TCRAP_Public/110418.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Monday, April 18, 2011, Vol. 14, No. 76

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: PwC Kept Silent on $1BB Debt Error
CENTRO PROPERTIES: Senior Lenders Propose Pre-Packaged Deal
LIBERTY PRIME: Moody's Assigns Definitive LT Ratings to RMBS
QUEENSLAND HOME: Goes Into Voluntary Liquidation
REDGROUP RETAIL: PEP Directors Resign as RedGroup Sale Nears

SYNERGY PLUS: Administrators Recommend to Wind Up Main Entity


H O N G  K O N G

3CM Media: Final Meetings Slated for May 19
APSON ELECTRONIC: Annual Meetings Set for May 13
BEST ASSET: Annual Meetings Set for May 12
BRIDGMAN FIRE: Placed Under Voluntary Wind-Up Proceedings
CHINESE GOLF: Commences Wind-Up Proceedings

FUVANKA INDUSTRIES: Meetings Slated for April 27
HUTCHISON ENTREPRENEUR: Members' Final Meeting Set for May 16
HUTCHISON INFORMATION: Members' Final Meeting Set for May 16
HUTCHISON INSTRUMENT: Members' Final Meeting Set for May 16
KINGFUL INVESTMENT: Annual Meetings Set for May 13


I N D I A

AYURSUNDRA HEALTH: CRISIL Places 'B+' Rating on INR2MM Cash Credit
COSMO FERRITES: CRISIL Upgrades Rating on INR120.9MM Loan to 'BB-'
DIAMOND BEVERAGES: CRISIL Downgrades INR215MM Loan Rating to 'D'
GR POWER: CRISIL Assigns 'B-' Rating to INR40MM Long-Term Loan
MAHALAXMI INVESTMENT: CRISIL Places 'B+' Rating on INR10MM Loan

MITTAL TECHNOPACK: CRISIL Puts 'BB+' Rating on Various Bank Debts
PCI LTD: CRISIL Cuts Rating on INR350MM Cash Credit Limit to 'BB+'
SHRI RAM: CRISIL Assigns 'B+' Rating to INR60 Million Cash Credit
SUYASH KRAFT: CRISIL Assigns 'B-' Rating to INR170MM Term Loan
SWADESHI TEXTILES: CRISIL Reaffirms 'D' Rating on INR130MM Loan

UDUPI POWER: CRISIL Cuts Rating on INR34,739.2MM LT Loans to 'BB+'
VEL SHREE: CRISIL Assigns 'BB+' Rating to INR20MM Long-Term Loan
VISHAL CONTAINERS: CRISIL Reaffirms 'BB' Rating on INR32.5MM Loan


J A P A N

NORINCHUKIN BANK: Fitch Withdraws Individual Rating at 'C/D'


S I N G A P O R E

ACROPOLIS ELECTRONICS: Court Enters Wind-Up Order
CHESNEY REAL: Court to Hear Wind-Up Petition April 29
EGO'S KTV: Creditors' Proofs of Debt Due April 27
JASON COMMUNICATIONS: Creditors' Proofs of Debt Due May 11
PARDISAN CARPETS: Court Enters Wind-Up Order

PERIMEX INDUSTRIES: Court Enters Wind-Up Order
SIMONS PACIFIC: Creditors' Proofs of Debt Due May 14
SUBSEA FLUIDS: Creditors' Meetings Set for April 21


                            - - - - -


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


CENTRO PROPERTIES: PwC Kept Silent on $1BB Debt Error
-----------------------------------------------------
Leonie Wood at The Sydney Morning Herald reports that the senior
PricewaterhouseCoopers partner in charge of Centro Properties
Group's 2006-07 audit has conceded that he did not say a word
about a $1.1 billion error in the property group's debt
classifications during a September 2007 meeting of Centro's audit
committee.

The Australian Securities and Investments Commission is suing
eight Centro directors and officers, alleging they breached their
duties by signing accounts that failed to disclose billions of
dollars of short-term debt, SMH reports.

According to SMH, PwC partner Stephen Cougle has told the Federal
Court in Melbourne that the he did not think it was necessary to
highlight the $1.1 billion error given that it had been already
raised at a "high level" by Centro's accounting manager Paul
Belcher in a meeting that was called to finalize the group's
accounts.  Mr. Cougle also told the court that by "high level" he
meant "not detailed."

Under cross-examination by Leslie Glick, SC, for Centro's former
chief executive, Andrew Scott, Mr. Cougle agreed that as an
auditor he had an obligation to draw matters of significance to
the board's attention, but he admitted he stayed silent about the
error, SMH notes.

Mr. Cougle suggested PwC was there to answer questions from the
board, but he could not recall any discussion at all about the
debt error, SMH adds.

Centro Properties decided in November 2010 to put all its assets
on the block after having received approval to refinance the next
round of debt.  The sale of the assets comes almost three years to
the day that Centro's former chief executive, Andrew Scott, and
the board revealed the group did not have the funds needed to pay
the AU$4 billion of debt that was due in December 2007.  That
resulted in the shares of the company dropping in value by as much
as 90%, according to the Sydney Morning Herald.

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

                       About Centro Properties

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


CENTRO PROPERTIES: Senior Lenders Propose Pre-Packaged Deal
-----------------------------------------------------------
The Australian reports that Centro Properties Group's senior
lenders have organized what's called a "pre-pack credit bid",
which will allow them to push on with the amalgamation of Centro
Properties Group and Centro Retail Group with or without
stakeholder consent.

According to the report, the "amalgamation" plan, to be executed
after Centro completes the sale of 588 US shopping centres to
Blackstone for US$9.4 billion, would merge all Centro's funds into
one listed company.

As part of the deal, says The Australian, senior lenders to Centro
Properties Group would swap all their debt for substantially all
of Centro's Australian assets.

Amid growing concern that Centro investors and hybrid security
holders will try to extract more out of the senior lenders to
approve the deal in a vote expected to be held in the second half
of this year, senior lenders have formulated a plan to simply
bypass the process, according to The Australian.

The Australian notes that the "pre-pack" has always been an option
for Centro's lenders, owed more than AU$3 billion, but it gained
traction when the debt began trading in earnest in January and
February on the secondary market.

The deal, according to The Australian, will allow the senior
lenders to circumvent the process through a credit bid run by
administrators and receivers.

Essentially, it would see the Centro Properties Group handed over
to the administrators and receivers before it is taken over by
Centro Retail Group, achieving the same result the lenders agreed
to last month, The Australian adds.

Centro Properties decided in November 2010 to put all its assets
on the block after having received approval to refinance the next
round of debt.  The sale of the assets comes almost three years to
the day that Centro's former chief executive, Andrew Scott, and
the board revealed the group did not have the funds needed to pay
the AU$4 billion of debt that was due in December 2007.  That
resulted in the shares of the company dropping in value by as much
as 90%, according to the Sydney Morning Herald.

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

                       About Centro Properties

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


LIBERTY PRIME: Moody's Assigns Definitive LT Ratings to RMBS
------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
long-term rating to notes issued by Secure Funding Pty Limited in
respect of Liberty PRIME Series 2011-1 Trust.

   Issuer: Liberty PRIME Series 2011-1 Trust

   -- AU$170.00 million Class A1 Notes, Definitive Rating Assigned
      Aaa (sf)

   -- AU$50.75 million Class A2 Notes, Definitive Rating Assigned
      Aaa (sf)

   -- AU$11.75 million Class B Notes, Definitive Rating Assigned
      Aa1 (sf)

   -- AU$4.50 million Class C Notes, Definitive Rating Assigned A1
      (sf)

   -- AU$5.50 million Class D Notes, Definitive Rating Assigned
      Baa2 (sf)

   -- AU$3.25 million Class E Notes, Definitive Rating Assigned
      Ba2 (sf)

The subordinated AU$4.25 million Class F Notes are not rated by
Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal with respect to the
rated notes by the legal final maturity.  The last rating action
was on April 4, 2011, when provisional ratings were assigned.

Ratings Rationale

The transaction is a securitization of a portfolio of Australian
prime residential mortgages originated by Liberty Financial Pty
Limited.

The ratings take account of, among other factors:

   -- The 11.7% subordination provided to the Class A Notes by the
      mezzanine and junior notes.  This compares favorably with
      Moody's estimate of Aaa credit enhancement of 8.0%.
      Additionally, it strengthens ratings stability should the
      pool experience losses higher than expected.

   -- A liquidity facility equal to 2.5% of the outstanding
      balance of the notes subject to a floor of 0.25% of the
      initial note balance.

   -- The experience and expertise of Liberty Financial Pty Ltd in
      underwriting and servicing mortgage loans.

The key transactional and pool features are:

   -- The notes will initially be repaid on a sequential basis.
      Following the satisfaction of a number of conditions,
      including the increase of the Class A Note subordination
      percentage to at least 23.4%, and absence of carry-over
      charge offs, prior to the occurrence of the call date the
      Class B, Class C, Class D and Class E notes will be repaid
      on a pari passu basis.

   -- The pool is over two years seasoned, reducing the risk of
      early payment default.

   -- 90.1% of the loans in the pool were originated with full
      income verification.

   -- The weighted average current loan to value ratio of the pool
      is 69.3%.

   -- The pool includes a small only percentage (11.8%) of loans
      benefiting from Lenders Mortgage Insurance (LMI).

   -- 73.2% of loans in the pool were originated for refinance or
      equity release purposes. We consider refinance and equity
      release loans to be riskier than loans extended for purchase
      purposes.

The principal methodology used in this rating was "Moody's MILAN
Methodology for Rating Australian RMBS", published in November
2009.

Volatility Assumption Scores and parameter Sensitivities

The V Score for this transaction is Medium, which is higher than
the Low/Medium score assigned to the Australian prime RMBS sector.
Compared to the sector, Liberty PRIME Series 2011-1 exhibits a
greater potential for rating changes with regards to originator
historical performance variability.  This can be explained by
Liberty's relatively limited experience in the prime RMBS market,
with the Liberty PRIME Series 2011-1 transaction Liberty's 4th
prime issuance.

Additionally, unlike other Australian RMBS, the transaction does
not rely on mortgage insurance.  Rather the main form of credit
enhancement is provided by note subordination, necessitating cash
flow modeling and introducing additional analytical complexity.
Finally, since Liberty is an unrated institution the necessity for
a back-up servicer is increased compared to a typical Australian
RMBS transaction.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating.  High variability in
key assumptions could expose a rating to more likelihood of rating
changes.  The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process -- here the Aaa
credit enhancement and the expected loss of the portfolio -
differed.  The analysis assumes that the deal has not aged.
Parameter Sensitivities only reflect the ratings impact of each
scenario from a quantitative/model-indicated standpoint.

In the case of the Liberty PRIME Series 2011-1 Trust, the Class A
Notes would face a one notch downgrade, to Aa1, where the computed
Aaa loss is doubled to 16.0% (relative to Moody's assumption of
8.0%).  Similarly, the ratings of the class B and class C notes
would face a one notch downgrade, to Aa2 and A2 respectively, if
the computed Aaa loss where to increase to 12%.

For a full description of the transaction, a copy of Moody's new
issuee report can be downloaded from Moodys.com.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.


QUEENSLAND HOME: Goes Into Voluntary Liquidation
------------------------------------------------
Mark Bode at Sunshine Coast Daily reports that Queensland Home
Builders has gone into voluntary liquidation.  The Daily relates
that liquidator David Clout and Associates began apprising the
builder's creditors of the situation.

Queensland Home Builders, which comes under the David Berry and
Associates' banner, has been described as a niche family company
specializing in the medium to high-end market.

According to the report, Mr. Berry said the banks had seized all
of his family's assets, including a substantial property portfolio
locally and on Hamilton Island.  Mr. Berry said the value of the
portfolio had been hit hard by the global financial crisis and his
family was currently renting a home and had no remaining assets.

The company had one home to complete and his building licence had
been handed in to the Building Services Authority.

"The personal loss experienced by my wife and myself has left me
with no choice but to enter the company into voluntary
liquidation," the Daily quotes Mr. Berry as saying.

Queensland Home Builders manages construction projects in
Brisbane, Caboolture, Ipswich, the Gold Coast, the Sunshine Coast,
and the Whitsundays.


REDGROUP RETAIL: PEP Directors Resign as RedGroup Sale Nears
------------------------------------------------------------
Blair Speedy at The Australian reports that leveraged buyout firm
Pacific Equity Partners has pulled its representatives off the
board of RedGroup Retail Pty Ltd ahead of an expected sale of the
business.

According to The Australian, PEP confirmed on April 14 that its
nominees, including RedGroup chairman Steven Cain, had quit the
business on March 31, following the placement of the business in
voluntary administration on February 17.

The Australian relates that PEP said the resignations were made in
anticipation of either a proposed deed of company arrangement or a
sale of the company, and "create a greater alignment between the
board and a restructured business potentially emerging from
administration."

Gary Dunne, who joined RedGroup in January as managing director of
the Angus & Robertson business, has been appointed acting chief
executive of RedGroup's Australian operations, which include the
A&R and Borders bookstore chains, The Australian discloses.

The Australian says administrators from corporate recovery firm
Ferrier Hodgson are currently assessing expressions of interest
from potential buyers of the Australian business, as well as for
the New Zealand division that includes the Whitcoulls bookstore
chain and is being sold separately.

The administrators, says The Australian, are also pursuing action
in the NSW Supreme Court against a group of 25 A&R franchisees who
attempted to quit their franchise agreements with the company over
a dispute regarding the redemption of gift vouchers.

The Australian adds that the administrator is pursuing the
franchisees, which are not in administration and have moved to
reposition themselves as independent bookstores, over fees they
had agreed to pay in return for use of the Angus & Robertson
brand.

Meanwhile, SmartCompany reports that the administrators of
REDgroup Retail are hopeful that a final hearing date will be
declared in the NSW Supreme Court in its dispute with 25 Angus &
Robertson bookstores that terminated their franchise agreements.

SmartCompany relates that Ferrier Hodgson administrator Steve
Sherman said April 13 that Chief Justice Patricia Bergin of the
NSW Supreme Court indicated the court might "entertain a swift
final hearing" in the dispute.

A Ferrier Hodgson spokesman said that the administrator is hopeful
for a date within days, rather than weeks and said a swift court
date would give creditors certainty, according to SmartCompany.

                         About REDgroup Retail

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

                       *     *     *

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

The REDgroup companies in Administration include:

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


SYNERGY PLUS: Administrators Recommend to Wind Up Main Entity
-------------------------------------------------------------
ARN reports that administrators for Synergy Plus have put forward
a recommendation to creditors to place the main entity into
liquidation.  A Deed of Company Arrangement has also been put
forward for each of the subsidiaries, the report says.

Synergy Plus Limited and its wholly owned subsidiaries -- Synergy
Plus Operations, Air Data, Air Data Australia and CCP Equity --
went into voluntary administration and appointed Richard Albarran,
David Ingram and David Ross of Hall Chadwick, as voluntary
administrators on March 17.

Creditor, GE Commercial, appointed receivers Quentin Olde, Andrew
Schwarz and Michael Ryan of Taylor Woodings to Synergy Plus
Operations, the main operating subsidiary, ARN discloses.

ARN, citing a creditor's meeting documents, relates that there
were three available options to consider including that the
company be wound up, returned to the director or entered into a
Deed of Company Arrangement.

Administrator, David Ross, told ARN it recommended the main
operating entity, Synergy Plus Operations to be put into
liquidation.

"We recommend a majority of the Deeds although one of them
[Synergy Plus Operations] we recommend liquidation," ARN quotes
Mr. Ross as saying.  "The Deed of Company Arrangement has been
proposed and there has some discrepancies between asset
realization between what the deed anticipated, and what receivers
and managers have anticipated.  The directors have sought for the
meeting to be adjourned."

Besides GE, which is owed AU$4 million, HP was also a secured
creditor owed about AU$6 million, ARN notes.

ARN says the next creditor's meeting is scheduled for April 20.

                         About Synergy Plus

Based in West Perth, Australia, Synergy Plus Limited (ASX:SNR) --
http://www.synergy.com.au/-- formerly ComputerCORP Limited, is an
integrator and manager of information and communication technology
(ICT) infrastructure systems.  The Company provides solutions and
services to its customers in three core areas: Data Centre,
Network and Personal Systems.  Data Centre provides critical
storage and high availability to an organization's data.  Network
provides seamless access to data, across all geographies.
Personal Systems provides better end user productivity tools
delivering both voice and data services.  Synergy Plus focus on
core information, communication technology provides opportunity in
markets across medium to large corporate, government and education
sectors.


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


3CM Media: Final Meetings Slated for May 19
-------------------------------------------
Contributories and creditors of 3CM Media Limited will hold their
final meetings on May 19, 2011, at 10:00 a.m., and 10:30 a.m.,
respectively, at Room 103, 1/F., Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.

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


APSON ELECTRONIC: Annual Meetings Set for May 13
------------------------------------------------
Members and creditors of Apson Electronic Products Limited will
hold their annual meetings on May 13, 2011, at 9:30 a.m., and
9:45 a.m., respectively, at the 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.

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


BEST ASSET: Annual Meetings Set for May 12
------------------------------------------
Members and creditors of Best Asset Holdings Limited, which is in
members' voluntary liquidation will hold their annual meetings on
May 12, 2011, at 4:30 p.m., at the office of FTI Consulting (Hong
Kong) Limited, 14th Floor, The Hong Kong Club Building, 3A Chater
Road, Central, in Hong Kong.

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


BRIDGMAN FIRE: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on April 8, 2011,
creditors of Bridgman Fire Doors (HK) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

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


CHINESE GOLF: Commences Wind-Up Proceedings
-------------------------------------------
Members of Chinese Golf Foundation Limited, on April 7, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Lam Hon Mo
         Rooms 1710-18, 17th Floor
         Hutchison House
         10 Harcourt Road
         Central, Hong Kong


FUVANKA INDUSTRIES: Meetings Slated for April 27
-----------------------------------------------
Members and creditors of Fuvanka Industries Limited will hold
their meetings on April 27, 2011, at 10:00 a.m., and 10:30 a.m.,
respectively, at 32nd Floor, One Pacific Place, 88 Queensway, in
Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HUTCHISON ENTREPRENEUR: Members' Final Meeting Set for May 16
-------------------------------------------------------------
Members of Hutchison Entrepreneur (Holdings) Limited will hold
their final general meeting on May 16, 2011, at 10:00 a.m., at
Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

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


HUTCHISON INFORMATION: Members' Final Meeting Set for May 16
------------------------------------------------------------
Members of Hutchison Information Technology Limited will hold
their final general meeting on May 16, 2011, at 10:00 a.m., at
Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

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


HUTCHISON INSTRUMENT: Members' Final Meeting Set for May 16
-----------------------------------------------------------
Members of Hutchison Instrument & Equipment Company Limited will
hold their final general meeting on May 16, 2011, at 10:00 a.m.,
at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong
Kong.

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


KINGFUL INVESTMENT: Annual Meetings Set for May 13
--------------------------------------------------
Members and creditors of Kingful Investment Limited will hold
their annual meetings on May 13, 2011, at 10:15 a.m., and
10:30 a.m., respectively, at the 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.

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


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I N D I A
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AYURSUNDRA HEALTH: CRISIL Places 'B+' Rating on INR2MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank loan
facilities of Ayursundra Health Care Pvt. Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR2.0 Million Cash Credit        B+/Stable (Assigned)
   INR57.5 Million Long-Term Loan    B+/Stable (Assigned)
   INR60.0 Million Letter of Credit  P4 (Assigned)

The ratings reflect AHPL's limited track record of operations and
exposure to implementation-related risks associated with the
company's planned project.  These rating weaknesses are partially
offset by the strong background of AHPL's promoters in the
healthcare industry.

Outlook: Stable

CRISIL believes that AHPL will continue to benefit over the medium
term from its promoters' industry experience and their strong
financial background.  The outlook may be revised to 'Positive' if
AHPL generates significantly higher-than-expected revenues and
accruals, while maintaining its financial risk profile, thereby
improving its financial risk profile.  Conversely, the outlook may
be revised to 'Negative' in case of significantly lower-than-
expected offtake or significant shift in capital structure or debt
protection metrics due to any significant time or cost overruns in
respect of its capital expenditure programmes.

                          About Ayursundra Health

Incorporated in 2007, AHPL commenced commercial operations from
October 2010.  AHPL runs a diagnostic centre providing a wide
range of non-invasive diagnostic and other healthcare services in
Guwahati (Assam).  AHPL has a three phased development programme
consisting of a diagnostic centre, multi-speciality hospital and
rejuvenation centre, with work on multi-speciality hospital
expected to start from first quarter of financial year 2011-12.

AHPL is promoted by a group of friends.  The chief promoters are
Mr. Simanta Das (Mr. Das) and Dr. Abhijit Hazarika (Dr. Abhijit).
Mr. Das is a NRI and ex-banker from ABN-AMRO and currently is the
Chief executive officer of Netherlands based PE Firm, Stalhmarg
Capital.  Dr. Abhijit holds an M.B.B.S degree and Masters of
Surgery from Guwahati Medical College and has a rich experience of
15 years in the medical field.


COSMO FERRITES: CRISIL Upgrades Rating on INR120.9MM Loan to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on Cosmo Ferrites Ltd's bank
facilities to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                          Ratings
   ----------                          -------
   INR20.0 Million Cash Credit Limit   BB-/Stable (Upgraded from
                                                   'B+')

   INR120.9 Million Term Loan          BB-/Stable (Upgraded from
                                                   'B+')

   INR5.5 Million Proposed LT Bank     BB-/Stable (Upgraded from
                     Loan Facility                 'B+')

   INR27.5 Mil. Export Packing Credit  P4+ (Upgraded from 'P4')

   INR12.5 Million Letter of Credit    P4+ (Upgraded from 'P4')

   INR2.5 Million Bank Guarantee       P4+ (Upgraded from 'P4')

The rating upgrade reflects improvement in CFL's business risk
profile, driven by higher-than-expected growth in revenues and
profitability. CFL's revenue growth has been driven by increase in
its capacity utilization to an estimated 85% in 2010-11 (refers to
financial year, April 1 to March 31) from 59% in 2008-09.  The
upgrade factors in CFL's improved profitability and increased
export sales and realizations, supported by improved global
economic scenario, for the nine months ended December 31, 2010.
The rating upgrade also reflects CRISIL's belief that CFL will
continue to increase its revenues at an above-average rate, while
maintaining moderate profitability, supported by its ongoing
capacity addition program.  The company's liquidity has improved
with increase in cash accruals, which are adequate to service its
maturing term debt obligations over the next two years.
Enhancement in the company's cash credit limit to INR77.5 million
from INR47.5 million also supports the improvement in its
liquidity.  Also, despite CFL's ongoing debt-funded capital
expenditure (capex) of INR110 million for 2011-12, its financial
risk profile is expected to remain healthy, with low gearing and
healthy debt protection metrics, as its cash accruals are expected
to increase.

The ratings reflect CFL's exposure to implementation-related risks
(including time and cost overruns) associated with its ongoing
capacity enhancement project, its limited scale of operations, and
small net worth.  These rating weaknesses are partially offset by
CFL's established position in the soft-ferrite industry, and
moderate financial risk profile marked.

Outlook: Stable

CRISIL believes that CFL will maintain its moderate financial risk
profile, supported by low gearing and healthy debt protection
metrics, over the medium term.  The outlook may be revised to
'Positive' if CFL stabilizes operations at its upcoming capacity
without any time or cost overrun and generates more-than-expected
cash accruals to repay its debt in a timely manner over the medium
term.  Conversely, the outlook may be revised to 'Negative' if CFL
faces a significant time or cost overrun in its ongoing project or
undertakes any fresh, large, debt-funded capex programme, leading
to more-than-expected deterioration in its financial risk profile,
especially liquidity.

                         About Cosmo Ferrites

CFL was promoted in 1986 by Mr. Ashok Jaipuria, who is also the
founder-promoter of Cosmo Films Ltd (Cosmo Films), which owns 46%
of CFL's equity shares and manufactures bi-axially-oriented
polypropylene films. CFL manufactures soft ferrites; the company's
only facility, near Shimla, has an installed capacity to
manufacture 1,980 tonnes per annum (tpa) of soft ferrites.  The
company is currently expanding its capacity by 960 tpa of soft
ferrites. CFL has more than 200 customers, mainly distributors for
original equipment manufacturers of transformers, compact
fluorescent lights, mobile phones, wireless chargers, and
inductive heaters.

For 2009-10, CFL reported a profit after tax (PAT) of INR21.8
million on net sales of INR376.2 million, against a net loss of
INR12.0 million on net sales of INR293.0 million for the previous
year.  For the nine months ended Dec. 31, 2010, the company
reported a PAT of INR24.6 million on net sales of around INR358.9
million.


DIAMOND BEVERAGES: CRISIL Downgrades INR215MM Loan Rating to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Diamond
Beverages Pvt Ltd to 'D' from 'BB+/Stable'.

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

   INR215.0 Million Term Loan      D (Downgraded from
                                      'BB+/Stable')

The downgrade reflects delays by DBPL in servicing its debt
obligations; the delays have been caused by the company's weak
liquidity

The ratings continue to reflect DBPL's weak financial risk
profile, marked by small net worth, high gearing, and average debt
protection metrics, and geographic concentration in revenues.
These rating weaknesses are partially offset by DBPL's exclusive
franchise agreement with Coca-Cola India Pvt Ltd, which provides
revenue stability.

DBPL is the franchisee bottler for Coca-Cola's carbonated soft
drinks, fruit-based drinks, and packaged drinking water for
Kolkata city (South) and 24 Parganas (North and south) areas (both
in West Bengal). DBPL is managed by the Kolkata-based Goenka
family.

DBPL reported a profit after tax (PAT) of INR37million on net
sales of INR1128 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR19 million on net
sales of INR805 million for 2008-09.


GR POWER: CRISIL Assigns 'B-' Rating to INR40MM Long-Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of GR Power Switchgear Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR40.0 Million Long-Term Loan    B-/Stable (Assigned)
   INR220.0 Million Cash Credit      B-/Stable (Assigned)
   INR100.0 Million Bank Guarantee   P4 (Assigned)

The ratings reflect GRPSL's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, and working-
capital-intensive operations.  These rating weaknesses are
partially offset by the extensive experience of GRPSL's promoters
in the electrical components industry.

Outlook: Stable

CRISIL believes that GRPSL will continue to benefit over the
medium term from the extensive industry experience of its
management.  The outlook may be revised to 'Positive' if GRPSL
diversifies and scales up its operations and improves
profitability on a sustainable basis, or in case of equity
infusion, leading to improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates because of reduced
margins and revenues, or large, debt-funded capital expenditure,
or delays in receipt of bills from its customers.

                           About GR Power

Set up as a partnership concern in 1984 by Mr. C Gopala Reddy and
his family, GRPSL manufactures electrical isolators of various
voltages. In 1996, it was reconstituted as a closely held public
limited company with its current name.  The company's headquarters
are in Hyderabad (Andhra Pradesh).

GRPSL reported a profit after tax (PAT) of INR15 million on net
sales of INR594 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR11 million on net sales
of INR430 million for 2008-09.


MAHALAXMI INVESTMENT: CRISIL Places 'B+' Rating on INR10MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Mahalaxmi Investment and Trading Pvt Ltd, part of
the Shri group.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit Limit    B+/Stable (Assigned)
   INR10.0 Million Term Loan            B+/Stable (Assigned)
   INR50.0 Million Bills Discounting    P4 (Assigned)
   INR20.0 Million Letter of Credit     P4 (Assigned)
   INR30.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect the Shri group's weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, large working capital requirements, small scale of
operations, and its exposure to risks related to tender-based
nature of its business.  These weaknesses are partially offset by
the experience of the group's promoters in the transformers
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shri Ram Switchgears Pvt Ltd and MITPL,
together referred to as Shri group.  This is because both
companies have common promoters and are in the same line of
business.  Furthermore, the finance, procurement, marketing, and
production functions for the two companies are centralized.
CRISIL believes that the two companies will most likely provide
financial support to each other in case of an exigency.

Outlook: Stable

CRISIL believes that the Shri Group will increase its scale of
operations and profitability over the medium term, on account of
its promoter's extensive industry experience.  The outlook may be
revised to 'Positive' in case of more-than-expected growth in
revenues and profitability, or in case of significant improvement
in its capital structure, either because of infusion of fresh
equity or more-than-expected accretion to reserves.  Conversely,
the outlook may be revised to 'Negative' in case of significant
decline in the company's scale of operations, due to lower-than-
expected success rate in bidding for tenders, or if the group
undertakes a larger-than-expected debt-funded capital expenditure
programme.

                           About the Group

The group was established in 1957 by Mr. M J Jhalani, with a small
shop called Ratlam Electric Stores in Ratlam (Madhya Pradesh); it
sold goods manufactured by Bajaj Electricals Limited.  Later,
Mr. Jhalani ventured into the manufacture of transformers and
switchgears, and into the sheet metal fabrication business.  The
group currently comprises seven entities: MITPL, SRSPL, Shri Ram
Switchgears (Maharashtra), Shri Ram Switchgears (Ratlam), Shri Ram
Industries, M J Jhalani and Sons, and RES.

Its main business remains the manufacture of electrical items used
in distribution of power, such as distribution transformers,
feeder pillars, distribution boxes, and junction boxes.  This is
carried out under the group's two main companies, SRSPL and MITPL.
Around 70% of its group's sales are to government entities, such
as Maharashtra State Electricity Board, while the remainder is to
private entities, such as Reliance Infrastructure Limited and
Larsen & Toubro Limited.

MITPL reported a profit after tax (PAT) of INR10.0 million on net
sales of INR199.3 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.6 million on net sales
of INR15.1 million for 2008-09.


MITTAL TECHNOPACK: CRISIL Puts 'BB+' Rating on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Mittal Technopak Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR60.00 Million Cash Credit/Export      BB+/Stable (Assigned)
   Packing Credit/Foreign Bill Purchase
   INR60.00 Million Proposed Cash Credit    BB+/Stable (Assigned)

   INR13.90 Million Term Loan               BB+/Stable (Assigned)
   INR34.00 Million Proposed Term Loan      BB+/Stable (Assigned)
   INR50.00 Million Bill Discounting        P4+ (Assigned)
   INR45.00 Million Letter of Credit/Bank   P4+ (Assigned)
                                Guarantee
   INR20.00 Million Proposed Letter of      P4+ (Assigned)
                    Credit/ Bank Guarantee

The rating reflects the Mittal group's modest financial risk
profile, marked by modest debt protection metrics, and the
susceptibility of its margins to volatility in raw material prices
and fragmentation in the high density poly ethylene/poly propylene
(HDPE/PP) fabric industry.  These weaknesses are partially offset
by the Mittal group's geographically diversified customer base and
extensive experience of promoters' in the packaging industry.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of Mittal Polypack Pvt Ltd and MTPL,
together referred to as the Mittal group.  This is because the two
entities are in the same line of business, have operational
linkages, fungible cash flows.

Outlook: Stable

CRISIL believes that Mittal group will maintain its stable
business profile over the medium term, driven by growth in sales,
on account of the proposed commissioning of its expanded capacity
and its promoters' industry experience.  The outlook may be
revised to 'Positive' in case of more-than-expected growth in the
group's revenues and profitability, or in case of equity infusion,
leading to improvement in its capital structure.  Conversely, the
outlook may be revised to 'Negative' in case of less-than-expected
revenues or cash accruals, or if the group undertakes a large,
debt-funded capital expenditure (capex) programme, resulting in
deterioration in its financial risk profile.

                          About the Group

MTPL, based in Kolkata, manufactures and exports flexible
intermediate bulk container bags.  Its manufacturing unit in
Howrah (West Bengal) has a capacity of 3000 tonnes per annum
(tpa), and manufactures bags with capacity of 1 -1.5 tonnes.  MTPL
is a 100-per cent export oriented unit (recognised since 2006).
MTPL has around 40 customers across Germany, Spain, Italy, the UK,
Canada, Australia, the US, and the Middle East. Sales are made
through agents and the product finds use in the chemical,
building, and agro products industries. MTPL is in the process of
doubling its capacity to 6000 tpa.

MPPL was started in 1985 and has capacity of 4000 tpa. The company
mainly caters to the domestic market and manufactures woven sacks
with packaging capacity up to 50 kilogram.

The Mittal group reported a profit after tax (PAT) of INR13.7
million on net sales of INR560.8 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR8.2
million on net sales of INR458.8 million for 2008-09.


PCI LTD: CRISIL Cuts Rating on INR350MM Cash Credit Limit to 'BB+'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of PCI
Ltd to 'BB+/Negative/P4+' from 'BBB-/Negative/P3'.

   Facilities                           Ratings
   ----------                           -------
   INR350.0 Million Cash Credit Limit   BB+/Negative (Downgraded
                                                      from BBB-)

   INR623.3 Million Term Loan           BB+/Negative (Downgraded
                                                      from BBB-)

   INR375.0 Million Letter of Credit    P4+ (Downgraded from P3)
   INR375.0 Million Bank Guarantee      P4+ (Downgraded from P3)

The downgrade has been driven by expected deterioration in the
Prime group's already weak financial risk profile because of its
ongoing, large, debt-funded capital expenditure (capex) programme.
The group's financial risk profile is marked by high gearing and
weak debt protection metrics.  The Prime group's gearing has
increased continuously over the past three years, because of
sizeable debt contracted by the group to fund its capital
expenditure (capex).  The downgrade also reflects the delay in
commissioning of the project under the group company, Prime
Electric Ltd (PEL), leading to pressure on the group's net cash
accruals and revenues, as well as PCI's lower-than-expected
profitability in the testing, measuring, restoration, and
condition monitoring equipment business, which contributes over
85% to the company's operating revenues.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PCI, its wholly owned subsidiaries, PCI
Europe Gmbh and PCI Asia Pacific Pvt Ltd, and its majority-owned
subsidiaries, PEL and Prime Hitech Engineering Ltd.  This is
because the entities, herein collectively referred to as the Prime
group, have common promoters, management, and marketing network,
and have strong business and financial linkages with each other.

The ratings reflect the Prime group's weak financial risk profile
marked by high gearing and average debt coverage indicators, high
dependence on sale of uninterrupted power supply (UPS) and
emergency restoration systems equipment for revenues, and exposure
to implementation-rated risks associated with its ongoing
projects.  These weaknesses are partially offset by the Prime
group's demonstrated ability to service its diversified and
reputed customer base, strong market position in the specific
power equipment and industrial power conditioning systems segment,
and strong operational efficiencies, supported by exclusive
marketing tie-ups with globally reputed manufacturers.

Outlook: Negative

CRISIL believes that the Prime group's financial risk profile,
though supported by a stable existing business, will weaken over
the medium term because of the group's large, debt-funded capex.
The rating may be downgraded further if there is fresh delay in
the group's ongoing projects, if it undertakes larger-than-
expected, debt-funded capex over the near term, or its margins
deteriorate more the expected, thereby weakening its debt
protection metrics.  Conversely, the outlook may be revised to
'Stable' if the group's capital structure improves considerably,
because of sizeable equity infusion or stake dilution, or if the
group generates more-than-expected cash accruals from operations.

                           About the Group

Promoted in 1986 by Mr. Surinder Mehta, PCI is the flagship
company of the Prime group. PCI provides technology-related
solutions to various industries, especially the power sector. Its
activities include marketing, distribution, and after-sale service
support for power testing, maintenance, conditioning equipment,
and machine tools.  The company also has a unit in Manesar
(Haryana) for manufacturing precision equipment and investment
castings (constituting 5 to 6% of the company's sales). PCI has
exclusive arrangements with most of its foreign partners to market
their products/equipment in India and neighboring countries.
Typically, the company imports high-tech power testing,
maintenance, and UPS equipment from manufacturers in the UK,
Germany, the US, and Italy, and markets the equipment in India.
PCI has a nation-wide reach to industrial customers through its
branch network and strong marketing and sales team.

PCI manufactures precision components such as turbine blades and
impellers used in turbine manufacturing and power projects. The
company also produces alloy and steel casting used in automotive
and power equipment. Furthermore, it owns three windmills with a
combined capacity of 4.5 megawatts in the Kutch region of Gujarat.

PEL was incorporated on September 9, 2008, in order to set up a
plant in Andhra Pradesh to manufacture extra-high-voltage power
transformers.  The project will be set up in partnership with a
Russian company. PCI owns around 51% of PEL's shares, while the
promoters of PCI own around 19% and the Russian partner owns the
remainder.

PHE was incorporated in April 2010 to carry out the fabrication
work of transformers (backward integration for PEL), manufacture
turbine parts and drill bits for oil exploration facilities and
mining operations. The project will be set up in partnership with
a Russian company. PCI owns around 51% of PHE, while the promoters
of PCI own around 19% and the Russian partner owns the remainder.

The Prime group reported a profit after tax (PAT) of INR87 million
on net sales of INR1904 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR74 million on net
sales of INR1385 million for 2008-09.


SHRI RAM: CRISIL Assigns 'B+' Rating to INR60 Million Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Shri Ram Switchgears Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR60.0 Million Cash Credit        B+/Stable (Assigned)
   INR30.0 Million Bill Discounting   P4 (Assigned)
   INR20.0 Million Letter of Credit   P4 (Assigned)
   INR80.0 Million Bank Guarantee     P4 (Assigned)

The ratings reflect the Shri group's weak financial risk profile,
marked by high gearing, small net worth, and weak debt protection
metrics, large working capital requirements, small scale of
operations, and exposure to risks related to tender-based nature
of its operations.  These weaknesses are partially offset by the
experience of the Shri group's promoters in the transformers
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SRSPL and Mahalaxmi Investment and
Trading Pvt Ltd, together referred to as the Shri group.  This is
because the two companies have common promoters, are in the same
line of business, and their finance, procurement, marketing, and
production divisions are centralised. CRISIL also believes that
the entities will support each other in case of a financial
exigency.

Outlook: Stable

CRISIL believes that the Shri Group will increase its scale of
operations and profitability over the medium term, on account of
its promoter's extensive industry experience.  The outlook may be
revised to 'Positive' in case of more-than-expected growth in
revenues and profitability, or in case of significant improvement
in its capital structure, either because of infusion of fresh
equity or more-than-expected accretion to reserves.  Conversely,
the outlook may be revised to 'Negative' in case of significant
decline in the company's scale of operations, due to lower-than-
expected success rate in bidding for tenders, or if the group
undertakes a larger-than-expected debt-funded capital expenditure
programme.

                         About the Group

The group was established in 1957 by Mr. M J Jhalani, with a small
shop called Ratlam Electric Stores (RES) in Ratlam (Madhya
Pradesh); it sold goods manufactured by Bajaj Electricals Limited.
Later, Mr. Jhalani ventured into the manufacture of transformers
and switchgears, and into the sheet metal fabrication business.
The group currently comprises seven entities: MITPL, SRSPL, Shri
Ram Switchgears (Maharashtra), Shri Ram Switchgears (Ratlam), Shri
Ram Industries, M J Jhalani and Sons, and RES.

Its main business remains the manufacture of electrical items used
in distribution of power, such as distribution transformers,
feeder pillars, distribution boxes, and junction boxes. This is
carried out under the group's two main companies, SRSPL and MITPL.
Around 70% of its group's sales are to government entities, such
as Maharashtra State Electricity Board, while the remainder is to
private entities, such as Reliance Infrastructure Limited and
Larsen & Toubro Limited.

SRSPL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR199.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.9 million on net sales
of INR127.1 million for 2008-09.


SUYASH KRAFT: CRISIL Assigns 'B-' Rating to INR170MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to the long-term bank
facilities of Suyash Kraft and Papers Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR30.0 Million Cash Credit Limit    B-/Negative (Assigned)
   INR170.0 Million Term Loan           B-/Negative (Assigned)

The rating reflects expected weakening in SKPL's financial risk
profile, including liquidity, due to ongoing, large debt-funded
capital expenditure (capex), and risks related to project
execution.  The rating also reflects company's small scale of, and
geographically concentrated, operations, and susceptibility to
cyclicality in paper industry and to fluctuations in waste paper
prices.  These rating weaknesses are partially offset by the
extensive experience of SKPL's promoters in the paper industry.

Outlook: Negative

CRISIL believes that SKPL will continue to face liquidity
pressures over the medium term as its cash accruals are expected
to be inadequate vis-a-vis its large debt obligations and its
working capital requirements.  The ratings may be downgraded if
case of a significant weakening in SKPL's liquidity because of
delays in ramping up of its revenues and cash accruals from the
new project. Conversely, the outlook may be revised to 'Stable' if
there is significant improvement in SKPL's liquidity, driven by
more-than-expected cash accruals or fresh equity infusion.

                         About Suyash Kraft

Set up in 2004 by the Mittal family of Uttar Pradesh, SKPL
manufactures kraft paper. Its plant is located at Muzaffarnagar,
with an installed capacity of 3600 tonnes per annum (tpa).  The
company manufactures kraft paper from waste paper.  It mainly
manufactures paper of 34 to 50 grammage per square metre (GSM) and
markets its products primarily in western India.  The company is
setting up a plant to manufacture specialty paper--absorbent kraft
paper--involving a capex of INR290 million, and has faced delays in
project execution.

SKPL reported a profit after tax (PAT) of INR0.3 million on net
sales of INR72.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.8 million on net sales
of INR70.0 million for 2008-09.


SWADESHI TEXTILES: CRISIL Reaffirms 'D' Rating on INR130MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'D/P5' to Swadeshi Textiles
Pvt Ltd's bank facilities.  The ratings continue to reflect delays
by STPL in the repayment of its term loan obligations because of
weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR130.0 Million Term Loan       D (Reaffirmed)
   INR25.0 Million Cash Credit      D (Reaffirmed)
   INR45.0 Million Bank Guarantee   P5 (Reaffirmed)

Update
The company has been regularly delaying its interest and principal
payment by around 15-20 days.  The company paid its installment
due in Jan. 31, 2011 on Feb. 28, 2011; the installment due on
Feb. 28, 2011 has not been paid as on March 10, 2011.  The delay
in servicing the interest and loan installment is attributable to
inadequate cash accruals and higher working capital requirement
resulting in full utilization of the bank limits. The utilization
of the company's interlining fabric and weaving capacity continues
to remain low resulting in depressed cash accruals which are
inadequate for servicing the term debt repayment obligations.

                       About Swadeshi Textiles

Incorporated in 2001, STPL manufactures interlining fabric and
wide width fabric. It procures grey fabric from looms in South
India, and produces interlining fabrics through the use of powder
coatings and chemicals. The company recently increased its
installed capacity of interlining segment to 2.0 million MT per
month in September 2010 from 0.7 million MT per month. The company
through its weaving segment carries out job work activity for
Welspun, Creative and S. Kumars.

STPL reported a net loss of INR3.1 million on net sales of INR348
million for 2009-10, against a net loss of INR14.6 million on net
sales of INR293 million for 2008-09.


UDUPI POWER: CRISIL Cuts Rating on INR34,739.2MM LT Loans to 'BB+'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on Udupi Power Corporation Ltd's
bank facilities to 'BB+/Negative/P4+' from 'BBB-/Stable/P3'.

   Facilities                            Ratings
   ----------                            -------
   INR34,739.2 Million Long-Term Loans   BB+/Negative (Downgraded
                                              from 'BBB-/Stable')

   INR 7,500.0 Million Bank Guarantee/   P4+ (Downgraded from
                      Letter of Credit        'P3')

The rating action follows part completion of the re-schedulement
of the company's bank facilities. Udupi Power's Unit I was
commercialized on Nov. 11, 2010, after a delay of six months.  The
company's Unit II is expected to be commercialised by April 2011,
after a delay of eight months.  On account of the delays, Udupi
Power, in January 2011, requested its consortium bankers to
reschedule the date of commencement of debt repayment.

Outlook: Negative

CRISIL 'Negative' outlook factors in the short time frame
available for completion of the debt re-schedulement.  The ratings
may be downgraded if the re-schedulement is not completed in a
timely manner.  Conversely, the outlook may be revised to 'Stable'
if the re-schedulement is approved in time, thus giving Udupi
Power sufficient time to build up its liquidity to service its
debt.

                         About Udupi Power

Udupi Power is a Karnataka-based independent power producer owned
81.6% by Lanco Infratech Ltd (rated 'A-/P2+/Rating watch with
Developing implications' by CRISIL). The company has been
developing an imported coal-based power plant near Mangalore, with
an installed capacity of 1200 megawatt (MW). Unit I declared
commercial operations in November 2010, while Unit II is expected
to commence operations by April 2011. The two units have equal
capacity. Udupi Power has signed a Memorandum of Understanding
with the Government of Karnataka to expand its power generation
capacity by another 1320 MW.


VEL SHREE: CRISIL Assigns 'BB+' Rating to INR20MM Long-Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Negative' rating to the bank
facilities of Vel Shree R. Rangarajan Dr. Sagunthala Rangarajan
Educational Academy.

   Facilities                            Ratings
   ----------                            -------
   INR20.00 Million Long-Term Loan       BB+/Negative (Assigned)
   INR90.00 Million Overdraft Facility   BB+/Negative (Assigned)

The ratings reflect the uncertainty regarding an institute
operated by Vel Shree retaining its deemed university status and
Vel Shree's susceptibility to intense competition and adverse
regulatory changes in the education sector.  These rating
weaknesses are partially offset by the benefits the trust derives
from being a part of Vel's group of institutes, and its above-
average financial risk profile, marked by healthy debt protection
metrics.

Outlook: Negative

CRISIL believes that Vel Shree's cash accruals will be constrained
because of decline in student intake until the issue regarding the
deemed university status of one of its institutes is resolved--the
student intake declined since the uncertainty surfaced.  The
rating may be downgraded if Vel Shree's revenues and cash accruals
remain subdued because of continued low student intake at its
institute, which could be triggered by the institute losing its
deemed university status, or if the trust undertakes a larger-
than-expected debt-funded capital expenditure programme, thereby
weakening its capital structure.  Conversely, the outlook may be
revised to 'Stable' if Vel Shree's cash accruals increase
significantly, most likely because of the trust's institute
retaining its deemed university status, and if the trust's
profitability improves and its scale of operations increase
because of increase in diversity of profile of courses offered by
its institutes and expansion of its geographical reach.

Set up in 1992 in Chennai, Vel Shree is a private trust,
registered under the Indian Trust Act, 1882. The trust runs three
educational institutions: a deemed university offering
undergraduate and post-graduate courses in engineering and
management, a polytechnic college, and a school.  The combined
student strength of the institutes is 5,365.  Vel Tech Dr. RR and
Dr. SR Technical University, the deemed university run by the
trust, is one of the 44 institutes, where infrastructure was found
to be deficient as per the Tandon Committee report in 2009-10
(refers to financial year, April 1 to March 31). Following the
Supreme Court's intervention, the trust has been directed to
justify its status by May 2011, after which the final decision on
the deemed university status will be taken.

Vel Shree is part of the Vel's group, which comprises three
trusts: Vel Shree, RS Trust, and Vel Trust (1997). The daily
operations of all the three trusts are managed by the chairman,
Dr. R Rangarajan, and the vice chairman, Dr. Sagunthala
Rangarajan. Dr. R Rangarajan is also the promoter of Vel
Earthmoving Products Pvt Ltd, Vel Ram Finance Pvt Ltd, and Shri
Vel Rubbers Ltd.

Vel Shree reported a surplus of INR35.6 million on net revenues of
INR410.44 million for 2009-10, against a deficit of INR69.3
million on net revenues of INR219.3 million for 2008-09.


VISHAL CONTAINERS: CRISIL Reaffirms 'BB' Rating on INR32.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vishal Containers Ltd
continue to reflect VCL's average financial risk profile, marked
by average gearing and debt protection metrics, and small scale of
operations in the intensely competitive packaging industry.  These
rating weaknesses are partially offset by VCL's improving product-
mix and healthy relationships with its customers.

   Facilities                             Ratings
   ----------                             -------
   INR54.0 Million Cash Credit Facility   BB/Stable (Reaffirmed)
   INR32.5 Million Term Loan              BB/Stable (Reaffirmed)
   INR20.0 Million Letter of Credit       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that VCL will continue to benefit over the medium
term from its healthy relationships with customers and its
improving product-mix.  The outlook may be revised to 'Positive'
if VCL reports high growth in revenues, while improving its
operating margin and its capital structure.  Conversely, the
outlook may be revised to 'Negative' in case VCL's operating
margin is adversely affected, most likely because of pricing
pressures in the competitive packaging industry, or if the company
undertakes any large, debt-funded capital expenditure (capex)
programme, thereby deteriorating its debt protection metrics.

Update
VCL's revenues grew by about 35% to achieve INR298 million for
2009-10 (refers to financial year, April 1 to March 31), largely
in line with CRISIL's expectations.  For 2010-11, VCL is expected
to record a similar growth in its revenues because of growth of
its customers and due to new customers added by VCL during the
year. VCL's operating margin was marginally lower at 8.2% than
that in the earlier year, on account of a lag in passing on the
increase in raw material prices to its customers. CRISIL believes
that VCL will maintain its operating margin at about 8% over the
medium term, supported by its improving product-mix.

VCL incurred a capex of about INR50 million during 2009-10 and
2010-11 to expand its manufacturing capacities. The company's
gearing was at 1.4 times as on March 31, 2010; CRISIL believes
that VCL's gearing will remain high at more than 1.5 times over
the medium term because of debt contracted for capex and working
capital intensity of operations.  The company has plans to further
double its corrugated boxes manufacturing capacities to 15,000
tonnes per annum (tpa) over the medium term, however, the cost,
funding mix, and timelines are still to be finalised; hence, this
will remain a rating sensitivity factor.

VCL reported a profit after tax (PAT) of INR7.4 million on net
sales of INR298 million for 2009-10, against a PAT of INR5.6
million on net sales of INR220 million for 2008-09.

                        About Vishal Containers

Incorporated in 2004 as Vishal Containers Pvt Ltd, VCL was
reconstituted as a closely held public limited company in 2007.
It was set up to acquire the businesses of family-run entities,
Wellpack Paper and Containers Ltd (only packaging division) and
Vishal Packaging, after the promoter-family split in 2004.   VCL
is currently increasing its capacity to manufacture corrugated
boxes and flexible packaging laminates of 7200 tpa and 1800 tpa,
respectively, at its plant in Gandhinagar (Gujarat).  VCL caters
to the packaging demand of industries such as ceramics, food, and
pharmaceuticals.


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


NORINCHUKIN BANK: Fitch Withdraws Individual Rating at 'C/D'
------------------------------------------------------------
Fitch Ratings has affirmed Japan-based Norinchukin Bank's
Individual rating at 'C/D' and Support Rating at '1'.  The ratings
have simultaneously been withdrawn.

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.


=================
S I N G A P O R E
=================


ACROPOLIS ELECTRONICS: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on April 1, 2011, to
wind up the operations of Acropolis Electronics Pte Ltd.

Chay Fook Yuen and Tay Puay Cheng filed the petition against the
company.

The company's liquidators are:

         Tay Puay Cheng,
         Chay Fook Yuen and
         Bob Yap Cheng Ghee
         care of KPMG Advisory Services Pte Ltd
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


CHESNEY REAL: Court to Hear Wind-Up Petition April 29
-----------------------------------------------------
A petition to wind up the operations of Chesney Real Estate Group
Llp will be heard before the High Court of Singapore on April 29,
2011, at 10:00 a.m.

India International Insurance Pte Ltd filed the petition against
the company on April 1, 2011.

The Petitioner's solicitors are:

         M/s KhattarWong
         80 Raffles Place
         UOB Plaza 1 #25-01
         Singapore 048624


EGO'S KTV: Creditors' Proofs of Debt Due April 27
-------------------------------------------------
Creditors of Ego's Ktv Entertainment Pte Ltd, which is in
compulsory liquidation, are required to file their proofs of debt
by April 27, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Aw Eng Hai
          C/o Foo Kon Tan Grant Thornton LLP
          47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce
          & Industry Building
          Singapore 179365


JASON COMMUNICATIONS: Creditors' Proofs of Debt Due May 11
----------------------------------------------------------
Creditors of Jason Communications Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 11, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Yiong Kok Kong
          317 Outram Road #02-47
          Singapore 169075


PARDISAN CARPETS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on April 4, 2011, to
wind up the operations of Pardisan Carpets (Pte) Ltd.

Ebrahim Bagheri Aghdam filed the petition against the company.

The company's liquidators are:

         Ebenezer John Lazarus
         Chen Yeow Sin
         ELTICI Financial Advisory Services Pte Ltd
         1 Raffles Place, #20-02
         One Raffles Place
         Singapore 048616


PERIMEX INDUSTRIES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on April 4, 2011, to
wind up the operations of Perimex Industries Pte Ltd.

Ebrahim Bagheri Aghdam filed the petition against the company.

The company's liquidators are:

         Ebenezer John Lazarus
         Chen Yeow Sin
         ELTICI Financial Advisory Services Pte Ltd
         1 Raffles Place, #20-02
         One Raffles Place
         Singapore 048616


SIMONS PACIFIC: Creditors' Proofs of Debt Due May 14
----------------------------------------------------
Creditors of Simons Pacific Constructors Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 14, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          C/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


SUBSEA FLUIDS: Creditors' Meetings Set for April 21
---------------------------------------------------
Subsea Fluids Pte Ltd, which is in liquidation, will hold a
meeting for its creditors on April 21, 2011, at 10:30 a.m., 8
Wilkie Road #03-08 Wilkie Edge Singapore 228095.

Agenda of the meeting includes:

   a. to receive an update on the winding up;

   b. to consider the request by Norscot Rig Management Pvt Ltd
      for admission to the Committee of Inspection; and

   c. discuss other business.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095

                             *********

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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