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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Friday, April 15, 2011, Vol. 14, No. 75

                            Headlines



A U S T R A L I A

FORD MOTOR: Australia to Cut 240 Jobs as Large Vehicle Sales Slump
HELIUM CAPITAL: Fitch Affirms AU$77.8MM Series 60 Notes at 'CCsf'
IBC SOLUTIONS: Placed in Administration; Lowe Lippman Appointed
LIBERTY FUNDING: S&P Assigns 'BB(sf)' Rating to Class E Notes
RIVERCITY MOTORWAY: Forecaster Faces AU$700-Mil. Class Action Suit

XANADU THE MUSICAL: Rinehart Loses AU$2.3MM to Failed Musical Show


C H I N A

CHINA NETWORKS: Brian Taylor Discloses 9.7% Equity Stake


H O N G  K O N G

BMMK RATCLIFFE: Court to Hear Wind-Up Petition on May 11
FAME STRONG: Court Enters Wind-Up Order
FLX (HK): Creditors' Proofs of Debt Due April 29
HEMPSTONE LIMITED: Chen and Lo Appointed as Liquidators
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases

KINGSWAY CORP: Osman Mohammed Arab Appointed as New Liquidator
MCGILL TRADING: Creditors Get HK$4,500/Share Recovery on Claims
RED PERSONNEL: Keung and Yen Appointed as Liquidators
RICOSTRETCH HK: Court to Hear Wind-Up Petition on May 18
SUN ABLE: Court Enters Wind-Up Order


I N D I A

AIZANT DRUG: CRISIL Reaffirms 'BB-' Rating on INR30MM Cash Credit
ANANDSONS OVERSEAS: CRISIL Assigns 'P4+' Rating to Various Loans
A.R. CASTINGS: CRISIL Assigns 'B+' Rating to INR10M Long-Term Loan
BALDEV METALS: CRISIL Reaffirms 'B+' Cash Credit Rating
CHANDANA BROTHERS: CRISIL Reaffirms 'D' Rating on INR300MM Loan

J.G. SPINNING: CRISIL Assigns 'BB' Rating to INR17.7MM LT Loan
MAHABIR COLD: CRISIL Reaffirms 'B+' Rating on INR100MM Cash Credit
MANPHO EXPORTS: CRISIL Reaffirms 'D' Rating on INR43MM Cash Credit
NANDAN BIOMATRIX: CRISIL Rates INR190MM Proposed LT Loan at 'BB+'
NARSING TEXTILES: CRISIL Reaffirms 'B' Rating on INR34.8MM LT Loan

PLATINUM FABRICS: CRISIL Assigns 'D' Rating to INR261MM LT Loan
RAJASTHAN UDYOG: CRISIL Reaffirms 'D' Rating on INR51M Cash Credit
RATCHET LABORATORIES: CRISIL Cuts Ratings on Bank Loans to 'BB+'
SARVESH REFRACTORIES: CRISIL Reaffirms 'D' Rating on Term Loan
SONA WIRES: CRISIL Reaffirms 'B+' Rating on INR37.5MM Cash Credit

SRI DURGA ENTERPRISES: CRISIL Reaffirms 'BB-' Cash Credit Rating


J A P A N

CHIBA BANK: Fitch Affirms, Withdraws Individual Rating of 'B/C'
CORSAIR: Fitch Affirms Series 326 Notes at 'CCsf'
FUKUOKA BANK: Fitch Affirms, Withdraws Individual Rating of 'C'
HIROSHIMA BANK: Fitch Affirms, Withdraws Individual Rating of 'C'
HOKKAIDO BANK: Fitch Affirms, Withdraws Individual Rating of 'C/D'

HOKURIKU BANK: Fitch Affirms, Withdraws Individual Rating of 'C/D'
NISHI-NIPPON: Fitch Affirms, Withdraws Individual Rating of 'D'


N E W  Z E A L A N D

PIKE RIVER: Contractors Move to Wind Up Pike River
PIKE RIVER: Receivers Unveil Further Redundancies
SOUTH CANTERBURY: Receivers to Sell the Rest of the 'good bank'


T A I W A N

FAR EASTERN AIR: Far Eastern Air Transport can fly again, CAA says


X X X X X X X X


* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


FORD MOTOR: Australia to Cut 240 Jobs as Large Vehicle Sales Slump
------------------------------------------------------------------
Ben Packham and James Massola at The Australian report that Ford
Australia will axe 240 jobs in coming months as it cuts vehicle
production by 20% due to a slump in demand for larger vehicles.

The Australian relates that the company -- which recently received
$42 million in federal government funding -- said it would cut
output from 260 to 209 cars a day to "more closely align
production with current market demand".

The jobs cuts will occur across the company's Victorian plants, at
Broadmeadows and Geelong, The Australian notes.

"The company will look to redeploy wherever possible, however the
intent is to offer voluntary redundancy packages for those where
redeployment to other areas is not an option," The Australian
quotes Ford Australia president Bob Graziano as saying.

He acknowledged the announcement would be unsettling for staff,
but said the company had to make the right business decisions to
ensure it remained profitable, The Australian adds.

                           About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The Company provides financial
services through Ford Motor Credit Company.

Ford Motor's balance sheet at Sept. 30, 2010, showed
$177.07 billion in total assets, $178.81 billion in total
liabilities, and a stockholders' deficit of $1.77 billion.

                           *     *     *

Ford Motor has a 'BB' issuer default rating, with positive
outlook, from Fitch Ratings; 'Ba2' corporate family rating and
probability of default rating from Moody's Investors Service; and
a 'BB-' corporate credit rating, with positive outlook, from
Standard & Poor's.

Fitch said at the end of January 2011, that Ford's ratings reflect
its continued strong financial performance and the substantial
debt reduction accomplished in the fourth quarter of 2010, both of
which outperformed Fitch's previous expectations.


HELIUM CAPITAL: Fitch Affirms AU$77.8MM Series 60 Notes at 'CCsf'
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Helium Capital Limited's
AU$77.8 million (as of April 11, 2011) Series 60 synthetic
portfolio notes due March 2013 (also known as "Esperance") at
'CCsf' with a Recovery Rating of 'RR6'.

The transaction is a static synthetic CDO referencing a portfolio
of primarily investment-grade corporate obligations.

To date six credit events have occurred in the reference
portfolio.  While some improvement of the average credit quality
has been observed in the reference portfolio over the last 12
months, Fitch considers that very high levels of credit risk
remain due to a few 'CCC'-category reference entities and limited
remaining credit enhancement.


IBC SOLUTIONS: Placed in Administration; Lowe Lippman Appointed
---------------------------------------------------------------
James Thomson at SmartCompany reports that IBC Solutions and
associated software group Platform Interactive have been placed in
administration, just two-and-a-half years after Platform acquired
IBC from digital services group BlueFreeway.

According to SmartCompany, Platform Interactive and IBC were
placed in the hands of administrator Gideon Rathner and David
Coyne of Melbourne-based accounting and insolvency firm Lowe
Lippman on April 11, 2011.

SmartCompany says Platform Interactive, which was founded by
managing director David Barnes in 2003 as a web developer and
later became a developer of content management and online
marketing systems, boasts a number of high profile clients,
including The West Australian, Yahoo!7, Credit Suisse and Metro
Trains.

In November 2008, SmartCompany relates, the company acquired IBC
Online Solutions from the then-struggling BlueFreeway for an
undisclosed amount.  BlueFreeway has since been swallowed by the
Hannan family's IMPG group.

SmartCompany discloses that IBC Online Solutions, which has a
staff of 20, was founded by Richard Keeves in 1994, has an equally
impressive client list, including Spotless Services Australia and
range of state and Federal Government departments.

A third company within the group, Tentacle Digital Marketing, does
not appear to be in administration at this stage, SmartCompany
discloses.

According to the report, the group appears to be trading as normal
while administrators start the task of assessing the financial
position of the companies.

The first creditors meeting will be held on April 20 in Melbourne.

IBC Solutions is a Perth-based web development firm.


LIBERTY FUNDING: S&P Assigns 'BB(sf)' Rating to Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the six
classes of prime residential mortgage-backed securities (RMBS)
issued by Liberty Funding Pty. Ltd. in respect of Liberty PRIME
Series 2011-1.

The ratings reflect:

    * The two-tier structure of the transaction.  Liberty Funding
      Pty Ltd. (the issuer) has used the proceeds of the Liberty
      Series notes to purchase the notes issued by Liberty PRIME
      Series 2011-1 Trust.  The tenor of the Liberty Series notes
      matches the tenor of the Liberty Trust notes;

    * The credit risk of the underlying collateral portfolio of
      the notes;

    * The underwriting and servicing operations of Liberty
      Financial Pty Ltd.;

    * The assessment of borrowers' repayment capacity;

    * A weighted-average borrower rate on loans of at least the
      greater of: (i) the threshold rate required to ensure all
      trust obligations are met; and (ii) a defined required
      interest-rate margin over the bank bill swap rate (BBSW);

    * A liquidity facility to support noteholder payments, equal
      to 2.5% of the outstanding balance of the invested amount of
      the notes;

    * Principal draws, as an additional form of liquidity.
      Principal collections can then be utilized as an additional
      form of liquidity to meet any short-term liquidity
      shortfalls;

    * The provision of a reserve account established and
      maintained through the trapping of excess spread on each
      payment date.  The reserve account may be utilized to meet
      current loan losses, and as a third source of liquidity for
      the payment of unpaid interest;

    * The availability of excess spread to cover any current
      losses and carryover charge-offs on notes from prior
      periods;

    * The composition of the underlying collateral pool, which
      entirely consists of loans with variable rate mortgages.  No
      loans subject to a fixed rate of interest will be permitted
      within the pool;

    * For the class A1 and A2 notes, the subordination of the
      class B, C, D, E, and F notes;

    * For the class B notes, the subordination of the class C, D,
      E, and F notes;

    * For the class C notes, the subordination of the class D, E,
      and F notes;

    * For the class D notes, the subordination of the class E and
      F notes; and

    * For the class E notes, the subordination of the class F
      notes.

The issuer has not informed Standard & Poor's (Australia) Pty Ltd.
whether the issuer is publically disclosing all relevant
information about the structured finance instruments the subject
of this rating report or whether relevant information remains non-
public.

Ratings Assigned

Liberty PRIME Series 2011-1

  Class    Rating     Amount (mil. AU$)
  -----    ------     ----------------
  A1       AAA (sf)   170.00
  A2       AAA (sf)    50.75
  B        AA- (sf)    11.75
  C        A (sf)       4.50
  D        BBB (sf)     5.50
  E        BB (sf)      3.25
  F        N.R.         4.25

  N.R.-Not rated


RIVERCITY MOTORWAY: Forecaster Faces AU$700-Mil. Class Action Suit
------------------------------------------------------------------
The Sydney Morning Herald reports that RiverCity Motorway's
traffic modelling forecaster Aecom faces a AU$700 million class
action less than two months after the spectacular collapse of the
listed toll road operator.

According to SMH, litigation funder IMF will bankroll the class
action and alleges that Aecom's statements in the Product
Disclosure Statement were misleading and deceptive and failed to
provide investors with full information about another set of
traffic figures it compiled on the project 18 months earlier.

The case, says SMH, will be a landmark as it is the first time a
traffic forecaster has become the target of a class action.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 28, 2011, CourierMail said Rivercity Motorway Group went into
receivership after failing to get its two dozen lenders to agree
to a suspension of interest repayments on the company's AU$1.3
billion debt.  KordaMentha partners Martin Madden and David
Merryweather were appointed receivers and managers of RiverCity
Motorway.

Rivercity Motorway Group is the owner and operator of Brisbane's
troubled Clem7 tunnel.


XANADU THE MUSICAL: Rinehart Loses AU$2.3MM to Failed Musical Show
------------------------------------------------------------------
SmartCompany reports that Australia's richest person, iron ore
billionaire Gina Rinehart, has emerged as the biggest loser in the
collapse of Xanadu the Musical, which was halted on April 10 after
poor ticket sales.

Ms. Rinehart's private company Hanrine is owed AU$2.3 million from
the collapse of the musical, SmartCompany relates citing a report
in The Australian.

Administrators Con Kokkinos and Paul Burness from Worrells
Solvency and Forensic Accounting, who were appointed to the failed
show on April 4, held a creditors meeting in Melbourne on
April 13.

A group of about 20 creditors are owed $3 million, making Rinehart
easily the largest creditor, according to SmartCompany.

The musical, based on the hit 1970s film starring Olivia Newton
John, which was supposed to play in Melbourne for 10 weeks before
going on a national tour, was halted after ticket sales failed to
cover running costs.


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


CHINA NETWORKS: Brian Taylor Discloses 9.7% Equity Stake
--------------------------------------------------------
In a Schedule 13G filing with the U.S. Securities and Exchange
Commission, Brian Taylor and his affiliates disclosed that they
beneficially own 1,390,070 shares of common stock of China
Networks International Holdings, Ltd., representing 9.7% of the
shares outstanding.  A full-text copy of the filing is available
for free at http://is.gd/aDU80P

                       About China Networks

Headquartered in Beijing, PRC China Networks International
Holdings, Limited, through China Networks Media Ltd., a British
Virgin Islands company, provides broadcast television advertising
services in the PRC, operating joint-venture partnerships with PRC
TV Stations in regional areas of the country.  The Company manages
these regional businesses through a series of joint ventures and
contractual arrangements to sell broadcast television advertising
time slots and so-called "soft" advertising opportunities to local
advertisers directly and through advertising agencies and brokers.

As reported by the TCR on July 6, 2010, UHY Vocation CPA Limited,
in Hong Kong, expressed substantial doubt about the Company's
ability to continue as a going concern.  The independent auditors
noted that the Company has a significant working capital deficit
and is dependent on obtaining additional financing to execute its
business plan.

The Company reported net income of US$2.4 million on US$19.0
million of revenue for 2009, compared with a net loss of US$3.4
million on US$4.3 million of revenue for 2008.

The revenue increase was due to the fact that the Company only
began generating revenues from Kunming JV as of October 1, 2008,
and from the Yellow River JV as of January 1, 2009.

The Company's balance sheet at December 31, 2009, showed
US$52.0 million in assets, US$54.0 million of liabilities, and
US$236,400 of common stock subject to repurchase, for a
shareholders' deficit of US$2.3 million.


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


BMMK RATCLIFFE: Court to Hear Wind-Up Petition on May 11
--------------------------------------------------------
A petition to wind up the operations of BMMK Ratcliffe, Hoare and
Company Limited will be heard before the High Court of Hong Kong
on May 11, 2011, at 9:30 a.m.

Willes Josephine A. filed the petition against the company on
March 9, 2011.


FAME STRONG: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on March 30, 2011, to
wind up the operations of Fame Strong (China) Limited.

The official receiver is E T O'Connell.


FLX (HK): Creditors' Proofs of Debt Due April 29
------------------------------------------------
Creditors of FLX (HK) Limited, which is in liquidation, are
required to file their proofs of debt by April 29, 2011, to be
included in the company's dividend distribution.

The company's liquidator is:

          Lau Wu Kwai King Lauren
          5th Floor, Ho Lee Commercial Building
          38-44 D'Aguilar Street
          Central, Hong Kong


HEMPSTONE LIMITED: Chen and Lo Appointed as Liquidators
-------------------------------------------------------
Messrs. Chen Yung Ngai Kenneth and Lo Wa Kei Roy on Dec. 15, 2010,
were appointed as liquidators of Hempstone Limited.

The liquidators may be reached at:

         Chen Yung Ngai Kenneth
         Lo Wa Kei Roy
         43/F The Lee Gardens
         33 Hysan Avenue, Causeway Bay
         Hong Kong


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced April 8 that
investigation of over 99% of a total of 21,771 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 14,383 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,586 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,700 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,529 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 747 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 782 cases; and

    * 472 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

    Investigation work is underway for the remaining 99 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available for free a:

             http://ResearchArchives.com/t/s?759b

                      About Lehman Brothers

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

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

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

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

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

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

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

                 International Operations Collapse

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

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

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


KINGSWAY CORP: Osman Mohammed Arab Appointed as New Liquidator
--------------------------------------------------------------
Osman Mohammed Arab on March 10, 2011, was appointed as liquidator
of Kingsway Corporation Limited.

Osman Mohammed Arab replaces Chen Yung Ngai Kenneth who stepped
down as the company's liquidator.

The liquidators may be reached at:

         Osman Mohammed Arab
         Wong Tak Man Stephen
         29th Floor, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


MCGILL TRADING: Creditors Get HK$4,500/Share Recovery on Claims
---------------------------------------------------------------
McGill Trading Company Limited, which is in liquidation, declared
the first return amount per share to its creditors on April 8,
2011.

The company paid HK$4,500 per share for ordinary claims.

The company's liquidator is:

         Kenny King Ching Tam
         Room 908, 9/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


RED PERSONNEL: Keung and Yen Appointed as Liquidators
-----------------------------------------------------
Messrs. Stephen Liu Yiu Keung and David Yen Ching Wai on March 16,
2011, were appointed as liquidators of Red Personnel Limited.

The liquidators may be reached at:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F One Island East 18
         Westlands Road
         Island East, Hong Kong


RICOSTRETCH HK: Court to Hear Wind-Up Petition on May 18
--------------------------------------------------------
A petition to wind up the operations of Ricostretch Hong Kong
Limited will be heard before the High Court of Hong Kong on
May 18, 2011, at 9:30 a.m.

Fung Ka Man filed the petition against the company on March 14,
2011.


SUN ABLE: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on March 30, 2011, to
wind up the operations of Sun Able Limited.

The official receiver is E T O'Connell.


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


AIZANT DRUG: CRISIL Reaffirms 'BB-' Rating on INR30MM Cash Credit
-----------------------------------------------------------------
CRISIL has reaffirmed its 'BB-/Stable' rating on the bank
facilities of Aizant Drug Research Solutions Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR30.0 Million Cash Credit           BB-/Stable (Reaffirmed)
   INR73.8 Million Long-Term Loans       BB-/Stable (Reaffirmed)
   INR10.5 Million Proposed Long-Term    BB-/Stable (Reaffirmed)
                   Bank Loan Facility

The rating continues to reflect the company's dependence on
milestone-based contracts and its highly capital intensive
operations.  These rating weaknesses are partially offset by the
benefits that Aizant derives from its healthy operating
efficiencies, and its promoter's vast experience and established
linkages in pharmaceutical research, as evinced by its healthy
order book, which includes contracts from global innovator
companies.

Aizant has recently received private equity of USD 5 million in
the form of compulsory convertible debentures (CCDs) from Zephyr
Peacock India Funds (ZPIF); the first tranche of USD 2.5 million
was received in January 2011, while the remainder will be received
in July 2011.  The first tranche has eased liquidity pressures at
Aizant, and it has been proposed that the funds will be used
primarily to augment capacity and increase the scale of the
company's operations. Aizant's ability to successfully contract
and complete new projects, leading to healthy cash generation,
will be critical to ensuring adequate liquidity.

Outlook: Stable

CRISIL believes that Aizant will continue to benefit over the
medium term from its healthy order book position, leading to
gradual revenue growth and cash generation.  CRISIL also expects
Aizant's gearing levels to improve, after the receipt of the
second tranche of private equity funding.  The outlook may be
revised to 'Negative' if Aizant is unable to achieve steady
revenue growth, leading to cash flow mismatches, if Aizant's cash
accruals or gearing deteriorates, or if there are time or cost
overruns in the implementation of its capital expenditure plans.
Conversely, the outlook may be revised to 'Positive' if Aizant's
liquidity and debt protection metrics improve significantly,
backed by larger-than-expected cash accruals.

                         About Aizant Drug

Aizant was incorporated by Dr. Rudraraju Varma, who holds a PhD in
Pharmaceutics from the University of Mississippi. Prior to setting
up Aizant, Dr. Varma worked for over 15 years with research and
development teams at global pharmaceutical companies.  Aizant's
research laboratory and clinical trials facility are in Hyderabad.
The company started commercial operations in 2008-09 (refers to
financial year, April 1 to March 31).  It provides contract
research services, with a focus on new drug delivery systems, and
conducts clinical trials on behalf of its clients. Aizant's
clinical trials facility has received approvals for conducting
bioavailability and bioequivalence studies from the US Food and
Drug Administration and The National Health Surveillance Agency,
Brazil.

The CCDs issued to ZPIF are convertible to equity upon reaching
certain milestones in terms of revenues.  Aizant's management has
further stated that the company's cash flows will not be utilized
to acquire ZPIF's stake in Aizant, should ZPIF wish to sell its
share.

For 2009-10, Aizant reported a profit after tax of INR5.9 million
on net sales of INR162.4 million, as against a loss after tax of
INR51.1 million on net sales of INR88 million in 2008-09.


ANANDSONS OVERSEAS: CRISIL Assigns 'P4+' Rating to Various Loans
----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the short-term bank
facilities of Anandsons Overseas Trading Pvt Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR69 Million Bill Purchase-Discounting   P4+ (Assigned)
                                 Facility
   INR30 Million Packing Credit              P4+ (Assigned)
   INR1 Million Proposed Short-Term Bank     P4+ (Assigned)
                           Loan Facility

The rating reflects Anandsons's moderate financial risk profile
marked by low net-worth base and weak debt protection indicators.
This rating weakness is partially offset by the company's prudent
risk management policies coupled with asset light manufacturing
model and extensive industry experience of Anandsons's promoters
in the electrical components trading industry.

Anandsons, initially started in 1962 as Anandsons Overseas - a
sole proprietorship of Mr. Sudhir Anandpara, and later
reconstituted as a private limited company in 1979, is engaged in
trading of electrical components including cable glands, cable
lugs, earthing components and electrical accessories.  Anandsons
is a three star export house and exports products under the brands
'ASON' and 'Precision'.  Anandsons exports its products across
diverse regions including Middle East and Europe.  Anandsons
outsources the manufacturing of its products to more than 12
vendors primarily located in Gujarat and Maharashtra.

Anandsons reported a profit after tax (PAT) of INR4.19 million on
net sales of INR273.7 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR3.26 million on
net sales of INR335.1 million for 2008-09.


A.R. CASTINGS: CRISIL Assigns 'B+' Rating to INR10M Long-Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of A.R. Castings Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR10 Million Long-Term Loan      B+/Stable (Assigned)
   INR75 Million Cash Credit         B+/Stable (Assigned)

The rating reflects ARCPL's weak financial risk profile marked by
a small net worth, a high gearing, and weak debt protection
measures, and exposure to risks related to geographical
concentration in revenue profile and small scale of operations in
intensely competitive steel industry.  These rating weaknesses are
partially offset by ARCPL's longstanding presence in the steel
industry.

Outlook: Stable

CRISIL believes that ARCPL's business risk profile will remain
constrained by the company's small scale of operations in the
intensely competitive steel industry, leading to a low operating
margin. Also, the company's financial risk profile is expected to
remain weak, marked by a small net worth and weak debt protection
measures. The outlook may be revised to 'Positive' if the company
scales up its operations, while improving its operating margin.
Conversely, the outlook may be revised to 'Negative' if ARCPL's
financial risk profile weakens because of a decline in sales, or
if the company undertakes a large, debt-funded capital expenditure
programme.

                         About A.R. Castings

Incorporated in 1991, ARCPL manufacturing steel ingots and steel
castings. It has capacity to manufacture 32,850 tonnes of steel
ingots (of sizes 3.5 to 9.0 inches) per annum at its plant in
Mandi Gobindgarh (Punjab).  The company derives around 95 per cent
of its revenues from manufacturing and selling steel ingots and
the balance from steel castings.  ARCPL is managed by Mr. Jagdish
Bansal, Mr. Ashok Kumar Bansal, and Mr. Ramesh Bansal, and their
sons. It sells steel ingots to local brokers in Mandi Gobindgarh,
and steel castings to the automobile market in Ghaziabad (Uttar
Pradesh). The promoter group also runs a rolling mill and a steel
ingot unit called Prem Steel Allied Industries and PK Alloys,
respectively, in Mandi Gobindgarh.

ARCPL reported a profit after tax (PAT) of INR3.4 million on net
sales of INR549.1 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3.8 million on net sales
of INR658.9 million for 2008-09.


BALDEV METALS: CRISIL Reaffirms 'B+' Cash Credit Rating
-------------------------------------------------------
CRISIL's rating on the cash credit facility of Baldev Metals Pvt
Ltd continues to reflect BML's limited pricing power in the
intensely competitive and cyclical aluminum ingots industry, and
weak financial risk profile marked by a small net worth and weak
debt protection metrics.  These rating weaknesses are partially
offset by the experience of BML's promoter in the aluminum ingots
industry.

   Facilities                           Ratings
   ----------                           -------
   INR60.0 Million Cash Credit Limit    B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BML's net worth will remain small and its
debt protection metrics, weak, over the medium term, because of
low profitability; the company's profitability is also expected to
remain vulnerable to volatility in aluminum prices.  The outlook
may be revised to 'Positive' if there is an improvement in BML's
financial risk profile, through better profitability or infusion
of equity.  Conversely, the outlook may be revised to 'Negative'
if BML's financial risk profile deteriorates significantly, most
likely because of a fresh, large, debt-funded capital expenditure
and incremental working capital requirements.

                        About Baldev Metals

Incorporated in 1990 by Mr. Baldev Raj, BML (formerly, Aone Alloys
& Casting Co) manufactures aluminum ingots and bars of various
grades used in the automobile industry and in home appliances. The
company's manufacturing unit at Mayapuri (New Delhi) has a total
manufacturing capacity of about 300 tonnes per month.

BML reported a profit after tax (PAT) of INR1.5 million on net
sales of INR357 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.9 million on net sales
of INR456 million for 2008-09.


CHANDANA BROTHERS: CRISIL Reaffirms 'D' Rating on INR300MM Loan
---------------------------------------------------------------
CRISIL's rating on Chandana Brothers Multicomplex Pvt Ltd's bank
facilities continues to reflect delay by Chandana in servicing its
term loan; the delay has been caused by Chandana's weak liquidity
arising out of cash flow mismatches.

   Facilities                    Ratings
   ----------                    -------
   INR300 Million Term Loan      D (Reaffirmed)

The rating also reflects the susceptibility of Chandana's cash
flows to economic downtrends. However, the company benefits from
its promoters' healthy financial flexibility.

Update
Chandana's mall was inaugurated and commenced commercial
operations on January 2, 2010. Till March 2011, about 0.17 million
square feet (sq ft) of the mall's total floor area of 0.25 million
sq ft has been leased out.  In 2009-10 (refers to financial year,
April 1 to March 31), the company generated revenues of about
INR19 million and about INR100 million for 8 months ended November
30, 2010. Nearly 0.136 million sq ft has been leased out to the
brands INOX, Reliance Retail, Fun Zone Family Entertainment,
Lifestyle International, White House Apparels, Vasundhara
Enterprises and Kratika Enterprises.  Chandana reported a net loss
of INR5 million on net sales of INR19 million for 2009-10, but is
likely to book net profit for 2010-11. The company undertook a
capital expenditure (capex) programme of about INR450 million over
the past five years, which was funded by term loan of INR300
million and equity. Cost overrun of about INR150 million has been
met entirely out of equity.. Chandana's cash flow mismatches on
account of delay in receipt of lease rentals have resulted in the
company continuing to delay payment of its term loan instalments
by 10-15 days over the past 5-6 months.

                      About Chandana Brothers

Chandana was incorporated as a special-purpose vehicle (SPV) on
April 20, 2005. The company, promoted by Mr. Chandana Mohan Rao,
was incorporated for setting up a mega shopping mall of about
250,000 sq ft in Visakhapatnam (Andhra Pradesh) on a build-
operate-transfer (BOT) basis. The project, awarded by Andhra
Pradesh State Road Transport Corporation, comprises a shopping
mall, multiplex, food court, and game zone among others. This is
Chandana's first project. The company has received this BOT
project on lease for a period of 33 years (including three years
of construction period) starting from June 2005. The concession
ends in June 2038. The company commenced operations in January
2010.


J.G. SPINNING: CRISIL Assigns 'BB' Rating to INR17.7MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of J.G. Spinning Mills Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR17.70 Million Long-Term Loan      BB/Stable (Assigned)
   INR270.00 Million Proposed LT Loan   BB/Stable (Assigned)
   INR125.00 Million Cash Credit        BB/Stable (Assigned)
   INR10.00 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect JGSMPL's weak financial risk profile, marked
by high gearing, its small scale of operations, its susceptibility
to raw material price volatility, and exposure to risks related to
project implementation. These weaknesses are partially offset by
the experience of JGSMPL's promoters in the cotton grey fabric and
yarn industry and its established relationships with its
customers.

Outlook: Stable

CRISIL believes that JGSMPL will continue to benefit over the
medium term from its promoter's healthy track record in the cotton
grey fabric and yarn business.  The outlook may be revised to
'Positive' if the company's scale of operations and capital
structure improve considerably.  Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
deteriorates because of less-than-expected operating margin and
revenues or large, debt-funded capital expenditure programme.

                        About J.G. Spinning

Incorporated in 2003, JGSMPL sells grey cotton fabric and cotton
yarn, primarily in the domestic market. Based in Tirupur, the
company has an installed capacity of 26,208 spindles.  Its day-to-
day affairs are managed by its promoter director, Mr. Kishan Gopal
Sakseria, and his brother, Mr. Om Prakash Seksaria, both of whom
have around thirty years' experience in the textile industry. The
company derives 90 percent of its revenues from the sale of grey
fabric and around 10 per cent of its revenues from the sale of
cotton yarn.

JGSMPL reported a profit after tax (PAT) of INR9 million on net
sales of INR472 million in 2009-10 (refers to financial year,
April 1 to March 31), as against a net losses of INR43 million on
net sales of INR504 million for the previous year.


MAHABIR COLD: CRISIL Reaffirms 'B+' Rating on INR100MM Cash Credit
------------------------------------------------------------------
http://www.crisil.com/Ratings/RatingList/RatingDocs/mahabir-cold-
storage_11apr11.htm

CRISIL's rating on the bank facilities of Mahabir Cold Storage Pvt
Ltd continues to reflect MCL's constrained financial risk profile,
marked by a high gearing and constrained debt protection metrics,
and large working capital requirements.  These rating weaknesses
are partially offset by the significant experience of MCL's
promoter in the cold storage industry.

   Facilities                       Ratings
   ----------                        -------
   INR100 Million Cash Credit       B+/Stable (Reaffirmed)
   INR4 Million Proposed Long-Term  B+/Stable (Reaffirmed)
                Bank Loan Facility

Outlook: Stable

CRISIL believes that MCL will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves on the back of increase in scale of operations and cash
accruals or significant equity infusion. Conversely, the outlook
may be revised to 'Negative' if MCL undertakes a larger-than-
expected, debt-funded capital expenditure programme or in case of
a sharp decline in the company's margins because of adverse
movement in commodity prices.

                        About Mahabir Cold

Set up in 1999 by Mr. Hulas Chand Jain, MCL is into trading in,
storage, and preservation of potatoes and apples. The company's
cold storage unit in Tinsukhia (Assam) has capacity of 140,000
quintals. MCL procures potatoes from Punjab and West Bengal, and
sells the same to traders and wholesalers in Assam.

MCL reported a profit after tax (PAT) of INR0.7 million on an
operating income of INR116 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR0.6
million on an operating income of INR88 million for 2008-09.


MANPHO EXPORTS: CRISIL Reaffirms 'D' Rating on INR43MM Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Manpho Exports continue
to reflect delays by Manpho in servicing its debt; the delays have
been caused by Manpho's weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR43.0 Million Cash Credit        D (Reaffirmed)
   INR17.0 Million Rupee Term Loan    D (Reaffirmed)
   INR5.0 Million Letter of Credit    P5 (Reaffirmed)

Manpho is susceptible to volatility in raw material prices and has
small scale of operations. However, the company has healthy
capital structure and moderate net worth, and benefits from its
promoters' experience in the textile industry.

Set up in 1989 as a partnership firm by Mr. Lalith Parekh, Manpho
manufactures silk home furnishing products and made-ups, such as
curtains, quilts, cushion covers and bed sheets. The firm also
trades in cotton and polyester fabrics. Manpho's products are
manufactured at its facility in Bengaluru, which has 10 imported
and 12 indigenously made looms, and employs around 150 people.
Manpho exports primarily to retailers in Europe and the Middle-
East.

Manpho reported a profit after tax (PAT) of around INR6.0 million
on net sales of around INR159.0 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR7.0
million on net sales of INR125.0 million for 2008-09.


NANDAN BIOMATRIX: CRISIL Rates INR190MM Proposed LT Loan at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facility
of Nandan Biomatrix Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR190.00 Million Proposed LT Loan    BB+/Stable (Assigned)

The rating reflects limited track record of the Nandan group in
Jatropha-based bio-diesel production, the group's exposure to
implementation-related risks associated with its ongoing project
of large-scale cultivation of Jatropha and other bio fuel crops,
and its exposure to risks inherent in the Indian agricultural
industry.  These rating weaknesses are partially offset by the
group's above-average financial risk profile, marked by healthy
capital structure and debt protection metrics, and expected
healthy demand prospects for the bio-diesel sector.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NBL and its subsidiaries, Nandan Horti
Processing Park Pvt Ltd, Nandan Project Development Company Pvt
Ltd, Nandan Biomatrix (MP) Pvt Ltd, Nandan Biomatrix Sdn Bhd,
Nandan Holdings PTE Ltd, and Nandan Technologies Ltd, its
associate company, Vitale Nandan Biopharma Sciences Pvt Ltd, and
joint venture company, Bharat Renewable Energy Ltd. This is
because they have strong operational and business linkages between
them.  These entities are collectively referred to as the Nandan
group.

Outlook: Stable

CRISIL believes that the Nandan group will continue to benefit
from its promoters' extensive experience in the agri-business
space and its healthy financial risk profile.  The outlook may be
revised to 'Positive' if the group scales up its operations and
improves its profitability significantly, while maintaining its
capital structure.  Conversely, the outlook may be revised to
'Negative' if the group's financial risk profile deteriorates
because of a sharp decline in revenues and profitability, time or
cost overruns in new projects, or weakening in capital structure
because of larger-than-expected, debt-funded capital expenditure.

                          About the Group

Set up in December 1999, NBL is into development and sale of
herbal nutraceuticals and Jatropha saplings. It plans to
manufacture crude Jatropha oil and is currently undertaking
captive and contract farming of Jatropha across India. This is
expected to cost around INR1 billion, to be funded in a debt-
equity mix of 1:1.  The company's promoters are Mr. V Bhaskar Rao,
Mr. B Jaya Kumar, Mr. M. Phaneesh and Mr. C S Jadhav. It is
headquartered in Hyderabad (Andhra Pradesh). The company's
subsidiaries were set up to undertake cultivation of Jatropha and
other medicinal crops. Currently there are no major operations in
these companies.

The Nandan group has reported a profit after tax (PAT) of INR85
million on net sales of INR1 billion for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR152
million on net sales of INR0.9 billion for 2008-09.


NARSING TEXTILES: CRISIL Reaffirms 'B' Rating on INR34.8MM LT Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Narsing Textiles
Industries Pvt Ltd continue to reflect Narsing's weak financial
risk profile, marked by small net worth, high gearing, and weak
debt protection metrics, small scale of operations, and low
profitability. These weaknesses are partially offset by the
experience of Narsing's promoters in the textile business.

   Facilities                           Ratings
   ----------                           -------
   INR34.8 Million FCNR (B) LT Loan     B/Stable (Reaffirmed)
   INR20.2 Million Cash Credit          B/Stable (Reaffirmed)
   INR1.0 Million Rupee Term Loan       B/Stable (Reaffirmed)
   INR0.2 Million Proposed Long-Term    B/Stable (Reaffirmed)
                Bank Loan Facilities

Outlook: Stable

CRISIL believes that Narsing will continue to benefit over the
medium term from its promoters' experience in textiles industry.
The outlook may be revised to 'Positive' if Narsing's financial
risk profile improves because of substantial equity infusion or if
the company significantly increases its operating margin while
maintaining revenue growth.  Conversely, the outlook may be
revised to 'Negative' if Narsing's financial risk profile
deteriorates because of a larger-than-expected, debt-funded
capital expenditure (capex) programme.

Update
Narsing achieved a turnover of around INR270.2 million in 2009-10
(refers to financial year, April 1 to March 31), against a
turnover of INR267.6 million in 2008-09. Narsing is expected to
achieve net sales of around INR340 million in 2010-11, in line
with CRISIL's expectation. The company was able to achieve an
operating profit of 6.9 per cent in 2009-10, as against 5.6 per
cent in 2008-09.  Its operating profitability is expected to be in
the range of 6.5 to 7.5 per cent over the medium term. Narsing's
working capital requirements have increased on account of the
increase in turnover; however, in days' term, the requirements are
similar to levels in previous years.

Narsing's financial risk profile remains weak, marked by small net
worth of around INR35.6 million and high gearing of around 2.51
times, as on March 31, 2010. The company's net worth is expected
to remain small, at less than INR50 million, over the medium term.
Gearing is expected to be high, in the range of 2.3 to 2.8 times,
on account of incremental working capital requirements.
Furthermore, Narsing has planned a debt-funded capex of INR30
million to add weaving machines.

Narsing reported a profit after tax (PAT) of INR3.5 million on net
sales of INR270.2 million for 2009-10, against a PAT of INR2.1
million on net sales of INR267.6 million for 2008-09.

                         About Narsing Textiles

Set up as a proprietorship in 1981 by Mr. Jayantilal Parasmal
Jain, Narsing was reconstituted as a private limited company in
1990. The company manufactures suiting and shirting fabrics for
men. It is managed by Mr. Jayantilal Parasmal Jain and his
brother, Mr. Popatlal Parasmal Jain.


PLATINUM FABRICS: CRISIL Assigns 'D' Rating to INR261MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Platinum Fabrics Pvt Ltd.  The ratings reflect instances of delay
by PFPL in servicing its interest obligations on the long term
debt; the delays have been caused by the company's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR38.5 Million Cash Credit       D (Assigned)
   INR261 Million Long-Term Loan     D (Assigned)
   INR14.6 Million Bank Guarantee    P5 (Assigned)

PFPL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and susceptibility of
the operating margins to volatility in cotton yarn prices. These
weaknesses are partially offset by the extensive experience of
PFPL's promoters in the textile industry.

PFPL was incorporated in 2005 as D K Apparels Industries Pvt Ltd
by Mr. Dilip Karania and his brothers, Mr. Praful Karania and Mr.
Khirish Karania.  The company was renamed PFPL in December 2009.
PFPL manufactures cotton fabric from grey and dyed cotton yarn.
PFPL's manufacturing unit in Silvassa has an annual installed
capacity of 6 million metres of fabric per annum. The company
caters entirely to the domestic market.

PFPL reported a loss of INR70.6 million on net sales of INR141.1
million for 2009-10 (refers to financial year, April 1 to
March 31), as against a loss of INR44.4 million on net sales of
INR4.67 million for 2008-09.


RAJASTHAN UDYOG: CRISIL Reaffirms 'D' Rating on INR51M Cash Credit
------------------------------------------------------------------
CRISIL's ratings on Rajasthan Udyog and Tools Ltd's bank
facilities continue to reflect delays by RUTL in servicing its
term loan; the delays have been caused by RUTL's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR51.0 Million Cash Credit         D (Reaffirmed)
   INR49.1 Million Rupee Term Loan     D (Reaffirmed)
   INR16.5 Million Letter of Credit    P5 (Reaffirmed)
   INR14.5 Million Bank Guarantee      P5 (Reaffirmed)

RUTL has a weak financial risk profile marked by poor liquidity
and low profitability levels. These rating weaknesses are however,
partially mitigated by the improving performance of its iron
castings division.

Update
RUTL's revenues and operating margin are estimated at around
INR140 million and 3 per cent respectively for 2010-11 (refers to
financial year, April 1 to March 31). Grey iron castings segment
is expected to contribute around 70 per cent of the revenues,
while the remaining is expected to come from stone cutting
machines segment.  The company is operating its diamond cutting
machine segment at low levels because of intense competitive
pressures from Chinese and Korean companies.  CRISIL expects
RUTL's operating margin to remain between 5 and 6 per cent in the
medium term. RUTL's operations continue to be working capital
intensive, with gross current assets of over 550 days because of
high inventory and receivables levels. The company's liquidity is
weak because of its large working capital requirements and low
profitability.

RUTL reported a profit after tax (PAT) of INR0.67 million on
Operating Income of INR113.7 million for 2009-10, against a net
loss of INR16.99 million on Operating Income of INR142.4 million
for 2008-09.

                       About Rajasthan Udyog

RUTL was incorporated in 1978, promoted by Mr. A K Agarwal and his
brother, Mr. R K Agarwal. RUTL manufactures grey iron castings,
and stone working machines for the stone processing industry. The
company's plant is in Jodhpur (Rajasthan).


RATCHET LABORATORIES: CRISIL Cuts Ratings on Bank Loans to 'BB+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Ratchet Laboratories Ltd (Ratchet Labs, part of the Ratchet group)
to 'BB+/Stable/P4+' from 'BBB-/Stable/P3'.

   Facilities                        Ratings
   ----------                        -------
   INR85 Million Cash Credit         BB+/Stable (Downgraded from
                                                 'BBB-/Stable')

   INR25 Million Long-Term Loan      BB+/Stable (Downgraded from
                                                 'BBB-/Stable')

   INR50 Million Proposed LT Loan    BB+/Stable (Downgraded from
                                                 'BBB-/Stable')

   INR10 Million Letter of Credit   P4+ (Downgraded from 'P3')

The downgrade in ratings reflects the expected deterioration in
the Ratchet group's financial risk profile because of large, debt-
funded capital expansion (capex).

The ratings continue to reflect the Ratchet group's diversified
customer base, with a large part of its revenues coming from
repeat orders, and healthy profitability margins.  These rating
strengths are partially offset by the group's limited financial
flexibility because of its low capital base, aggressive capex
plans and the absence of long-term contracts.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Ratchet Labs and Ratchet Biotech Pvt
Ltd (Ratchet Biotech). This is because both these entities,
together referred to as the Ratchet group, are in the same line of
business and are under a common management, with Ratchet Biotech
holding a 5 per cent stake in Ratchet Labs.

Outlook: Stable

CRISIL believes that the Ratchet group will improve its turnover
and cash accruals in 2012-13 (refers to financial year April 1, to
March 31) after completion of its capital expenditure plans. This
will help the group to restrict the deterioration in its debt
protection metrics.  The outlook may be revised to 'Positive' if
the group strengthens its capital base by getting in additional
equity or in case of higher-than-expected accruals. Conversely,
the outlook may be revised to 'Negative' if the group takes a
longer-than-expected time to stabilize its new capacity addition
or faces further deterioration in its capital structure.

                            About the Group

Ratchet Labs was founded by Mr. Manoj Vasudev, its current
promoter-director, in 2004. The company contract manufactures
pharmaceutical formulations (including liquids, injectibles,
tablets, and capsules) for medium-sized domestic pharmaceutical
companies. The company has its own manufacturing facility for
injectibles and liquids at Baddi (Himachal Pradesh). It
manufactures tablets and capsules on a loan licence basis.
Currently, the company has a client base of more than 50
companies.

Ratchet Biotech markets branded formulations manufactured by
Ratchet Labs. These brands are marketed in Haryana, Punjab, Madhya
Pradesh, and Uttar Pradesh. The branded formulations segment
contributes to about 5 per cent of the group's revenues, with 95
per cent coming from contract manufacturing.

The Ratchet group reported a profit after tax (PAT) of INR14.3
million on net sales of INR260 million for 2009-10, against a PAT
of INR14.3 million on net sales of INR240 million for 2008-09.


SARVESH REFRACTORIES: CRISIL Reaffirms 'D' Rating on Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Sarvesh Refractories
Limited continues to reflect the default by Sarvesh on its term
loan obligations owing to weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR240 Million Cash Credit Limits     D (Reaffirmed)
   INR95.1 Million Term Loan             D (Reaffirmed)

Sarvesh is exposed to risks related to fragmented nature of
industry, vulnerability on margins to increase in raw material and
dependence on the cyclical steel industry.  However, the company
benefits from its promoters long experience in refractory industry
and moderate business profile

For 2009-10 (refers to financial year, April 1 to March 31),
Sarvesh reported a profit after tax (PAT) of INR35 million on net
sales of INR867 million, against a PAT of Rs 25 million on net
sales of INR736 million for 2008-09.

Sarvesh, a closely-held company, manufactures refractory products.
The company's facilities at Rourkela and Ahmedabad have an
aggregate capacity of 72,000 tonnes per annum (tpa).


SONA WIRES: CRISIL Reaffirms 'B+' Rating on INR37.5MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sona Wires Pvt Ltd
continue to reflect Sona's weak financial risk profile, marked by
small net worth and weak debt protection metrics, and the limited
scale of its operations. These weaknesses are partially offset by
Sona's moderate business risk profile, backed by strong customer
relationships.

   Facilities                            Ratings
   ----------                            -------
   INR37.5 Million Cash Credit Limits    B+/Stable (Reaffirmed)
   INR34.0 Million Letter of Credit &    P4 (Reaffirmed)
                       Bank Guarantee

Outlook: Stable

CRISIL believes that Sona will maintain its moderate business risk
profile over the medium term, supported by strong customer
relationships. Its financial risk profileis expected to remain
weak over the medium term, on account of low profitability.  The
outlook may be revised to 'Positive' if Sona's debt protection
metrics improve, because of significant improvement in
profitability or equity infusion, resulting in an increase in the
company's net worth. Conversely, any large debt-funded capital
expenditure or decline in profitability may lead to a revision in
the outlook to 'Negative'.

Update
Sona's revenues are estimated at INR240 million for 2010-11
(refers to financial year, April 1 to March 31), a year-on-year
increase of 26 per cent. The revenues have increased primarily due
to the increase in raw material prices, resulting in healthy
realizations.  The company's working capital requirements are
large, resulting in high gross current assets of around 250 days
for 2010-11.  This has resulted in high bank limit utilizations,
at an average of around 90 per cent; however, the account has
never been overdrawn. Moreover, the company's financial profile
remains weak, due to low interest coverage ratio expected for
2010-11.

Sona reported a profit after tax (PAT) of INR1.3 million on net
sales of INR179.9 million for 2009-10, against a PAT of INR1.7
million on net sales of INR335.6 million for 2008-09.

                           About Sona Wires

Incorporated as a closely held company by Mr. S K Jain in 1987,
Sona manufactures galvanised iron wires and stay wires. Its
manufacturing unit is in Raipur (Chhattisgarh). The day-to-day
operations are managed by Mr. V K Agarwal, who has been with Sona
for the past 15 years.


SRI DURGA ENTERPRISES: CRISIL Reaffirms 'BB-' Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Durga Enterprises
continues to reflect Sri Durga's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
and exposure to risks related significant supplier concentration,
and geographic concentration in its revenue profile.  These rating
weaknesses are partially offset by Sri Durga's established market
position in the paper products dealership market in Andhra
Pradesh.

   Facilities                       Ratings
   ----------                       -------
   INR57.50 Million Cash Credit     BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sri Durga will continue to benefit from its
established market position as a dealer in ITC Ltd's (ITC's; rated
'AAA/Stable/P1+' by CRISIL) paper and paper-based products in
Andhra Pradesh.  The outlook may be revised to 'Positive' in case
of significant and sustained increase in Sri Durga's sales and
operating margin, and improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if there is a
steep decline in the firm's profitability, if it undertakes any
large, debt-funded capital expenditure programme, or in case of
significant withdrawals of funds by partners, thereby adversely
affecting its financial risk profile.

Update
The financial performance of Sri Durga in 2010-11 (refers to
financial year, April 1 to March 31) is largely in line with
CRISIL's expectation.  The firm's turnover is estimated at INR583
million, an increase of around 50 per cent over 2009-10. The
increase in turnover is partly driven by introduction of new
products such as copiers and paper cups and the increase in the
firm's customer base. The firm's customer base increased to around
300 from around 200 during 2010-11. It is expected to report a
marginal decline in its operating margin to around 2.4 per cent in
2010-11 from 2.7 per cent in 2009-10. The firm has to marginally
cut its margin as it is increasing its scale of operations
exponentially. However, the accruals increased to INR8. 4 million
in 2010-11 from INR3.5 million in 2009-10, due to increased scale
of operations and lower interest costs. The gearing is high, as
expected by CRISIL, estimated at 3.3 times as on March 31, 2011,
due to large working capital requirements. The liquidity of Sri
Durga is adequate, with comfortable accruals, the absence of term
loan obligations, and moderate bank limits utilisation of 87 per
cent over the 12 months through February 2011.

Sri Durga reported a provisional profit after tax (PAT) of INR7.6
million on net sales of INR583 million for 2010-11, against a
reported PAT of INR2.6 million on net sales of INR391 million for
2009-10.

                          About Sri Durga

Established in 2003 as partnership firm, Sri Durga trades in the
complete range of ITC's paper and paper-based products, including
writing printing, and industrial paper. The firm is the authorised
dealer for ITC's products in Andhra Pradesh except for the
Hyderabad and Secunderabad region. The firm's managing partner,
Mr. P Srinivas, has around three decades of experience in similar
lines of business.


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


CHIBA BANK: Fitch Affirms, Withdraws Individual Rating of 'B/C'
---------------------------------------------------------------
Fitch Ratings has affirmed Japan-based Chiba Bank, Ltd.'s (Chiba)
ratings and simultaneously withdrawn them.

The bank's ratings have been withdrawn as they are no longer
considered by Fitch to be relevant to the agency's coverage.
Fitch will no longer provide ratings or analytical coverage of
this issuer.

Chiba Bank:

   -- Long-Term Foreign- and Local-Currency Issuer Default Ratings
      (IDR) affirmed at 'A' Outlook Stable; ratings withdrawn

   -- Short-Term Foreign- and Local-Currency IDRs affirmed at
      'F1'; ratings withdrawn

   -- Individual Rating affirmed at 'B/C'; rating withdrawn

   -- Support Rating affirmed at '2'; rating withdrawn

   -- Support Rating Floor affirmed at 'BBB-'; rating withdrawn

   -- Subordinated bonds affirmed at 'A-'; rating withdrawn


CORSAIR: Fitch Affirms Series 326 Notes at 'CCsf'
-------------------------------------------------
Fitch Ratings has affirmed the ratings of Corsair (Jersey)
Limited's JPY4 billion (as of April 11, 2011) Series 326 credit-
linked notes due September 2014, at 'CCsf' with a Recovery Rating
of 'RR6'.

The transaction is a managed synthetic corporate CDO, referencing
a portfolio of primarily investment-grade corporate obligations.

To date seven credit events have occurred in the reference
portfolio and Fitch has received all of the valuation notices on
these credit events.  While some improvement of the average credit
quality has been observed in the reference portfolio over the last
12 months, Fitch considers that very high levels of credit risk
remain due to a few 'CCC'-category reference entities and limited
remaining credit enhancement.


FUKUOKA BANK: Fitch Affirms, Withdraws Individual Rating of 'C'
---------------------------------------------------------------
Fitch Ratings has affirmed Japan-based Fukuoka Bank, Ltd.'s
ratings and simultaneously withdrawn them.

The bank's ratings have been withdrawn as they are no longer
considered by Fitch to be relevant to the agency's coverage.
Fitch will no longer provide ratings or analytical coverage of
this issuer.

Fukuoka Bank:

   -- Long-Term Foreign- and Local-Currency Issuer Default Ratings
      (IDR) affirmed at 'BBB' Outlook Stable; ratings withdrawn

   -- Short-Term Foreign- and Local-Currency IDRs affirmed at
      'F2'; ratings withdrawn

   -- Individual Rating affirmed at 'C'; rating withdrawn

   -- Support Rating affirmed at '2'; rating withdrawn

   -- Support Rating Floor affirmed at 'BBB-'; rating withdrawn


HIROSHIMA BANK: Fitch Affirms, Withdraws Individual Rating of 'C'
-----------------------------------------------------------------
Fitch Ratings has affirmed Japan-based Hiroshima Bank, Ltd.'s
ratings and simultaneously withdrawn them.

The bank's ratings have been withdrawn as they are no longer
considered by Fitch to be relevant to the agency's coverage.
Fitch will no longer provide ratings or analytical coverage of
this issuer.

Hiroshima Bank:

   -- Long-Term Foreign- and Local-Currency Issuer Default Ratings
      (IDR) affirmed at 'BBB+' Outlook Stable; ratings withdrawn

   -- Short-Term Foreign- and Local-Currency IDRs affirmed at
      'F2'; ratings withdrawn

   -- Individual Rating affirmed at 'C'; rating withdrawn

   -- Support Rating affirmed at '2'; rating withdrawn

   -- Support Rating Floor affirmed at 'BBB-'; rating withdrawn

   -- Unsecured bonds affirmed at 'BBB+'; rating withdrawn


HOKKAIDO BANK: Fitch Affirms, Withdraws Individual Rating of 'C/D'
------------------------------------------------------------------
Fitch Ratings has affirmed Japan-based Hokkaido Bank, Ltd.'s
ratings and simultaneously withdrawn them.

The bank's ratings have been withdrawn as they are no longer
considered by Fitch to be relevant to the agency's coverage.
Fitch will no longer provide ratings or analytical coverage of
this issuer.

Hokkaido Bank:

   -- Long-Term Foreign- and Local-Currency Issuer Default Ratings
      (IDR) affirmed at 'BBB-' Outlook Stable; ratings withdrawn

   -- Short-Term Foreign- and Local-Currency IDRs affirmed at
      'F3'; ratings withdrawn

   -- Individual Rating affirmed at 'C/D'; rating withdrawn

   -- Support Rating affirmed at '2'; rating withdrawn

   -- Support Rating Floor affirmed at 'BBB-'; rating withdrawn


HOKURIKU BANK: Fitch Affirms, Withdraws Individual Rating of 'C/D'
------------------------------------------------------------------
Fitch Ratings has affirmed Japan-based Hokuriku Bank, Ltd.'s
ratings and simultaneously withdrawn them.

The bank's ratings have been withdrawn as they are no longer
considered by Fitch to be relevant to the agency's coverage. Fitch
will no longer provide ratings or analytical coverage of this
issuer.

Hokuriku Bank:

   -- Long-Term Foreign- and Local-Currency Issuer Default Ratings
      (IDR) affirmed at 'BBB-' Outlook Stable; ratings withdrawn

   -- Short-Term Foreign- and Local-Currency IDRs affirmed at
      'F3'; ratings withdrawn

   -- Individual Rating affirmed at 'C/D'; rating withdrawn

   -- Support Rating affirmed at '2'; rating withdrawn

   -- Support Rating Floor affirmed at 'BBB-'; rating withdrawn


NISHI-NIPPON: Fitch Affirms, Withdraws Individual Rating of 'D'
---------------------------------------------------------------
Fitch Ratings has affirmed Japan-based Nishi-Nippon City Bank,
Ltd.'s ratings and simultaneously withdrawn them.

The bank's ratings have been withdrawn as they are no longer
considered by Fitch to be relevant to the agency's coverage.
Fitch will no longer provide ratings or analytical coverage of
this issuer.

Nishi-Nippon City Bank:

   -- Long-Term Foreign- and Local-Currency Issuer Default Ratings
      (IDR) affirmed at 'BBB-' Outlook Stable; ratings withdrawn

   -- Short-Term Foreign- and Local-Currency IDRs affirmed at
      'F3'; ratings withdrawn

   -- Individual Rating affirmed at 'D'; rating withdrawn

   -- Support Rating affirmed at '2'; rating withdrawn

   -- Support Rating Floor affirmed at 'BBB-'; rating withdrawn

   -- Subordinated bonds affirmed at 'BB+'; rating withdrawn


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


PIKE RIVER: Contractors Move to Wind Up Pike River
--------------------------------------------------
BusinessDay reports that a group of former Pike River contractors
said they are seeking to liquidate the company because it is
likely to get them repaid more quickly and will offer a better
chance of recovering the bodies of those who died in the mine
disaster.

BusinessDay relates that the 43 contractors said they are owed
almost NZ$5 million by Pike River, which went into receivership a
month after a series of explosions killed 29 men in the West Coast
mine last November.

The group, who are unsecured creditors, said because the
receivers' only obligation is to the secured creditor which
appointed them, NZ Oil & Gas, liquidation is likely to be their
only chance of being repaid what they are owed, BusinessDay
reports.

The receivers also have no obligation to recover the bodies of the
dead miners, BusinessDay adds.

According to BusinessDay, the group's chairman, Peter Haddock,
said it had "reached the point of no return, with little action by
the receiver to attempt to recover the bodies for the families
and, last week, the receiver's indication that the company would
not be fully participating in the royal commission".

"We have been holding back on liquidation while there was a
realistic prospect of the recovery process proceeding,"
BusinessDay quotes Mr. Haddock as saying.

Mr. Haddock told Radio New Zealand on Thursday some members are
prepared to fund the legal action, BusinessDay adds.

Many, Mr. Haddock said, are in dire straits -- partly because Pike
River hasn't paid them -- and one contractor was forced into
receivership last week, according to BusinessDay.

BusinessDay adds that a lawyer for the contractors, David Butler,
said liquidation proceedings will start this week.

The company's receiver would continue to control the asset
disposition, but a liquidator would be able to review payments the
receivers made and proposed, BusinessDay states.

                            About Pike River

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

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

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


PIKE RIVER: Receivers Unveil Further Redundancies
-------------------------------------------------
The New Zealand Press Association reports that one third of the
remaining staff at Pike River Mine on the West Coast is set to
lose their jobs.

NZPA says most staff lost their jobs after last November's
devastating explosion that killed 29 miners and contractors, with
dangerous conditions inside leading to the mine being sealed.

Receiver John Fisk, of PricewaterhouseCoopers, told NZPA that nine
of the 28 full-time staff left were told Wednesday they would be
made redundant.

"Obviously no one likes being made redundant -- but they were
understanding of our situation.  As we've said on a number of
occasions, we have limited resources and we have to spend the
money that we've got wisely and that just unfortunately means that
costs are constantly being reviewed," NZPA quotes Mr. Fisk as
saying.

Staff had been aware of the company's situation and a review last
week had led to the redundancies, Mr. Fisk told NZPA.

"That's just a reflection of the amount of work that's needed to
be done in terms of the stabilization plan down at the mine."

Mr. Fisk said staff would finish up at the end of individual
notice periods, NZPA adds.

                             About Pike River

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

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

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


SOUTH CANTERBURY: Receivers to Sell the Rest of the 'good bank'
----------------------------------------------------------------
The National Business Review reports that the receivers of South
Canterbury Finance are moving to sell the bulk of the collapsed
finance company's so-called "good bank" after earlier signalling
the sale of wholly owned investment company Helicopters (NZ) for
about $160 million.

According to the report, Kerryn Downey and William Black, of
McGrath Nicol, said the sale of the consumer, business and rural
lending divisions, and subsidiary Southbury Insurance were under
way with a goal of mid-year for the transaction.

This sale process will be conducted by Deutsche Bank AG, as sale
adviser for SCF's core finance business, NBR relates.

These businesses comprise the balance of SCF's "good bank"
business.  A sale process was commenced for FACE Finance earlier
in the year.

Earlier this week, NBR relates, the receivers said Canadian
Helicopters had been selected as the buyer of Helicopters (NZ).
Helicopters (NZ) was founded in 1955 and has grown to a fleet of
37 helicopters with operations in this country, Australia, South
East Asia and Antarctica.

                         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.


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


FAR EASTERN AIR: Far Eastern Air Transport can fly again, CAA says
-----------------------------------------------------------------
Shelley Shan at Taipei Times reports that the Civil Aeronautics
Administration said Wednesday Far Eastern Air Transport can resume
flights and ticket sales after it received regulatory approval for
flights between Taipei and Kinmen.

FAT applied to resume service last week and it secured regulatory
approval and an operational license on Tuesday, the report says.

"We have examined the airline's operations and decided to approve
its applications," Taipei Times quotes Chu Kuan-wen, director of
CAA's air transport division, as saying.

Mr. Chu said as the airline is still restructuring, the CAA will
continue to monitor it and could conduct further inspections if
necessary, according to Taipei Times.

As reported on Feb. 19, 2008, FEAT sought bankruptcy protection
before the Taipei District Court to stop creditors from seizing
the company's assets.  The bankruptcy court's protection would
allow the airline to continue operating and serve its customers
while it seeks for ways to find funding to pay debts.  Radio
Taiwan International said that its liabilities amounted to NT$9.99
billion (US$315 million) at Sept. 30, 2007.

The China Post said the court approval of bankruptcy protection
failed to save the airline because it failed to obtain the
necessary funds.  According to the China Post, FEAT suspended all
its flights after the last service between South Korea's Jeju and
the Taiwan Taoyuan International Airport May 16, 2008.

                         About Far Eastern

Far Eastern Air Transport Corporation is a Taiwan-based airline
Company.  It provides both domestic and international passenger
flight services.  The Company operated domestic services from
Taipei and Kaohsiung to five regional cities and international
services to Southeast Asia, South Korea and Palau.


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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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