TCRAP_Public/110511.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, May 11, 2011, Vol. 14, No. 92

                            Headlines



A U S T R A L I A

CLEVEDON AUSTRALIA: Director Faces Fine Over Non-Payment of Wages
* AUSTRALIA: No. of Firms Entering Insolvency Reach 1,491 in March


C H I N A

CHINA FORESTRY: S&P Downgrades Corp. Credit Rating to 'CC'


H O N G  K O N G

ABLE SMART: Members' and Creditors' Meetings Set for June 10
ASIA PUBLISHING: Placed Under Voluntary Wind-Up Proceedings
ASM INTERNATIONAL: Members' Final Meeting Set for June 8
AVIVA PORTFOLIO: Commences Wind-Up Proceedings
BAX GLOBAL: Members' Final Meeting Set for June 8

BLL FAR: Creditors' Proofs of Debt Due June 3
BT DEVELOPMENT: Muk and Tam Step Down as Liquidators
CHINESE WORKING: Members' Final Meeting Set for June 8
CLAREDON MANAGEMENT: Creditors' Proofs of Debt Due June 3
I.A. SYSTEMS: Creditors' Proofs of Debt Due June 10


I N D I A

ANAND RICE: CRISIL Rates INR200 Million Cash Credit at 'B'
ASHUTOSH FOODS: CRISIL Assigns 'B' Rating to INR60 Million LT Loan
BAIBHAW CONSTRUCTION: CRISIL Puts 'BB+' Rating to INR15MM Loan
DECCAN'S PARK: ICRA Suspends 'LBB+' Rating Assigned to LT Loans
DINESH BROTHERS: CRISIL Assigns 'B' Rating to INR3MM Cash Credit

DUKE PLASTO: CRISIL Assigns 'BB-' Rating to INR15MM Term Loan
EASTERN ALLOYS: CRISIL Reaffirms 'D' Rating on INR5MM Term Loan
EASTERN COMNETS: ICRA Assigns 'LBB' Rating to INR12cr Cash Credit
ESSKAY MACHINERY: CRISIL Places 'D' Rating to INR7.30MM Term Loan
EXOTICA CERAMIC: CRISIL Assigns 'B' Rating to INR35.4MM Term Loan

GIRNA INFRAPROJECTS: Assigns 'B+' Rating to INR15MM Cash Credit
GOVIND STEEL: CRISIL Assigns 'B' Rating to INR20MM Cash Credit
HILLSTONE CERAMIC: CRISIL Assigns 'B' Rating to INR35MM Term Loan
HY-TUF STEELS: CRISIL Assigns 'BB' Rating to INR39.5MM Term Loan
JAXX VITRIFIED: CRISIL Places 'B' Rating to INR70MM Cash Credit

K. K. CONTINENTAL: ICRA Suspends 'LBB' Rating Assigned to Loans
K. K. PROTEINS: ICRA Assigns 'LB+' Rating to INR9.90cr LT Loan
KANHA CABLES: Fitch Migrates Ratings to "Non-Monitored" Category
KALIMATA ISPAT: CRISIL Assigns 'B+' Rating to INR45MM Cash Credit
KAMDHENU COMMERCIAL: CRISIL Puts 'P4+' Rating on INR50MM Bank Loan

KASTURCHAND FERTILISERS: CRISIL Rates INR60MM Cash Credit at 'B+'
KINECO PRIVATE: ICRA Assigns 'LBB-' Rating to INR13.1cr Bank Debts
KIRAN INFRA: Fitch Migrates Ratings to "Non-Monitored" Category
KROSS MANUFACTURERS: CRISIL Places 'D' Rating on INR59.2MM LT Loan
MA CHHINMASTIKA: CRISIL Assigns 'D' Rating to INR46.2MM LT Loan

MARVELOUS ENGINEERS: ICRA Puts 'LBB-' Rating on INR0.21cr Loan
P&R AGRI: ICRA Assigns 'LB' Rating to INR19.5cr Term Loans
R.PIYARELALL IMPORT: CRISIL Puts 'BB' Rating on INR160MM Cash Debt
SATRAMDAS & CO.: CRISIL Rates INR170MM Letter of Credit at 'P4+'
SPECTRA EQUIPMENTS: ICRA Assigns 'LB+' Rating to INR11.5cr Loans

TIRUPATI: Fitch Migrates Rating to "Non-Monitored" Category
VEERAL ESAFETY: ICRA Assigns 'LB-' Rating to INR22.85cr LT Loan


N E W  Z E A L A N D

BRIDGECORP LTD: Petricevic Puts NZ$4.4-Mil. Mansion on the Market
BRUCE WOOD: Placed in Voluntary Liquidation
SILK WATER: Legal Battle Delays Liquidation Process
STRATEGIC FINANCE: Receiver Lowers Investors' Recovery Estimates
WANAKA PHARMACY: Pays Debt; Liquidation Application Withdrawn


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


CLEVEDON AUSTRALIA: Director Faces Fine Over Non-Payment of Wages
-----------------------------------------------------------------
Matt Deans at The Coffs Coast Advocate reports that retail workers
employed by Clevedon Australia Pty Ltd were allegedly made to work
for little or no pay.

The allegation, according to the report, has been made against the
former sole director of Clevedon Australia by the Fair Work
Ombudsman in the Federal Magistrates Court.

The Advocate relates that Raymond James Bird operated the
gardening retail business in NSW, Queensland and the ACT before it
went into liquidation last year.

According to the report, the company owes AU$41,725 in alleged
underpayments of 25 sales assistants, including several young
workers, between August 2008 and October 2009.  They were
allegedly not paid for some of the hours they worked -- or paid
nothing at all -- during their employment, the report says.

The Advocate adds that Fair Work Ombudsman executive director
Michael Campbell said the decision to prosecute Mr. Bird was made
because of the significant amount involved and the employer's
failure to rectify the matter.

It's alleged Mr. Bird committed eight underpayment breaches and
four record-keeping breaches of workplace laws, the Advocate
reports.

Mr. Bird faces maximum penalties per breach of AU$6,600 for the
underpayment matters and AU$1,100 for the record-keeping matters.
A hearing date has not yet been set, the report notes.

Clevedon Australia Pty Ltd operated gardening retail businesses in
NSW, Queensland and the ACT.


* AUSTRALIA: No. of Firms Entering Insolvency Reach 1,491 in March
------------------------------------------------------------------
Madeleine Heffernan at SmartCompany reports that the number of
Australian companies entering insolvency in March reached a near-
record high of just under 1,500, according to the corporate
regulator, with cautious consumers and rising rents believed to be
behind the worrying result.

Citing figures from the Australian Securities and Investments
Commission, SmartCompany discloses that the number of company
collapses reached 1,491 in March, versus 1,299 in February and 640
in January.

SmartCompany notes that the 1,491 figure is one of the highest
ever figures released by ASIC since the late 1990s, and a
significant rise on March 2010's figure of 1,313.

SmartCompany relates that ASIC said New South Wales topped the
March 2011 figures with 576 insolvency appointments, followed by
417 in Victoria.  Queensland was next with 298, while Western
Australia had 110.  SmartCompany says South Australia recorded 49
insolvency appointments, and the Australian Capital Territory had
19. Tasmania had just 18, while the Northern Territory had the
lowest figure of four, SmartCompany notes.

ASIC said the number of companies entering external administration
in March was 968 Australia-wide, up from 852 in February and 455
in January, SmartCompany adds.


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


CHINA FORESTRY: S&P Downgrades Corp. Credit Rating to 'CC'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered the long-term corporate
credit rating on China Forestry Holdings Co. Ltd. to 'CC' from
'B+'. The outlook is negative.  "At the same time, we lowered the
issue rating on the company's US$300 million senior unsecured
notes to 'CC' from 'B+'.  We removed all the ratings from
CreditWatch, where they had been placed with negative implications
on Jan. 27, 2011.  We also lowered the Greater China scale ratings
on the company and the notes to 'cnCC' from 'cnBB-'," S&P stated.

"We lowered the ratings on China Forestry because we believe the
company's financial profile and business sustainability have
substantially weakened," said Standard & Poor's credit analyst
Frank Lu.  "We have also factored into the rating our view of
heightened information risk stemming from the alleged accounting
irregularities at China Forestry; the company's auditor KPMG does
not express an opinion on the financial statements."

S&P continued, "In our opinion, noteholders may have a strong
incentive to accelerate note payment in the current situation. If
the acceleration occurs, China Forestry's reported cash balance of
about Chinese renminbi (RMB) 2.4 billion as of April 22, 2011,
will not be enough to cover its outstanding senior notes principal
and current liabilities of about RMB2.9 billion. In addition, the
company's liquidity position and balance sheet strength could
continue to deteriorate in case liabilities or asset write-downs
increase."

"High uncertainty surrounds China Forestry's ability to continue
its operations, in our view. The company has had significant asset
write-downs. And we are uncertain about the quality of the
company's forest assets and future logging permits given the lack
of information and the alleged accounting irregularities
identified by KPMG. China Forestry's operating cash flows could
significantly weaken and we expect the company's access to the
capital market to become extremely limited. Its weak financial
flexibility will further constrain its operations, in our
opinion," S&P noted.

China Forestry announced its annual results and the updates on its
alleged accounting irregularities on April 29, 2011.

"China Forestry's liquidity is weak, in our view. We believe there
is a high likelihood of senior note payment acceleration and we
are uncertain about the company's cash balance. The lack of
information makes it difficult to forecast the company's operating
cash flow," S&P said.

"The negative outlook reflects our expectation that China Forestry
may not be able to meet its obligations should the senior notes
repayment be accelerated within the next six months. It also
reflects the high uncertainty surrounding the company's financial
profile due to the lack of sufficient and complete information at
this stage," S&P added.


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


ABLE SMART: Members' and Creditors' Meetings Set for June 10
------------------------------------------------------------
Members and creditors of Able Smart Holdings Limited will hold
their annual meetings on June 10, 2011, at 10:00 a.m., and
10:30 a.m., respectively at Level 17, Tower 1, Admiralty Centre,
18 Harcourt Road, in Hong Kong.

At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


ASIA PUBLISHING: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on April 28, 2011,
creditors of Asia Publishing Exchange Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Heng Poi Cher
         4304, 43/F
         China Resources Building
         26 Harbour Road
         Wanchai, Hong Kong


ASM INTERNATIONAL: Members' Final Meeting Set for June 8
--------------------------------------------------------
Members of ASM International Limited will hold their final meeting
on June 8, 2011, at 2:30 p.m., at 25/F., Tern Centre Tower 1, 237
Queen's Road Central, in Hong Kong.

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


AVIVA PORTFOLIO: Commences Wind-Up Proceedings
----------------------------------------------
Members of Aviva Portfolio Investment Services Limited, on
April 18, 2011, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


BAX GLOBAL: Members' Final Meeting Set for June 8
-------------------------------------------------
Members of Bax Global Limited will hold their final meeting on
June 8, 2011, at 10:00 a.m., at 25/F., Wing On Centre, 111
Connaught Road Central, in Hong Kong.

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


BLL FAR: Creditors' Proofs of Debt Due June 3
---------------------------------------------
Creditors of BLL Far East Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by June 3,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 25, 2011.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


BT DEVELOPMENT: Muk and Tam Step Down as Liquidators
----------------------------------------------------
Jacky Chung Wing Muk and Gabriel Chi Kok Tam stepped down as
liquidators of BT Development Holdings Limited on April 21, 2011.


CHINESE WORKING: Members' Final Meeting Set for June 8
------------------------------------------------------
Members of The Chinese Working Women Network Foundation Limited
will hold their final meeting on June 8, 2011, at 9:30 a.m., at
12/F., Clover Commercial Building, 67 Percival Street, Causeway
Bay, in Hong Kong.

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


CLAREDON MANAGEMENT: Creditors' Proofs of Debt Due June 3
---------------------------------------------------------
Creditors of Claredon Management Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 3, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

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


I.A. SYSTEMS: Creditors' Proofs of Debt Due June 10
---------------------------------------------------
Creditors of I.A. Systems Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 10, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 28, 2011.

The company's liquidator is:

         Wong Shing Kay Oliver
         12/F, Goodfit Commercial Building
         No. 7 Fleming Road
         Wanchai, Hong Kong


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


ANAND RICE: CRISIL Rates INR200 Million Cash Credit at 'B'
----------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Anand Rice Mills.

   Facilities                         Ratings
   ----------                         -------
   INR200.00 Million Cash Credit      B/Stable (Assigned)

The rating reflects the Anand group's weak financial risk profile,
marked by high gearing and weak debt protection metrics, large
working capital requirements, customer concentration in its
revenue profile, and susceptibility to adverse regulatory changes.
These rating weaknesses are partially offset by the extensive
experience of the Anand group's promoters in, and healthy growth
prospects for, the rice industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ARM, R. L. Foods, and Ashutosh Foods,
together referred to as the Anand group.  This is primarily
because the entities are engaged in the same businesses, and
derive considerable operational, financial, and business synergies
from each other.  Furthermore, they have cross-guaranteed each
other's bank lines.

Outlook: Stable

CRISIL believes that the Anand group will maintain its business
risk profile, backed by the extensive experience of its promoters
in the rice industry.  Its financial risk profile is, however,
expected to remain constrained due to high gearing and weak debt
protection metrics.  The outlook may be revised to 'Positive' in
case of significant improvement in the group's financial risk
profile, due to equity infusion or improvement in the operating
margin.  Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the Anand group's financial risk profile
due to significant increase in inventory, leading to large
incremental bank borrowings or in case of a debt-funded capital
expenditure programme.

                         About the Group

RLF, a proprietorship firm owned by Mr. Subhash Chand, was
established in 1998.  It is engaged in milling and processing of
basmati rice, which it sells in the export and domestic markets.
The rice processing unit is in Karnal (Haryana) and has an
aggregate capacity of 9 tonne per hour (tph).

ARM, a proprietorship firm owned by Mr. Sunil Kumar, was
established in 2001.  It is engaged in milling and processing of
basmati rice, which it sells in the export and domestic markets.
The rice processing unit is in Karnal and has an aggregate
capacity of 9 tph.

ASF, a proprietorship firm owned by Mr Pankaj Kumar was
incorporated in 2004. It is engaged in milling and processing of
basmati rice, which it sells in the export and domestic markets.
The rice processing unit is in Karnal and has an aggregate
capacity of 9 tph.

The Anand group derives nearly 60% of its revenues by exporting to
the Middle East; the domestic market accounts for the remainder.
Group market rice in the domestic market to wholesalers and
exports under the buyer's brand.

The firm reported a book profit of INR0.6 million on net sales of
INR326.2 million for 2009-10, as against a book profit of INR0.5
million on net sales of INR219.1 million for 2008-09.


ASHUTOSH FOODS: CRISIL Assigns 'B' Rating to INR60 Million LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facility of
Ashutosh Foods.

   Facilities                            Ratings
   ----------                            -------
   INR240.00 Million Cash Credit         B/Stable (Assigned)
   INR60.00 Million Proposed Long-Term   B/Stable (Assigned)
                    Bank Loan Facility

The rating reflects the Anand group's weak financial risk profile,
marked by high gearing and weak debt protection metrics, large
working capital requirements, customer concentration in its
revenue profile, and susceptibility to adverse regulatory changes.
These rating weaknesses are partially offset by the extensive
experience of the Anand group's promoters in, and healthy growth
prospects for, the rice industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Anand Rice Mills, R. L. Foods, and ASF,
together referred to as the Anand group.  This is primarily
because the entities are engaged in the same businesses, and
derive considerable operational, financial, and business synergies
from each other. Furthermore, they have cross-guaranteed each
other's bank lines.

Outlook: Stable

CRISIL believes that the Anand group will maintain its business
risk profile, backed by the extensive experience of its promoters
in the rice industry. Its financial risk profile is, however,
expected to remain constrained due to high gearing and weak debt
protection metrics. The outlook may be revised to 'Positive' in
case of significant improvement in the group's financial risk
profile, due to equity infusion or improvement in the operating
margin. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the Anand group's financial risk profile
due to significant increase in inventory, leading to large
incremental bank borrowings or in case of a debt-funded capital
expenditure programme.

About the Group

RLF, a proprietorship firm owned by Mr. Subhash Chand, was
established in 1998. It is engaged in milling and processing of
basmati rice, which it sells in the export and domestic markets.
The rice processing unit is in Karnal (Haryana) and has an
aggregate capacity of 9 tonne per hour (tph).

ARM, a proprietorship firm owned by Mr. Sunil Kumar, was
established in 2001. It is engaged in milling and processing of
basmati rice, which it sells in the export and domestic markets.
The rice processing unit is in Karnal and has an aggregate
capacity of 9 tph.

ASF, a proprietorship firm owned by Mr Pankaj Kumar was
incorporated in 2004. It is engaged in milling and processing of
basmati rice, which it sells in the export and domestic markets.
The rice processing unit is in Karnal and has an aggregate
capacity of 9 tph.

The Anand group derives nearly 60% of its revenues by exporting to
the Middle East; the domestic market accounts for the remainder.
Group market rice in the domestic market to wholesalers and
exports under the buyer's brand.

The firm reported a book profit of INR0.6 million on net sales of
INR326.2 million for 2009-10, as against a book profit of INR0.5
million on net sales of INR219.1 million for 2008-09.


BAIBHAW CONSTRUCTION: CRISIL Puts 'BB+' Rating to INR15MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Baibhaw Construction Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR15 Million Cash Credit           BB+/Stable (Assigned)
   INR15 Million Overdraft Facility    BB+/Stable (Assigned)
   INR320 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect BCPL's small scale of operations and
geographical and segmental concentration in its revenue profile.
These rating weaknesses are partially offset by BCPL's comfortable
financial risk profile, marked by healthy debt protection metrics,
low gearing, and adequate liquidity.

Outlook: Stable

CRISIL believes that BCPL will maintain its business risk profile,
backed by its promoters' established presence in the civil
construction industry and its strong order book position. The
outlook may be revised to 'Positive' if BCPL strengthens its
business risk profile through greater segmental and geographical
diversification. Conversely, the outlook may be revised to
'Negative' if the company undertakes any large, debt-funded
capital expenditure (capex) programme or extends significant
financial support to its group entities, thereby deteriorating its
financial risk profile.

                       About Baibhaw Construction

BCPL, established in 1967 as a proprietary firm by Mr. Braj
Kishore Singh, undertakes civil construction work. It was
reconstituted as a company in 1987.  The company constructs roads,
national and state highways, and bridges in the states of Bihar
and Chhattisgarh.  The company is registered with Public Works
Department (Bihar & Chhattisgarh), Central Public Works
Department, Pradhan Mantri Gram Sadak Yojana, National Highways
Authority of India, and IRCON International Ltd. As on December
31, 2010, the company had an order book of INR800 million, to be
executed over the next 12-18 months. BCPL also enters into joint
ventures with other construction companies in the region to bag
larger contracts. The day-to-day operations of the company are
looked after by Mr. Abhay Kumar, Mr. Ranjan Singh, and Mr. Braj
Kishore Singh.

BCPL reported a profit after tax (PAT) of INR21.2 million on net
sales of INR510.8 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR17.3 million on net
sales of INR495.3 million for 2008-09.


DECCAN'S PARK: ICRA Suspends 'LBB+' Rating Assigned to LT Loans
---------------------------------------------------------------
ICRA has suspended the LBB+ rating assigned to the INR20 crore
long term loans & working capital facilities of Deccan's Park
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.


DINESH BROTHERS: CRISIL Assigns 'B' Rating to INR3MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Dinesh Brothers Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR3.00 Million Cash Credit         B/Stable (Assigned)
   INR20.00 Million Packing Credit     P4 (Assigned)
   INR46.00 Million Bill Discounting   P4 (Assigned)
   INR48.00 Million Letter of Credit   P4 (Assigned)

The ratings reflect the Dinesh group's weak financial flexibility,
constrained by unrelated equity and real estate investments,
average financial risk profile, marked by small net worth,
moderate gearing and weak debt protection metrics, large working
capital requirements and small scale of operations.  These rating
weaknesses are partially offset by the extensive experience of the
group's promoters in the castings industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DBPL and Govind Steel Company Ltd
(GSCL), collectively referred to as the Dinesh group.  This is
because both entities have the same management, and significant
operational linkages and fungible cash flows with each other. DBPL
is the trading arm of GSCL.

Outlook: Stable

CRISIL believes that the Dinesh group's scale of operations will
remain small over the near to medium term, and its financial risk
profile constrained proposed debt-funded capital expenditure.  The
outlook may be revised to 'Positive' if the group's scale of
operations and profitability improves considerably, leading to
better-than-expected cash accruals.  Conversely, the outlook may
be revised to 'Negative' in case of any further pressure on
liquidity and financial risk profile because of higher-than-
expected working capital requirements, larger-than-expected debt-
funded capital expenditure or unrelated investments.

                           About the Group

Incorporated in 1992 by the Seksaria family of West Bengal, DBPL
trades various cast iron goods used in road construction, such as
manhole sets, manhole grates, and water meters. These goods are
primarily manufactured by group company GSCL.

Incorporated in 1962, GSCL manufactures iron castings such as
manhole sets, manhole grates, and also steel casting for
manufacturing ingots.  About 60% of GSCL's casting is sold to DBPL
for export to the US, Middle East, and Germany, and the rest is
sold in the domestic market. GSCL is also an approved supplier of
counter pulleys for the Indian Railways. However, that contributes
to a miniscule portion of its total revenues.

The Dinesh group reported a profit after tax (PAT) of INR3.2
million on net sales of Rs 328.5 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR4.2
million on net sales of INR439.6 million for 2008-09.


DUKE PLASTO: CRISIL Assigns 'BB-' Rating to INR15MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Duke Plasto Technique Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR120 Million Cash Credit         BB-/Stable (Assigned)
   INR15 Million Rupee Term Loan      BB-/Stable (Assigned)
   INR15 Million Letter of Credit     P4+ (Assigned)

The ratings reflect Duke Plasto's average financial risk profile,
marked by high gearing, small net worth, and moderate debt
protection metrics. Duke Plasto also faces pricing pressures on
account of intense market competition in the fragmented pump
industry. These rating weaknesses are partially offset by Duke
Plasto's established presence in the pump industry, its diverse
product profile, strong emphasis on quality, and in-house research
and development skills.

Outlook: Stable

CRISIL believes that Duke Plasto will maintain its business risk
profile over the medium term, due to its strong focus on quality,
providing a significant competitive advantage, and demand for
stainless-steel pumps. The outlook may be revised to 'Positive' if
the company's financial risk profile improves significantly, most
likely because of fresh equity infusion by promoters, or in case
of a significant and sustained improvement in its operating
profitability, resulting in a substantial increase in its cash
accruals. Conversely, the outlook may be revised to 'Negative', in
case of a stretch in Duke's working capital, or if the company
undertakes a larger-than-expected debt-funded capex programme,
resulting in deterioration in its financial risk profile.

                           About Duke Plasto

Duke, based in Palanpur (Gujarat), was started as a partnership
firm, Duke Plasto Techniques, in 1998 by the Patel and Shah
families; the firm was reconstituted as a private limited company
in 2008.  Duke manufactures different kinds of polyvinyl chloride
(PVC) pipes and pumps.  The company also trades in pipes and
pumps, which account for about 3 to 4% of its revenues. The
manufacturing facilities are ISO 9001-certified. Duke manufactures
pumps in the range of 0.5 horse power (HP) to 125 HP, and has a
capacity for manufacturing about 60,000 pumps per annum. It also
manufactures different kinds of PVC pipes such as casing, column,
water transportation, irrigation, and plumbing pipes, for which it
has a capacity of 10,200 tonnes per annum.

Duke Plasto reported a profit after tax (PAT) of INR15.3 million
on net sales of INR897.3 million for 2009-10 (refers to financial
year, April 1 to March 31), as against net loss of INR2.2 million
on net sales of INR455.2 million for 2008-09.


EASTERN ALLOYS: CRISIL Reaffirms 'D' Rating on INR5MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eastern Alloys Pvt Ltd
continue to reflect Eastern Alloys' delay in servicing its term
loan obligations; the delay has been caused by weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR5.00 Million Term Loan              D (Reaffirmed)
   INR85.00 Million Cash Credit           D (Reaffirmed)
   INR8.00 Million Proposed Cash Credit   D (Reaffirmed)
   INR0.40 Million Bank Guarantee         P5 (Reaffirmed)
   INR1.60 Million Letter of Credit       P5 (Reaffirmed)

The rating continues to factor in the company's small scale of
operations with high degree of customer concentration of revenue.
However the above rating is partly supported by the long industry
experience of the promoters.

Promoted by Mr. M L Agarwal, who has been in the castings business
since 1983, Eastern Alloys manufactures casted products,
especially railway inserts (used to position cement sleepers
between railway lines) and metal insulator caps (used in power
grid insulators).  Its customers include Bharat Heavy Electricals
Ltd and Aditya Birla Insulators Ltd. Eastern Alloys has a melting
capacity of around 17,000 tonnes per annum.

For 2009-10 (refers to financial year, April 1 to March 31),
Eastern Alloys reported a profit after tax (PAT) INR6.6 million on
net sales of INR340 million, against a net loss of INR2 million on
net sales of INR320 million for the previous year.


EASTERN COMNETS: ICRA Assigns 'LBB' Rating to INR12cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR12.00 crore cash
credit limits and INR1.00 crore non-fund based limits of Eastern
Comnets Ltd.  ICRA has also assigned an 'A4' rating to the
INR12.00 crore short term non-fund based limits of ECL.  The
outlook on the long term rating is stable.

The ratings take into account the established track record of the
company in the networking and communication product distribution
business along with its tie-ups with companies like D-link,
Digilink and Digisol that have strong market positions.  The
ratings also take into account ECL's wide distribution network
that strengthens its operating profile.  The ratings factor in the
significant growth in turnover and profits in the period April-
December 2010 driven by ECL's entry in the mobile handset
distribution business along with the high growth witnessed in the
computer accessories and peripherals segment. The ratings are
however constrained by the highly competitive nature of the
Information Technology (IT) hardware product distribution
industry, with low barriers to entry and presence of a large
number of players, leading to pressure on margins.  The ratings
are also constrained by the high working capital intensive nature
of the business that affects the company's liquidity position.
The ratings also reflect ECL's weak financial profile,
characterized by low net profitability, a high total outside
liabilities relative to its tangible net worth and moderate
coverage indicators. ICRA notes that ECL's product mix is
concentrated, with its high dependence on sale of networking
products for a significant share of the top-line. The ratings also
take into account ECL's low bargaining power against stronger
suppliers and the high price fluctuations in computer peripherals
and accessories that can lead to inventory loss.

ECL is a Kolkata based company engaged in the distribution of
networking and communication products, computer peripherals and
mobile handsets. The company was incorporated in 1992 by J.K Baid,
who has around 17 years of experience in the IT hardware
distribution business.  At present, ECL has tied up with leading
networking hardware vendors like D-link, Digilink and Digisol,
among others. In October 2010, ECL also entered into a tie-up with
Kobian PTE Ltd for the exclusive distribution of Mercury brand of
mobile phones nationally.

Recent Results

ECL reported a net profit of INR1.34 crore in 9MFY11 on the back
of an operating income of INR72.11 crore as against a net profit
of INR0.34 crore on an operating income of INR51.00 crore during
FY10.


ESSKAY MACHINERY: CRISIL Places 'D' Rating to INR7.30MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Esskay Machinery Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR50.00 Million Cash Credit         D (Assigned)
   INR4.00 Million Working Capital      D (Assigned)
                       Demand Loan
   INR7.30 Million Term Loan            D (Assigned)
   INR3.70 Million Proposed Long-Term   D (Assigned)
                   Bank Loan Facility
   INR10.00 Million Letter of Credit    P5 (Assigned)
   INR10.00 Million Bank Guarantee      P5 (Assigned)

The ratings reflect instances of delay by Esskay in servicing its
debt; the delays have been caused by Esskay's weak liquidity
driven by its high working capital requirements.

The rating also takes into account Esskay's weak financial risk
profile, marked by negative net worth and weak debt protection
metrics, and large working capital requirements.  However, the
company benefits from the established client relationships.

                       About Esskay Machinery

Esskay manufactures customized machinery which includes heat
exchangers, liquefied petroleum (LPG) bullet tanks, waste heat
recovery boilers and fabrication of heavy steel structures.  The
company was taken over by Manishri Refractories & Ceramics Private
Limited (MRCPL, rated 'B/Stable/P4' by CRISIL) in 2006. MRCPL
holds a majority stake of 80% in Esskay. Hindalco Industries
Limited, (rated 'AA+/Stable/P1+' by CRISIL), is the company's main
customer.

Esskay reported a profit after tax (PAT) of INR2.4 million on net
sales of INR123.8 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.5 million on net
sales of INR101.9 million for 2008-09.


EXOTICA CERAMIC: CRISIL Assigns 'B' Rating to INR35.4MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Exotica Ceramic Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR20.0 Million Cash Credit         B/Stable (Assigned)
   INR35.4 Million Rupee Term Loan     B/Stable (Assigned)
   INR6.2 Million Bank Guarantee       P4 (Assigned)

The ratings reflect ECPL's below-average financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics.  These rating weaknesses are partially offset by the
advantageous location of ECPL's upcoming facility, marked by easy
access to raw material and skilled labor, expected to result in
healthy operating efficiencies.

Outlook: Stable

CRISIL believes that ECPL will benefit from the advantageous
location of its facility, in Morbi (Gujarat), and its promoters'
experience in the tiles industry.  The outlook may be revised to
'Positive' if ECPL reports better-than-expected revenue and
profitability.  Conversely, the outlook may be revised to
'Negative' if there is a delay in commissioning of its facility or
its revenues and profitability are less than expected, once the
project is commissioned.

                         About Exotica Ceramic

Incorporated in 2010, ECPL is setting up a facility for
manufacturing glazed wall tiles with a capacity of 23,400 tonnes
per annum in Morbi.  ECPL is expected to commence operations by
June 2011.


GIRNA INFRAPROJECTS: Assigns 'B+' Rating to INR15MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Girna Infraprojects Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR15.0 Million Cash Credit         B+/Stable (Assigned)
   INR200.0 Million Bank Guarantee     P4 (Assigned)

The ratings reflect GIPL's limited track record in the fragmented
civil construction industry and the expected deterioration in its
capital structure because of its proposed debt-funded capital
expenditure and incremental working capital requirements.  These
rating weaknesses are partially offset by the extensive experience
of GIPL's promoters in the civil construction industry and the
expected support from group company Pawar Patkar Construction Pvt
Ltd (PPCPL; rated 'BBB-/Stable/P3' by CRISIL).

Outlook: Stable

CRISIL believes that GIPL will continue to benefit over the medium
term from its adequate order book and its management's extensive
experience in the civil construction business. The outlook may be
revised to 'Positive' if GIPL reports a more-than-expected
increase in its operating revenues and margin. Conversely, the
outlook may be revised to 'Negative' if there is a time or cost
overrun in its ongoing and future projects, or a significant
increase in debt-funding of investment in capital equipment,
leading to deterioration in its debt protection indicators.

                         About Girna Infraprojects

Incorporated in September 2010, GIPL implements infrastructure
projects as a government-approved civil contractor.  Based in
Nashik (Maharashtra), it is promoted by Mr. Ratnakar Pawar and his
wife, Mrs. Manisha Pawar.  GIPL is implementing two building
construction projects on a sub-contract basis in Pune
(Maharashtra) and Bhubaneswar (Orissa).  Mr. Ratnakar Pawar
handles GIPL's daily operations. Mr. Pawar owns another company,
PPCPL, which is also engaged in the civil construction business.


GOVIND STEEL: CRISIL Assigns 'B' Rating to INR20MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Govind Steel Company Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR20.00 Million Cash Credit         B/Stable (Assigned)
   INR20.00 Million Packing Credit      B/Stable (Assigned)
   INR5.00 Million Proposed Long-Term   B/Stable (Assigned)
                   Bank Loan Facility
   INR20.00 Million Bill Discounting    P4 (Assigned)

The ratings reflect the Dinesh group's weak financial flexibility,
constrained by unrelated equity and real estate investments,
average financial risk profile, marked by small net worth,
moderate gearing and weak debt protection metrics, large working
capital requirements and small scale of operations.  These rating
weaknesses are partially offset by the extensive experience of the
group's promoters in the castings industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GSCL and Dinesh Brothers Pvt Ltd
(DBPL), collectively referred to as the Dinesh group.  This is
because both entities have the same management, and significant
operational linkages and fungible cash flows with each other. DBPL
is the trading arm of GSCL.

Outlook: Stable

CRISIL believes that the Dinesh group's scale of operations will
remain small over the near to medium term, and its financial risk
profile constrained proposed debt-funded capital expenditure. The
outlook may be revised to 'Positive' if the group's scale of
operations and profitability improves considerably, leading to
better-than-expected cash accruals.  Conversely, the outlook may
be revised to 'Negative' in case of any further pressure on
liquidity and financial risk profile because of higher-than-
expected working capital requirements, larger-than-expected debt-
funded capital expenditure or unrelated investments.

                            About the Group

Incorporated in 1992 by the Seksaria family of West Bengal, DBPL
trades various cast iron goods used in road construction, such as
manhole sets, manhole grates, and water meters.  These goods are
primarily manufactured by group company GSCL.

Incorporated in 1962, GSCL manufactures iron castings such as
manhole sets, manhole grates, and also steel casting for
manufacturing ingots.  About 60% of GSCL's casting is sold to DBPL
for export to the US, Middle East, and Germany, and the rest is
sold in the domestic market.  GSCL is also an approved supplier of
counter pulleys for the Indian Railways.  However, that
contributes to a miniscule portion of its total revenues.

The Dinesh group reported a profit after tax (PAT) of INR3.2
million on net sales of Rs 328.5 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR4.2
million on net sales of INR439.6 million for 2008-09.


HILLSTONE CERAMIC: CRISIL Assigns 'B' Rating to INR35MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Hillstone Ceramic Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR20.0 Million Cash Credit         B/Stable (Assigned)
   INR35.0 Million Rupee Term Loan     B/Stable (Assigned)
   INR5.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect HCPL's below-average financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics.  These rating weaknesses are partially offset by the
advantageous location of HCPL's upcoming facility, marked by easy
access to raw material and skilled labor, expected to result in
healthy operating efficiencies.

Outlook: Stable

CRISIL believes that HCPL will benefit from the advantageous
location of its facility, in Morbi (Gujarat), and its promoters'
experience in the tiles industry.  The outlook may be revised to
'Positive' if HCPL reports better-than-expected revenues and
profitability.  Conversely, the outlook may be revised to
'Negative' if the commissioning of its facility is delayed or its
revenues and profitability are less than expected, once the
project is commissioned.

                       About Hillstone Ceramic

Incorporated in 2010, HCPL is setting up a facility to manufacture
glazed wall tiles, with a capacity of 21,000 tonnes per annum in
Morbi. The facility is expected to commence operations by May
2011.


HY-TUF STEELS: CRISIL Assigns 'BB' Rating to INR39.5MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Hy-Tuf Steels Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR55 Million Cash Credit          BB/Stable(Assigned)
   INR39.5 Million Rupee Term Loan    BB/Stable(Assigned)
   INR5 Million Bank Guarantee        P4+(Assigned)

The ratings reflect HSPL's small net worth, small scale of
operations, and susceptibility to intense competition in the steel
industry.  These rating weaknesses are partially offset by HSPL's
above-average debt protection metrics and established industry
track record.

Outlook: Stable

CRISIL believes that HSPL will continue to benefit from its
established track record in the thermo-mechanically treated (TMT)
bar manufacturing business, healthy cash accruals, and above-
average debt protection metrics, over the medium term.  The
outlook may be revised to 'Positive' if HSPL improves its revenues
and maintains its financial risk profile.  Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile deteriorates, most likely because of shrunk profitability,
stretched working capital or larger-than-expected debt-funded
capital expenditure.

                         About Hy-Tuf Steels

Incorporated in 1994, HSPL is promoted by Mr. Sarabjit Singh
Chawla and based in Vadodara (Gujarat).  HSPL manufactures thermo-
mechanically treated steel bars of diameters between 8 mm and 32
mm. The company has a manufacturing capacity of 39,000 tonnes per
annum, and has procured a wind mill in Rajkot (Gujarat).

HSPL reported a profit after tax (PAT) of INR9 million on net
sales of INR534 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR8 million on net sales
of INR524 million for 2008-09.


JAXX VITRIFIED: CRISIL Places 'B' Rating to INR70MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Jaxx Vitrified Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR70 Million Cash Credit           B/Stable (Assigned)
   INR150 Million Rupee Term Loan      B/Stable (Assigned)
   INR22 Million Bank Guarantee        P4 (Assigned)

The ratings reflect JVPL's below-average financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics.  These rating weaknesses are partially offset by the
advantageous location of JVPL's upcoming facility, marked by easy
access to raw material and skilled labour, expected to result in
healthy operating efficiencies.

Outlook: Stable

CRISIL believes that JVPL will benefit from the advantageous
location of its facility, in Morbi (Gujarat), and its promoters'
experience in the tiles industry.  The outlook may be revised to
'Positive' if JVPL reports better-than-expected revenue and
profitability.  Conversely, the outlook may be revised to
'Negative' if there is a delay in commissioning of its facility or
its revenues and profitability are less than expected, once the
project is commissioned.

Incorporated in November 2010, JVPL is setting up a facility for
manufacturing vitrified tiles with a capacity of 54,000 tonnes per
annum in Morbi. JVPL is expected to commence operations by
September 2011.


K. K. CONTINENTAL: ICRA Suspends 'LBB' Rating Assigned to Loans
---------------------------------------------------------------
ICRA has suspended the LBB rating assigned to the INR3 crore, long
term working capital facilities and A4 rating assigned to the
INR25.00 crore, short term, non fund based facilities of K. K.
Continental Trade Limited.  The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.   ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.


K. K. PROTEINS: ICRA Assigns 'LB+' Rating to INR9.90cr LT Loan
--------------------------------------------------------------
ICRA has assigned a long term rating at 'LB+' to the INR9.90 crore
cash credit facility of K.K. Proteins Private Limited.

The assigned rating is constrained by the inherently low value
addition in the business, high competitive intensity in the edible
oil industry, the vulnerability of the company's profitability on
availability and prices of soya and its' low operating and net
margins.  Being in commodity business KKPPL is susceptible to the
vagaries of the demand-supply scenarios and product pricing in
open market, which can also impact its financial position given
the raw material intensive nature of the business.  However, the
ratings favorably factor in the promoter's experience in the soya
industry and location advantage arising out of proximity to the
raw material source.

K.K. Proteins Private Limited, incorporated in 2006, involved in
the solvent extraction and Soybean trading. It produces soya de-
oiled cake (DOC), also known as soyameal through solvent
extraction, which is used as animal feed.  Headquartered in
Adilabad, the company has solvent extraction plants in Adilabad,
Andhra Pradesh.  The installed capacity of the solvent extraction
plant is 300TPD.

Recent Results

KKPPL's revenue for FY10 was INR93.58 crore, which translated to a
net profit of INR0.22 crore as compared with revenue of INR77.94
crore and net profit of INR0.20 crore in FY09.


KANHA CABLES: Fitch Migrates Ratings to "Non-Monitored" Category
----------------------------------------------------------------
Fitch Ratings has migrated India's Kanha Cables Private Limited's
'BB(ind)' National Long-Term rating to the "Non-Monitored"
category.  This rating will now appear as 'BB(ind)nm' on Fitch's
website.  Simultaneously, the agency has classified these bank
loan ratings as "Non-Monitored":

   -- INR30m fund-based working capital limits: migrated to
      'BB(ind)nm'/'F4(ind)nm' from 'BB(ind)'/'F4(ind)'; and

   -- INR100m non-fund based working capital limits: migrated to
      'BB(ind)nm'/'F4(ind)nm' from 'BB(ind)'/'F4(ind)'.

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information and Fitch will no longer provide
ratings or analytical coverage of KCPL. The ratings will remain in
the "Non-Monitored" category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month period,
the ratings could be re-activated and will be communicated through
a "Rating Action Commentary".


KALIMATA ISPAT: CRISIL Assigns 'B+' Rating to INR45MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Kalimata Ispat Industries Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR45.0 Million Cash Credit         B+/Stable (Assigned)
   INR41.8 Million Rupee Term Loan     B+/Stable (Assigned)
   INR13.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Kalimata Ispat's weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, modest scale of operations, and limited bargaining power.
These weaknesses are partially offset by the experience of
Kalimata Ispat's promoters in the iron and steel industry.

Outlook: Stable

CRISIL believes that Kalimata Ispat will maintain its credit
profile supported by expected improvement in the operating margins
driven by the new products - SCGI (Spheroidal Graphite Cast Iron)
inserts.  The outlook may be revised to 'Positive' if the revenue
proportion from SCGI segment increases leading to better than
expected profitability and thus better debt protection metrics, or
if the company's net worth improves substantially due to equity
infusion by the promoter.  Conversely, the outlook may be revised
to 'Negative' in case of any significant decline in profitability
or if Kalimata Ispat undertakes any large, debt-funded capex
programme, leading to deterioration in its financial risk profile.

                         About Kalimata Ispat

Incorporated in 1987 by Mr. Mahendra Kumar Jhawar, Kalimata Ispat
manufactures railway track fittings, including SGCI inserts,
elastic rail clip anchors, elastic spikes, fish bolts and nuts,
grinding media balls, lock spikes and rail anchors.  The company
also trades in these railway track fittings.  The railway track
fasteners and wagon components are primarily used by the Indian
Railways and also exported to Sri Lankan Railways and Bangladesh
Railways.  The company's plant is located in Kolkata (West
Bangal).

Kalimata Ispat is also one of the vendors approved by the
Government of India (GoI), Ministry of Indian Railways and
Research Design and Standards Organisation (RDSO), Lucknow (Uttar
Pradesh).

KIPL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR155.8 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net sales
of INR162.3 million for 2008-09.


KAMDHENU COMMERCIAL: CRISIL Puts 'P4+' Rating on INR50MM Bank Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Kamdhenu Commercial (India) Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR300.00 Million Cash Credit         BB-/Stable (Assigned)
   INR350.00 Million Letter of Credit    P4+ (Assigned)
   INR50.00 Million Proposed Short-Term  P4+ (Assigned)
                     Bank Loan Facility

The ratings reflect KCPL's below-average financial risk profile,
marked by a small net worth and weak debt protection metrics,
exposure to intense competition in the edible oils industry, and
short track record of operations.  These rating weaknesses are
partially offset by the extensive industry experience of KCPL's
promoters.

Outlook: Stable

CRISIL believes that KCPL will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. The outlook may be revised to 'Positive' if the company's
financial risk profile improves substantially, most likely because
of an improvement in capital structure and sustainable increase in
revenues and profitability. Conversely, the outlook may be revised
to 'Negative' if KCPL undertakes a larger-than-expected, debt-
funded capital expenditure programme, or reports a decline in its
margins and revenues.

                      About Kamdhenu Commercial

Set up in 2010, KCPL trades in edible oils, including sunflower
oil, soybean oil, rice bran oil, and palm oil.  The company was
set up by Mr. Naresh Kumar Agarwal, and family.  It is
headquartered in Hyderabad (Andhra Pradesh).  KCPL trades with
various oil retailers, re-packers and re-sellers in Andhra
Pradesh, Maharashtra, Tamil Nadu, and Karnataka.  The company
commenced operations in 2010-11 (refers to financial year, April 1
to March 31).


KASTURCHAND FERTILISERS: CRISIL Rates INR60MM Cash Credit at 'B+'
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
facilities of Kasturchand Fertilisers Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR60.00 Million Cash Credit         B+/Stable (Assigned)
   INR20.00 Million Proposed Long-Term  B+/Stable (Assigned)
                    Bank Loan Facility

The rating reflects KFPL's small scale of operations, product
concentration, average financial risk profile, marked by small net
worth and weak liquidity during peak season, and susceptibility to
adverse regulatory changes and erratic rainfall.  These rating
weaknesses are partially offset by KFPL's established market
position in the Vidarbha region (Maharashtra).

Outlook: Stable

CRISIL believes that KFPL will maintain its established market
position in Vidarbha, over the medium term.  However, its scale of
operations is expected to remain small over the medium term.  The
outlook may be revised to 'Positive' if KFPL significantly scales
up its operations resulting in increased cash accruals.
Conversely, the outlook may be revised to 'Negative' if KFPL's
scale of operations and profitability decline because of
inadequate supply of raw materials or adverse regulatory changes,
or if the company undertakes a larger-than-expected debt-funded
capital expenditure programme, weakening its capital structure.

                    About Kasturchand Fertilisers

KFPL was incorporated in 1995.  It manufactures nitrogen-
phosphorous-potassium (NPK) mixture fertilizers and granulated
single super phosphate (GSSP).  The company is promoted by Mr.
Munnalal Agrawal and his son, Mr. Abhay Agrawal.  The company has
a total installed capacity of 66,000 tonnes per annum (tpa) for
manufacturing NPK mixture fertiliser for manufacturing GSSP at its
unit in Gadchiroli district (Maharashtra).  The company sells its
fertilisers under the Krushidhan brand, primarily in the Vidarbha
region.

KFPL's profit after tax (PAT) and net sales are estimated at
INR1.7 million and INR59.9 million respectively for 2010-11
(refers to financial year, April 1 to March 31); it reported a PAT
of INR1.6 million on net sales of INR73.7 million for 2009-10.


KINECO PRIVATE: ICRA Assigns 'LBB-' Rating to INR13.1cr Bank Debts
------------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR13.10 Crore fund-
based bank facilities and 'A4' rating to the INR10.00 Crore non
fund based bank facilities of Kineco Private Limited.  The outlook
assigned to long term rating is 'Stable'.

The rating is constrained by KPL's high dependence on a single
customer and weak financial profile characterized by a leveraged
capital structure, high receivables and stretched liquidity
position.  The company is also in the midst of a fairly large
expansion plan which would continue to exert pressure on the
company's capital structure and debt servicing indicators in the
near term.  The rating however, favorably factors in the track
record of the promoters in the composite manufacturing business,
reputed customer base and strong order book position at present.

Kineco Pvt. Ltd. was incorporated in 1994 as 'Mass Kinematics Pvt.
Ltd.' which was later renamed as 'Kineco Pvt. Ltd.  In 2001' KPL
is engaged in the business of manufacture of composites.  The
company was promoted by Mr. Shekhar Sardesai.  The company has its
head office and a state of the art manufacturing facility with a
space of around 16,000 sq mts. in Goa.

Recent results:

KPL recorded a net profit of INR5.04 Crore on an operating income
of INR33.20 Crore for the year ending March 31, 2010, and net
profit of INR2.56 Crore on an operating income of INR23.68 Crore
for the year ending March 31, 2009.


KIRAN INFRA: Fitch Migrates Ratings to "Non-Monitored" Category
---------------------------------------------------------------
Fitch Ratings has migrated India's Kiran Infra Engineers Limited's
'BB+(ind)' National Long-Term rating to the "Non-Monitored"
category. This rating will now appear as 'BB+(ind)nm' on Fitch's
website.  Simultaneously, the agency has classified these bank
loan ratings as "Non-Monitored":

   -- INR11.4m term loans: migrated to 'BB+(ind)nm' from
      'BB+(ind)';

   -- INR20m fund-based working capital limits: migrated to
      'BB+(ind)nm'/'F4(ind)nm' from 'BB+(ind)'/'F4(ind)'; and

   -- INR320m non-fund based working capital limits: migrated to
      'BB+(ind)nm'/'F4(ind)nm' from 'BB+(ind)'/'F4(ind)'.

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information and Fitch will no longer provide
ratings or analytical coverage of KIEL.  The ratings will remain
in the "Non-Monitored" category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month period,
the ratings could be re-activated and will be communicated through
a "Rating Action Commentary".


KROSS MANUFACTURERS: CRISIL Places 'D' Rating on INR59.2MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Kross Manufacturers (India) Pvt Ltd.  The ratings reflect
instances of delay by KMIPL in servicing its debt; the delays have
been caused by the company's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR59.2 Million Long-Term Loan       D (Assigned)
   INR201.5 Million Cash Credit         D (Assigned)
   INR13.8 Million Corporate Loan       D (Assigned)
   INR5 Million Letter of Credit        P5 (Assigned)
   INR0.5 Million Bank Guarantee        P5 (Assigned)

KMIPL also has large working capital requirements, customer
concentration, and is susceptible to cyclicality in the commercial
vehicle segment.  These rating weaknesses are partially offset by
KMIPL's established relationships with original equipment
manufacturers (OEMs) and promoters' extensive experience in the
auto component industry.

                      About Kross Manufacturers

KMIPL, incorporated in 1992, manufactures auto components of
tractors and trucks for OEMs.  Its unit in Jamshedpur (Jharkhand)
manufactures axles, spindles, and universal joint crosses; the
axle is its major revenue driver.  The company has about 10
customers. However, about 90% of its revenues come from four major
OEMs: Tata Motors Ltd, TAFE Motors and Tractors Ltd, Ashok Leyland
Ltd, and Axle India Ltd.  Mr. Sudhir Rai is KMIPL's promoter-
director.

KMIPL reported a profit after tax (PAT) of INR12.1million on
operating income of INR674.7 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR12.4
million on net sales of INR556.1 million for 2008-09.


MA CHHINMASTIKA: CRISIL Assigns 'D' Rating to INR46.2MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Ma Chhinmastika Sponge Iron Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR120 Million Cash Credit            D (Assigned)
   INR46.2 Million Long-Term Loan        D (Assigned)
   INR25.5 Million Proposed Long-Term    D (Assigned)
                   Bank Loan Facility
   INR2.5 Million Letter of Guarantee    P5 (Assigned)

The ratings reflect instances of delay by MCSIL in servicing its
debt; the delays have been caused by the company's weak liquidity.

The rating is also constrained by the company's large working
capital requirements.  These rating weaknesses are partially
offset by the company's moderate operating efficiencies, resulting
from its partially integrated operations.

Incorporated in 1999 and promoted by Mr. Pradeep Bhardwaj of
Jharkhand, MCSIL manufactures sponge iron (67500 tonnes per annum
[tpa]), pig iron (15000 tpa), and ingots (30000 tpa). The company
also has an iron ore crushing unit (24000 tpa) and coke ovens
(24000 tpa).

MCSIL reported a net loss of INR1.5 million on net sales of
INR391.5 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a Profit after tax INR8.9 million on net
sales of INR 460.1 million for 2008-09.


MARVELOUS ENGINEERS: ICRA Puts 'LBB-' Rating on INR0.21cr Loan
--------------------------------------------------------------
ICRA has assigned the 'LBB-' rating to the INR0.21 crore term loan
facilities and INR1.75 crore fund based cash credit facilities of
Marvelous Engineers Private Limited.  The outlook on the rating is
stable. ICRA has also assigned the 'A4' rating to the INR3.25
crore fund based limits of MEPL.

The assigned ratings are supported by the company's long standing
relationship with established clients such as Hyva India Private
Limited and John Deere Equipment Private Limited.  While the
company's revenues are exposed to significant client concentration
with top two clients accounting for -50% of MEPL's operating
income, ICRA notes that MEPL's ability to diversify its client
profile is limited given its small scale of operations.  ICRA also
draws some comfort from the fact that MEPL has been constantly
engaging with its top clients to increase the number of products
being supplied to them.  MEPL supplies over 90 components to its
top two clients.  The ratings are however constrained by the
company's weak financial profile characterized by its stretched
capital structure and weak liquidity profile.  The company's
margins also remain susceptible to fluctuation in raw material
prices as evidenced by a decline in operating margins during
2010-11.

Marvelous Engineers Pvt. Ltd. is part of Marvellous Group of
Companies promoted by Mr. Sangram Patil, Mr. Avadhut Joshi,
Mr. Shivajirao Powar and Mr. Mansingrao Jadhav. The business
interests of the group can be broadly classified into two broad
sectors viz.  Manufacturing and auto retail. MEPL was incorporated
in 1990 and is engaged in the manufacture of machined components
which find their application in off-road vehicles, industrial
systems and tractors.  The company derives close to 65% of its
sales from exports/deemed exports.  MEPL has two machine shops
located in Gokul Shirgaon, Kolhapur with a product range
consisting of over 200 different types of components.  Products
manufactured by MEPL include various types of carriers, flanges,
housings, fly wheel assemblies. During 2010-11, MEPL recorded an
operating income of INR21.7 crore.

Recent Results:

As per the company's provisional results for the year ending
March 31, 2011, MEPL recorded an operating income of INR21.71
crore and a PAT of INR0.42 crore as against an operating income of
INR10.59 crore and a PAT of INR0.05 crore for the twelve months
ending March 31, 2010.


P&R AGRI: ICRA Assigns 'LB' Rating to INR19.5cr Term Loans
----------------------------------------------------------
ICRA has assigned rating of 'LB' to the INR19.50 crore term loans
of P&R Agri Energy Private Limited.

ICRA's rating action factors in the relatively high operational
risk profile of the company given the nascent stage of operations
of the 5 MW biomass project in Anandpur Sahib, Punjab which
results in high execution risk, including risks of cost and time
overrun.  Further the PLFs and the margins from the project (once
operational) will remain vulnerable to availability and pricing of
biomass fuels, given the seasonal availability of specific biomass
fuels proposed to be used as well as competition from alternate
users including industries.  However some comfort can be drawn
from the fact the project is not going to depend on a single fuel
but rather is going to use a mix of fuels to generate power.  The
company will be also be exposed to counterparty credit risks
because of the weak financial profile of the state utility.  The
ratings are however supported by the limited demand risks due to
significant energy deficit in northern India, competent profile
with 25 years of experience in civil, mechanical work for various
power and infrastructure projects, and successful implementation
of hydro projects (2 MW SHEP in Haryana and 7.5 MW SHEP in Jammu
and Kashmir) in difficult terrain, likelihood of additional
revenue stream from Certifies Emission Reductions (CERs) and
eligibility of the project under Ministry of New and Renewable
Energy (MNRE) for receipt of capital subsidy. Further, the company
is expected to sign the PPA with PSPCL as per PSERC norms in April
2011 at attractive tariffs (Rs 5.05/unit for 2010-2011) which
lowers the regulatory risks for the project. The ability of the
promoters to infuse equity in time and ensure timely completion of
the project will remain key rating sensitivities.

                            About P&R Agri

P&R Agri Energy Pvt Ltd is promoted by the P&R Group to develop,
own and operate 5 MW biomass project in Anandpur Sahib Tehsil,
Punjab at a project cost of INR29.50 crores.  The project is going
to use a mix of fuel types which include Paddy Straw, Paddy Husk,
Sarkanda, Cotton Straw, Wood Chips etc to generate power.  The
expected COD is April 1, 2012.  The company also has plans to set
up two more 10 MW biomass based plants in Ropar and Nawanshahar in
Punjab.


R.PIYARELALL IMPORT: CRISIL Puts 'BB' Rating on INR160MM Cash Debt
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of R.Piyarelall Import & Export Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR160.00 Million Cash Credit         BB/Stable (Assigned)
   INR100.00 Million Line of Credit      BB/Stable (Assigned)
   INR65.00 Million Letter of Credit     BB/Stable (Assigned)
   INR485.00 Million Letter of Credit    P4+ (Assigned)

The ratings reflect RPIE's below-average financial risk profile,
marked by a high ratio of total outside liabilities to tangible
net worth, weak debt protection metrics, and moderate net worth,
driven by large working capital requirements, susceptibility to
volatility in prices of pulses and in foreign currency rates,
exposure to inherent risks in the commodity-like industry it
operates in, and its vulnerability to adverse changes in
government regulations.  These rating weaknesses are partially
offset by RPIE's promoters' extensive industry experience and the
company's modest scale of operations.

Outlook: Stable

CRISIL believes that RPIE's financial risk profile will remain
weak because of its large working capital borrowings over the
medium term.  However, its business risk profile will continue to
be supported by its established position in pulses trading
business and the extensive experience of its promoters.  The
outlook may be revised to 'Positive' in case of a significant
improvement in RPIE's gearing and liquidity, most likely through
more-than-expected cash accruals, or large, fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in profitability, pressure on revenues, or larger-
than-expected incremental working capital borrowings or debt-
funded capital expenditure.

                       About R.Piyarelall Import

RPIE, incorporated in 1981, trades in agricultural (agro)
commodities, mainly pulses.  The company is part of the Kolkata
(West Bengal)-based R Piyarelall group, founded by the late Mr.
Piyarelall Agarwal.  The group is currently managed by his elder
son, Mr. Ramesh Kumar Agarwal, and grandsons, Mr. Siddharth
Agarwal and Mr. Varun Agarwal. Other group companies include R
Piyarelall International Pvt Ltd, R Piyarelall Iron and Steel Pvt
Ltd (trading in iron ore fines), Ramesh Kumar & Co Pvt Ltd (into
industrial leather products manufacturing), and logistic companies
Aqua Transliners Pvt Ltd, and Azzura Marine Liners Pvt Ltd. RPIE
imports pulses and other agro commodities directly from foreign
countries, or buys from public sector units such as State Trading
Corporation of India Ltd, PEC Ltd, and MMTC Ltd, and sells it in
the domestic market through traders.  The company imported about
0.5 million tonnes of pulses in 2009-10 (refers to financial year,
April 1 to March 31).

RPIE reported a profit after tax (PAT) of INR109.2 million on net
sales of INR10 billion for 2009-10, against a PAT of INR36.2
million on net sales of INR6.5 billion for 2008-09.


SATRAMDAS & CO.: CRISIL Rates INR170MM Letter of Credit at 'P4+'
----------------------------------------------------------------
CRISIL has assigned its 'P4+' ratings to the bank facilities of
Satramdas & Co.

   Facilities                            Ratings
   ----------                            -------
   INR170 Million Letter of Credit       P4+ (Assigned)

The ratings reflect the group's weak financial risk profile,
marked by small net worth, high gearing, weak debt protection
metrics, high ratio of total outside liabilities to tangible net
worth, and consequently, strained financial flexibility.  These
rating weaknesses are partially offset by the extensive experience
of the group's promoters in the timber trade.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Satramdas and Jawahar Saw Mills Pvt
Limited, collectively referred to as the Jawahar group.  This is
because both entities are managed by the same promoter family, are
in the same business, trade similar products, and have operational
linkages.  Moreover, there have been instances of financial
support between these entities so as to meet their respective
short-term funding requirements.

Satramdas and its group entity, JSM, are in the business of
trading and sawing timber logs for past six decades, and are a
part of the Jawahar group, which is established and managed by Mr.
Manohar Satramandas Agicha.  The group primarily imports teak
wood, oak wood, and soft wood from Burma, Myanmar, Nigeria, the
Ivory Coast, South America, Africa, New Zealand, and Australia.
This imported timber is sold in India.  JSM operates sawing units
in Mumbai and Nagpur (both in Maharashtra), and has set up a wood
works unit to manufacture doors and door frames at Khalapur (near
Mumbai).

The Jawahar group reported a profit after tax (PAT) of INR13.4
million on net sales of INR774.7 million for 2009-10(refers to
financial year, April 1 to March 31), as against a PAT of INR9.7
million on net sales of INR 657.6 million for 2008-09.


SPECTRA EQUIPMENTS: ICRA Assigns 'LB+' Rating to INR11.5cr Loans
----------------------------------------------------------------
ICRA has assigned long term rating of 'LB+' to INR11.50 crore fund
based facilities and unallocated facilities of Spectra Equipments
Private Limited.

SEPL's rating is constrained by its dependence on cyclical end
user industries and its susceptibility to fluctuation in raw
material prices.  The rating also factors in the low value
additive and high working capital intensive nature of the work and
SEPL's modest scale of operations.  The rating is however
supported by the adequacy of order book of SEPL which provides
some visibility of revenue.  In addition, the rating factors in
SEPL's reputed client base and its long track record in the
fabrication of structures and equipment.

Incorporated in 1992 Spectra equipments Private Limited is engaged
in fabrication, erection of equipment of steel, cement, sponge
iron and energy related industries.  The company has two
manufacturing units around Hyderabad.  Both units combined
together have a capacity to fabricate 300 Tonnes of equipment
monthly on a single shift basis.  The company has executed
contracts for reputed clients including Bharat Heavy electrical
Limited (BHEL), Bharat Dynamics Limited, BMM Ispat Limited, Jindal
steel and power Limited.

The company's order book does not provide a long term view of the
revenue as most of the orders are of short duration.  As per the
current order book Novus Steels and Infrastructure Pvt Ltd is the
largest customer for SEPL with the company executing a contract
worth INR15 crore which includes fabrication of a kiln of 800tpd
capacity and cooler assembly along with conveyor galleries and
support structures.  As most of the contracts are less than 6
months in duration they do not include any price escalation
clauses.  However recent increase in the raw material prices could
exert downward pressure on the already thin margins of the company
especially for the orders executed in the second half of FY 2011.

In FY 2009 the company had a small order book on the back of the
recession resulting in a decrease of 50% in revenue over the
preceding year.  SEPL had won contracts worth only INR8 crore in
that year and INR7.5 crore in the preceding year.  However the
company has seen healthy recovery in FY 2010 on account of upturn
in end user industries.  But the company is focused on volumetric
growth and as a result has been trying to undertake more
structural work which is reflected in its low profitability in the
last couple of years.

The working capital intensity of the company has been high as
reflected in a high NWC/OI over the last few years. SEPL had very
high debtor days till FY 2009 on account of large amount of sales
being completed in the month of March.  However working capital
intensity till FY 2008 was low due to large advances received from
the customers.  The company's gearing on 31st March 2010 was 2.31
as compared to 2.30 on March 31, 2009.  Low profitability coupled
with high working capital needs have resulted in modest coverage
indicators as reflected in NCA/Total Debt of 4.15%, Total
debt/OPBIDTA of 5.3 times and interest coverage ratio of 1.43 in
FY 2010.

Going forward and ability to mobilize resources, successful
execution of the large projects in the order book and good working
capital management will remain key rating sensitivities.

Incorporated in 1992 Spectra Equipments Private Limited is engaged
in fabrication, erection of equipments of steel plants, cement
plants, sponge iron plants and energy related industries.  This is
a closely held company promoted by Venkata Ramana and family. The
company has two manufacturing units around Hyderabad.  Both units
combined together have a capacity to fabricate 300 Tonnes of
equipment monthly on a single shift basis.


TIRUPATI: Fitch Migrates Rating to "Non-Monitored" Category
-----------------------------------------------------------
Fitch Ratings has migrated India's Tirupati Plastomatics Private
Limited's 'BB+(ind)' National Long-Term rating to the "Non-
Monitored" category.  This rating will now appear as 'BB+(ind)nm'
on Fitch's website. Simultaneously, the agency has classified
these bank loan ratings as "Non-Monitored":

   -- INR6m long-term loans: migrated to 'BB+(ind)nm' from
      'BB+(ind)';

   -- INR30m fund-based working capital limits: migrated to
      'BB+(ind)nm'/'F4(ind)nm' from 'BB+(ind)'/'F4(ind)'; and

   -- INR134m non-fund based working capital limits: migrated to
      'BB+(ind)nm'/'F4(ind)nm' from 'BB+(ind)'/'F4(ind)'.

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information and Fitch will no longer provide
ratings or analytical coverage of TPPL.  The ratings will remain
in the "Non-Monitored" category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month period,
the ratings could be re-activated and will be communicated through
a "Rating Action Commentary".


VEERAL ESAFETY: ICRA Assigns 'LB-' Rating to INR22.85cr LT Loan
---------------------------------------------------------------
ICRA has assigned 'LB-' rating to the INR22.85 crore long term
bank limits of Veeral eSafety Glass Private Limited.

The rating is constrained by the small scale of operations, part
funding of the proposed expansion plan by external debt and high
working capital requirement resulting in increase in gearing of
the company, decline in operating margins in FY10 due to increase
in raw material costs and low net profitability in the past due to
high interest and depreciation costs.  Further, ICRA notes that
the proposed equity infusion by the company would remain critical
to fund the expansion plan and any delay in commissioning of
additional capacities or underutilization of new capacities would
expose the company to repayment risk for long term loans. However,
the rating remains supported by the diversified and established
client-base, high capacity utilization of the current
manufacturing facility and healthy operating margins of the
company.

VESGPL was incorporated on Dec. 13, 2004, to process raw glass
into tempered and insulated glass.  The company is managed by
Mr. Bharat Nagori, Mr. Manik Kodre and Mr. Vineet Dangi.
Mr. Bharat Nagori has 22 years of experience in trading of glass
products and hence has established relationship with customers and
suppliers.  VESGPL commenced operations in 2006 and the company
plans to expand the existing capacity of tempered and insulated
glass along with the launch of new product i.e. laminated glass.
VESGPL has a manufacturing facility at Yewat in Pune.


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


BRIDGECORP LTD: Petricevic Puts NZ$4.4-Mil. Mansion on the Market
-----------------------------------------------------------------
The New Zealand Herald reports that the grand NZ$4.4 million
Remuera home of bankrupt Bridgecorp boss Rod Petricevic is for
sale.

Mr. Petricevic and Mary Petricevic bought the property for just
NZ$988,800 in 2001 when the property was worth NZ$1.8 million.
Now, they could make a big one-off windfall profit if the house
fetches its full valuation of about NZ$4.4 million at the end of
this month.

The Herald says the century-old character house, for tender by
May 31, is advertised as offering a stately, two-level "peaceful,
private world, way, way beyond the ordinary".  Viewings are by
appointment only, the Herald notes.

According to the report, agent Leila MacDonald said the kitchen
has a sweeping 4.5m Carrara marble bench.  French doors open to
wrap-around verandahs overlooking a landscaped garden and pool.

This year it was reported Mr. Petricevic planned to put the home
on the market to raise funds to defend allegations his family
trust owed NZ$2.2 million to a Bridgecorp subsidiary, the Herald
says.

In February, the Herald said Bridgecorp subsidiary Navigator
Finance claimed the R.M. Petricevic Family Trust owed it
NZ$2.2 million.  The trust's lawyers said the money was an
advance, not a loan.

The family mansion in Remuera was owned by the trust, which put
forward a proposal to sell in order to raise funds, the Herald
notes.

                       About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.  Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 1,800 debenture holders, which liquidators estimate to
approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about AU$24
million (NZ$27 million).


BRUCE WOOD: Placed in Voluntary Liquidation
-------------------------------------------
Dene Mackenzie at the Otago Daily Times reports that Dunedin
financial adviser Bruce Wood has placed two family-owned
companies, Bruce Wood Ltd and Natalie Wood Ltd into voluntary
liquidation.

According to the Otago Daily, Mr. Wood said putting two family-
owned companies into liquidation has been like lifting a huge
weight off his shoulders.  Struggling with bad health and juggling
three businesses became too much as the debts mounted up, the
report says.

Mr. Wood, says the Otago Daily, realised that pressure from the
Inland Revenue Department gave him no option but to place the
companies into voluntary liquidation.

The report discloses that Bruce Wood Ltd owed the IRD NZ$10,000 as
a preferential creditor, NZ$30,000 to secured creditors and
NZ$97,000 to unsecured creditors.  Natalie Wood Ltd also owed
NZ$138,000 to preferential creditors, including NZ$135,000 to the
IRD, NZ$57,000 to secured creditors and NZ$53,000 to unsecured
creditors.

Mr. Wood acknowledged the debts were "significant" and he was
working through a process to pay the secured creditors over the
next two years, the Otago Daily reports.


SILK WATER: Legal Battle Delays Liquidation Process
---------------------------------------------------
John Edens at The Southland Times reports that continuing legal
battles involving Silk Water Ltd and Mama's Soup Kitchen Ltd are
holding up Silk Water's liquidation proceedings after a
multimillion-dollar deal turned sour.

The Southland Times says Silk Water was placed into liquidation by
the High Court at Invercargill in February last year for GST
arrears, interest defaults and penalties.  The company was run by
Mazamal Hussain, of Britain, before trading ceased in May 2008.

According to the report, Silk Water agreed to buy residential
cabins from Mama's Soup Kitchen for NZ$8.5 million in 2007.  Silk
Water then entered into a NZ$17.5 million on-sale agreement with
another party, Faulkner Developments.

The two deals, says The Southland Times, were not settled but Silk
Water paid NZ$6.37 million towards the sale price between
November 2007 and March 2008.

Mama's Soup Kitchen cancelled the sale agreement when Silk Water
missed a deadline, the report notes.

The Southland Times says liquidator PricewaterhouseCoopers started
an investigation and proceedings for the repayment of NZ$6.37
million.  The IRD filed a preferential claim for NZ$3.18 million.

Citing a latest liquidators' report, The Southland Times says
litigation with a third party was continuing.  It was not
practical to estimate a date for completion of liquidation, the
liquidators' report said.

In the High Court at Invercargill last year, Judge John Fogarty
ordered $163,611 deposited into a trust account and told Silk
Water and Mama's Soup Kitchen to devise a formula for reaching a
settlement.

Anderson Lloyd lawyer Stephanie Grieve, on behalf of Silk Water,
said the case was before the court and was on hold, The Southland
Times reports.


STRATEGIC FINANCE: Receiver Lowers Investors' Recovery Estimates
----------------------------------------------------------------
Paul McBeth at BusinessDesk reports that Strategic Finance's
investors are facing a smaller return with the receiver cutting
9 cents in the dollar from the top end of the prospective recovery
range.

Citing receiver John Fisk, of PricewaterhouseCoopers, in a letter
to investors on April 29, BusinessDesk relates that the receiver
expects a return of between 12 per cent and 26 per cent of the
principal owed to debenture holders, down from the 12 per cent to
35% range previously flagged.

According to BusinessDesk, Mr. Fisk said the reduction came from a
reassessment of the likely recovery from a significant second
mortgage in Australia, and a weaker-than-expected price from a
sale of an asset that Strategic held security on.

"The New Zealand property market remains difficult and there are
still considerable uncertainties relating to the recoverability of
many of the loans secured over property, which will have an impact
on the final recoveries that we will be able to achieve for
secured debenture holders," BusinessDesk quotes Mr. Fisk as
saying.  "We continue to focus on recoveries from the property
loans, personal guarantees provided by borrowers and legal action
than may be available to us and/or the liquidators," he said.

In January, BusinessDesk recalls, Mr. Fisk told investors the
receiver was helping the Securities Commission investigate the
lender by providing access to Strategic's records and providing
analysis on request.

Liquidator Corporate Finance was also looking into one of the
transactions flagged by Mr. Fisk, according to the report.  The
investigation is continuing.

                      About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operated as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provided specialist financial and advisory services to the
property and corporate sectors.  The Company operated in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, was wholly owned by Australian-based finance company Allco
HIT Limited.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ended the moratorium arrangement that had
been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd. on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.


WANAKA PHARMACY: Pays Debt; Liquidation Application Withdrawn
-------------------------------------------------------------
Otago Daily Times reports that liquidation proceedings against
Wanaka Pharmacy Ltd owner Aaron Heath have been dropped by Think
Concepts Ltd.

Think Concepts, a company which specialises in providing IT
systems for the pharmaceutical industry, dropped legal proceedings
to liquidate Wanaka Pharmacy Ltd when the matter was discontinued
in the High Court at Dunedin, on May 9, 2011, Otago Daily Times
says.

Otago Daily Times relates that Think Concepts business development
manager Phil Hartley said the company withdrew its application
after an outstanding debt was paid.  He declined to specify the
amount of money owed.

Think Concepts last month lodged an application for the
liquidation of Wanaka Pharmacy with the High Court at Dunedin.


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


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


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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