TCRAP_Public/110601.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, June 1, 2011, Vol. 14, No. 107

                            Headlines



A U S T R A L I A

INTERPACIFIC RESORTS: Couran Cove Resort's Future in Limbo
LEIGHTON FINANCE: S&P Withdraws 'BB' LT Corporate Credit Rating


C H I N A

BANCO WING HANG: Fitch Affirms Individual Rating at 'C'
GREAT CHINA INTERNATIONAL: Posts US$733,800 Net Loss in Q1 2011


H O N G  K O N G

3CM MEDIA: Briscoe and Wong Step Down as Liquidators
AGR HK: Members' Final Meeting Set for June 28
ANHONG LIMITED: Ying and Chan Step Down as Liquidators
ASIA ADVANCED: Members' and Creditors' Meetings Set for June 14
COMTRAD INDUSTRIES: Members' Final Meeting Set for June 30

EAST GLORY: Keung and Wai Step Down as Liquidators
EMPOWER HOLDINGS: Wong and Arab Step Down as Liquidators
ENLIVEN INTERNATIONAL: Ha Yue Fuen Henry Steps Down as Liquidator
EURO ASIA: Ngan Lin Chun Esther Steps Down as Liquidator
GERMANICUS LIMITED: Arboit and Blade Step Down as Liquidators

GOLDLUXE ENTERPRISES: Members' Final Meeting Set for June 27
GUANGSHUI CIVIL: Final Meetings Set for July 6
HK ACADEMY: Creditors' Proofs of Debt Due July 12
JADESAILS INVESTMENTS: Members Adjourn Final General Meeting
KENFAIR TRAVEL: Chuang Johnny Appointed as Liquidator


I N D I A

ABAN EXIM: Fitch Migrates Ratings to "Non-Monitored" Category
ASKA CO-OPERATIVE: CRISIL Reaffirms 'C' Rating on Cash Credit
BALAJI ELECTROSTEELS: CRISIL Reaffirms 'BB' Rating on INR103M Loan
BAY FORGE: Fitch Downgrades Long-Term Rating to 'BB+(ind)
GLORIA ENGINEERING: CRISIL Assigns 'BB+' Rating to INR70MM Credit

JAWAHAR SAW: CRISIL Assigns 'BB-' Rating to INR56.5MM Term Loan
JAWAHAR SHETKARI: CRISIL Reaffirms 'D' Rating on INR382MM Loan
K P CHARITABLE: CRISIL Rates INR100 Million Rupee Term Loan at 'D'
LAMBODHARA TEXTILES: Fitch Assigns Final Ratings to Loans
MALLABHUM HUMAN: CRISIL Rates INR70MM Rupee Term Loan at 'BB+'

NASHIKA INDUSTRIES: CRISIL Puts 'B-' Rating on INR50MM Cash Credit
OM TIMBER: CRISIL Assigns 'B-' Rating to INR70 Million Cash Credit
OMAXE: Fitch Migrates Ratings to "Non-Monitored" Category
PADMAVATHI INSTITUTE: CRISIL Rates INR110 Million LT Loan at 'B-'
PRINCE ALLOYS: CRISIL Reaffirms 'BB+' Rating on INR8.2MM Bank Loan

PRINCE ROLLINGS: CRISIL Reaffirms 'BB+' Rating on INR50M Loan
PRINCE TMT: CRISIL Reaffirms 'BB+' Rating on INR90MM Cash Credit
R.A. MOTORS: CRISIL Rates INR80 Million Cash Credit at 'BB-'
R.K. TRANSPORT: CRISIL Puts 'BB+' Rating on INR100MM Cash Credit
RAJ AGRO: CRISIL Downgrades Rating on INR120MM Term Loan to 'D'

SAIKRUPA COTGIN: CRISIL Assigns 'B' Rating to INR10MM LT Bank Loan
SARVODAYA SUITINGS: CRISIL Reaffirms 'B' Rating on INR160MM Debt
SRIKANTH INTERNATIONAL: CRISIL Places 'BB-' Rating on INR38MM Loan
SUMATEX LTD: CRISIL Assigns 'BB+' Rating to INR25.5 Mil. Term Loan
SVARN INFRATEL: CRISIL Assigns 'BB' Rating to INR57MM Cash Credit

V L RAKA: CRISIL Assigns 'BB-' Rating to INR40MM Cash Credit
VIPAT LUBRICANTS: CRISIL Assigns 'B' Rating to INR4 Mil. LT Loan


I N D O N E S I A

BANK MAYAPADA: Fitch Affirms Individual 'D/E' Rating


J A P A N

JLOC 36: S&P Lowers Rating on Class D Floating-Rate Notes to 'CC'
SIGNUM VANGUARD: S&P Raises Rating on Credit-linked Notes to 'CCC'
SONY CORP: Posts Third Annual Loss; Expects Profit in FY2011


K O R E A

KWANGJU BANK: Fitch Withdraws Individual 'C/D' Rating
* SOUTH KOREA: 7 Firms Submit Intent to Buy Suspended Banks


M A L A Y S I A

SWEE JOO: Posts MYR8.29 Million Net Loss in Qtr Ended March 31


N E W  Z E A L A N D

ALLIED FARMERS: To Tap External Party to Run Ex-Hanover Assets
DESIGNLINE INTERNATIONAL: Placed in Liquidation; Owes NZ10 Million
PSIS LTD: S&P Raises Counterparty Credit Ratings from 'BB+/B'


S I N G A P O R E

ESPESER PTE: Court Enters Wind-Up Order
NEW LAKESIDE: Court Enters Judicial Management Order
PACIFIC GARMENT: Creditors' Proofs of Debt Due June 27
ROYAL COPENHAGEN: Creditors' Proofs of Debt Due July 8


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


INTERPACIFIC RESORTS: Couran Cove Resort's Future in Limbo
----------------------------------------------------------
Nick Nichols at goldcoast.com.au reports that the future of Couran
Cove Island Resort is up in the air amid rumours that its owner,
American philanthropist Chuck Feeney, is about to withdraw his
support for the exclusive Gold Coast retreat.

The news, according to the report, comes on the heels of
revelations that Mr. Feeney has lost almost AU$283 million on the
South Stradbroke Island operation over the past 13 years.

The report relates that the latest financial results for resort
owner InterPacific Resorts show Mr. Feeney wrote off another
AU$81.6 million in the past year.

According to goldcoast.com.au, Couran Cove management held crisis
meetings on Monday to discuss the future of the resort and an
official announcement was expected Tuesday.  Staff are understood
to have been briefed on the company's fate and there were
unconfirmed reports the resort would close its doors Tuesday.

But a statement from InterPacific Resorts Monday would only
confirm that "a number of staff positions" were made redundant.

Interpacific Resorts (Aust) Pty Ltd develops the Couran Cove
Island Resort located on South Stradbroke Island, Australia.


LEIGHTON FINANCE: S&P Withdraws 'BB' LT Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' long-term
corporate credit rating on Leighton Finance International Ltd.
"We withdrew the ratings at the company's request following the
repayment of its US$110 million notes at maturity on May 16,
2011," S&P added.


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


BANCO WING HANG: Fitch Affirms Individual Rating at 'C'
-------------------------------------------------------
Fitch Ratings has affirmed Hong Kong-based Wing Hang Bank
Limited's Long-Term Foreign Currency Issuer Default Rating at
'A-'.  Fitch has also upgraded WHB's Macau subsidiary, Banco Weng
Hang, to LTFC IDR 'A-' from 'BBB+' and to Support Rating '1' from
'2'.  The Outlook is Stable.

WHB's ratings reflect the bank's resilient credit metrics through
economic cycles. The bank has consistently maintained sound
capitalization, strong asset quality and profitability, and robust
liquidity during market stress. However, the ratings are somewhat
constrained by WHB's moderate franchise in Hong Kong and its
concentration in property-related sectors (around 56% of loans) in
Hong Kong, mainland China, and Macau.

The upgrade of BWH reflects Fitch's view of a higher probability
of support from the 100% parent, given its increasing integration
with WHB in key operational areas, including management, funding
and risk control. Also, BWH is strategically important to WHB with
its focus on Macao. BWH's IDR is underpinned by potential support
from WHB. BWH's Individual Rating reflects the bank's sound
capitalization, and consistently sound asset quality and adequate
profitability. However, it is tempered by its concentration in a
casino industry-dependent economy as well as in property-related
sectors.

WHB's sound asset quality is backed by the resilient quality of
its HK loans and reasonably tight risk management. The bank's non-
performing loans (NPLs) remained low at 0.3% of total loans at
end-2010. Also, Fitch expects WHB's sound capitalisation (Tier 1
ratio of 10.3% and total capital adequacy ratio of 16.6% at end-
2010, respectively) and adequate margin (1.8% in FY10) to provide
buffer against any impairment charges in the medium term. WHB had
an adequate loan-to-deposit (LTD) ratio of 72% at end-2010 and
notable amount of securities (24% of assets, of which 93% are
rated 'A-' or above).

WHB recorded strong loan growth of 21% yoy in FY10, outstripping
Hong Kong's nominal GDP. Fitch notes that the loan growth has been
boosted by continuing economic development in mainland China and
closer economic cooperation between Hong Kong, Macau and mainland
China. Furthermore, the strong loan growth continued into Q111.
Fitch believes that sustained excessive strong loan growth would
structurally increase business risk and could raise WHB's
vulnerability to economic downturns, particularly given its
concentration in property-related sectors. Nevertheless, Fitch
believes that WHB's reasonably tight risk/collateral management
should largely mitigate risk, including from the increased
exposure to mainland China.

BWH reported a low NPL ratio of 0.2% at end-2010. Tier I capital
and CAR were at 14% and 15% at end-2010, respectively. Fitch
believes BWH's capitalization would be sufficient to cover high
impairment charges from a weakening of Macau's economy.
Profitability remains adequate with a return on average assets of
1.2% in FY10, although pressure on margin is increasing, due to
growing competition from Chinese banks expanding into Macau. BWH's
LTD ratio was adequate at 77% at end-2010.

Continued strong loan growth could lead to a negative rating
action if it leads to increased risk of volatility and larger
impairments while undermining WHB's capitalization, margins,
and/or liquidity. Given its moderate franchise and concentration
of exposures, prospects for a positive rating action in the medium
term are limited. Any rating change on WHB's IDR would lead to
similar rating action on BWH's. Substantial weakening of capital,
and/or a further tightening of liquidity would also put pressure
on BWH's Individual Rating.

Established in 1937, WHB is a mid-sized bank in HK with a market
share of around 2% in loans and deposits. BWH is the fifth-largest
bank in Macau (around 5% of system loans and deposits). It also
has around 14% market share in Macau's residential mortgage
market.

The rating actions of WHB and BWH are:

WHB

   -- Long-Term Foreign Currency IDR: affirmed at 'A-'; Outlook
      Stable

   -- Short-Term Foreign Currency IDR: affirmed at 'F2'

   -- Long-Term Local Currency IDR: affirmed at 'A-'; Outlook
      Stable

   -- Individual Rating: affirmed at 'B/C'

   -- Support Rating: affirmed at '3'

   -- Support Rating Floor: affirmed at 'BB'

   -- Perpetual subordinated notes: affirmed at 'BBB'

BWH

   -- Long-Term Foreign Currency IDR: upgraded to 'A-' from
      'BBB+'; Outlook Stable

   -- Short-Term Foreign Currency IDR: affirmed at 'F2'

   -- Individual Rating: affirmed at 'C'

   -- Support Rating: upgraded to '1' from '2'


GREAT CHINA INTERNATIONAL: Posts US$733,800 Net Loss in Q1 2011
---------------------------------------------------------------
Great China International Holdings, Inc., filed its quarterly
report on Form 10-Q, reporting a net loss of $733,775 on
US$1.7 million of revenues for the three months ended March 31,
2011, compared with a net loss of US$812,744 on US$1.8 million of
revenues for the same period last year.

The Company's balance sheet at March 31, 2011, showed
US$60.1 million in total assets, US$37.9 million in total
liabilities, and stockholders' equity of US$22.2 million.

Kabani & Company, Inc., in Los Angeles, California, expressed
substantial doubt about Great China International's ability to
continue as a going concern, following the Company's 2010 results.
The independent auditors noted that the Company has a working
capital deficit of US$27.8 million as of Dec. 31, 2010, and in
addition, has negative cash flow from operations and net loss for
the year ended Dec. 31, 2010, of US$299,799 and US$3.2 million,
respectively.

A copy of the Form 10-Q is available at http://is.gd/J9Uyt0

Headquartered in Shenyang, PRC, Great China International
Holdings, Inc., through its various subsidiaries, is or has been
engaged in commercial and residential real estate leasing,
management, consulting, investment, development and sales.  The
Company conducts all its operation in the People's Republic of
China through its direct and indirect wholly owned subsidiaries"
Shenyang Maryland International Industry Company Limited and
Silverstrand International Holdings Company Limited.

The Company was incorporated in the State of Nevada on Dec. 4,
1987, under the name of Quantus Capital, Inc., and in 1992, it
changed its name to Red Horse Entertainment Corporation.

Effective July 5, 2005, the Company completed the acquisition of
Silverstrand International Holdings Limited, a Hong Kong limited
liability company.  On Sept. 15, 2005, the Company changed its
name to Great China International Holdings, Inc., from Red Horse
Entertainment Corporation.


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


3CM MEDIA: Briscoe and Wong Step Down as Liquidators
----------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
3CM Media Limited on May 19, 2011.


AGR HK: Members' Final Meeting Set for June 28
----------------------------------------------
Members of AGR Hong Kong Limited, which is in members' voluntary
liquidation, will hold their final meeting on June 28, 2011, at
10:00 a.m., at 8th Floor, Gloucester Tower, The Landmark, 15
Queen's Road, Central, in Hong Kong.

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


ANHONG LIMITED: Ying and Chan Step Down as Liquidators
------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Anhong Limited on May 15, 2011.


ASIA ADVANCED: Members' and Creditors' Meetings Set for June 14
---------------------------------------------------------------
Creditors and members of Asia Advanced Metal Products Company
Limited will hold their annual meetings on June 14, 2011, at
3:00 p.m. at the office of FTI Consulting, 14/F, The Hong Kong
Club Building, 3A Chater Road, Central, in Hong Kong.

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


COMTRAD INDUSTRIES: Members' Final Meeting Set for June 30
----------------------------------------------------------
Members of Comtrad Industries Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
June 30, 2011, at 5:00 p.m., at 22/F, Tai Yau Building, 181
Johnston Road, in Hong Kong.

At the meeting, So Kwok Keung Keith, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


EAST GLORY: Keung and Wai Step Down as Liquidators
--------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of East Glory Development Limited on May 16, 2011.


EMPOWER HOLDINGS: Wong and Arab Step Down as Liquidators
--------------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of Empower Holdings Limited on May 17, 2011.


ENLIVEN INTERNATIONAL: Ha Yue Fuen Henry Steps Down as Liquidator
-----------------------------------------------------------------
Ha Yue Fuen Henry stepped down as liquidator of Enliven
International Limited on May 14, 2011.


EURO ASIA: Ngan Lin Chun Esther Steps Down as Liquidator
--------------------------------------------------------
Ngan Lin Chun Esther stepped down as liquidator of Euro Asia
Equipment Company Limited on May 16, 2011.


GERMANICUS LIMITED: Arboit and Blade Step Down as Liquidators
-------------------------------------------------------------
Bruno Arboit and Simon Richard Blade stepped down as liquidators
of Germanicus Limited on May 20, 2011.


GOLDLUXE ENTERPRISES: Members' Final Meeting Set for June 27
------------------------------------------------------------
Members of Goldluxe Enterprises Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
June 27, 2011, at 10:30 a.m., at Room 1001-1003, 10/F, Manulife
Provident Funds Place, 345 Nathan Road, in Kowloon.

At the meeting, Henry Fung and Terence Ho Yuen Wan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GUANGSHUI CIVIL: Final Meetings Set for July 6
----------------------------------------------
Creditors and contributories of Guangshui Civil Engineering
Company Limited, which is in creditors' voluntary liquidation,
will hold their final meeting on July 6, 2011, at 3:00 p.m., at
the office of FTI Consulting, 14/F, The Hong Kong Club Building,
3A Chater Road, Central, in Hong Kong.

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


HK ACADEMY: Creditors' Proofs of Debt Due July 12
-------------------------------------------------
Creditors of Hong Kong Academy of Investment Association Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by July 12, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 16, 2011.

The company's liquidator is:

         Lai, Fong Chun, Miranda
         17th Floor, Shun Kwong Commercial Building
         No. 8 Des Voeux Road West
         Sheung Wan, Hong Kong


JADESAILS INVESTMENTS: Members Adjourn Final General Meeting
------------------------------------------------------------
Members of Jadesails Investments Limited adjourned their final
general meeting originally scheduled on May 16, 2011, until
settlement of tax matters with the Inland Revenue Department.

The company's liquidators are Chan Shu Kin and Chow Chi Tong.


KENFAIR TRAVEL: Chuang Johnny Appointed as Liquidator
-----------------------------------------------------
Chuang Johnny on May 17, 2011, was appointed as liquidator of
Kenfair Travel Limited.

The liquidator may be reached at:

         Chuang Johnny
         Room 703, Chevalier Commercial Centre
         8 Wang Hoi Road
         Kowloon Bay, Kowloon
         Hong Kong


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I N D I A
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ABAN EXIM: Fitch Migrates Ratings to "Non-Monitored" Category
-------------------------------------------------------------
Fitch Ratings has migrated India's Aban Exim Private Limited's
'B(ind)' National Long-Term rating to the "Non-Monitored"
category.  This rating will now appear as 'B(ind)nm' on Fitch's
website. Simultaneously, the agency has classified these bank loan
ratings as "Non-Monitored":

   -- INR60m fund-based working capital limits: migrated to
      'B(ind)nm'/'F4(ind)nm' from 'B(ind)'/'F4(ind)'; and

   -- INR60m non-fund based working capital limits: migrated to
      'F4(ind)nm' from '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 AEPL. 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".


ASKA CO-OPERATIVE: CRISIL Reaffirms 'C' Rating on Cash Credit
-------------------------------------------------------------
CRISIL's rating on the bank facilities of The Aska Co-operative
Sugar Industries Ltd continues to reflect Aska's small net worth,
and moderate debt protection metrics; the trust's net worth has
been adversely affected by large losses incurred in the past. The
rating also factors in that Aska has defaulted on the debt availed
from the Sugar Development Fund. These rating weaknesses are
partially offset by Aska's established market position in the
sugar manufacturing industry.

   Facilities                      Ratings
   ----------                      -------
   INR80.0 Million Cash Credit     C (Reaffirmed)

Incorporated as a co-operative society, Aska, owned and managed by
the Government of Orissa, is engaged in the manufacture of sugar
and distilled liquor. The society has an installed sugarcane
crushing capacity of 2,500 tonnes per day in Aska, Orissa. The
society also runs a distillery, and has captive power generation
capacity.

Aska reported a profit after tax (PAT) of INR7.1 million on net
sales of INR630.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR 12.1 million on net
sales of INR 462.1 million for 2008-09.


BALAJI ELECTROSTEELS: CRISIL Reaffirms 'BB' Rating on INR103M Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Balaji Electrosteels
Ltd continue to reflect BEL's marginal share in the steel
industry, susceptibility to intense competition as reflected in
its thin operating margins resulting in weak debt protection
measures. These rating weaknesses are partially offset by the
extensive industry experience of BEL's promoters.

   Facilities                             Ratings
   ----------                             -------
   INR103 Million Term Loan               BB/Stable (Reaffirmed)
   INR180 Million Cash Credit Limits      BB/Stable (Reaffirmed)
   INR27 Million Standby Line of Credit   BB/Stable (Reaffirmed)
   INR100 Million Letter of Credit        P4+ (Reaffirmed)
   INR40 Million Bank Guarantee           P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that BEL will continue to benefit from its
promoters' extensive experience in the long steel products segment
and improved prospects for the steel industry, over the medium
term. The outlook may be revised to 'Positive' if BEL's financial
risk profile improves because of significant improvement in its
capital structure and operating margin, and increase in revenues.
Conversely, the outlook may be revised to 'Negative' if the
capacity utilization at BEL's plant is lower than expected,
leading to decline in operating margin, or if the company
undertakes a larger-than-expected debt-funded capital expenditure
programme.

                         About Balaji Electrosteels

BEL was set up in 1995 by Mr. Sushil Bajaj and Mr. Dinesh Agarwal.
The company has a rolling mill capacity of 24,000 tonnes per annum
(tpa), ingot manufacturing capacity of 48,000 tpa, and silico
manganese capacity of 9000 tpa. The company has its registered
office at Patna (Bihar) and its plants are in Jhumritelaiya
(Jharkhand). BEL's operations are managed by Mr. Sushil Bajaj and
his brothers, Mr. Ajay Bajaj and Mr. Sunil Bajaj.

BEL reported a profit after tax (PAT) of INR7 million on net sales
of INR1.05 billion for 2009-10 (refers to financial year, April 1
to March 31), as against a PAT of INR4 million on net sales of
INR1.13 billion for 2008-09. BEL is estimated to report revenues
of INR1.12 billion for 2010-11.


BAY FORGE: Fitch Downgrades Long-Term Rating to 'BB+(ind)
---------------------------------------------------------
Fitch Ratings has downgraded India-based Bay Forge Ltd's National
Long-term Rating to 'BB+(ind)' from 'BBB+(ind)'.  The Outlook is
Negative. Fitch has also downgraded BFL's bank loans.  The company
is a manufacturer of industrial forgings.

   -- INR676m outstanding long term bank loans (last year's
      outstanding INR600m): downgraded to National Long-term
      'BB+(ind)' from 'BBB+(ind)';

   -- INR595m sanctioned fund-based limits (reduced from INR620m):
      downgraded to National Long-term 'BB+(ind)' from
      'BBB+(ind)'; National Short-term assigned at 'F4(ind)';

   -- INR220m working capital demand loan and short-term loans
      (enhanced from INR100m): downgraded to National Short-term
      'F4(ind)' from 'F2+(ind)'; and

   -- INR500m sanctioned non-fund based limits (enhanced from
      INR400m): downgraded to National Short-term 'F4(ind)' from
      'F2+(ind)'.

All bank facilities amount as of March 12, 2011.

The downgrade reflects the deterioration in BFL's performance in
the 15 months ended March 31, 2011 (FY11) due to growing
competition from imports and rising input costs. As per the
company's provisional results, revenues for this period fell 5.9%
compared to calendar year 2009 and EBITDA margin deteriorated to
5.1% from 18.3%. The company extended the last financial year to
15 months ended March 31, 2011. The poor operational performance
in FY11 led to a stretched liquidity position, and the company had
to resort to new term loans, unutilized cash credit limits and
capital infusion from its parent, the Fomas Group, to meet its
debt service obligations.

The ratings, however, continue to gain comfort from BFL's strong
linkages with its parent, which has demonstrated support in the
form of capital injection and guarantees, technical input and
strategic direction. BFL has a strong customer profile including
Vikram Sarabhai Space Centre, BHEL, Siemens, GE and Mishra Dhatu
Nigam. It had an order book of INR774m as of March 10, 2011, which
is about 50% of sales in 2009. The track record of BFL and Fomas
Group, a large Italian supplier of specialty forgings globally, is
a key competitive advantage.

Rating constraints are increasing competition in the Indian market
and the sluggish pace of recovery of the global economy. Pressure
on operating margins and significant debt repayments coming up in
FY12 could put pressure on the company's liquidity position.

Negative rating guidelines are interest coverage of below 1.0x for
FY12 and net debt/EBITDA above 8.0x. Conversely, net debt/EBITDA
improving to less than 6.0x could change the Outlook to Stable.

BFL was set up in 1996 as a JV between the Fomas Group and select
Indian promoters. For 2009, as per audited financials, BFL's
revenues, EBITDA and net income were INR1.48 billion, INR272
million and INR26 million, respectively. Its debt/equity and net
debt/EBITDA were 2.4 and 4.5x, respectively.

Fomas Group is headquartered in Italy and reported revenues of
EUR471 million FY09. It has six operating companies, including BFL
where it holds 98% of the equity.


GLORIA ENGINEERING: CRISIL Assigns 'BB+' Rating to INR70MM Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Gloria Engineering Company.

   Facilities                           Ratings
   ----------                           -------
   INR70.00 Million Cash Credit         BB+/Stable (Assigned)
   INR50.00 Million Letter of Credit    P4+ (Assigned)

The ratings reflect GEC's small scale of operations, large working
capital requirements, and susceptibility to customer
concentration, volatility in raw material prices, and cyclicality
in the commercial vehicle industry. These rating weaknesses are
partially offset by GEC's healthy revenue growth, moderate
financial risk profile, marked by moderate gearing and healthy
debt protection metrics, and promoters' extensive industry
experience.

Outlook: Stable

CRISIL believes that GEC will continue to benefit from its
established customer relationships over the medium term. Its
liquidity will, however, remain constrained because of its large
working capital requirements. The outlook may be revised to
'Positive' if GEC's financial risk profile, particularly its
liquidity, improves significantly, most likely because of more-
than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of more-than-expected increase in
working capital requirements or if it undertakes a large, debt-
funded capital expenditure programme.

                         About Gloria Engineering

Set up in 1981 as a proprietorship firm, GEC was taken over by the
existing partners in 1996. GEC manufactures sheet metal pressed
components for the commercial vehicle segment.  It supplies mainly
to original equipment manufacturers of commercial vehicles. About
80% of GEC's revenues are generated from Tata Motors Ltd (rated
AA-/Stable/P1+ by CRISIL), and the remainder from players such as
Tata Marcopolo Motors Ltd, KLT Automotive and Tubular Products
Ltd, Omaxe Ltd, and Asia Motors Works Ltd. GEC has two
manufacturing units, one in Pune with a capacity of 12,000 tonnes
per annum (tpa), and another at Lucknow of 7200 tpa. The product
range includes 300 to 350 products/assemblies.

GEC is expected to report a profit before tax (PBT) of INR64
million on net sales of INR1.1 billion for 2010-11 (refers to
financial year, April 1 to March 31), as against a PBT of INR41
million on net sales of INR651.4 million for 2009-10.


JAWAHAR SAW: CRISIL Assigns 'BB-' Rating to INR56.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Jawahar Saw Mills Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR56.5 Million Term Loan     BB-/Stable (Assigned)
   INR480 Million Cash Credit    BB-/Stable (Assigned)
   INR3.5 Million Proposed LT    BB-/Stable (Assigned)
           Bank Loan Facility

The rating reflects 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 financial
risk profiles of JSM and Satramdas and Company, 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 inter-company sales and purchase
transactions and financial support between these entities so as to
meet their respective short-term funding requirements.

Outlook: Stable

The group will continue to maintain its established market
position in the timber business and benefit from its stable
operating efficiencies, over the medium term. However, its
financial flexibility is expected to remain constrained because of
its high gearing and incremental working capital requirements. The
outlook may be revised to 'Positive' if there is a significant
improvement in the group's profitability, resulting in an
improvement in its cash accruals. Conversely the outlook may be
revised to 'Negative' in case of any large debt-funded capital
expenditure or acquisition.

                           About the Group

Incorporated in 1956, JSM and its group entity, Satramdas and
Company, are in the business of trading and sawing timber logs,
and are a part of the Jawahar group, which is promoted 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 set
up a wood works unit to manufacture doors and door frames in 2008-
09 (refers to financial year, April 1 to March 31).

The Jawahar group reported a profit after tax (PAT) of INR13
million on net sales of INR775 million for 2009-10, as against a
PAT of INR10 million on net sales of INR658 million for 2008-09.


JAWAHAR SHETKARI: CRISIL Reaffirms 'D' Rating on INR382MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jawahar Shetkari
Sahakari Soot Girni Ltd continue to reflect the instances of delay
by Jawahar Shetkari in servicing its term debt; the delays have
been caused by Jawahar Shetkari's weak liquidity. The liquidity
has been weak because of high working capital intensity and
volatile cotton prices, which in turn have led to a below-average
financial risk profile. These rating weaknesses are partially
offset by the society's established position in the yarn
manufacturing segment.

   Facilities                       Ratings
   ----------                       -------
   INR382.0 Million Term Loan       D (Reaffirmed)
   INR290.0 Million Cash Credit     D (Reaffirmed)
   INR10.0 Million Bank Guarantee   P5 (Reaffirmed)

Update

Jawahar Shetkari's estimated operating income of INR1800 million
in 2010-11 (refers to financial year, April 1 to March 31) is in
line with CRISIL's projections; the society derived 40% of its
income from exports to China, Bangladesh, Egypt, and Korea. The
operating profitability remained weak at 4.6% in 2010-11, which
along with a high interest burden led to losses during the year.
The society's liquidity remained weak during the year because of
increasing cotton prices throughout the year; even the arrival of
cotton crop did not cool the prices because of high demand and
prices in the international market. During cotton season 2011
(November to October), Jawahar Shetkari could procure only 10% of
its requirement from farmers because of high cotton prices.
Jawahar Shetkari was finally able to buy raw material from traders
when the prices fell following the ban on exports by government.

High working capital intensity and the absence of any major fund
support from promoters meant continued high reliance on external
debt. Bank lines were utilized close to 100% during the year.
CRISIL believes that given the working-capital-intensive
operations and large term debt obligations, the credit risk
profile of Jawahar Shetkari will be constrained over the medium
term.

Registered in 1981 as a co-operative society in Dhule
(Maharashtra), Jawahar Shetkari was set up by Mr. Rohidas Patil.
The society manufactures yarn in the count of 24s to 34s, and
sells to wholesalers and hosiery garment manufacturers in India
and abroad, particularly Bangladesh.  The society has a cotton
spinning mill in Dhule, with capacity of 88,304 spindles.

For 2009-10, Jawahar Shetkari reported a net loss of INR58.5
million on net sales of INR1658 million, against a net loss of
INR74.6 million on net sales of INR1309 million for 2008-09.


K P CHARITABLE: CRISIL Rates INR100 Million Rupee Term Loan at 'D'
------------------------------------------------------------------
CRISIL has reaffirmed its 'D' rating on the bank facility of K P
Charitable Trust.  The rating continues to reflect instances of
delay by KPCT in servicing its term loan; the delay has been
caused by KPCT's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR100.0 Million Rupee Term Loan    D (Reaffirmed)

KPCT's track record in the technical industry is limited and its
financial risk profile is weak, marked by weak debt protection
metrics. The trust, however, benefits from the healthy growth
prospects for technical education sector.

Set up in 2007-08 (refers to financial year, April 1 to March 31)
by Mr. K P Agarwal and his son, Mr. Mukesh Agarwal, KPCT has
promoted two colleges, K P Engineering College and K P College of
Management, in Agra (Uttar Pradesh). KPCT offers engineering
degree programmes in various streams including electronic and
communications, mechanical, information technology, and
electrical, as well as a master of business administration
programme. The student capacity for each of these programs is
around 60. Both the institutes are affiliated to Uttar Pradesh
Technical University and approved by the All India Council for
Technical Education.

KPCT reported a deficit (excess of expenditure over income) of
INR4.8 million on total receipts of INR33.3 million for 2009-10
against a deficit of INR12.1 million on total receipts of INR18.2
million for 2008-09.


LAMBODHARA TEXTILES: Fitch Assigns Final Ratings to Loans
--------------------------------------------------------
Fitch Ratings has assigned India-based Lambodhara Textiles
Limited's INR32.8 million term loans and INR73.5 million term
loans a final rating of 'BB(ind)'. This follows the sanction of
the new facilities by the bank and the receipt of documents
conforming to information previously received. The final rating is
the same as the expected rating assigned on Oct. 19, 2010.

Simultaneously, Fitch has affirmed LTL's National Long-Term rating
at 'BB(ind)'. The Outlook is Stable. The agency has also affirmed
the ratings on LTL' bank loans:

   -- INR130m fund-based working capital limits:
      'BB(ind)'/'F4(ind)';

   -- INR28m non-fund based working capital limits:
      'BB(ind)'/'F4(ind)'; and

   -- INR137.9m existing term loans: 'BB(ind)'.

Coimbatore-based LTL commenced operations in 1994, after taking
over a sick industrial unit with capacity of 2,160 spindles; the
current capacity is 30,344 spindles.  As per the company's
provisional and unaudited FY11 figures, its revenues were INR753.2
million (FY10: INR503.2 million) and EBIDTA was INR85.18 million
(FY10: INR51.5 million).


MALLABHUM HUMAN: CRISIL Rates INR70MM Rupee Term Loan at 'BB+'
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the long-term bank
facilities of Mallabhum Human Resource Development Trust.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Rupee Term Loan    BB+/Stable (Assigned)

The rating reflects Mallabhum's susceptibility to adverse
regulations, intense competition in the higher education sector,
and its limited track record, resulting in limited brand value.
These weaknesses are partially offset by Mallabhum's above-average
financial risk profile, marked by steady cash accruals, low
gearing, and moderate debt protection metrics and healthy demand
prospects for the education sector in India.

Outlook: Stable

CRISIL believes that Mallabhum will maintain its business and
financial risk profiles on the back of the high demand for higher
education institutions in India. The outlook may be revised to
'Positive' if Mallabhum's financial risk profile strengthens
further because of better-than-expected operating income and
profitability. Conversely, the outlook may be revised to
'Negative' in case of larger-than-expected capital expenditure or
a drop in applications for the various courses it offers.

Mallabhum was set up in 1999 by Mr. Digbasan Banerjee,
Mr. Dhurjoti Banerjee, and Dr. Subrato Banerjee. The trust
operates an engineering institute, Mallabhum Institute of
Technology, since 2002. The institute is located in Bishnupur town
in Bankura district, 140 kms away from Kolkata (West Bengal).
MIT's campus is spread across 125 acres. The institute offers
courses in electronics and communications, computer science and
engineering, information technology, production, electrical and
mechanical engineering. All these courses are approved by the All
India Council for Technical Education and are affiliated to West
Bengal University of Technology.

The trust is also setting up another engineering college, Gargee
Memorial Institute of Technology at Baripur, about 35 kms away
from Kolkata. The college will offer courses in electronics and
communications, computer science, mechanical, civil and electrical
engineering. The new campus is spread across 80 acres. The total
cost of the new project is INR130 million, which will be funded
through a term loan of INR70 million, internal accruals, and an
additional corpus fund.

Mallabhum reported a surplus of INR24.2 million on an income of
INR99.8 million in 2009-10 (refers to financial year, April 1 to
March 31), as against a surplus of INR35.7 million on net sales of
INR90.8 million for 2008-09.


NASHIKA INDUSTRIES: CRISIL Puts 'B-' Rating on INR50MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' rating to the bank
facilities of Nashika Industries Pvt Ltd.

   Facilities                          Ratings
   ----------                           -------
   INR50.00 Million Cash Credit         B-/Stable (Assigned)
   INR50.00 Million Letter of Credit    P4 (Assigned)

The ratings reflect Om Timber group's moderate financial risk
profile marked by weak debt protection metrics and susceptibility
of the operating performance to intense competition and other
timber trade related risks. These rating weaknesses are partially
offset by experience of Om Timber group's promoters in the timber
business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NIPL, Om Timber Mart (OTM), and Hari Om
Timbers (HOT), collectively referred to as Om Timber group. This
is because these companies have a common management and are
engaged in similar line of business.

Outlook: Stable

CRISIL believes that Om Timber group will benefit from the long
standing experience of the promoters in the timber business. The
outlook may be revised to 'Positive' if the group registers
significant and sustainable revenue growth while improving its
profitability and debt protection indicators. Conversely, the
outlook may be revised to 'Negative' in case the group's operating
revenues or net cash accruals decline thereby resulting in
deterioration of debt protection metrics or if Om Timber group's
financial risk profile deteriorates most likely because of any
large debt funded capital expenditure.

                         About the Group

The Om Timber group, established in 1995 by the Patel family based
out of Tamilnadu, is engaged in processing and trading of timber.
NIPL (incorporated in 2007), OTM (established in 1995 as a
partnership firm of Patel family) and HOT (established in 2003 as
a partnership firm of Patel family) are engaged in timber trading
business. The group imports timber from south East Asian countries
and sells the processed timber in the domestic market. The
facilities of the group are located in Tamilnadu.

Currently, Mr. Haresh Patel and his brothers Mr. Kishore Patel and
Mr. Pravin Patel actively manage operations of OTG.

NIPL reported a profit after tax (PAT) of INR 4.15 million on net
sales of INR664.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.2 million on net sales
of INR479.9 million for 2008-09.


OM TIMBER: CRISIL Assigns 'B-' Rating to INR70 Million Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' rating to the bank
facilities of Om Timber Mart.

   Facilities                           Ratings
   ----------                           -------
   INR70.00 Million Cash Credit         B-/Stable (Assigned)
   INR120.00 Million Letter of Credit   P4 (Assigned)

The ratings reflect Om Timber group's moderate financial risk
profile marked by weak debt protection metrics and susceptibility
of the operating performance to intense competition and other
timber trade related risks. These rating weaknesses are partially
offset by experience of Om Timber group's promoters in the timber
business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of OTM, Nashika Industries Pvt Ltd (NIPL)
and Hari Om Timbers (HOT), collectively referred to as Om Timber
group. This is because these companies have a common management
and are engaged in similar line of business.

Outlook: Stable

CRISIL believes that Om Timber group will benefit from the long
standing experience of the promoters in the timber business. The
outlook may be revised to 'Positive' if the group registers
significant and sustainable revenue growth while improving its
profitability and debt protection indicators. Conversely, the
outlook may be revised to 'Negative' in case the group's operating
revenues or net cash accruals decline thereby resulting in
deterioration of debt protection metrics or if Om Timber group's
financial risk profile deteriorates most likely because of any
large debt funded capital expenditure.

                           About the Group

The Om Timber group, established in 1995 by the Patel family based
out of Tamilnadu, is engaged in processing and trading of timber.
NIPL (incorporated in 2007), OTM (established in 1995 as a
partnership firm of Patel family) and HOT (established in 2003 as
a partnership firm of Patel family) are engaged in timber trading
business. The group imports timber from south East Asian countries
and sells the processed timber in the domestic market. The
facilities of the group are located in Tamilnadu.

Currently, Mr. Haresh Patel and his brothers Mr. Kishore Patel and
Mr. Pravin Patel actively manage operations of OTG.

OTM reported a profit after tax (PAT) of INR 6.69 million on net
sales of INR630.3 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3.42 million on net
sales of INR477.8 million for 2008-09.


OMAXE: Fitch Migrates Ratings to "Non-Monitored" Category
---------------------------------------------------------
Fitch Ratings has migrated the 'B-(ind)' National Long-Term rating
on India's Omaxe Limited and its INR2300 million long term debt
programme to the "Non-Monitored" category. The ratings were
earlier placed on Rating Watch Positive. The ratings will now
appear as 'B-(ind)nm' on Fitch's website.

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 Omaxe. 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 may be reinstated and will be communicated through a
"Rating Action Commentary".


PADMAVATHI INSTITUTE: CRISIL Rates INR110 Million LT Loan at 'B-'
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the long-term loan
facility of Padmavathi Institute of Medical Sciences Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR110.00 Million Long-Term Loan    B-/Stable(Assigned)

The rating reflects PIMS's susceptibility to project
implementation risks and below-average financial risk profile,
marked by small net worth and weak debt protection metrics. These
rating weaknesses are partially offset by the competitive
advantage PIMS enjoys because of its hospital's advantageous
location and the extensive experience of its promoters in the
healthcare sector.

Outlook: Stable

CRISIL believes that PIMS will continue to benefit from its
promoters' extensive experience in the healthcare industry and its
hospital's advantageous location, over the medium term. The
outlook may be revised to 'Positive' if the institute's financial
risk profile improves because of more-than-expected cash accruals
or significant increase in its net worth. Conversely, the outlook
may be revised to 'Negative' if PIMS undertakes a larger-than-
expected, debt-funded capital expenditure programme, if the demand
for its hospital's services declines, or the hospital's
inauguration is delayed.

                         About Padmavathi Institute

PIMS, incorporated in 2009, was promoted by Dr. Srinivasulu Reddy,
Dr. P Naveen Reddy, and Mr. Narasimha Reddy. PIMS is constructing
a 130-bed multi-specialty hospital at Patancheru, on the outskirts
of Hyderabad (Andhra Pradesh). PIMS's hospital is the first multi-
speciality hospital in the industrial area of Patancheru, and the
only one in a radius of eight kilometre. The hospital is likely to
commence operations in May 2011. The cost of the project is around
INR230 million, of which INR110 million has been funded through
debt.


PRINCE ALLOYS: CRISIL Reaffirms 'BB+' Rating on INR8.2MM Bank Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prince Alloys Pvt Ltd
continue to reflect the Prince group's susceptibility to
volatility in raw material prices, limited revenue diversity, and
exposure to intense competition. These rating weaknesses are
partially offset by the benefits that the group derives from its
promoters' industry experience and its partially integrated
operations.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit Limit    BB+/Stable (Reaffirmed)
   INR8.2 Million Bank Guarantee        P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Prince TMT Steels Pvt Ltd, Prince
Alloys, Prince Rollings Pvt Ltd, and Prince Roller Flour Mills Pvt
Ltd.  This is because all the entities, collectively referred to
as the Prince group, have common promoters and management, and
intra-group financial linkages, including fungible cash flows.
Moreover, three out of the four companies are in the same line of
business.

Outlook: Stable

CRISIL believes that the Prince group will continue to benefit
over the medium term from its established market position and its
strong track record. The outlook may be revised to 'Positive' if
the Prince group's financial risk profile improves significantly,
supported by improved margins and gearing, or if the group
significantly scales up its operations. Conversely, the outlook
may be revised to 'Negative' if the Prince group's margins and
cash accruals decline, or if the group's capital structure
deteriorates, most likely because of a large, debt-funded capital
expenditure, or if the promoters make significant withdrawal of
interest-free unsecured loans from the business.

                         About the Group

The Prince group is based in Kerala. Prince TMT manufactures
thermo-mechanically treated bars, and trades in mild steel (MS)
rounds; Prince Alloys and Prince Rollings produce MS ingots; and
Prince Mills manufactures wheat flour and trades in raw wheat.

For 2009-10 (refers to financial year, April 1 to March 31), the
Prince group reported a profit after tax (PAT) of INR16.7 million
on net sales of INR1.42 billion, against a PAT of INR15.5 million
on net sales of INR1.70 billion for the previous year.

Prince Alloys has capacity to produce around 28,000 tonnes per
annum of MS ingots. For 2009-10, the company reported a PAT of
INR3.64 million on net sales of INR325.5 million, against a PAT of
INR3.34 million on net sales of INR403.7 million for the previous
year.


PRINCE ROLLINGS: CRISIL Reaffirms 'BB+' Rating on INR50M Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prince Rollings Pvt Ltd
continue to reflect the Prince group's susceptibility to
volatility in raw material prices, limited revenue diversity, and
exposure to intense competition. These rating weaknesses are
partially offset by the benefits that the group derives from its
promoters' industry experience and its partially integrated
operations.

   Facilities                         Ratings
   ----------                         -------
   INR50 Million Cash Credit Limit    BB+/Stable (Reaffirmed)
   INR7.5 Million Bank Guarantee      P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Prince TMT Steels Pvt Ltd (Prince TMT),
Prince Alloys, Prince Rollings Pvt Ltd (Prince Rollings), and
Prince Roller Flour Mills Pvt Ltd (Prince Flour Mills). This is
because all the entities, collectively referred to as the Prince
group, have common promoters and management, and intra-group
financial linkages, including fungible cash flows. Moreover, three
out of the four companies are in the same line of business.

Outlook: Stable

CRISIL believes that the Prince group will continue to benefit
over the medium term from its established market position and its
strong track record. The outlook may be revised to 'Positive' if
the Prince group's financial risk profile improves significantly,
supported by improved margins and gearing, or if the group
significantly scales up its operations. Conversely, the outlook
may be revised to 'Negative' if the Prince group's margins and
cash accruals decline, or if the group's capital structure
deteriorates, most likely because of a large, debt-funded capital
expenditure, or if the promoters make significant withdrawal of
interest-free unsecured loans from the business.

                       About the Group

The Prince group is based in Kerala.  Prince TMT manufactures
thermo-mechanically treated bars, and trades in mild steel (MS)
rounds; Prince Alloys and Prince Rollings produce MS ingots; and
Prince Mills manufactures wheat flour and trades in raw wheat.

For 2009-10 (refers to financial year, April 1 to March 31), the
Prince group reported a profit after tax (PAT) of INR16.7 million
on net sales of INR1.42 billion, against a PAT of INR15.5 million
on net sales of INR1.70 billion for the previous year.

Prince Rollings has capacity to produce around 28,000 tonnes per
annum of MS ingots. For 2009-10, Prince Rollings reported a PAT of
INR2.7 million on net sales of INR322.9 million, against PAT of
INR2.2 million on net sales of INR389.0 million for the previous
year.


PRINCE TMT: CRISIL Reaffirms 'BB+' Rating on INR90MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings the bank facilities of Prince TMT Steels Pvt Ltd
continue to reflect the Prince group's susceptibility to
volatility in raw material prices, limited revenue diversity, and
exposure to intense competition. These rating weaknesses are
partially offset by the benefits that the group derives from its
promoters' industry experience and its partially integrated
operations.

   Facilities                       Ratings
   ----------                       -------
   INR90 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR20 Million Letter of Credit   BB+/Stable (Reaffirmed)
   INR5 Million Bank Guarantee      P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Prince TMT Steels Pvt Ltd, Prince
Alloys, Prince Rollings Pvt Ltd, and Prince Roller Flour Mills Pvt
Ltd.  This is because all the entities, collectively referred to
as the Prince group, have common promoters and management, and
intra-group financial linkages, including fungible cash flows.
Moreover, three out of the four companies are in the same line of
business.

Outlook: Stable

CRISIL believes that the Prince group will continue to benefit
over the medium term from its established market position and its
strong track record. The outlook may be revised to 'Positive' if
the Prince group's financial risk profile improves significantly,
supported by improved margins and gearing, or if the group
significantly scales up its operations. Conversely, the outlook
may be revised to 'Negative' if the Prince group's margins and
cash accruals decline, or if the group's capital structure
deteriorates, most likely because of a large, debt-funded capital
expenditure, or if the promoters make significant withdrawal of
interest-free unsecured loans from the business.

                          About the Group

The Prince group is based in Kerala. Prince TMT manufactures
thermo-mechanically treated bars, and trades in mild steel (MS)
rounds; Prince Alloys and Prince Rollings produce MS ingots; and
Prince Mills manufactures wheat flour and trades in raw wheat.

For 2009-10 (refers to financial year, April 1 to March 31), the
Prince group reported a profit after tax (PAT) of INR16.7 million
on net sales of INR1.42 billion, against a PAT of INR15.5 million
on net sales of INR1.70 billion for the previous year.

Prince TMT has installed capacity to produce around 45,000 tonnes
per annum of TMT bars. For 2009-10, the company reported a PAT of
INR8.1 million on net sales of INR1.13 billion, against a PAT of
INR8 million on net sales of INR1.47 billion for the previous
year.


R.A. MOTORS: CRISIL Rates INR80 Million Cash Credit at 'BB-'
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of R.A. Motors Pvt. Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR80.0 Million Cash Credit     BB-/Stable (Assigned)

The rating reflects RAM's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics on
account of high working capital requirements coupled with low
profitability, and susceptibility to intense competition in the
automotive dealership market. These rating weaknesses are
partially offset by RAM's established market position and
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that RAM will continue to maintain its established
market position in Etah, Moradabad, and Bijnor (all in Uttar
Pradesh). The outlook may be revised to 'Positive' in case of an
improvement in RAM's capital structure and debt protection
metrics, most likely because of significant equity infusion by
promoters or significant improvement in profitability leading to
better cash accruals. Conversely, the outlook may be revised to
'Negative' if RAM's financial risk profile deteriorates further
because of larger-than-expected debt-funded capital expenditure or
larger-than-expected working capital requirements.

                         About R.A. Motors

Incorporated by Mr. Ajay Chaturvedi, RAM is an authorized dealer
for TML's commercial vehicles (CVs) in Etah, Moradabad, and
Barreily. The company has four showrooms with integrated workshops
at Etah, Moradabad, Bijnor, and Barreily. RAM deals with all type
of CVs of TML, from small CVs (SCVs; pick-ups such as TATA Ace,
TATA Di, Magic, and Winger), light CVs (LCVs), intermediate CVs,
and medium and heavy CVs (MHCVs; such as trucks, buses, dumpers,
and trailers). During 2009-10, RAM sold 1653 CVs, while in
2010-11, it sold 1779 vehicles. The company derives more than 96%
of its revenues from sale of vehicles while the rest is from sale
of spares and services.

RAM reported a profit after tax (PAT) of INR3.4 million on net
sales of INR1052.8 million for 2009-10, as against a PAT of INR1.5
million on net sales of INR474.3 million for 2008-09.


R.K. TRANSPORT: CRISIL Puts 'BB+' Rating on INR100MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of R.K. Transport & Constructions Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR100.0 Million Cash Credit Limit   BB+/Stable (Assigned)
   INR150.0 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect RK's large working capital requirements, its
marginal position in the civil construction and transport
industry, and susceptibility to intense industry competition.
These rating weaknesses are partially offset by RK's above-average
financial risk profile, marked by moderate net worth, low gearing,
and sound debt protection metrics, and the extensive industry
experience of its promoters.

Outlook: Stable

CRISIL believes that RK will continue to benefit over the medium
term from its above-average financial risk profile driven by low
debt and promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company scales up its operations
and, margins leading to healthy cash accruals while maintaining
its capital structure. Conversely, the outlook may be revised to
'Negative' in case of a decline in topline and margins and/or it
undertakes a large-than-expected debt-funded capital expenditure
programme, or extends more-than-expected exposure to group
companies.

                           About RK Aggarwal

Set up as a proprietorship concern as M/s RK Aggarwal, in 1987 by
Mr. Rajendra Kumar Aggarwal, the entity was reconstituted as a
private limited company in 2003.

RK undertakes civil works such as development of roads, irrigation
projects, and buildings for government, quasi-government, and
private parties. It is an A5 category contractor, registered with
Chattisgarh Rural Development Agencies, Public Works Department,
Water Resource Department, and Chattisgarh Housing. It also
undertakes coal transportation, with government and private
parties. It operates in Chattisgarh, Madhya Pradesh, and Orissa,
and undertakes contracts both as a primary contractor and through
joint ventures.

RK reported a profit after tax (PAT) of INR33 million on net
revenue of INR1104 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR30 million on net
revenue of INR1122 million for 2008-09.


RAJ AGRO: CRISIL Downgrades Rating on INR120MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Raj
Agro Mills Ltd to 'D/P5' from 'B+/Stable/P4'; the ratings have
been suspended. The downgrade reflects instances of delay by RAML
in servicing its debt on account of its weak liquidity. The
company's account has also been classified as a non-performing
asset by its banker.

   Facilities                 Ratings
   ----------                 -------
   INR100.0 Million Cash Credit Limit     D (Downgraded from
                                             'B+/Stable' and
                                             Suspended)

   INR120.0 Million Term Loan             D (Downgraded from
                                             'B+/Stable' and
                                             Suspended)

   INR145.0 Million Letter of Credit      P5 (Downgraded from
                                             'P4'and Suspended)

The rating on the bank facilities of RAML has been suspended
because the company has not been providing information on its
operations and financials to CRISIL. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
information from the company.

                       About Raj Agro Mills

RAML, incorporated in 1990, manufactures refined oil and
vanaspati, besides by-products such as fatty acids, wax, and gums.
Its facility in Ludhiana (Punjab) has installed capacity to
produce 100 tonnes per day of refined oil. The company sells its
product to traders as well as large edible oil manufacturers, such
as Marico Ltd and Amrit Banaspati Company Ltd.


SAIKRUPA COTGIN: CRISIL Assigns 'B' Rating to INR10MM LT Bank Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Saikrupa Cotgin Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR50 Million Cash Credit           B/Stable (Assigned)
   INR10 Million Proposed Long-Term    B/Stable (Assigned)
                 Bank Loan Facility
   INR30 Million Warehouse Financing   P4 (Assigned)

The ratings reflect the Saikrupa group's weak financial risk
profile, marked by small net worth, high gearing, and below-
average debt protection metrics, and the susceptibility of its
business risk profile to adverse regulatory changes. These
weaknesses are partially offset by the experience of Saikrupa's
promoters in the agro trading industry.

For arriving at its ratings, CRISIL has consolidated the financial
and business risk profiles of Saikrupa Ginning and Pressing
Industries (SGPI), Saikrupa Cotgin Factory, and SCPL, together
referred as Saikrupa group.  This is because the three entities
have operational and financial linkages, and common management and
promoters. These entities are expected to be merged in 2011-12
(refers to financial year, April 1 to March 31).

Outlook: Stable

CRISIL believes that the Saikrupa group will continue to benefit,
over the medium term, from its promoters' industry experience. The
outlook may be revised to 'Positive' if the group's capital
structure improves because of equity infusion, or if its debt
protection metrics improve because of significant increase in
profitability. Conversely, the outlook may be revised to
'Negative' in case of further significant stretching of the
Saikrupa group's working capital cycle, adverse regulatory
changes, or in case of a larger-than-expected, debt-funded capital
expenditure programme.

                          About the Group

SCPL was incorporated in 2009 and commercial production began in
November 2010. It was promoted by Mr. Sunil Katkade, who traded in
fertilizers in the proprietorship firm Agro Agencies from 1996 to
2003 and traded in soya bean and cotton till 2006. In 2006-07, Mr.
Sunil Katkade established SGF and SGPI with him and his father,
Mr. Mahadeo Katkade, as their respective proprietors. SGF has a
ginning unit and SGPI has a pressing and seed crushing unit. In
2009, SCPL was incorporated and the promoters decided to merge the
proprietorships with it. The merger is currently in process and
expected to be completed by May 2011.

ASCW is estimated to report a profit after tax (PAT) of INR4
million on net sales of INR600 million for 2010-11.


SARVODAYA SUITINGS: CRISIL Reaffirms 'B' Rating on INR160MM Debt
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarvodaya Suitings Ltd
continue to reflect SSL's below-average financial risk profile,
modest scale of operations, and significant off-balance-sheet
liabilities on account of losses in derivative transactions with
State Bank of India Ltd and ICICI Bank Ltd.  These rating
weaknesses are partially offset by the benefits that SSL derives
from the experience of its promoters in the textile industry.

   Facilities                         Ratings
   ----------                         -------
   INR160.0 Million Cash Credit       B/Negative (Reaffirmed)
   INR20.0 Million Standby Line       B/Negative (Reaffirmed)
                      of Credit
   INR45.0 Million Letter of Credit   P4 (Reaffirmed)

Outlook: Negative

CRISIL believes that SSL's credit risk profile will remain
constrained over the near term, on account of the ongoing
litigation with ICICI with respect to derivative transactions. The
ratings may be downgraded in case of an adverse ruling in the
dispute with ICICI, resulting in crystallisation of the
liabilities, or a sharp decline in the company's operating margin,
resulting in deterioration of its debt protection metrics.
Conversely, the outlook may be revised to 'Stable' if the outcome
of the litigation is in favour of SSL, or the matter is resolved
through an out-of-court settlement or otherwise, without
significantly impairing the company's gearing and debt protection
metrics.

Update

SSL's topline in 2010-11 (refers to financial year, April 1 to
March 31) was stagnant, at around INR1.6 billion, due to sluggish
demand for man-made fibres (MMF). The increase in demand for MMF
was only 3 percent in 2010-11 over the previous year due to slow
growth of non-cotton yarn consumption in the domestic market.

For 2010-11, the company is expected to record healthy
profitability on account of better realizations, as the prices of
MMF have been rising since the beginning of the year on the back
of rising feedstock prices and supported by firm cotton prices.
Average prices increased by more than 20%, to INR81 per kilogram
(kg) in 2010-11, over the previous year, and were particularly
robust at around INR90 per kg in the second half of the year. The
increase in prices, however, resulted in large working capital
requirements for SSL and its bank limits utilisation increased to
over 90% for the 12 months through March 31, 2011.

SSL's financial risk profile remains below-average, marked by an
aggressive capital structure and inadequate debt protection
metrics. This is because of its large working capital
requirements, modest net worth, and small cash accruals,
constrained by derivative losses. The company, in 2007, entered
into derivative transactions with SBI and ICICI, resulting in
outstanding losses of around INR180 million, as on March 31, 2011.
SSL has requested SBI to convert the loss of INR140 million into a
term loan with a repayment period of 10 years and expects to
settle its losses with ICICI over the near term. However, there is
no clarity on the same, and settlement with the banks will be a
rating sensitivity factor.

SSL reported, on provisional basis, profit after tax (PAT) of INR5
million on net sales of INR1.5 billion for 2010-11, against net
loss of INR27 million on net sales of INR1.5 billion for 2009-10.

                          About Sarvodaya Suitings

SSL, incorporated in 1994, was promoted by Mr. Abhay Kumar Jain
and his family. It manufactures blended fabrics. The promoters
have been in the textile trading business since 1975, and have
also acquired a strong position in the manufacturing domain. The
company also has presence in the international market with about
43% of total revenue generated by exports. Sarvodaya, in 2004,
launched its multi-level marketing unit, Sarvodaya Online Business
Marketing.


SRIKANTH INTERNATIONAL: CRISIL Places 'BB-' Rating on INR38MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Srikanth International.

   Facilities                              Ratings
   ----------                              -------
   INR38.00 Million Long-Term Loan         BB-/Stable (Assigned)
   INR120.00 Mil. Export Packing Credit    P4+ (Assigned)
   INR14.10 Million Proposed Short-Term    P4+ (Assigned)
                     Bank Loan Facility
   INR10.00 Million Letter of Credit       P4+ (Assigned)

The ratings reflect SI's weak financial risk profile, marked by
small net worth and high gearing, susceptibility to volatility in
raw material prices and volatility in foreign exchange rates, and
exposure to risks inherent in the seafood industry. These
weaknesses are partially offset by the extensive industry
experience of SI's promoters.

Outlook: Stable

CRISIL believes that SI will continue to benefit over the medium
term from the healthy demand for Indian shrimp in the global
market and its experienced management. The outlook may be revised
to 'Positive' in case of sustainable increase in the firm's scale
of operations and profitability or in case of improvement in the
capital structure, on account of capital infusion. Conversely, the
outlook may be revised to 'Negative' if the firm undertakes a
large, debt-funded capital expenditure programme, leading to
deterioration in its capital structure, or if its volumes or
margins decline steeply .

                    About Srikanth International

Established in 2008, SI was promoted by Mrs. N.V.R. Sujata
(Managing Partner) and her son Mr. N. Hemanth Naga Kumar. It
processes and exports processed shrimp to the US, Europe, and
Middle East. The firm's manufacturing facilities in Someswaram
village, near Vijayawada (Andhra Pradesh) have an installed
processing capacity of 20 tonnes per day. The firm's processing
facility has been approved by the Food and Drug Administration,
US.

SI reported a profit after tax (PAT) of INR6 million on net sales
of INR210 million for 2009-10 (refers to financial year, April 1
to March 31).


SUMATEX LTD: CRISIL Assigns 'BB+' Rating to INR25.5 Mil. Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Sumatex Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR100 Million Cash Credit Limit    BB+/Stable (Assigned)
   INR25.5 Million Term Loan           BB+/Stable (Assigned)
   INR50.0 Million Letter of Credit    P4+ (Assigned)

The ratings reflect Sumatex's small scale of operations, working-
capital-intensive operations, high product concentration, and
susceptibility to cyclicality in the textile industry, which is
the end-consumer of its products. These rating weaknesses are
partially offset by Sumatex's established market position in niche
segment of computerised selvedge machines, promoters' extensive
industry experience, and moderate financial risk profile, marked
by moderate gearing and adequate debt-protection metrics.

Outlook: Stable

CRISIL believes that Sumatex's scale of operations will remain
small over the medium term. The outlook may be revised to
'Positive' if Sumatex scales up its operations, continues to
prudently manage its working capital management, and increases its
net worth. Conversely, the outlook may be revised to 'Negative' if
the company's liquidity weakens significantly, most likely because
of lower-than-expected cash accruals, or if the company undertakes
large, debt-funded capital expenditure (capex) programme,
weakening its capital structure.

                         About Sumatex Ltd

Sumatex was set up in 1998 as Sumatex Services Pvt Ltd by Mr.
Sudeep Malu. In 2008, the company was reconstituted as a closely
held public limited company and its name was changed to the
current one. The company is the only manufacturer in India for
electronic selvedge machines used in the textile industry. Its
manufacturing unit is located in Bhilwara (Rajasthan). Sumatex is
also working towards manufacturing computerised jacquards
machines, which are used to create intricate patterns while
weaving fabric. For funding the capex for setting up the plant and
meeting working capital requirements, the company has proposed to
make an initial public offering (IPO).

Sumatex reported a profit after tax (PAT) of INR8.7 million on net
sales of INR184 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.2 million on net
sales of INR139 million for 2008-09.


SVARN INFRATEL: CRISIL Assigns 'BB' Rating to INR57MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Negative/P4+' ratings on the bank
facilities of Svarn Infratel Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR57 Million Cash Credit          BB/Negative (Assigned)
   INR112.5 Million Rupee Term Loan   BB/Negative (Assigned)
   INR15 Million Bank Guarantee       P4+ (Assigned)
   INR30 Million Letter of Credit     P4+ (Assigned)

The ratings reflect the Svarn group's moderate financial risk
profile, marked by low gearing, and moderate debt protection
metrics. This rating strength is partially offset by the group's
small scale of operations, limited track record, and
susceptibility to intense competition.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Svarn Telecom (ST), Svarn Telecom Ltd,
Svarn Tex Prints Pvt Ltd, and SIPL, collectively referred to as
the Svarn group.  This is because the four entities are under a
common management, have operational linkages, and fungible cash
flows among them. The group's procurement and marketing functions
are carried out at its central corporate office. Three of the
group entities are in the same line of business and use a common
brand. Furthermore, there are fungible cash flows among the group
companies, where surplus funds available with one group entity
could be utilised for working capital and capital expenditure
requirements of other group entities.

Outlook: Negative

CRISIL believes that the Svarn group's business risk profile will
be constrained over the near term because of suppressed revenue
growth. This will be because of the ongoing consolidation in the
telecom sector and limited network expansion expected to be
undertaken by the telecom operators, which would result in
moderate demand for telecom towers and other passive telecom
infrastructure. The rating may be downgraded in case of more-than-
expected deterioration in revenues and profitability of the
group's telecom companies and delay in stabilization of operations
in its new companies, leading to further weakening in its business
risk profile and debt servicing ability. Conversely, the outlook
may be revised to 'Stable' if there is more-than-expected growth
in the group's revenues and operating profitability, prudent
management of its working capital, stabilization of its
operations, and sustained revenue growth in its new companies.

                           About the Group

SIPL started its operations in July 2010, and is engaged in
manufacturing of power cables used in telecom equipments and other
power equipments. ST was set up in 2005-06 (refers to financial
year, April 1 to March 31) as a partnership firm based in
Faridabad, with the Gupta family holding a 75% stake, and the
Singhal family (related to the Gupta family) holding the rest. ST
manufactures passive telecom equipment, including radio frequency
products and base transceiver station installation products. The
Svarn group is manufactures passive telecom infrastructure and
equipment, and it operates a fabric processing house. The group
manufactures passive telecom equipment through ST and STL, and
operates a fabric processing house under STPPL. The group supplies
its products to telecom companies, including Ericsson India Pvt
Ltd., Nokia India, Siemens Ltd (rated 'AAA/Stable/P1+' by CRISIL),
Bharti Airtel Ltd (AAA/Negative/P1+), and Idea Cellular Ltd (P1+).


V L RAKA: CRISIL Assigns 'BB-' Rating to INR40MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to V L Raka Jewellers
Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR40.0 Million Cash Credit           BB-/Stable (Assigned)
   INR50.0 Million Proposed Term Loan    BB-/Stable (Assigned)

The rating reflects VLRJPL's small scale of operations in the
highly competitive and volatile jewellery retail industry, and the
expected deterioration in the company's financial risk profile and
liquidity on account of debt contracted to fund capex. These
rating weaknesses are partially offset by the promoters'
longstanding experience in the jewellery industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VLRJPL and its group firm, Sha Valchand
Lalchand Raka & Sons (SVLRS). This is because both entities are in
the jewellery retail business, and operate from the same showroom.
The promoters plan to merge the two entities in 2011-12.

Outlook: Stable

CRISIL believes that VLRJPL will maintain a stable business risk
profile over the medium term, backed by benefits derived from its
promoters' experience. Its financial risk profile may, however, be
dependent on the extent of debt contracted to fund capex in the
medium term. The outlook may be revised to 'Positive' if the
company increases its operating income, and strengthens its
liquidity. Conversely, the outlook may be revised to 'Negative' if
the company's capital structure deteriorates due to larger than
expected debt-funded capex and high working capital requirements,
and/or if its profitability declines substantially.

                         About V L Raka Jewellers

VLRJPL was set up in 2008 by Mr. Valchand Raka and Mr. Pradip
Raka. Prior to this, the group had a presence in the jewellery
retail business through its proprietorship firm, SVLRS. SVLRS was
established in 1995, and the Raka family has been associated with
the jewellery business for the past 100 years. The group sells
gold, silver and diamond jewellery in its retail store located in
Bhiwandi (Maharashtra). This store was started in 1975. Gold
jewellery manufacturing contributes about 85% to the group's
revenue. The group also trades in jewellery manufactured by Agni,
Aura and D'damas. Trading activity contributes less than 5% to its
revenue.

VLRJPL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR46.2 million for 2009-10, against a PAT INR0.8 million
on net sales of INR20.1 million for 2008-09.


VIPAT LUBRICANTS: CRISIL Assigns 'B' Rating to INR4 Mil. LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Vipat Lubricants.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        B/Stable (Assigned)
   INR4 Million Long-Term Loan      B/Stable (Assigned)
   INR41 Million Proposed LT Loan   B/Stable (Assigned)
   INR5 Million Packing Credit      P4 (Assigned)
   INR10 Million Letter of Credit   P4 (Assigned)

The ratings reflect Vipat's large working capital requirements,
weak financial risk profile, marked by high gearing, weak debt
protection metrics, and small scale of operations, and
susceptibility to raw material price volatility. These rating
weaknesses are partially offset by the established track record of
Vipat's promoters.

Outlook: Stable

CRISIL believes that Vipat will benefit from the extensive
experience of its promoters over the medium term. However, Vipat's
financial risk is expected to remain weak because of high gearing
and weak debt protection metrics. The outlook may be revised to
'Positive' if Vipat's financial risk profile improves because of
significant improvement in working capital management or
substantial infusion of capital. Conversely, the outlook may be
revised to 'Negative' if there is a significant decline in
operating margin or further deterioration in working capital
management.

                       About Vipat Lubricants

Set up as a partnership firm in Mumbai in 2002 by Mr. Sharad
Vipat, Vipat manufactures and markets various grades of industrial
and automobile lubricants, including engine oil, gear oil,
transmission oil, and hydraulic oil, under the Vipat brand. The
manufacturing unit, based near Pune (Maharashtra) has a capacity
of 300 tonnes per month. The operations are managed by Mr. Vijay
Vipat, son of Mr. Sharad Vipat.

Vipat reported a book profit of INR0.4 million on net sales of
INR65.3 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a book profit of INR0.3 million on net sales
of INR54.4 million for 2008-09.


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


BANK MAYAPADA: Fitch Affirms Individual 'D/E' Rating
----------------------------------------------------
Fitch Ratings has affirmed PT Bank Mayapada Internasional Tbk's
National Long-term rating at 'A-(idn)', Individual rating at 'D/E'
and Support rating at '5'. The Outlook is Stable.  At the same
time, the agency has affirmed Mayapada's five-year rupiah senior
unsecured bonds issued in 2007 at 'A-(idn)', and its 10-year
rupiah subordinated debt issued in 2007 at 'BBB+(idn)'. These
issues do not have ongoing loss absorption features.

The ratings reflect the bank's improved capital position and
profitability, despite weakened asset quality and its small size
in the Indonesian banking system (0.3% of system assets). Fitch
notes that high levels of special-mentioned loans (SMLs) and its
rather concentrated loan book could give rise to asset quality
risk should operating conditions deteriorate considerably.

Following a right issue of IDR400bn in Q410, the bank's capital
position strengthened with Tier-1 and total capital adequacy ratio
(CAR) increasing to 19.2% and 20.4%, respectively, at end-2010.
These ratios, however, decreased to 18.9% and 20%, respectively,
at end-Q111 due to loan expansion and implementation of capital
charge for operational risk under Basel II. Profitability improved
with return on asset increasing to 0.9% in 2010 and 1% in Q111
(2009: 0.6%)

Non-performing loans (NPLs) increased to 3.3% of total loans at
end-2010 (2009: 1%), mainly driven by the corporate segment.
However, the NPL ratio improved to 2.7% at end-Q111 mainly due to
improved asset quality of the SME and consumer segment. Although
SMLs -- a source of NPL risk -- decreased to 12% of total loans at
end-Q111 (2010: 14%), partly as a result of increased collection
efforts, they remain far above the industry average of 4.8%.

The loan-to-deposit ratio declined to 80% at end-Q111 (2009: 85%)
as deposit growth outpaced loan growth. However, the portion of
high-cost time deposits remained elevated at 84% of total
deposits. Liquidity remained fairly sound with liquid assets
comprising cash, government bonds and central bank deposits
increasing to 27% of total assets at end-Q111 (2010: 21%),
compared with borrowings of 4%.

Bank Mayapada International Tbk was established in 1989 by
Dr. Tahir, MBA and family, who remains in control of the bank.


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


JLOC 36: S&P Lowers Rating on Class D Floating-Rate Notes to 'CC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
D floating-rate secured notes issued under the JLOC 36 LLC
transaction to 'CC (sf)' from 'CCC- (sf)'. "At the same time, we
kept our ratings on the class A1 through A3, and B notes on
CreditWatch with negative implications. We placed these classes of
notes on CreditWatch negative on Jan. 18, 2011, following the
revisions to our counterparty criteria. Additionally, we affirmed
our ratings on the class C1, C2, and X notes," S&P said.

The rating actions reflect this factor:

    * The properties backing one of the remaining loans that had
      defaulted (the loan originally represented about 1% of the
      total initial issuance amount of the trust certificates)
      have been sold. "We have confirmed that the principal of the
      securitized portion of the defaulted loan has been impaired
      and, as a result, class D has incurred an effective loss due
      to a reduction of interest on the notes," S&P stated.

According to S&P, "We intend to review our ratings on the class A1
through A3, and B notes, which remain on CreditWatch negative,
based on the counterparty criteria that we updated in January
2011."

JLOC 36 LLC is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The notes were originally secured
by 34 nonrecourse loans, which were originally backed by 99 real
estate properties. The transaction was arranged by Morgan Stanley
Japan Securities Co. Ltd., and Premier Asset Management & Loan
Services Corp. is the transaction servicer. The ratings address
the full and timely payment of interest and the ultimate repayment
of principal by the transaction's legal final maturity date in
February 2016 for the class A1 to A3 notes, the full payment of
interest and ultimate repayment of principal by the legal final
maturity date for the class B to D notes, and the timely payment
of available interest for the interest-only (IO) class X notes.

Rating Lowered
JLOC 36 LLC
JPY59.1 billion equivalent secured notes due February 2016
Class    To         From         Initial issue amount
D        CC (sf)    CCC- (sf)    JPY4.3 bil.

Ratings Kept on Credit Watch Negative
Class    Rating                Initial issue amount
A1       AAA (sf)/Watch Neg    JPY29.05 bil.
A2       AAA (sf)/Watch Neg    EUR65,300,000
A3       AAA (sf)/Watch Neg    $8,000,000
B        AA- (sf)/Watch Neg    JPY6.8 bil.

Ratings Affirmed
Class    Rating      Initial issue amount
C1       BB+ (sf)    JPY3.6 bil.
C2       BB+ (sf)    EUR24,250,000
X (IO)*  AAA (sf)    JPY59.1 bil. (initial notional principal)

*Interest-only
The issue date was May 9, 2007.


SIGNUM VANGUARD: S&P Raises Rating on Credit-linked Notes to 'CCC'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on three
tranches relating to three Japanese synthetic collateralized debt
obligation (CDO) transactions, and at the same time removed these
ratings from CreditWatch with positive implications.

"The rating actions are part of our regular monthly review of
synthetic CDOs for which ratings have been placed on CreditWatch
with positive or negative implications. These actions incorporate,
among other things, the effect of rating migration within
reference portfolios," S&P related.

Ratings Raised, Removed From CreditWatch

Corsair (Jersey) No. 2 Ltd.
Series 52 floating rate secured portfolio credit-linked notes due
2012
(Portfolio F360)
To         From                   Issue amount
B- (sf)    CCC+ (sf)/Watch Pos    JPY1 bil.

Signum Vanguard Ltd.
Class A secured floating rate credit-linked notes series 2005-06
To              From                        Issue amount
B-p NRi (sf)    CCC+p NRi (sf)/Watch Pos    JPY3.0 bil.

Secured floating rate credit-linked notes series 2006-10
To          From                   Issue amount
CCC (sf)    CCC- (sf)/Watch Pos    JPY300.0 mil.


SONY CORP: Posts Third Annual Loss; Expects Profit in FY2011
------------------------------------------------------------
The Associated Press reports that Sony Corp. is forecasting a
return to profit for the fiscal year ending March 2012, as sales
are expected to recover after the plunge from the March 11
earthquake, but reported its third straight year of red ink.

The AP relates that Sony Corp. said it expects an JPY80 billion
(US$975.6 million) profit for the current fiscal year.

Sony reported a JPY259.6 billion (US$3.2 billion) loss for the
fiscal year ended March 2011.

Costs for online security breaches around the world and the
disaster in northeastern Japan battered the electronics and
entertainment company, the AP reports.

Sony Corporation (TYO:6758) -- http://www.sony.co.jp/ -- is the
ultimate parent company of the Sony Group.  The company is
primarily focused on Electronics, such as audiovisual/ information
technology products & components; Game, such as PlayStation;
Entertainment, such as motion pictures and music, and Financial
Services, such as insurance and banking sectors.


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


KWANGJU BANK: Fitch Withdraws Individual 'C/D' Rating
-----------------------------------------------------
Fitch Ratings has affirmed the ratings of three regional Korean
banks -- Kwangju Bank, Kyongnam Bank, and Daegu Bank -- and
simultaneously withdrawn them.  This is because the ratings are no
longer considered by the agency to be relevant to its coverage.
Fitch will no longer provide ratings or analytical coverage of
these issuers.

The rating actions of KJB, KNB and DGB are:

KJB

   -- Long-Term Foreign Currency IDR affirmed at 'BBB'; Outlook
      Stable; rating withdrawn

   -- Short-Term Foreign Currency IDR affirmed at 'F2'; rating
      withdrawn

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

   -- Support Rating affirmed at '2'; rating withdrawn

   -- Support Rating Floor affirmed at 'BBB'; rating withdrawn

KNB

   -- Long-Term Foreign Currency IDR affirmed at 'BBB'; Outlook
      Stable; rating withdrawn

   -- Short-Term Foreign Currency IDR affirmed at 'F2'; rating
      withdrawn

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

   -- Support Rating affirmed at '2'; rating withdrawn

   -- Support Rating Floor affirmed at 'BBB'; rating withdrawn

DGB

   -- Individual Rating affirmed at 'C'; rating withdrawn

   -- Support Rating affirmed at '2'; rating withdrawn


* SOUTH KOREA: 7 Firms Submit Intent to Buy Suspended Banks
-----------------------------------------------------------
Yonhap News reports that state-run Korea Deposit Insurance Corp.
said seven financial firms in South Korea, including top banking
group KB Financial Group Inc., submitted on Monday their letters
of intent to buy savings banks whose business was suspended due to
capital shortages.

Yonhap relates that the deposit insurance agency is moving to sell
the seven savings banks, including top player Busan Savings Bank,
and its four affiliated savings banks after the top regulator
Financial Services Commission (FSC) halted their business in
February due to a capital shortage, feared to trigger a bank run.

According to Yonhap, the agency said the country's three major
banking groups -- KB Financial, Shinhan Financial Group Co. and
Hana Financial Group Inc. -- handed in their letters of intent to
buy a package of two or three savings banks.

Four other non-banking players, including mid-size brokerage
Kiwoom Securities Co., also applied to join the auction for the
suspended savings banks, the agency said.

Yonhap notes that the deposit insurance agency is seeking to sell
the seven banks -- Busan Savings Bank, Jeonju Savings Bank,
Jungang Busan Savings Bank, Busan II Savings Bank, Domin Mutual
Savings & Finance Co., Daejeon Mutual Savings Bank and Bohae
Mutual Savings Bank -- in three packages.  If package deals fail,
the agency will sell them separately, the report adds.

After allowing the applicants to study balance sheets of their
target banks, the deposit insurance agency will launch an auction
among them before selecting preferred bidders for the seven
savings banks in mid-July.  The agency seeks to find new owners
for the banks by August.


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


SWEE JOO: Posts MYR8.29 Million Net Loss in Qtr Ended March 31
--------------------------------------------------------------
Swee Joo Berhad reported a net loss of MYR8.29 million on revenue
of MYR31.15 million for the quarter ended March 31, 2011, compared
with a net loss of MYR22.98 million on revenue of MYR82.45 million
for the same period in 2010.

At March 31, 2011, the company's consolidated balance sheet showed
MYR532.55 million in total assets, MYR530.66 million in total
liabilities, and MYR1.89 million in total shareholders' equity.

The company's consolidated balance sheet at March 31, 2011, showed
strained liquidity with MYR53.13 million in total current assets
available to pay MYR526.69 million in total current liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?7619

                           About Swee Joo

Swee Joo Berhad is a Malaysia-based investment holding company.
Through its subsidiaries, the Company operates in four segments:
Shipping services, which is involved in the provision of container
and other shipping services; Shipping agency, which is involved in
the provision of shipping agency services; Transportation and
haulage, which is involved in the provision of transportation and
haulage services, and Container repair and related services, which
is involved in the provision of handling, repairing and
maintaining containers.  As of September 30, 2009, the Company
owns and operates 39 vessels, which comprises of 13 tugboats, 10
container vessels, seven barges, five dual-purpose vessels and
four chemical tankers.

On Sept. 1, 2010, Swee Joo Berhad was listed as an Amended
Practice Note 17 Company based on the criteria set by the Bursa
Malaysia Securities Bhd.  According to a disclosure statement with
the bourse, the Company triggered the PN17 listing as it is unable
to provide a solvency declaration to Bursa Malaysia.


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


ALLIED FARMERS: To Tap External Party to Run Ex-Hanover Assets
--------------------------------------------------------------
Allied Farmers said it has undertaken a restructuring of its
executive team after the impending departure of its current Chief
Executive, Rob Alloway, whose contract concludes at the end of
June 2011.

The company said these changes will see management functions split
between two distinct divisions, Rural and Investments, each with
its own leadership.

Allied Farmers Investments is the division which holds the ex
Hanover & United property and loan assets.  Allied said, "The
progress made by the executive team over the last 18 months in
dealing with these assets is such that the Board believes a full
time chief executive is no longer required for this division."

The Company said it is in the process of appointing a third party
to manage the assets on its behalf.  This arrangement will likely
include the utilization of consultancy services of Graham McKenzie
who will assist on an as required basis.  Mr. McKenzie was
previously a senior partner with Bell Gully and has specialized in
corporate financing and has extensive experience in restructuring
business entities.

"A new full time chief executive is to be appointed for Allied
Farmers Rural and the Board is well advanced in its search for
that person and expects to make a further announcement shortly,"
Allied said.

Each of the Divisions has its own Financial Controller and a
contract resource has been engaged to prepare group accounts and
assist with the preparation of the year end accounts.  The Chief
Financial Officer Gary Wong's, contract finished with the group on
Friday.  Mr. Wong joined the company in February 2010 and has been
instrumental in restructuring many of the company's financing
arrangements and reducing the overall debt.

As reported in the Troubled Company Reporter-Asia Pacific on
April 12, 2011, The New Zealand Herald said Allied Farmers, the
finance company hobbled by the collapse in value of its loan book,
may not be able to repay NZ$7.5 million owed to its failed Allied
Nationwide Finance unit when it comes due on July 1, 2011.   The
NZ Herald related that Mr. Alloway is seeking talks with the
receivers of ANF about the potential default, which would be the
third of such event.

                        About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.


DESIGNLINE INTERNATIONAL: Placed in Liquidation; Owes NZ10 Million
------------------------------------------------------------------
BusinessDay.co.nz reports that Designline International has been
placed in liquidation.

BusinessDay.co.nz relates that a last minute appeal to adjourn the
decision for two weeks while a possible sale to Malaysian
interests was negotiated was declined by the High Court in
Christchurch Tuesday.

The court was told Designline's debt could be as high as
NZ$10 million, the report says.

According to BusinessDay.co.nz, the court appointed the Official
Assignee as liquidator after applications for that by two
creditors, suppliers ENI Engineering and window manufacturer
Lysaght Limited, owed more than NZ$1.8 million between them.

Supporting creditors were Cable Price and Pricewaterhouse Coopers.

BusinessDay.co.nz relates that Justice Venning said Designline was
clearly insolvent.  While it was paying current debts it was not
paying past obligations, the report says.

DesignLine International was founded in 1985 by Ashburton
entrepreneur John Turton.   The buses were sold locally and also
exported.  BusinessDay said Mr. Turton sold a large part of the
company to U.S. investors Buster and Brad Glosson at the end of
2006.  DesignLine has about 80 staff at its Rolleston operations.


PSIS LTD: S&P Raises Counterparty Credit Ratings from 'BB+/B'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its counterparty credit
ratings on New Zealand-based PSIS Ltd. to 'BBB-/A-3' from 'BB+/B',
and revised the outlook to stable, from positive.

"The rating upgrade reflects PSIS' strong membership support,
which underpins a sound and reasonably resilient business profile
as a retail-focused financial services provider in New Zealand
that successfully withstood the recent difficult operating
environment for financial services," said credit analyst Peter
Sikora. "We further believe that PSIS' credit profile is supported
by the company's cooperative status, which forms the cornerstone
of its customer focus and business success. Specifically, PSIS has
maintained sound business growth through this period when new
lending opportunities have been limited, without aggressively
competing on price or relaxing its underwriting standards. More
importantly, in our opinion the strong membership base has
translated into a supportive and stable retail funding profile,
and we expect this support to remain amid the ongoing difficult
operating environment."

Standard & Poor's considers PSIS' commitment to maintaining a
relatively lower-risk credit risk profile as helping to offset
limitations regarding the company's moderate market position
relative to larger nationally operating banks in New Zealand.
PSIS' lending activities, together with its conservative
underwriting practices and good geographic diversity throughout
New Zealand, have supported the company's good asset-quality
experience and adequate operating performance.

"The stable rating reflects an expectation that PSIS will maintain
a low credit risk profile through a predominate focus on well
secured residential mortgage lending", said Mr. Sikora. "The
outlook also factors in an expectation that key elements of PSIS'
financial risk profile will remain supportive of the rating,
including the company's good asset-quality experience, its stable
retail deposit funding base, adequate earnings and sound capital
ratios under Standard & Poor's risk adjusted capital
framework."

The rating could come under downward pressure if Standard & Poor's
were to observe an increase in the company's risk appetite
through: aggressive growth; a material weakening of underwriting
standards; or expansion into higher risk activities. An early
indicator of this could be a material increase in the level of
nonperforming loans from recent and historical levels. Downward
rating pressure would also emerge from any unexpected loss that
materially weakens capital from current supportive levels or any
losses that undermine our overall view of PSIS' risk-management
capability. "We believe upward rating prospects for PSIS are
limited in the medium term, and that current ratings are
reflective of the company's natural rating given its business
focus and financial risk profile," S&P added.


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


ESPESER PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on May 20, 2011, to
wind up the operations of Espeser Pte Ltd.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


NEW LAKESIDE: Court Enters Judicial Management Order
----------------------------------------------------
The High Court of Singapore entered an order on May 16, 2011, to
place New Lakeside Holdings Limited under judicial management.

The Applicant's solicitors are WongPartnership LLP.


PACIFIC GARMENT: Creditors' Proofs of Debt Due June 27
------------------------------------------------------
Creditors of Pacific Garment Manufacturing Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by June 27, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


ROYAL COPENHAGEN: Creditors' Proofs of Debt Due July 8
------------------------------------------------------
Creditors of Royal Copenhagen Singapore Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by July 8, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

          Heng Lee Seng
          15 Hoe Chiang Road #12-02
          Tower Fifteen
          Singapore 089316


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