt coverage
indicators.  The ratings further take into account the
vulnerability of the company's operating profitability to any
adverse fluctuations in the price of raw materials, intense
competitive pressures, as well as, risks of inherent cyclicality
in demand from the key user industry - Automobile sector.  As the
key raw material -- being the metal scrap -- is entirely imported,
the operations are exposed to foreign currency fluctuations in the
absence of hedging mechanism. Also, the high working capital
intensity in the business has resulted in significantly high
leveraging level, negative operating cash flows, and consistently
high levels of limits utilization.  The ratings however take into
account the promoters' long track record in the business of
manufacturing secondary aluminium alloys, established
relationships with suppliers for imports of scrap, as well as
reputed client profile.

NICO Extrusions Pvt Limited, incorporated in 1997, promoted by
Mr. Ambalal Porwal & Mr. Bhupat Shah, is into the business of the
manufacturing of non-ferrous secondary alloys & trading in metal
scrap. The company set up manufacturing facility with installed
capacity of 1500 Tonnes per Month (TPM) for aluminium & copper
alloys at Silvassa in 2000.  The company's focus has been mainly
into aluminium alloys for which the consumers are auto-component
ancillary units such as pressure die-casting units, as well as,
automobile OEMs. Key raw material for aluminium alloys is the
scrap which is entirely imported.  The scrap is processed in
furnace and alloys of aluminium, Copper & Zinc are produced in
ingot shape with the desired specifications -- which are sold to
pressure die-casting units/auto component players (for manufacture
of casting components required).  The company's promoters & their
ancestor family members are into metal trade business since 1940,
and have developed long relationships with the suppliers of metal
scrap in the countries such as Europe, Middle East and China.  The
second generation of the promoters (i.e. Mr. Tushar Porwal &
Mr. Nitul Shah) are now actively involved in the day-to-day
management & operations of the company. During FY 2009-10, the
company recorded OI of INR 136.2 Cr. and PAT of INR 1.5 Cr.


PIPAVAV RAILWAY: ICRA Places 'LBB+' Rating on INR89.44cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating on the INR89.44 crore term
loans (reduced from INR127 crore) of Pipavav Railway Corporation
Limited.  The outlook on the long term rating remains Stable.

The rating continues to reflect the company's weak financial
profile as reflected in losses at net level; reduction in net
worth; weak debt protection metrics and stretched cash flow
position, attributable to inadequate revenue generation coupled
with unresolved issues of operation and maintenance cost (O&M)
levies with the Western Railways (WR).  While ICRA notes that the
cargo volumes on PRCL's rail line have shown some improvement in
the recent past, they still continue to be at sub-optimal levels
in relation to the overall cargo carrying capacity. Further, the
weak operating and financial profile of Gujarat Pipavav Port
Limited (GPPL), which is the main customer and sole traffic
guarantor for PRCL, also constrains the rating.  Nevertheless,
ICRA takes comfort from PRCL's strong parentage with the Ministry
of Railways (MoR) being a 50% shareholder in the company.  Also,
by virtue of being the operator of the only rail link to the
Pipavav port, the company's operations have an upside potential
linked with the improvement in port traffic volumes.  While
reaffirming the ratings, ICRA has also taken note of some
favorable developments for PRCL in the recent past including:

   (i) Completion of assessment of some components of O&M
       costs for FY 10 in accordance with the terms of the
       O&M agreement as per which the actual costs chargeable
       to PRCL appear significantly lower than those which
       have been billed by the WR thereby entitling the company
       to a refund;

  (ii) Understanding being reached with the MoR for financial
       accommodation by way of remittance of full revenues to
       the company for FY 11 and FY 12 in order to support its
       debt servicing; and

(iii) Increase in claims against GPPL with respect to interest
       on past dues; the cash flow impact of these developments
       both in terms of quantum and timing is however uncertain
       at present.

                       About Pipavav Railway

Pipavav Railway Corporation Ltd. is a joint venture between the
Indian Railways (IR) and Gujarat Pipavav Port Limited, with equal
equity participation from both shareholders.  PRCL was
incorporated in May 2000, as an SPV, to provide broad gauge (BG)
rail connectivity to the Pipavav port.  A concession agreement was
entered into between PRCL and MoR on June 28, 2001, wherein PRCL
as the Concessionaire was to construct, maintain and operate the
project line for a period of 33 years expiring in June 2034.  The
construction work was completed in a time span of 15 months, and
the 269 kms BG line was opened for freight operations on April 1,
2003.  In terms of tonnage, the line has a capacity of approx. 26
million tonnes per annum. In FY 10, the line carried a total
traffic of 3.04 million tonnes while in the current year over the
11 month period from April 2010- February 2011, the line has
handled approx. 4.0 million tonnes of cargo.

Recent Results

In FY 10, the company reported a Net Loss of INR20 crore on an
Operating Income of INR77 crore. In 9M FY 11, PRCL has reported a
net loss of INR8.27 crore on Operating Income of INR69 crore (as
per provisional results).


RAMA EXPORTS: ICRA Assigns 'LBB+' Rating to INR12.5cr Bank Limits
-----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to INR 12.50 Crore fund based
limits of M/s Rama Exports.  The outlook on the long-term rating
is stable.

The assigned rating reflects Rama Export's (RE) modest scale of
operations in a fragmented export industry and susceptibility of
sales as well as profitability to foreign exchange and raw
material price fluctuations. The rating also takes into account
the excessive dependence on job workers for manufacturing though
this also entails flexibility in dealing in a diverse range of
products.  The rating is also constrained by the leveraged capital
structure of the firm driven by high utilization of bank limits
arising from slow debtor realization.  The capital structure is
likely to stretch further in the medium term following the
aggressive debt-funded capex plans of the firm.  Nevertheless the
rating favorably factors in RE's highly diversified product
portfolio, moderate profitability and the established track record
of the promoters in the export business. The rating also takes
into account RE's healthy order book and financial backing in the
form of subsidies and grants from Government of India.

Established in the year 1986, Rama Exports, a partnership firm is
one of the entities of Moorjani Group of companies.  There are
three entities under the Moorjani group of companies, which is a
closely knit family business with its presence in domestic sales,
exports and logistics.  Apart from merchant exports, RE is also
engaged in construction business through its division - Rama
Builders. RE has a trademark (spelled as RE) under the trade and
merchandise marks Act, 1958. RE has marketing and administrative
offices at Nariman point and Santacruz in Mumbai. Recent

Rama Exports recorded a net profit of INR 1.17 Crore on an
operating income of INR 39.43 Crore as per the audited figures for
the year ending March 31, 2010 and a net profit of INR 1.46 Crore
on an operating income of INR 30.73 Crore as per the provisional
figures as of October 31, 2010. March


RAVINDRA RICE: ICRA Assigns 'LB+' Rating to INR8cr Bank Lines
------------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR 8.0 crore
bank lines of Ravindra Rice & General Mills.

The rating factors in the competitive nature of the industry,
RRM's moderate scale of operations and its weak profitability
metrics.  This coupled with RRM's high gearing has resulted in
weak debt protection indicators. The rating is also constrained by
its stretched liquidity position as reflected by consistently high
working capital limits utilization arising out of high inventory
holding period.  The rating also takes into consideration risks
inherent in a partnership firm like limited ability to raise
equity capital, risk of dissolution due to death, retirement,
insolvency of partners, etc.  However, the ratings favorably a
factor in RRM's experienced promoters with long track record in
rice milling industry.

Ravindra Rice & General Mills is a partnership firm promoted by
Mr. Ravindra and his family members.  The firm is primarily
engaged in milling of basmati rice.  The firm is also engaged in
converting semi processed rice into parboiled Basmati rice. RRM's
milling unit is based out of Jalalabad, Distt.  Ferozpur, Punjab
which is in close proximity to the local grain market.

Recent Results

The firm reported a net profit after tax of INR0.03 crore on an
operating income of INR14.47 crore in FY2010.


SATYAM COMPUTER: Government Recalls INR617cr Tax Demand
-------------------------------------------------------
The Indian Express reports that the government on Friday recalled
its tax demand of INR617 crore on Satyam Computer Services
following the Supreme Court's directive to the income tax
department to compute the scam-hit company's tax liability after
expunging the "fictitious sales income".

Attorney general GE Vahanvati told a bench headed by Chief Justice
SH Kapadia that the Central Board of Direct Taxes will recall last
month's order, according to The Indian Express.

"We would set aside March 10 order. We would give them a hearing
and pass a well-reasoned order," The Indian Express quotes
Vahanvati as saying, while opposing Satyam counsel Gauri
Rasgotra's plea to de-freeze the firm's bank account having
INR1,800 crore.

The Indian Express notes that the counsel for Satyam -- now known
as Mahindra Satyam -- submitted that the company urgently needed
money to pay salaries to its employees and to pay $10 million to
the US Securities and Exchange Commission to settle probes into an
accounting fraud.

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.


SPANDANA SPHOORTY: CRISIL Downgrades Rating on LT Debt to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on Spandana Sphoorty Financial
Ltd's bank facilities, long-term and short-term debt programme to
'D/P5' from 'C/P4'.

   Facilities                                Ratings
   ----------                                -------
   INR3.0 Billion Long-Term Debt Programme   D (Downgraded from
                                                'C')
   INR25.0 Billion LT Bank Loan Facility     D (Downgraded from
                                                'C')
   INR3.0 Bil. Short-Term Debt Programme     P5 (Downgraded from
                                                 'P4')

The downgrade reflects delays in debt servicing by Spandana.
Spandana, having been admitted to the Corporate Debt Restructuring
(CDR) mechanism, has delayed its debt repayment to preserve cash,
despite having the required liquidity.  CRISIL had, earlier,
removed its ratings on the debt instruments and bank facilities
from 'Rating Watch with Negative Implications' and downgraded the
rating to 'C/P4' from 'BB+/P4+' on account of the increased
probability of Spandana defaulting on its debt, subsequent to its
admission for restructuring of debt under the CDR mechanism in
March 2011.

CRISIL will continue to monitor terms of the final restructuring
under CDR, on the company's credit risk profile.

Spandana was incorporated as Spandana Sphoorty Innovative
Financial Services Ltd in 2003.  The non-banking financial company
(NBFC) took over the microfinance operations of Spandana, a non-
governmental organisation. Spandana's name was changed to the
current one in 2007-08 (refers to financial year, April 1 to
March 31).  Spandana lends predominantly to women and follows the
hybrid-group approach, which has the characteristics of both the
self-help group and the Grameen Bank (Bangladesh) lending models.
The company's assets under management as on January 31, 2010
aggregated INR36.5 billion, of which around 57 per cent was from
Andhra Pradesh.

For 2009-10, Spandana reported a profit after tax (PAT) of INR2.0
billion on a total income of INR7.2 billion, against a PAT of
INR903.1 million on a total income of INR3.6 billion for the
previous year. For the nine months ended Dec. 31, 2010, Spandana
reported a net loss of INR694.7 million on a total income of
INR6.1 billion.


SUNARK ALUMINIUM: ICRA Assigns 'LB+' Ratng to INR6.75cr Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR6.75 crore term loans
and INR2.00 crore fund based bank facilities of Sunark Aluminium
Industries (P) Limited.  ICRA has also assigned an 'A4' rating to
the INR1.25 crore fund based sublimit and to the INR2.00 crore non
fund based bank facilities of SAIPL.

The ratings incorporate the nascent stage of operations of the
company, the susceptibility of the company's margins to
fluctuations in exchange rates, the high geographic and customer
concentration risk arising from a currently limited customer base
of the company and the weak financial profile characterized by
operating losses, high gearing levels and very weak coverage
indicators.  However, ICRA notes that the operations of the
company are at a nascent stage and the financial profile of the
company could improve in future, once the company starts operating
at optimum capacity levels.  The ratings also incorporate the
established track record of the promoters in the aluminum powder
industry for over fifteen years, the protection of company's
operating margins against fluctuations in raw material prices, the
benefits of reduced logistic costs on account of close proximity
to Tuticorin port, and the positive outlook for the aluminium
powder industry driven by growing usage in refractory, foundry,
explosive, powder metallurgy and automotive industries.

Sunark Aluminium Industries P Ltd was incorporated in 2007 for
manufacturing atomized aluminium powders, grits and granules.
SAIPL has an installed capacity to produce 2400 MT per annum of
atomized aluminium powder and 1800 MT per annum of aluminium
granules/grits.  The aluminium powders/granules/grits finds
application in coatings, paints, explosives, printing inks, light
weight concrete manufacturing, rocket propellants, plastic
manufacturing, refractories, foundries, automobiles and in powder
metallurgy.  The company started its production in the last
quarter of FY10 and the commercial supplies have started in the
second quarter of FY11.  The company has registered its product
under the brand name Lucule.  The manufacturing facility of the
company is located at Thiruthangal in Tamil Nadu.


TATVA CHINTAN: CRISIL Puts 'BB+' Rating on INR34.4MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tatva Chintan Pharma
Chem Pvt Ltd continue to reflect Tatva Chintan's average financial
risk profile, marked by low net worth and moderate gearing, and
small scale of operations in the intensely competitive bulk drug
and pharmaceutical chemical intermediates industry.  These rating
weaknesses are, however, partially offset by the extensive
industry experience of Tatva Chintan's promoters.

   Facilities                           Ratings
   ----------                           -------
   INR60.0 Million Cash Credit Limit    BB+/Stable (Reaffirmed)
   INR34.4 Million Term Loan            BB+/Stable (Reaffirmed)
   INR20.0 Million Letter of Credit     P4+ (Reaffirmed)
   INR1.0 Million Bank Guarantee        P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Tatva Chintan will benefit over the medium
term from its established relationship with its customers.  The
outlook may be revised to 'Positive' if the company scales up its
operations, backed by earlier-than-expected stabilization of
additional capacities, while maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' if Tatva
Chintan's financial risk profile is adversely affected by a
larger-than-expected, debt-funded capital expenditure, or its
revenue profile is adversely impacted because of the absence of US
Food and Drugs Administration and World Health Organization
certifications.

                          About Tatva Chintan

Tatva Chintan was incorporated in 1996 by Mr. Shah, Mr. Patel, and
Mr. Somani.  The company manufactures active pharmaceutical
ingredients, quaternary ammonium compounds, phase transfer
catalysts, ionic liquids, and glymes at its plant in Ankleshwar
(Gujarat), with production capacity of 2000 tonnes per annum.

Tatva Chintan reported a profit after tax (PAT) of INR8.2 million
on net sales of INR260.5 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR10.3 million on
net sales of INR215.6 million for 2008-09.


TUBE TURN: CRISIL Assigns 'BB-' Rating to INR10MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Tube Turn India Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR10 Million Cash Credit         BB-/Stable (Assigned)
   INR20 Million Bank Guarantee      P4+ (Assigned)
   INR110 Million Letter of Credit   P4+ (Assigned)

The ratings reflect TTPL's small scale of operations,
susceptibility to customer and industry concentration, large debt-
funded capital expenditure, and large working capital
requirements.  These rating weaknesses are partially offset by the
extensive industry experience of TTPL's promoters and established
client relationships.

Outlook: Stable

CRISIL believes that TTPL will continue to benefit from its
promoters' extensive experience in manufacturing pipe fittings and
forged fittings, over the medium term.  The outlook may be revised
to 'Positive' if TTPL improves its business risk profile
significantly, most likely because of having strengthened its
order book and greater-than-expected net cash accruals, and
consequently, reduction in customer and industry concentration.
Conversely, the outlook may be revised to 'Negative' if the
company's order inflow is lower than expected, resulting in
substantially low growth, or if TTPL's financial risk profile
weakens more than expected because of a stretch in working capital
or larger-than-expected debt-funded capital expenditure.

                          About Tube Turn

Incorporated in 1995, TTPL is promoted by Mr. Ashit Kadakia and
his family.  The company manufactures pipe fittings such as
seamless and welded construction; in butt-weld ends as well as
socket-weld, screwed forged fittings, and flanges that are used in
oil and gas, power, steel, textiles, and consumer industries. Its
three manufacturing units have undergone quality inspection for
certifications by Best Value Inspection Service, Det Norske
Veritas, TUV, Societe Generale de Surveillance, Tata Projects, Bax
Council & Germanischer Lloyd.  The units adhere to manufacturing
standards by American National Standards Institute, American
Society for Testing and Materials, and Deutsches Institut fur
Normung.


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


* JAPAN: Corporate Bankruptcies Drop 11.31% in 2010
----------------------------------------------------
Kyodo News, citing Tokyo Shoko Research, reports that Japan's
corporate bankruptcies fell 11.31% from a year ago to 13,065 in
fiscal 2010 as government support measures buoyed many firms.

According to Kyodo News, the drop marked the second consecutive
yearly fall in corporate bankruptcies, Tokyo Shoko Research said,
noting a law for improving credit conditions at small and midsize
companies also supported the improvement.

Failures caused mainly by poor sales accounted for 82.9% of the
total -- the highest on record since the agency began tracking
such data in fiscal 1952.

In March alone, Kyodo News says, 1,183 firms went under, down
9.96% from the previous year and down for the 20th consecutive
month.  The companies left behind debts of JPY270.24 billion, down
13.09% and declining for the fifth month in a row.

As of the end of March, the research agency had counted six firms
that collapsed due to the March 11 disaster.

The survey covers failures of businesses with JPY10 million or
more in debt.


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


ALLIED FARMERS: May Default on NZ$7.5 Million Loan to Unit
----------------------------------------------------------
The New Zealand Herald reports that Allied Farmers, the finance
company hobbled by the collapse in value of its loan book, may not
be able to repay NZ$7.5 million owed to its failed Allied
Nationwide Finance unit when it comes due on July 1.

The NZ Herald relates that managing director Rob Alloway is
seeking talks with the receivers of ANF about the potential
default, which would be the third of such event.

Mr. Alloway said the ANF receivers, Kerryn Downey and Andrew
Grenfell of McGrath Nicol, have reserved their position and are
considering options.

According to the report, Allied Farmers entered into two loan
agreements with ANF in October last year, converting its existing
debt factoring, credit enhancement and related party loan
arrangements.

All of Allied Farmers' assets are secured by a general deed
covering the loans, the NZ Herald notes.

The parent company had expected to be able to sell enough assets
to repay the $7.5 million, the current outstanding balance of an
$8.9 million facility that was granted to another unit, Allied
Farmers Rural.

"The board has now reviewed the forecasts, and these indicate it
will be difficult to conclude sufficient realisations by 30 June
in order to repay the balance of the first loan by the due date,"
the NZ Herald quotes Mr. Alloway as saying.

                          About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.


DATASOUTH GROUP: Owes Millions to More Than 80 Creditors
--------------------------------------------------------
Vera Alves at Reseller News reports that Datasouth owes millions
of dollars to more than 80 potential creditors, according to a
preliminary report by the company's appointed liquidators.

Craig Melhuish and Keiran Horne, HFK chartered accountants
appointed as liquidators for Datasouth, have released their first
report on the company's liquidation, Reseller News says.

According to Reseller News, the first report includes a long list
of creditors but, as a preliminary document, many of the estimates
are yet to be completed.  The first report does state, however,
that Datasouth owes Ingram Micro NZ$519,550.

Reseller News notes that Datasouth Business Solutions' deficit to
creditors, subject to costs of liquidation, reaches NZ$27,321,058.
The initial estimated amount of assets available to preferential
creditors, general security holders and unsecured creditors is
listed in the preliminary report at NZ$206,456, is likely to be
higher, Reseller News adds.

Reseller News relates that the liquidators' report is not good
news for most creditors as it states that Datasouth employees and
Inland Revenue will have to be paid first.  Employees are owed
nearly NZ$200,000 (gross) in total, up to NZ$18,700 per employee,
according to the liquidators' report obtained by Reseller News.

"Subject to further verification, we estimate that there will be
no funds available to unsecured creditors," Reseller News cited
the liquidators' report.

"At this stage, there are insufficient funds to pay these
preferential and secured creditors," say the liquidators.
"However recovery actions through voidable transactions and
actions against certain other parties may bring in additional
funds."

As reported in the Troubled Company Reporter-Asia Pacific on
April 5, 2011, The National Business Review said that three of
four NZ-registered companies associated with IT services company
DataSouth have been placed in liquidation.  A fourth, DataSouth
Finance is now subject to a Serious Fraud Office investigation.
The investigation relates to lease deals with DataSouth Clients,
bankrolled by South Canterbury Finance, NBR said.

The three companies that have been placed in liquidation --
DataSouth, DataSouth Business Solutions and DataSouth Group -- are
all 100% owned by managing director and sole director Gavin
Clifford Bennett, bar DataSouth Group in which Alan Raymond
MacDonald, of Gore, has a minority stake.  HFK has been appointed
liquidator.

DataSouth -- a Microsoft Partner Awards 2010 winner -- was founded
in 1993 in Christchurch and grew to open offices in Auckland,
Wellington, Melbourne and Sydney.  Datasouth is comprised of
Datasouth Business Solutions Ltd and Datasouth Finance Ltd in  New
Zealand; and Datasouth Business Solutions Australia Pty Ltd (ABN
36 105 388 654) in Australia.


GENEVA FINANCE: Restructures, Changes Name to GFNZ Group
--------------------------------------------------------
The New Zealand Herald reports that Geneva Finance, which is in
moratorium, has restructured and changed its name to GFNZ Group in
a bid to get up and running again.

The moves, according to the report, are designed to enable the
company to start issuing securities again so that it can raise
funds from the public.

According to the NZ Herald, most moratoriums mean frozen finance
companies do not have the ability to raise more money.  GFNZ,
although it is out of the market at the moment, still has a
prospectus.  Once it has amended its prospectus to include recent
changes, the company will legally be in a position to again start
issuing securities to the public.

At a meeting on March 31, says the NZ Herald, shareholders
approved the name change and the restructuring of the company into
four operating subsidiaries:

   * Geneva Finance NZ, which will be GFNZ's lending arm;

   * Stellar Collections, which will be used for debt
     collection, including responsibility for collection
     of old-business-model ledgers;

   * Quest Insurance, a captive insurer; and

   * Pacific Rise, which will be GFNZ's property wing.

The NZ Herald relate that the meeting also approved a proposal for
investors to convert their subordinated notes into shares, which
prompted last week Standard & Poor's to lower its long-term
counter-party credit rating on the company to selective default
(SD).

                          About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 8, 2011, 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.


GENESIS POWER: S&P Assigns 'BB-' Rating to Capital Bonds
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term issue rating to New Zealand-based Genesis Power
Ltd.'s (trading as Genesis Energy; BBB+/Negative/--) proposed
capital bond issue.  "Also, we classified the capital bonds as
having a 'high' equity content, meaning that we will treat the
bonds entirely as 'equity' and the coupon payments as 'dividends'
in our financial ratio calculations.  This assessment remains
subject to a review of the final terms and conditions, and if
there are any material changes that could affect the "high" equity
content classification.  The bonds are not guaranteed by the
New Zealand government (local currency AAA/Stable/A-1+, foreign
currency AA+/Negative/A-1+).  Proceeds of the issue will partly
fund the acquisition of the Tekapo A and B hydro assets," S&P
related.

"Our view of the proposed capital bonds' 'high' equity content is
based on the key features: the mandatory deferral of coupon
payments for up to five years if the corporate credit rating on
Genesis Energy falls to 'BB+' or below, and the instrument's
deeply subordinated recovery position relative to
all senior unsecured creditors of the group.  The proposed capital
bonds rank behind the company's existing fixed-rate retail bonds
issued to the New Zealand market, medium-term notes, and bank
debt," Standard & Poor's credit analyst Alicia Low said.

"Furthermore, the heightened risk of interest payment deferrals
and deeply subordinated recovery position underpin our view of the
four-notch differential between the 'BB-' rating on the capital
bonds and Genesis Energy's stand-alone credit profile of 'bbb'.
Nevertheless, we consider that the mandatory deferral trigger, set
within three notches of the 'BBB+' corporate credit rating,
supports the issuer's credit quality because of the retention of
cash in the company, which would have otherwise been used to pay
interest on the capital bonds," S&P added.


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


BANCO FILIPINO: Denies Operating a "Ponzi Scheme"
-------------------------------------------------
Benjamin B. Pulta at The Daily Tribune reports that the lawyer
representing Banco Filipino Mortgage and Savings Bank has denied
the published findings of monetary regulators that the debt-ridden
bank engaged in operations that amounted to an illegal Ponzi
scheme.

The Daily Tribune relates that lawyer Harry Roque underscored that
the bank has been under the regulatory control of an independent
comptroller appointed by the Central Bank to oversee the bank's
operations for the past 17 years.

Mr. Roque also branded as criminally malicious the accusation made
by the Central Bank that he benefited from legal fees charged to
the bank amounting to PHP245 million, The Daily Tribune says.

According to the report, Mr. Roque stated that he was engaged by
the bank only in July 2010 to handle criminal cases that were
filed only in December 2010.  Mr. Roque said the legal fees that
had been paid to his firm for the substantial legal services that
he has rendered do not even amount to one percent of the PH245
million maliciously imputed by the Central Bank.  In fact, Mr.
Roque stated, his firm has legal fees unpaid by Banco Filipino
amounting to half a million pesos.

Mr. Roque declared that since the Central Bank has access to the
Banco Filipino's documents showing the actual amounts paid to his
firm, the dishonest imputation made by the central bank that he
has benefited from PHP245 million in legal fees amount to a highly
malicious and grossly irresponsible statement.

Monetary authorities earlier said the bank continued to do
business, despite being insolvent, by operating a "Ponzi" scheme
by dangled interest rates of between 6 percent to 13.9 percent to
attract depositors to its special savings products, higher than
the 1.8 percent to 3.3 percent that other banks offered.

The BSP said Banco Filipino was engaging in Ponzi or pyramiding
scheme since the thrift bank was using these deposits "to pay the
interest on old deposits and its day-to-day operations."  Thus,
the BSP likened this to "a Ponzi or pyramiding scheme."

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

                       About Banco Filipino

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


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


TAICHUNG BANK: Fitch Affirms 'BB+' LT FC Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Taichung Commercial Bank's
ratings, including its Long-Term Foreign Currency Issuer Default
Rating 'BB+' with Stable Outlook.

The affirmations take into account the bank's 2010 full-year
results and its continued modest profitability, satisfactory
capitalisation, adequate asset quality, and sound liquidity.  TCB
reported improved asset quality and increased loan loss reserve
coverage in 2010.  Moderate loan growth and stronger fees from
wealth-management sales helped lift return on assets to 0.13% in
2010 from 0.01% in 2009.  The rights issue of TWD3.6 billion in
December 2010 enhanced its capital and funding profile, with the
Tier 1 ratio improving to 8.2% at end-2010 from 7.4% at end-2009.
TCB's sound liquidity profile, as indicated by its loan-to-deposit
ratio of 81%, is underpinned by its established deposit-taking
franchise in the central Taiwan region.

TCB's strategy is to expand SME financing and the wealth
management business by exploiting its well-established SME network
in the central Taiwan region.  Any aggressive loan growth strategy
-- which Fitch does not view as likely -- significantly weakening
capital and asset quality will pressure its ratings.  On the other
hand, a significant improvement in its profitability and earnings
retention will benefit ratings; however this is unlikely in the
near term given the competitive banking environment.

TCB's subordinated bonds are rated one notch below its National
Long-term rating of 'A-(twn)', in line with Fitch's rating
criteria on subordinated bond instruments of financial
institutions.

TCB is a privately owned regional bank in Taiwan, with a deposit
market share of 1.2% (around 70%-80% in central Taiwan) at end-
2010.  China Man-Made Fiber Corp is its largest shareholder and
has eight out of 14 seats on the Board of Directors.

TCB:

   -- Long-term foreign currency IDR affirmed at 'BB+'; Outlook
      Stable

   -- Short-term foreign currency IDR affirmed at 'B'

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

   -- National Short-term rating affirmed at 'F2(twn)'

   -- Individual rating affirmed at 'C/D'

   -- Support rating affirmed at '5'

   -- Support Rating Floor affirmed at 'No Floor'

   -- Subordinated bonds affirmed at 'BBB+(twn)'


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


* S&P's Global Default Tally Rises to Four
------------------------------------------
After seven consecutive weeks without a global corporate default,
Perkins & Marie Callender's Inc. missed an interest payment on its
senior unsecured notes last week, said an article published April
8 by Standard & Poor's. The article, which is titled "Global
Corporate Default Update (April 1 - 7, 2011) (Premium)," says that
this raises the 2011 global corporate default tally to four
issuers.

Three of this year's defaults were based in the U.S., and one was
based in the Czech Republic.  By comparison, 29 global corporate
issuers had defaulted by this time in 2010 (20 U.S.-based issuers,
one European issuer, two issuers from the emerging markets, and
six in the other developed region, which consists of Australia,
Canada, Japan, and New Zealand).

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

"Following a year of record-setting highs in terms of global
corporate default statistics, 2010 provided the markets with a
noticeable reversal," said Diane Vazza, head of Standard & Poor's
Global Fixed Income Research group.  In 2010, 81 global corporate
issuers defaulted, down from the record high of 265 in 2009.

None of the 81 defaulters began the year rated investment grade.
The debt amount affected by these defaults fell to $95.7 billion,
also considerably lower than in 2009.


* BOND PRICING: For the Week April 4 to April 8, 2011
-----------------------------------------------------


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

  AUSTRALIA
  ---------

AINSWORTH GAME           8.00    12/31/2011   AUD       1.12
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.95
AUST & NZ BANK           2.00    04/15/2018   AUD      74.75
BECTON PROP GR           9.50    06/30/2010   AUD       0.34
CENTAUR MINING          11.00    12/01/2007   USD       0.50
EXPORT FIN & INS         0.50    12/16/2019   NZD      62.60
EXPORT FIN & INS         0.50    06/15/2020   AUD      60.96
EXPORT FIN & INS         0.50    06/15/2020   NZD      59.11
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.98
NEW S WALES TREA         1.00    09/02/2019   AUD      64.61
NEW S WALES TREA         0.50    09/14/2022   AUD      51.94
NEW S WALES TREA         0.50    10/07/2022   AUD      51.73
NEW S WALES TREA         0.50    10/28/2022   AUD      51.56
NEW S WALES TREA         0.50    11/18/2022   AUD      51.37
NEW S WALES TREA         0.50    12/16/2022   AUD      51.12
NEW S WALES TREA         0.50    02/02/2023   AUD      50.69
NEW S WALES TREA         0.50    03/30/2023   AUD      50.17
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      73.37
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      66.74
RESOLUTE MINING         12.00    12/31/2012   AUD       1.06
TREAS CORP VICT          0.50    08/25/2022   AUD      54.30
TREAS CORP VICT          0.50    11/12/2030   AUD      52.59
TREAS CORP VICT          0.50    11/12/2030   AUD      36.72


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.81
CHINA RAIL GRP           4.72    05/07/2014   CNY      55.00


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      44.68


  INDIA
  -----

POWER FIN CORP           8.99    01/15/2021   INR       9.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.24
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.97
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.92
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.07
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.39
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.90
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.55
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.34
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.25
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.27


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


  JAPAN
  -----

AIFUL CORP               1.20    01/26/2012   USD      74.92
AIFUL CORP               1.99    03/23/2012   JPY      72.87
AIFUL CORP               1.22    04/20/2012   JPY      67.92
AIFUL CORP               1.63    11/22/2012   JPY      54.92
AIFUL CORP               1.74    05/28/2013   JPY      47.92
AIFUL CORP               1.99    10/19/2015   JPY      37.92
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      56.83
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      56.20
SHINSEI BANK             5.62    12/29/2049   GBP      73.35
TAKEFUJI CORP            9.20    04/15/2011   USD      17.25


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.33
CRESENDO CORP B          3.75    01/11/2016   MYR       1.06
DUTALAND BHD             6.00    04/11/2013   MYR       0.41
DUTALAND BHD             6.00    04/11/2013   MYR       0.79
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.05
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.10
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.80
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MITHRIL BHD              3.00    04/05/2012   MYR       0.62
NAM FATT CORP            2.00    06/24/2011   MYR       0.05
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.28
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.54
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.33
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.83
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.82
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.83
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.35
TRC SYNERGY              5.00    01/20/2012   MYR       1.44
WAH SEONG CORP           3.00    05/21/2012   MYR       2.40
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.24
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.36


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

ALLIED FARMERS           9.60    11/15/2011   NZD      32.06
DORCHESTER PACIF         5.00    06/30/2013   NZD      73.86
FLETCHER BUI             8.50    03/15/2015   NZD       7.59
INFRATIL LTD             8.50    09/15/2013   NZD       8.15
INFRATIL LTD             8.50    11/15/2015   NZD       9.00
INFRATIL LTD             4.97    12/29/2049   NZD      58.02
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.29
MANUKAU CITY             6.15    09/15/2013   NZD       1.02
MANUKAU CITY             6.90    09/15/2015   NZD       1.04
MARAC FINANCE           10.50    07/15/2013   NZD       1.02
SKY NETWORK TV           4.01    10/16/2016   NZD       7.83
ST LAURENCE PROP         9.25    07/15/2010   NZD      63.09
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.90
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.20
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.01
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.04
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00
VECTOR LTD               8.00    06/15/2012   NZD       6.95
VECTOR LTD               8.00    10/15/2014   NZD       1.06


SINGAPORE
---------

CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.97
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
EQUINOX OFFSHORE        20.00    10/13/2011   USD      70.99
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.00
UNITED ENG LTD           1.00    03/03/2014   SGD       1.62
WBL CORPORATION          2.50    06/10/2014   SGD       1.60


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

CN 1ST ABS               8.00    02/27/2015   KRW      31.53
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      13.26
DONGSAN TELECOM          6.00    07/02/2013   KRW      50.84
HOPE KOD 1ST             8.50    06/30/2012   KRW      23.29
HOPE KOD 2ND            15.00    08/21/2012   KRW      36.12
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.53
HOPE KOD 4TH            15.00    12/29/2012   KRW      31.52
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.62
IBK 12TH ABS            25.00    06/24/2011   KRW      57.65
IBK 17TH ABS            20.00    12/29/2012   KRW       5.98
IBK 17TH ABS            25.00    12/29/2012   KRW      59.23

JOONG ANG DESIGN         6.00    12/18/2012   KRW      59.42
KB 11TH ABS             23.00    07/03/2011   KRW      71.68
KB 11TH ABS             20.00    07/03/2011   KRW      66.71
KB 12TH ABS             25.00    01/21/2012   KRW      65.21
KB 13TH ABS             25.00    07/02/2012   KRW      61.21
KB 14TH ABS             23.00    01/04/2013   KRW      51.81
KDB 6TH ABS             20.00    12/02/2019   KRW      70.53
KEB 17TH ABS            20.00    12/28/2011   KRW      52.10
KOREA LINE CO            6.80    11/30/2011   KRW      60.20
KOREA LINE CO            6.80    12/11/2011   KRW      50.38
KOREA LINE CO            6.80    06/30/2012   KRW      40.62
KOREA MUTUAL SAV         8.10    06/26/2015   KRW      70.18
NACF 17TH ABS           20.00    06/03/2011   KRW      50.24
NACF 17TH ABS           25.00    07/03/2011   KRW      51.84
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      25.71
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      63.36
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      71.44
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.61
SINBO 2ND ABS           15.00    08/26/2013   KRW      32.61
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.41
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.25
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.45
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.16
SOLOMON MUTUAL B         8.10    04/19/2015   KRW      63.98
TOMATO MUTUAL SA         8.40    01/06/2015   KRW       1.20


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       66.36


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       71.43


VIETNAM
--------

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


                             *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





                 *** End of Transmission ***