TCRAP_Public/110428.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, April 28, 2011, Vol. 14, No. 83

                            Headlines



A U S T R A L I A

BROCKGOLD PTY: Receivers to Put Golf Course on Market This Week
REDGROUP RETAIL: To Close Another Six Angus & Robertson Stores
TIGER AIRWAYS: Fails to Lodge 2010 Accounts


H O N G  K O N G

FAMOUS EXCEL: Placed Under Voluntary Wind-Up Proceedings
FINE DRAGON: Court Enters Wind-Up Order
FINOVERDE LIMITED: Members' Final Meeting Set for May 23
FIRST CHINA: Members' Final Meeting Set for May 30
G & H HOLDINGS: Court Enters Wind-Up Order

GULIANO (HK): Herman Van De Velde Steps Down as Liquidator
HANG SANG: Court to Hear Wind-Up Petition on May 18
HASTEN GROWTH: Members' Final Meeting Set for May 23
JIALI BIO: Court to Hear Wind-Up Petition on May 18
KINHILL CORPORATION: Placed Under Voluntary Wind-Up Proceedings

LEGEND CAPITAL: Kong and Kong Appointed as Liquidators
MACQUARIE CAPITAL: Creditors' Proofs of Debt Due May 21
METZLER INTERNATIONAL: Creditors to Get 4.0% Recovery on Claims
OPUS COLLECTION: Court Enters Wind-Up Order


I N D I A

ASHLESHA CORPORATION: CRISIL Rates INR80MM Term Loan at 'B-'
BHAGWAN VANASPATI: CRISIL Rates INR70 Million Cash Credit at 'D'
FAIRY FOOD: CRISIL Reaffirms 'C' Rating on INR35MM Cash Credit
HAYATH FOODS: CRISIL Reaffirms 'D' Rating on INR51.6MM LT Loan
ICEBERG FOODS: CRISIL Assigns 'BB+' Rating to INR124MM Term Loan

KNS OVERSEAS: CRISIL Reaffirms 'P4+' Rating on INR240MM Credit
KUMINEX MINERALS: CRISIL Upgrades Rating on INR145MM Loan to 'C'
MAHALAXMI POLYPACK: CRISIL Cuts Rating on INR95MM Loan to 'BB+'
NAGAR DAIRY: CRISIL Upgrades Rating on INR10MM Term Loan to 'BB-'
PELICAN RUBBER: CRISIL Reaffirms 'BB' Rating on INR70MM Term Loan

RITURAJ HOLDINGS: CRISIL Reaffirms 'BB+' Rating on INR92MM LT Loan
SAANIKA INDUSTRIES: CRISIL Reaffirms 'BB' Rating on INR128.4M Loan
SHASHIN CONSTRUCTION: CRISIL Rates INR70MM Cash Credit at 'BB+'
SHIV SHAKTI: CRISIL Assigns 'B' Rating to INR93.4MM Cash Credit
SIVARATHISH SPINNING: CRISIL Places 'B+' Rating to INR47.3MM Loan

SRI KUMARSWAMY: CRISIL Reaffirms 'D' Rating on INR529MM LT Loan
VENKATESHWARA POWER: CRISIL Reaffirms INR225.6M Loan Rating at BB-


J A P A N

MITSUBISHI MOTORS: S&P Affirms B+ Rating; Outlook Negative
TOKYO ELECTRIC: Workers Agree to Up to 25% Pay Cut


K O R E A

HYNIX SEMICONDUCTOR: Creditors Agree to Relaunch Stake Sale


N E W  Z E A L A N D

WESTERN PACIFIC: Policyholder Seeks Creditors' Meeting


S I N G A P O R E

HAINAN ZHENLIN: Court to Hear Wind-Up Petition on May 6
KIAN SENG: Creditors Get 3.04% Recovery on Claims
MUTUAL DEVELOPMENT: Court to Hear Wind-Up Petition on May 6




                            - - - - -


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


BROCKGOLD PTY: Receivers to Put Golf Course on Market This Week
---------------------------------------------------------------
Zoe Hancock at the Gold Coast Sun reports that the Tee Trees golf
course in Arundel, developed by Brockgold Pty Ltd, will be put on
the market this week.

Gold Coast Sun relates that receiver David Whyte, of BDO Business
Recovery and Insolvency, said a marketing plan had been developed
during the past few weeks in conjunction with real estate agents.

The 61ha parcel in Tee Trees Boulevard will be advertised
nationally for up to five weeks, the report says.

According to the report, Mr. Whyte said that if no investors came
forward, the receivers would re-assess the campaign.

"We cannot know what will happen yet, and if no investors come
forward, we will have to have another look at it," the Gold Coast
Sun quotes Mr. Whyte as saying.

The move to sell the 61 hectare parcel in Tee Trees Boulevard
follows the appointment of receivers to Brockgold Pty, a company
linked to the estate's developer Graeme Ingles, on March 18, 2011,
according to goldcoast.com.au.

Brockgold Pty Ltd, an Ingles Group company, develops the Tee Trees
golf community.


REDGROUP RETAIL: To Close Another Six Angus & Robertson Stores
--------------------------------------------------------------
The administrator of REDgroup Retail announced Wednesday that
another six Angus & Robertson stores will close.  The closures
will take place over the next four weeks and will affect 55 staff
(18 permanent full-time and part-time; 37 casual).

The stores to close are:

    -- Collins Street (Vic)
    -- Pacific Fair (Qld)
    -- Top Ryde (NSW)
    -- Tweed Heads (NSW)
    -- Warringah Mall (NSW)
    -- Woden Plaza (ACT)

Ferrier Hodgson said in a statement that the restructure will
leave 157 REDgroup outlets, including 61 Angus & Robertson and
nine Borders stores in Australia and 87 stores in New Zealand.
There are no store closures in New Zealand as part of this
restructure.

                       About REDgroup Retail

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

                       *     *     *

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

The REDgroup companies in Administration include:

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


TIGER AIRWAYS: Fails to Lodge 2010 Accounts
-------------------------------------------
The Sydney Morning Herald reports that Tiger Airways Australia has
yet to file its 2010 company accounts, placing its directors at
risk of criminal prosecution.

SMH relates that Tiger spokeswoman Vanessa Regan on Tuesday
declined to explain why the airline, which has a policy of
refusing late passengers, is eight months overdue filing its
accounts.

Under the Corporations Act, SMH notes, the accounts should have
been filed within the four months after March 31, 2010.  Failing
to lodge financial reports is a criminal offence.  Company
directors can face up to six months' jail or a AU$2,750 fine;
corporations can be fined AU$27,500, according to SMH.

SMH says Ms. Regan would not nominate a date the overdue accounts
would be filed, saying they were being finalised and would be
lodged "shortly."

According to the report, Tiger Australia, which depends on its
Singaporean parent for financial support, was also pinged last
month for safety problems by the Civil Aviation Safety Authority,
which issued a "show cause" notice.  SMH relates that Tiger said
it had responded to CASA's concerns "in full."

In addition, says SMH, it has put off plans to expand its
Australian fleet, blaming Queensland's deadly storms for the
delay, and last week it cancelled several Easter flights at short
notice.

Accounts filed with the Singapore Stock Exchange, notes SMH, deal
with Tiger's Australian operation in three lines.  The accounts
show a 89.1% surge in Australian revenue compared with a 24.2%
rise in costs, slashing 2009's loss of SG$58 million (AU$43.7
million) to just SG$600,000 in 2010.

Based in Melbourne, Victoria, Tiger Airways Australia is an ultra-
low cost airline.  It is a subsidiary of Tiger Airways Holdings, a
Singapore-based company.  As of April 2011, the Tiger Airways
Australia fleet consists of 11 Airbus A320.


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


FAMOUS EXCEL: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on April 16, 2011,
creditors of Famous Excel Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Ma Pang Fai Arthur
         Room 702, Hing Yat House
         Kwai Hing Estate
         New Territories
         Hong Kong


FINE DRAGON: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order March 21, 2011, to
wind up the operations of Fine Dragon Trading Limited.

The company's liquidator is Lau Siu Hung.


FINOVERDE LIMITED: Members' Final Meeting Set for May 23
--------------------------------------------------------
Members of Finoverde Limited will hold their final general meeting
on May 23, 2011, at 12:00 noon, 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.


FIRST CHINA: Members' Final Meeting Set for May 30
--------------------------------------------------
Members of First China Property Development Limited will hold
their final general meeting on May 30, 2011, at 10:00 a.m., at
38th Floor, Tower One, Lippo Centre, 89 Queensway, in Hong Kong.

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


G & H HOLDINGS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order March 2, 2011, to
wind up the operations of G & H Holdings Limited.

The company's liquidator is Lau Siu Hung.


GULIANO (HK): Herman Van De Velde Steps Down as Liquidator
----------------------------------------------------------
Herman Van De Velde stepped down as liquidator of Guliano (HK)
Limited on April 6, 2011.


HANG SANG: Court to Hear Wind-Up Petition on May 18
---------------------------------------------------
A petition to wind up the operations of Hang Sang Engineering
Factory Limited will be heard before the High Court of Hong Kong
on May 18, 2011, at 9:30 a.m.

Ho Po Yeng filed the petition against the company on March 16,
2011.

The Petitioner's Solicitors are:

          Messrs. Chan & Tsu
          Room 1601, 16th Floor
          No. 160-174 Lockhart Road
          Wanchai, Hong Kong


HASTEN GROWTH: Members' Final Meeting Set for May 23
----------------------------------------------------
Members of Hasten Growth Limited will hold their final general
meeting on May 23, 2011, at 12:30 p.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.



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

HSH Norbank AG, Singapore Branch, filed the petition against the
company.

The Petitioner's Solicitors are:

          Stephen  Mok & Co.
          In association with Eversheds LLP
          21/F, Gloucester Tower
          The Landmark
          15 Queen's Road Central
          Hong Kong


KINHILL CORPORATION: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on April 14, 2011,
creditors of Kinhill Corporation Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chan Ka Chi
         Room 506, Gold and Silver Commercial Building
         No. 12 Mercer Street
         Sheung Wan, Hong Kong


LEGEND CAPITAL: Kong and Kong Appointed as Liquidators
------------------------------------------------------
Kong Sze Man Simone and Kong Sau Wai on April 8, 2011, were
appointed as liquidators of Legend Capital Profits Limited.

The liquidators may be reached at:

         Kong Sze Man Simone
         Kong Sau Wai
         Unit 511, 5th Floor
         Tower 1, Silvercord
         No. 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


MACQUARIE CAPITAL: Creditors' Proofs of Debt Due May 21
-------------------------------------------------------
Creditors of Macquarie Capital Funds (Asia) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 21, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 12, 2011.

The company's liquidator is:

         Sy Mei Ling
         38th Floor, Tower One
         Lippo Centre
         89 Queensway
         Hong Kong


METZLER INTERNATIONAL: Creditors to Get 4.0% Recovery on Claims
---------------------------------------------------------------
Metzler International (Asia) Limited, which is in liquidation,
will pay the third interim dividend to its creditors on May 31,
2011.

The company will pay 4.0% for ordinary claims.

The company's liquidators are:

         Desmond Chung Seng Chiong
         Roderick John Sutton
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


OPUS COLLECTION: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order March 1, 2011, to
wind up the operations of Opus Collection Limited.

The company's liquidator is Lau Siu Hung.


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


ASHLESHA CORPORATION: CRISIL Rates INR80MM Term Loan at 'B-'
------------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to the term loan
facility of Ashlesha Corporation Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR80.0 Million Term Loan     B-/Negative (Assigned)

The rating reflects ACL's weak financial flexibility and
cyclicality in the industry. These rating weaknesses are partially
offset by the benefits accrued by ACL because of the advantageous
location of its hotel.

Outlook: Negative

CRISIL believes that ACL will commence operations by April 2011.
The repayment obligations for the term loan taken for the project
are also starting in April 2011, thereby leaving ACL no time to
stabilise its operations.  The company is expected to witness
liquidity constraints over the near to medium term as the timely
payment of debt obligations will depend on early stabilization of
hotel operations.  The outlook may be revised to 'Stable' if ACL
is able to manage the short-term liquidity constraints despite the
delay in commencement of operations.  Conversely, the rating may
be downgraded if there are further delays in commencement of
operations and/or ACL's liquidity weakens further.

Incorporated in 2005, ACL is developing a three-star hotel at
Ranchi (Jharkhand). The hotel has 54 rooms, and also a swimming
pool, banquet hall, coffee shop, and discotheque, besides other
amenities. Hotel operations are expected to commence in April
2011.


BHAGWAN VANASPATI: CRISIL Rates INR70 Million Cash Credit at 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bhagwan Vanaspati Mills Ltd to 'D' from 'B+/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR70.0 Million Cash Credit Limit    D (Downgraded from
                                           'B+/Stable')

The downgrade reflects BVML's overdrawn cash credit limit for the
last six months and its non-payment of interest on the same. The
management has closed the plant since October 2010, stating that
operating its plant was not economically feasible. The account has
been classified as a non-performing asset by its bank.

Incorporated in 1994 by Mr. Hari Bhagwan Agarwal, BVML
manufactures vanaspati oil. Its plant in Budaun (Uttar Pradesh)
has an installed capacity of 62.5 tonnes per day. The plant has
been shut since October 2010, and the management has stated that
operating the plant would not be economically feasible.


FAIRY FOOD: CRISIL Reaffirms 'C' Rating on INR35MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Fairy Food Products Pvt
Ltd continue to reflect the delays by Hayath Foods, one of the
group entities, in servicing its term loans; the delays have been
caused by weak liquidity because of low cash accruals, large
working capital requirements, and moderate debt-funded capital
expenditure.  The ratings also reflect the Fairy group's below-
average financial risk profile, marked by high gearing and weak
debt-protection measures, and geographically concentrated revenue
profile.  These rating weaknesses are partially offset by the
Fairy group's established market position in the fruit processing
industry.

   Facilities                          Ratings
   ----------                          -------
   INR35.00 Million Cash Credit        C (Reaffirmed)
   INR80.00 Million Packing Credit     P4 (Reaffirmed)
   INR105.00 Million Bill Purchase-    P4 (Reaffirmed)
              Discounting Facility
   INR75.00 Million Letter of Credit   P4 (Reaffirmed)
   INR2.50 Million Bank Guarantee      P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Fairy Food, Hayath Foods, Navaras Food
Products Ltd, Safa Food Products Pvt Ltd, and Sreenivasa Processed
Foods, collectively referred to as the Fairy group. This is
because all these entities are in the same line of business, have
intra-group operational and financial linkages, including fungible
cash flows, and are under a common management.

The Fairy group consists of five entities that manufacture fruit
pulp from mango and guava.  The Bengaluru (Karnataka)-based group
has a total capacity of around 18 tonnes per hour.  Set up in 1968
by Mr. Syed Mateen Aga, the Fairy group is part of the larger Aga
group which trades in fruits and manufactures fruit pulp. Around
75% of the Fairy group's revenues come from exports, almost
entirely to the Middle East.

The Fairy group reported a profit after tax of INR3.7 million on
net sales of INR453.4 million for 2009-10 (refers to financial
year, April 1 to March 31), against a profit after tax of INR10.4
million on net sales of INR498.7 million for 2008-09.


HAYATH FOODS: CRISIL Reaffirms 'D' Rating on INR51.6MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hayath Foods, which is
part of the Fairy group, continue to reflect the delays by the
firm in servicing its term loans; the delays have been caused by
weak liquidity because of low cash accruals, large working capital
requirements, and moderate debt-funded capital expenditure.

   Facilities                           Ratings
   ----------                           -------
   INR51.60 Million Long-Term Loan      D (Reaffirmed)
   INR10.00 Million Cash Credit         D (Reaffirmed)
   INR45.00 Million Packing Credit      P5 (Reaffirmed)
   INR50.00 Million Bill Purchase-      P5 (Reaffirmed)
              Discounting Facility
   INR45.00 Million Letter of Credit    P5 (Reaffirmed)
   INR15.00 Million Bank Guarantee      P5 (Reaffirmed)

The Fairy group also has a below-average financial risk profile,
marked by a high gearing and weak debt protection metrics, and a
geographically concentrated revenue profile.  However, the Fairy
group benefits from its established market position in the fruit
processing industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Fairy Food Products Pvt Ltd, Hayath
Foods, Navaras Food Products Ltd, Safa Food Products Pvt Ltd, and
Sreenivasa Processed Foods, collectively referred to as the Fairy
group.  This is because all these entities are in the same line of
business, have intra-group operational and financial linkages,
including fungible cash flows, and are under a common management.

The Fairy group consists of five entities that manufacture fruit
pulp from mango and guava.  The Bengaluru (Karnataka)-based group
has a total capacity of around 18 tonnes per hour.  Set up in 1968
by Mr. Syed Mateen Aga, the Fairy group is part of the larger Aga
group which trades in fruits and manufactures fruit pulp. Around
75% of the Fairy group's revenues come from exports, almost
entirely to the Middle East.

The Fairy group reported a profit after tax of INR3.7 million on
net sales of INR453.4 million for 2009-10 (refers to financial
year, April 1 to March 31), against a profit after tax of INR10.4
million on net sales of INR498.7 million for 2008-09.


ICEBERG FOODS: CRISIL Assigns 'BB+' Rating to INR124MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Iceberg Foods Ltd.  The ratings reflect the Iceberg
group's exposure to risks related to a large, debt-funded capital
expenditure (capex) programme, small scale of operations in
intensely competitive Indian beverages market, and vulnerability
to adverse regulatory changes, coupled with seasonality in demand
for its products.  These weaknesses are partially offset by the
improvement in IFL's sales, supported by established distribution
network and stable business risk profile, on account of product
and geographical diversification in its revenue profile.

   Facilities                        Ratings
   ----------                        -------
   INR200 Million Cash Credit        BB+/Stable (Assigned)
   INR124 Million Term Loan          BB+/Stable (Assigned)
   INR50 Million Letter of Credit    P4+ (Assigned)

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of IFL, Paras Natural Spring Water Pvt
Ltd, Abhiruchi Aqua Pvt Ltd, Iceberg Aqua Pvt Ltd, and Trinity
Beverages Pvt Ltd, together referred to as the Iceberg group.
This is because the entities are in similar lines of business and
under common management. Furthermore, the group entities extend
financial support to each other. Also, IFL has guaranteed the bank
facilities of IAL, and purchases carbonated soft drinks (CSD) and
packaged drinking water from AAL and TBL.

Outlook: Stable

CRISIL believes that the Iceberg group will benefit from its
exclusive franchisee agreement with United Breweries Ltd (UBL) and
Cott Beverages Inc.  The group is expected to scale up its
operations, supported by its established distribution network
across India.  The outlook may be revised to 'Positive' in case
the group achieves more-than-expected sales while maintaining
profitability and improving its capital structure.  Conversely,
the outlook may be revised to 'Negative' in case of significant
deterioration in the group's financial risk profile, due to
larger-than-expected working capital requirements or a large,
debt-funded capex, or in case adverse regulatory changes affect
the group's profitability.

Incorporated in 1999, IFL is managed by Mr. Kishore Aggarwal and
his family.  The company has an exclusive franchisee agreement
with UBL to manufacture and market packaged drinking water and
soda under the Kingfisher brand in all but the eastern region of
India.  IFL is also the master franchisee for manufacturing and
marketing CSD for CBI under the RC Cola brand in India. The
company's manufacturing units are in Jhajjar (Haryana) and Jaipur
(Rajasthan).  They have a combined manufacturing capacity of 16.2
million litres per annum (mlpa) for CSDs, 28.8 mlpa for packaged
drinking water, and 1.8 mlpa for soda.

AAL has a facility for packaged drinking water in Mumbai. It has a
capacity of 8.6 mlpa.  AAL also has an agreement with UBL to
manufacture and market its brand of packaged drinking water.

TBL has a CSD manufacturing unit in Hyderabad with an installed
capacity of 23.3 mlpa.  TBL has an agreement with CBI to
manufacture and market its RC Cola brand.

PNS is a wholly owned subsidiary of IFL and has a packaged
drinking water manufacturing unit in Haridwar (Uttar Pradesh),
with a capacity of 24.1 mlpa.  IFL acquired PNS for INR65 million,
funded through term loan of INR50 million and internal accruals.

IAL manufactures PET bottles used by IFL, AAL, and TBL. IAL also
supplies PET bottles to contract manufacturers of packaged
drinking water of UBL.

For 2009-10, IFL reported a profit after tax of INR19 million on
net revenue of INR518 million, against INR10 million and INR354
million, respectively, in the previous financial year.


KNS OVERSEAS: CRISIL Reaffirms 'P4+' Rating on INR240MM Credit
--------------------------------------------------------------
CRISIL's rating on the export packing credit facility of KNS
Overseas Pvt Ltd continues to reflect KNS's susceptibility to
adverse regulatory changes, to volatility in iron ore prices, to
cyclicality in the end-use industry, and geographical and client
concentration in revenue profile.  These rating weaknesses are
partially offset by the experience of KNS's promoter in the iron
ore trading business.

   Facilities                                Ratings
   ----------                                -------
   INR240.00 Million Export Packing Credit   P4+ (Reaffirmed)

Update

KNS generated revenues of about INR834 million, in line with
CRISIL's expectations, in 2009-10 (refers to financial year, April
1 to March 31). The company is expected to record revenues of
about INR420 million in 2010-11, much lower than CRISIL's
expectations of about INR850 million, primarily because of the
export ban of iron ore in Karnataka. With the lift of the export
ban with effect from April 20, 2011, CRISIL believes that the
company's revenues will increase over the medium term.
Furthermore, KNS opened a branch office in Goa in February 2011;
this is expected to execute an export order of about INR300
million in April 2011.  The company's profitability margins were
lower than expected, primarily because of lower-than-expected
revenues. KNS's financial risk profile was weaker than
expectations, marked by a high estimated gearing of 3.49 times as
on March 31, 2011, and weak debt protection metrics as a result of
lower accruals.  The company's financial risk profile is expected
to strengthen over the medium term as a result of improved
accruals and lack of debt-funded capital expenditure during this
period. KNS's liquidity will remain adequate for the rating
category, as the company is expected to generate net cash accruals
of about INR20 million vis-a-vis nil debt obligations; however,
the bank limit utilization was high at nearly 97% over the 12
months through March 2011 because of large inventory stocking
requirements in the year-end pertaining to the export order.

                         About KNS Overseas

Set up in 2008, Bengaluru (Karnataka)-based KNS exports iron ore
fines of grades Fe60 to Fe64.  The company is named after its
promoter, Mr. K N Surendra, who has been in the business of
trading in iron ore, civil construction, and real estate
development through sole proprietorship concern KN Surendra, KNS
Mines and Minerals (a registered partnership concern), and KNS
Infrastructure Pvt Ltd, respectively, for nearly a decade.

KNS reported profit after tax of INR22 million on net sales of
INR834 million for 2009-10, against a net loss of INR4 million on
net sales of INR5 million for 2008-09.


KUMINEX MINERALS: CRISIL Upgrades Rating on INR145MM Loan to 'C'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Kuminex
Minerals Pvt Ltd to 'C' from 'D'.

   Facilities                                Ratings
   ----------                                -------
   INR145 Million Proposed Long-Term Loan    C (Upgraded from 'D')

The upgrade reflects Kuminex's repayment of its entire term loan
in January 2011.  Kuminex currently does not have any term loan
outstanding.  However, the company's rating is constrained by
instances of delay in debt servicing by group company Sri
Kumarswamy Mineral Exports.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SKME and Kuminex, together referred to
as Sri Kumarswamy group.  This is because the two companies,
together referred to as the Sri Kumarswamy group, are under a
common management, into similar lines of business, and have
extended corporate guarantees to each other.

The Sri Kumarswamy group is promoted and managed by Mr. Shantesh
Gureddi, Mr. Ravindranath Alva, and Mr. Bhavani Prasad. Set up in
1992 as a partnership firm, SKME is an export-oriented unit at
Bellary, Karnataka.  It has acquired iron ore mines on lease from
the Government of Karnataka.  SKME also derives revenues from its
windmill division, with capacity of 22.5 megawatt (MW) as on
March 31, 2011. Kuminex was incorporated in 2004, and provides
logistics and ancillary services to SKME. Kuminex also derives
revenues from its windmill division, which had a capacity of 6.75
MW as on March 31, 2011.

The Sri Kumarswamy group reported a profit after tax (PAT) of
INR9.8 million on net sales of INR306.3 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR260.7 million on net sales of INR1.71 billion for 2008-09.


MAHALAXMI POLYPACK: CRISIL Cuts Rating on INR95MM Loan to 'BB+'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Mahalaxmi Polypack Pvt Ltd to 'BB+/Stable/P4+' from 'BBB-
/Stable/P3'.

   Facilities                          Ratings
   ----------                          -------
   INR60.0 Million Cash Credit Limit   BB+/Stable (Downgraded from
                                                   'BBB-/Stable')

   INR95.0 Million Term Loan           BB+/Stable (Downgraded from
                                                   'BBB-/Stable')

   INR5.0 Million Letter of Credit     P4+ (Downgraded from 'P3')

   INR5.0 Million Bank Guarantee       P4+ (Downgraded from 'P3')

The downgrade reflects deterioration in MPPL's financial risk
profile, especially liquidity, in the recent past because of its
large, debt-funded capital expenditure (capex) and increased
working capital requirements arising out of its increased
capacities.

The ratings reflect MPPL's high gearing, and exposure to intense
competition in the fragmented plastic packaging industry.  These
rating weaknesses are partially offset by MPPL's above-average
debt protection metrics and operational efficiencies, and its
promoters' experience in the plastic packaging business.

Outlook: Stable

CRISIL believes that MPPL's sales will continue to increase over
the medium term, supported by its promoters' industry experience,
but the liquidity will remain stretched.  The outlook may be
revised to 'Positive' if MPPL's financial risk profile, especially
liquidity, improves, most likely because of more-than-expected
sales and profitability.  Conversely, the outlook may be revised
to 'Negative' if the company is unable to maintain its
profitability, leading to decline in its cash accruals, or if its
capital structure weakens because of larger-than-expected debt-
funded capex.

Incorporated in 2005, MPPL commenced commercial operations in June
2007.  It manufactures high-density polyethylene (HDPE) and
polypropylene (PP) woven sacks. Its manufacturing unit in Rudrapur
(Uttarakhand) has capacity to weave 13,200 tonnes of fabric per
annum.


NAGAR DAIRY: CRISIL Upgrades Rating on INR10MM Term Loan to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Nagar Dairy Pvt Ltd to 'BB-/Stable' from 'D'.

   Facilities                       Ratings
   ----------                       -------
   INR220.0 Million Cash Credit     BB-/Stable (Upgraded from 'D')
   INR10.0 Million Term loan        BB-/Stable (Upgraded from 'D')

The rating upgrade reflects NDPL's track record of timely
repayment of term loan principal and interest instalments to the
State Bank of India for the past 11 months.  NDPL's net cash
accruals, estimated at INR25 million to INR30 million for 2011-12
(refers to financial year, April 1 to March 31), are expected to
be adequate for meeting its term loan obligation of INR5 million
maturing during the year.  NDPL's liquidity is supported by
increased job-work income from Gujarat Co-operative Milk Marketing
Federation Ltd (GCMMF; INR150 million estimated for 2010-11). NDPL
reported an operating income growth of 39% in 2009-10 over that in
2008-09, driven by increase in capacity utilization of its milk
processing facilities.

The rating reflects NDPL's constrained financial flexibility
because of its working-capital-intensive operations, low operating
profitability, small scale of operations, and susceptibility to
adverse regulatory changes and environmental conditions, including
epidemic-related risks.  These rating weaknesses are partially
offset by the established milk procurement network and market
position of NDPL in the dairy industry.

Outlook: Stable

CRISIL expects NDPL's operating income to increase over the medium
term, driven by its established position in the dairy industry and
increasing job-work for GCMMF. NDPL's financial risk profile is
expected to remain constrained over the medium term on account of
large working capital requirements and low operating margin.  The
outlook may be revised to 'Positive' if NDPL's scale of operations
and cash accruals increase more than expected and working capital
management improves, leading to improvement in its capital
structure and debt protection metrics.  Conversely, the outlook
may be revised to 'Negative' if the company undertakes a larger-
than-expected debt-funded capital expenditure programme or there
is significant pressure on its profitability, leading to
deterioration in its capital structure.

                         About Nagar Dairy

Incorporated in 2003-04 (refers to financial year, April 1 to
March 31), NDPL manufactures dairy products-ghee and skimmed milk
powder (SMP). It has a milk processing capacity of 0.4. million
litres per day (lpd) at its unit in Hapur (Uttar Pradesh).  It
sells the products under the brand Nagar. In 2008-09, NDPL bagged
an annual contract from GCMMF for processing milk and milk
products, and has processing capacity of 0.65 million lpd, which
will be increased to 1.0 million lpd in 2011-12.

NDPL reported a profit after tax (PAT) of INR19.1 million on net
sales of INR1, 895.3 million for 2009-10, against a PAT of INR17.5
million on net sales of INR1, 364.0 million for 2008-09.


PELICAN RUBBER: CRISIL Reaffirms 'BB' Rating on INR70MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pelican Rubber Ltd
continue to reflect Pelican's below-average financial risk profile
marked by high gearing, average debt protection metrics, and low
net worth, and the company's exposure to risks relating to
fluctuations in the prices of butyl rubber and in the rupee value.
These weaknesses are partially offset by Pelican's established
market position in the butyl rubber tubes segment, aided by its
experienced management.

   Facilities                         Ratings
   ----------                         -------
   INR197.5 Million Cash Credit       BB/Stable (Reaffirmed)
   INR70 Million Term Loan            BB/Stable (Reaffirmed)
   INR72.5 Million Letter of Credit   P4+ (Reaffirmed)
                 and Bank Guarantee

Outlook: Stable

CRISIL believes that Pelican will benefit from its established
market position in the butyl rubber tubes segment, and from its
capacity expansions, over the medium term.  The outlook may be
revised to 'Positive' if Pelican strengthens its business risk
profile, through significant increase in revenues, while
sustaining its operating margin, leading to improvement in its
cash accruals and debt protection metrics.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes an
unexpected, large, debt-funded capital expenditure (capex)
programme, leading to deterioration in its financial risk profile.

Update

For 2009-10 (refers to financial year, April 1 to March 31),
Pelican's revenues, at INR804 million, were stagnant at around the
2008-09 levels, and lower than CRISIL's expectation. During the
year, the company's operations were impacted by the Telangana
bandhs and curfews imposed in Hyderabad, leading to loss of
production time.  The company's manufacturing facility is located
on the outskirts of Hyderabad, and it lost 30 to 40 working days
due to this issue. However, the company's operating profitability,
at 10.5%, was marginally higher than CRISIL's expectation, driven
by better realizations.  There has been a recovery in Pelican's
sales in 2010-11, with the company posting revenues of around
INR850 million till Feb. 28, 2011, driven by stable production and
increased export sales.  The company is estimated to post revenues
of around INR950 million for 2010-11, which is around 20% higher
than 2009-10 revenues.  Pelican, however, continues to be exposed
to fluctuations in raw material prices, as it imports all its
butyl rubber requirements from abroad, while its chemical
requirements are met mostly from the domestic markets. However,
till now, Pelican has been able to manage the risk and pass on any
price increase to its end customers.

Pelican's financial risk profile has been below average, marked by
low net worth of INR179 million and a gearing of 1.63 times as on
March 31, 2010.  The company had average debt protection metrics,
with its net cash accruals to total debt and interest coverage
ratios at 0.11 times and 2.06 times, respectively, for the year
ended March 31, 2010.  Pelican's financial risk profile is likely
to remain constrained in the near term, considering its
substantial debt-funded capex plans, involving the setting up of a
tyre manufacturing unit at an estimated cost of INR500 million.
Pelican's working capital requirements have been generally high,
with the company maintaining an inventory level of 70 to 90 days,
on an average.  Its liquidity remains below average, with its bank
limits of INR155 million utilized at an average of around 97%
during 2010-11.  The company had a moderate current ratio of 1.29,
and its cash and bank balance was around INR192 million, as on
March 31, 2010. However, its cash accruals are likely to be
sufficient to meet its maturing debt obligations over the medium
term.

Pelican reported a profit after tax (PAT) of INR20.53 million on
net sales of INR788.5 million for 2009-10, as against a PAT of
INR51.2 million on net sales of INR805.3 million for 2008-09.

                          About Pelican Rubber

Incorporated in 1996 and promoted by Mr. Shiv Shanker Agarwal and
his brother Mr. Shyam Sunder Agarwal, Pelican manufactures around
180 sizes of butyl rubber tubes used in tyres sold under the Avis
brand.  The product range includes tubes for two- and three-
wheelers, passenger cars, jeeps, trucks, and earth movers.  The
company supplies tubes directly to tyre manufacturers, state
governments for their state transport vehicles, distributors, and
dealers across the country.


RITURAJ HOLDINGS: CRISIL Reaffirms 'BB+' Rating on INR92MM LT Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Rituraj Holdings Pvt Ltd
continues to reflect Rituraj's small scale of operations, and
exposure to high degree of competition in the yarn industry.
These rating weaknesses are partially offset by Rituraj's moderate
financial risk profile, marked by strong growth in revenues and
healthy debt protection metrics, and established market position
in the yarn business.

   Facilities                        Ratings
   ----------                        -------
   INR92 Million Long-Term Loan      BB+/Stable (Reaffirmed)
   INR58 Million Cash Credit         BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Rituraj will maintain its business risk
profile over the medium term, supported by its established
customer relationships, healthy operating margin, and stable
inflow of orders.  The outlook may be revised to 'Positive' if
steady profitability and increased net worth help strengthen
Rituraj's financial risk profile.  Conversely, the outlook may be
revised to 'Negative' if there is a significant decline in
Rituraj's business volumes, revenues, or margins, or if the
company undertakes large, debt-funded capital expenditure (capex)
programme, thereby adversely affecting its gearing and debt
protection metrics.

Update

Rituraj's sales are estimated to grow by about 35% in 2010-11
(refers to financial year, April 1 to March 31) to more than
INR440 million from INR326 in 2009-10. Sales growth has been
driven by high demand for chenille yarn, largely used as a
furnishing fabric; chenille yarn contributes about 60% to
Rituraj's sales. Sales growth was also supported by high prices of
chenille yarn during the year.  The company also added dyed
chenille yarn to its product profile.  Operating profitability for
the nine months ended December 2010 improved to 20.7% from 10.4%
in 2009-10, as the company's realizations increased because of
strong demand. Furthermore, value additions by the company, in the
form of slub yarn, contributed to higher profitability. Rituraj
reported a profit after tax (PAT) of INR9.9 million on net sales
of INR326 million for 2009-10, against a PAT of INR15.7 million on
net sales of INR232 million for 2008-09.

As on Dec. 31, 2010, Rituraj's gearing was moderate at about
1 time.  The company expanded its capacity in chenille yarn to
150 tonnes per month, funded partially by a term loan of INR50
million during the year.  Further capex and acquisition plans are
also likely to be funded partially by term loans, and this may
increase the company's gearing over the medium term.

Rituraj has adequate liquidity, with sufficient net cash accruals,
estimated at INR35 million for 2010-11, to meet its maturing debt
obligations of about INR16 million.  The company has a short
working capital cycle, with credit of up to a month extended to
customers and an inventory holding period of less than a month. As
a result, its average bank limit utilization for the nine months
ended December 31, 2010 was moderate at 65%.

                       About Rituraj Holdings

Set up in 1994, by Mr. G D Mundra, Rituraj manufactures stretched
yarn used in denim products, and suiting and shirting, and
chenille yarn used in furnishing fabric. The company has a
manufacturing unit in Daman.


SAANIKA INDUSTRIES: CRISIL Reaffirms 'BB' Rating on INR128.4M Loan
------------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Saanika Industries Pvt Ltd at 'BB/Stable'.  The rating on its
short-term bank facilities has been reaffirmed at 'P4+'.

   Facilities                           Ratings
   ----------                           -------
   INR128.4 Million Long-Term Loan      BB/Stable (Reaffirmed)
   (Enhanced from INR105.2 Million)
   INR175.0 Million Cash Credit Limits  BB/Stable (Reaffirmed)
   INR39.4 Million Proposed LT Bank     BB/Stable (Reaffirmed)
   Loan Facility (Enhanced from
               INR38.3 Million )
   INR7.2 Million Bank Guarantee        P4+ (Reaffirmed)

CRISIL believes that SIPL will sustain its improved business risk
profile over the medium term; its operating income is expected to
continue to achieve growth, due to an uptrend in man-made fibre
industry. SIPL increased its scale of operations over the past two
years while maintaining healthy working capital position and
operating efficiencies.

The ratings reflect SIPL's average financial risk profile, marked
by high gearing, low operating margin, and its limited pricing
power.  These weaknesses are partially offset by SIPL's promoters'
extensive experience and established track record in the textile
business in Surat (Gujarat).

Outlook: Stable

CRISIL believes that SIPL will maintain its moderate business risk
profile over the medium term, supported by its increased scale of
operations and the uptrend in the man-made fibres industry. The
outlook may be revised to 'Positive' in case of fresh equity
infusion, leading to improvement in net worth and gearing.
Conversely, the outlook may be revised to 'Negative' in case of a
larger-than-expected debt-funded capital expenditure programme or
significant decline in the operating margin, leading to further
deterioration in the capital structure and debt protection
metrics.

                       About Saanika Industries

SIPL, incorporated in February 2006, is a synthetic yarn-
processing unit based in Surat. The company processes partially-
oriented yarn into polyester filament yarn. The various varieties
the company manufactures are textured, twisted, intermingled
(low/high), non-intermingled, and dyed yarns. SIPL's management is
headed by Mr. Om Prakash Agarwal, who is assisted by members of
his family.

For 2009-10 (refers to financial year, April 1 to March 31), SIPL
reported a profit after tax (PAT) of INR18 million on net sales of
INR1.16 billion, as against a PAT of INR13 million on net sales of
INR817 million in the preceding year.


SHASHIN CONSTRUCTION: CRISIL Rates INR70MM Cash Credit at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Shashin Construction Company.

   Facilities                        Ratings
   ----------                        -------
   INR70.0 Million Cash Credit       BB+/Stable (Assigned)
   INR105.0 Million Bank Guarantee   P4+ (Assigned)
   INR5.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect SCC's small net worth, small scale of
operations in the intensely competitive infrastructure
construction segment, and susceptibility to geographic
concentration in revenues.  These rating weaknesses are partially
offset by SCC's above-average financial risk profile, marked by
low gearing and strong debt protection metrics, and healthy growth
prospects in the infrastructure construction segment.

Outlook: Stable

CRISIL believes that SCC will continue to benefit from its low
gearing and strong debt protection metrics, over the medium term.
The outlook may be revised to 'Positive' if the firm scales up its
operations substantially, improves profitability, and diversifies
its revenue profile.  Conversely, the outlook may be revised to
'Negative' if there is a material decline in revenues and
profitability, or if its capital structure and debt protection
metrics deteriorate as a result of larger-than-expected debt-
funded capital expenditure or large capital withdrawal by the
partners. Large exposure in group entity, involved in real estate
development, would also have a negative bearing on outlook.

                      About Shashin Construction

SCC, based in Gujarat was set up in 1994 by Mr. Jayanti Patel.
The firm undertakes government contracts and is mainly involved in
construction of canals, dams, and railway bank lines. SCC is
managed by Mr. Jayanti Patel, his son, and son-in-law. The firm
undertakes civil construction activities mainly in Gujarat. SCC is
a Class AA contractor, registered with the government of Gujarat,
and is eligible to bid directly for a single contract of upto
INR500 million.

SCC reported a net profit of INR2.14 million on net sales of
INR350.2 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a net profit of INR4.45 million on net sales
of INR119.5 million for 2008-09.


SHIV SHAKTI: CRISIL Assigns 'B' Rating to INR93.4MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Shiv Shakti Ginning And Pressing Pvt. Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR93.4 Million Cash Credit        B/Stable (Assigned)
   INR42.6 Million Proposed LT Bank   B/Stable (Assigned)
                      Loan Facility

The rating reflects SSGP's average financial risk profile, marked
by small net worth, high gearing, and weak debt protection
metrics, and susceptibility to adverse regulatory changes.  These
rating weaknesses are partially offset by the extensive experience
of SSGP's promoters in the cotton ginning industry.

Outlook: Stable

CRISIL believes that SSGP will continue to benefit from the
established track record of its promoters in the cotton ginning
industry, over the medium term.  The outlook may be revised to
'Positive' if significant improvement in profitability and cash
accruals results in lower gearing.  Conversely, the outlook may be
revised to 'Negative' if lower-than-expected operating margin
weakens its cash accruals, or if it undertakes a large debt-funded
capital expenditure programme, thereby weakening its capital
structure.

                       About Shiv Shakti Ginning

SSGP was incorporated in 2007, and commenced commercial production
in December 2008. Based in Kutch (Gujarat), the company undertakes
ginning and pressing of raw cotton (kapaas) to make cotton bales,
and separates the seeds in the process.  During the off-season,
the company also trades various commodities such as castor,
kapasia oil, and raydo.

SSGP reported a profit after tax (PAT) of INR0.46 million on net
sales of INR422.05 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.28 million on net
sales of INR253.28 million for 2008-09.


SIVARATHISH SPINNING: CRISIL Places 'B+' Rating to INR47.3MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Sivarathish Spinning Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR35.00 Million Cash Credit     B+/Stable (Assigned)
   INR47.30 Million Term Loan       B+/Stable (Assigned)

The rating reflects SSM's small scale of operations in the
intensely competitive cotton industry, significant customer
concentration, large working capital requirements, susceptibility
to volatility in prices of raw material and erratic power supply,
and weak financial risk profile marked by small net worth, and
average gearing and debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of SSM's promoters.

Outlook: Stable

CRISIL believes that SSM will continue to benefit from its
promoters' extensive industry experience, over the medium term.
However, the company's credit risk profile will remain constrained
by its small scale of operations.  The outlook may be revised to
'Positive' if SSM scales up its operations significantly, while
managing its working capital requirements efficiently.
Conversely, the outlook may be revised to 'Negative' if the
company's liquidity weakens, most likely because of large,
incremental working capital requirements or larger-than-expected
debt-funded capital expenditure.

                     About Sivarathish Spinning

Set up in 1995, SSM manufactures cotton yarn.  Its manufacturing
facilities are in Vellakovil (Tamil Nadu).  The company has an
installed capacity of 13,800 spindles, and has plans to add 2,400
spindles in 2011-12 (refers to financial year, April 1 to
March 31). SSM produces cotton yarn in counts of 30s and 40s.

SSM reported a profit after tax (PAT) of INR1.86 million on net
sales of INR152.60 million for 2009-10, against a PAT of INR1.16
million on net sales of INR132.61 million for 2008-09.


SRI KUMARSWAMY: CRISIL Reaffirms 'D' Rating on INR529MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Kumarswamy Mineral
Exports continue to reflect instances of delay by the Sri
Kumarswamy group in servicing its debt; the delays have been
caused by the group's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR529 Million Long-Term Loan     D (Reaffirmed)
   INR400 Million Packing Credit     P5 (Reaffirmed)

The Sri Kumarswamy group is exposed to the risk of susceptibility
of margins to volatility of iron ore prices and the cyclical
nature of the end user industry.  However, the group benefits from
the promoters' experience in the iron ore mining business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SKME and Kuminex Minerals Pvt Ltd
(Kuminex), together referred to as Sri Kumarswamy group. This is
because the two companies are under common management, in similar
lines of business, and have extended corporate guarantees to each
other.

The Sri Kumarswamy group is promoted and managed by Mr. Shantesh
Gureddi, Mr. Ravindranath Alva, and Mr. Bhavani Prasad.  Set up in
1992 as a partnership firm, SKME is an export-oriented unit at
Bellary, Karnataka. It has acquired iron ore mines on lease from
the Government of Karnataka. Kuminex was incorporated in 2004, and
provides logistics and ancillary services to the export activity
of SKME.

The Sri Kumarswamy group reported a profit after tax (PAT) of
INR9.8 million on net sales of INR306.3 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR260.7 million on net sales of INR1.71 billion for 2008-09.


VENKATESHWARA POWER: CRISIL Reaffirms INR225.6M Loan Rating at BB-
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Venkateshwara Power
Project Ltd continue to reflect VPPL's weak financial risk
profile, marked by high leverage and a small net worth, and a
small scale of operations.  These rating weaknesses are partially
offset by VPPL's recently completed expansion of its power co-
generation capacity to 33 megawatts (MW) from 10 MW; this could
help diversify the company's revenue profile over the medium term.
Moreover, VPPL benefitted from an improved working capital
position in 2010-11 (refers to financial year, April 1 to
March 31), enabling the company to reduce its debt and maintain
its financial ratios commensurate with its rating category.

   Facilities                        Ratings
   ----------                        -------
   INR1.25 Billion Cash Credit       BB-/Stable
   (Enhanced from INR450 Million)

   INR225.6 Million Long-Term Loan   BB-/Stable
   (Enhanced from INR56.1 Million)

   INR28.6 Million Short-Term Loan   P4+ (Reaffirmed)
   (Reduced from INR140 Million)

Outlook: Stable
CRISIL believes that VPPL will maintain its current financial
position marked by high leverage but adequate liquidity, as
reflected in its low bank limit utilization and healthy cash and
cash equivalents, over the medium term.  An outlook revision to
'Positive' would depend on sustained improvement in profitability
and reduction in gearing to moderate levels. Conversely, the
outlook may be revised to 'Negative' if the profitability
deteriorates further or higher-than-expected gearing leads to
deterioration in the company's debt protection metrics.

                       About Venkateshwara Power

VPPL has a sugar manufacturing facility in Karnataka, with a
crushing capacity of 5000 tonnes per day.  It also has a bagasse-
based co-generation facility which has been expanded to 33 MW in
October 2010 from the previous 10 MW.  The company plans to sell a
part of the power generated by the facility to Karnataka Power
Transmission Corporation Ltd (rated 'BBB+/Stable' by CRISIL).

For 2009-10, VPPL recorded a loss of INR44 million on net sales of
INR1529 million, against a profit of INR33 million on net sales of
INR1098 million for the previous financial year.


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


MITSUBISHI MOTORS: S&P Affirms B+ Rating; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from stable
its outlooks on the ratings on six Japanese automakers and
suppliers, based on its expectations that the companies are likely
to experience deteriorated operating and financial performance in
fiscal 2011 (ending March 31, 2012) due to significant production
cuts resulting from parts shortages following the March 11
earthquake.  "We revised the outlooks to negative on Toyota Motor
Corp., Honda Motor Co. Ltd., Nissan Motor Co. Ltd., Aisin Seiki
Co. Ltd., Denso Corp., and Toyota Industries Corp.  The outlook
revisions also reflect our opinion that extended production cuts
may erode Japanese automakers' market shares and competitive
positions in the longer term," S&P noted.

"At the same time, we affirmed our ratings on the entities based
on our view that anticipated deterioration in performance is
unlikely to be as serious as in fiscal 2008 (ended March 31, 2009)
and that significant deterioration in financial profiles is
unlikely given a lower likelihood of negative free cash flow and
the strong financial profiles and liquidity of most of the rated
automakers.  We also affirmed our ratings on Mitsubishi Motors
Corp., the outlook on which was already negative," S&P stated.

Supply chain disruptions are posing a greater challenge for
Japanese automakers than Standard & Poor's initially anticipated,
and have forced virtually all Japanese automakers to significantly
cut output in Japan.  The impact is also starting to spread to
production outside Japan.  At most Japanese automakers, overall
domestic and overseas output is currently at about 50% of initial
production plans.  "Although we currently expect parts shortages
to be largely resolved by around July, we believe that full
production is unlikely to recover in the summer due to expected
electricity shortages in the Tokyo metropolitan and surrounding
areas in the summer, and a time lag for parts to be delivered to
overseas plants.  We currently expect automakers to eventually
return to full or near full production by around October.  We also
think the timing may vary among automakers by one to two months as
Toyota Motor announced that it expects its production to normalize
around November or December," according to S&P.

S&P continued, "Although we expect increased output in the latter
half of fiscal 2011 to partly make up for lost production, we
believe automakers are likely to experience deteriorated financial
performance given that significant production cuts are likely to
continue until July.  We anticipate demand to be weak in the
domestic market in 2011.  In our opinion, stagnant economic
activity and depressed consumer confidence as a result of the
earthquake, as well as electricity shortages in parts of eastern
Japan, may further dampen already weak automobile demand in the
domestic market.  Moreover, production cuts for an extended period
may erode Japanese automakers' market shares and competitive
positions in the longer term, in our opinion."

"The ratings affirmations are based on our view that the
anticipated deterioration in performance is unlikely to be as
serious as in fiscal 2008 (ended March 31, 2009) and that
significant deterioration in financial profiles is unlikely given
a lower likelihood of large negative free cash flow and the strong
financial profiles and liquidity at most of the rated automakers.
Unlike after the Lehman Shock, vehicle demand prospects remain
solid in North America and emerging markets, and automakers could
partially make up for lost production by increasing output in the
latter half.  We also believe automakers' improved break-even
points should help prevent the very serious performance
deterioration we saw in fiscal 2008.  Lower capital expenditures
and vehicle inventories should also make large negative free cash
flows less likely.  In our view, the improved financial standing
of rated Japanese automakers and suppliers in the past two years,
with many having accumulated historically high liquidity, will
help them to withstand temporary pressure on operating performance
and cash flow," S&P elaborated.

"We revised our outlooks on the three Toyota group suppliers to
negative from stable reflecting our anticipation that the
suppliers' financial performance would be negatively affected by
significant production cuts at Japanese automakers, due to their
high exposure to business with Toyota Motor.  The outlook revision
on Toyota Industries also reflects the rating constraint on
Toyota Industries from the rating on Toyota Motor as the rating on
Toyota Industries incorporates uplift for extraordinary support
from Toyota Motor," S&P noted.

"We affirmed the ratings based on our view that the suppliers'
strong competitive positions in non-Toyota businesses should help
to partially offset the negative impact from production cuts at
Toyota Motor and help them withstand temporary pressure on their
operating performance and financial profiles," continued S&P.

"If normalization of production is delayed further than our
current assumptions, such as into 2012, then we will likely view
this as a major setback for automakers restoring their
profitability, which may prompt us to lower the ratings on
Japanese automakers depending on the situation facing each
company.  Conversely, we may revise the outlooks back to stable if
parts shortages are largely resolved and we see clear signs of
output increasing and sales recovering, and we conclude that the
companies' competitive positions are maintained and profitability
is recovering," S&P added.

Ratings List
Outlook Action; Ratings Affirmed
                                      To                   From
Aisin Seiki Co. Ltd.                  A+/Negative/A-1
A+/Stable/A-1
Denso Corp.                           AA-/Negative/A-1+    AA-
/Stable/A-1+

Honda Motor Co. Ltd.                  A+/Negative/A-1
A+/Stable/A-1
American Honda Finance Corp.
Honda Canada Finance Inc.


Nissan Motor Co. Ltd.                 BBB+/Negative/A-2
BBB+/Stable/A-2
Nissan Motor Acceptance Corp.
Nissan International Finance (Netherlands) B.V.
Nissan North America Inc.

Toyota Motor Corp.                    AA-/Negative/A-1+    AA-
/Stable/A-1+
Toyota Credit Canada Inc.
Toyota Finance Australia Ltd.
Toyota Finance Corp.
Toyota Finance New Zealand Ltd.
Toyota Financial Services Corp.
Toyota Motor Credit Corp.
Toyota Motor Finance (Netherlands) B.V.
Toyota Motor Sales USA Inc.

Toyota Industries Corp.              AA-/Negative/A-1+    AA-
/Stable/A-1+

Ratings Affirmed

Mitsubishi Motors Corp.              B+/Negative/--


TOKYO ELECTRIC: Workers Agree to Up to 25% Pay Cut
--------------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co. workers
agreed to a management proposal to cut their pay by as much as
25% out of a sense of responsibility for the world's worst nuclear
disaster since Chernobyl, their union said.

"Most union members didn't object to a pay cut, considering the
situation at the company and the effect on society from the
nuclear accident," Koji Sakata, secretary-general of the Tokyo
Electric Power Workers Union, told Bloomberg.

According to Bloomberg, the utility known as Tepco is battling
radiation leaks at the Fukushima Dai-Ichi power plant north of
Tokyo after a March 11 earthquake and tsunami knocked out its
cooling systems, causing the biggest atomic accident in 25 years.
More than 50,000 households were forced to evacuate and Bank of
America Corp.'s Merrill Lynch estimates Tepco may face
compensation claims of as much as JPY11 trillion ($135 billion).

"Tepco is facing a situation that no other Japanese company has
before," Bloomberg quotes Keiichiro Hamaguchi, research director
at the Japan Institute for Labor Policy and Training, as saying.
"In tough financial situations, Japanese companies hold labor-
management talks on wages.  Companies normally prioritize
protecting jobs."

Bloomberg notes that the company said on April 20 it will start
compensating residents evacuated from areas around its crippled
nuclear power station.  The government has said it will support
Tepco's aid efforts.

Spokesman Tetsuya Terasawa said at a briefing in Tokyo that the
utility will begin distributing claim forms and payments will be
made as soon as possible, Bloomberg reports.  Initial compensation
totaling about JPY50 billion was promised by Tepco last week.

                             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.

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.


=========
K O R E A
=========


HYNIX SEMICONDUCTOR: Creditors Agree to Relaunch Stake Sale
-----------------------------------------------------------
The Wall Street Journal reports that creditors-turned-shareholders
of Hynix Semiconductor Inc. on Tuesday agreed to restart the sale
of their controlling stake in the company marking the third
divestment attempt in as many years.

The Journal says the creditors' collective 15% stake is valued at
around KRW3.08 trillion ($2.85 billion) based on Tuesday's
[April 26] closing market price but the chip industry's volatile
market cycles and high capital expenditure requirements remain
major hurdles for the sale.

According to the Journal, the nine creditors -- all financial
firms -- have been trying for years to divest from Hynix, which
they took control of in 2001 following several debt-for-equity
swaps after the chipmaker nearly collapsed due to weak market
conditions.

They have yet to find anyone willing to buy their stake in
entirety, after the latest attempt to sell the shares in early
2010 ended without any bidders, the Journal notes.  The creditors
consequently pared their stake from 28% to 15% through two block
sales.

The Journal relates that Korea Exchange Bank, the lead creditor,
said the shareholders could issue a public notice for the stake as
early as the second half of May.  The creditors will be more
flexible in how interested parties can structure their bid,
including a potential issue of new Hynix shares, the Journal says
citing KEB0.

The creditors, which include Woori Bank and Shinhan Bank as well
as Korea Finance Corp., have been tapping the market for potential
bidders.  But companies mooted as possible candidates have
repeatedly denied any interest and it is unclear whether any
bidders will emerge this time around, the Journal adds.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 26, 2010, Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Korea-based
Hynix Semiconductor Inc. to positive from stable, reflecting its
improving financial risk profile.  At the same time, Standard &
Poor's affirmed the 'B+' long-term corporate credit rating on
Hynix.  In addition, S&P raised the ratings on Hynix's senior
unsecured bonds to 'B+' from 'B', reflecting its opinion that the
potential for recovery in the event of default has improved.


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


WESTERN PACIFIC: Policyholder Seeks Creditors' Meeting
------------------------------------------------------
Marta Steeman at BusinessDay.co.nz reports that Roger O'Callaghan,
a Christchurch policyholder of Western Pacific Insurance, is
seeking a creditors' meeting concerned at how any reinsurance
money might be divided.

BusinessDay.co.nz relates that a service-station owner,
Mr. O'Callaghan, wrote to the owner-appointed liquidators on
April 26, 2011, to seek the meeting.

"I actually want a creditors' committee working with the
liquidators," BusinessDay.co.nz quotes Mr. O'Callaghan as saying.
"I think there are a lot of legal issues regarding the matters. I
think it is a little bit more legally difficult than a general
liquidation."

BusinessDay.co.nz says one of the issues was whether the
reinsurance money from WPI's reinsurers could be used to satisfy
all creditors' claims upon the company or just policyholders'
claims.

According to the report, Mr. O'Callaghan's service station in
Burwood was badly damaged in the September 4 earthquake.

About 155 earthquake-related claims exist on WPI, but the majority
of its policyholders, about 7,000, are not affected by that.

BusinessDay.co.nz notes that the liquidators' first report shows
preferential creditors -- the IRD and employees are respectively
owed NZ$20,440 and NZ$41,522.  Secured and unsecured creditors
also exist.

The liquidators' report did not say how much reinsurance cover
Western Pacific had, BusinessDay.co.nz says.

Mr. O'Callaghan, as cited by BusinessDay.co.nz, said a creditors'
committee could have a say in what actions the liquidators took in
recovering money, and action against directors.  A creditors'
committee could also decide to change the liquidators,
BusinessDay.co.nz relates.

BusinessDay.co.nz adds that Mr. O'Callaghan would prefer a
government liquidator, the Official Assignee.

Mr. O'Callaghan had also written to local Members of Parliament
about government support for WPI as AMI had received.

The liquidators, David Ruscoe and Simon Thorn, of Grant Thorton,
said Tuesday they were cancelling all WPI's insurance policies
because they were unable to sell, transfer or assign the business.
"Under Section 269 of the Companies Act 1993, we disclaim the
insurance policies as onerous property, the effect of which is the
cancellation of all policies immediately," they said.

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

Western Pacific owes creditors an initial estimated NZ$3.8 million
and has NZ$1.9 million of unsettled insurance claims, according to
first liquidators report.

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

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


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


HAINAN ZHENLIN: Court to Hear Wind-Up Petition on May 6
-------------------------------------------------------
A petition to wind up the operations of Hainan Zhenlin Industry
Company Pte Ltd will be heard before the High Court of Singapore
on May 6, 2011, at 10:00 a.m.

Infinity Corporate Services Pte Ltd filed the petition against the
company on April 13, 2011.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No. 9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


KIAN SENG: Creditors Get 3.04% Recovery on Claims
-------------------------------------------------
Kian Seng Lee (1488) Food Manufacturers Pte Ltd declared the
second and final dividend on April 29, 2011.

The company paid 3.04% to the received claims.

The company's liquidator is:

         Don M Ho
         c/o Don Ho & Associates
         Equity Plaza
         20 Cecil Street #12-02
         Singapore 049705


MUTUAL DEVELOPMENT: Court to Hear Wind-Up Petition on May 6
-----------------------------------------------------------
A petition to wind up the operations of Mutual Development Pte Ltd
will be heard before the High Court of Singapore on May 6, 2011,
at 10:00 a.m.

The Comptroller Of Income Tax filed the petition against the
company on April 14, 2011.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road
          #16-00, Robinson 77
          Singapore 068896


                             *********

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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