TCRAP_Public/110420.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Wednesday, April 20, 2011, Vol. 14, No. 78

                            Headlines



A U S T R A L I A

CARLOVERS CARWASH: Major Shareholder Calls in Receivers


C H I N A

CHINA AGRITECH: Receives Notice of Delisting from Nasdaq
KIWA BIO-TECH: Posts US$2.275 Million Net Loss in 2010


H O N G  K O N G

BRILLIANT POWER: Members' Final Meeting Set for June 30
CELLOPARK ASIA: Commences Wind-Up Proceedings
CHUN SHING: Creditors' Meeting Set for April 27
CREATIVE MODEL: Creditors' Proofs of Debt Due May 15
EAST GLORY: Final Meetings Set for May 16

EMPOWER HOLDINGS: Final Meetings Set for May 17
ENFUL ENGINEERING: Placed Under Voluntary Wind-Up Proceedings
FAIRWELL EQUITIES: Creditors' Proofs of Debt Due May 20
GERMAN CENTRE: Sole Member's Final Meeting Set for May 16
GERMANICUS LIMITED: Members' Final Meeting Set for May 20

SUN MOTOR PRECISION: Meetings Slated for April 27
SUNWAVE COMPUTERS: Annual Meetings Slated for May 13
SUNWAVE DEVELOPMENT: Annual Meetings Slated for May 13
TECH-LINK T: Annual Meetings Slated for May 13
TOP PICTURES: Members' Final General Meeting Set for May 20


I N D I A

ANINDITA TRADES: CRISIL Upgrades Rating on INR65MM LT Loan to BB+
BAJRANG BALI: CRISIL Rates INR100 Million Cash Credit at 'BB-'
BHARTIYA CITY: Fitch Assigns 'B-(ind)' National Long-Term Rating
BHIMJI VELJI: CRISIL Assigns 'BB+' Rating to INR30MM Loan
BORKAR PACKAGING: CRISIL Cuts Rating on INR266.6MM LT Loan to 'BB'

BRAHMANI RIVER: Fitch Affirms National LT Rating at 'BB+(ind)'
DELTA PAPER: CRISIL Cuts Rating on INR480MM LT Loan to 'D'
GIRIJA MODERN: CRISIL Upgrades Rating on INR50MM Loan to 'BB+'
KISHAN COTTON: CRISIL Assigns 'BB' Rating to INR90MM Cash Credit
KJ ISPAT: CRISIL Assigns 'D' Rating to INR106.5 Million LT Loan

KUTCH GINNING: CRISIL Assigns 'BB' Rating to INR80MM Cash Credit
K.S. INTERNATIONAL: CRISIL Rates INR100MM Cash Credit at 'BB-'
NARAYANI ISPAT: CRISIL Assigns 'BB-' Rating to INR200M Cash Credit
NARAYANI STEELS: CRISIL Rates INR165MM Cash Credit at 'BB-'
NATIONAL CONSTRUCTION: CRISIL Rates INR100MM Cash Credit at 'B+'

PALLAVI ENTERPRISES: CRISIL Raises Rating on Cash Credit to 'BB+'
RUNGTA PROJECTS: CRISIL Upgrades Rating on Bank Loans to 'B'
SRI CHANDRAKANTHA: CRISIL Reaffirms 'P4' Rating on Packing Credit
SRI KALISWARI: Fitch Rates INR40MM Bank Loans at 'BB+(ind)(SO)'


I N D O N E S I A

PT ENERGI: S&P Lowers Corporate Credit Rating to 'CCC+' from 'B-'


J A P A N

AOZORA BANK: Fitch Affirms, Withdraws Individual Rating of 'C'
SHINSEI BANK: Fitch Affirms, Withdraws Individual Rating of 'C/D'
SURUGA BANK: Fitch Affirms Support Rating Floor at 'B'


N E W  Z E A L A N D

CENTURY CITY: Three Serepisos Firms Escape Liquidation
PIKE RIVER: Receivers Lay off Nine Pike River Executives
NATHANS FINANCE: Bridgecorp Collapse Triggered Firm's Receivership
WANAKA PHARMACY: Think Concepts Files Liquidation Petition


S I N G A P O R E

ICII ENGINEERING: Court to Hear Wind-Up Petition on April 29
JOB CAPITAL: Creditors' Proofs of Debt Due May 16
KEREN-HAPPUCH DEVELOPMENT: Creditors' Proofs of Debt Due May 16
KIAN DA: Creditors' Proofs of Debt Due April 29
UNICORN KING: Creditors' Proofs of Debt Due April 29

WATCHFIRE (ASIA PACIFIC): Creditors' Proofs of Debt Due May 15


X X X X X X X X


* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


CARLOVERS CARWASH: Major Shareholder Calls in Receivers
-------------------------------------------------------
Michelle Hammond at startupsmart reports that The CarLovers
Carwash franchise has collapsed into liquidation and receivership
for the second time since 2003, folding due to debts left over
from its previous failure.

Berjaya Group, which has a 95% share in CarLovers, has called in
PKF Chartered Accountants' Ken Whittingham and Atle Crowe-Maxwell
to act as receiver and manager, according to startupsmart.

Startupsmart notes that Berjaya appointed PKF to protect its
secure loans after a lawyer sued to recover funds resulting from
the last administration.

It is understood CarLovers' current earnings have also been
affected by the severe weather in Queensland and Victoria,
startupsmart says.

Berjaya Group, which is based in Malaysia, also owns or has stakes
in the businesses operating bookstore chain Borders and doughnut
chain Krispy Kreme, both of which have entered into
administration.

According to the report, Mr. Whittingham said the plan is for
CarLovers to continue trading, and to sell the business as a going
concern as quickly as possible.

CarLovers currently runs 25 locations around Queensland, NSW,
Victoria and South Australia.


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


CHINA AGRITECH: Receives Notice of Delisting from Nasdaq
--------------------------------------------------------
China Agritech, Inc., announced on April 18, 2011, that it has
received a letter dated April 12, 2011 from The NASDAQ Stock
Market LLC advising that the Nasdaq Staff intends to delist the
Company's common stock based on public interest concerns and the
Company's failure to file its 2010 Form 10-K on time.  Nasdaq
stated that its determination was based on Nasdaq's broad
discretionary authority pursuant to Listing Rule 5101 to deny
continued listing and the failure of the Company to comply with
Listing Rule 5250(c)(1) related to the filing of periodic
financial reports.

The Company has filed an appeal of the determination by requesting
an oral hearing before a Nasdaq listing qualifications panel.
There can be no assurance that the appeal will be successful.  The
trading suspension, which commenced on March 14, 2011, remains in
effect pending a decision by the panel.

In response to allegations made in a short seller's report and a
report by its former auditors, Ernst & Young Hua Ming, regarding
issues that surfaced during the audit process, the Company has
formed a Special Committee of the independent members of its board
of directors to conduct an investigation.  The Special Committee
engaged the law firm of TroyGould PC to advise it in connection
with its investigation, and TroyGould retained BDO China Li Xin Da
Hua Certified Public Accountants Co., Ltd. to assist in the
investigation with respect to various accounting issues, including
specific financial transactions and customer relationships.  In
addition, the Company has recently appointed Simon & Edward, LLP
to serve as its independent registered public accounting firm,
effective April 6, 2011.  The internal investigation is currently
in process, but it is uncertain when the Company will be able to
file its 2010 Form 10-K.

                         About China Agritech

China Agritech, Inc. -- http://www.chinaagritechinc.com-- is
engaged in the development, manufacture and distribution of liquid
and granular organic compound fertilizers and related products in
China.  The Company has developed proprietary formulas that
provide a continuous supply of high-quality agricultural products
while maintaining soil fertility.  The Company sells its products
to farmers located in 28 provinces of China.


KIWA BIO-TECH: Posts US$2.275 Million Net Loss in 2010
------------------------------------------------------
Kiwa Bio-Tech Products Group Corporation announced that net sales
were $88,056 for the 12 months ended Dec. 31, 2010, compared with
$38,292 in 2009.  Net loss attributable to stockholders were
$2,275,783 and $3,714,529 for fiscal 2010 and 2009, respectively.

During the year ended Dec. 31, 2010, Mr. Wei Li, Chairman and CEO
of Kiwa, advanced the Company net additional capital of
$1,017,569.  As of Dec. 31, 2010, the balance of loans to the
Company by officers and related parties was $2,898,242.

Last year Kiwa Tianjin asserted that Challenge Feed unlawfully
disposed of assets held by Kiwa Tianjin.  The assets include
machinery and equipment and inventories.  Kiwa Tianjin announced
it was seeking damages against Challenge Feed in the amount of
approximately RMB 2.2 million in total.  The local court of Wuqing
District has informed the Company that it will not examine the
lawsuit against Challenge Feed since Challenge Feed has entered
into bankruptcy proceedings.  Related matters will be solved
during Challenge Feed's bankruptcy proceedings.  On Aug. 29, 2010,
Kiwa Tianjin filed objections to the local court of Wuqing
District and Challenge Feed's bankruptcy administrator.  According
to Challenge Feed's bankruptcy administrator, the filed objections
have been received but have not been examined.

"This past summer we announced that Kiwa was seeking to gain
market awareness for its fertilizer products by working closely
with Kangtai and San Kang Safe Agricultural Distribution Network
Project (San Kang Club).  This includes a prototype vegetable
delivery model to satisfy high-end customers' demand for better
food.  Kangtai has contracted to grow food in fields only
fertilized with Kiwa Bio-Tech's fertilizers and is delivering
these products directly to customers.  The vegetable baskets have
Kiwa's logo much as many computers have a sticker, "Intel
Inside"," Kiwa said.

The Company notes that there has been strong market acceptance of
the green food products.  The Company expects improved results
during this growing season.  However, severe weather and droughts
in large agricultural areas of China make it difficult to forecast
fertilizer demand.

                       About Kiwa Bio-Tech

Based in Claremont, Calif., Kiwi Bio-Tech Products Group
Corporation -- http://www.kiwabiotech.com/-- develops,
manufactures, distributes and markets innovative, cost-effective,
and environmentally safe bio-technological products for
agricultural and natural resources and environmental conservation.
The Company has two subsidiaries in China: (1) Kiwa Shandong in
2002, a wholly owned subsidiary, engaging in bio-fertilizer
business, and (2) Tianjin Kiwa Feed Co., Ltd. in July 2006,
engaging in bio-enhanced feed business, of which the Company holds
80% equity.


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


BRILLIANT POWER: Members' Final Meeting Set for June 30
-------------------------------------------------------
Members of Brilliant Power (HK) Limited will hold their final
general meeting on June 30, 2011.

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


CELLOPARK ASIA: Commences Wind-Up Proceedings
---------------------------------------------
Members of Cellopark Asia Limited, on April 8, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Cosimo Borrelli
         Yuen Lai Yee
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


CHUN SHING: Creditors' Meeting Set for April 27
-----------------------------------------------
Creditors of Chun Shing Engineering Limited will hold their
meeting on April 27, 2011, at 9:30 a.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 3, 8/F., Yue Xiu Building, 160
Lockhart Road, Wan Chai, in Hong Kong.


CREATIVE MODEL: Creditors' Proofs of Debt Due May 15
----------------------------------------------------
Creditors of Creative Model Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 15, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 2, 2011.

The company's liquidator is:

         Sung Mi Yin
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


EAST GLORY: Final Meetings Set for May 16
-----------------------------------------
Members and creditors of East Glory Development Limited will hold
their final meetings on  May 16, 2011, at 11:30 a.m., at 62/F, One
Island East, 18 Westlands Road, Island East, in Hong Kong.

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


EMPOWER HOLDINGS: Final Meetings Set for May 17
-----------------------------------------------
Members and creditors of Empower Holdings Limited will hold their
final meetings on  May 17, 2011, at 2:30 a.m., and 3:00 p.m.,
respectively at 29/F, Caroline Centre, 28 Yun Ping Road, in Hong
Kong.

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


ENFUL ENGINEERING: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on April 8, 2011,
creditors of Enful Engineering 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


FAIRWELL EQUITIES: Creditors' Proofs of Debt Due May 20
-------------------------------------------------------
Creditors of Fairwell Equities Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 20, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


GERMAN CENTRE: Sole Member's Final Meeting Set for May 16
----------------------------------------------------------
The sole Member of German Centre (Shanghai) Limited will hold its
final meeting on May 16, 2011, at 11:00 a.m., at 8th Floor,
Gloucester Tower, The Landmark, 15 Queen's Road Central, in Hong
Kong.

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


GERMANICUS LIMITED: Members' Final Meeting Set for May 20
---------------------------------------------------------
Members of Germanicus Limited, which is in members' voluntary
liquidation, will hold their final meeting on May 20, 2011, at
2:30 p.m., at FTI Consulting, 14th Floor, The Hong Kong Club
Building, 3A Chater Road, Central, in Hong Kong.

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


SUN MOTOR PRECISION: Meetings Slated for April 27
-------------------------------------------------
Members and creditors of Sun Motor Precision Products Limited will
hold their meetings on April 27, 2011, at 4:00 p.m., and 4:30
p.m., respectively, at 35th 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.


SUNWAVE COMPUTERS: Annual Meetings Slated for May 13
----------------------------------------------------
Members and creditors of Sunwave Computers Limited will hold their
annual meetings on May 13, 2011, at 12:30 p.m., and 2:00 p.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.


SUNWAVE DEVELOPMENT: Annual Meetings Slated for May 13
------------------------------------------------------
Members and creditors of Sunwave Development Limited will hold
their annual meetings on May 13, 2011, at 4:00 p.m., and 4:15
p.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.


TECH-LINK T: Annual Meetings Slated for May 13
----------------------------------------------
Members and creditors of Tech-Link T & E Limited will hold their
annual meetings on May 13, 2011, at 4:45 p.m., and 5:00 p.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.


TOP PICTURES: Members' Final General Meeting Set for May 20
-----------------------------------------------------------
Members of Top Pictures Limited will hold their final general
meeting on May 20, 2011, at 5:00 p.m., at Room 104, 1/F., Hing Yip
Commercial Centre, 272-284 Des Voeux Road Central, in Hong Kong.

At the meeting, Tse Tak Ming, 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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ANINDITA TRADES: CRISIL Upgrades Rating on INR65MM LT Loan to BB+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Anindita Trades & Investments Ltd to 'BB+/Stable' from
'BB/Positive', while reaffirming the rating on the company's
short-term facility at 'P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR65.00 Million Long-Term Loan    BB+/Stable (Upgraded from
                                                  'BB/Positive')

   INR60.00 Mil. Proposed LT Bank     BB+/Stable (Upgraded from
                    Loan Facility                 'BB/Positive')

   INR80.00 Million Cash Credit       BB+/Stable (Upgraded from
                                                 'BB/Positive')

   INR25.00 Million Bank Guarantee    P4+ (Reaffirmed)

The upgrade reflects improvement in ATIL's business risk profile
after the commencement of its fourth kiln, leading to strong
revenue growth in 2010-11(refers to financial year, April 1 to
March 31).  The company's financial risk profile has also improved
after the conversion of the unsecured loans of INR40 million from
promoters to equity.

The ratings reflect ATIL's marginal market share, exposure to
risks related to uncertainties in the steel industry, and limited
financial flexibility, owing to its large working capital
requirements.  These rating weaknesses are partially offset by the
expected improvement in ATIL's business risk profile through iron-
ore linkages, and its moderate financial risk profile, marked by
moderate gearing and debt protection metrics.

Outlook: Stable

CRISIL believes that ATIL will maintain its credit risk profile on
the back of the improved scale of its operations and the benefits
expected from the commencement of its in-house iron-ore mining
operations.  Outlook may be revised to 'Positive' if the company
reports strong revenue growth, most likely driven by the new iron
ore mining business, leading to more-than-expected cash accruals,
without deteriorating its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if the company contracts
more-than-expected debt to fund its proposed power plant capex or
if the company reports significant decline in revenues and
profitability.

                        About Anindita Trades

Incorporated in 1995, Anindita was started as a financing company.
It remained non-operational until 2005, when it began
manufacturing sponge iron.  Its manufacturing unit in Hazaribagh,
Jharkhand has capacity to produce 400 tonnes of sponge iron per
day.

ATIL reported a profit after tax (PAT) of INR13.7 million on net
sales of INR158.4 million for 2009-10, against a PAT of INR13.2
million on net sales of INR129.5 million for 2008-09.


BAJRANG BALI: CRISIL Rates INR100 Million Cash Credit at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Bajrang Bali Rice Mill.

   Facilities                     Ratings
   ----------                     -------
   INR100.0 Million Cash Credit   BB-/Stable (Assigned)

The rating reflects the Kashmiri Lal group's weak financial risk
profile, small net worth size, on account of its low operating
margin, and its susceptibility to raw material price risks.  These
weaknesses are partially offset by the extensive experience of the
Kashmiri Lal group's promoters in the rice business, and its
established presence in the domestic market.

For arriving at its rating, CRISIL has consolidated the business
and financial risk profiles of Bajrang, M/s Kashmiri Lal Satpal,
and M/s K.S. International, together referred to as the Kashmiri
Lal group.  This is because the entities are under common
management, are in the same line of business, and there exist
inter-company transactions.

Outlook: Stable

CRISIL believes that the Kashmiri Lal group will benefit over the
medium term from its promoters' industry experience.  Its
financial risk profile is, however, expected to remain weak, owing
to large working capital requirements.  The outlook may be revised
to 'Positive' in case of substantial improvement in the operating
margin and scale of operations.  Conversely, the outlook may be
revised to 'Negative 'if the group's operating margin declines
further, thereby impacting its overall profitability.

                        About the Group

KLS was set up by Mr. Satpal Gupta (karta) in 1959 as a Hindu
undivided family (HUF).  KLS is into milling and processing of
basmati rice in the domestic and export markets.  The HUF is the
flagship entity of the Kashmiri Lal group.  The rice milling and
processing plant in Taraori (Haryana) has a capacity of 8 tonnes
per hour (tph).  The entity enhanced its capacity to 8 tph in
October 2010 from 5 tph. 70 to 80 per cent of the HUF's capacity
is utilised from October to March (the paddy harvest season) while
the utilisation level declines to 50 to 60 per cent from April to
September.

Parboiled rice contributes 80 to 90 per cent to KLS's revenues.
The domestic market accounted for 95 per cent of the KLS's total
sales in 2009-10 (refers to financial year, April 1 to March 31),
while exports to countries such as Saudi Arabia, Dubai, and Iran
accounted for the remainder.  With a view to better utilise the
enhanced capacities, the management has increased its focus on the
overseas market, with a share of 45 to 50 per cent of gross sales
during the nine months of 2010-11.

Bajrang, set up in 1992, is engaged in milling and selling of
basmati rice in domestic market.  The rice milling and processing
plant in Taraori (Haryana) has a capacity of 1.5 tph.

KSI, set up in 1996, is also engaged in milling and selling of
basmati rice in domestic market.  The rice milling and processing
plant in Taraori (Haryana) has a capacity of 2.5 tph.

The Kashmiri Lal group reported a profit after tax (PAT) of
INR1.26 million on net sales of INR753.4 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR1.01 million on net sales of INR589.8 million for 2008-09.


BHARTIYA CITY: Fitch Assigns 'B-(ind)' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Bhartiya City Developers
Private Limited's National Long-Term rating of 'B-(ind)' with a
Stable Outlook.  Fitch has also assigned BCDPL's long-term bank
loans of INR5.35bn a 'B-(ind)' rating.

The rating reflects the nascent stage of Bhartiya Group's first
real estate project.  The project cost of Phase 1 is estimated at
INR12.59 billion, to be funded by a mix of equity (6%), partly in
the form of land value, bank debt (43%), an unsecured loan (4%)
and project accruals (48%).  Fitch draws comfort from the fact
that the company has already tied up the entire bank funding of
INR5.35bn, required for execution of Phase 1.  However, the
reliance on project accruals for project funding is high.  There
are also significant repayments of bank loans falling due in the
fourth (year ending September 2014) and fifth year of the project
(year ending September 2015).

The project faces concentration risk as it is a large project
(17.1m square feet (sq ft) in the long-term, 3.0m sq ft in
Phase 1) at a single site. Phase 1 comprises a built-up area of
3.0m sq ft, covering a residential built-up area of 1.8m sq ft,
retail space of 0.4m sq ft, commercial area of 0.7m sq ft and a
hotel of 100 rooms (0.1m sq ft). The ratings are constrained by
the project execution risk coupled with the large project size
(INR12.59bn for Phase 1).  However, Fitch draws comfort from the
experienced project management team.

Fitch notes that there have been initial delays in obtaining the
regulatory approvals from BBMP (Bruhat Bengaluru Mahanagara
Palike), which is a prerequisite for starting construction.

Negative rating drivers would include any time or cost overruns
led by delay in obtaining regulatory approval, or an inability to
achieve the projected level of bookings and rentals, which
impacted cash inflow.  Timely roll-out/ completion of construction
along with demonstration of cash inflows as per projections would
be positive for the ratings.

Bhartiya City Developers Private Limited (renamed from Zigma Land
Developers Private Limited) is the Special Purpose Vehicle for the
integrated township project in North Bangalore comprising
residential, commercial, retail, hospitality, IT SEZ (Special
Economic Zone) developments, coupled with a school and a hospital.
The entire project should be completed in a horizon of 10-12 years
in several phases.  For the ratings, only Phase 1 has been
considered, which will be completed over a period of 5.5 years (by
December 2014).


BHIMJI VELJI: CRISIL Assigns 'BB+' Rating to INR30MM Loan
---------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of M/s Bhimji Velji Sorathia.

   Facilities                           Ratings
   ----------                           -------
   INR30 Million Overdraft Facility     BB+/Stable (Assigned)
   INR80 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect BVS's small net worth, small scale of
operations, and susceptibility to revenue concentration risks.
These rating weaknesses are partially offset by BVS's above-
average financial risk profile, marked by low gearing and strong
debt protection metrics, and established track record in the civil
construction segment.

Outlook: Stable

CRISIL believes that BVS will continue to benefit from its
established track record in the civil construction business and
comfortable profitability, over the medium term.  The outlook may
be revised to 'Positive' if BVS increases its revenues
significantly, with a steady order book and while maintaining its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile deteriorates, most
likely because of a decline in profitability, stretch in working
capital cycle or larger-than-expected debt-funded capital
expenditure.

                         About Bhimji Velji

Set up as a proprietorship concern in 1992 and reconstituted as a
partnership firm in 2006-07 (refers to financial year, April 1 to
March 31), BVS constructs roads, bridges, canals, dams, and civil
works factories, procuring direct contracts from private and
government entities. BVS is registered as an AA Class contractor
by Public Works Department of Gujarat.  About 80 per cent of the
orders are received from government departments and the rest from
private entities.

BVS reported a profit after tax (PAT) of INR12 million on net
sales of INR342 million for 2009-10, as against a PAT of INR23
million on net sales of INR363 million for 2008-09.


BORKAR PACKAGING: CRISIL Cuts Rating on INR266.6MM LT Loan to 'BB'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Borkar
Packaging Pvt Ltd to 'BB/Stable/P4+' from 'BBB-/Stable/P3'.

   Facilities                         Ratings
   ----------                         -------
   INR266.6 Million Long-Term Loan    BB/Stable (Downgraded from
                                                 'BBB-/Stable')

   INR335.0 Million Cash Credit       BB/Stable (Downgraded from
                                                 'BBB-/Stable')

   INR192.2 Mil. Letter of Credit     P4+ (Downgraded from 'P3')
                 & Bank Guarantee

The downgrade is driven by deterioration in the financial profile
of the company in 2010-11 (refers to financial year, April 1 to
March 31) and expectation of further deterioration over the medium
term due to significant debt-funded capex plans, resulting in
higher gearing and stretch in liquidity of the company.

The gearing of the company is estimated to increase to around 2.5
to 3.0 times over the medium term on the back of huge capital
expenditure of INR790 million (1.8times the existing net worth and
expected to be largely debt-funded) and large incremental working
capital requirement to support the increase in scale of
operations.  The liquidity of the company is currently stretched,
as reflected by high bank limit utilization, high gross current
asset (GCA) estimated to be in excess of 200 days of operating
income and low current ratio estimated at around 1.0 time as on
March 31, 2011.  CRISIL believes that the financial risk profile
will remain constrained over the medium term due to the leveraged
capital structure and stretched liquidity.

The rating reflects Borkar's limited pricing flexibility and
enhanced competitive pressures in the industry.  These rating
weaknesses however are offset by the benefits that Borkar derives
from its comfortable presence in the carton segment, established
relationships with customers, improving customer diversity.

Outlook: Stable

CRISIL believes that Borkar will continue to derive benefits from
its established presence in the carton segment, established
relationships with customers, improving customer diversity.
However, the financial risk profile is likely to remain
constrained due to the leveraged capital structure.  The outlook
may be revised to 'Positive' if the company is able to
successfully stabilize the enhanced capacity and generate higher
than expected revenues and operating margin from the enhanced
capacity.  Conversely, the outlook could be revised to 'Negative'
if there are delays or cost overrun in the capex plans or if the
company contracts larger than expected debt to fund the expansion.

                       About Borkar Packaging

Set up in 1994 by the members of the Borkar family, the company is
currently managed by the third generation family members:
Mr. Prakash S. Borkar, Mr. Pramod D. Borkar and Mr. Deepak P.
Borkar. Borkar manufactures laminated/coated duplex cartons. The
company supplies specialised cartons to various companies in the
fast-moving consumer goods sector.  It has manufacturing
facilities at Nalagarh, Daman, and Goa.  The company currently has
installed manufacturing capacity of 1140 LSPA and is in the
process of expanding its capacity to 2100 LSPA. The enhanced
capacity is expected to be completely operational by March 2012.

Borkar reported a profit after tax (PAT) of INR59 million on net
sales of INR1.38 billion for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR52 million on net
sales of INR1.21 billion for 2008-09.


BRAHMANI RIVER: Fitch Affirms National LT Rating at 'BB+(ind)'
--------------------------------------------------------------
Fitch Ratings has affirmed India-based Brahmani River Pellets
Limited's National Long-Term rating at 'BB+(ind)'.  The Outlook
remains Negative.  The agency also affirmed BRPL's INR9.75 billion
long-term debt at 'BB+(ind)'.

The affirmations continue to reflect Stemcor's (sponsor) continued
support to BRPL.  Fitch notes the improvement in Stemcor's
financial profile in 2010 and liquidity comfort from its undrawn
bank facilities.

The affirmations also reflect the successful completion of BRPL's
4 MTPA pellet plant in FY11 without any cost overruns.  The
company is operating the plant using locally purchased raw
materials.  The ratings also reflect the fact that BRPL has firm
sourcing arrangements for about 25% of its iron ore fines
requirements and memorandum of understandings for the balance.
BRPL also has agreements with its end customers for the sale of a
significant portion of its pellet capacity.  Fitch also notes that
BRPL's slurry pipeline is largely complete, and only minor
additional investments are required to commission the same.  The
pipeline would materially reduce the raw material costs, resulting
in strong earnings.

Fitch has maintained the Negative Outlook on the ratings to
reflect the delay in realization of integration benefits from the
slurry pipeline.  The management expects all relevant approvals
for the remaining small stretch of the slurry pipeline to be in
place in H1FY12.  Fitch has factored in the operation of the
slurry pipeline during FY12, which will support BRPL's earnings.
In the interim, the company has been servicing its debt and
interest obligations through support from Stemcor in the form of
loans/advances.  The agency notes that integration benefits from
the slurry pipeline coupled with strong utilization levels would
improve BRPL's profitability and liquidity.

The Outlook would be revised to stable following full
commissioning of the slurry pipeline during H1FY12, which would
provide visibility for the company's cash flows from FY12 onwards.
However, any further delays in commissioning of the pipeline could
put pressure on the ratings.

BRPL's 4 MTPA pellet plant at Orissa includes a 4 MTPA
beneficiation plant and a 230 km slurry pipeline.  The estimated
cost of the overall project is INR14.6 billion.


DELTA PAPER: CRISIL Cuts Rating on INR480MM LT Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Delta
Paper Mills Ltd to 'D/P5' from 'B-/Stable/P4'.  The downgrade
reflects instances of delay by Delta Paper in servicing its debt;
the delays have been caused by the company's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR480.0 Million Long-Term Loan     D (Downgraded from
                                          'B-/Stable')

   INR45.0 Million Cash Credit         D (Downgraded from
                                          'B-/Stable')

   INR75.0 Million Bank Overdraft      D (Downgraded from
                                          'B-/Stable')

   INR70.0 Million Letter of Credit    P5 (Downgraded from 'P4')

   INR20.0 Million Bank Guarantee      P5 (Downgraded from 'P4')

The ratings continue to reflect Delta Paper's weak financial risk
profile, marked by low net worth and weak debt protection
measures, and the susceptibility of the company's operating margin
to volatility in raw material prices.  These rating weaknesses are
partially offset by Delta Paper's moderate operating efficiencies.

                           About Delta Paper

Set up in 1975 by the late Mr. Vijay Kumar, Delta Paper
manufactures writing and printing paper (WPP), including
creamwove, white printing, offset, and maplitho paper.  The
company had been under the purview of the Board of Industrial and
Financial Reconstruction (BIFR) in 1987.  With the acquisition of
the company by the Laila group of companies in 1998, Delta Paper
came out of the purview of BIFR in 2002-03 (refers to financial
year, April 1 to March 31).  The overall management of the Delta
Paper is under the Laila group, which is headed by Dr. Ganga Raju.
The Laila group has interests in sugar, paper, hotels and herbal
extracts. Delta Paper has capacity to manufacture 51,100 tonnes
per annum of paper, a power plant with capacity of 9.9 megawatts,
and a plant for recovery of caustic soda from black liquor.  The
company has also set up a wood pulp street capacity at a cost of
INR300 million, which was completed in May 2010.

For 2009-10, Delta Papers reported a loss of INR27 million on net
sales of INR1.44 billion, against a profit after tax of INR3
million on net sales of INR1.55 for 2008-09.


GIRIJA MODERN: CRISIL Upgrades Rating on INR50MM Loan to 'BB+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Girija
Modern Rice Mills to 'BB+/Stable' from 'BB/Stable'.

   Facilities                    Ratings
   ----------                    -------
   INR50 Million Cash Credit     BB+/Stable (Upgraded from 'BB')
   INR50 Million Term Loan       BB+/Stable (Upgraded from 'BB')

The rating upgrade reflects the improvement in the Pallavi group's
credit risk profile, backed by strong growth in revenues, backward
integration into biomass power plant, and equity infusions by the
partners.  The group's revenues in 2010-11 (refers to financial
year, April 1 to March 31) are estimated to increase by around 44
per cent, driven by an increase in the installed capacity for both
milling and warehousing.  Moreover, the Pallavi group has
completed the installation of its biomass power plant of 2.5
megawatts (MW), thereby improving its operating efficiency. The
partners have also infused additional capital of around INR110
million in 2009-10.

The rating reflects the Pallavi group's below-average financial
risk profile marked by weak capital structure, debt protection
metrics, and large working capital requirements, and the
susceptibility of the group's operating margin to adverse changes
in regulations on prices of paddy and rice.  These rating
weaknesses are partially offset by the Pallavi group's established
market position with well-integrated operations, and assured
offtake by Food Corporation of India (FCI).

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Pallavi Enterprises and Girija Modern
Rice Mills, together referred to as the Pallavi group.  This is
because of the strong operational and financial linkages between
the group entities, and their common management.

Outlook: Stable

CRISIL believes that the Pallavi group will maintain its business
risk profile over the medium term, backed by recent capacity
expansion and assured offtake by FCI.  The outlook may be revised
to 'Positive' in case of a significant improvement in the Pallavi
group's financial risk profile, because of healthy cash accruals,
leading to improvement in the group's capital structure and debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' if the group's net worth declines, because of capital
withdrawal by the partners, or if the group undertakes a
significantly large, debt-funded capital expenditure.

                         About the Group

The Pallavi group consists of two partnership firms: Pallavi
Enterprises and Girija Mills. Both the firms are located at
Enikepadu in Vijayawada.  Pallavi Enterprises was set up in
September 1983, with Mr. Tatikonda Viswanadham and his wife.
Girija Mills was set up in 2007, promoted by Mr. Viswanadham and
his daughter.  The group is in the paddy and ravva milling
business, and has an aggregate installed milling capacity of
380,000 tonnes per annum.  The group's 2.5-MW, biomass-based power
plant is expected to be commissioned in October 2010.

For 2009-10, the Pallavi group reported a profit after tax (PAT)
of INR19.8 million on net sales of INR1.58 billion, against a PAT
of INR17.6 million on net sales of INR1.42 billion for 2008-09.


KISHAN COTTON: CRISIL Assigns 'BB' Rating to INR90MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the long-term bank
facilities of Kishan Cotton Ginning and Pressing Factory.

   Facilities                            Ratings
   ----------                            -------
   INR90 Million Cash Credit             BB/Stable (Assigned)
   INR80 Million Foreign Bill Purchase   BB/Stable (Assigned)
   INR40 Million Proposed LT Bank Loan   BB/Stable (Assigned)
                              Facility
   INR10 Million Overdraft Facility      BB/Stable (Assigned)

The rating reflects the Saparia group's weak financial risk
profile, marked by small net worth, high gearing, and average debt
protection metrics, and susceptibility to adverse regulatory
changes.  These rating weaknesses are partially offset by the
extensive experience of the group's promoters in cotton farming
and relatively larger scale of operations compared with other
cotton ginning units in the region.

CRISIL has combined the business and financial risk profiles of
Kishan Cotton and Kutch Ginning and Spinning Pvt Ltd, collectively
referred to as the Saparia group.  This is because both entities
are promoted by the Saparia family of Kutch (Gujarat), are in the
same line of business, and have significant operational linkages
and fungibility of cash flows between them.

Outlook: Stable

CRISIL believes that the Saparia group will continue to benefit,
over the medium term, from its established customer relationships,
promoters' extensive experience in the agriculture sector, and
buoyant outlook for the cotton ginning industry in the 2010-11
cotton season (refers to October to March). The outlook may be
revised to 'Positive' if the Saparia group's capital structure
improves because of equity infusion, or its debt protection
metrics improve because of sustained improvement in the group's
profitability.  Conversely, the outlook may be revised to
'Negative' in the event of stretched working capital cycle or an
adverse impact of the monsoon or changes in government policy on
the group's operations.

                            About the Group

Kishan Cotton, promoted in 2003, processes and exports cotton and
groundnut seeds and extracts cotton seed oil and cotton seed oil
cake.  The firm has a manufacturing unit spread over five acres in
Kutch.  Kishan Cotton is a partnership firm set up by five
partners, including four Saparia brothers and their family friend,
Mr. Bharatbhai Thakkar.

Kutch Ginning, promoted by the Saparia family in 2005, processes
raw cotton (kapas) to make cotton bales.  Kutch Ginning has an
installed cotton crushing capacity of 1000 tonnes per day (tpd).
Both the entities are based at Kutch, Gujarat.

Kishan Cotton reported a profit after tax (PAT) of INR3 million on
net sales of INR622 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR3 million on net
sales of INR482 million for 2008-09.


KJ ISPAT: CRISIL Assigns 'D' Rating to INR106.5 Million LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
KJ Ispat Ltd.  The ratings reflect instances of delay by KJIL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR60 Million Cash Credit         D (Assigned)
   INR106.5 Million Long-Term Loan   D (Assigned)
   INR3 Million Bank Guarantee       P5 (Assigned)

KJIL has marginal market share and negligible bargaining power in
the fragmented and intensely competitive sponge iron business. It
also has large working capital requirements.  These rating
weaknesses are partially offset by extensive industry experience
of KJIL's promoters, and the ready local market for sponge iron.

KJIL, incorporated in 2003, manufactures sponge iron. KJIL
commenced commercial operations in March 2006 with an installed
capacity of 30,000 tonnes per annum (tpa). In 2009-10 (refers to
financial year, April 1 to March 31), the company set up its
second kiln with a capacity of 100 tonnes per day. However, the
company operates only one kiln, and the second kiln is used only
when the first kiln is undergoing maintenance operations. The
company procures iron ore from Orissa Mining Corporation Ltd on
advance payment.

The company is equally owned by the Orissa-based Kandoi and Jalan
families. Promoter-director, Mr. P L Kandoi, has experience of
around 27 years in the steel industry and is also the president of
All Odisha Steel Federation and Kalinganagar Industries
Association. KJIL's manufacturing facility is located in
Kalinganagar, (Orissa).

KJIL reported a profit after tax (PAT) of INR7.6 million on net
sales of INR273.5 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.4 million on net
sales of INR320.5 million for 2008-09.


KUTCH GINNING: CRISIL Assigns 'BB' Rating to INR80MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the long-term bank
facilities of Kutch Ginning and Spinning Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR80 Million Cash Credit            BB/Stable (Assigned)
   INR16 Million Rupee Term Loan        BB/Stable (Assigned)
   INR100 Million Warehouse Financing   BB/Stable (Assigned)

The rating reflects the Saparia group's weak financial risk
profile, marked by small net worth, high gearing, and average debt
protection metrics, and susceptibility to adverse regulatory
changes.  These rating weaknesses are partially offset by the
extensive experience of the group's promoters in cotton farming
and relatively larger scale of operations compared with other
cotton ginning units in the region.

CRISIL has combined the business and financial risk profiles of
Kutch Ginning and Kishan Cotton Ginning and Pressing Factory,
collectively referred to as the Saparia group.  This is because
both entities are promoted by the Saparia family of Kutch
(Gujarat), are in the same line of business, and have significant
operational linkages and fungibility of cash flows between them.

Outlook: Stable

CRISIL believes that the Saparia group will continue to benefit,
over the medium term, from its established customer relationships,
promoters' extensive experience in the agriculture sector, and
buoyant outlook for the cotton ginning industry in the 2010-11
cotton season (refers to October to March).  The outlook may be
revised to 'Positive' if the Saparia group's capital structure
improves because of equity infusion, or its debt protection
metrics improve because of sustained improvement in the group's
profitability. Conversely, the outlook may be revised to
'Negative' in the event of stretched working capital cycle or an
adverse impact of the monsoon or changes in government policy on
the group's operations.

                           About the Group

Kutch Ginning, promoted by the Saparia family in 2005, processes
raw cotton (kapas) to make cotton bales. Kutch Ginning has an
installed cotton crushing capacity of 1000 tonnes per day (tpd).

Kishan Cotton, promoted in 2003, processes and exports cotton and
groundnut seeds and extracts cotton seed oil and cotton seed oil
cake.  The firm has a manufacturing unit spread over five acres in
Kutch. Kishan Cotton is a partnership firm set up by five
partners, including four Saparia brothers and their family friend,
Mr. Bharatbhai Thakkar. Both the entities are based at Kutch,
Gujarat.

Kutch Ginning reported a profit after tax (PAT) of INR6 million on
net sales of INR326 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR5 million on net
sales of INR267 million for 2008-09.


K.S. INTERNATIONAL: CRISIL Rates INR100MM Cash Credit at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
limit facility of K.S. International (KSI; part of Kashmiri Lal
group).

   Facilities                           Ratings
   ----------                           -------
   INR100.0 Million Cash Credit Limit   BB-/Stable (Assigned)

The rating reflects the Kashmiri Lal group's weak financial risk
profile, small net worth size, on account of its low operating
margin, and its susceptibility to raw material price risks. These
weaknesses are partially offset by the extensive experience of the
Kashmiri Lal group's promoters in the rice business, and its
established presence in the domestic market.

For arriving at its rating, CRISIL has consolidated the business
and financial risk profiles of KSI, M/s Kashmiri Lal Satpal, and
M/s Bajrang Bali Rice Mills, together referred to as the Kashmiri
Lal group.  This is because the entities are under common
management, are in the same line of business, and there exist
inter-company transactions.

Outlook: Stable

CRISIL believes that the Kashmiri Lal group will benefit over the
medium term from its promoters' industry experience.  Its
financial risk profile is, however, expected to remain weak, owing
to large working capital requirements.  The outlook may be revised
to 'Positive' in case of substantial improvement in the operating
margin and scale of operations.  Conversely, the outlook may be
revised to 'Negative 'if the group's operating margin declines
further, thereby impacting its overall profitability.

                           About the Group

KLS was set up by Mr. Satpal Gupta (karta) in 1959 as a Hindu
undivided family (HUF).  KLS is into milling and processing of
basmati rice in the domestic and export markets. The HUF is the
flagship entity of the Kashmiri Lal group.  The rice milling and
processing plant in Taraori (Haryana) has a capacity of 8 tonnes
per hour (tph).  The entity enhanced its capacity to 8 tph in
October 2010 from 5 tph. 70 to 80 per cent of the HUF's capacity
is utilised from October to March (the paddy harvest season) while
the utilisation level declines to 50 to 60 per cent from April to
September.

Parboiled rice contributes 80 to 90 per cent to KLS's revenues.
The domestic market accounted for 95 per cent of the KLS's total
sales in 2009-10 (refers to financial year, April 1 to March 31),
while exports to countries such as Saudi Arabia, Dubai, and Iran
accounted for the remainder. With a view to better utilise the
enhanced capacities, the management has increased its focus on the
overseas market, with a share of 45 to 50 per cent of gross sales
during the nine months of 2010-11.

Bajrang, set up in 1992, is engaged in milling and selling of
basmati rice in domestic market. The rice milling and processing
plant in Taraori (Haryana) has a capacity of 1.5 tph.

KSI, set up in 1996, is also engaged in milling and selling of
basmati rice in domestic market. The rice milling and processing
plant in Taraori (Haryana) has a capacity of 2.5 tph.

The Kashmiri Lal group reported a profit after tax (PAT) of
INR1.26 million on net sales of INR753.4 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR1.01 million on net sales of INR589.8 million for 2008-09.


NARAYANI ISPAT: CRISIL Assigns 'BB-' Rating to INR200M Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Narayani Ispat Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR200.00 Million Cash Credit       BB-/Stable (Assigned)
   INR20.00 Million Bank Guarantee     P4+ (Assigned)
   INR130.00 Million Letter of Credit  P4+ (Assigned)

The ratings reflect the Narayani group's weak financial risk
profile, marked by a small net worth, a high gearing, and weak
debt protection metrics, driven by large working capital
requirements and low profitability. The ratings also reflect the
group's exposure to risks related to volatility in raw material
prices and to supplier concentration in revenue profile. These
rating weaknesses are partially offset by the benefits that the
Narayani group derives from its promoters' extensive experience in
the steel industry, and its established customer and supplier
relationships.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NIPL and Narayani Steel Pvt Ltd (NSPL),
together referred to herein as the Narayani group. This is because
the two entities have strong operational and financial linkages,
are in similar lines of business, and are under common ownership.

Outlook: Stable

CRISIL believes that the Narayani group's financial risk profile
will remain weak over the medium term, driven by small cash
accruals and large working capital requirements. The outlook may
be revised to 'Positive' if the company's financial risk profile
improves significantly, most likely because of an improvement in
cash accruals or fresh, large equity infusion. Conversely, the
outlook may be revised to 'Negative' in case of further
deterioration in the group's financial risk profile, particularly
its liquidity, because of lower-than-expected profitability or
large working capital requirements.

                           About the Group

The Narayani Group trades in steel and iron products, and
manufactures mild steel (MS) and thermo-mechanically-treated (TMT)
bars.  The group, promoted by the Choudhary family, has been in
the steel business since 1988.  The group comprises NIPL, NSPL,
Hemang Bright Steel Industries (HBSI), Hemang Steel Traders (HST),
and Shree Balajee Roadways (SBR), among others.

NSPL was the first entity established by the Narayani group. NSPL
was set up as a partnership firm called Swastik Steel in 1988. In
1995, the firm was reconstituted as a private limited company with
its current name.  NSPL trades in billets and manufactures MS and
TMT bars and structures.  It derives 40 per cent of its revenues
by trading in billets.  The company has one manufacturing unit in
Vishakhapatnam (Andhra Pradesh), with an installed capacity of
24,000 tonnes per annum. NIPL, set up in 1997, is the largest
company of the Narayani group and trades in MS and TMT bars,
structures, and billets.

SBR is into transportation and logistics. HBSI and HST manufacture
bright bars and trade in steel products, respectively; these two
entities cater to North India.

The Narayani group reported a profit after tax (PAT) of INR13.33
million on net sales of INR3937.55 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR6.85
million on net sales of INR3386.79 million for 2008-09.


NARAYANI STEELS: CRISIL Rates INR165MM Cash Credit at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Narayani Steels Pvt Ltd (NSPL; part of the Narayani
group).

   Facilities                          Ratings
   ----------                          -------
   INR165.00 Million Cash Credit       BB-/Stable (Assigned)
   INR40.00 Million Bank Guarantee     P4+ (Assigned)
   INR145.00 Million Letter of Credit  P4+ (Assigned)

The ratings reflect the Narayani group's weak financial risk
profile, marked by a small net worth, a high gearing, and weak
debt protection metrics, driven by large working capital
requirements and low profitability.  The ratings also reflect the
group's exposure to risks related to volatility in raw material
prices and to supplier concentration in revenue profile. These
rating weaknesses are partially offset by the benefits that the
Narayani group derives from its promoters' extensive experience in
the steel industry, and its established customer and supplier
relationships.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NSPL and Narayani Ispat Pvt Ltd (NIPL),
together referred to herein as the Narayani group.  This is
because the two entities have strong operational and financial
linkages, are in similar lines of business, and are under common
ownership.

Outlook: Stable

CRISIL believes that the Narayani group's financial risk profile
will remain weak over the medium term, driven by small cash
accruals and large working capital requirements.  The outlook may
be revised to 'Positive' if the company's financial risk profile
improves significantly, most likely because of an improvement in
cash accruals or fresh, large equity infusion.  Conversely, the
outlook may be revised to 'Negative' in case of further
deterioration in the group's financial risk profile, particularly
its liquidity, because of lower-than-expected profitability or
large working capital requirements.

                          About the Group

The Narayani Group trades in steel and iron products, and
manufactures mild steel (MS) and thermo-mechanically-treated (TMT)
bars.  The group, promoted by the Choudhary family, has been in
the steel business since 1988.  The group comprises NSPL, NIPL,
Hemang Bright Steel Industries, Hemang Steel Traders, and Shree
Balajee Roadways, among others.

NSPL was the first entity established by the Narayani group. NSPL
was set up as a partnership firm called Swastik Steel in 1988. In
1995, the firm was reconstituted as a private limited company with
its current name. NSPL trades in billets and manufactures MS and
TMT bars and structures. It derives 40 per cent of its revenues by
trading in billets. The company has one manufacturing unit in
Vishakhapatnam (Andhra Pradesh), with an installed capacity of
24,000 tonnes per annum. NIPL, set up in 1997, is the largest
company of the Narayani group and trades in MS and TMT bars,
structures, and billets.

SBR is into transportation and logistics. HBSI and HST manufacture
bright bars and trade in steel products, respectively; these two
entities cater to North India.

The Narayani group reported a profit after tax (PAT) of INR13.33
million on net sales of INR3937.55 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR6.85
million on net sales of INR3386.79 million for 2008-09.


NATIONAL CONSTRUCTION: CRISIL Rates INR100MM Cash Credit at 'B+'
----------------------------------------------------------------
The ratings on the bank facilities of National Construction
Company continue to reflect NCC's below-average financial risk
profile marked by a high gearing, a moderate net worth, and modest
debt protection metrics, and exposure to inherent risks in its
tender-based business and to intense market competition. These
rating weaknesses are partially offset by the firm's established
position in mining projects, marked by a healthy order book.

   Facilities                            Ratings
   ----------                            -------
   INR100 Million Cash Credit             B+/Stable
   (Enhanced From INR50 Million)
   INR20 Million Overdraft Facility       B+/Stable (Assigned)
   INR100 Million Proposed Cash credit    B+/Stable (Assigned)
   INR80 Million Proposed Bank Guarantee  P4 (Assigned)
   INR120 Million Bank Guarantee          P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that NCC will continue to benefit over the medium
term from its healthy order book; the firm's financial risk
profile is expected to remain below-average during this period
because of high debt-funded capital expenditure (capex). The
outlook may be revised to 'Positive' if the firm's financial risk
profile is enhanced by improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if NCC's
financial flexibility gets constrained by less-than-expected cash
flows from operations, most likely because of delay in payments by
customers.

Update
NCC's sales for 2009-10 (refers to financial year, April 1 to
March 31) have been in line with CRISIL's expectations at INR1.31
billion and year-on-year revenue growth of 225 per cent. The firm
is expected to further improve its topline with a growth of 60 per
cent in 2010-11.  NCC has a strong outstanding order book of
INR7500 million as of March 2011, which will be executed over the
next two and a half years.

However, NCC's liquidity is weak because of delays in receipt of
payments from its customers-- debtors were at 60 days as on
December 31, 2010. This has resulted in high bank limit
utilisation, averaging at 94 per cent, over the 12 month through
February 2011.  The firm's customers include subsidiaries of Coal
India Ltd: Northern Coalfields, South Eastern Coalfields, and
Rajasthan State Mines and Minerals Ltd. Moreover, NCC's capex for
2010-11 was significantly debt-funded at INR800 million; the
company has planned a further capex of INR1000 million for the
next two years. Although the debt-funded capex will stretch the
firm's repayment capability, the same is partially offset by
healthy accruals and capital infusion by partners.

                    About National Construction

Set up in 1984 as a partnership firm by Mr. Khimji Patel and
Mr. Bhikhalal Patel, NCC takes up contracts for open-cast mining
projects involving the removal of overburden in coal mines and
mineral excavation. NCC owns more than 200 heavy earth-moving
machines including 160 dumpers, 32 excavators, 12 bulldozers, and
3 front-end loaders. NCC is an approved AA-class contractor for
the Government of Gujarat and an A-class contractor for the Indian
Railways.

NCC reported a provisional profit after tax (PAT) of INR112
million on net sales of INR1.31 billion for 2009-10, against a PAT
of INR27 million on net sales of INR585 million for 2008-09.


PALLAVI ENTERPRISES: CRISIL Raises Rating on Cash Credit to 'BB+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Pallavi
Enterprises, a Pallavi group entity, to 'BB+/Stable' from
'BB/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR200 Million Cash Credit           BB+/Stable (Upgraded from
                                                    'BB')

   INR100 Million Warehouse Receipts    BB+/Stable (Upgraded from
                                                    'BB')

   INR100 Million Term Loan             BB+/Stable (Upgraded from
                                                    'BB')

The rating upgrade reflects the improvement in the Pallavi group's
credit risk profile, backed by strong growth in revenues, backward
integration into biomass power plant, and equity infusions by the
partners.  The group's revenues in 2010-11 (refers to financial
year, April 1 to March 31) are estimated to increase by around 44
per cent, driven by an increase in the installed capacity for both
milling and warehousing. Moreover, the Pallavi group has completed
the installation of its biomass power plant of 2.5 megawatts (MW),
thereby improving its operating efficiency.  The partners have
also infused additional capital of around INR110 million in 2009-
10.

The rating reflects the Pallavi group's below-average financial
risk profile marked by weak capital structure, debt protection
metrics, and large working capital requirements, and the
susceptibility of the group's operating margin to adverse changes
in regulations on prices of paddy and rice.  These rating
weaknesses are partially offset by the Pallavi group's established
market position with well-integrated operations, and assured
offtake by Food Corporation of India (FCI).

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Pallavi Enterprises and Girija Modern
Rice Mills, together referred to as the Pallavi group.  This is
because of the strong operational and financial linkages between
the group entities, and their common management.

Outlook: Stable

CRISIL believes that the Pallavi group will maintain its business
risk profile over the medium term, backed by recent capacity
expansion and assured offtake by FCI. The outlook may be revised
to 'Positive' in case of a significant improvement in the Pallavi
group's financial risk profile, because of healthy cash accruals,
leading to improvement in the group's capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the group's net worth declines, because of capital
withdrawal by the partners, or if the group undertakes a
significantly large, debt-funded capital expenditure.

                              About the Group

The Pallavi group consists of two partnership firms: Pallavi
Enterprises and Girija Mills. Both the firms are located at
Enikepadu in Vijayawada (Andhra Pradesh).  Pallavi Enterprises was
set up in September 1983, with Mr. Tatikonda Viswanadham and his
wife. Girija Mills was set up in 2007, promoted by Mr. Viswanadham
and his daughter.  The group is in the paddy and ravva milling
business, and has an aggregate installed milling capacity of
380,000 tonnes per annum.  The group's 2.5-MW, biomass-based power
plant is expected to be commissioned in October 2010.

For 2009-10, the Pallavi group reported a profit after tax (PAT)
of INR19.8 million on net sales of INR1.58 billion, against a PAT
of INR17.6 million on net sales of INR1.42 billion for 2008-09.


RUNGTA PROJECTS: CRISIL Upgrades Rating on Bank Loans to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rungta Projects Ltd to 'B/Stable' from 'C', while reaffirming the
rating on the short-term bank facility at 'P4'.

   Facilities                       Ratings
   ----------                       -------
   INR300 Million Cash Credit       B/Stable (Upgraded from 'C')
   INR20 Million Proposed LT Bank
         Loan Facility              B/Stable (Upgraded from 'C')
   INR330 Million Bank Guarantee    P4 (Reaffirmed)

The rating upgrade reflects the timely servicing of debt by RPL
over the 12 months through February 2011, following improvement in
its revenues and cash accruals.  CRISIL, however, believes that
RPL's liquidity will remain weak over the medium term, with cash
accruals tightly matched with its maturing debt obligations.

The ratings reflect customer concentration in RPL's revenue
profile, the capital-intensive nature of its business, and its
large working capital requirements. The impact of these weaknesses
is mitigated by RPL's established market position in coal mining
services, and its improving operating efficiencies.

Outlook: Stable

CRISIL believes that RPL will continue to benefit over the medium
term from its established market position in the coal mining
services segment.  However, its liquidity will remain weak, as its
cash accruals are expected to be tightly matched with its maturing
debt obligations, and also because of the capital-intensive nature
of its business.  The outlook may be revised to 'Positive' if RPL
generates more-than-expected cash accruals and improves its
working capital management, leading to improvement in the
company's liquidity.  Conversely, the outlook may be revised to
'Negative' if the company's debt servicing ability weakens, on
account of decline in profitability and cash accruals, or if the
company undertakes any unexpected large, debt-funded capital
expenditure programme.

                       About Rungta Projects

Set up in 1983 by Mr. R S Rungta, RPL is in the business of
providing open cast coal mining services and trading of textiles
and steel. RPL provides end to end as well as customized services
to its customers.  Activities of RPL include removal of over
burden by conventional method of drilling, blasting, loading and
transportation of same, extraction of coal by surface miner and
transportation of same, excavating coal from blasted coal benches
and transportation of same and trading of steel and textile
products. However, RPL has gradually exited steel and textile
products trading business from 2008-09 onwards.

For 2009-10 (refers to financial year, April 1 to March 31), RPL
reported a profit after tax (PAT) of INR176.3 million on net sales
of INR2118 million, against a PAT of INR165.1 million on net sales
of INR1741.1 million for 2008-09.


SRI CHANDRAKANTHA: CRISIL Reaffirms 'P4' Rating on Packing Credit
-----------------------------------------------------------------
CRISIL's ratings on the export packing credit facility of Sri
Chandrakantha Marine Exports continues to reflect SCME's weak
financial risk profile marked by a small net worth and below-
average debt protection metrics, and limited scale of operations
in the competitive seafood exports business.  These rating
weaknesses are partially offset by the experience of SCME's
promoters in the seafood exports business.

   Facilities                              Ratings
   ----------                              -------
   INR60.0 Million Export Packing Credit   P4 (Reaffirmed)

Update

SCME is estimated to register a healthy 36 per cent sales growth
in 2010-11 (refers to financial year, April 1 to March 31), driven
by healthy demand for shrimps in the export as well as domestic
markets. The operating margin is also estimated to slightly
increase to 4.2 per cent in 2010-11 from 3.25 per cent in 2009-10.
The gearing, although estimated to reduce in 2010-11, backed by
infusion of capital by the partners over the past two years, is
expected to increase over the medium term because of large working
capital requirements.

                       About Sri Chandrakantha

Set up in 1999 by Mr. Venkateswara Rao, SCME trades in black tiger
shrimps.  It primarily exports its products to the US, UAE,
Canada, and Europe.  Moreover, SCME makes 50 per cent of its total
sales in the domestic market. The firm is located in West Godavari
District (Andhra Pradesh), and procures shrimp from Nellore, East
Godavari, and Ongole regions of the state.

For 2009-10, SCME reported a profit after tax (PAT) of INR0.86
million on net sales of INR253 million, against a PAT of INR0.83
million on net sales of INR215 million for 2008-09.


SRI KALISWARI: Fitch Rates INR40MM Bank Loans at 'BB+(ind)(SO)'
---------------------------------------------------------------
Fitch Ratings has assigned India-based Sri Kaliswari Metal Powders
Private Limited's INR40 million fund-based working capital bank
limits and INR82.8 million non-fund-based bank limits
BB+(ind)(SO)'/F4(ind)(SO)' ratings, as well as a 'BB+(ind)(SO)'
rating to its INR27.3 million term loan.  The Outlook is Stable.

The ratings are based solely on the unconditional, irrevocable and
absolute corporate guarantee provided by Sri Kaliswari Fireworks
Private Limited.  SKMPPL has also been regularly receiving funds
from another group entity, Sri Kaliswari Fireworks (a partnership
firm), to support its liquidity.  Fitch expects the company to
continue to receive financial support from the group entities for
the timely repayment of its outstanding debt obligations.

The ratings also reflect the guarantor's market position in the
fireworks industry and its strong financial profile (FY10 EBIDTA
margin of 31.4% and FY10 adjusted gross debt/EBIDTA of 1.71x).

Any change in SKFPL's credit profile will lead to a change in the
ratings of SKMPPL.

SKMPPL is a part of the Sri Kaliswari Group established by Mr. C.
Shunmuganathan in 1989.  The company is engaged in the manufacture
and export of aluminium powder and aluminium paste.  In FY10, it
reported revenue of INR191 million, EBIDTA of INR10.2 million and
profit after tax of INR2 million.


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


PT ENERGI: S&P Lowers Corporate Credit Rating to 'CCC+' from 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on PT Energi Mega Persada Tbk. to 'CCC+' from 'B-'.
The outlook is developing.  At the same time, Standard & Poor's
lowered the issue rating on the proposed senior secured notes
issued by EMP International Holdings Pte. Ltd to 'CCC+' from
'B-'.  EMP and some of its operating subsidiaries guarantee the
notes.

"We lowered the rating on EMP because of the increased pressure on
the company's liquidity from persisting covenant breaches on its
existing bank loans," said Standard & Poor's credit analyst Andrew
Wong.  "We expect the company to have adequate cash to sustain
operations."

EMP aims to refinance its existing bank loans to resolve the
outstanding covenant compliance issues.  Standard & Poor's
understands refinance negotiations are continuing.

"We believe the company's financial risk profile will remain
highly leveraged in the next one to two years, even though we
expect coverage ratios to further improve in fiscal 2011 after the
start of gas production from the Bentu block," S&P said.

The rating on EMP reflects the company's highly leveraged
financial risk profile; its exposure to hydrocarbon price
movements, resulting from the cyclical nature of the industry;
limited integration; large investment requirements; and execution
risk from major projects.  The good growth potential of the
company's development blocks and the favorable outlook for
energy demand in Indonesia, particularly for gas, somewhat offset
those weaknesses.

The rating outlook is developing; the rating hinges on the
resolution of existing covenant breaches.  "We may raise the
rating if EMP refinances existing bank loans, adheres to its
operating budgets and capital expenditures, and improves its
financial performance in line with our expectations," S&P related.

S&P continued, "Conversely, we may lower the rating if the company
cannot conclude the refinancing and covenant breaches persist."
S&P may also consider a downgrade under these scenarios:

    * Due to operational problems or a decline in oil prices, the
      company has insufficient liquidity to meet ongoing
      commitments, including interest and capital expenditures; or

    * The company alters or restructures any debt instruments,
      which is tantamount to a default, based on S&P's criteria.


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


AOZORA BANK: Fitch Affirms, Withdraws Individual Rating of 'C'
-------------------------------------------------------------
Fitch Ratings has affirmed Aozora Bank Limited's ratings and
simultaneously withdrawn them as the ratings are no longer
considered by the agency to be relevant to its coverage.

Fitch will no longer provide ratings or analytical coverage of
this issuer.

The rating actions are:

   -- Long-Term Foreign and Local Currency IDRs affirmed at 'BBB';
      Outlook Stable; withdrawn

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

   -- Individual Rating affirmed at 'C'; withdrawn

   -- Support Rating affirmed at '3'; withdrawn

   -- Support Rating Floor affirmed at 'BB+'; withdrawn

   -- Senior unsecured notes affirmed at 'BBB'; withdrawn


SHINSEI BANK: Fitch Affirms, Withdraws Individual Rating of 'C/D'
-----------------------------------------------------------------
Fitch Ratings has affirmed Japan-based Shinsei Bank Ltd.'s and
Shinsei Trust and Banking Co., Ltd.'s ratings and simultaneously
withdrawn them as the ratings are no longer considered by the
agency to be relevant to its coverage.

Fitch will no longer provide ratings or analytical coverage of
this issuer.

The rating actions are:

Shinsei:

   -- Long-term foreign and local currency IDRs affirmed at 'BB+';
      Outlook Stable; withdrawn

   -- Short-term foreign and local currency IDRs affirmed at 'B';
      withdrawn

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

   -- Support Rating affirmed at '3'; withdrawn

   -- Support Rating Floor affirmed at 'BB+'; withdrawn

   -- Senior unsecured notes affirmed at 'BB+'; withdrawn

   -- Subordinated notes affirmed at 'BB'; withdrawn

   -- Junior perpetual subordinated GBP notes affirmed at 'B-';
      withdrawn

   -- Preferred securities issued by Shinsei Finance (Cayman)
      Limited and Shinsei Finance II Limited - affirmed at 'B-';
      withdrawn

Shinsei Trust:

   -- Long-term foreign and local currency IDRs affirmed at 'BB+';
      Outlook Stable; withdrawn

   -- Short-term foreign and local currency IDRs affirmed at 'B';
      withdrawn

   -- Support Rating affirmed at '3'; withdrawn


SURUGA BANK: Fitch Affirms Support Rating Floor at 'B'
------------------------------------------------------
Fitch Ratings has affirmed Suruga Bank Ltd.'s ratings, including
its Long-Term Issuer Default Rating (IDR) at 'A-' with Stable
Outlook.

Suruga's IDRs, which are driven by the bank's Individual Rating,
are underpinned by its strong profitability relative to most
Japanese banks and by its sound financial position.  The IDRs are
also constrained by the bank's size, risk concentration and
Japan's continuing stagnant economy, which precludes the bank from
growing organically and keeps profitability low by international
standards.

The Stable Outlook factors in the bank's recent downward revision
of its profit forecast for the financial year ended March 2011 due
to unexpected loan loss charges arising from bankruptcy in early
April of a large borrower and impairment in the bank's stock
investment.  As a result, net income is expected to reduce by more
than 80% from its latest forecast, while still remaining
marginally profitable.  These events are expected to be one-off;
otherwise, there is likely to be downward pressure on the bank's
ratings.  Downward rating pressure may also stem from general
asset quality deterioration leading to lower profitability and
capitalisation.

Suruga is focused on retail lending; as of H1FYE11, 81% of its
total loans were retail: 70% residential mortgage and around 11%
for other purposes.  Problem loans accounted for 2.2% of total
loans, nearly 90% of which were secured by collateral/guarantee
plus reserves.  Despite constant sales of delinquent loans and a
low proportion of loans to bankrupt and quasi-bankrupt borrowers,
the bank has maintained sound coverage.  Although the ratio of the
problem loans is likely to rise substantially due to the
bankruptcy of a major borrower at FYE11, Fitch estimates Suruga
would maintain coverage at similar levels following adequate
provisioning for the loan as of FYE11.

Having issued no hybrid capital, Suruga's quality of capital is
sound: excluding deferred tax receivables, its Tier 1 ratio was
over 9% as of H1FYE11 (for FYE11 the ratio is estimated to have
been at the same level).  Liquidity is also sound; almost all of
the bank's liabilities are in the form of retail deposits, and its
loan to deposit ratio stood at 80% at as of H1FYE11.  Interest
rate mismatch is limited.

Given its asset size (about USD40bn as of H1FYE11), Suruga's
impact on Japan's economy and financial system and the regional
economy is limited.  Therefore, it is not certain that government
support would be forthcoming, if needed.

Suruga's ratings

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

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

   -- Individual Rating affirmed at 'B/C'

   -- Support Rating affirmed at '4'

   -- Support Rating Floor affirmed at 'B'



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


CENTURY CITY: Three Serepisos Firms Escape Liquidation
------------------------------------------------------
The Dominion Post reports that three of Terry Serepisos' Century
City companies have been saved from liquidation over tax debts but
two are still under threat.

According to The Dominion Post, liquidation proceedings were
withdrawn against Century City Football, the company that owns the
licence for the Phoenix A-League football team, as well as Century
City Developments and Century City Investments.

In the High Court at Wellington on Tuesday, The Dominion Post
relates, the Department of Inland Revenue was prepared to withdraw
its applications to liquidate the remaining two non-paying
companies in return for a promise of payment over six months.
However, Associate Judge David Gendall said no.

Judge Gendall said given the seven hearings of the case and the
unkept promises to clear the debt, he was not prepared to allow
the liquidation applications to be withdrawn without the debts
being paid, The Dominion Post reports.

The Dominion Post says the companies that still need to pay Inland
Revenue in full are Century City Management, which owes
NZ$402,969.60, and Century City Hunter St, which owes
NZ$804,061.06.  They are due back in court on September 26 to
monitor compliance with the payment regime, The Dominion Post
notes.

Defaults in the meantime could see the cases back in court within
48 hours, according to The Dominion Post.

The Dominion Post reports that five of Serepisos' Century City
companies were on the brink of liquidation on Tuesday when a
cheque from an unnamed source arrived in the trust account of the
companies' lawyer.  The source of the nearly NZ$4 million in
rescue money remains a mystery.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2010, the National Business Review said that the IRD
applied to liquidate five of Mr. Serepisos' companies in
October 2010.  The debt claimed by the IRD is understood to be
about NZ$3.58 million, the Business Review said.  The Serepisos
companies under threat are Century City Hunter Street, Century
City Investments, Century City Developments, Century City
Management and Century City Football, which owns the Phoenix.

Wellington Phoenix FC is a professional football team based in
New Zealand.


PIKE RIVER: Receivers Lay off Nine Pike River Executives
--------------------------------------------------------
Amy Glass at The Press reports that nine Pike River Coal
executives have been laid off.  They were told of their
redundancies last week, Pike River receiver John Fisk said.

The Press relates that Mr. Fisk said mine manager Doug White's
redundancy had been a "mutual agreement".  Former chief executive
Peter Whittall was not among the nine and was still employed by
the company, Mr. Fisk said.

According to the report, the staff had all been working on mine
stabilization but were no longer required since activity at the
mine had decreased.

Mr. Fisk, as cited by The Press, said the receivers were
continually reviewing their costs, and the redundancies were a
reflection of the company's limited resources.

The receivers made 114 staff redundant on December 14, leaving 43
people employed by the mine.  Many of the miners who lost their
jobs now work in Australia and return to their families in
Greymouth fortnightly.

The Press says the sale process for the mine had started and he
expected to have a contract by early August.  The final handover
would depend on Government approval.

                          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.


NATHANS FINANCE: Bridgecorp Collapse Triggered Firm's Receivership
------------------------------------------------------------------
William Mace at BusinessDay.co.nz reports that the collapse of
Bridgecorp Ltd prompted the trustee of Nathans Finance to
investigate Nathans' ability to continue trading and triggered its
eventual receivership.

Matthew Lancaster, Perpetual Trust's head of corporate trusts,
told the High Court at Auckland on April 13 that Bridgecorp's
failure, on July 2, 2007,  was seen as "a significant event . . .
and it was likely to have a more widespread effect on reinvestment
rates" than the collapse of three smaller finance companies in
2006.

Mr. Lancaster said he wanted to ascertain the health of Nathans
Finance if debenture funding started drying up as investors were
becoming more cautious about finance companies.

When it collapsed, BusinessDay.co.nz relates, Bridgecorp owed
about 14,500 investors almost NZ$460 million.  When Perpetual made
its move a month later, Nathans Finance owed 7,000 investors
NZ$174 million.

According to BusinessDay.co.nz, Nathans' directors Mervyn Doolan,
Don Young and Roger Moses are standing trial on multiple criminal
charges of making false and misleading statements in the company's
prospectus and investment statements.

Bridgecorp's former directors Rod Petricevic, Rob Roest, Gary
Urwin, Bruce Davidson and Peter Steigrad face similar charges and
are scheduled to go on trial in July, BusinessDay.co.nz notes.

All directors from both finance companies, says BusinessDay.co.nz,
have denied the charges, although Nathans' director John Hotchin
pleaded guilty before the trial began and is expected to give
evidence for the Crown.

On April 13, BusinessDay.co.nz reports, the court heard that on
Aug. 10, 2007, just 10 days before Perpetual called in the
receivers, Nathans' chief executive Kelly Wright responded to a
request from the trustee for a cash flow forecast at various rates
of reinvestment.

BusinessDay.co.nz notes that Nathans had reported a reinvestment
rate of up to 74% in the two prior months, but Perpetual also
requested estimates based on reinvestment rates of 45% and 50%
percent.

BusinessDay.co.nz relates that Mr. Wright commented on the lower
rates, saying it "obviously has the effect of running Nathans out
of cash within a very short time".  In his response, Mr. Wright
said he thought the company had "immunity" to the troubles in the
market.

On Aug. 17, 2007, Mr. Lancaster wrote to Nathans Finance, giving
advanced notice of the trustee's intention to report the company's
financial difficulties and likelihood of breaching the trust deed
to the Companies Office.

The Securities Commission then contacted Perpetual Trust on
Aug. 17, 2007, and on the next working day, the company was placed
into receivership.

                      About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers on
Aug. 20, 2007.  The company owed approximately NZ$174 million to
some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into receivership
in November 2008.  VTL Group owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.


WANAKA PHARMACY: Think Concepts Files Liquidation Petition
----------------------------------------------------------
Matthew Haggart at Otago Daily Times reports that Think Concepts
Limited has lodged an application for the liquidation of former
Queenstown Lakes District councillor Aaron Heath's Helwick St
business, Wanaka Pharmacy Ltd.

Otago Daily Times says Think Concepts lodged its liquidation
application with the High Court at Dunedin last week.

According to the report, Mr. Heath is a pharmacist who has run the
Wanaka Pharmacy since about 1995.  He was elected as a single-term
councillor to the QLDC in 2004 and also owns the Wanaka Sun
community newspaper.

Otago Daily Times relates that Mr. Heath said the liquidation
application "in no way affected" his other business interests or
the viability of the Wanaka Sun.

Mr. Heath said a complaint has been lodged with the New Zealand
Law Society against Think Concepts Ltd.

The matter is scheduled to be heard in Dunedin on May 9.


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


ICII ENGINEERING: Court to Hear Wind-Up Petition on April 29
------------------------------------------------------------
A petition to wind up the operations of ICII Engineering Pte Ltd
will be heard before the High Court of Singapore on April 29,
2011, at 10:00 a.m.

Lam Chee Group filed the petition against the company on April 5,
2011.

The Petitioner's solicitors are:

          Messrs Loy & Company
          133 New Bridge Road
          #13-06 Chinatown Point
          Singapore 059413


JOB CAPITAL: Creditors' Proofs of Debt Due May 16
-------------------------------------------------
Creditors of Job Capital Holdings Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 16, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


KEREN-HAPPUCH DEVELOPMENT: Creditors' Proofs of Debt Due May 16
---------------------------------------------------------------
Creditors of Keren-Happuch Development Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 16, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


KIAN DA: Creditors' Proofs of Debt Due April 29
-----------------------------------------------
Creditors of Kian Da Construction Pte Ltd, which is in members'
voluntary 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:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


UNICORN KING: Creditors' Proofs of Debt Due April 29
----------------------------------------------------
Creditors of Unicorn King Industries Pte Ltd, which is in members'
voluntary 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:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


WATCHFIRE (ASIA PACIFIC): Creditors' Proofs of Debt Due May 15
--------------------------------------------------------------
Creditors of Watchfire (Asia Pacific) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 15, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Andrew Grimmett
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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