TCRAP_Public/110414.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

              Thursday, April 14, 2011, Vol. 14, No. 74

                            Headlines



A U S T R A L I A

ARASOR INT'L.: Placed in Liquidation
EQUITITRUST CAPITAL: Faces Potential Investors Class Action Suit
FINCORP INVESTMENTS: Director Imprisoned for Dishonesty Offences
REDGROUP RETAIL: Franchise Terminations Baseless: Administrator
TRIO CAPITAL: Government to Pay Trio Victims AU$55-Million


C H I N A

CHINA RUITAI: Reports US$6.86 Million Net Income in 2010
CHINA TEL GROUP: Acquires 51% Equity Stake in VN Tech
CHINA TEL GROUP: Inks Assignment Agreement With Trussnet Capital


H O N G  K O N G

GALLAS PUBLISHING: Annual Meetings Set for May 12
GOLD BEAM: Haughey and Yeung Appointed as Liquidators
HILSTON INVESTMENTS: Members' Final Meeting Set for May 9
HIROYOSHI WORLDWIDE: EFP Rotenberg Raises Going Concern Doubt
MAN TUNG: Members' Final Meeting Set for May 11

PERTH INVESTMENTS: Members' Final Meeting Set for May 9
ROUNDTABLE HK: Chu Kam Chiu Steps Down as Liquidator
SAN SANG: Placed Under Voluntary Wind-Up Proceedings
SEAPOWER CONSORTIUM: Final Meetings Set for May 12
TONIC TECHNOLOGY: Placed Under Voluntary Wind-Up Proceedings

TONIC TRADING: Placed Under Voluntary Wind-Up Proceedings


I N D I A

916 EPARI: CRISIL Rates INR70 Million Cash Credit at 'BB-'
ANSHUL SPECIALTY: ICRA Places 'LBB+' Rating to INR4.95cr Term Loan
BALLARD STEELS: ICRA Assigns 'LBB-' Rating to INR2cr LT Loan
CHANDI STEEL: CRISIL Assigns 'B-' Rating to INR115MM LT Loan
GAJANAN AGRO: Fitch Affirms National LT Rating at 'BB-(ind)'

HEMANT GOYAL: ICRA Upgrades Rating on INR30MM Term Loan to 'B'
HINDUJA FOUNDRIES: ICRA Reaffirms 'LBB+' Rating to USD20MM Loan
IMPEX FERRO: Fitch Assigns 'C(ind)' National Long-Term Rating
INFRADEVELOPERS PRIVATE: ICRA Assigns 'LBB-' Rating to Term Loan
LEELA GOLD: CRISIL Reaffirms 'B' Rating on INR35MM Cash Credit

MANAPPURAM JEWELLERS: ICRA Rates INR74cr LT Loan at 'LBB+'
OSWAL KNIT: Fitch Assigns 'BB-(ind)' National Long-Term Rating
PRASOL CHEMICALS: CRISIL Assigns 'BB+' Rating to INR225MM LT Loan
PRATEEK ALLOYS: ICRA Puts 'LBB+' Rating to INR5cr Bank Facilities
RADHE ALLOY: ICRA Assigns 'LBB-' Rating to INR2.5cr Bank Limits

ROYAL CHAINS: CRISIL Assigns 'BB+' Rating to INR140MM Cash Credit
SAI PAVANI: ICRA Assigns 'LB+' Rating to INR10cr Bank Facilities
SAMBASADASHIV COLD: ICRA Rates INR7cr Term Loan at 'LB+'
SYSTEMS & COMPONENTS: ICRA Puts 'LBB+' Rating on INR4.05 Bank Loan


I N D O N E S I A

BERAU ENERGY: S&P Raises Corporate Credit Rating to 'BB-'
INDIKA ENERGY: Moody's Upgrades Rating to B1, Outlook Positive
INDIKA ENERGY: Fitch Affirms Issuer Default Rating at 'B+'


J A P A N

ORIX-NRL: S&P Lowers Rating on Class D Cert. to 'CCC' from 'B-'


N E W  Z E A L A N D

CRAFAR FARMS: Shanghai Pengxin's Bid Expected This Week
SOUTH CANTERBURY FINANCE: Sells Helicopters (NZ) for $160 Million
WESTERN PACIFIC: Owes NZ$3.8 Million to Creditors


                            - - - - -


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


ARASOR INT'L.: Placed in Liquidation
------------------------------------
Russell Emmerson at The Advertiser reports that directors of
Arasor International have placed the company into liquidation.

The Advertiser relates that Former Chief Executive William
Mackenzie -- acting in an advisory capacity -- said at February's
annual general meeting that the company had only about AU$70,000
cash but would consider administration if reserves dwindled to
AU$40,000.

The company, which came to prominence about five years ago when it
promoted the benefits of laser television technology, told the
market that it had reached the final point, The Advertiser says.

"Arasor International wishes to announce that following extensive
investigations to seek out a potential business to acquire and
take control of Arasor to create value for shareholders and
creditors, it has, unfortunately, been unable to reach agreement
on a proposal," Arasor said in a statement.

According to the report, the company was investigating a backdoor
listing with a small Australian tech firm, a process that started
with national advertisements in December.

The Advertiser notes that the appointment of a liquidator may
provide bittersweet relief for shareholders, who have been unable
to trade since shares were suspended at 2.4c in February 2009 for
failing to deliver its financial reports on time.

The Advertiser relates that investors have said on bulletin boards
they have been waiting for the company to enter administration in
the hope it would trigger the only benefit they saw remaining in
the company, the individual capital loss.

Others have been eagerly waiting on news of recovery of an
estimated US$20 million Indian debt and a US$10 million guarantee
from former chairman, Simon Cao.

It is unclear where the liquidation leaves these claims,
particularly benefits it claims through its failed U.S.
subsidiary, The Advertiser adds.

                      About Arasor International

Based in Australia, Arasor International Limited (ASX:ARR) is
engaged in developing and marketing of optical chips, components,
modules and subsystems.  During the year ended Dec. 31, 2009, the
Company continued to pursue the possibility of making its ZTEI
joint venture with ZETEI in Tianjin, China operational; and the
collection from outstanding Indian receivables and funding these
principal pursuits by the sale of non-core assets.  Among its
fully owned subsidiaries are: Arasor International Group Holding
Limited Company (AIG), Arasor Cayman Acquisition Company Ltd,
Arasor Acquisition Company Inc., Arasor Corporation, Inc, Arasor
GuangZhou Co., Limited, Arasor Shanghai Co., Limited and Bandwith
Foundry International Pty Ltd.


EQUITITRUST CAPITAL: Faces Potential Investors Class Action Suit
----------------------------------------------------------------
The Sydney Morning Herald's BusinessDay reports that Equititrust
Capital faces a potential class action from investors in its
troubled Equititrust Income Fund after the Gold Coast mortgage
fund operator ceased income distributions last week and flagged
losses on unitholders' AU$200 million investment.

BusinessDay relates that law firm Piper Alderman said it has
received financial backing from a litigation funder to investigate
potential claims by EIF unitholders.

According to BusinessDay, Piper Alderman partner Amanda Banton
said "a litigation funder has agreed in principle to make funding
available to unit holders to pursue a class action to recover what
are anticipated to be substantial losses given the present
financial position of EIF."

The investigation, says BusinessDay, is expected to look at
potential claims against EIF's directors for allegedly breaching
their statutory and fiduciary duties to the fund.

This includes payments to Equititrust, as the fund's manager,
which the law firm does not consider bona fide, BusinessDay notes.
In the second half of last year, BusinessDay says, EIF paid
Equititrust AU$4 million, leaving the fund with almost no cash by
year's end.

Also under investigation are possible unauthorized and imprudent
investments, BusinessDay adds.

BusinessDay revealed this week that the fund was almost out of
cash early this year when it asked NAB for a halt to repayments
while it put forward a new debt proposal and considered a
restructure.

The company said it would offer an update on distributions within
a month, and finalise valuations and unit pricing of the EIF and
another fund under review -- the Equititrust Premium Fund --
within 90 days, BusinessDay adds.

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

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


FINCORP INVESTMENTS: Director Imprisoned for Dishonesty Offences
----------------------------------------------------------------
Eric Krecichwost, former chairman and CEO of Fincorp Investments
Limited, was sentenced Friday in the Parramatta District Court in
relation to three offences against s184(2)(a) of the Corporations
Act.  The offences relate to the dishonest use of his position as
a company director with the intention of gaining an advantage for
himself and others.

District Court Judge Woodburne sentenced Mr. Krecichwost to
imprisonment for three years and six months with a requirement he
serve eight months before being eligible for parole.  The
non-parole period was significantly reduced because of exceptional
circumstances relating to the effect that imprisonment would have
upon a dependent of Mr. Krecichwost.  The maximum penalty for each
offence is five years imprisonment and/or a AU$220,000 fine.

Mr. Krecichwost will also be disqualified from managing a
corporation in Australia, including acting as director of a
company, for five years from the date of his release from prison,
pursuant to Section 206B of the Corporations Act.

Mr. Krecichwost was convicted of the three offences in February
this year.  A District Court jury found that in September and
October 2003 he dishonestly signed three company cheques for
AU$900,000; AU$825,000; and AU$1,980,000 to pay for services that
were never provided.  Mr. Krecichwost personally received most of
the proceeds from those cheques.

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

                            About Fincorp

Fincorp Group -- http://www.fincorp.com.au/-- is a boutique
funds management and property development business that
focuses on mortgage-backed and property products.  It is based
in Grosvenor Place, Sydney, with around 40 employees across New
South Wales, Victoria, and Queensland.

Two companies with the Fincorp Group (Fincorp Financial Services
Limited and Fincorp Managed Investments Limited) hold Australian
Financial Services Licenses and act as Responsible Entities
under the Corporations Act 2001.  Fincorp and its Funds are
regulated by the Australian Securities and Investment
Commission.

                          *     *     *

On March 27, 2007, the Troubled Company Reporter-Asia Pacific
reported that Fincorp Group went into administration with
AU$290 million in debt, of which AU$200 million were owed to
investors and AU$90 million to external financiers.

David Winterbottom was appointed as administrator together with
Mark Korda and Lachlan McIntosh, partners at corporate recovery
firm KordaMentha.

The TCR-AP cited a report from The Australian, published on March
26, 2007, that Fincorp Group has reportedly been struggling under
heavy inter-company debt loads and negative cashflow.


REDGROUP RETAIL: Franchise Terminations Baseless: Administrator
---------------------------------------------------------------
The Administrators of REDgroup Retail Pty Ltd. said that they have
initiated court proceedings against the breakaway Angus &
Robertson franchisee group that last week purported to terminate
their agreements with the parent company.

The Administrator, Ferrier Hodgson partner Steve Sherman, said
that following legal advice, he was convinced the franchisee
group's actions were baseless.  He said that at no time has Angus
& Robertson breached the relevant franchise agreements and that
the Administrators would be seeking recovery in the courts -- as
required by law.

"We have reviewed their notices of termination and are confident
there is no proper basis for termination of the franchise
agreements," Mr. Sherman said.  "Consequently, in order to protect
the interests of the unsecured creditors and to preserve the
integrity of the REDgroup companies, we have commenced proceedings
seeking confirmation that the terminations are invalid and
unlawful and that the franchise agreements remain on foot.  We
will also be seeking orders for recovery of the arrears owed to
Angus & Robertson under those agreements."

Mr. Sherman said that as Administrator, he has a responsibility to
pursue these arrears on the behalf of all creditors and that the
action was a necessary step in preserving the integrity of
REDgroup.

                          About REDgroup Retail

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

                       *     *     *

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

The REDgroup companies in Administration include:

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


TRIO CAPITAL: Government to Pay Trio Victims AU$55-Million
----------------------------------------------------------
The Sydney Morning Herald reports that the federal government on
Tuesday awarded AU$55 million to investors who lost money in Trio
Capital.  The compensation, according to the report, will return
100 cents in the dollar to more than 5,000 investors, many of them
retirees.

The move was portrayed by Assistant Treasurer Bill Shorten as
vital to shore up confidence in the superannuation system, SMH
says.

SMH relates that the compensation marks the end of a tortuous path
for some Trio investors after regulators took over Trio Capital in
December 2009, and froze more than AU$400 million in investments.

It lifts the payout to 100% from the previous level of 90% when
superannuation investors in Commercial Nominees were compensated
for losses of AU$30 million in 2002, SMH notes.

SMH states that the compensation measure, however, is limited to
5,385 investors in government-regulated superannuation funds,
including more than 2500 in New South Wales.

The distinction means do-it-yourself superannuation investors,
among those who lost another AU$120 million in two Trio hedge
funds, will not be compensated, SMH adds.

                         About Trio Capital

Trio Capital Limited was formerly known as Astarra Capital Limited
and prior to that Tolhurst Capital Limited.  Trio is one of around
26 entities that held a licence to act both as a superannuation
fund trustee and the responsible entity of managed investment
schemes.

As super fund trustee, Trio operated five super funds worth
AU$300 million and with 10,000 investors.  Trio invested the
superfund money it was entrusted in various proportions among the
17 active managed investment schemes Trio operated as responsible
entity.

Trio's managed investment schemes were also available to non-super
fund investments, and around AU$126 million from around 700
investors was contributed among Trio's various managed investment
schemes.

Trio also operated a superfund administration service, which
provided back-office superannuation administration to its own, and
five third party superannuation trustees.

Trio is now operated by Liquidators - PPB.   The role that Trio
played as a superannuation trustee has been moved to a McGrath
Nicol entity (ACT Super).

On March 19, 2010, after an application from PPB, the NSW Supreme
Court ordered that these Trio schemes be wound up:

   -- Asttar Wholesale Portfolio Service;
   -- Asttar Portfolio Service (formerly known as Astarra
      Diversified No. 4 Pool);
   -- Astarra Overseas Equities Pool;
   -- Astarra Strategic Fund; and
   -- ARP Growth Fund.


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C H I N A
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CHINA RUITAI: Reports US$6.86 Million Net Income in 2010
--------------------------------------------------------
China Ruitai International Holdings, Co., Ltd., reported net
income of US$6.86 million on US$43.18 million of sales for the
year ended Dec. 31, 2010, compared with net income of US$5.62
million on US$35.73 million of sales during the prior year.

The Company's balance sheet at Dec. 31, 2010 showed US$110.97
million in total assets, US$81.07 million in total liabilities and
US$29.90 million in total equity.

"We have seen another year of consistent growth as we the top line
and bottom line increased by 20%," began Chairman Dianmin Ma of
China Ruitai.  "With escalating demand for our product from
pharmaceutical, food and cosmetics customers and a dedicated sales
team catering to their needs, we anticipate further margin
improvements as we move into 2011.  We are well positioned to
capture further market share by leveraging our recognized brand to
win business.  As the competitive landscape narrows due to smaller
non-compliant facilities closing, we are optimistic about enhanced
pricing power and leading position in the marketplace."

A full-text copy of the press release announcing the financial
results is available for free at http://is.gd/GlcGfw

                         About China Ruitai

Shandong, China-based China Ruitai International Holdings Co.,
Ltd., was organized under the laws of the State of Delaware on
Nov. 15, 1955, under the name "Inland Mineral Resources Corp."
Currently, the Company, through its wholly-owned subsidiary,
Pacific Capital Group Co., Ltd., a corporation incorporated under
the laws of the Republic of Vanuatu, and its majority-owned
subsidiary, TaiAn RuiTai Cellulose Co., Ltd., a Chinese limited
liability company, is engaged in the production, sales, and
exportation of deeply processed chemicals, with a primary focus on
non-ionic cellulose ether products in the People's Republic of
China as well as to the United States, Europe, Japan, India and
South Korea.

As reported by the TCR on April 8, 2011, Bernstein & Pinchuk LLP,
in New York, after auditing the Company's financial statements for
the year ended Dec. 31, 2010, expressed substantial doubt about
China Ruitai's ability to continue as a going concern.  The
independent auditors noted that the Company has negative working
capital.


CHINA TEL GROUP: Acquires 51% Equity Stake in VN Tech
-----------------------------------------------------
China Tel Group, Inc., has signed a subscription and shareholder
agreement with Shenzhen VN Technologies Co., Ltd.  The parties
will form a joint venture operating company that will manufacture,
distribute and sell hydrogen fuel cell systems.  ChinaTel is
paying VN Tech five million shares of its Series A common stock in
exchange for a 51% stake in the joint venture.  VN Tech is
transferring to the joint venture its intellectual property rights
and its relationships with key industry members in the Peoples
Republic of China in exchange for a 49% stake in the joint
venture.  The transaction has been structured to allow ChinaTel to
report the results of the venture's operations on ChinaTel's
consolidated financial statements in the same manner as its other
subsidiaries.

The venture will deliver fuel cell systems that satisfy the
telecommunication industry standard to provide back-up battery
power to operate data centers and remotely located infrastructure
equipment during periods where primary electrical transmission is
interrupted for any reason.  Hydrogen fuel cell systems provide an
operator long term cost savings and other advantages compared to
conventional back-up power sources.  For example, back-up power
for a modern wireless base transceiver station typically relies on
a lithium-ion or other rechargeable battery that costs US$2,500-
US$3,500 and weighs approximately 350 kg.  These BTS batteries
draw electrical power to maintain their charge, require periodic
maintenance and replacement every 2-3 years (with environmental
burdens related to disposal), and have a back-up storage capacity
of only 4 hours before needing to be supplemented by diesel or
gasoline generators.  Hydrogen based fuel cell systems have a
higher initial cost, but weigh less than 20 kg, require no
maintenance, do not require separate cooling systems, last
indefinitely, and the fuel source is compact enough to be stored
on site in quantities sufficient for a prolonged power outage.

ChinaTel predicts a robust market for hydrogen fuel cell systems
in the PRC, which already has an estimated 1.3 million BTS units
requiring back-up power, with 100,000 additional BTS units
projected to come on line each year.  ChinaTel expects the venture
to sell fuel cell systems to leading infrastructure manufactures
as OEM branded equipment.  ChinaTel will itself be a customer for
the venture's products by substituting hydrogen fuel cells for
conventional batteries on all its future BTS orders.  Under the
terms of the agreement, ChinaTel enjoys a 10% discount compared to
the lowest price charged to any other telecommunications network
operator.  ChinaTel's discount applies to any project in which it
has at least a 25% direct or indirect ownership interest.

"We are proud of this opportunity to reduce the total carbon
footprint of not only our own operations but those of the entire
telecommunications industry," remarked ChinaTel's CEO, George
Alvarez.  "The less energy needed to manufacture, operate, and
replace these components, the better for the environment and for
our bottom line."

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through its
controlled subsidiaries, the Company provides fixed telephony,
conventional long distance, high-speed wireless broadband and
telecommunications infrastructure engineering and construction
services.  ChinaTel is presently building, operating and deploying
networks in Asia and South America: a 3.5GHz wireless broadband
system in 29 cities across the People's Republic of China with and
for CECT-Chinacomm Communications Co., Ltd., a PRC company that
holds a license to build the high speed wireless broadband system;
and a 2.5GHz wireless broadband system in cities across Peru with
and for Perusat, S.A., a Peruvian company that holds a license to
build high speed wireless broadband systems.

The Company's balance sheet at Sept. 30, 2010, showed US$8.70
million in total assets, US$9.84 million in total liabilities and
US$1.14 million in total deficit.

Mendoza Berger & Company, LLP, in Irvine, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's 2009 results.  The
independent auditors noted that the Company has incurred a net
loss of US$56.0 million for 2009, cumulative losses of
US$165.4 million since inception, a negative working capital of
US$68.8 million and a stockholders' deficit of US$63.2 million,
and that the Company's viability is dependent upon its ability to
obtain future financing and the success of its future operations.

The Company also reported a net loss of US$38.23 million on
US$729,701 of revenue for the nine months ended Sept. 30, 2010,
compared with a net loss of US$26.34 million on US$457,766 of
revenue for the same period during the prior year.


CHINA TEL GROUP: Inks Assignment Agreement With Trussnet Capital
----------------------------------------------------------------
China Tel Group, Inc., and Trussnet Capital Partners (HK), Ltd.,
entered into an assignment agreement relating to:

   (1) A subscription and shareholder agreement dated Feb. 16,
       2009, for TCP to acquire up to 49% of the shares of
       Chinacomm Cayman Limited; and (2) an addendum to the TCP
       Subscription Agreement also dated Feb. 16, 2009.

   (1) An asset purchase agreement dated March 6, 2009, whereby
       TCP sold to ChinaTel its equity interest in the shares of
       Chinacomm Cayman represented by the TCP Subscription
       Agreement and TCP Subscription Addendum; (2) a $191 million
       promissory note also dated March 6, 2009, and part of the
       same transaction as the Agreement; and (3) a security
       agreement, also dated March 6, 2009, and part of the same
       transaction as the Agreement and the Note.

The material terms of the Assignment Agreement are:

   * TCP assigns to ChinaTel, without warranty, all of its right,
     title and interest in the TCP Subscription Agreement and TCP
     Subscription Addendum.  ChinaTel assumes all performance
     obligations of TCP, if any, under the TCP Subscription
     Agreement and TCP Subscription Addendum.  To the extent
     consent to this assignment is required from any other party
     to the TCP Subscription Agreement or TCP Subscription
     Addendum, TCP will continue to act as agent for ChinaTel, as
     ChinaTel directsú

   * Except as set forth in the Assignment Agreement, all existing
     rights and future obligations of both Parties under the
     Agreement, the Note and the Pledge Agreement, are cancelled
     and terminated.  Specifically, TCP waives entitlement to all
     past interest accrued but unpaid under the Note, and all
     future interest.  TCP will return the original Note to
     ChinaTel marked "CANCELLED."

   * TCP will deliver to ChinaTel the original share certificate
     representing 2,450,000,000 shares of Chinacomm Cayman with
     appropriate endorsement to enable ChinaTel to seek the
     issuance of new certificate in ChinaTel's name for all
     2,450,000,000 of the Chinacomm Cayman Shares represented by
     that certificate.

   * ChinaTel and TCP acknowledge that, pursuant to the TCP
     Subscription Addendum, the number of Chinacomm Cayman Shares
     corresponding to the unpaid outstanding balance of the
     subscription price are "pledged" to Chinacomm Cayman and
     other parties to the TCP Subscription Agreement, even though
     TCP maintains physical possession of the certificate for the
     entire 2,450,000,000 Chinacomm Cayman Shares.

   * ChinaTel and TCP each release the other from any past breach
     or default, if any, either would be entitled to assert
     against the other relating to performance or non-performance
     of any obligation, or the accuracy of any representation or
     warranty contained in any of the Agreement, the Note or the
     Pledge Agreement

A fully executed copy of the Assignment Agreement is available for
free at http://is.gd/fVfqJZ

              Employment Agreement with Tay Young Lee

The Company and Tay Young Lee (Colin Tay) entered into an
Executive Employment Agreement on April 4, 2011.  The term of the
Employment Agreement extends from Nov. 1, 2010, until Dec. 31,
2013, and will be automatically extended for one additional year
on the anniversary of the Commencement Date, unless not less than
90 days prior to each such date, either Mr. Tay or the Company
give notice that it or he does not wish to extend the term of this
Employment Agreement.  Under the Employment Agreement, Mr. Tay
will serve as President of the Company and have those powers and
duties as are normally inherent in such capacity in publicly held
corporations of similar size and character as the Company.  Mr.
Tay will receive an annual base salary of $350,000.00, and he will
be eligible to participate in any cash incentive compensation
plans and equity-based incentive compensation plans for executives
of the Company as may be established by the Board or Compensation
Committee from time to time.  Under the Employment Agreement Mr.
Tay shall also receive 66,909,088 shares of the Company's Series B
Common Stock.  Mr. Tay will also be entitled to participate in or
receive benefits under any executive employee benefits plans that
the Company may adopt, including, without limitation, each pension
and retirement plan, stock ownership plan, life insurance plan and
health and accident plan or arrangement established and maintained
by the Company for executives of the same or lesser status within
hierarchy of the Company.  Mr. Tay will be entitled to 6 weeks of
paid vacation time per calendar year.  Under the Employment
Agreement, Mr. Tay's employment may be terminated upon death,
disability, by the Company, with or without Cause, or by Mr. Tay
himself, with or without Good Reason.

The Employment Agreement was submitted for shareholder approval
through preliminary information statement filed on SEC Schedule
14C on Dec. 1, 2010, and definitive information statement filed on
SEC Schedule 14C on Feb. 10, 2011.  Shareholder approval became
effective 30 days after filing of the definitive information
statement on March 12, 2011, however the Employment Agreement was
not signed until April 4, 2011.

A full-text copy of the Employment Agreement is available for free
at http://is.gd/GTEccR

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through its
controlled subsidiaries, the Company provides fixed telephony,
conventional long distance, high-speed wireless broadband and
telecommunications infrastructure engineering and construction
services.  ChinaTel is presently building, operating and deploying
networks in Asia and South America: a 3.5GHz wireless broadband
system in 29 cities across the People's Republic of China with and
for CECT-Chinacomm Communications Co., Ltd., a PRC company that
holds a license to build the high speed wireless broadband system;
and a 2.5GHz wireless broadband system in cities across Peru with
and for Perusat, S.A., a Peruvian company that holds a license to
build high speed wireless broadband systems.

The Company's balance sheet at Sept. 30, 2010 showed $8.70 million
in total assets, $9.84 million in total liabilities and
$1.14 million in total deficit.

Mendoza Berger & Company, LLP, in Irvine, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern, following the Company's 2009 results.  The
independent auditors noted that the Company has incurred a net
loss of $56.0 million for 2009, cumulative losses of
$165.4 million since inception, a negative working capital of
$68.8 million and a stockholders' deficit of $63.2 million, and
that the Company's viability is dependent upon its ability to
obtain future financing and the success of its future operations.

The Company also reported a net loss of $38.23 million on $729,701
of revenue for the nine months ended Sept. 30, 2010, compared with
a net loss of $26.34 million on $457,766 of revenue for the same
period during the prior year.


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


GALLAS PUBLISHING: Annual Meetings Set for May 12
-------------------------------------------------
Members and creditors of Gallas Publishing Group Limited will hold
their annual meetings on May 12, 2011, at 3:00 p.m., at Room 203,
Duke of Windsor Social Service Building, No. 15 Hennessy Road,
Wanchai, in Hong Kong.

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


GOLD BEAM: Haughey and Yeung Appointed as Liquidators
-----------------------------------------------------
Darach E. Haughey and Yeung Lui Ming (Edmund) on March 29, 2011,
was appointed as liquidators of Gold Beam Developments Limited.

The liquidators may be reached at:

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


HILSTON INVESTMENTS: Members' Final Meeting Set for May 9
----------------------------------------------------------
Members of Hilston Investments Limited will hold their final
general meeting on May 9, 2011, at 11:00 a.m., at the office of
the Liquidator, 23rd Floor, Wing Hang Finance Centre, 60
Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Yu Hon Wing Allan, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HIROYOSHI WORLDWIDE: EFP Rotenberg Raises Going Concern Doubt
-------------------------------------------------------------
Horiyoshi Worldwide, Inc., filed on April 8, 2011, its annual
report on Form 10-K for the fiscal year ended Dec. 31, 2010.

EFP Rotenberg, LLP, in New York, expressed substantial doubt about
Hiroyoshi Worldwide's ability to continue as a going concern.  The
independent auditors noted that as of Dec. 31, 2010, the Company
has accumulated losses of $836,645.

The Company reported a net loss of $595,581 on $496,083 of revenue
for 2010, compared with a net loss of $239,734 on $30,633 of
revenue for 2009.

At Dec. 31, 2010, the Company's balance sheet showed $6.7 million
in total assets, $2.5 million in total liabilities, and
stockholders' equity of $4.2 million.

A complete text of the Form 10-K is available for free at:

                       http://is.gd/EKvkdL

Los Angeles, Calif.-based Horiyoshi Worldwide, Inc., through its
wholly owned subsidiary, Horiyoshi the Third Limited, a Hong Kong
corporation, is engaged in the design and production of the
"Horiyoshi collection", a luxury clothing and accessories line
based on the artistry of world renowned Japanese Tattoo Master,
Horiyoshi III.


MAN TUNG: Members' Final Meeting Set for May 11
------------------------------------------------
Members of Man Tung Handbag Products Factory Limited will hold
their final meeting on May 11, 2011, at 2:30 p.m., at Unit A,
7/F., 88 Commercial Building, 28-34 Wing Lok Street Central, in
Hong Kong.

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


PERTH INVESTMENTS: Members' Final Meeting Set for May 9
-------------------------------------------------------
Members of Perth Investments Limited will hold their final meeting
on May 9, 2011, at 10:00 a.m., at Unit 606, 6th Floor, Alliance
Building, 133 Connaught Road Central, in Hong Kong.

At the meeting, Li Shiu Tsang and Li Shiu Kwan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ROUNDTABLE HK: Chu Kam Chiu Steps Down as Liquidator
----------------------------------------------------
Chu Kam Chiu stepped down as liquidator of Roundtable Hong Kong
Avantgarde Policy Research Institute Limited on March 22, 2011.


SAN SANG: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on March 31, 2011,
creditors of San Sang Preserved Meat Manufacturers Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Tsang Kam Yun
         2/F, Wing Yee Commercial Building
         5 Wing Kut Street
         Central, Hong Kong


SEAPOWER CONSORTIUM: Final Meetings Set for May 12
--------------------------------------------------
Members and creditors of Seapower Consortium Company Limited will
hold their final meetings on May 12, 2011, at 10:30 a.m., and
11:00 a.m., respectively, at Level 17, Tower 1, Admiralty Centre,
18 Harcourt Road, in Hong Kong.

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


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

The company's liquidators are:

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


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

The company's liquidators are:

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


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


916 EPARI: CRISIL Rates INR70 Million Cash Credit at 'BB-'
---------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of 916 Epari Jeweller Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR70 Million Cash Credit       BB-/Stable (Assigned)

The rating reflects Epari's weak financial risk profile, marked by
small net worth, high gearing, and moderate debt protection
metrics; high working capital requirement and susceptibility to
volatility in gold prices.  These rating weaknesses are partially
offset by the extensive experience of Epari's promoters in the
jewellery industry.

Outlook: Stable

CRISIL believes that Epari will benefit from its established
market position over the medium term.  The outlook may be revised
to 'Positive' if Epari's financial risk profile improves because
of better-than-expected growth in revenues and profitability.
Conversely, the outlook may be revised to 'Negative' in case of
any aggressive debt- funded expansion or deterioration in
operating margin or debt protection metrics.

                           About 916 Epari

Incorporated in 2006 by Mr. Epari Suresh Kumar, Epari sells
hallmarked gold jewellery, diamond jewellery, and silver articles
at its retail stores. It commenced commercial operations in
January 2007 with a single store in Cuttack (Orissa).  Epari has
one leased retail outlet each in Cuttack and Bhubaneswar (Orissa).

The company is operating out of a leased store at Bhubaneswar. The
company has purchased 4,800 square feet (sq ft) land at
Bhubaneswar for INR6 million, wherein it plans to build a 6,000 sq
ft showroom.  The total cost for constructing the showroom is
expected to be INR25 million, and is expected to be funded with an
equal mix of debt and equity.

Epari reported a profit after tax (PAT) of INR6.8 million on net
sales of INR353.6 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.4 million on net
sales of INR224.4 million for 2008-09.


ANSHUL SPECIALTY: ICRA Places 'LBB+' Rating to INR4.95cr Term Loan
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR4.95 crore term loan
facility and INR3.00 crore long term fund based limits of Anshul
Specialty Molecules Limited.  The long term rating has been
assigned a stable outlook.  ICRA has also assigned an 'A4+' rating
to the INR9.27 crore short term fund based and INR3.08 crore short
term non-fund-based limits of Anshul.  The total fund based
utilisation limit is capped at INR5.0 crore.

The ratings factor in the rich experience of the promoters in the
domestic chemical industry; the company's established market
presence and expertise in photo-chlorination chemical
manufacturing; and a fairly well diversified product portfolio.
The company also benefits from its implicit association with
fellow group companies namely Excel Industries Limited and Excel
Crop Care Limited.  The ratings are, however, constrained by the
small scale of operations and low profitability margins emanating
from intense competition from Chinese chemical manufacturers and
the fairly commoditized product portfolio.  Going forward, the
increase in debt levels to fund capital expansion and meet working
capital requirements could put additional pressure on the capital
structure.  Additionally, the realization of the sizeable
investments made by Anshul in group companies on the back of
interest free loans from promoters remains uncertain.

Anshul incorporated in 1971 as Anshul Chemicals Limited, is part
of the Excel Group of Companies promoted by the Shroff family.
Anshul is engaged in the manufacture of specialty chemicals and
focuses on photo-chlorination chemistry.  Its products are
primarily used in the pharmaceutical sector as bulk drug
intermediaries, perfumery & toiletry Industry and also as foundry
chemicals in the steel and aluminium Industry. Anshul Specialty
Molecules has its manufacturing facility located at MIDC-Roha,
Dist. Raigad.


BALLARD STEELS: ICRA Assigns 'LBB-' Rating to INR2cr LT Loan
------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to INR2 Crore long term fund
based bank facilities and an 'A4' rating to INR3 Crore short term
non fund based bank facilities of Ballard Steels Private Limited.
The outlook assigned to the long term rating is 'stable'.  The
ratings take into account BSPL's small scale and limited track
record of operations along with low profit margins and high
working capital requirements which has affected the liquidity
position of the company.  The ratings however draw comfort from
the promoters' experience in the trading business and moderate
growth in revenues over the years

Ballard Steel Pvt. Ltd previously known as Awantika Steels Pvt Ltd
was incorporated in February 2007.  The company deals in HR Coils,
CC Sheets, CR Sheets/Plates, MS Sheets/Plates and Galvanized
Plained/Galvanised Corrugated Sheets.  The company has a
warehousing facility at Taloja. .

Recent Results

BSPL has recorded a net profit of INR0.42 Crore on an operating
income of INR48.96 Crore for FY2010.


CHANDI STEEL: CRISIL Assigns 'B-' Rating to INR115MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the bank facilities
of Chandi Steel Corporation.

   Facilities                          Ratings
   ----------                          -------
   INR42.5 Million Cash Credit Limit   B-/Stable (Assigned)
   INR115.0 Million Long Term Loan     B-/Stable (Assigned)

The rating reflects CSC's weak liquidity, driven by large working
capital requirements and weak capital structure, on account of
fixed asset intensity.  The ratings also reflect the company's
small scale of operations, fragmentation in the construction
equipment rental industry, customer concentration in its revenue
profile, the low-value added nature of its products, and cyclical
nature of the end-user industry.  These rating weaknesses are
partially offset by CSC's healthy profitability, moderate debt
protection metrics, established client relationships, and the
experience of its promoters in the construction industry.

Outlook: Stable

CRISIL believes that CSC's liquidity will remain weak over the
medium term, due to high debtor days. It is, however, expected to
maintain its business risk profile over the corresponding period,
backed by its established relationships with its clients and
experienced management.  The outlook may be revised to 'Positive'
in case of significant improvement in CSC's liquidity, due to
better-than-expected working capital management or in case of
more-than-expected accruals.  Conversely, the outlook may be
revised to 'Negative' in case of further deterioration in
liquidity, due to a significant increase in debtor days or less-
than-expected cash accruals.

                         About Chandi Steel

Setup in 1985 as a partnership firm, CSC is now a proprietorship
concern managed by Mr. Ajay Kumar Garg. CSC rents out equipment to
construction companies.  CSC's client base includes companies such
as Larsen & Toubro Ltd (rated 'AAA/FAAA/Stable/P1+' by CRISIL) and
IVRCL Infrastructure & Projects Ltd. The firm has a fleet of
around 120 vehicles and equipment. CSC's operations are
countrywide, but concentrated in Northern India. The firm is also
involved in iron and steel trading on need basis; this, however,
forms only a small part of total sales.


GAJANAN AGRO: Fitch Affirms National LT Rating at 'BB-(ind)'
------------------------------------------------------------
Fitch Ratings has affirmed India-based Gajanan Agro Mills Pvt
Ltd's National Long-term rating at 'BB-(ind)' with Stable Outlook.
Fitch has also affirmed GAMPL's bank loans:

   -- Cash credit limits totalling INR130m: 'BB-(ind)'/'F4(ind)'

   -- Term loans aggregating INR80.8m: 'BB-(ind)'

The affirmation reflects the 40-year strong track record of
GAMPL's promoters and its investment in the latest technology in
its rice mill.  The latter has allowed operating efficiencies with
larger volumes and facilitated the milling of superior rice
varieties at competitive costs.  This in turn is expected to
support the promotion of its brands of rice varieties and improve
operating margins.  Over the medium term, Fitch expects operating
margins to be driven higher by more sales in both domestic and
export markets, based on a steady increase in demand for processed
rice -- both unbranded and branded.

GAMPL leverages on Gajanan Industries' (GI, a rice mill of the
Gajanan Group and a partnership firm) strong marketing network and
the strategic business insight of GI's partners who are also
shareholders in GAMPL.  For the purpose of rating, Fitch has
combined the business and financial risk profiles of both GI and
GAMPL.

Key risks are GAMPL's small scale of operations, its concentration
risk in its core market, Andhra Pradesh and its nascent brands.
It also faces challenges in the form of intense competition from
branded and unbranded varieties of rice, the working capital-
intensive nature of operations, and regulatory intervention.
India's rice milling industry is susceptible to fluctuating raw
material prices and monsoon seasons.  Further, the rice industry
is historically a low-margin business.

The ratings may benefit from any significant increase in revenues
due to a better product/revenue mix, from stable operating margins
and from a sustained financial leverage of less than 5.25x.
Conversely, the ratings may come under pressure from any
deterioration in operating margins and/or working capital
pressures resulting in an interest coverage of less than 1.3x and
financial leverage above 6.25x on a sustained basis.

GAMPL and GI are both rice mills belonging to the Gajanan Group in
Andhra Pradesh, with a capacity of 8 tons and 5 tons per hour
respectively.  For the financial year ended March 2010, GAMPL's
revenues, EBITDA and net income were INR515 million, INR46 million
(EBITDA margin of 9%) and INR6.4 million (net income margin of
1.2%), respectively.  Interest coverage was 2.0x and net debt
/EBITDA was 5.23x.


HEMANT GOYAL: ICRA Upgrades Rating on INR30MM Term Loan to 'B'
------------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Hemant
Goyal Motors Pvt Ltd to 'B/Stable' from 'B-/Stable'.

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

   INR10 Million Line of Credit      B/Stable (Upgraded from
                                               'B-/Stable')

   INR30 Million Rupee Term Loan     B/Stable (Upgraded from
                                              'B-/Stable')

The upgrade reflects HGMPL's more-than-expected cash accruals in
2009-10 (refers to financial year, April 1 to March 31); these are
expected to be sufficient to meet the company's maturing debt
obligations over the medium term.

The ratings reflect HGMPL's weak financial risk profile, marked by
a small net worth and a high gearing, and susceptibility to
decline in demand from the automotive industry.  These rating
weaknesses are partially offset by HGMPL's established market
position, supported by its dealership of Tata Motors Ltd's
vehicles in Punjab.

Outlook: Stable

CRISIL believes that HGMPL will continue to benefit over the
medium term from its established market position in Patiala
(Punjab). The outlook may be revised to 'Positive' if HGMPL's
capital structure and operating margin improve. Conversely, the
outlook may be revised to 'Negative' if the company reports a
sharp decline in cash accruals and profitability, or undertakes a
large, debt-funded capital expenditure programme.

                          About Hemant Goyal

HGMPL was incorporated in 2005, promoted by Mr. Amit Goyal. Goyal
Motors, a proprietorship concern, was merged with HGMPL in 2007-
08. HGMPL has been a dealer of TML's vehicles since 2000. The
company caters to the markets of Patiala, Fategarh, Barnala, and
Singrur (all in Punjab). HGMPL has set up its showrooms and six
service centers in these regions.

HGMPL reported a profit after tax (PAT) of INR8.0 million on net
sales of INR912.1 million for 2009-10, against a PAT of INR7.3
million on net sales of INR859.6 million for 2008-09.


HINDUJA FOUNDRIES: ICRA Reaffirms 'LBB+' Rating to USD20MM Loan
---------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating outstanding on the USD20.00
million term loan facility and the INR129.25 crore fund based
facilities (enhanced from INR59.40 crore) of Hinduja Foundries
Limited.  ICRA has assigned 'LBB+' rating to the INR200.00 crore
term loan facility of HFL.  ICRA has also reaffirmed the 'A4+'
rating outstanding on the INR12.00 crore fund based facilities
(reduced from INR23.60 crore) and the INR58.30 crore non-fund
based facilities of HFL.  The outlook on the LBB+ rating is
stable.

ICRA has withdrawn the LBB+ rating outstanding on the
INR82.19 crore term loan facilities of HFL, since the Company has
fully repaid these loans.  The reaffirmation of ratings takes into
account HFL's established presence in the domestic castings market
and its established relationships with automobile manufacturers.
The ratings consider the favorable demand outlook on the back of
strong growth in the domestic automotive segment and the benefit
of scale economies enjoyed by the Company.  The ratings however
consider HFL's exposure to the inherent cyclicality of the
domestic Commercial Vehicle (CV) industry, owing to its high
business concentration with Ashok Leyland Limited (ALL). The
ratings also consider HFL's low pricing power with domestic OEMs
due to high competition, which restricts its ability to pass on
hike in input costs. HFL's capital structure is stretched due to
aggressive debt-funded capital expenditure in the past and its
working capital position is also stretched due to high receivables
and inventory levels. However, the strong background of the
promoters (Hinduja Group, including ALL) provides comfort to an
extent.

HFL, belonging to the Hinduja Group, is primarily engaged in the
manufacture of ferrous castings for automobiles. HFL is among the
larger iron casting foundry for automotive jobbing in India, with
manufacturing locations spread across Tamil Nadu and Andhra
Pradesh.  Commencing operations with an initial capacity of 1,000
TPA in 1961, HFL gradually expanded its effective capacity over
the years to 1,00,000 metric tonnes per annum (MTPA) at present.
The Hinduja Group (through Hinduja Automotive Limited and ALL)
holds controlling stake of 70.4 per cent in HFL.  The Group has
interests in energy, chemicals, petrochemicals, telecom,
transportation and financial services, and is represented by key
companies like ALL, HFL, Hinduja TMT Limited, Gulf Oil Corporation
Limited and IndusInd Bank in India.


IMPEX FERRO: Fitch Assigns 'C(ind)' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's Impex Ferro Tech Limited a
National Long-term rating of 'C(ind)'.  The agency has also
assigned these ratings to IFTL's bank loans:

   -- INR671.3m long-term loans: 'C(ind)'

   -- INR649m fund-based loans: 'C(ind)'

   -- INR1,332m non-fund based loans: 'F5(ind)'

The ratings reflect delays in servicing IFTL's term liabilities,
due to a delay in commissioning its new captive power plant, and
irregular use of working capital facilities, as a result of IFTL's
stretched liquidity position.

The ratings may be upgraded if IFTL's liquidity position improves
as a result of timely repayment of its term liabilities and
regular use of working capital.

For the nine months of the financial year ended March 2011 IFTL
reported lower EBITDAR margins of 2.7% mainly due to increased
trading revenue and lower utilization of its ferro alloy plant.
For FY10, EBITDAR margins were 5% (FY09: 6.7%) and revenues were
INR5,516 million (INR3,748.5 million) and. Total debt was
IND2,028.1 million.  Credit metrics are weak with interest
coverage at 1.2x and net leverage (net debt/EBITDAR) at 7.3x.

Incorporated in 1995, IFTL is a Kolkata-based manufacturer of
ferro alloys and trader of iron & steel finished products.  The
company is listed on Bombay Stock Exchange and National Stock
Exchange.  It has a manufacturing capacity of 59, 025 metric tons
per annum of ferro alloys.


INFRADEVELOPERS PRIVATE: ICRA Assigns 'LBB-' Rating to Term Loan
----------------------------------------------------------------
ICRA has assigned the long-term rating of 'LBB-' to the INR16.00
crore term loans of Eminent Infradevelopers Private Limited.  The
long term rating carries a stable outlook.  The rating factors in
EIPL's exposure to market risks on account of moderate level of
bookings achieved, which is further accentuated by the significant
supply of residential space expected in the vicinity of its
projects, especially for Aarogyam and its moderate profitability
indicators as reflected by operating margins of 5% and net margin
of 2.7% in FY2010.  Moreover, the rating is constrained as a part
of the total cost is planned to be met from customer advances,
which is contingent on the timing of the bookings and collection
from customers. The rating, however, draws comfort from the
company's track record in the real estate sector and its low
approval risks for its on-going projects. Further, ICRA has noted
that the entire debt has been tied up and all costs incurred till
Dec. 31, 2010 were funded either by promoters contribution or
customer advances.  Going forward, company's ability to achieve
sales and maintain collection efficiency will be amongst the key
rating sensitivity.

Incorporated in 2003, Eminent Infradevelopers Private Limited was
co-promoted by Mr. Manish Agarwal and Mr. Manoj Singhal.  EIPL
executed a housing project called Eminent Square in Agra with an
area of about 1.35lakhs square feet (sq.ft.).  Currently, the
company has two on-going residential projects located at Agra,
Uttar Pradesh and Haridwar, Uttar Pradesh.  The combined area
under development is around 7lakhs sq.ft that is being developed
at a cost of INR107.9crore; against which the company had incurred
about INR31crore as on Dec. 31, 2010.

Recent Results

In FY10, EIPL reported a profit after tax (PAT) of INR0.22 crore
on an operating income of INR8.01 crore resulting in a profit
margin of 2.7%.


LEELA GOLD: CRISIL Reaffirms 'B' Rating on INR35MM Cash Credit
--------------------------------------------------------------
CRISIL has reaffirmed its 'B/Stable/P4' ratings on the bank
facilities of Leela Gold Designs Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR35 Million Cash Credit            B/Stable (Reaffirmed)
   INR40 Million Letter of Credit       P4 (Reaffirmed)

The ratings continue to reflect LGDL's weak financial risk
profile, marked by small net worth and weak interest coverage
ratio, small scale of operations, and limited value addition in
business.  These rating weaknesses are partially offset by the
extensive industry experience of LGDL's promoters.

Outlook: Stable

CRISIL believes that LGDL will continue to benefit from its
promoters' extensive experience in the gold jewellery business.
The outlook may be revised to 'Positive' if LGDL sustains its
improved inventory management practices, or improving operating
profitability strengthens its financial risk profile.  Conversely,
the outlook may be revised to 'Negative' in case of speculative
calls on gold prices or deterioration in profitability or total
outside liabilities.

                           About Leela Gold

Set up in 2003 by Mr. Parasmal Sancheti, LGDL manufactures and
sells gold chains, and trades in gold bullion.  LGDL manufactures
both machine- and hand-made gold chains.  Its total installed
capacity for manufacturing machine-made gold chains was 3600
kilograms per annum as on December 31, 2009. LGDL also undertakes
job works for third parties. LGDL has a gold loan facility from
Bank of Nova Scotia for procuring 24-carat gold, against a letter
of credit of INR40 million.

LGDL reported a profit after tax of INR4.2 million on net sales of
INR266 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a net loss of INR2.1 million on net sales of
INR284 million for 2008-09.


MANAPPURAM JEWELLERS: ICRA Rates INR74cr LT Loan at 'LBB+'
----------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR74.0 Crores long-term
fund based facility of Manappuram Jewellers Private Limited.  The
outlook on the long-term rating is stable.1 ICRA has also assigned
'A4+' rating to the INR50.0 crores short term loans of the
Company.  ICRA also has LBB+ rating outstanding on INR50.0 crores
long term fund based facilities of MJPL.  The rating reflects the
experienced management team behind MJPL which aided by the
Company's sound MIS is likely to enable MJPL to expand scale with
relative ease.

The Company envisages aggressive expansion plans which viewed in
light of the Company's ability to tap the large customer base of
group concern Manappuram General Finance and Leasing Limited is a
positive.  MJPL also enjoys access to MAGFIL's knowledge of the
domestic gold market which aids in the Company's business. The
Company's supply chain is efficiently managed with access to over
60 goldsmiths, besides leveraging the advantage of accessing
MAGFIL's gold auctions.  The rating takes into account MJPL's
association with the brand name 'Manappuram' and its parent Group,
which lends significant financial flexibility to the Company.  The
ratings take into account the significant competition that exists
in the domestic jewellery retail industry, which despite the
Company's positioning as an economy retailer is likely to affect
pricing flexibility in the medium term.  Owing to small scale of
operations, the high initial selling and interest costs, the
Company has reported losses at the operating level. The ratings
also factor in the Company's exposure to the volatility in gold
prices which affects MJPL's profitability. The large quantity of
stock that is required to run the business leads to high working
capital intensity (common for all players in the industry) and
adds to the vulnerability of performance to gold price
fluctuations.

                      About Manappuram Jewellers

Manappuram Jewellers Private Limited is the jewellery division of
the Manappuram Group of companies, based out of Thrissur, Kerala.
The Company was incorporated in November 2008 and began operations
with a jewellery showroom in March 2010.  MJPL presently operates
12 showrooms in tier 1, 2 and 3 cities across Kerala, Karnataka
and Tamilnadu. The Company is managed by professionals with nearly
two decades of experience in large format retailing, marketing and
manufacturing of gems and jewellery.  MJPL is positioned as an
economy category jewellery store targeting the large segment of
customers shopping with unorganized jewellers.  The Company is
presently engaged in a host of branding and promotional
activities, including brand endorsements by regional cine actors
and has aggressive plans of expanding its footprint in South
India. MJPL also intends to leverage the wide branch network of
group concern Manappuram General Finance and Leasing Limited
towards achieving this target.


OSWAL KNIT: Fitch Assigns 'BB-(ind)' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned India's Oswal Knit India Limited a
National Long-term rating of 'BB-(ind)' with Stable Outlook.  The
agency has also assigned these ratings to OKIL's various
instruments:

   -- INR11.2m long-term debt: 'BB-(ind)';

   -- INR120m fund-based working capital limits: 'BB-
      (ind)'/'F4(ind)'

   -- INR100m non-fund based working capital limits: 'BB-
      (ind)'/'F4(ind)'

The ratings reflect OKIL's experience in the textile industry and
the benefits of a vertically integrated production process.  The
ratings are also supported by the company's established
distribution network across India for its well-known brand of
knitwear 'Casablanca'.  The ratings draw comfort from the fact
that production of its knitwear is largely order-based, mitigating
the risk of unsold inventory.

Fitch notes that the company's termination of an exclusive
agreement with 'Pringle of Scotland' in FY09 for the manufacture
and distribution of garments under 'Pringle' brand caused revenues
to decline to INR617.8 million in the financial year ended
March 2010 from INR762.3 million in FY09.  Nevertheless, the
company later managed to secure an exclusive agreement with an
Italian design studio for technical assistance and to use its
brand 'Gadoni of Italy' in India.

The ratings are constrained by low operating EBITDA margins of
5.9% in FY10 and 5.2% in FY09, as half of the revenues come from
low-margin fabric knitwear sold to group companies.  The ratings
are also limited by high working capital requirements; the working
capital cycle remained at 156 days in FY10 due to high inventory
levels caused by the seasonal nature of its products.  Net
financial leverage was 3.13x in FY10 against 2.99x in FY09 with a
large proportion of working capital debt.

The ratings may come under pressure from a lack of growth for new
brands and products leading to an increase in net financial
leverage.  Conversely, improvement in profitability and revenues
leading to a decline in net financial leverage on sustained basis
would benefit the ratings.

OKIL is a closely held public limited company and a manufacturer
of knitwear across India.  EBITDA and profit after tax for FY10
were INR36.5 million and INR1.3 million respectively.


PRASOL CHEMICALS: CRISIL Assigns 'BB+' Rating to INR225MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank loan
facilities of Prasol Chemicals Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR225 Million Long-Term Loan     BB+/Stable (Assigned)
   INR25 Million Cash Credit         BB+/Stable (Assigned)

The rating reflects the significant risks associated with Prasol's
phenol acetone plant project. This rating weakness is partially
offset by Prasol's healthy financial risk profile, and the
extensive experience of its promoters in the organic chemicals
industry.

Outlook: Stable

CRISIL believes that Prasol will continue to benefit from its
promoters' extensive experience in the organic chemicals industry
over the medium term. The outlook may be revised to 'Positive' if
the company's phenol acetone plant is commissioned as per schedule
and attains better than expected capacity utilization levels over
the first six months. Conversely, the outlook may be revised to
'Negative' in case of delay in implementation of the project,
subdued offtake from the project, or significant deterioration in
debt protection metrics.

                       About Prasol Chemicals

Prasol (formerly Prachi Polyproducts Pvt Ltd was set up in 1992 by
Mumbai-based Mr. Rajnikanth Shah.  In 2004, PPPL was reconstituted
as a public limited company and renamed Prasol. Mr. Nishith Shah
(son of Mr. Rajnikanth Shah) looks after Prasol's day-to-day
operations. Prasol manufactures two major types of chemicals:
acetone- and phosphorous-based compounds.  Acetone-based compounds
include diacetone alcohol and isophorone, and are mainly used as
solvents to manufacture solvent-based paints.  Phosphorous-based
compounds include phosphorous pentasulphide and phosphorous
pentaoxide, mainly used in pesticides and engine oils.  The
company's facility in Khopoli (Maharashtra) has a capacity to
manufacture 8000 tonnes per annum (tpa) of acetone-based compounds
and 9600 tpa of phosphorous-based compounds.

Prasol reported a profit after tax (PAT) of INR50 million on net
sales of INR1.05 billion for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR40 million on net
sales of INR890 million for 2008-09.


PRATEEK ALLOYS: ICRA Puts 'LBB+' Rating to INR5cr Bank Facilities
-----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR5.00 crore fund-based
bank facilities of Prateek Alloys 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 PAPL in
the iron and steel industry and the conservative capital structure
of the company.  The rating also favorably factors in the
proximity of PAPL's plant to its group companies that supplies its
raw material and purchases Mild Steel (MS) Ingots produced by the
company, 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.  The
rating is, however, constrained by the highly fragmented and low
value adding nature of the company's operations that leads to low
operating and net margins for the company and its small scale of
operations at present.  The rating is also constrained by the
company's susceptibility to raw material price volatility, due to
large inventory levels not backed by firm orders due to the
cyclicality inherent in the steel industry which is likely to keep
PAPL's cash flows volatile and the company's depressed level of
interest cover.

Incorporated in 2001, PAPL is a part of the Srithik Group and is
in the business of manufacturing MS Ingots from sponge iron.  PAPL
procures sponge iron mainly from its group company Srithik Ispat
Pvt Ltd and supplies MS Ingots to another group company Srithik
Rolling Pvt Ltd which manufactures TMT bars.  PAPL's manufacturing
facility at Kundaim, Goa has an installed capacity of 24,000 MTPA.
PAPL also sells part of its production to other rolling mills in
and around Goa.  PAPL also manufactures MS Ingots from pig iron,
which is procured from reputed manufactures in Goa.

Recent Results

As per the provisional results for the first nine months of
2010-11, PAPL reported a profit before tax (PBT) of INR1.15 crore
on an operating income of INR34.52 crore as compared to a PAT of
INR0.22 crore on an operating income of INR48.02 crore, during
2009-10.


RADHE ALLOY: ICRA Assigns 'LBB-' Rating to INR2.5cr Bank Limits
---------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR2.50 Crores
fund-based limits and INR11.20 Cr. term loan facility of Radhe
Alloy Cast Private Limited.  The outlook for the rating is stable.

The rating is constrained by RACPL's modest scale of operations;
limited track record of the commercial operations and high client
concentration risk with almost all the sales to Mahindra and
Mahindra Limited.  The rating also takes into account
vulnerability of the company's profitability to the cyclicality
associated with the Steel industry and the high working capital
intensity of the business.  The rating however takes comfort from
the long association of the Radhe group with M&M as well as high
quality credit of M&M; experience of the promoters in the similar
line of business through their group concern Radhe Enterprises;
favorable demand outlook for the domestic farm equipment sector in
the medium term; healthy ramp up of operations since commencement
with profitability in the first year itself as well as comfortable
gearing levels at 0.77 time as on March 31, 2010.

Radhe Alloy Cast Private Limited was incorporated in March 2007 to
manufacture Ductile Iron/Cast Iron Castings with its plant based
in Rajkot, Gujarat.  The plant has been set up with an installed
capacity of 7000 MTPA and has started commercial production from
June 2009.  The company has been promoted by the Shingala family,
who are involved in the same line of business through their
proprietorship concern Radhe Enterprises (RE). The plant at RACPL
has been commissioned with capacity to manufacture higher weight
and larger sized casting as compared to the plant of RE. As a
result, the promoters have shifted the production of larger sized
and higher weight castings at RACPL while the remaining production
is being carried out at RE.


ROYAL CHAINS: CRISIL Assigns 'BB+' Rating to INR140MM Cash Credit
-----------------------------------------------------------------
CRISIL has downgraded the ratings on the bank loan facilities of
Royal Chains to 'BB+/Stable/P4+' from 'BBB-/Stable/P3'.

   Facilities                        Ratings
   ----------                        -------
   INR140.0 Million Cash Credit      BB+/Stable (Downgraded from
                                                 BBB-/Stable)

   INR10.0 Million Proposed LT       BB+/Stable (Downgraded from
             Bank Loan Facility                  BBB-/Stable)

   INR50.0 Million Bank Guarantee    P4+ (Downgraded from P3)

The rating action follows the deterioration in the firm's
financial risk profile marked by higher gearing ratio on account
of reduction in partner's capital base and increased reliance on
bank borrowings.  The partners' capital base reduced to INR64.9
million as on March 31, 2010 from INR112.6 million as on March 31,
2009 and is estimated at INR92.5 million as on February 28, 2011.
Furthermore, RC has increased its reliance on bank borrowings and
consequently, the total outside liabilities to tangible net worth
(TOL/TNW) ratio is expected to increase; it is expected to be 4.5
times as on March 31, 2011.  The firm's interest coverage ratio is
also expected to remain low, in the range of 1.5 to 1.7 times.

The ratings reflect RC's limited product diversity, intense
competition in the jewellery industry, and its weak financial
profile, marked by high TOL/TNW and weak debt protection metrics.
These weaknesses are partially offset by the benefits that RC
derives from its promoters' experience in the gold jewellery
business.

Outlook: Stable

CRISIL believes that the RC will continue to benefit from its
promoters' experience in the jewellery industry. Its financial
risk profile will, however, remain sensitive to the quantum of
partners' withdrawals.  The outlook may be revised to 'Positive'
in case of a sustainable improvement in the firm's capital
structure and debt protection metrics.  Conversely, the outlook
may be revised to 'Negative' in case of larger-than-expected
withdrawals by the partners or increased reliance on debt to fund
working capital requirements.

                         About Royal Chains

RC was set up in 1987 by Mr. Futermal Jain and Mr. Suresh Jain.
It manufactures and trades in gold jewellery, primarily chains.
Its manufacturing facility is in Sewree (Mumbai).

RC reported a profit after tax (PAT) of INR8.63 million on net
sales of INR835.11 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR10.16 million on net
sales of INR647.89 million for 2008-09.


SAI PAVANI: ICRA Assigns 'LB+' Rating to INR10cr Bank Facilities
------------------------------------------------------------------
-
ICRA has assigned an 'LB+' rating to the INR10 crore fund based
facilities of Sai Pavani Constructions India Private Limited.
ICRA has also assigned the rating of 'A4' to the INR5 crore non-
fund based bank facilities of SPCIPL.  The ratings reflect
SPCIPL's modest scale of operations, its sector concentration in
road projects and its geographic concentration in Andhra Pradesh,
which translates to significant business risk for the company.
Moreover, SPCIPL's financial risk profile is constrained on
account of high gearing level, increased working capital intensity
and inadequate debt protection indicators.  However, the ratings
derive comfort from SPCIPL's established position in the road
construction projects.

Recent Results

In 2009-10, SPCIPL has earned a net profit of INR 1.12 crore on an
operating income of INR 25.02 crore as compared to a net profit of
INR 0.38 crore on an operating income of INR 20.17 crore in 2008-
09.

                       About Sri Pavani Constructions

Sri Pavani Constructions India Private Limited, based at Kadapa in
Andhra Pradesh, is a civil engineering construction company
acquired by Mr. P Narasimha Reddy, Mr. T Duggi Reddy and Mr. G.V.
Ramana Reddy in 2008.  SSCIPL operates mainly in roads, buildings
and irrigation projects.  Its main thrust is on road projects in
Andhra Pradesh from government clients such as Panchayat Raj
Engineering Department (PRED) and Roads & Bridges Department. The
projects undertaken by the company are mainly under Pradhan Mantri
Gram Sadak Yojna (PMGSY).


SAMBASADASHIV COLD: ICRA Rates INR7cr Term Loan at 'LB+'
--------------------------------------------------------
ICRA has assigned a long term rating of 'LB+' to the INR7.00 crore
term loan of Sambasadashiv Cold Roll Mills Private Limited.  The
assigned rating is constrained by competitive nature of cold
rolled steel strips industry; the project risks associated with
green-field plant being set up by SCRMPL at Medak, Andhra Pradesh
and its modest scale of operations which limit its financial
flexibility.  However, the ratings factor in the experienced
promoters and their long track record in the steel trading
business.

Sambasadashiv Cold Roll Mills Private Limited was incorporated in
2009 to manufacture cold rolled steel strips from hot rolled steel
coils.  The proposed unit is located at Laxmakkapally Village,
Mulugu Mandal, Medak Dist., A.P. which is around 25 kms from the
Hyderabad city.  The company is promoted by Mr. Kapil Sharma and
Mr. Umesh Sharma.  The promoters are well experienced in iron &
steel trading and the unit will be run under the direct
supervision & control of the promoters.

SCRMPL is expected to start the commercial production in the first
quarter of FY2012.


SYSTEMS & COMPONENTS: ICRA Puts 'LBB+' Rating on INR4.05 Bank Loan
------------------------------------------------------------------
ICRA has assigned the 'LBB+' rating to the INR4.05 Crore fund-
based bank facilities and 'A4+' rating to the INR2.75 Crore non
fund based facilities of Systems & Components (I) Pvt. Ltd.  The
long-term rating has been assigned a 'Stable' outlook. The rating
factors in the promoters' experience in the manufacturing and
commissioning of industrial refrigeration systems and the
established client base.  The rating however, remains constrained
by SCPL's modest scale of operations and susceptibility of
operations to demand from user industries.  The planned debt
funded capacity expansion is expected to affect the debt servicing
indicators in the near term though the same remains comfortable as
of FY 2010.

Systems & Components (India) Pvt. Ltd. commenced operations in the
year 1984 as a proprietary concern named Systems & Components.
Later in 1989, it was converted into a private limited company.
SCPL is engaged in design, manufacture and commissioning of
refrigeration systems. SCPL has a subsidiary Victory Alloy Steel
Pvt. Ltd. which was into the business steel and alloy steel
castings; however its operations are closed down. SCPL has its
registered office at Bhandup, Mumbai and a manufacturing facility
at Badlapur.

Recent results:

SCPL recorded a net profit of INR 1.28 Crores on an operating
income of INR 23.50 Crores for the year ending March 31, 2010 as
per audited figures.


=================
I N D O N E S I A
=================


BERAU ENERGY: S&P Raises Corporate Credit Rating to 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services said it had raised its long-
term corporate credit rating on Indonesia-based coal mining
company PT Berau Coal Energy to 'BB-' from 'B+'.  The outlook is
stable.  "We also raised our issue rating on the senior secured
notes issued by Berau Capital Resources Pte. Ltd., a wholly owned
subsidiary of Berau Energy, to 'BB-' from 'B+'.  At the same time,
we removed all the ratings from CreditWatch, where they were
placed with positive implications on Nov. 23, 2010," S&P noted.

"We raised the ratings on Berau Energy because the company's
financial risk profile has improved.  The improvement follows
Vallar PLC's purchase of PT Bukit Mutiara's 75% stake in Berau
Energy. As a part of the transaction, Vallar paid Berau Energy's
parent Bukit Mutiara about US$739 million.  Bukit Mutiara has used
the cash to repay the majority of its debt.  In our
assessment of Berau Energy, we consolidated the debt (about US$800
million) at the parent.  Therefore, we consider Berau Energy's
leverage to have improved substantially because of the significant
reduction in debt at Bukit Mutiara," S&P related.

"We believe the new ownership is neutral for Berau Energy, at
least in the next 12 to 18 months, due to the absence of
liabilities at Vallar and no negative effect on Berau Energy's
notes due to the change of control," said Standard & Poor's credit
analyst Suzanne Smith.  "The ownership could be positive for Berau
Energy over the next two to three years because the company could
benefit from being a part of a larger mining group."

The ratings on Berau Energy reflect the company's exposure to coal
price volatility, Indonesia's evolving regulatory framework, and
the company's currently small reserves and mineral concentration
risk.  These weaknesses are tempered by Berau Energy's low cost
profile, consistent production growth, and established
relationships with its clients.  "We expect the company to
maintain its ratios of debt to EBITDA at about 2x and funds from
operations (FFO) to debt at about 20%," S&P stated.

"Berau Energy's liquidity is adequate, in our opinion.  As at
Dec. 31, 2010, the company had unrestricted cash and equivalents
of US$390 million and additional restricted cash of US$156
million.  It could use the restricted cash to service its debt.
It generated FFO of US$150 million in the fiscal year ended
Dec. 31, 2010," according to S&P.

S&P continued, "We expect Berau Energy's FFO to be about US$175
million in fiscal 2011.  In addition, we anticipate the company's
annual capital expenditure at about US$130 million for the next
two to three years.  Its FFO and cash at hand should be sufficient
to meet debt maturities of about US$60 million and its capital
expenditure.  We expect Berau Energy to maintain a comfortable
debt service coverage ratio of about 3.0x."

"The stable outlook reflects our expectation that Berau Energy's
cash flows will improve due to an increase in production, the
company's ability to maintain margins, and the favorable demand
for thermal coal," S&P stated.

"We could lower the rating if: (1) Berau Energy's liquidity and
financial risk profile weaken beyond our expectation due to
aggressive growth aspirations; (2) a sharp increase in the
company's cash cost of production or softer coal prices weaken
cash flows, such that the company's debt-to-EBITDA ratio is
above 3.5x on a sustainable basis; or (3) financial policies at
Vallar cause material negative changes in Berau Energy's capital
structure," S&P said.

"While the likelihood of another upgrade is minimal, we could
raise the rating if Berau Energy's competitive position improves
significantly.  This could happen if the company's proven reserves
increase substantially, along with an improvement in its cost
profile, production, and sales," S&P added.


INDIKA ENERGY: Moody's Upgrades Rating to B1, Outlook Positive
--------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family and
senior secured ratings on PT Indika Energy Tbk to B1 from B2.

The outlook for the rating remains positive.

Moody's has also assigned a provisional (P)B1 rating with a
positive outlook to the proposed seven-year senior notes, to be
issued by Indo Energy Finance B.V. and unconditionally guaranteed
by Indika, PT Indika Inti Corpindo, the Tripatra Entities and Indo
Energy Capital B.V.  The provisional status of the notes will be
removed upon completion of the issuance.

Ratings Rationale

"The upgrade reflects Indika's strong operating performance and
improved financial metrics, driven primarily by dividends from
Kideco, which have allowed the company to lower its leverage, as
measured by adjusted debt/EBITDA, to 2.5x for 2010," says Simon
Wong, a Moody's Vice President and Senior Analyst.

"Furthermore, the acquisition of MBSS -- PT Mitrabahtera Segara
Sejati -- has broadened Indika's coal value chain," says Wong,
also lead analyst for Indika.

While Indika's adjusted debt/EBITDA will rise to approximately
3.6x for 2011 as a result of its debt-funded acquisition of MBSS
as well as the group's debt-funded capital expenditure programs,
Moody's expects Indika to resume its de-leveraging in 2012 due to
the full-year contribution from MBSS and the ongoing business
expansion of Petrosea.

MBSS, a coal transport & logistics services company, has short- to
medium-term contracts covering approximately 95% of its fleet of
tug boats, barges, and floating cranes.  Furthermore, the contract
terms include minimum tonnage and fuel-cost pass-through
provisions, which adds to the certainty of revenue and cash flow
from operations.

However, Moody's is concerned about MBSS's high revenue
concentration to its top three customers, which, although
declining, still accounted for 75.7% of MBSS's 2010 revenue, as
well as the large amount of upfront capex needed to meet the
growth in both domestic coal production and demand for logistic
support vessels.  Furthermore, weather conditions could delay its
loading and unloading operations and the amount of tonnage it
transports.

Indika's proposed exchange of the USD250 million notes due 2012
with the new seven-year senior notes should space out its debt
maturity profile and further strengthen its liquidity profile.

The acquisition loans (totalling USD 180 million) will fall due in
April 2012, and the company has planned to pay them down with
internal cash flow as well as the proceeds of the planned re-
listing of Petrosea in the second of 2011.

"Moody's recognizes that the company plans to further expand its
existing businesses and at the same time seek acquisition
opportunities to expand its coal value chain," adds Wong.

"Although this may present a high degree of event risk, Moody's
takes comfort from management's conservative track record and
reasoned acquisition strategy."

Indika's ratings are underpinned by the recurring cash dividend
stream from its 46% stake in Kideco.  Kideco is the third-largest
coal producer in Indonesia and has maintained a very strong
financial profile.  Indika's acquisition of Petrosea, a mining
services company, has reduced its exposure to commodity cycles,
given that most of its revenues are contractual and are premised
on expectations of continued growth in Indonesian coal output.

However, the ratings also reflect Indika's high reliance on the
dividend income from Kideco to service its debt, as well as the
inherent volatility in that dividend flow due to coal price
movements.  Other concerns include the volatility of cash flow of
Indika's EPC tender business, the execution risk of Indika's
expansion plans, and the uncertainty in the regulatory environment
for the coal mining industry in Indonesia.

The positive outlook reflects the expectation that Indika will
resume its de-leveraging in 2012.  It also reflects the broadened
operating profile following the acquisition of Petrosea and MBSS,
as well as the expectation that Indika will maintain its prudent
and conservative approach to future acquisitions.

The rating could experience upward rating pressure if Indika can
1) increase its stake in Kideco to above 50% or 2) maintain its
conservative financial strategy, particularly with regard to its
acquisition plan, even as it integrates MBSS into the wider energy
business.  Overall integration is likely to result in an
improvement to financial leverage, as measured by total
debt/EBITDA (including dividends from associates) falling below
2.5x and EBIT/interest increasing above 4.0x.

Downward pressure on the rating could emerge in the event of 1) a
reduced dividend flow from Kideco; 2) an inability by Tripatra (a
100% owned subsidiary), Petrosea, or MBSS to win tenders and
contracts as forecast; 3) any deterioration in the relationship
between Samtan (49% shareholder in Kideco) and Indika; 4) any
evidence of cash leakage; and 5) political and economic
instability re-emerging in Indonesia, resulting in a loss of
orders for Indika's key businesses.  Specific indicators Moody's
would look for include total debt/EBITDA (including dividends from
associates) rising above 4.0x and EBIT/interest falling below
2.75x.

Indika's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
1) the business risk and competitive position of the company
versus others in its industry; 2) its capital structure and
financial risk; 3) the projected performance over the near to
medium term; and 4) management's track record and tolerance for
risk.  These attributes were compared against other issuers both
in and outside Indika's core industry, and Indika's ratings are
considered comparable to those of other issuers of similar credit
risk.

The last rating action was taken on Nov. 6, 2009, when the
provisional status was removed from Indika's US$230 million B2
rated bond.

Indika is a listed integrated energy group based in Indonesia.
Its principal investment is its 46% stake in Kideco, Indonesia's
third-largest domestic coal producer by tonnage.  In addition,
Indika is involved in the EPC and O&M businesses through its
wholly owned subsidiary, Tripatra.  In July 2009, Indika also
completed its acquisition of a 98.6% stake in Petrosea, one of
Indonesia's sixth-largest mining services contractor.


INDIKA ENERGY: Fitch Affirms Issuer Default Rating at 'B+'
----------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based Indika Energy Tbk's
Long-Term Foreign and Local Currency Issuer Default Ratings (IDR)
at 'B+' with a Stable Outlook.  Indika's US$250 million notes due
2012 and US$230 million notes due 2016 have also been affirmed at
senior unsecured 'B+' with Recovery Ratings of 'RR4'.

At the same time, Fitch has assigned Indo Energy Finance B.V.'s
proposed 2018 USD notes -- guaranteed by Indika and certain
subsidiaries -- an expected rating of 'B+(exp)' with a Recovery
Rating of 'RR4'.  The final rating is contingent upon the receipt
of documents conforming to information already received.

The affirmation reflects strong dividend flows from Indika's 46%-
held PT Kideco Jaya Agung (Kideco) -- the third-largest coal
producer in Indonesia -- its modest financial leverage and strong
liquidity profile.

The amount of dividends received by Indika from Kideco is likely
to remain strong given increasing coal production by Kideco and
expected robust coal prices.  In the last three years, Kideco has
distributed more than 90% of its net income, more than the minimum
80% set out in the shareholders' agreement.  For FY10, it declared
USD315m of dividends, which were nearly 100% of Kideco's net
income.  Kideco's ability to upstream dividends is supported by
its moderate capex, its low production cash costs as well as its
debt-free status.

As of Dec. 31, 2010, Indika's leverage measured by adjusted debt
net of cash to operating EBITDA (which includes dividends received
from Kideco) was 0.6x and fund flows from operations to interest
coverage was over 3.0x.  Leverage is expected to increase with its
debt-funded acquisition of a 51% stake in PT Mitrabahtera Segara
Sejati (MBSS) -- a logistics services supplier to Indonesia's coal
sector -- for USD168m in April 2011, and a proposed 2018 notes
issue.  Nevertheless, Fitch expects Indika to deleverage during
2011 and to maintain its leverage below 2.0x; this underpins the
Stable Outlook.

Indika had IDR3.68 trillion of cash (excluding restricted cash
balances of IDR590 billion) as of Dec. 31, 2010.  The company
expects to realise a sizable amount of cash from re-floating PT
Petrosea Tbk, a mining contractor, during 2011.  In addition, the
company expects to raise up to US$135 million from the proposed
2018 notes on top of its offer to exchange the proposed notes with
the existing USD notes falling due in 2012.  These sources of
liquidity should comfortably cover Indika's capex and debt
maturities over the next 12 to 18 months, including the short-term
facilities of US$180 million for the MBSS acquisition maturing in
April 2012.

As part of the 2018 issue and exchange offer, Indika is also
seeking the consent from 2012 and 2016 noteholders to align the
terms of these notes with the new issue.  The amendments proposed
include allowing guarantors of the notes and the restricted
subsidiaries to incur additional debt and create liens subject to
certain restrictions and limits.  Fitch currently does not expect
these amendments to have any material adverse impact on the
noteholders or Indika's ratings.

Fitch may consider a negative rating action if Indika's leverage
is sustained above 2.0x due to lower dividends from Kideco,
regulatory changes adversely affecting its coal-related
operations, weak operating performance of its engineering and
construction (E&C) and other businesses, and any large debt-funded
investments.

Conversely, the ratings may benefit from Indika increasing its
control of Kideco's cash flows while maintaining leverage (net of
cash and adjusted for dividends from Kideco) below 1.5x.  Any
positive rating action is also contingent on Indika maintaining an
appropriate business risk profile; for example, its growing E&C
operations inherently have higher risks than coal production in
terms of project execution, fixed pricing and working capital
requirements.


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


ORIX-NRL: S&P Lowers Rating on Class D Cert. to 'CCC' from 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
D trust certificates issued under the ORIX-NRL Trust 13
transaction to 'CCC (sf)' from 'B- (sf)', and affirmed its ratings
on the class B and C, E to H, and X trust certificates.

Of the 12 nonrecourse loans/specified bonds that initially backed
the transaction, only one specified bond, which has defaulted, and
two loans remain.

"On Oct. 12, 2010, we lowered our assumption with regard to the
likely collection amount from the aforementioned one specified
bond and two loans.  With regard to the specified bond, which
originally represented about 13% of the total initial issuance
amount of the trust certificates, we estimated the likely
collection amount from the underlying property (a regional office
property) at that time to be about 30% of our initial underwriting
value," S&P said.

S&P continued, "This time, we have again lowered our assumption
with respect to the likely collection amount after considering the
progress of collection from the property in question.  We
currently estimate the value of the property to be about 26% of
our initial underwriting value.  The rating action on class D
reflects our revised assumption with respect to the likely
collection amount from the property."

"We have learned from the servicer that there exists no material
evidence that the massive earthquake and tsunami, which hit
northeastern Japan on March 11, 2011, caused damage to the
transaction's remaining collateral properties," S&P stated.

"We affirmed our ratings on the class B and C, E to H, and X trust
certificates.  Of the 12 loans/specified bonds that initially
backed the transaction, nine loans/specified bonds (the nine
loans/specified bonds originally represented a combined 74% or so
of the total initial issuance amount of the trust certificates)
have been repaid.  As the repayment proceeds are used to redeem
the classes of trust certificates in sequential order, starting
with the upper-level classes, credit enhancement for classes B and
C has improved from our initial assumptions.  Meanwhile, the
ratings on classes E to H were affirmed because they had already
been lowered to 'CCC (sf)'," S&P related.

ORIX-NRL Trust 13 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction.  The trust certificates were
initially secured by 12 nonrecourse loans/specified bonds
("tokutei shasai") extended to 11 obligors, which were originally
backed by 21 real estate certificates and real estate properties.
The transaction was arranged by ORIX Corp., and ORIX Asset
Management & Loan Services Corp. acts as the servicer for this
transaction.

The ratings address the full payment of interest and ultimate
repayment of principal by the legal final maturity date in
September 2013 for the class B to H certificates, and the timely
payment of available interest for the interest-only class X
certificates.

Rating Lowered
ORIX-NRL Trust 13
JPY21.1 billion trust certificates due September 2013
Class    To         From      Initial issue amount
D        CCC (sf)   B- (sf)   JPY1.1 bil.

Ratings Affirmed
Class    Rating     Initial issue amount
B        AAA (sf)   JPY1.7 bil.
C        AA (sf)    JPY1.4 bil.
E        CCC (sf)   JPY0.4 bil.
F        CCC (sf)   JPY0.6 bil.
G        CCC (sf)   JPY0.2 bil.
H        CCC (sf)   JPY0.3 bil.
X*       AAA (sf)   JPY21.1 bil. (initial notional principal)
*Interest only
Class A has already been redeemed.


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


CRAFAR FARMS: Shanghai Pengxin's Bid Expected This Week
-------------------------------------------------------
The National Business Review reports that Chinese company Shanghai
Pengxin is expected to file its application to buy the Crafar
family farms with the Overseas Investment Office (OIO) this week.

According to NBR, receivers for the Crafar family's four companies
said in late January that they had accepted an offer from Shanghai
Pengxin International Group, the company of Shanghai real estate
mogul Jiang Zhaobai.

At the time, receiver Brendon Gibson of KordaMentha said, "it's
the best offer we have" and there was no longer a deal with a
previous group of Chinese investors, Natural Dairy NZ Holdings, to
buy the farms, NBR relates.

NBR recalls that two cabinet ministers, Maurice Williamson and
Kate Wilkinson last year declined consent for Natural Dairy's
application because they were not satisfied that all the
individuals with control of Natural Dairy were of good character.

Shanghai Pengxin, says NBR, would face tougher rules than Natural
Dairy after changes came into effect in January intended to make
it tougher for foreigners to control the entire rural supply
chain.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers after
Crafar Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


SOUTH CANTERBURY FINANCE: Sells Helicopters (NZ) for $160 Million
-----------------------------------------------------------------
The National Business Review reports that Helicopters (NZ), owned
by South Canterbury Finance, has entered into a sale and purchase
agreement to sell the assets of Canadian Helicopters Group for
$160 million on a debt free basis.

HNZ is New Zealand's biggest helicopter company.  HNZ's head
office is in Nelson and the company has 11 bases to support
operations across New Zealand, Australia, Laos and Cambodia.  HNZ
also has a corporate office in Perth to support its Australian
operations.

HNZ has 181 employees, a fleet of 33 helicopters, and revenue of
NZ$83 million and ebitda of NZ$28 million for the twelve months
ended December 31, 2010.  As of June 30, 2010, HNZ's 33
helicopters had an appraised value of NZ$137 million.

According to NBR, the sale price will be welcome news for the
government looking to claw back the NZ$1.6 billion paid out to
depositors of South Canterbury Finance following its collapse last
August.

The sale is subject to a number of conditions, including
regulatory approvals, and is expected to complete in the coming
months, NBR notes.

Canadian Helicopters, listed on the Toronto Stock Exchange, is the
largest helicopter transportation services company operating in
Canada and is also one of the largest in the world based on the
size of its fleet.

                        About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


WESTERN PACIFIC: Owes NZ$3.8 Million to Creditors
-------------------------------------------------
The New Zealand Herald reports that Western Pacific Insurance owes
creditors an initial estimated NZ$3.8 million and has NZ$1.9
million of unsettled insurance claims, according to first
liquidators report from liquidators David Ruscoe and Simon Thorn
of Grant Thornton.

The NZ Herald discloses that Western Pacific creditors include the
Earthquake Commission, global real estate business Colliers
International, New Zealand's largest medical insurer Southern
Cross, AA Insurance, JB Hi-Fi of Auckland, Queenstown newspaper
Mountain Scene and various car panelbeating and crash-repair
businesses around New Zealand.

According to the NZ Herald, the liquidators released the first
report into the insurer's demise but could not give a total
deficit and warned they were also unsure about accounting records.
The company might owe more, the liquidators said.

"The company does not maintain its own accounting records . . .
the liquidators are unsure as to how up-to-date the information
provided. . ., " the liquidators said, according to the NZ Herald.

On the plus side of the ledger, the liquidators said, they were
trying to claw back unpaid premiums, the NZ Herald says.

"There is a significant amount of unpaid premium income due to the
company which we are endeavouring to collect. We are also aware of
amounts due from the company's reinsurance arrangements that we
are seeking to recover," they said.

On the negative side, they said, many insurance claims were left
unpaid, the NZ Herald discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
April 6, 2011, The National Business Review said David Ruscoe and
Simon Thorn, of Grant Thornton New Zealand, have been appointed
liquidators to Western Pacific Insurance, a small Queenstown-based
insurance company with around 150 claims relating to earthquakes
in Christchurch.  NBR related that Mr. Ruscoe and Mr. Thorn were
appointed liquidators on April 1, 2011, after directors of Western
Pacific became concerned about the solvency of their company.

The liquidators called for creditors to lodge claims by April 28.

Western Pacific is a New Zealand-owned and operated insurance
company.  It was established in April 2005, and is principally a
broker brand that offers a broad range of commercial, domestic and
specialty products as well as programmes for affinity groups,
underwriting agents and preferred brokers.  It has about 7,000
policy holders in New Zealand.


                             *********

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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