TCRAP_Public/110427.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 27, 2011, Vol. 14, No. 82

                            Headlines



A U S T R A L I A

BURRUP FERTILISERS: Receivers Probe on Insolvent Trading
* AUSTRALIA: Liquidations Up as ATO Tights Debt Recovery Effort


C H I N A

CHINA CGAME: Samuel H. Wong Raises Going Concern Doubt
CHINA FRUITS: Lake & Associates Raises Going Concern Doubt
CHINA SHEN ZHOU: Receives a Going Concern Qualification
EASTBRIDGE INVESTMENT: Significant Losses Cue Going Concern Doubt
* 17 Chinese Noodle Makers Closed due to Illegal Additives


H O N G  K O N G

ALNERY NO. 131: Members' Final Meeting Set for May 23
ALNERY NO. 132: Members' Final Meeting Set for May 23
APAC TRADING: Court to Hear Wind-Up Petition on May 11
ASIA MAGNIFIERS: Contributories to Get Final Dividend on May 5
ASSOCIATION OF ADVISERS: Members' Final Meeting Set for May 31

BIOPACK ENVIRONMENTAL: Wong Lam Raises Going Concern Doubt
BRAVURA ENTERPRISES: Members' Final Meeting Set for May 23
CARILLON INVESTMENTS: Members' Final Meeting Set for May 23
CHAIN LINK: Court Enters Wind-Up Order
CHINESE GOLF: Lam Hom Mo Appointed as Liquidator

COSNATA LIMITED: Members' Final Meeting Set for May 23
DUNHUANG (CHINA): Creditors Get 44.39% Recovery on Claims
RELIABLE CONTRACTING: Creditors' Meeting Set for April 29
TREASURE MANAGEMENT: Creditors to Get 0.305% Recovery on Claims
TREASURE RESTAURANT: Creditors to Get 4.407% Recovery on Claims


I N D I A

AKC STEEL: CRISIL Downgrades Rating on INR100MM Cash Limits to 'C'
BEEKAY STEEL: CRISIL Cuts Rating on Two Bank Debts to 'C'
BHUVAL INDUSTRIES: CRISIL Reaffirms 'BB' Cash Credit Rating
DEVENTHIRA SPINNERS: CRISIL Cuts Rating on INR24.2MM Loan to 'D'
HEALTHCAPS INDIA: CRISIL Reaffirms 'BB-' Rating on INR47.5M Loan

JAGDALE INDUSTRIES: CRISIL Reaffirms 'BB' Rating on INR29M LT Loan
K.I.(INTERNATIONAL): CRISIL Reaffirms 'BB-' Cash Credit Rating
KAMACHI SPONGE: CRISIL Reaffirms 'BB-' Rating on INR180M Cash Debt
KUMAR STEEL: CRISIL Reaffirms 'BB' Rating on INR40MM Cash Credit
MD MATERIALS: CRISIL Assigns 'D' Rating to INR75 Mil. Term Loan

PUROHIT & COMPANY: CRISIL Reaffirms 'B+' Rating on INR104.3MM Loan
R.G. SPINNING: CRISIL Cuts Rating on INR106.4MM Term Loan to 'D'
SHIVAM DHATU: CRISIL Cuts Rating on INR190MM Term Loan to 'B+'
SHIVAM INDIA: CRISIL Rates INR77.5MM Rupee Term Loan at 'BB-'
SKY CITY: CRISIL Downgrades Rating on INR140.3MM Loan to 'D'

SRR PROJECTS: CRISIL Assigns 'BB-' Rating to INR300MM Cash Credit
SUPREME HOUSING: CRISIL Cuts Rating on INR1.47BB Term Loan to 'B+'


J A P A N

INCUBATOR BANK: Turns Over Operations to 2nd Bridge Bank
JLOC XXXIII: Moody's Reviews Rating on Two Classes of Certificates
TOKYO ELECTRIC: Cancels Job offers, Cuts Directors Pay by 50%
TOKYO ELECTRIC: Should Remain Private Firm, Finance Minister Says


M A L A Y S I A

LINEAR CORPORATION: Appoints Lim Hun Beng as Chairman
TRANSMILE GROUP: Restraining Order Extended for 90 Days
TRANSMILE GROUP: Seeks May 31 Extension to File Annual Report
VTI VINTAGE: Unit Receives Winding-Up Order


N E W  Z E A L A N D

AORANGI SECURITIES: SFO to Conclude Probe Soon
SOUTH CANTERBURY: Demise Derails Hepatitis C Cure


P H I L I P P I N E S

BANCO FILIPINO: PDIC to Start Processing Depositors' Claims


S I N G A P O R E

AMARU INC: Accumulated Losses Prompt Going Concern Doubt


X X X X X X X X


* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


BURRUP FERTILISERS: Receivers Probe on Insolvent Trading
--------------------------------------------------------------
The Sydney Morning Herald reports that Burrup Fertilisers owner
Pankaj Oswal could be facing yet more trouble with receivers
appointed to one of his companies, Garuda Aviation, raising the
possibility that it traded while insolvent.

SMH relates that Garuda Aviation housed Mr. Oswal's Gulfstream
jet, which was leased to Burrup Fertilisers but was also for the
family's personal use.

According to SMH, receivers appointed to Burrup by its financier,
ANZ, have been investigating allegations that Mr. Oswal used
Burrup as his personal fiefdom and have sued him to recover
$112 million in company funds allegedly spent on his family and
its interests.

SMH notes that the trouble in relation to Garuda surfaced in the
"report as to affairs" from the company's directors including
Mr. Oswal.

SMH relates that Garuda's receivers, led by Bryan Hughes of
Pitcher Partners, said a number of assertions in the report "may
be misleading taken on their own and require further disclosures
in order to better reflect the . . . circumstances of the
company."

The receivers said that one area requiring further disclosure
related to "unsecured creditors and solvency."  They said one of
the directors "has advised that the company is unable to pay any
outstanding liabilities," SMH adds.

                            Assets Freeze

Meanwhile, Rebecca Lawson at Reuters reports that some of
Mr. Oswal's wife's assets have been frozen by the Federal Court,
as part of the Australian Tax Office's bid to recover an alleged
outstanding $140 million bill.

Reuters relates that Justice John Gilmour ordered the Oswal's
Dalkeith and half-built Peppermint Grove properties, and
Mrs. Oswal's shareholding in Burrup Holdings, be frozen.

He also ordered that a "detailed submission" be provided by
May 26, 2011, of Mrs. Oswal's assets and liabilities, Reuters
notes.

According to Reuters, the ATO is suing Mrs. Oswal over a $140
million alleged debt, a claim that has been strenuously denied.
The tax office claims Mrs. Oswal owes $74.2 million in back taxes
from the 2006-07 financial year, $6 million from the 2009-10
financial year, and is also seeking $60 million in administrative
penalties, Reuters adds.

                       About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup Fertilisers
Pty Ltd -- http://www.bfpl.com.au/-- is Australia's largest
ammonium producer.  The company has a production capacity of 850-
tonnes of liquid ammonia a year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AU$800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ has also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company, Burrup Holdings.  ANZ is alleging "evidence
of financial irregularities" as well as the usual default triggers
relating to debt facilities established between 2002 and 2007.


* AUSTRALIA: Liquidations Up as ATO Tights Debt Recovery Effort
---------------------------------------------------------------
The West Australian reports that insolvency experts said tax
office-forced liquidations in the SME sector have soared over the
past four months as the Australian Tax Office tightens up on debt
recovery.

The West Australian relates that RSM Bird Cameron turnaround and
insolvency partner Greg Dudley said he had been appointed
liquidator of about 60 Perth-based companies since Christmas, with
the last three to four months marked by "more appointments driven
by the tax office than in the two years before that combined".

"The tax office is acting a lot more promptly where a creditor is
outside BAS (business activity statement) lodgement deadlines than
was the case even a year ago," The West Australian quotes Mr.
Dudley as saying.  "We were seeing a number of liquidations where
the debts were two-plus years old, now we are seeing examples
where they are more like six months old."

According to the report, Crowe Horwath Perth insolvency head
Mervyn Kitay said the ATO had tightened its debt repayment terms
to pre-global financial crisis levels.

The West Australian relates that Mr. Kitay said he had seen ATO-
driven insolvencies in the SME sector increase over the past six
months after a marked increase in director penalty notices and
garnishee notices.  The former renders a director personally
liable for company's tax debts unless they call in administrators
or repay the debts, while the latter forces a company's debtors to
pay the tax office outstanding bills instead of the company,
according to the report.

Mr. Kitay, as cited by The West Australian, said that while
insolvencies had increased across the board, the retail and
service industries were the least resilient.

Mr. Dudley stressed that the underlying reason for the
liquidations was poor trading conditions, The West Australian
adds.


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


CHINA CGAME: Samuel H. Wong Raises Going Concern Doubt
------------------------------------------------------
China CGame, Inc., filed on April 15, 2011, its annual report on
Form 10-K for the fiscal year ended Dec. 31, 2010.

Samuel H. Wong & Co., LLP, in San Mateo, Calif., expressed
substantial doubt about China CGame's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred a net loss of US$23.2 million in the current year.  "As
of Dec. 31, 2010, the Company has an accumulated deficit of
US$11.2 million due to the fact that the Company continued to
incur losses over the past few years.  The Company also has
difficulty to maintain sufficient working capital for operation
activities."

The Company reported a net loss of US$23.2 million on US$27.6
million of revenues for 2010, compared with a net loss of US$6.8
million on US$117.2 million of revenues for 2009.

At Dec. 31, 2010, the Company's balance sheet showed
US$145.4 million in total assets, US$109.0 million in total
liabilities, and stockholders' equity of US$36.4 million.

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

                       http://is.gd/LBQndZ

Changzhou, China,-based China CGame, Inc. (Nasdaq: CCGM) is a
self-developer of online games and provider of high-end building
envelope architectural systems.


CHINA FRUITS: Lake & Associates Raises Going Concern Doubt
----------------------------------------------------------
China Fruits Corporation filed on April 15, 2011, its annual
report on Form 10-K for the fiscal year ended Dec. 31, 2010.

Lake & Associates CPA's LLC expressed substantial doubt about
China Fruits' ability to continue as a going concern.  The
independent auditors noted that the Company has suffered
accumulated deficit and negative cash flow from operations.

The Company reported a net loss of US$347,241 on US$1.8 million of
revenue for 2010, compared with a net loss of US$246,361 on
US$1.9 million of revenue for 2009.

At Dec. 31, 2010, the Company's balance sheet showed US$4.7
million in total assets, US$2.5 million in total liabilities, and
stockholders' equity of US$2.2 million.

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

                       http://is.gd/GdIVe0

Based in Jiang Xi Province, China, China Fruits Corporation was
incorporated in the State of Delaware on Jan. 6, 1993, as Vaxcel,
Inc.  The Company is engaged in the manufacturing, trading and
distributing of fresh tangerine and other fresh fruits in the PRC.


CHINA SHEN ZHOU: Receives a Going Concern Qualification
-------------------------------------------------------
China Shen Zhou Mining & Resources, Inc., said that its audited
financial statements in the Company's Form 10-K for the fiscal
year ended Dec. 31, 2010, filed on March 29, 2011, received a
going concern qualification from Sherb & Co. LLC, the Company's
independent registered public accounting firm.

This announcement is required by NYSE Amex's rules and does not
represent any change or amendment to the Company's financial
statements or to its Form 10-K for the fiscal year ended Dec. 31,
2010.

Subsequent to the 2010 year end, on Jan. 24, 2011, the Company
announced the completion of a registered direct offering to
several institutional investors for approximately $20 million of
common stock.  Institutional investors were issued approximately
2.8 million common shares together with warrants to purchase up to
851,066 shares of common stock which, if fully exercised for cash,
would provide an additional $7.2 million in gross proceeds to the
Company.   China Shen Zhou believes working capital raised in
January 2011 is sufficient to maintain operations throughout 2011.
Further, the Company reported in an 8-K filing in April 2011 that
it entered into an equity transfer agreement for its 60% equity
ownership interest in Wulatehouqi Qingshan Nonferrous Metal
Development Co., Ltd., a company with an inactive mine, for a
price of RMB8.5 million.  Upon completion, this equity transfer
agreement will partially offset the Company's debts owed to the
purchaser, and reduce the Company's liabilities.

                       About China Shen Zhou Mining

China Shen Zhou Mining & Resources, Inc., --
http://www.chinaszmg.com/-- through its subsidiaries, is engaged
in the exploration, development, mining, and processing of
fluorite and nonferrous metals such as zinc, lead and copper in
China.  The Company has the following principal areas of interest
in China: (a) fluorite extraction and processing in the
Sumochaganaobao region of Inner Mongolia; (b) zinc/copper/lead
exploration, mining and processing in Wulatehouqi of Inner
Mongolia; and (c) zinc/copper exploration, mining and processing
in Xinjiang.


EASTBRIDGE INVESTMENT: Significant Losses Cue Going Concern Doubt
-----------------------------------------------------------------
EastBridge Investment Group Corporation filed on April 14, 2011,
its annual report on Form 10-K for the fiscal year ended Dec. 31,
2010.

Tarvaran Askelson & Company, LLP, in Laguna Niguel, California,
expressed substantial doubt about EastBridge Investment's ability
to continue as a going concern.  The independent auditors noted
that the Company has incurred significant losses.

The Company reported a net loss of US$174,954 on US$1.74 million
of revenues for 2010, compared with a net loss of US$753,225 on
US$50,000 of revenues for 2009.

At Dec. 31, 2010, the Company's balance sheet showed US$1.66
million in total assets, US$1.60 million in total liabilities, and
stockholders' equity of US$58,863.

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

                       http://is.gd/Z3M9D3

Scottsdale, Arizona-based EastBridge Investment Group Corporation
provides investment related services in Asia, with a strong focus
on the high GDP growth countries, such as China and India.
EastBridge is initially concentrating its efforts in China (Hong
Kong, mainland China, Macao and Taiwan).  The Company provides
consulting services to provide viable corporate infrastructure
necessary for small to medium-size companies to obtain capital to
grow their business.


* 17 Chinese Noodle Makers Closed due to Illegal Additives
----------------------------------------------------------
Xinhua News, citing China Daily, reports that seventeen starch
noodle manufacturers in Dongguan city, south China's Guangdong
Province, were ordered to stop production over the weekend after
claims emerged that they had been using illegal additives.

A large quantity of starch noodles were seized and will be
subjected to tests following a raid by the Guangdong provincial
administration of quality and technology supervision, Xinhua
reports.

According to Xinhua, China Daily said the starch noodles are
suspected of containing illegal additives and of being made from
corn instead of sweet potato, which they were supposed to have
been made from.

Xinhua says the 17 starch noodle producers were all situated in
the Daliantang Industrial Development Zone in the city's Wanjiang
township.

Xinhua reports that the latest food scandal started to come to
light on April 20 when more than 5.5 tons of starch noodles that
were suspected of being tainted were confiscated and their
producer was put under investigation for allegedly having used
black ink, industrial dye and paraffin wax to produce them in
Gangkou township in the province's Zhongshan city, according to
Guangzhou Daily.


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


ALNERY NO. 131: Members' Final Meeting Set for May 23
-----------------------------------------------------
Members of Alnery No. 131 Limited will hold their final general
meeting on May 23, 2011, at 10:00 a.m., at the 20/F., Prince's
Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ALNERY NO. 132: Members' Final Meeting Set for May 23
-----------------------------------------------------
Members of Alnery No. 132 Limited will hold their final general
meeting on May 23, 2011, at 10:30 a.m., at the 20/F., Prince's
Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


APAC TRADING: Court to Hear Wind-Up Petition on May 11
-----------------------------------------------------
A petition to wind up the operations of APAC Trading
(International) Company Limited will be heard before the
High Court of Hong Kong on May 11, 2011, at 9:30 a.m.

The Government of the Hong Kong Special Administrative Region
filed the petition against the company on Jan. 26, 2011.

The Petitioner's Solicitor is:

          Brian Leu
          Government Counsel
          Department of Justice
          2nd Floor, High Block
          Queensway Government Offices
          66 Queensway, Hong Kong


ASIA MAGNIFIERS: Contributories to Get Final Dividend on May 5
--------------------------------------------------------------
Asia Magnifiers Company Limited, which is in liquidation, will pay
the first and final dividend to its contributories on May 5, 2011.

The company will pay HK$289.06 per A share and HK$28.90 per B
share.


ASSOCIATION OF ADVISERS: Members' Final Meeting Set for May 31
---------------------------------------------------------------
Members of The Association of Certified Insurance Financial
Advisers Limited will hold their final general meeting on May 31,
2011, at 10:00 a.m., at 5/F., Lee Kong Commercial Bldg., 115
Woosung St., Jordan, Kln., in Hong Kong.

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


BIOPACK ENVIRONMENTAL: Wong Lam Raises Going Concern Doubt
----------------------------------------------------------
Biopack Environmental Solutions Inc. filed on April 15, 2011, its
annual report on Form 10-K for the year ended Dec. 31, 2010.

Wong Lam Leung & Kwok C.P.A. Limited, in Hong Kong, expressed
substantial doubt about Biopack Environmental's ability to
continue as a going concern.  The independent auditors noted that
the Company incurred a net loss of $2.4 million for the year ended
Dec. 31, 2010, and had an accumulated deficit of $7.3 million and
a working capital deficit of $2.2 million as of Dec. 31, 2010.

The Company reported a net loss of $2.4 million on $364,417 of
revenue for 2010, compared with net income of $867,547 on $921,281
of revenue for 2009.

At Dec. 31, 2010, the Company's balance sheet showed $1.0 million
in total assets, $3.0 million in total liabilities, and a
stockholders' deficit of $2.0 million.

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

                       http://is.gd/fEn49m

Kowloon, Hong Kong-based Biopack Environmental Solutions Inc.
develops, manufactures, distributes and markets bio-degradable
food containers and disposable industrial packaging for consumer
products.  The Company supplies its biodegradable food containers
and industrial packaging products to multinational corporations,
supermarket chains and restaurants located across North America,
Europe and Asia.

The Company has a factory in Jiangmen City in the People's
Republic of China.


BRAVURA ENTERPRISES: Members' Final Meeting Set for May 23
----------------------------------------------------------
Members of Bravura Enterprises Limited will hold their final
general meeting on May 23, 2011, at 11:00 a.m., at the 20/F.,
Prince's Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CARILLON INVESTMENTS: Members' Final Meeting Set for May 23
-----------------------------------------------------------
Members of Carillon Investments Limited will hold their final
general meeting on May 23, 2011, at 11:30 a.m., at the 20/F.,
Prince's Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHAIN LINK: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order March 24, 2011, to
wind up the operations of Chain Link Tak Kee Newspaper and
Magazine Distribution Company Limited.

The company's liquidator is Lau Siu Hung.


CHINESE GOLF: Lam Hom Mo Appointed as Liquidator
------------------------------------------------
Lam Hom Mo on April 7, 2011, was appointed as liquidator of
Chinese Golf Foundation Limited.

The liquidator may be reached at:

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


COSNATA LIMITED: Members' Final Meeting Set for May 23
------------------------------------------------------
Members of Cosnata Limited will hold their final meeting on
May 23, 2011, at Suite 1306, 13/F., ING Tower, 308 Des Voeux Road
Central, in Hong Kong.

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


DUNHUANG (CHINA): Creditors Get 44.39% Recovery on Claims
---------------------------------------------------------
Dunhuang (China) Company Limited, which is in creditors' voluntary
liquidation, paid second and final dividend to its creditors on
April 26, 2011.

The company paid 44.39% for ordinary claims.

The company's liquidator is:

         Kong Chi How, Johnson
         25th Floor, Wing On Centre
         111 Connaught Road Central
         Hong Kong


RELIABLE CONTRACTING: Creditors' Meeting Set for April 29
---------------------------------------------------------
Creditors of Reliable Contracting Company Limited will hold their
meeting on April 29, 2011, at 3:00 p.m., for the purposes provided
for in Sections 241, 242, 243, 244 of the Companies Ordinance.

The meeting will be held at Room 203, Duke of Windsor Social
Service Building, 15 Hennessy Road, Wanchai, in Hong Kong.


TREASURE MANAGEMENT: Creditors to Get 0.305% Recovery on Claims
---------------------------------------------------------------
Treasure Management Company Limited, which is in creditors'
voluntary liquidation, will pay the third and final dividend to
its creditors on April 28, 2011.

The company will pay 0.305% for ordinary claims.

The company's liquidator is:

         Kong Chi How, Johnson
         25th Floor, Wing On Centre
         111 Connaught Road Central
         Hong Kong


TREASURE RESTAURANT: Creditors to Get 4.407% Recovery on Claims
---------------------------------------------------------------
Treasure Restaurant Company Limited, which is in creditors'
voluntary liquidation, will pay the third and final dividend to
its creditors on April 28, 2011.

The company will pay 4.407% for ordinary claims.

The company's liquidator is:

         Kong Chi How, Johnson
         25th Floor, Wing On Centre
         111 Connaught Road Central
         Hong Kong


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I N D I A
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AKC STEEL: CRISIL Downgrades Rating on INR100MM Cash Limits to 'C'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of AKC
Steel Industries Ltd (AKC; part of the Beekay group) to 'C/P4'
from 'BB+/Stable/P4+'.

   Facilities                           Ratings
   ----------                           -------
   INR100 Million Cash Credit Limits    C (Downgraded from
                                           'BB+/Stable')

   INR50 Million Proposed Short-Term    P4 (Downgraded from
                 Bank Loan Facility        'P4+')

The downgrade reflects recent delays by Beekay Steel Industries
Ltd (BSIL, part of Beekay group) in repayment of the INR150-
million short-term working capital loan from Allahabad Bank.  The
delay has been caused by the group's weak liquidity, on account of
increase in scale of operations and ongoing capital expenditure
(capex) programme.  With the increase in the group's revenues in
2010-11 (refer to financial year April 1 to March 31), estimated
at 30%, its working capital requirements increased significantly.
Furthermore, the group has large debt repayment obligations over
the near term, as the above bank loan facility was repaid by
availing of a fresh INR180-million short-term loan, with a
maturity of 90 days, from Bank of Baroda.

The ratings reflect the Beekay group's exposure to risk related to
the large capex plans and susceptibility of profitability to
cyclicality in the steel industry.  These rating weaknesses are
partially offset by the group's moderate business risk profile and
above-average financial risk profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BSIL and AKC, as both entities,
together referred to as the Beekay group, share a common
management, have strong operational linkages and inter-company
transactions, and sell products under the same brand, Beekay.

                           About the Group

BSIL is the flagship company of the Beekay group.  It was promoted
by Mr. B L Bansal in 1957 as a partnership firm and later, in
1984, it was reconstituted as a public limited company.  BSIL,
which has its facilities at Visakhapatnam (Andhra Pradesh) and
Jamshedpur (West Bengal), manufactures made-to-order, high-quality
steel bars to meet demands of the automobile, engineering,
railways, and infrastructure industries.  The company is one of
the largest secondary steel manufacturers in eastern India.  In
2005-06, two group companies, Radice Ispat (India) Ltd and
Venkatesh Steel & Alloys Pvt Ltd, with manufacturing facilities at
Visakhapatnam (Andhra Pradesh), were amalgamated with BSIL.

AKC, incorporated in 1957, was taken over by the Beekay group in
1998.  The company specializes in manufacturing all types of long
products of mild steel and other value-added steel products which
are used in the automobile and other engineering industries.  It
has its manufacturing facilities at Visakhapatnam (Andhra
Pradesh).

For 2009-10, the Beekay group reported a profit after tax (PAT) of
INR129 million on operating income of INR3.66 billion, against a
PAT of INR38 million on net sales of INR3.11 billion for the
previous year.


BEEKAY STEEL: CRISIL Cuts Rating on Two Bank Debts to 'C'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Beekay
Steel Industries Ltd (BSIL; part of the Beekay group) to 'C/P4'
from 'BB+/Stable/P4+'.

   Facilities                             Ratings
   ----------                             -------
   INR840 Million Cash Credit Limits      C (Downgraded from
                                             'BB+/Stable')

   INR210 Million Term Loan               C (Downgraded from
                                             'BB+/Stable')

   INR40 Million Letter of Credit backed  P4 (Downgraded from
                    by Bills Discounting      'P4+')

   INR30 Million Bank Guarantee           P4 (Downgraded from
                                              'P4+')

   INR80 Million Letter of Credit         P4 (Downgraded from
                                              'P4+')

   INR65 Mil. Proposed Short-Term Bank    P4 (Downgraded from
                        Loan Facility         'P4+')

The downgrade reflects recent delays in repayment of the INR150-
million short-term working capital loan from Allahabad Bank.  The
delay has been caused by the group's weak liquidity, on account of
increase in scale of operations and ongoing capital expenditure
(capex) programme. With the increase in the group's revenues in
2010-11 (refer to financial year April 1 to March 31), estimated
at 30%, its working capital requirements increased significantly.
Furthermore, the group has large debt repayment obligations over
the near term, as the above bank loan facility was repaid by
availing of a fresh INR180-million short-term loan, with a
maturity of 90 days, from Bank of Baroda.

The ratings reflect the Beekay group's exposure to risk related to
the large capex plans and susceptibility of profitability to
cyclicality in the steel industry. These rating weaknesses are
partially offset by the group's moderate business risk profile and
above-average financial risk profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BSIL and AKC Steel Industries Ltd, as
both entities, together referred to as the Beekay group, share a
common management, have strong operational linkages and inter-
company transactions, and sell products under the same brand,
Beekay.

                           About the Group

BSIL is the flagship company of the Beekay group.  It was promoted
by Mr. B L Bansal in 1957 as a partnership firm and later, in
1984, it was reconstituted as a public limited company.  BSIL,
which has its facilities at Visakhapatnam (Andhra Pradesh) and
Jamshedpur (West Bengal), manufactures made-to-order, high-quality
steel bars to meet demands of the automobile, engineering,
railways, and infrastructure industries.  The company is one of
the largest secondary steel manufacturers in eastern India. In
2005-06, two group companies, Radice Ispat (India) Ltd and
Venkatesh Steel & Alloys Pvt Ltd, with manufacturing facilities at
Visakhapatnam (Andhra Pradesh), were amalgamated with BSIL.

AKC, incorporated in 1957, was taken over by the Beekay group in
1998. The company specialises in manufacturing all types of long
products of mild steel and other value-added steel products which
are used in the automobile and other engineering industries. It
has its manufacturing facilities at Visakhapatnam (Andhra
Pradesh).

For 2009-10, the Beekay group reported a profit after tax (PAT) of
INR129 million on operating income of INR3.66 billion, against a
PAT of INR38 million on net sales of INR3.11 billion for the
previous year.


BHUVAL INDUSTRIES: CRISIL Reaffirms 'BB' Cash Credit Rating
-----------------------------------------------------------
CRISIL ratings on the bank facilities of Bhuval Industries (BI,
part of the Kumar group) continue to reflect the Kumar group's
modest net worth, the susceptibility of its operating margin to
fluctuations in steel scrap prices, and its exposure to risks
related to intense competition in the ship-breaking industry, and
adverse regulatory changes.  These rating weaknesses are partially
offset by the industry experience of the Kumar group's management.

   Facilities                            Ratings
   ----------                            -------
   INR40.00 Million Cash Credit Limit    BB/Stable (Reaffirmed)
   INR360.00 Million Letter of Credit    P4+ (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Kumar Steel India and BI, together
referred to as the Kumar group.  This is because the two entities
have a common management, operational linkages, and fungible
funds.

Outlook: Stable

CRISIL believes that BI will benefit from the healthy growth
prospects for the ship-breaking industry, over the medium term.
The outlook may be revised to 'Positive' if the company achieves
more-than-expected sales and profits, thereby improving its debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' in case the company's operating margin declines
sharply, most likely because of reduction in steel scrap prices
and failure to recover the cost of purchasing ships.

Update

The group's sales for 2010-11 (refers to financial year, April 1
to March 31) are estimated to be around INR500 million, marginally
higher than reported revenues of INR450 million in 2009-10.
Profitability in 2010-11 is, however, expected to be slightly
lower, at 5%, as compared with 5.9% in 2009-10.  In 2010-11, the
group has broken two ships, of 6900 tonnes and 2500 tonnes; it is
in the process of breaking two ships, of 6400 tonnes and 1500
tonnes, which were bought in November 2010.  The company is not
likely to buy any new ships in the next few months because of
higher prices.

The promoters infused equity of around INR45 million in 2009-10,
reducing the total outside liabilities to tangible net worth
(TOL/TNW) ratio to around 2 times in 2009-10 from 3.4 times in
2008-09.  The TOL/TNW is expected to be 2 times over the medium
term.  The group will continue to operate on a moderate scale,
constrained primarily by the size of its yard.

                            About the Group

KSI, set up as a proprietorship firm in 1994, is engaged in ship
breaking and recycling.  The firm had dismantled around 36 ships
as of December 2010. BI, a partnership firm and group concern, is
also engaged in ship breaking; it was set up in April 2004.

BI reported a profit after tax (PAT) of INR5.2 million on net
sales of INR170.2 million for 2009-10.


DEVENTHIRA SPINNERS: CRISIL Cuts Rating on INR24.2MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Deventhira Spinners Pvt Ltd to 'D' from 'BB+/Stable'.  The
downgrade reflects instances of delays by DSPL in servicing its
term debt; the delays have been caused by DSPL's weak liquidity
arising out of the company's large working capital requirements.

   Facilities                     Ratings
   ----------                     -------
   INR75.0 Million Cash Credit    D (Downgraded from 'BB+/Stable')
   INR24.2 Million Term Loan      D (Downgraded from 'BB+/Stable')

In addition to its large working capital requirements, DSPL also
has a relatively small scale of operations, and is exposed to
risks related to volatility in raw material prices.  It is also
highly dependent on a single supplier.  DSPL, however, benefits
from its established relationships with its customers, and its
promoter's experience in the textiles industry.

Incorporated in 1980, DSPL manufactures blended polyester viscose
yarn (65% polyester and 35% viscose). DSPL's sales are primarily
to local dealers in Bhiwandi (Maharashtra) and in Bhilwara
(Rajasthan).  It commenced operations with 6000 spindles, and
currently has 30,240 spindles.  The company is owned by six
different family groups and its day-to-day operations are managed
by its director Mr. P Vasanth. Mr. G Subramaniam and family, who
owned 14% of the shares in the company, relinquished his stake in
2010-11 (refers to financial year, April 1 to March 31).

DSPL reported a profit after tax (PAT) of INR5.64 million on net
sales of INR380.66 million for 2008-09, against a PAT of INR7.83
million on net sales of INR400.47 million for 2008-09.


HEALTHCAPS INDIA: CRISIL Reaffirms 'BB-' Rating on INR47.5M Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Healthcaps India Ltd
continue to reflect HIL's small scale of operations and exposure
to risks inherent in the pharmaceutical industry.  The ratings
also factor in HIL's working capital intensity, marked by long
receivable cycles, leading to pressure on liquidity.  These rating
weaknesses are, however, partially offset by the company's
established presence in the domestic gelatine capsule industry,
and moderate financial risk profile marked by moderate gearing and
debt protection metrics.

   Facilities                           Ratings
   ----------                           -------
   INR30.50 Million Cash Credit Limit   BB-/Stable (Reaffirmed)
   INR47.50 Million Term Loan           BB-/Stable (Reaffirmed)
   INR36.00 Million Letter of Credit    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that HIL will continue to benefit over the medium
term from its established presence in the empty gelatine capsules
industry, and healthy operating efficiencies.  The outlook may be
revised to 'Positive' if the company's topline and profitability
improve substantially leading to higher-than-expected cash
accruals and improvement in its liquidity.  Conversely, the
outlook may be revised to 'Negative' in case there is an increased
pressure on HIL's liquidity because of large working capital
requirements.

                         About Healthcaps India

Incorporated in 1983 by Mr. Chiranjiv Singh, HIL manufactures and
sells empty hard-gelatin capsules.  Its manufacturing unit at
Fatepur (Punjab) has capacity to produce 5 billion capsules per
annum, which is the second largest capacity in India.  It sells
its products to pharmaceutical companies such as Maxheal
Pharmaceuticals Pvt Ltd, Cipla Ltd, and Wockhardt Ltd.  The
company has an in-house research and development department, and
marketing offices at Baddi (Himachal Pradesh), Chandigarh, New
Delhi, and Mumbai.

HIL reported a profit after tax (PAT) of INR5.1 million on net
sales of INR246.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR13.7 million on net
sales of INR214.8 million for 2008-09.


JAGDALE INDUSTRIES: CRISIL Reaffirms 'BB' Rating on INR29M LT Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jagdale Industries Ltd
continue to reflect Jagdale's small scale of operations, with
moderate profitability, and product concentration in revenue
profile.  Moreover, in the past, Jagdale's financial performance
had been adversely affected by unrelated diversification. The
impact of these rating weaknesses is mitigated by the company's
strong brands within the niche segments of the pharmaceutical and
fruit drinks industries.

   Facilities                          Ratings
   ----------                          -------
   INR29 Million Long-Term Loan        BB/Stable (Reaffirmed)
   (Reduced from INR37.5 Million)

   INR200 Million Cash Credit          BB/Stable
   (Enhanced from INR142 Million)
   INR11 Million Cash Management       P4+ (Reaffirmed)
    Services
   INR60 Mil. Letter of Credit/Bank    P4+
   Guarantee (Enhanced from INR30 Million)

Outlook: Stable

CRISIL believes that Jagdale's debt protection metrics will remain
moderate over the medium term driven by stable cash accruals.  The
outlook may be revised to 'Positive' if Jagdale registers
significant improvement in its operations, while maintaining its
profitability at the current levels, and does not undertake any
debt funded diversification over the medium term leading to
sustained improvement in its capital structure.  Conversely, the
outlook may be revised to 'Negative' if Jagdale undertakes
unrelated diversification or reports deterioration in its
profitability or capital structure.

                       About Jagdale Industries

Jagdale is a small multi-division company with business interests
in pharmaceutical formulations, energy drinks, and fruit juices.
It is a closely held company belonging to the Jagdale family and
is a part of the Jagdale group of companies. For 2009-10 (refers
to financial year, April 1 to March 31), Jagdale reported a
provisional profit after tax (PAT) of INR24 million on net sales
of INR704 million, compared with a PAT of INR19 million on net
sales of INR598 million for 2008-09.  For the nine months ended
December 31, 2010, the company reported a net profit of INR38
million on net sales of INR738 million, against a net profit of
INR26 million on net sales of INR557 million for the corresponding
period of the previous year.


K.I.(INTERNATIONAL): CRISIL Reaffirms 'BB-' Cash Credit Rating
--------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of K.I.(International) Ltd (KIL, part of the Kamachi
group), to 'Stable' from 'Negative', while reaffirming the rating
on the same at 'BB-'; the rating on the short-term facility has
been upgraded to 'P4+' from 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR90 Million Cash Credit          BB-/Stable (Reaffirmed;
                                                  Outlook Revised
                                                  from 'Negative')

   INR215 Million Letter of Credit    P4+ (Upgraded from 'P4')

The rating action is driven by CRISIL's belief that Kamachi Sponge
& Power Corporation Ltd (KSPCL) will commence commercial
operations at its 500,000-tonnes per annum (tpa) rolling mills and
its 70-megwatt (MW) captive thermal power plant, comprising the
final phase of its capacity expansion project, without any further
time or cost overrun.  The rating action also reflects the
completion and stabilization of operations at KSPCL's 200,000-tpa
steel melting plant, also a part of the same expansion project,
and advanced stages of completion of the rolling mills division
and the captive thermal power plant mentioned above.

The ratings, however, continue to reflect the Kamachi group's
exposure to risks related to the stabilization of the final phase
of the project, below-average financial risk profile marked by a
constrained capital structure and average debt protection metrics,
and susceptibility to cyclicality in the iron and steel industry
and to volatility in input prices.  These rating weaknesses are
partially offset by the Kamachi group's integrated operations, and
efficient supply chain management.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KSPCL, Kamachi Steels Ltd, KIL, Goyal
Ispat Ltd, Kamachi Granites Pvt Ltd, and Maa Durga Enterprises Pvt
Ltd.  This is because these entities, collectively referred to as
the Kamachi group, are under the same management, have a common
line of business and share operational synergies, including
fungible cash flows.

Outlook: Stable

CRISIL believes that the Kamachi group will commence commercial
operations in the final phase of the project without any further
cost or time overrun.  The outlook may be revised to 'Positive' if
the group's scale of operations and operating margin improves
considerably post full stabilization of the ongoing project.
Conversely, the outlook may be revised to 'Negative' if the group
faces delay in stabilization of operations or undertakes a larger-
than-expected, debt-funded capital expenditure programme, thereby
weakening its capital structure, or if its realizations decline
sharply.

                         About the Group

The Chennai (Tamil Nadu)-based Kamachi group is a major integrated
secondary steel player.  The group is a closely held family
business and was founded by Mr. G L Kothari in 1978.

The Kamachi group has sponge iron manufacturing capacities of
120,000 tpa, and induction furnace and rolling mill capacities of
276,680 tpa (inclusive of 200,000 tpa added at KSPCL in September
2010) and 66,000 tpa, respectively. The group also has a power
generation capacity of 11.80 MW using waste heat recovery systems
(10 MW) and windmills (1.8 MW).  It is setting up a 500,000-tpa
rolling mill plant and a 70-MW power plant, under KSPCL, which are
expected to be commissioned by July 2011.

Incorporated in 2005, KIL trades in iron and steel products such
as mild steel (MS) scrap, MS plates, cold twisted bars, and MS
billets, in both the Indian and the international markets.

For 2009-10 (refers to financial year, April 1 to March 31), the
group reported a profit after tax of INR38.8 million on net sales
of INR3.5 billion, against a net profit of INR29.7 million on net
sales of INR4.7 billion for 2008-09.


KAMACHI SPONGE: CRISIL Reaffirms 'BB-' Rating on INR180M Cash Debt
------------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Kamachi Sponge & Power Corporation Ltd (KSPCL, part
of the Kamachi group), to 'Stable' from 'Negative', while
reaffirming the rating on the same at 'BB-'; the rating on the
short-term facility has been upgraded to 'P4+' from 'P4'.

   Facilities                        Ratings
   ----------                        -------
   INR180 Million Cash Credit        BB-/Stable (Reaffirmed;
                                                 Outlook Revised
                                                 from 'Negative')

   INR591.5 Million Long-Term Loan   BB-/Stable (Reaffirmed;
                                                 Outlook Revised
                                                 from 'Negative')

   INR145 Million Letter of Credit   P4+ (Upgraded from 'P4')

The rating action is driven by CRISIL's belief that Kamachi Sponge
& Power Corporation Ltd will commence commercial operations at its
500,000-tonnes per annum (tpa) rolling mills and its 70-megwatt
(MW) captive thermal power plant, comprising the final phase of
its capacity expansion project, without any further time or cost
overrun.  The rating action also reflects the completion and
stabilization of operations at KSPCL's 200,000-tpa steel melting
plant, also a part of the same expansion project, and advanced
stages of completion of the rolling mills division and the captive
thermal power plant mentioned above.

The ratings, however, continue to reflect the Kamachi group's
exposure to risks related to the stabilization of the final phase
of the project, below-average financial risk profile marked by a
constrained capital structure and average debt protection metrics,
and susceptibility to cyclicality in the iron and steel industry
and to volatility in input prices.  These rating weaknesses are
partially offset by the Kamachi group's integrated operations, and
efficient supply chain management.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KSPCL, Kamachi Steels Ltd, KI
(International) Ltd, Goyal Ispat Ltd, Kamachi Granites Pvt Ltd,
and Maa Durga Enterprises Pvt Ltd.  This is because these
entities, collectively referred to as the Kamachi group, are under
the same management, have a common line of business and share
operational synergies, with fungible cash flows.

Outlook: Stable

CRISIL believes that the Kamachi group will commence commercial
operations in the final phase of the project without any further
cost or time overrun.  The outlook may be revised to 'Positive' if
the group's scale of operations and operating margin improves
considerably post full stabilization of the ongoing project.
Conversely, the outlook may be revised to 'Negative' if the group
faces delay in stabilization of operations or undertakes a larger-
than-expected, debt-funded capital expenditure programme, thereby
weakening its capital structure, or if its realizations decline
sharply.

                          About the Group

The Chennai (Tamil Nadu)-based Kamachi group is a major integrated
secondary steel player.  The group is a closely held family
business and was established by Mr. G L Kothari in 1978.

The Kamachi group has sponge iron manufacturing capacities of
120,000 tpa, and induction furnace and rolling mill capacities of
276,680 tpa (inclusive of 200,000 tpa added at KSPCL in September
2010) and 66,000 tpa, respectively.  The group also has a power
generation capacity of 11.80 MW using waste heat recovery systems
(10 MW) and windmills (1.8 MW).  It is setting up a 500,000-tpa
rolling mill plant and a 70-MW power plant, under KSPCL, which are
expected to be commissioned by July 2011.  KSPCL commenced
operations in 2003.  It manufactures sponge iron and billets,
which after the successful commissioning of rolling mills division
and captive power plant will be used captively to manufacture
thermo-mechanically-treated bars.  The company currently has a
sponge iron manufacturing capacity of 120,000 tpa, a steel melt
shop of 200,000 tpa and a power generation capacity of 10 MW.

For 2009-10 (refers to financial year, April 1 to March 31), the
Kamachi group reported a profit after tax of INR38.8 million on
net sales of INR3.5 billion, against a net profit of INR29.7
million on net sales of INR4.7 billion for 2008-09.


KUMAR STEEL: CRISIL Reaffirms 'BB' Rating on INR40MM Cash Credit
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Kumar Steel (India) (KSI,
part of the Kumar group) continue to reflect the Kumar group's
modest net worth, the susceptibility of its operating margin to
fluctuations in steel scrap prices, and its exposure to risks
related to intense competition in the ship-breaking industry, and
adverse regulatory changes.  These rating weaknesses are partially
offset by the industry experience of the Kumar group's management.

   Facilities                             Ratings
   ----------                             -------
   INR40.00 Million Cash Credit Limit     BB/Stable (Reaffirmed)
   INR360.00 Million Letter of Credit     P4+ (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KSI and Bhuval Industries, together
referred to as the Kumar group.  This is because the two entities
have a common management, operational linkages, and fungible
funds.

Outlook: Stable

CRISIL believes that KSI will benefit from the healthy growth
prospects for the ship-breaking industry, over the medium term.
The outlook may be revised to 'Positive' if the company achieves
more-than-expected sales and profits, thereby improving its debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' in case the company's operating margin declines
sharply, most likely because of reduction in steel scrap prices
and failure to recover the cost of purchasing ships.

Update
The group's sales for 2010-11 (refers to financial year, April 1
to March 31) are estimated to be around INR500 million, marginally
higher than reported revenues of INR450 million in 2009-10.
Profitability in 2010-11 is, however, expected to be slightly
lower, at 5%, as compared with 5.9% in 2009-10.  In 2010-11, the
group has broken two ships, of 6900 tonnes and 2500 tonnes; it is
in the process of breaking two ships, of 6400 tonnes and 1500
tonnes, which were bought in November 2010. The company is not
likely to buy any new ships in the next few months because of
higher prices.

The promoters infused equity of around INR45 million in 2009-10,
reducing the total outside liabilities to tangible net worth
(TOL/TNW) ratio to around 2 times in 2009-10 from 3.4 times in
2008-09. The TOL/TNW is expected to be 2 times over the medium
term. The group will continue to operate on a moderate scale,
constrained primarily by the size of its yard.

                          About the Group

KSI, set up as a proprietorship firm in 1994, is engaged in ship
breaking and recycling.  The firm had dismantled around 36 ships
as of December 2010. BI, a partnership firm and group concern, is
also engaged in ship breaking; it was set up in April 2004.

KSI reported a profit after tax (PAT) of INR5.7 million on net
sales of INR276.9 million for 2009-10, against a PAT of INR3.0
million on net sales of INR149 million for 2008-09.


MD MATERIALS: CRISIL Assigns 'D' Rating to INR75 Mil. Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of MD
Materials Handling Services Pvt Ltd.  The rating reflects
instances of delay by MDM in servicing the debt component of its
term loan. The delays have been caused by the company's weak
liquidity.

   Facilities                      Ratings
   ----------                      -------
   INR10.00 Million Cash Credit    D (Assigned)
   INR75.00 Million Term Loan      D (Assigned)

MDM has a limited track record in the ready-mix concrete and
construction materials business and below-average financial risk
profile, marked by small net worth.  The company, however,
benefits from the strong technical background and industrial
experience of its promoter.

MDM was established in 2008 by Mr. Partha De.  The company
supplies stone chips and stone aggregates to infrastructure and
real estate players in West Bengal and neighbouring states.  The
company's corporate office is in Barakhola (Kolkata), while its
manufacturing site is in the Birbhum district of West Bengal.  MDM
has a capacity of 200 tonnes per hour.  The promoters have various
other ventures in the same line of business; however, these cater
to other geographies.

MDM reported a profit after tax (PAT) of INR0.6 million on net
sales of INR44 million in 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.2 million on net
sales of INR3.4 million for the previous year.


PUROHIT & COMPANY: CRISIL Reaffirms 'B+' Rating on INR104.3MM Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Purohit & Co continues
to reflect the firm's weak financial risk profile, marked by a
high gearing, a small net worth, and below-average debt protection
metrics.  These rating weaknesses are partially offset by the
established position of Purohit & Co's English daily newspaper The
Hitavada in Central India, aided by growing circulation and strong
advertising revenues, and the diversity in the firm's revenue
profile.
   Facilities                         Ratings
   ----------                         -------
   INR43.5 Million Cash Credit        B+/Stable (Reaffirmed)
   INR104.3 Million Long-Term Loan    B+/Stable (Reaffirmed
   INR17.2 Million Proposed LT Bank   B+/Stable (Reaffirmed)
                      Loan Facility

Outlook: Stable

CRISIL believes that Purohit & Co will benefit over the medium
term from its strong position in the newspaper publishing business
in Central India, The Hitavada's growing readership base, and the
promoters' experience in the newspaper publication industry.
However, the firm's financial risk profile is expected to remain
weak over the medium term because of debt-funded capital
expenditure (capex) for expanding its cotton yarn spinning
business and its newspaper distribution into new regions. The
outlook may be revised to 'Positive' in the event of higher-than-
expected improvement in Purohit & Co's financial risk profile,
leading to reduction in gearing and improvement in debt coverage
metrics. Conversely, the outlook could be revised to 'Negative' if
there is substantial time or cost overrun in its expansion plans,
leading to pressure on its liquidity.

Update

Purohit & Co is estimated to register 10% sales growth in 2010-11
(refers to financial year, April 1 to March 31) driven by higher
realizations in the spinning segment.  The firm's operating margin
is also expected to increase to 12% in 2010-11 from 10.6% in
2009-10. The financial risk profile continues to remain weak, with
gearing estimated to increase slightly in 2010-11 to around 2.5
times and expected to stay at higher levels over the near to
medium term because of large capex plans. Purohit & Co is
expanding its spinning capacity by 6000 spindles at an estimated
cost of INR200 million, which is expected to be completed in 2011-
12. Its future capex consists of expanding its spinning capacity
by 19,500 spindles and introducing the Hitavada daily in Ahmedabad
(Gujarat).  The total outlay for these projects is estimated to be
INR850 million.  These two plans are at in the initial stage and
hence, CRISIL has not factored the same in the rating; these plans
are treated as rating sensitivity factors.

                         About Purohit & Co

Purohit & Co is a registered partnership firm promoted by the
Purohit family. It has two main divisions: the newspaper division
that publishes The Hitavada and the cotton yarn spinning division.
The firm's spinning facility in Nagpur (Maharashtra) is equipped
with 22,500 spindles.

Purohit & Co reported a profit after tax (PAT) of INR0.2 million
on net sales of INR432.4 million for 2009-10, against a PAT of
INR0.1 million on net sales of INR457.6 for 2008-09.


R.G. SPINNING: CRISIL Cuts Rating on INR106.4MM Term Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of R.G.
Spinning Mills Ltd to 'D' from 'B/Negative'.  The downgrade
reflects instances of delays by RGSML in servicing its term debt;
the delays have been caused by RGSML's weak liquidity arising out
of its large working capital requirements.

   Facilities                    Ratings
   ----------                    -------
   INR20.0 Million Cash Credit   D (Downgraded from 'B/Negative')
   INR106.4 Million Term Loan    D (Downgraded from 'B/Negative)

RGSML also has a weak financial risk profile, marked by low cash
accruals and below-average debt protection metrics. The firm is
also exposed to risks related to volatility in raw material
prices, and is highly dependent on a single supplier. RGSML,
however, benefits from its promoter's experience in the textiles
industry.

RGSML manufactures polyester cotton yarn.  It primarily sells
blended yarn (70% polyester and 30% cotton).  The firm commenced
operations in 2006 with 12,000 spindles.  RGSML sells primarily to
Pukhraj Virchand, an agent, with operations in Bhiwandi
(Maharashtra) and in Bhilwara (Rajasthan).  The agent owns 20%
stake in RGSML. RGSML is owned by six different families; Mr. P
Vasanth and Mr. C Balasubramaniam are joint managing directors of
the firm.

RGSML reported a profit after tax of INR3.28 million on net sales
of INR150.33 million for 2009-10 (refers to financial year, April
1 to March 31), against a net loss of INR6.82 million on net sales
of INR125.64 million for 2008-09.


SHIVAM DHATU: CRISIL Cuts Rating on INR190MM Term Loan to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shivam Dhatu Udyog Pvt Ltd, which is part of the Shivam group
to 'B+/Stable' from 'BB-/Stable'.

   Facilities                      Ratings
   ----------                      -------
   INR190.00 Million Term Loan     B+/Stable (Downgraded from
                                              BB-/Stable)

   INR180.00 Million Cash Credit   B+/Stable (Downgraded from
                                              BB-/Stable)

The downgrade reflects CRISIL's belief that the Shivam group's
financial risk profile will deteriorate over the medium term on
account of its higher-than-expected debt-funded capacity expansion
plan, which involves an outlay of INR1.80 billion.  The downgrade
also factors in the group's large working capital requirements,
leading to weak liquidity, marked by high bank limits utilization
and modest cash balances.

The ratings reflect the Shivam group's large, debt-funded capital
expenditure (capex) plans and large working capital requirements.
These weaknesses are partially offset by the Shivam group's
moderate operating efficiency and its backward integrated
operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shivam India Limited and SDUPL.  This
is because the companies, together referred to as the Shivam
group, are under common management, operate in similar lines of
business, and have operational and financial linkages.

Outlook: Stable

CRISIL believes that the Shivam group will maintain a stable
business risk profile over the medium term, backed by its
integrated operations.  However, the credit risk profile will
remain constrained due to the large debt-funded capex.  The
outlook may be revised to 'Positive' if the Shivam group is able
to improve its operating margin and is able to successfully
implement its debt funded expansion plans. Conversely, the outlook
may be revised to 'Negative' in case of more-than-expected
deterioration in the group's financial risk profile, most likely
because of decline in cash accruals, on account of decline in the
operating margin, or in case the firm undertakes another larger-
than-expected, debt-funded capex programme.

                          About the Group

SDUPL was set up in 2004 and is engaged in manufacturing of sponge
iron and has set up sponge iron manufacturing unit with capacity
of 60000 MTPA with two kilns of 100 TPD each at Jamuria Industrial
Area, Jamuria, Burdwan, West Bengal, in 2009-10.

SIL was incorporated on December 13, 1999 under the name Shivam
India Pvt Ltd. It was started to manufacture coke. In 2004-05
(refers to financial year, April 1 to March 31), the company was
reconstituted as a public limited company and it got its current
name.  The company discontinued its coke business and began
producing steel products in 2005-06.  It is now engaged in the
production of billets and thermo-mechanically-treated bars, rods,
wires, and coils with an installed capacity of 108,000 tonnes per
annum (tpa) and 100,000 tpa, respectively.

For 2009-10 (refers to financial year, April 1 to March 31),
Shivam group reported a profit after tax (PAT) of INR77.6 million
on net sales of INR2799 million, as against a PAT of INR31.6
million on net sales of INR2937 million for the previous year.


SHIVAM INDIA: CRISIL Rates INR77.5MM Rupee Term Loan at 'BB-'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shivam India Ltd (SIL; part of the Shivam group) to 'BB-
/Stable' from 'BB/Stable', while reaffirming the rating on the
short-term bank facilities at 'P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR77.50 Million Proposed Rupee    BB-/Stable (Downgraded from
                         Term Loan               'BB/Stable')

   INR409.50 Million Working Capital  BB-/Stable (Downgraded from
                              Limit              'BB/Stable')

   INR128.00 Million Letter of Credit P4+ (Reaffirmed)
   INR5.00 Million Bank Guarantee     P4+ (Reaffirmed)

The downgrade reflects CRISIL's belief that the Shivam group's
financial risk profile will deteriorate over the medium term on
account of its higher-than-expected debt-funded capacity expansion
plan, which involves an outlay of INR1.80 billion; the project
will be undertaken under group company, Shivam Dhatu Udhyog Pvt
Ltd.  The downgrade also factors in the group's large working
capital requirements, leading to weak liquidity, marked by high
bank limit utilization and modest cash balances.

The ratings reflect the Shivam group's large, debt-funded capital
expenditure (capex) plans and large working capital requirements.
These weaknesses are partially offset by the Shivam group's
moderate operating efficiency and its backward integrated
operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SIL and SDUPL.  This is because the
companies, together referred to as the Shivam group, are under
common management, operate in similar lines of business, and have
operational and financial linkages.

Outlook: Stable

CRISIL believes that the Shivam group will maintain a stable
business risk profile over the medium term, backed by its
integrated operations.  However, the credit risk profile will
remain constrained due to the large debt-funded capex. The outlook
may be revised to 'Positive' if the Shivam group is able to
improve its operating margin and is able to successfully implement
its debt funded expansion plans.  Conversely, the outlook may be
revised to 'Negative' in case of more-than-expected deterioration
in the group's financial risk profile, most likely because of
decline in cash accruals, on account of decline in the operating
margin, or in case the firm undertakes another larger-than-
expected, debt-funded capex programme.

                          About the Group

SIL was incorporated in 1999 under the name Shivam India Pvt Ltd.
It was started to manufacture coke.  In 2004-05 (refers to
financial year, April 1 to March 31), the company was
reconstituted as a public limited company and it got its current
name.  The company discontinued its coke business and began
producing steel products in 2005-06.  It is now engaged in the
production of billets and thermo-mechanically-treated bars, rods,
wires, and coils with an installed capacity of 108,000 tonnes per
annum (tpa) and 100,000 tpa, respectively.

SDUPL was set up in 2004 and is engaged in manufacturing of sponge
iron and has set up a sponge iron manufacturing unit with capacity
of 60000 MTPA with two kilns of 100 TPD each at Jamuria Industrial
Area, Burdwan, West Bengal, in 2009-10.

For 2009-10 (refers to financial year, April 1 to March 31),
Shivam group reported a profit after tax (PAT) of INR77.6 million
on net sales of INR2799 million, as against a PAT of INR31.6
million on net sales of INR2937 million for the previous year.


SKY CITY: CRISIL Downgrades Rating on INR140.3MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on Sky City Hotels Pvt Ltd's
bank facilities to 'D' from 'BB/Stable'.

   Facilities                     Ratings
   ----------                     -------
   INR140.3 Million Term Loan     D (Downgraded from 'BB/Stable')

The downgrade reflects delays by SHPL in paying its term loan
instalment due in December 2010 and March 2011.  The delays have
been caused by SHPL's weak liquidity, resulting from delay in
completion and stabilisation of its project.

SHPL is promoted by Mr. Narendra Chhikara and family.  The company
has set up a 3-star hotel with 75 rooms in Gurgaon, NCR.  The
hotel commenced operations in August 2010; it was expected to
commence operations in December 2009.  The final project cost
increased by INR70 million to around INR290 million.


SRR PROJECTS: CRISIL Assigns 'BB-' Rating to INR300MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank loan
facilities of SRR Projects Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR300.00 Million Cash Credit           BB-/Stable (Assigned)
   INR250.00 Million Bank Guarantee        P4+ (Assigned)
   INR200.00 Million Proposed Short-Term   P4+ (Assigned)
                      Bank Loan Facility

The ratings reflect SRR's working capital intensive nature of
operations and susceptibility to intense competition in the
infrastructure industry.  These rating weaknesses are partially
offset by an above-average financial risk profile marked by
comfortable gearing and debt protection measures.  The ratings
also factor in the industry experience of the promoters and its
healthy order book position across the various segments in the
infrastructure sector.

Outlook: Stable

CRISIL believes that SRR will continue to benefit from its
promoters' extensive industry experience comfortable capital
structure and healthy order book position.  The outlook may be
revised to 'Positive' if SRR is able to successfully scale up its
operations while maintaining healthy profitability and improves
its working capital management.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes a larger-than-
expected debt-funded capital expenditure programme, its revenues
or margins decline sharply leading to a decline in cash accruals,
or if its relationships with customers deteriorate.

                          About SRR Projects

Incorporated in 2006 by Mr. Alluri Srinivas, Kolli Ravi Kumar,
Vemulapalli Ramesh Babu, and Mareddy Chandra Reddy, SRR is a sub-
contractor for various infrastructure projects such as
construction of highways, power plants, steel plants, pipeline
projects, residential and commercial projects, laying of power
transmission lines, and pipeline works.  Some of the company's
clients include Nava Bharat Ventures Ltd (rated 'A+/Stable/ P1+'
by CRISIL), SEW Infrastructure Ltd, and GKC Projects Ltd (rated
'A-/Positive/P2+' by CRISIL).

Since inception, the company has completed projects in Andhra
Pradesh, Tamil Nadu, Maharashtra, Orissa, and Assam.  The company
derives 50% of its revenues from power, 25% from steel projects,
and the rest from other segments such as highways and other
miscellaneous projects.  The company has an order book position of
INR 200 crores to be executed over the medium term across segments
such as Roads, Power, Steel ect.

SRR reported a profit after tax (PAT) of INR 48.3 million on net
sales of INR1.1 billion for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR47.1 million on net
sales of INR711.3 million for 2008-09.


SUPREME HOUSING: CRISIL Cuts Rating on INR1.47BB Term Loan to 'B+'
------------------------------------------------------------------
CRISL has downgraded the rating on the bank facilities of Supreme
Housing and Hospitality Pvt Ltd to 'B+/Negative' from
'BB/Negative'.

   Facilities                    Ratings
   ----------                    -------
   INR1470 Million Term Loan     B+/Negative (Downgraded from
                                              'BB/Negative')

The downgrade is driven by SHHPL's weak liquidity arising out of
low occupancy levels at the company's ongoing information
technology (IT) park project at Powai in Mumbai (Maharashtra).
SHHPL has been able to lease about 220,000 square feet (sq ft) as
on date, of its total leasable area of about 700,000 sq ft.  It is
currently receiving lease rentals of about INR16 million per month
in addition to INR10 million per month of lease rental from
associate concern, Supreme Infrastructure India Ltd; SIIL is yet
to move into the premises.  With the repayments of the unsecured
loans of about Rs150 million availed from JM Financial Trustee Co.
Pvt. Ltd (7.5% stake owner in the company, through its investment
arm SRS Private Investments) commencing in October 2011, the
liquidity is expected to deteriorate further, unless there is
significant improvement in occupancy levels.

The rating also reflects SHHPL's weak financial risk profile,
particularly its weak liquidity, and the company's exposure to
risks associated with real estate projects. These rating
weaknesses are partially offset by the financial support that the
company receives from SIIL.

Outlook: Negative

CRISIL believes that SHHPL will remain exposed to risks related to
delays in execution of the ongoing IT park and low occupancy
levels at the same, over the medium term.  The rating may be
downgraded in case SHHPL's liquidity fails to improve, thereby
impacting the debt servicing capacity of the company.  The outlook
may be revised to 'Stable', if the occupancy level improves
significantly or if there is large equity infusion, thereby
alleviating pressure on the company's liquidity.

                         About Supreme Housing

Incorporated in 2007 and promoted by the Sharma family, SHHPL is a
group concern of SIIL. SHHPL is developing an IT park in Powai in
Mumbai, which is nearing completion.  The IT Park involving an
outlay of about INR2.5 billion has been funded by a working
capital demand loan of INR1.47 billion and by a mix of equity,
preference equity, debentures and unsecured loans for the rest.
The working capital demand loan which originally had three bullet
repayments between January 2011 and March 2011 has been
restructured into a lease rental discounting term loan in March
2011, to be repaid over 10 years.  SHHPL also plans to develop a
hotel and villas at the existing site in Powai over the medium
term involving an outlay of about INR900 million.

For 2009-10, the company reported net losses of INR11.9 million,
against net losses of INR2.4 million in the preceding year. No
revenues were reported in both years.


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


INCUBATOR BANK: Turns Over Operations to 2nd Bridge Bank
--------------------------------------------------------
Kyodo News reports that the Incubator Bank of Japan on Monday
transferred some of its operations, such as deposits of up to
JPY10 million and healthy loans, to a bridge bank set up to take
over from the failed lender.

Kyodo says the Second Bridge Bank of Japan will take over the
operations for up to three years until sponsorship for the failed
bank is chosen from among stable financial institutions.

According to the news agency, the failed bank's bad loans will be
sold to the Resolution and Collection Corp, a key arm of the
state-backed Deposit Insurance Corp., which is acting as the
Incubator Bank's government-appointed administrator.

Kyodo discloses that DIC in 2004 set up the bridge bank, which
took over 26 outlets from the failed bank.  DIC invited bidding
for sponsorship in March, with several financial institutions
including Aeon Bank, the banking arm of retail giant Aeon Co.,
having apparently entered bids.

Kyodo says the sponsorship of the failed bank will be chosen by
the end of this year.  If no sponsorship is found in roughly three
years, the bridge bank will dissolve itself, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 13, 2010, the Incubator Bank of Japan Ltd. filed for
bankruptcy proceedings with the Financial Services Agency under
the Deposit Insurance Law.  The FSA is expected to invoke the
deposit protection scheme for the first time since it was
instituted in 1971.  The protection covers up to JPY10 million
in deposits and interest.  The bank had about JPY592.7 billion in
deposits as of March 31, 2010, of which JPY68.6 billion had been
deposited in excess of the JPY10 million threshold by some 4,800
depositors.

Incubator Bank of Japan Ltd. is a Tokyo-based small business
lender.


JLOC XXXIII: Moody's Reviews Rating on Two Classes of Certificates
------------------------------------------------------------------
Moody's Japan K.K has placed on review for possible downgrade the
ratings for the Class C and D Trust Certificates issued by JLOC
XXXIII Trust.  The final maturity of the Trust Certificates will
take place in July 2013.

Deal Name: JLOC XXXIII

   -- Class C, Ba2 (sf) Placed Under Review for Possible
      Downgrade; previously on Jun 25, 2009 Downgraded to Ba2 (sf)
      from A2 (sf)

   -- Class D, Caa3 (sf) Placed Under Review for Possible
      Downgrade; previously on Jun 25, 2009 Downgraded to Caa3
      (sf) from B2 (sf)

JLOC XXXIII, issued in November 2006, represents the
securitization of five specified bonds, four non-recourse loans,
and one senior trust certificate backed by one non-recourse loan
(all hereinafter referred to as the loans), which were originally
backed by 110 properties.

Six of the loans have been paid down in full, and the Class A
Trust Certificates were redeemed in full. The transaction is
currently secured by four loans backed by 19 properties, which are
under special servicing.

Moody's has decided to apply higher stress on its recovery
assumptions for future disposal prices, as recovery thus far has
been below the expectations at the previous rating actions and the
performance of some of the properties has deteriorated.

The review has been prompted by the growing uncertainty regarding
the recovery of the Class C and D Trust Certificates; the Class B
Trust Certificates are highly likely to be recovered.

In its review, Moody's will re-assess -- and add further stress to
-- its recovery assumptions for the properties, incorporating
their operating status and monitoring the special servicer's
strategies and activities.

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


TOKYO ELECTRIC: Cancels Job offers, Cuts Directors Pay by 50%
-------------------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co said Monday it has
scrapped its plan to hire 1,100 new employees who would have
started work next spring amid the ongoing nuclear crisis at its
troubled nuclear power plant.

Faced with prospective massive compensation costs linked to the
accident at the Fukushima Daiichi nuclear complex, Kyodo relates
that the operator also said it will cut the annual remuneration
for board members and wages for employees, and slash some JPY54
billion a year.

According to Kyodo, it is the first time since 1951 for TEPCO to
forgo new hiring.  In February, Kyodo notes, the company said it
would hire 1,100 graduates and received applications from around
6,500.

Under the plan, Kyodo says, compensation for chairman, president,
vice president, and managing directors will be cut by 50%.  It
will also cut by 25% annual salary for employees in management
posts, and by 20% the annual pay of rank-and-filers, Kyodo
discloses.

"We will consider and implement drastic steps to cut costs without
exceptions by streamlining our business management and to secure
enough funding," Kyodo cited President Masataka Shimizu as saying
in a press release.

                              About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said Tepco's market value had plunged 86% since the
March 11, 2011, earthquake and tsunami damaged the nuclear plant's
cooling equipment, resulting in a partial meltdown.  It faces
claims of as much as JPY11 trillion if the crisis lasts two years,
and that could lead to nationalization, according to Bank of
America Merrill Lynch, Bloomberg related.

The company has JPY5 trillion in debt, making it the fourth-
biggest borrower among members of the Nikkei 225 stock average,
according to data compiled by Bloomberg.


TOKYO ELECTRIC: Should Remain Private Firm, Finance Minister Says
-----------------------------------------------------------------
Kyodo News reports that Finance Minister Yoshihiko Noda said that
Tokyo Electric Power Co should remain a private-sector firm and
take all possible steps to compensate sufferers in the wake of the
crisis at the Fukushima Daiichi nuclear power plant.

"It is important that Tokyo Electric remain listed (on stock
exchanges) and operate as a private-sector firm, and that it is
able to fully compensate sufferers," Mr. Noda told reporters after
a cabinet meeting.

The comment, according to the report, came as the government
considers a possible scheme for TEPCO to pay the huge compensation
bill, the specifics of which are not yet known although some say
it could cost the company trillions of yen.

Kyodo notes that some lawmakers said the government should play
active roles in the compensation scheme, floating the idea of
establishing a state-backed entity that would financially support
the utility through such measures as purchasing a stake in the
firm and offering loans to it.

"We will make a decision after considering various opinions," Mr.
Noda said when asked about the possible use of public money in any
scheme, according to Kyodo.

                              About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said Tepco's market value had plunged 86% since the
March 11, 2011, earthquake and tsunami damaged the nuclear plant's
cooling equipment, resulting in a partial meltdown.  It faces
claims of as much as JPY11 trillion if the crisis lasts two years,
and that could lead to nationalization, according to Bank of
America Merrill Lynch, Bloomberg related.

The company has JPY5 trillion in debt, making it the fourth-
biggest borrower among members of the Nikkei 225 stock average,
according to data compiled by Bloomberg.


===============
M A L A Y S I A
===============


LINEAR CORPORATION: Appoints Lim Hun Beng as Chairman
-----------------------------------------------------
Linear Corporation Berhad has appointed Lim Hun Beng as the
company's Chairman effective April 25, 2011.

Mr. Lim Hun Beng had his early education in Malaysia and
thereafter pursued tertiary education in the U.K.  Mr. Lim Hun
Beng entered into business in his early twenties, firstly getting
involved in various aspects of the family business, more
particularly in business strategic investment and property
investment.

                          About Linear Corp.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was
unable to provide a solvency declaration to Bursa Securities.


TRANSMILE GROUP: Restraining Order Extended for 90 Days
-------------------------------------------------------
The High Court of Malaya at Kuala Lumpur on April 21, 2011,
granted a further extension of the Restraining Order obtained on
July 16, 2010, pursuant to Section 176(10) of the Act, to restrain
all further proceedings in any actions or proceedings against the
Transmile Group Berhad and Transmile Air Services Sdn Bhd, a
wholly owned subsidiary of the Company, for a period of 90 days
from April 20, 2011, subject to these terms:

   -- the agreement for extension will be entered in the court
      file as subject to the lenders' right to object to the
      Scheme at the proposed application for sanction of the
      Scheme under Section 176(3) of the Act and to raise all
      arguments against the Scheme;

   -- the extension is strictly subject to Para 4.3 of the
      Order dated Jan. 19, 2011, under which Malaysian Trustees
      Berhad is given leave and liberty to commence legal
      proceedings against TAS for breach of the Trust Deed dated
      Aug. 8, 2003; and

   -- the Company and TAS will at the earliest opportunity consent
      to an oral application by MTB to intervene and be made a
      party to the Company's and TAS' proposed Petition for
      sanction under Section 176(3) of the Act for purposes of
      opposing the Scheme and that the Company and TAS will in
      the meantime serve all cause papers in respect of such
      Petition on the lenders when the same are filed and give
      the lenders due notice of all hearings.

The Extended Restraining Order will allow the Company and TAS to
finalize a conclusive debt restructuring proposal with the lenders
under a scheme of arrangement to restructure the debts owing to
the lenders.  The proposed schemes of arrangement for both the
scheme creditors of the Company and TAS have been approved by more
than 50% in number of the respective scheme creditors representing
more than 75% in value of the respective scheme creditors present
and voting in person or by proxy at the respective court convened
meetings held on April 14, 2011.

                       About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in the provision of air transportation and
related services.  The Company's subsidiaries include Transmile
Air Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


TRANSMILE GROUP: Seeks May 31 Extension to File Annual Report
-------------------------------------------------------------
Transmile Group Berhad has asked Bursa Securities Malaysia Berhad
for an extension of one month from the deadline of April 30, 2011,
to May 31, 2011, to issue its annual audited consolidated
financial statements together with the auditors' and directors'
reports.

The Company said that arising from the change in the basis of
preparation of TGB's annual audited consolidated financial
statements, it engaged Messrs Morten Beyer & Agnew, USA, an
international aviation consulting firm specializing in the
valuation and analysis of commercial jet transport, to provide the
Company with an appraisal including its opinion and assessment of
the value of the TGB group's fleet of aircraft.

The Company said the valuation is required to determine the
realizable value of the said assets for the purpose of the
preparation of the annual audited consolidated financial
statements.  The valuation report was expected to be available to
the Company by April 20, 2011.

In addition, the Company on April 12, 2011, submitted an
application to the Companies Commission of Malaysia to allow TGB
to vary certain disclosure in the Statement by Directors and
Statutory Declaration to be included as part of the Company's
annual audited consolidated financial statements, as a result of
the change in basis of preparation.  CCM had indicated that they
would need at least two weeks to revert on the application.

The Company aims to issue its annual audited consolidated
financial statements not later than May 31, 2011.

                         About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


VTI VINTAGE: Unit Receives Winding-Up Order
-------------------------------------------
VTI Vintage Berhad's solicitors have been served with a sealed
copy of the Winding Up Order No. D1-28-377-2009 dated Dec. 17,
2011, between Pengangkutan Semenanjung Sdn Bhd and Vintage Tiles
Holdings Sdn Bhd, a wholly owned subsidiary of the Company.

Pengangkutan Semenanjung is alleging that VTH is indebted to the
Petitioner for MYR448,724.72 for the transportation services
provided to VTH.

The circumstances leading to the filing of the winding up order
against VTH was due to the fact that VTH has failed and/or
defaulted to settle the sum claimed by the Petitioner as the
Company has a dispute on the amount claimed by the Petitioner for
the transportation services it rendered.

However, the Company announced that the Group had on July 22,
2009, initiated the Proposed Scheme of Arrangement under Section
176 of the Companies Act, 1965 and has included the petitioner as
one of the Scheme Creditors under the Proposed Scheme of
Arrangement under Section 176 of the Companies Act, 1965 which had
been approved during the Court Convened Meeting of the Group held
on July 16, 2010.

Based on the legal advice obtained, the petitioner as one of the
Scheme Creditors, once the Court sanctions the Scheme of
Arrangement under Section 176 of the Companies Act, 1965, will be
bound to accept the Scheme under the approved Proposed Scheme.
Therefore, pending the completion of the Proposed Scheme, no
payment was made to the Scheme Creditors including the petitioner.

The Group has adequate resources to meet the commitment of the
claim and therefore, the winding up order has no financial and
operational impact to the Group.

On April 22, 2011, the Company's solicitors filed an application
for a stay of the Winding Up Order and are currently awaiting for
the extraction of the same.

                            About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


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


AORANGI SECURITIES: SFO to Conclude Probe Soon
----------------------------------------------
NZ Herald Online reports that the Serious Fraud Office expects to
conclude its investigation into Allan Hubbard's investment fund,
Aorangi Securities, in the next two to three months.

The SFO began investigating Mr. Hubbard's Aorangi Securities,
operated by him in conjunction with his Timaru accountancy
practice, shortly after Mr. Hubbard's affairs were put under
statutory management in June last year.  The SFO has said the
company owed approximately 400 investors NZ$90 million to NZ$100
million.

SFO chief executive Adam Feeley told Radio NZ the investigation
was one of their biggest to date and he expected the office to
reach a decision soon on whether to lay charges, NZ Herald Online
reports.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said New Zealand appointed statutory
managers for Aorangi Securities Ltd. and seven trusts, which are
associated with Allan Hubbard, to protect investors and prevent
fraud.  Mr. Hubbard and his wife are also subject to statutory
management because they are so closely connected with the
businesses.  The seven charitable trusts included in the statutory
management are Te Tua, Otipua, Oxford, Regent, Morgan, Benmore and
Wai-iti.  Trevor Thornton and Richard Simpson of Grant Thornton
were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20, 2010.

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.


SOUTH CANTERBURY: Demise Derails Hepatitis C Cure
-------------------------------------------------
Emma Bailey at The Timaru Herald reports that a possible cure for
hepatitis C has been derailed by South Canterbury Finance's (SFC)
receivership.

The first receivers' report for Blenheim pharmaceutical start-up
company Biocorp shows that at the time it was placed in
receivership, it owed SCF NZ$13.6 million, according to The Tiramu
Herald.

On Feb. 1, the report notes, SCF receivers placed five Biocorp
entities into receivership, one of which, former SCF Chairman
Allan Hubbard's Southbury Group, has a 10% shareholding in.

Mr. Hubbard would not speak to The Timaru Herald but he told the
NBR that Biocorp's director, biochemist Stephen McRae, had worked
out a cure for hepatitis C.

The receivers, Jeremy Morley and John Fisk, said their appointment
followed the company defaulting on repayments to SCF, The Timaru
Herald notes.  "The property, which is the subject of the
receivership, consists of land, coolstore industrial buildings and
various plant and equipment located at the Cloudy Bay business
park in Blenheim.  A small amount of biological material used in
the company's research is stored by a third party in Nelson.
Through discussions with the company director and after careful
consideration of immediate options available, we have ceased the
trading of the company.  We have given leave to the director to
seek capital funding from investors outside of New Zealand who may
have previously indicated their support for the endeavours of the
company," The Tiramu Herald quotes the receivers as saying.

The report discloses that SCF's loan of NZ$13.6 million is the
first secured creditor, followed by BNZ and Sew Eurodrive, which
are also secured creditors, but the amount owed is not confirmed.
Cold Storage Nelson is owed NZ$122,991 and IRD is owed NZ$13,053.

                     About South Canterbury

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

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

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

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


=====================
P H I L I P P I N E S
=====================


BANCO FILIPINO: PDIC to Start Processing Depositors' Claims
-----------------------------------------------------------
The Daily Tribune reports that the Philippine Deposit Insurance
Corp. said it will start this week processing claims on three
banks closed recently, including Banco Filipino Savings and
Mortgage Bank.

The Daily Tribune says the PDIC staff will start the agency's
claims receiving operations (CRO) for depositors of Banco Filipino
while the staff of the state-deposit insurer will conduct claims
servicing operations (CSO) to depositors of Cavite-based Growers
Rural Bank and GMA Rural Bank.

The report relates that PDIC Officer-In-Charge Executive Vice
President Imelda Singson said depositors of these banks should
check the agency's Web site, www.pdic.gov.ph, for details on the
schedules and venues of these operations.

As reported in the Troubled Company Reporter on March 21, 2011,
BusinessWorld Online reports that Banco Filipino Savings and
Mortgage Bank has been placed under receivership by the Bangko
Sentral ng Pilipinas after the thrift bank stopped servicing
clients due to funding problems.

                       About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964, offers
full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.


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


AMARU INC: Accumulated Losses Prompt Going Concern Doubt
--------------------------------------------------------
Amaru, Inc., filed on April 15, 2011, its annual report on Form
10-K for the fiscal year ended Dec. 31, 2010.

Mendoza Berger & Company, LLP, in Irvine, California, expressed
substantial doubt about Amaru, Inc.'s ability to continue as a
going concern.  The independent auditors noted that the Company
has sustained accumulated losses from operations totaling
US$38.5 million at Dec. 31, 2010.

The Company reported a net loss of US$2.1 million on US$48,382 of
revenue for 2010, compared with a net loss of US$33.7 million on
US$22,016 of revenue for 2009.

At Dec. 31, 2010, the Company's balance sheet showed US$3.3
million in total assets, US$3.5 million in total liabilities, and
a stockholders' deficit of US$141,597.

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

                       http://is.gd/J1nC3T

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.


===============
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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