TCRAP_Public/110413.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

              Wednesday, April 13, 2011, Vol. 14, No. 73

                            Headlines



A U S T R A L I A

BARBERA FARMS: Large Debt Levels Push Firm to Receivership
JOHNSON PROPERTY: Lake Macquarie Projects to Go On Amid Collapse
MANACCOM: Parent to Continue Normal Operations
SCENPORT CONSTRUCTIONS: Placed in Voluntary Administration


C H I N A

CHINA FORESTRY: Moody's Downgrades Corp. Family Rating to 'B2'
WINSWAY: Fitch Assigns Final 'BB' Rating to US$500MM Senior Notes


H O N G  K O N G

ACT NOW: Members' Annual Meeting Set for April 22
ASTLEY & PEARCE: Members' Final Meeting Set for May 9
BOLD MOTIVATION: Members' Final Meeting Set for May 13
CHEONG HANG: Members' Final General Meeting Set for May 9
CONCORD EXPRESS: Annual Meetings Set for April 19

C.P.I. APPARELS: Pi Fuk Pak Charles Steps Down as Liquidator
CPS GROUP: Members' Final General Meeting Set for May 9
EURASIAN NETWORK: Members' Final Meeting Set for May 9
EURO ASIA: Members' Final Meeting Set for May 13
EXCO MONEYBROKING: Members' Final Meeting Set for May 9


I N D I A

AGRAWAL SPONGE: CRISIL Cuts Rating on INR50MM Cash Credit to 'D'
AVESTA ENGINEERING: CRISIL Rates INR120MM Term Loan at 'BB-'
GOA ISPAT: CRISIL Upgrades Rating on INR11.4MM Term Loan to 'BB'
G P ISPAT: CRISIL Reaffirms 'BB' Rating on Long-Term Loan
LILY JEWELLERY: CRISIL Reassigns 'B-' Rating to Packing Credit

MAA VAISHNO: CRISIL Reaffirms 'B+' Cash Credit Rating
MANTORA OIL: ICRA Assigns 'LBB' Rating to INR4cr Term Loans
PARAS COTSPIN: CRISIL Assigns 'BB' Rating to INR129MM Term Loan
SARDA PLYWOOD: CRISIL Reaffirms 'BB' Rating on Cash Credit
SENDOZ IMPEX: CRISIL Reaffirms 'BB-' Rating on Cash Credit

SESA INTERNATIONAL: CRISIL Upgrades Rating on Cash Credit to 'BB+'
SEVEN STAR: CRISIL Cuts Rating on INR72MM Term Loan to 'B'
SRITHIK ISPAT: ICRA Assigns 'LBB+' Rating to INR6cr Bank Debts
SRITHIK ROLLING: ICRA Places 'LBB+' Rating on INR7.21cr Bank Loans
SUNPACK BARRIER: CRISIL Reaffirms 'B-' Rating on Term Loan

SWARAJ INDIA: CRISIL Upgrades Rating on INR262M Loan to 'BB'
VARDHMAN TRADING: CRISIL Assigns 'B-' Rating to Cash Credit
VASCON: CRISIL Downgrades Rating on INR80MM Cash Credit to 'BB'


J A P A N

J-CREM 2 TRUST: Moody's Reviews Ratings on Seven Classes of Certs.
JLOC 39 TRUST: Moody's Downgrades Ratings on Class A to D Certs.
L-JAC 4: Moody's Places Rating on Review for Possible Downgrade
SAIZEN REIT: Moody's Reviews 'Caa1' Rating for Possible Upgrade
TAKEFUJI CORP: Administrator Names A&P as Preferred Bidder


N E W  Z E A L A N D

AMI INSURANCE: Faced Receivership Without Government Support
DESIGNLINE INTERNATIONAL: Liquidation Hearing Adjourn to May 3


X X X X X X X X


* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BARBERA FARMS: Large Debt Levels Push Firm to Receivership
----------------------------------------------------------
James Thomson at SmartCompany reports that Queensland vegetable
producer Barbera Farms has been placed into receivership.  The
Company was placed in the hands of Justin Walsh and Chris Munday,
partners at accounting firm Ernst & Young, by secured creditor
Suncorp.

SmartCompany relates that the bank said it has supported the
business for an "extended period of time" through "difficult
trading conditions" before its decision to bring in receivers and
managers.

The long-term fate of the business, which turned over more than
AU$73 million last year and has 800 staff, is unknown, although
the business will continue to trade and meet supply arrangements,
SmartCompany says.

The receivers are planning to sell the farm and its equipment,
including packing sheds and plant machinery, according to The
Australian Associated Press.

"There has already been preliminary interest in the sale of the
assets and we'll be putting them on the market in a short time
period," the AAP quotes Mr. Walsh as saying.

Mr. Walsh declined to say who was interested in the assets but
said he expected assets to be sold within three or four months,
the AAP notes.

According to the AAP, Mr. Walsh said they were investigating the
cause of the collapse.

"What would have played a part is large debt levels, there's a
significant amount of debt into the group, and the margins they
were achieving on their sales were putting them under pressure,"
Mr. Walsh told ABC Radio, according to the AAP.

                         About Barbera Farms

Bundaberg-based Barbera Farms is one of Australia's biggest
suppliers of capsicums, zucchinis and tomatoes.


JOHNSON PROPERTY: Lake Macquarie Projects to Go On Amid Collapse
----------------------------------------------------------------
ABC Newcastle NSW reports that Lake Macquarie Mayor Greg Piper
said it's essential that major housing projects in the area still
go ahead, despite Johnson Property group going into
administration.

ABC Newcastle NSW says the Johnson Property group, which has debts
of more than AU$100 million, has appointed Sydney accounting firm
deVriesTayeh as voluntary administrators.

The Johnson Property Group has been struggling to get bank finance
for the development of 2,500 housing lots at Cooranbong in Lake
Macquarie, ABC Newcastle NSW says.

According to the report, Councillor Piper said work has already
started at North Cooranbong and it'd be a concern if it's
scrapped.

"North Cooranbong is in the council's strategic plan and the State
Government's Lower Hunter regional strategy and is intended to
provide well over two thousand residential properties so there is
a concern if that didn't go ahead," ABC Newcastle NSW quotes
Councillor Piper as saying.  "My view is that the development
itself has merit we do have natural demand for land in the area."

ABC Newcastle NSW relates that Councillor Piper said he doesn't
accept criticism by developer Keith Johnson that unfair charges
and levies contributed to his financial demise.

Councillor Piper said while he accepts Mr. Johnson's criticism of
banks for not financing his projects, he shouldn't also blame
developer levies.

Johnson Property Group is one of NSW's largest private land
developers.  The company's current projects include a
AU$200 million development at Lake Macquarie, a development at
Cooranbong near the Hunter Valley and the giant Pitt Town housing
development in the Hawkesbury Valley.


MANACCOM: Parent to Continue Normal Operations
----------------------------------------------
Queensland Business Review reports that Jumbo Interactive will
continue to operate as normal following the implementation of a
deed of company arrangement for its troubled subsidiary Manaccom.

QBR relates that Queensland law firm HopgoodGanim acted for Jumbo
to help reimburse the creditors of Manaccom, which was placed in
voluntary administration earlier this year.

The DOCA, according to QBR, will allow priority creditors,
including employees, to receive 100 cents in the dollar for debts
owed.  QBR relates that the remaining unsecured creditors will
receive between 43 and 100 cents in the dollar, compared with an
estimated two to eight cents had Manaccom gone into liquidation.

According to QBR, HopgoodGanim Insolvency Partner Paul Betros said
voluntary administration is an effective way for an otherwise
financially strong company to "cut out the cancer" and remove an
underperforming subsidiary or business division while maintaining
its overall health.

"This is a good example of a voluntary administration getting a
result quickly and effectively, and represents a great outcome for
all the stakeholders involved," QBR quotes Mr. Betros as saying.

QBR notes that Mr. Betros assures the administration will in no
way affect Jumbo's successful international internet lottery
business, Oz Lotteries, which has produced solid revenue growth
and a strong balance sheet.

"Manaccom had been generating trading losses over several years,
and its total unsecured debts are expected to exceed $7.8
million," Mr. Betros said, according to QBR.

"We worked closely with Manaccom's administrators, Deloitte, to
ensure we could generate the best possible return for Manaccom's
unsecured creditors."

Manaccom went into administration on Jan. 31, 2011, after Jumbo
Interactive decided to stop funding the business.  Manaccom was
placed in the hands of administrators Nick Harwood and Richard
Hughes of Deloitte, but immediately ceased trading, with the loss
of 37 jobs.

The Troubled Company Reporter-Asia Pacific, citing SmartCompany,
reported on March 3, 2011, that Jumbo Interactive offered a
AU$500,000 contribution to creditors via deed of company
arrangement.  SmartCompany stated that this will ensure creditors
receive a return of up to 100 cents on the dollar, or at least 43
cents in the dollar, depending on the size of creditors claims and
asset sales.

Headquartered in Australia, Manaccom is a software specialist
distributor.  Manaccom specialized in providing publishing and re-
publishing services for software developers.  Its distribution
line-up included McAfee, Acronis, Net Nanny and MYOB.


SCENPORT CONSTRUCTIONS: Placed in Voluntary Administration
----------------------------------------------------------
Hannah Martin at TheMercury.com.au reports that Tasmanian
construction company Scenport has been placed in voluntary
administration owing AU$3 million to about 150 creditors,
including suppliers and contractors.

TheMercury.com.au relates that Scenport managing director Scott
Glanville said it was a "devastating" time.

"I'm having to deal with laying staff off and all the
ramifications for their families.  I laid nine people off last
week and there will inevitably be more in coming weeks,"
TheMercury.com.au quotes Mr. Glanville as saying.

Mr. Glanville said the company's downfall stemmed from "a
combination of things".  "We had a concrete pour on one job that
went very, very badly, which was like the straw that broke the
camel's back," he said.

According to the report, administrator Paul Cook, from Paul Cook
and Associates, said Scenport was looking to trade its way out of
trouble.

"We are hopeful to continue all current projects and at present we
are collecting information to satisfy ourselves that this can
happen," TheMercury.com.au quotes Mr. Cook as saying.  "There is
money owing to the company and successful completion of projects
goes some way to solving the problem.

"Our objective at this point in time is to complete current work
and put a plan of reconstruction to the creditors," Mr. Cook
added.

A meeting with Scenport's creditors has been set for April 20.

                     About Scenport Constructions

Based in Tasmania, Scenport Constructions specializes in
individually designed homes, multi residential developments and
small to large commercial construction projects.


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C H I N A
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CHINA FORESTRY: Moody's Downgrades Corp. Family Rating to 'B2'
--------------------------------------------------------------
Moody's Investors Service has downgraded China Forestry Holdings
Co., Ltd's corporate family rating and senior unsecured bond
rating to B2 from B1, and placed them on review for further
possible downgrade.

Ratings Rationale

"The downgrade incorporates our concerns that ongoing
investigations by auditors and the internal company investigation
team into the company's financial standing have negatively
impacted its normal business operations," says Ken Chan, a Moody's
Vice President, adding, "This includes possible delays in forestry
asset acquisitions and cash flow generation."

Furthermore, the company has delayed the release of its latest
financial results, while the release of the findings of the
investigation have also been delayed from the original date of
end-March.  Trading in its shares remains suspended.

Moody's says that its review for further possible downgrade has
been prompted by uncertainty over the magnitude of impairment to
the company's operations, financial position and reputation prior
to the release of the results of the investigation.

Moody's review will focus on the events leading to the possible
irregularities which prompted the current audit, as well as the
company's financial performance.

The last rating action for China Forestry was on February 1, 2011
when Moody's downgraded the company's corporate family rating and
senior unsecured bond rating from Ba3 to B1, and placed the
ratings on review for further possible downgrade.

The ratings are based on factors that Moody's believe are relevant
to China Forestry's risk profile, such as its: (1) business risk
and competitive position compared with other firms within the
industry; (2) capital structure and financial risk; (3) projected
performance over the near to intermediate term; and (4) management
track record and risk tolerance.

These factors were compared against those of other issuers from
both within and outside China Forestry's core industry and Moody's
believes that China Forestry's ratings are comparable to other
issuers of similar credit risk.

China Forestry, listed on the Hong Kong Stock Exchange in 2009, is
one of the largest privately owned upstream forest operators in
China in terms of coverage area of owned forest rights.  The
company's forestry assets are located mainly in Sichuan and Yunnan
provinces.


WINSWAY: Fitch Assigns Final 'BB' Rating to US$500MM Senior Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Winsway Coking Coal Holdings Limited's
('BB'/Stable) US$500 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 24 March 2011.


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


ACT NOW: Members' Annual Meeting Set for April 22
-------------------------------------------------
Members of Act Now Children's Fund Limited will hold their annual
meeting on April 22, 2011, at 3:30 p.m., at FTI Consulting, 14th
Floor, The Hong Kong Club Building, 3A Chater Road, Central, in
Hong Kong.

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


ASTLEY & PEARCE: Members' Final Meeting Set for May 9
-----------------------------------------------------
Members of Astley & Pearce Asian Pacific Limited will hold their
final general meeting on May 9, 2011, at 10:00 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


BOLD MOTIVATION: Members' Final Meeting Set for May 13
------------------------------------------------------
Members of Bold Motivation Investments Limited will hold their
final meeting on May 13, 2011, at 3:30 p.m., at FTI Consulting,
14th Floor, The Hong Kong Club Building, 3A Chater Road, Central,
in Hong Kong.

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


CHEONG HANG: Members' Final General Meeting Set for May 9
----------------------------------------------------------
Members of Cheong Hang Company Limited will hold their final
general meeting on May 9, 2011, at 10:00 a.m., at 21/F., Fee Tat
Commercial Centre, No. 613 Nathan Road, Kowloon, in Hong Kong.

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


CONCORD EXPRESS: Annual Meetings Set for April 19
-------------------------------------------------
Contributories and creditors of Concord Express International
Logistics Limited will hold their annual meetings on April 19,
2011, at 5:00 p.m., and 5:30 p.m., respectively at Unit 301,
3rd Floor, Malaysia building, 50 Gloucester Road, Wanchai, in
Hong Kong.

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


C.P.I. APPARELS: Pi Fuk Pak Charles Steps Down as Liquidator
------------------------------------------------------------
Pi Fuk Pak Charles stepped down as liquidator of C.P.I. Apparels
Limited on Feb. 17, 2011.


CPS GROUP: Members' Final General Meeting Set for May 9
-------------------------------------------------------
Members of CPS Group Limited will hold their final general meeting
on May 9, 2011, at 9:30 a.m., at 1427 Prince's Building, 10 Chater
Road, in Hong Kong.

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


EURASIAN NETWORK: Members' Final Meeting Set for May 9
-------------------------------------------------------
Members of Eurasian Network Services Limited will hold their final
general meeting on May 9, 2011, at 10:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


EURO ASIA: Members' Final Meeting Set for May 13
-------------------------------------------------
Members of Euro Asia Equipment Company Limited will hold their
final general meeting on May 13, 2011, at 10:00 a.m., at 1902
MassMutual Tower, 38 Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Ngan Lin Chun Esther, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


EXCO MONEYBROKING: Members' Final Meeting Set for May 9
--------------------------------------------------------
Members of Exco Moneybroking Hong Kong Limited will hold their
final general meeting on May 9, 2011, at 10:00 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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AGRAWAL SPONGE: CRISIL Cuts Rating on INR50MM Cash Credit to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Agrawal Sponge Ltd to 'D/P5' from 'B+/Stable/P4'.  The downgrade
reflects instances of delay by ASL in servicing its debt; the
delays have been caused by the company's weak liquidity.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Cash Credit       D(Downgraded from 'B+/Stable')
   INR34 Million Long-Term Loan    D (Downgraded from 'B+/Stable')
   INR15 Million Letter of Credit  P5 (Downgraded from 'P4')

ASL has small scale of operations and vulnerability of margins to
cyclicality in the steel industry, and below-average financial
risk profile, marked by low net worth and weak debt protection
metrics.  These rating weaknesses are partially offset by ASL's
moderate business risk profile.

ASL, incorporated in 2003, was acquired by its current promoter,
Mr. R D Gupta, in 2006-07 (refers to financial year, April 1 to
March 31). The company manufactures steel ingots and sponge iron.
Currently, the company has capacity to manufacture about 18,000
tonnes per annum (tpa) of steel ingots and 60,000 tpa of sponge
iron.  Its ingots division is backward integrated into the
production of ingots. Its manufacturing facility is based in
Raipur (Chhattisgarh).

ASL reported a profit after tax (PAT) of INR4 million on net sales
of INR484.0 million for 2009-10 against a PAT of INR74 million on
net sales of INR374 million for 2008-09.


AVESTA ENGINEERING: CRISIL Rates INR120MM Term Loan at 'BB-'
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the foreign
currency term loan facility of Avesta Engineering Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR120.00 Million Foreign     BB-/Stable (Assigned)
          Currency Term Loan

The rating reflects AEPL's risks associated with timely
stabilization of AEPL's ongoing project at Mundra SEZ, Gujarat.
This rating weakness is partially offset by the benefits that AEPL
derives from its promoters' experience in the project design and
execution pertaining to Oil and Gas, Nuclear Energy and
Petrochemicals industries.

Outlook: Stable

CRISIL believes that AEPL will continue to benefit over the medium
term from its promoters' experience in project design and
execution within process industries such as oil and gas,
petrochemicals, and energy.  The outlook may be revised to
'Positive' if AEPL demonstrates higher-than-expected revenues and
accruals. Conversely, the outlook may be revised to 'Negative' if
AEPL reports lower-than-expected off take, resulting in weakening
of its liquidity and debt servicing metrics.

                       About Avesta Engineering

AEPL is a 50:50 joint venture of Pyramid Group and Bakshi
Chempharma Equipments Pvt Ltd formed in order to set up an export-
oriented fabrication unit at the Mundra Port special economic zone
in Gujarat.  The commercial operations of AEPL are expected to
start by June 2011.

Pyramid Group has been founded by Mr Ashish Bajpai, a technocrat
and first generation entrepreneur.  The group undertakes project
design, procurement and management for Oil and Gas, Refineries,
petrochemicals, Nuclear energy, power plants etc.

BCEPL is owned by Mr Cawas and Mr Kobad Panthaki, and is engaged
in fabrication for various process industries.  BCEPL is certified
by various international certification bodies ? like U-Stamp
certificate by American Society of Mechanical Engineers and CE
certification by TUV Nord, Germany for export to European
countries.

Pyramid Group and BCEPL have executed several assignments for
Middle East and Europe based clients.


GOA ISPAT: CRISIL Upgrades Rating on INR11.4MM Term Loan to 'BB'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Goa Ispat Ltd to 'BB/Stable' from 'BB-/Stable', while reaffirming
the short-term rating at 'P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR85.00 Million Cash Credit       BB/Stable (Upgraded from
                                                 'BB/Stable')
   INR11.40 Million Term Loan         BB/Stable (Upgraded from
                                                 'BB  /Stable')
   INR50.00 Million Letter of Credit  P4+ (Reaffirmed)

   INR30.00 Million Bank Guarantee    P4+ (Reaffirmed)

The upgrade reflects the company's improved liquidity, driven by
stable net cash accruals and enhanced bank limits. Furthermore,
its financial risk profile remains moderate, marked by low gearing
and sound debt protection metrics, though partially offset by its
small net worth.  CRISIL believes that GIL will maintain its
moderate financial risk profile and stable business risk profile
driven by healthy growth prospects for the iron and steel
industry, coupled with healthy economic growth, over the medium
term.

The ratings reflect GIL's very low profitability, as a result of
intense competition in the thermo-mechanically-treated (TMT) steel
bar industry, and its vulnerability to downturns in the end-user
industry and to volatility in steel prices. These rating
weaknesses are partially offset by GIL's healthy financial risk
profile, its promoters' extensive experience in the steel
industry, and its semi-integrated operations.

Outlook: Stable

CRISIL believes that GIL will maintain its healthy financial risk
profile and continue to benefit from its semi-integrated
operations, over the medium term.  The outlook may be revised to
'Positive' in case GIL's liquidity improves, most likely because
of improvement in profitability and cash accruals.  Conversely,
the outlook may be revised to 'Negative' if GIL's financial risk
profile deteriorates, most likely because of a large, debt-funded
capital expenditure, or reduced cash accruals as a result of
pressure on margins driven by volatility in steel prices.

                          About Goa Ispat

GIL manufactures TMT steel bars, mild steel ingots, and structural
steel products such as angles and channels.  The company's
manufacturing units at Goa have the capacity to manufacture 30,000
tonnes per annum (tpa) of ingots and 60,000 tpa of TMT bars and
structural steel products.  GIL manufactures TMT bars of diameters
ranging from 8 millimetres (mm) to 32 mm for sale under its Amba
Shakti brand.  The company is a part of the Amba group, which
includes other steel-manufacturing entities such as Amba Shakti
Ispat Ltd (rated 'B-/Negative/P4' by CRISIL), Amba Metal (rated
'B-/Negative/P4' by CRISIL).

GIL reported a profit after tax (PAT) of INR8 million on net sales
of INR1.5 billion for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR13 million on net sales of
INR1.7 billion for 2008-09.


G P ISPAT: CRISIL Reaffirms 'BB' Rating on Long-Term Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of G P Ispat Pvt Ltd (GP;
part of the GP group) continue to reflect the GP group's large
working capital requirements, and limited pricing flexibility
because of intense competition in the steel industry.  These
rating weaknesses are partially offset by the GP group's moderate
business risk profile, supported by its integrated operations.

   Facilities                        Ratings
   ----------                        -------
   INR146.2 Million Long-Term Loan   BB/Stable (Reaffirmed)
   INR390.0 Million Cash Credit      BB/Stable (Reaffirmed)
   INR50.0 Million Bank Guarantee    P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GP, Super Iron and Steel Pvt Ltd, and
Buland Ingot Pvt Ltd, collectively referred to as the GP group.
This is because the entities have operational and financial
linkages with each other, and have a common management. In March
2009, GP acquired the property, plants, and equipment (PPE) of
BIPL (manufactures ingots and billets, with capacity of 3,000
tonnes per month). BIPL's standalone scale of operations were
negligible in 2009-10 (refers to financial year, April 1 to
March 31) as a result of the acquisition.

Outlook: Stable

CRISIL believes that the GP group will continue to benefit from
its moderate business risk profile, and maintain its moderate
financial risk profile, backed by limited capital expenditure
(capex) plans and stable cash accruals, over the medium term.  The
outlook may be revised to 'Positive' if the GP group's initiatives
to backward-integrate its operations improve its operating
efficiencies and profitability.  Conversely, the outlook may be
revised to 'Negative' if the group faces significant pressure on
its revenues and profitability because of adverse market
conditions, or if it undertakes a larger-than-expected, debt-
funded capex programme, thereby weakening its capital structure.

Update

The GP group's turnover in 2009-10 increased by 13 per cent over
that in 2008-09 -- however, the growth has continuously suffered
because of the adverse market conditions during 2009-10 and
2010-11.  The group's liquidity remains weak because of its
working-capital-intensive operations and slowdown in business; its
bank limits of INR437.5 million were almost fully utilized in the
10 months ended February 28, 2011.  However, the group's estimated
cash accruals are expected to be sufficient to meet its maturing
term debt obligations of INR36 million in 2011-12.

GP reported, on standalone basis, a profit after tax (PAT) of
INR7.00 million on net sales of INR2.21 billion for 2009-10,
against a PAT of INR24.00 million on net sales of INR1.96 billion
for 2008-09.  The GP group reported a PAT of INR11.00 million on
net sales of INR2.21 billion for 2009-10, against a PAT of
INR40.00 million on net sales of INR1.96 billion for 2008-09.

                           About the Group

GP was incorporated in 2005, promoted by Mr. Pritpal Singh
Chandhok and Mr. Jagdish Singh Saini, and their sons, Mr. Gurpreet
Singh Chandhok and Mr. Sunny Saini. GP manufactures high-strength
deformed steel reinforcement bars (rebars) for concrete and
thermo-mechanically treated bars. Its plant at Raipur
(Chhattisgarh) has capacity to produce 140,000 tonnes of rebars
per annum. The company expanded its production capacity by 107,000
tonnes per annum in 2008-09; the expanded capacity was
commissioned in March 2009.  It also manufactures ingots and
billets, and has capacity of 3,000 tonnes per month. SIS has
induction furnaces with combined capacity to produce 4,000 tonnes
of ingots per month.


LILY JEWELLERY: CRISIL Reassigns 'B-' Rating to Packing Credit
--------------------------------------------------------------
CRISIL has reassigned its 'B-/Stable' rating to the packing credit
and post-shipment credit facilities of Lily Jewellery Pvt Ltd;
these facilities were earlier short-term facilities and were rated
'P4' by CRISIL.  The rating on the bank guarantee facility has
been reaffirmed at 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR60.00 Million Packing Credit    B-/Stable (Reassigned from
                                                 'P4')

   INR166.00 Million Post Shipment    B-/Stable (Reassigned from
                            Credit               'P4')

   INR35 Million Bank Guarantee       P4 (Reaffirmed)

CRISIL's ratings on the bank facilities of the Dynamix group
continue to be constrained by delays in repayment of term loan
obligations by a group company, Rolly Jewellery Pvt Ltd.  The
ratings also factor in the Dynamix group's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
its large working capital requirements, and geographical
concentration in its revenue profile.  These weaknesses are
partially offset by the Dynamix group's moderate market position
in the jewellery industry.

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

Outlook: Stable

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

                          About the Group

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

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

Lily, on a standalone basis, reported a profit after tax (PAT) of
INR11 million on net sales of INR299 million for 2009-10 (refers
to financial year, April 1 to March 31) as against a PAT of INR24
million on net sales of INR701 million in the previous year.


MAA VAISHNO: CRISIL Reaffirms 'B+' Cash Credit Rating
-----------------------------------------------------
CRISIL's rating on the bank loan facility of Maa Vaishno Sales Pvt
Ltd continues to reflect the company's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
and its large working capital requirements.  These rating
weaknesses are partially offset by the benefits that MVSPL derives
from its promoters' experience in the distribution business.

   Facilities                         Ratings
   ----------                         -------
   INR50 Million Cash Credit          B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MVSPL will maintain its healthy business risk
profile, backed by its promoters' experience in the distribution
business, and established relationships with its principals.  The
outlook may be revised to 'Positive' if MVSPL reports substantial
growth in the scale of its operations and profitability, leading
to more-than-expected cash accruals.  Conversely, the outlook may
be revised to 'Negative' if there is significant pressure on the
company's revenues and profitability, leading to deterioration in
its financial risk profile.

Update
MVSPL's revenues in 2009-10 (refers to financial year, April 1 to
March 31) have grown steadily, supported by its established
presence in the market and wide distribution base in West Bengal.
Furthermore, revenues and profitability have improved in 2010-11,
driven by significant increase in copper prices in the year,
resulting in positive price revisions by its principals.  Also,
the bank limits of INR80 million have been utilized at an average
of around 85 percent for the 12 months ended January 2011.

MVSPL reported a profit after tax (PAT) of INR2.1 million on net
sales of INR260 million for 2009-10 against a PAT of INR1.5
million on net sales of INR138 million for 2008-09.

                          About Maa Vaishno

The company was set up as Maa Vaishno Enterprises, a
proprietorship firm, in August 2000 by Mr. Harish Agarwal.  It was
a dealer for Philips India Ltd until 2006.  The company is
currently the distributor of products manufactured by Surya Roshni
Ltd, Finolex Cables Ltd, and Wipro Lighting in West Bengal. MVSPL
caters to around 1000 retailers in its area of operation. MVE was
reconstituted as a closely held company with Mr. Harish Agarwal
and his wife Mrs. Bandana Agarwal as directors with effect from
April 6, 2010.


MANTORA OIL: ICRA Assigns 'LBB' Rating to INR4cr Term Loans
-----------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR4.0 crore term loans
and INR40.0 crore long term fund based limits of Mantora Oil
Products Ltd.  The outlook on the long term ratings is stable.

The ratings are constrained by the high business risks associated
with the edible oil (and related products) industry including high
competitive intensity and fragmentation; vulnerability of
profitability of domestic edible oil players to import pressure
and changes in import duty differential between crude and refined
oil; exposure to volatility in global price movements of both oil
and soymeal; exposure to commodity price and forex risks apart
from agro-climatic risks; and limited growth potential for the
vanaspati segment of the business.  These factors apart, the
ratings are also constrained by the company's moderate
profitability, which has shown wide fluctuations in the past.
Nevertheless, while assigning the ratings, ICRA has favorably
factored in the promoters significant experience and long track
record in the edible oil business; the company's strong regional
market presence in UP region with brand "Bawarchi"; favorable
demand prospects for edible oil in India; modest financial risk
profile represented by low gearing and improved operating
efficiencies arising out of backward integration into solvent
extraction.

Mantora Oil Products Ltd. is the flagship of the Kanpur based
Mantora Group. MOPL is engaged in the manufacture and sale of
refined edible oil, vanaspati and de-oiled cakes.  The company has
a refinery capacity of 49,000 tpa, Vanaspati manufacturing
capacity of 39,000 tpa and Solvent extraction capacity of 180000
tpa, all located in Kanpur, UP. The solvent extraction facility of
the company was commissioned in FY10.  The company sells its range
of Edible Oil and Vanaspati under the "Bawarchi", "Queen",
"Sarsona" and "Sarso-active" brands.


PARAS COTSPIN: CRISIL Assigns 'BB' Rating to INR129MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Paras Cotspin Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR40.0 Million Cash Credit Limit   BB/Stable (Assigned)
   INR129.0 Million Term Loan          BB/Stable (Assigned)
   INR2.5 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect PCL's average financial risk profile, limited
track record in cotton yarn business, and vulnerability of margins
to volatility in cotton prices, as a result of lack of integration
in operations.  These rating weaknesses are partially offset by
stability in revenue visibility for PCL because of stable demand
prospects for the yarn industry, the company's improving operating
efficiencies because of its capacity enhancement, and its small
working capital requirements.

Outlook: Stable

CRISIL believes that PCL will benefit over the medium term from
expected improvement in its operating efficiency and stabilization
of its operations.  The outlook may be revised to 'Positive' if
there is a significant improvement in PCL's capital structure and
a more-than-expected improvement in its profitability.
Conversely, the outlook may be revised to 'Negative' if PCL's
profitability is lower than expected, or it undertakes fresh debt-
funded capital expenditure (capex) programme, thereby weakening
its capital structure.

                        About Paras Cotspin

PCL was promoted by Mr. Dinesh Kataria and his family and friends
in 2007-08 (refers to financial year, April 1 to March 31). It
commenced commercial production in 2008-09, with 2009-10 being its
first full year of operations. The company manufactures cotton
yarn (between 10-18 counts). Its manufacturing facility is in
Samana (Punjab). The company mainly procures comber noil and J-34
cotton from the local market, and manufactures cotton yarn.  It
has an open-ended spinning capacity of around 7,200 tonnes per
annum.

PCL reported a profit after tax (PAT) of INR1.6 million on net
sales of INR271.4 million for 2009-10, against a PAT INR0.6
million on net sales of INR213.1 million for 2008-09.


SARDA PLYWOOD: CRISIL Reaffirms 'BB' Rating on Cash Credit
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarda Plywood
Industries Ltd (SPIL; part of the Sarda group) continue to reflect
the Sarda group's weak financial risk profile, marked by low
operating margin and weak debt protection metrics, and the
susceptibility of its margins to intense competition in the
plywood industry.  These rating weaknesses are partially offset by
the strong market position of the group's Duro brand and the
group's extensive track record in the plywood industry.

   Facilities                         Ratings
   ----------                         -------
   INR273.00 Million Cash Credit      BB/Stable (Reaffirmed)
   INR1.00 Million Long-Term Loan     BB/Stable (Reaffirmed)
   INR9.90 Million Proposed LT Bank   BB/Stable (Reaffirmed)
                      Loan Facility
   INR290.00 Million Letter of Credit P4+ (Reaffirmed)
   INR22.00 Million Bank Guarantee    P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SPIL and PS Plywood Products Pvt Ltd,
together referred to as the Sarda group.  This is because the two
companies have strong operational linkages, and have signed a
licence agreement, whereby PSPPL's manufacturing facilities are
used by SPIL and in return, SPIL pays PSPPL a license fee of
INR2.8 million per month. Furthermore, SPIL owns 46.67 per cent of
PSPPPL's equity share capital.

Outlook: Stable

CRISIL believes that the Sarda group will benefit from the
increasing share of branded products in the plywood industry. This
would help the group increase its scale of operations and improve
its profitability.  The outlook may be revised to 'Positive' if
the group generates more-than-expected cash accruals, driven by
improvement in profitability and working capital management.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile deteriorates, driven by decline in
operating profitability because of volatility in raw material
prices and foreign exchange rates, and adverse changes in timber
export policies of foreign countries.

                           About the Group

SPIL, incorporated in 1957 as a private limited company,
manufactures plywood and allied products.  SPIL was promoted by
the Chitlangia group, which, as on date, owns 41.5 per cent of
SPIL's equity share capital.  The company became a deemed public
limited company in 1974, and is currently listed on the Bombay
Stock Exchange.  In 2007, SPIL acquired 46.67 per cent of equity
share capital of PSPPPL, a plywood manufacturing facility, which
is based in Rajkot (Gujarat).  In 2007-08 (refers to financial
year, April 1 to March 31), SPIL signed a license agreement with
PSPPPL to use PSPPPL's manufacturing facilities, which has a
combined capacity of 3 million square metres (on 4-millimetre
basis) of plywood per annum.

SPIL set up a new plywood manufacturing unit in April 2010,
increasing its installed capacity from 3 million square metres of
plywood per annum to 6 million square metres of plywood per annum.
SPIL sells plywood under the Duro brand. SPIL also owns a bought-
leaf-tea processing factory in Jeypore (Assam) with a tea
processing capacity of 3.7 million kilograms per annum.

The Sarda group reported a profit after tax of INR17.55 million on
net sales of INR1.17 billion for 2009-10, against a net loss of
INR22.21 million on net sales of INR1.03 billion for 2008-09.


SENDOZ IMPEX: CRISIL Rates INR150MM Cash Credit at 'BB-'
--------------------------------------------------------
CRISIL's rating to the bank loan facilities of Sendoz Impex Ltd
(SIL, part of the Sendoz group) continue to reflects the Sendoz
group's constrained financial risk profile, marked by weak
interest coverage and high total outside liabilities to tangible
net worth, and large working capital requirements.  These rating
weaknesses are partially offset by the Sendoz group's favorable
market position in the coal trading industry, supported by its
promoters' extensive industry experience and strong customer
relationships.

   Facilities                         Ratings
   ----------                         -------
   INR150 Million Cash Credit         BB-/Stable
   (Enhanced from INR100 Million)

   INR60 Million Bank Guarantee       P4+
   (Enhanced from INR50 Million)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SIL, Sendoz Commercials Pvt. Ltd, and
Shri Panchmukhi Minerals Co Pvt. Ltd.  This is because these
entities, together referred to as the Sendoz group, are in a
similar line of operations, under common management, and have
fungible cash flows.

Outlook: Stable

CRISIL believes that the Sendoz group's financial profile will
remain constrained due to low profitability and large working
capital requirements.  The outlook may be revised to 'Positive' in
case of significant improvement in the group's financial risk
profile, backed by healthy accruals.  Conversely, the outlook may
be revised to 'Negative' in case of a large debt-funded capital
investment leading to deterioration in its financial risk profile,
or significant stretch in receivables, leading to deterioration in
its liquidity.

SIL, a closely held public limited company, was promoted in 1994
by Kolkata-based Poddar family. The company is engaged in coal
trading and also provides liaising work for companies with coal
linkages.  The group has been in the coal industry since 1972. Its
associate companies, SCPL and SPML, are also in similar
operations.  The group procures coal mainly through auctions from
Coal India Ltd against advance payment; a small proportion is also
purchased from local traders. It supplies coal mainly to companies
in steel and cement industries.

The Sendoz group reported a profit after tax (PAT) of INR19.3
million on operating income of INR2.0 billion for 2009-10, against
a PAT of INR22.3 million on operating income of INR2.7 billion for
2008-09.


SESA INTERNATIONAL: CRISIL Upgrades Rating on Cash Credit to 'BB+'
------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
SESA International Ltd to 'BB+/Stable' from 'BB/Stable'; the
rating on the short-term bank facilities has been reaffirmed at
'P4+'.

   Facilities                            Ratings
   ----------                            -------
   INR375.0 Mil. Cash Credit/Packing     BB+/Stable (Upgraded from
                              Credit                 'BB')
   INR100.0 Million Foreign Usuance      P4+ (Reaffirmed)
   Bills Purchase/ Foreign Documentary
   Bills Purchase

   INR350 Million Bank Guarantee/Letter   P4+ (Reaffirmed)
                              of Credit

The rating upgrade reflects the improvement in SESA's financial
risk profile and maintenance of healthy liquidity.  SESA's
improved financial risk profile is reflected in its healthy ratio
of total outside liabilities to tangible net worth ratio
(TOL/TNW), expected at 2.3 times, and net worth of INR470 million,
estimated as on March 31, 2011.  The company's liquidity continues
to be sound with bank limit of INR450 million being utilised at 44
per cent for the 12 months through February 2011, and unencumbered
cash balance of INR32 million as on Dec. 31, 2010.  The upgrade
also reflects CRISIL's belief that SESA will maintain a stable
operating margin of more than 4.5 per cent, over the medium term.

The ratings reflect SESA's large working capital requirements and
susceptibility to volatility in raw material prices and intense
competition in the steel trading business.  These rating
weaknesses are partially offset by SESA's above-average financial
risk profile, marked by healthy net worth and TOL/TNW ratio,
promoters' extensive industry experience, diversified product
portfolio, and established relationships with suppliers and
customers.

Outlook: Stable

CRISIL believes that SESA will continue to benefit from its
established relationships with its customers and suppliers, over
the medium term.  The outlook may be revised to 'Positive' if the
company's profitability and debt protection metrics improve
significantly.  Conversely, the outlook may be revised to
'Negative' if SESA contracts more-than-expected debt or its
inventory increases significantly.

                       About SESA International

SESA was set up by Mr. Shankar Lal Bagri in 2002. Within two years
of its operations, the company was given the certificate of a star
trading house. SESA exports and imports steel intermediate
products such as sponge iron, ingots, and billets.  SESA exports
to Indonesia, Malaysia, Thailand, Vietnam, Philippines, Sri Lanka,
and Bangladesh; it imports from the Commonwealth of Independent
States, China, and Europe.

SESA reported a profit after tax (PAT) of INR14.3 million on net
sales of INR1756 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR10.6 million on net
sales of INR1337 million for 2008-09.


SEVEN STAR: CRISIL Cuts Rating on INR72MM Term Loan to 'B'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Seven Star Steels Ltd to 'B/Stable' from 'B+/Stable', while
reaffirming the rating on the short-term facility at 'P4'.

   Facilities                           Ratings
   ----------                           -------
   INR85.0 Million Cash Credit Limits   B/Stable (Downgraded from
                                                  'B+')
   INR72.0 Million Term Loan            B/Stable (Downgraded from
                                                  'B+')
   INR6.3 Million Proposed LT Bank      B/Stable (Downgraded from
   Loan Facility                                  'B+')
   INR2.5 Million Bank Guarantee        P4 (Reaffirmed)

The rating downgrade reflects deterioration in SSSL's capital
structure as a result of losses incurred during 2009-10 (refers to
financial year, April 1 to March 31).  The downgrade also reflects
expected weakening in SSSL's liquidity over the medium term
because of the company's proposed, large, debt-funded capital
expenditure (capex) toward capacity expansion and exposure to
associated implementation-related risks.

The ratings reflect SSSL's weak financial risk profile, marked by
small net worth and weak debt protection metrics, incremental
working capital requirements, small scale of operations, expected
pressure on its liquidity because of its large, proposed, debt-
funded capex, marginal market share in the steel industry, and
susceptibility to industry downturn.  These rating weaknesses are
partially offset by SSSL's marginal operating efficiency and
forward integration of operations.

Outlook: Stable

CRISIL believes that SSSL will continue to benefit from its
moderate operating efficiency over the medium term.  However,
SSSL's financial risk profile will remain constrained by its small
scale of operations and cash accruals, and large, proposed debt-
funded capex.  The outlook may be revised to 'Positive' if SSSL's
profitability improves and net worth increases significantly.
Conversely, the outlook may be revised to 'Negative' if SSSL's
operating margin declines because of low capacity utilization, or
it undertakes a larger-than-expected, debt-funded capex programme.

                         About Seven Star

SSSL was acquired by Mr. Nirmal Kumar Bathwal and family in
November 2007. It manufactures sponge iron. SSSL's manufacturing
facility at Jharsuguda (Orissa) has a capacity of 60,000 tonnes
per annum (tpa).  SSSL increased its capacities in February 2008.
SSSL plans to set up an 8-megawatt power plant and an induction
furnace with capacity of 36,000 tpa, for a total expected cost of
INR900 million, funded in a debt-equity mix of 2:1; the project is
expected to be completed by August 15, 2012.

SSSL reported a net loss of INR54.4 million on net sales of
INR555.0 million for 2009-10, against a net loss of INR10.0
million on net sales of INR611.0 million for 2008-09.


SRITHIK ISPAT: ICRA Assigns 'LBB+' Rating to INR6cr Bank Debts
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR 6.00 crore
fund-based bank facilities of Srithik Ispat Private Limited.  The
outlook on the long term rating is 'stable'.

The assigned rating takes into account the long standing
experience of the promoters of SIPL in the iron and steel
business; and the company's moderate gearing and coverage
indicators which indicate a healthy financial risk profile. The
rating also favorably factors in the proximity of SIPL's plant to
its group company that purchases most of the sponge iron produced
by SIPL, the company's access to cheap power from the state
Government and fiscal incentives given by the state Government in
the form of sales tax exemptions, all of which support
profitability. ICRA also notes the favorable outlook for the
construction and the infrastructure segments, which mitigates
demand risks for SIPL's products.  The ratings are constrained by
the small scale of current operations with a limited extent of
value addition; SIPL's significant exposure to price risk on
account of a high level of inventory and the high working capital
intensity of the business which causes liquidity pressures.  The
ratings are also constrained by SIPL's exposure to forex risk
through imports of coal in the absence of a formal hedging
mechanism, and the cyclicality inherent in the steel industry
which is likely to keep SRPL's cash flows volatile.

Incorporated in 2002, SIPL is a part of the Srithik Group and is
engaged in the manufacturing of sponge iron from iron ore and
coal. SIPL has an installed capacity of 18,000 Metric Tonnes Per
Annum (MTPA) at its manufacturing facility in Sanguem, Goa. SIPL
procures iron ore from the states of Karnataka and Goa and imports
coal from South Africa and Indonesia.  More than 70% of the sponge
iron produced is sold to its group company Prateek Alloys Pvt Ltd
(PAPL), which manufactures MS Ingots and the rest is sold to other
steel manufactures in Goa.

Recent Results As per the provisional results for the first nine
months of 2010-11, SIPL reported a profit after tax (PAT) of
INR1.60 crore on an operating income of INR22.85 crore as compared
to a PAT of INR1.32 crore on an operating income of INR34.69
crore, during 2009-10


SRITHIK ROLLING: ICRA Places 'LBB+' Rating on INR7.21cr Bank Loans
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR7.21 crore
fund-based bank facilities of Srithik Rolling Pvt Ltd.  The
outlook on the long term rating is stable.

The assigned rating takes into account the long standing
experience of the promoters of SRPL in the iron and steel
industry; assured supply of Mild Steel (MS) Ingot, which is the
key raw material, from the group company Prateek Alloys Pvt Ltd
(PAPL, rated LBB+/stable by ICRA).  The rating also favorably
factors in the proximity of SRPL's plant to PAPL's plant which
reduces freight cost, access to cheap power from the stage
Government and fiscal incentives given by the state Government in
the form of sales tax exemptions, all of which support
profitability.

ICRA also notes the favorable outlook for the construction and the
infrastructure segments which is likely to ensure a demand growth
for TMT bars.  The rating is, however, constrained by the thin
operating and net margins of the company, on account of low value
addition and weak coverage indicators.  The rating is also
constrained by the company's small scale of operations at present
and it's susceptibility to raw material price volatility, due to
the large inventory held by the company and cyclicality inherent
in the steel industry which is likely to keep SRPL's cash flows
volatile.

Incorporated in 2001, SRPL is part of the Srithik Group and is
engaged in the manufacturing of TMT bars from MS Ingots supplied
solely by the group company Prateek Alloys Pvt Ltd.  SRPL's
manufacturing facility at Bicholim, Goa has an installed capacity
of 18,000 MTPA.  The company sells TMT bars under the brand name
"Srishti" and sells its products to traders and contractors in the
states of Goa, Maharashtra and Karnataka.

Recent Results

As per the provisional results for the first nine months of
2010-11, SRPL reported a profit after tax (PAT) of INR0.59 crore
on an operating income of INR32.20 crore as compared to a PAT of
INR0.23 crore on an operating income of INR41.15 crore, during
2009-10.


SUNPACK BARRIER: CRISIL Reaffirms 'B-' Rating on Term Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sunpack Barrier Films
Pvt Ltd continue to reflect Sunpack's limited track record of
operations leading to low sales, and weak financial risk profile
marked by high gearing, limited financial flexibility, and low
cash accruals vis-a-vis maturing term debt obligations.  These
rating weaknesses are partially offset by the benefits that
Sunpack derives from its presence in the niche segment of
multilayer, high-grade films.

   Facilities                            Ratings
   ----------                            -------
   INR35.0 Million Cash Credit Limit     B-/Negative (Reaffirmed)
   INR119.1 Million Term Loan            B-/Negative (Reaffirmed)

Outlook: Negative

CRISIL believes that Sunpack's financial risk profile will
deteriorate over the medium term, as its scale of operations is
expected to remain small while its term debt obligations are
increasing.  The rating may be downgraded if Sunpack's operating
profitability declines significantly, it generates lesser-than-
expected cash accruals, or it receives lesser-than-expected
financial support from associate concerns or promoter group,
leading to more-than-expected weakening in its financial risk
profile.  Conversely, the outlook may be revised to 'Stable' if
the company's sales increase significantly, resulting in more-
than-expected cash accruals, or if the proportion of the
relatively higher-value-added 7-layered polyethylene films
increase in its product-mix.

Update
Although Sunpack turned profitable in 2009-10 (refers to financial
year, April 1 to March 31), in line with CRISIL's expectations,
its scale of operations remains small, with revenues from job-work
constituting about 80 per cent of its total revenues during the
year. The company has capacities of 290 tonnes per month for
manufacturing 7-layer polyethylene films. Compared to industrial
packaging, such speciality or high-grade packaging yields higher
value; it is generally used for packaging meat, cheese, and other
perishable products (it helps in prolonging shelf life).  Due to
the sensitivity of such products in which these films are being
used, Sunpack's customers have already established supply sources,
mainly imports, and are unwilling to try out new local sources in
spite of price differential of 30-35 per cent.  As a result,
Sunpack has not been able to find steady customers for the 7-layer
films and has been using its equipment to manufacture 3-layer and
5-layer sheets. Low offtake of products have resulted in the
company primarily carrying out low-value-added job-work for other
packaging companies. Consequently, Sunpack's cash accruals are
expected to remain inadequate, in the range of INR14 million to
INR22 million, for meeting its increasing annual maturing debt
obligations (INR24.4 million annually from 2011-12 onwards from
INR12.4 million in 2010-11).  The company has repaid the majority
of its debt through funding support from associate concerns.
CRISIL believes that continuation of, and timeliness in, support
from Sunpack's associates, especially in the wake of doubling
annual repayments, will remain a rating sensitivity factor.

For 2009-10, Sunpack reported net profit of INR4.4 million on net
revenues of INR103.2 million, against a net loss of INR6.7 million
on net revenues of INR77.4 million in the preceding year.

                       About Sunpack Barrier

Incorporated in 2006, Sunpack is part of the Mamta group of
companies promoted by Mr. Mahendra N Patel. The company was
incorporated to set up a flexible packaging and multilayer films
manufacturing unit near Kadi (Gujarat). The unit, which became
operational in 2007, was set up at a cost of around INR200
million, funded through a term loan of INR154 million and through
promoters' funds. The company has installed capacity to
manufacture 3,600 tonnes per annum of co-extruded films.


SWARAJ INDIA: CRISIL Upgrades Rating on INR262M Loan to 'BB'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Swaraj
India Industries Ltd to 'BB/Stable/P4+' from 'D/P5'.

   Facilities                       Ratings
   ----------                       -------
   INR200 Million Cash Credit       BB/Stable (Upgraded from 'D')
   INR262 Million Term Loan         BB/Stable (Upgraded from 'D')
   INR50 Million Letter of Credit   P4+ (Upgraded from 'P5')
                / Bank Guarantee

The upgrade reflects the substantial increase in the scale of
Swaraj's operations, its improved profitability, and the timely
servicing of its debt, backed by its improved liquidity profile.
CRISIL believes that Swaraj will continue to service its debt in a
timely manner, supported by its moderate cash accruals and timely
infusion of funds from promoters.  Its topline, estimated at
INR1.6 billion for 2010-11 (refers to financial year, April 1 to
March 31), has registered a compound annual growth rate of more
than 25 per cent over the past four years, while its operating
margin improved to over 7 per cent in 2010-11 from 2.4 percent in
2007-08.

In tandem with the increase in its scale of operations, Swaraj has
enhanced its bank lines and the promoters have infused equity. The
promoters have infused around INR81 million over the four years
through March 31, 2011.  This has lead to an improvement in the
company's liquidity, which, however, remains constrained. CRISIL
believes that Swaraj will not undertake any large, debt-funded
capital expenditure (capex) programme.

The ratings reflect Swaraj's below-average financial risk profile,
marked by small net worth and high gearing. The ratings also
reflect the company's exposure to risks related to adverse
government regulations and epidemic-related factors, modest,
though expanding, scale of operations, and large working capital
requirements.  These weaknesses are mitigated by Swaraj's
established distribution network, longstanding relations with
suppliers, its adequate operating efficiency, and its decision to
shift its focus to value-added products.

Outlook: Stable

CRISIL believes that Swaraj will maintain its market presence in
dairy industry on the back of its established customer base and
strong relationships with suppliers.  The outlook may be revised
to 'Positive' if there is significant equity infusion to augment
working capital needs, or if there is sharp improvement in
profitability primarily through value-added products. Conversely,
the outlook may be revised to 'Negative' if the company's recently
enhanced and upcoming capacities take longer than expected to
stabilize or if working capital management deteriorates, thereby
weakening its liquidity.

                        About Swaraj India

Set up by Mr. Ranjeetsingh Nimbalkar, Swaraj markets pasteurised
milk. The company has milk processing capacity of 0.6 million
litres per day (lpd), and capacity to manufacture 20 tonnes per
day (tpd) of ghee or 20 tpd of butter (or a mix of both) and 30
tpd of whole milk powder, skimmed milk powder and dairy whitener.
It is in the process of enhancing its milk processing capacities
to 1 million lpd and its ghee/butter manufacturing capacities to
35 tpd. Additionally, it has also set up capacities of 0.2 million
lpd to manufacture ultra-heat-treated milk and enhanced its
packaging capacities threefold (to .15 million lpd).  The entire
capex involves an outlay of an estimated INR200 million of which
around INR150 million has already been incurred. The capex is
being funded at an approximate debt-to-equity ratio of 2:1. The
fresh capacities are expected to commence operations from July
2011.

Swaraj reported a profit after tax (PAT) of INR18.7 million on net
sales of INR1.46 billion for 2009-10, against a PAT of INR14.4
million on net sales of INR1.09 billion for 2008-09.


VARDHMAN TRADING: CRISIL Assigns 'B-' Rating to Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Vardhman Trading Company Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR75.0 Million Cash Credit Limit     B-/Stable (Assigned)
   INR76.7 Million Bills Discounting     P4 (Assigned)
   INR35.0 Million Bank Guarantee        P4 (Assigned)

The ratings reflect VTCPL's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
large, incremental working capital requirements, susceptibility of
margins to volatility in raw material prices, and limited scale of
operations in the highly fragmented building material industry.
These rating weaknesses are partially offset by the extensive
experience of VTCPL's promoters in the building material trading
business and its established relationships with principals.

Outlook: Stable

CRISIL believes that VTCPL's financial risk profile will remain
weak over the medium term because of small net worth, high
gearing, and large working capital requirements. The outlook may
be revised to 'Positive' if VTCPL increases its scale of
operations, leading to more-than-expected cash accruals, while
containing its incremental working capital requirement, or if it
significantly improves its capital structure. Conversely, the
outlook may be revised to 'Negative' if the company's capital
structure deteriorates further or if there is pressure on its
revenues or profitability.

VTCPL was set up in 1981 as a proprietorship firm and
reconstituted as a private limited company in 1995. The company
trades in building materials, such as iron and steel, cement,
asbestos sheets, and construction chemicals.  The company is
managed by Mr. Susheel Jain, his father, Mr. Lakhmi Chand Jain,
and his two brothers, Mr. Sanjay Jain and Mr. Nem Chand Jain.  The
company is an authorised dealer of Steel Authority of India Ltd,
Bhushan Power and Steel Ltd, Essar Steel Ltd, and Rathi Steel and
Power Ltd for their long steel products.  VTCPL is based in
Panipat (Haryana) and supplies mainly to customers implementing
infrastructure projects.

VTCPL reported a profit after tax (PAT) of INR2.1 million on net
sales of INR894 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.7 million on net sales
of INR879 million for 2008-09.


VASCON: CRISIL Downgrades Rating on INR80MM Cash Credit to 'BB'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Vascon
to 'BB/Stable/P4+' from 'BBB-/Stable/P3'.

   Facilities                       Ratings
   ----------                       -------
   INR80.0 Million Cash Credit      BB/Stable (Downgraded from
                                               'BBB-/Stable')

   INR43.5 Million Bank Guarantee   P4+ (Downgraded from 'P3')

The downgrade is driven by deterioration in Vascon's liquidity on
account of stretched receivables.  Increased working capital
requirements and delayed receivables from government entities
necessitated that Vascon avail of an ad-hoc facility from the
banker in November 2010 for two months. However, due to weak
liquidity, the account was regularized only after the scheduled
period was over.  Though the firm has subsequently been sanctioned
higher limits by another banker, CRISIL believes that the firm
will remain exposed to liquidity pressure in the near term, until
its receivables management improves on a sustained basis.

The ratings also reflect Vascon's weak liquidity, small scale of
operations, large working capital requirements, and exposure to
risks related to intense competition in the construction sector
and geographical concentration in revenue.  These rating
weaknesses are partially offset by the experience of Vascon's
promoters, by its established regional market position in the
civil construction business, and above-average financial risk
profile, marked by low gearing and comfortable debt protection
metrics.

Outlook: Stable

CRISIL believes that Vascon will continue to benefit over the
medium term from its long track record of operations and low debt.
The outlook may be revised to 'Positive' if the firm scales up its
operations significantly, without weakening its capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm's
capital structure weakens or profitability declines materially.

                           About Vascon

Set up in 1976, Vascon is a Nagaland-based proprietorship firm
managed by Mr. Rokosalie Angami. Vascon reconstituted from
partnership to proprietorship during 2008-09 (refers to financial
year, April 1 to March 31). It mainly operates in northeastern
India and undertakes civil construction works, which include
construction of buildings, roads, bridges and water supply,
sewerage, and drainage systems. The firm has its head office in
Kohima (Nagaland) and regional offices at Dimapur, Guwahati (both
in Assam), Aizawl (Mizoram) and Gurgaon (Haryana). The firm
generally undertakes government contracts and is a 'Class 1'
contractor for Public Works Department, Nagaland.

Vascon reported a profit after tax (PAT) of INR106.4 million on
net sales of INR673.2 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR84.8 million on
net sales of INR554 million for 2008-09.


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


J-CREM 2 TRUST: Moody's Reviews Ratings on Seven Classes of Certs.
-----------------------------------------------------------------
Moody's Japan K.K. has placed the Class A through F and X trust
certificates under review for possible downgrade.  The final
maturity of the trust certificates will take place in March 2014.

Details follow:

Deal Names: J-CREM 2 Trust

   -- Class A, Aa3 (sf) Placed Under Review for Possible
      Downgrade; previously on June 30, 2010 Downgraded to
      Aa3 (sf) from Aaa (sf)

   -- Class B, Baa2 (sf) Placed Under Review for Possible
      Downgrade; previously on June 30, 2010 Downgraded to Baa2
      (sf) from Aa2 (sf)

   -- Class C, Ba3 (sf) Placed Under Review for Possible
      Downgrade; previously on June 30, 2010 Downgraded to
      Ba3 (sf) from A3 (sf)

   -- Class D, B1 (sf) Placed Under Review for Possible Downgrade;
      previously on June 30, 2010 Downgraded to B1 (sf) from Baa3
      (sf)

   -- Class E, B2 (sf) Placed Under Review for Possible Downgrade;
      previously on June 30, 2010 Downgraded to B2 (sf) from B1
      (sf)

   -- Class F, B3 (sf) Placed Under Review for Possible Downgrade;
      previously on June 30, 2010 Downgraded to B3 (sf) from B2
      (sf)

   -- Class X, Aa3 (sf) Placed Under Review for Possible
      Downgrade; previously on June 30, 2010 Downgraded to
       Aa3 (sf) from Aaa (sf)

J-CREM 2 is a single-borrower/single-asset deal.  The loan is
backed by a large hotel in Urayasu City, Chiba Prefecture.
Because of the March 11 earthquake, nearby facilities have
suspended operations, and the hotel has seen a significant drop in
the number of guests and customers since re-opening.

Moody's has conducted a scenario analysis in which no rent
payments are made, taking into account the potential impact on the
transaction.  According to the analysis, trust distributions are
likely to continue so long as (1) the liquidity reserve at the
borrower level remains sufficient, and (2) servicer advances for
the senior classes of the CMBS trust certificates are available in
accordance with servicer agreement.

However, this review has been prompted by the possibility that (1)
an expected improvement in cash flow may be hindered or delayed
for a prolonged period or (2) the performance of the property may
deteriorate further.

In its review, when measuring the impact on its stabilized
profitability and property value, Moody's will factor the hotel's
operating status once business resumes in full and will then
decide whether to confirm or downgrade the ratings of the Class A
through F and X trust certificates.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan" (June 2010)
published on September 30, 2010, and available on
www.moodys.co.jp.


JLOC 39 TRUST: Moody's Downgrades Ratings on Class A to D Certs.
----------------------------------------------------------------
Moody's Japan K.K has downgraded its ratings on the Class A
through D trust certificates issued by JLOC39 Trust.

Details follow:

   -- Class A, downgraded to Aa1 (sf); previously on Jan 19, 2011
      Aaa (sf) placed under review for possible downgrade

   -- Class B, downgraded to Baa2 (sf); previously on Jan 19, 2011
      A2 (sf) placed under review for possible downgrade

   -- Class C, downgraded to B2 (sf); previously on Jan 19, 2011
      Ba2 (sf) placed under review for possible downgrade

   -- Class D, downgraded to Caa3 (sf); previously on Jan 19, 2011
      B3 (sf) placed under review for possible downgrade

   Deal Name: JLOC 39 Trust

   Classes: A through D trust certificates

   Issue Amount (initial): JPY 40.3 billion

   Dividend: Floating

   Issue Date (initial): December 21, 2007

   Final Maturity Date: April, 2014

   Underlying Asset (initial): 14 specified bonds, a non-recourse
   loan, and cash

   Originator: Morgan Stanley Japan Securities Co., Ltd. (as of
   the issue date)

   Arranger: Morgan Stanley Japan Securities Co., Ltd. (as of the
   issue date)

The JLOC 39 Trust, effected in December 2007, represents the
securitization of 14 specified bonds and a non-recourse loan by
issued to ten borrowers.  The transaction is currently secured by
seven specified bonds backed by eight properties, one of which has
been placed under special servicing.

The originator entrusted the loans to the asset trustee, and
received the Class A through D trust certificates, which it then
sold to investors.  The trust certificates are rated by Moody's.

In this transaction, the loans are divided into two types:
component loans and pooled loans.  Component loans are further
subdivided into senior and junior components.  The senior
component and pooled loans secure the Class A through D and X
trust certificates.

Cash flow allocated to the senior component will be combined with
the cash flow from the pooled loans and used to make the payments
on the Class A through D senior trust certificates sequentially in
all the cases of scheduled amortization, balloon payment at
maturity, voluntary prepayments, and recovery payments from
defaulted loans.

The losses by any defaulted loans allocated to the senior trust
certificates, whether from a component or a pooled loan, will be
aggregated and allocated in reverse sequential order, starting
with the most subordinate class of the trust certificates from
Class D to Class A trust certificates.

Ratings Rationale

The current rating action reflects these factors:

   1) The recovery from the loans may fall below Moody's
      assumptions at the last rating action (February 2010), in
      light of properties' operating status, the types of
      property, and their locations.  Moody's has thus lowered its
      recovery assumptions by approximately 47% (weighted average)
      from its initial assumptions.

   2) In light of Moody's re-assessment, losses on the remaining
      balance of the loans are highly likely and could affect the
      Class D trust certificate negatively.

Moody's will continue to monitor the properties' operating status
and the progress of special servicing.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan" (June 2010)
published on September 30, 2010, and available on
www.moodys.co.jp.

Moody's did not receive or take into account any third-party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


L-JAC 4: Moody's Places Ratings on Review for Possible Downgrade
----------------------------------------------------------------
Moody's Japan K.K. has placed its ratings on the Class A-2 through
G-3 Bonds issued by L-JAC 4 Funding and Class X-1/X-2 Trust
Certificates under review for possible downgrade.

Details follow:

Deal Name: L-JAC 4 Funding

   -- Class A-2, Aa3 (sf) placed under review for possible
      downgrade; previously, downgraded to Aa3 (sf) from Aa2 (sf)
      on June 30, 2010

   -- Class B-2, Baa1 (sf) placed under review for possible
      downgrade; previously, downgraded to Baa1 (sf) from A1 (sf)
      on June 30, 2010

   -- Class C-2, Ba1 (sf) placed under review for possible
      downgrade; previously, downgraded to Ba1 (sf) from A3 (sf)
      on June 30, 2010

   -- Class D-3A, B1 (sf) placed under review for possible
      downgrade; previously, downgraded to B1 (sf) from Ba1 (sf)
      on June 30, 2010

   -- Class D-3B, B1 (sf) placed under review for possible
      downgrade; previously, downgraded to B1 (sf) from Ba1 (sf)
      on June 30, 2010

   -- Class E-3, B2 (sf) placed under review for possible
      downgrade; previously, downgraded to B2 (sf) from Ba2 (sf)
      on June 30, 2010

   -- Class F-3, B3 (sf) placed under review for possible
      downgrade; previously, downgraded to B3 (sf) from Ba3 (sf)
      on June 30, 2010

   -- Class G-3, B3 (sf) placed under review for possible
      downgrade; previously, downgraded to B3 (sf) from B1 (sf) on
      June 30, 2010

   -- Class X-1, Aa3 (sf) placed under review for possible
      downgrade; previously, downgraded to Aa3 (sf) from Aa2 (sf)
      on June 30, 2010

   -- Class X-2, Aa3 (sf) placed under review for possible
      downgrade; previously, downgraded to Aa3 (sf) from Aa2 (sf)
      on June 30, 2010

L-JAC 4 is a single-borrower/single-asset deal.  The loan is
backed by a large hotel in Urayasu City, Chiba Prefecture.
Because of the March 11 earthquake, the hotel and nearby
facilities have also suspended operations.

Moody's has conducted a scenario analysis in which no rent
payments are made, taking into account the potential impact on the
transaction.  According to its analysis, note principal/interest
payments are likely to continue so long as (1) the liquidity
reserve at the borrower level remains sufficient, and (2) servicer
advances for the senior classes of the CMBS notes are available in
accordance with the servicer agreement.

However, this review has been prompted by the possibility that (1)
an expected improvement in cash flow may be hindered or delayed
for a prolonged period or (2) the performance of the property may
deteriorate further.

In its review, when measuring the impact on its stabilized
profitability and property values, Moody's will factor the hotel's
operating status once business resumes in full, and will then
decide whether to confirm or downgrade the ratings of Class A-2
through G-3 Bonds and X-1 and X-2 Trust Certificates.

The principal methodology used in this rating was Moody's
"Updated: Moody's Approach to Rating CMBS Transactions in Japan
(June 2010)," published on September 30, 2010, and available on
www.moodys.co.jp


SAIZEN REIT: Moody's Reviews 'Caa1' Rating for Possible Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed the Caa1 corporate family
rating of Saizen Real Estate Investment Trust under review for
possible upgrade.

The review follows Saizen's announcement that it has approved a
loan repayment plan and presented it to the servicer of the YK
Shintoku loan on April 6, 2011.

"The repayment plan is a positive action in resolving the
defaulted commercial mortgaged-backed-securities loan of YK
Shintoku which has a current net outstanding amount of JPY4.2
billion," says Philipp Lotter, a Moody's Senior Vice President.

"Saizen's estimated cash of around JPY3.4 billion as of December
31, 2010, and its ability to complete recent asset sale will be
favorable to completing the repayment plan" Lotter continues.

Saizen plans to repay the defaulted YK Shintoku loans in several
installments, mainly from cash on hand, and proceeds from further
property sales under YK Shintoku, YK Shingen or YK Keizan.  The
final installment is expected to be repaid by end-May 2011.

After the settlement of defaulted YK Shintoku loans, the next
material debt of JPY5.7 billion will mature in 2013.  Moody's
estimates that Saizen has unencumbered assets of around JPY11.5
billion which are available to repay the loans to YK Shintoku and
other maturing debts.

In its review, Moody's will focus on (1) Saizen's ability to
sustain its credit profile after the repayment of the defaulted
loan of YK Shintoku; (2) its future strategies and ability to
access funding; and (3) ongoing concerns over the extent of damage
caused by the earthquake and tsunami in March 2011, although
Moody's also notes that no major damage has been assessed to date.

The last rating action with respect to Saizen was taken on June
25, 2010, when the outlook of its Caa1 corporate family rating was
revised to stable from negative.  At the same time, the Caa1
rating was affirmed.

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

Saizen REIT is a multi-family REIT investing in Japanese regional
residential properties. It listed on the Singapore Stock Exchange
in November 2007.  It currently has a portfolio of 142 properties,
primarily for residential purposes, in over 13 regional cities in
Japan, and a total property asset value of JPY37.1 billion (S$550
million).  For the year ending June 30, 2010, Sapporo was the
largest contributor of rental income, representing 25.5% by
revenue, followed by Hiroshima (18.0%), and Kumamoto (15.0%).


TAKEFUJI CORP: Administrator Names A&P as Preferred Bidder
----------------------------------------------------------
The Mainichi Daily News reports that the court-appointed
administrator of Takefuji Corp. said Monday it has decided to give
South Korea's A&P Financial Co. preferential negotiating rights in
becoming the sponsor for its rehabilitation.

The Mainichi Daily relates that the South Korean consumer lender
will be formally designated as the sponsor around the end of April
after gaining approval from the Tokyo District Court.

The announcement signifies a step forward for Takefuji, which is
keen on restarting its lending business as soon as possible, while
A&P Financial appears eager to enter Japan's consumer loan market,
The Mainichi Daily says.

                  A&P's Win in Bidding Spurs Complaints

The Wall Street Journal reports that bondholders and a rival
bidder are questioning the way Takefuji's court administrators
have handled the sale process.

In the final round of bidding that ended March 31, the Journal
relates, U.S. private-equity fund TPG Capital, Cerberus Capital
Management LP and Japanese consumer lender J-Trust Co. also
submitted bids.

According to the Journal, J-Trust on Friday expressed frustration
over the handling of the sale by Takefuji's court-appointed
administrators.  J-Trust, which was considered a strong contender
after securing financial backing from Goldman Sachs Group Inc.,
said it pulled out of the bidding.  J-Trust said Takefuji's
administrators weren't focused on creditors' best interests, and
that the process wasn't sufficiently transparent and fair, the
Journal relates.

A J-Trust official said the firm's submitted price of JPY31
billion ($365.4 million) for Takefuji was among the highest and
that the price offered by A&P seemed to have been lower, the
Journal says.  J-Trust also said it had been prepared to take on
700 employees, the Journal adds.

A&P said in a statement that "while the company cannot reveal the
exact acquisition price at this time, the bid is lower than" the
range of between KRW800 billion and KRW1 trillion ($739 million
and $923.8 million)," according to the Journal.

"The whole process of this case is being handled with a lack of
transparency," the Journal quotes Satoshi Oikawa, a lawyer
representing some Takefuji customers who have requested interest
repayments.

The Journal notes that Mr. Oikawa said Takefuji administrators
haven't replied to the group's inquiries, except to say they
disclose necessary information on the company's Web site.

The debt-repayment ratio for both debt holders and customers who
are to be repaid interest payments will likely be a few percent,
Mr. Oikawa predicts.

A group of bondholders has also questioned the way Takefuji
administrators are handling the bidding process, saying disclosure
isn't sufficient, the Journal reports.

Takefuji Corp. filed a bankruptcy petition with the Tokyo District
Court on September 28, 2010, with debts of JPY433.6 billion.
Bloomberg News said the company has become the biggest casualty of
Japan's four-year crackdown on coercive lending practices by
consumer finance companies.  The lender is seeking to restructure
as borrower claims of overpaid interest are estimated to exceed
JPY1 trillion.

                           About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.


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


AMI INSURANCE: Faced Receivership Without Government Support
------------------------------------------------------------
Natalie Slade at Interest.co.nz reports that Prime Minister John
Key said AMI Insurance would have gone into receivership if the
government did not give it support for its credit rating.

As reported in the Troubled Company Reporter-Asia Pacific on
April 8, 2011, The New Zealand Herald said that New Zealand's
government had announced a support package for AMI Insurance that
Finance Minister Bill English acknowledges could top NZ$1 billion
and leave the Crown liable for up to NZ$200 million a year in
ongoing claims.

Interest.co.nz says the government stepped in last week to
guarantee AMI policy holders if the insurance company had
exhausted its own reserves due to the financial hit caused by the
two Christchurch earthquakes on September 4 and February 22.

According to the report, AMI approached the government on March 9
about a possible shortfall in its reserves, after which the
government gave AMI a letter of support to take to credit rating
agency AM Best two weeks later.  AM Best downgraded AMI by two
notches from A+ to A-, making no mention of the government
support, Interest.co.nz adds.

"If we didn't stand behind that company then it would have gone
into receivership, and the reason for that is it wouldn't have got
its credit rating, and so it would have gone into receivership,"
Mr. Key said on TV1's Breakfast programme, according to
Interest.co.nz.

"Now if it goes into receivership -- unless it could raise capital
very quickly, and that's unlikely -- if it went into receivership,
85,000 policy holders in Christchurch would be left in the lurch,"
Mr. Key said.

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


DESIGNLINE INTERNATIONAL: Liquidation Hearing Adjourned to May 3
----------------------------------------------------------------

Tamlyn Stewart at BusinessDay.co.nz reports that applications for
the liquidation of Rolleston bus-maker DesignLine International
Holdings (NZ) have been adjourned to allow the parties to seek a
settlement agreement.

According to the report, ENI Engineering Limited and Lysaght
Limited have both applied for the liquidation of cash-strapped
DesignLine but on Tuesday sought an adjournment until May 3 to
allow them to seek a settlement agreement with the bus-maker.

PricewaterhouseCoopers appeared in support of the creditors'
liquidation applications, BusinessDay.co.nz says.

BusinessDay.co.nz notes that Reflex Industrial Holdings withdrew
its application for DesignLine's liquidation at the end of last
month, after it reached a settlement with the American-owned bus-
maker.

BusinessDay.co.nz notes that DesignLine said a year ago it was
struggling to pay its suppliers.

In mid-February, BusinessDay.co.nz relates, DesignLine announced a
US$30 million joint venture with Liberty Automotive for the
building of a plant in Abu Dhabi in the United Arab Emirates and
said it expected to more than double its current workforce in both
Charlotte and Christchurch.

DesignLine International was founded in 1985 by Ashburton
entrepreneur John Turton.   The buses were sold locally and also
exported.  BusinessDay says Mr. Turton sold a large part of the
company to U.S. investors Buster and Brad Glosson at the end of
2006.  DesignLine has about 80 staff at its Rolleston operations.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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

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

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


                            *********


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

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

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

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

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





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