TCRAP_Public/110616.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Thursday, June 16, 2011, Vol. 14, No. 118

                            Headlines



A U S T R A L I A

COLORADO GROUP: 1,042 Jobs to Go as Colorado Shuts 140 Stores
REDGROUP RETAIL: Unconditional Sale of Whitcoulls, Borders Delayed


C H I N A

CHINA INTELLIGENT: Receives NYSE Amex Delisting Notice
SINO-FOREST CORP: Says Fraud Investigation to Take Up to 3 Months


H O N G  K O N G

AZICO INTERNATIONAL: Lam and Jong Appointed as Liquidators
FAR PACIFIC: Court to Hear Wind-Up Petition on Aug. 3
FATBURGER RESTAURANTS: Court to Hear Wind-Up Petition on July 20
FLOTTA TRADING: Court to Hear Wind-Up Petition on July 20
HAP SENG: Court to Hear Wind-Up Petition on July 20

JOLLYBABY INTERNATIONAL: Court to Hear Wind-Up Petition on July 27
HUGE EDUCATION: Court to Hear Wind-Up Petition on July 20
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
SUMMING DEVELOPMENTS: Placed Under Voluntary Wind-Up Proceedings
VASTERN INTERNATIONAL: Creditors' Proofs of Debt Due July 9

YENDA INTERNATIONAL: Members' Final Meeting Set for July 11


I N D I A

ARK INDUSTRIES: CRISIL Reaffirms 'BB' Rating on INR90MM LT Loan
BABA CONTAINER: CRISIL Assigns 'B' Rating to INR20MM Cash Credit
BHASKAR SHRACHI: Fitch Affirms National LT Rating at 'B+(ind)'
CHANDRA CONTAINER: CRISIL Assigns 'D' Rating to INR47.5MM Loan
CORE GREEN: CRISIL Cuts Rating on INR2.11-BB LT Loan to 'BB-'

DARSHAN FOODS: CRISIL Cuts Rating on INR55MM Term Loan to 'BB-'
G3 FABRICATION: CRISIL Assigns 'B' Rating to INR30MM Cash Credit
G I INDUSTRIES: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit
GAZEBO INDUSTRIES: CRISIL Places 'B' Rating on INR13.6MM Term Loan
GP TRONICS: CRISIL Reaffirms 'B+' Rating on INR67.5MM Cash Credit

GUJARAT ECO: CRISIL Reaffirms 'B-' Rating on INR550MM Term Loan
INTER PUBLICITY: CRISIL Assigns 'BB+' Rating to INR160MM Term Loan
JCO GAS: CRISIL Reaffirms 'B-' Rating on INR350 Million Term Loan
KIRLOSKAR CONSTRUCTIONS: CRISIL Reaffirms 'D' Rating on Term Loan
MAHESHWARI COAL: CRISIL Assigns 'B+' Rating to INR66MM Term Loan

NAIHATI JUTE: CRISIL Reaffirms 'B+' Rating on INR29MM Term Loan
NCC URBAN: CRISIL Downgrades Rating on INR1.02BB Term Loan to 'D'
SILVER PROTEINS: CRISIL Assigns 'B+' Rating to INR105M Cash Credit
SUPREME ALLOYS: CRISIL Reaffirms 'BB+' Rating on INR140MM Loan
SVR LABORATORIES: CRISIL Upgrades Rating on INR32.5M Loan to 'BB+'

UMA MAHESHWARI: CRISIL Assigns 'B-' Rating to INR38MM LT Loan
VINOD MEDICAL: CRISIL Reaffirms 'BB-' Rating on INR25MM LT Loan
WOCKHARDT LTD: Fitch Migrates Ratings to Non-Monitored Category


I N D O N E S I A

SULFINDO ADIUSAHA: S&P Affirms 'CCC' Corporate Credit Rating


J A P A N

L-JAC 8: S&P Lowers Rating on Class B Trust Certificates to 'CC'
TOKYO ELECTRIC: To Liquidate Public Relations Unit


N E W  Z E A L A N D

CRAFAR FARM: Receivership Fees Hit NZ$5.3 Million
GENEVA FINANCE: FMA Orders Firm to Stop Issuing Securities
NATHANS FINANCE: Former Execs Get Last Chance at Court


T A I W A N

AMERICAN INT'L: Taiwan Calls on FSC to Reject Ruen's Nan Shan Bid
BANK OF TAIWAN: Fitch Affirms Individual Rating at 'C'


T H A I L A N D

BANGKOK BANK: Fitch Affirms Individual Rating at 'C'
KASIKORNBANK PUBLIC: Fitch Affirms Individual 'C' Rating


                            - - - - -


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


COLORADO GROUP: 1,042 Jobs to Go as Colorado Shuts 140 Stores
-------------------------------------------------------------
The Receivers of the Colorado Group have announced a proposal to
close 140 underperforming stores as part of a major restructure
designed to reposition the business for the future.

A total of 1,042 staff will be affected by this restructure, which
will impact these stores:

   Mathers                     7
   Williams                   21
   Colorado (Aust)           100
   Colorado (NZ)               9
   Diana Ferrari               1
   JAG                         2
   -------------            ----
   Total                     140

   Location               Stores           Staff
   --------               ------           -----
   Vic                      27              200
   NT                        1               11
   NSW                      43              319
   Qld                      31              198
   Tas                       2               14
   SA                       12               88
   ACT                       2               15
   WA                       13              106
   NZ                        9               61
   Head office              -                30
   -----------            ------          -----
   Total                  140             1,042

The Receiver, Brendan Richards of Ferrier Hodgson, said the loss
of jobs is clearly not desirable, but the restructure is necessary
to enhance the group's profitability.

"The restructure of the group would eliminate the loss-making
Colorado-branded stores and those other stores impacting on the
profitability of the group," Mr. Richards said.  "The remaining
brands and stores are all profitable and would form the
cornerstone of the future business."

The Group is expected to deliver EBITDA of about $19 million for
FY11, and following store closures it would become significantly
more profitable.  The profitable brands: Diana Ferrari; JAG;
Mathers and Williams will become the financial engine room of the
restructured group.  In the event of closure, the Colorado brand
will not disappear: Colorado-branded footwear will still be sold
online and through 200 Mathers and Williams outlets.

Mr. Richards said that no further store closures are anticipated
and that while this would be a significant restructure, customers
and employees can be confident in the future of their favorite
brands.

                        About Colorado Group

Colorado Group -- http://www.coloradogroup.com.au/-- is a leading
footwear and apparel retailer and wholesaler with more than 430
stores in Australia and New Zealand operating under the divisions
of Colorado, Mathers, Williams, diana ferrari, Jag, and Pairs.
The group employs approximately 3,800 people.

As reported in the Troubled Company Reporter-Asia Pacific on
March 31, 2011, Colorado Group Limited was placed in receivership
on March 30, 2011, following the board's appointment of Deloitte
as voluntary administrators.  Colorado Group incorporates five
well-known brands -- JAG, Diana Ferrari, Colorado, Mathers,
Williams -- with 434 stores across Australia and New Zealand.

Ferrier Hodgson partners James Stewart, Brendan Richards and Will
Colwell were appointed receivers and managers over the group.  The
appointment was made by the syndicate of secured creditors owed
AU$400 million.


REDGROUP RETAIL: Unconditional Sale of Whitcoulls, Borders Delayed
------------------------------------------------------------------
Newstalk ZB reports that Whitcoulls and Borders staff have been
told the unconditional sale of the bookshops has been delayed
until Monday, June 20.

As reported in the Troubled Company Reporter-Asia Pacific on
May 27, 2011, REDgroup Retail's administrators agreed to a sale of
the Whitcoulls and Borders New Zealand businesses to Project Mark
Limited, a company in the James Pascoe Group.  The James Pascoe
Group operates the brands Pascoes, Farmers, Stewart Dawsons,
Goldmark, Stevens, Prouds and Angus & Coote.  The sale price
remains confidential.

The James Pascoe Group is a privately owned New Zealand retail
business that employs more than 9,000 employees in New Zealand and
Australia.

According to Newstalk ZB, National Distribution Union general
secretary Robert Reid said signs were put up at workplaces Tuesday
to notify staff of the change.

                        About REDgroup Retail

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

                           *     *     *

REDgroup Retail Pty Ltd. on Feb. 17, 2011, named Steve Sherman,
John Melluish and John Lindholm of Ferrier Hodgson as voluntary
administrators.  The board appointed Steve Sherman, John Melluish
and Ryan Eagle as voluntary administrators of the group's
New Zealand business on the same day.  According to Bloomberg
News, the appointment comes less than a day after Borders Group
Inc. filed for bankruptcy in the U.S. and began taking bids for
200 stores.

The REDgroup companies in Administration include:

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


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C H I N A
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CHINA INTELLIGENT: Receives NYSE Amex Delisting Notice
------------------------------------------------------
China Intelligent Lighting and Electronics, Inc., received written
notice that the Listing Qualification Panel of the NYSE Amex LLC
has determined to affirm the decision of the NYSE Amex Staff to
delist the Company's common stock from the Exchange.  This
decision followed a hearing held before the Panel on June 6, 2011.

Under the NYSE Amex Company Guide, the Company may request that
the full Committee on Securities review the decision of the Panel
within 15 calendar days from the receipt of the letter.  A request
for review by the full Committee on Securities, however, will not
operate as a stay of the Panel's decision.  The Company has
determined not to appeal this determination.

On June 13, 2011, the Exchange notified the Company that
suspension of its securities from the Exchange will occur on
June 14, 2011, prior to the opening of the market.  In addition,
the Exchange will file an application with the Securities and
Exchange Commission to strike the Company's common stock from
listing and registration on the Exchange when and if authorized.

The Company does not believe that its common stock is currently
eligible to be quoted on the OTC Markets Group after delisting
from the Exchange.  When, and if, the Company is able to file its
delinquent reports and become current in its periodic filing
obligations, the Company's common stock may become eligible for
quotation; however, there can be no assurance that the Company's
common stock will ever be, or be eligible to be, quoted.

             About China Intelligent Lighting

China Intelligent Lighting and Electronics, Inc. is a China-based
company that provides a full range of lighting solutions,
including the design, manufacture, sales and marketing of high-
quality LED and other lighting products for the household,
commercial and outdoor lighting industries in China and
internationally.  The Company currently offers over 1,000 products
that include LEDs, long life fluorescent lights, ceiling lights,
metal halide lights, super electric transformers, grille spot
lights, down lights, and recessed and framed lighting.


SINO-FOREST CORP: Says Fraud Investigation to Take Up to 3 Months
-----------------------------------------------------------------
Sonja Elmquist and Christopher Donville at Bloomberg News report
that Sino-Forest Corp., the Chinese timber grower that short
seller Carson Block said overstated its production, fell after
saying an investigation won't be finished for two to three months,
slowing the pace of tree acquisitions.

Bloomberg relates that the shares dropped 33% to a five-year low
in Toronto after posting first-quarter earnings Wednesday that
missed analyst's estimates. It also said on a conference call it
won't be able to buy back shares until after the probe, Bloomberg
adds.

According to Bloomberg, Sino-Forest has tumbled 81% since Muddy
Waters LLC, founded by Mr. Block, said in a report published
June 2 that the timber producer is a "fraud" and overstated
concessions in China.

Sino-Forest, Bloomberg says, established an independent committee
to investigate the allegations and appointed
PricewaterhouseCoopers LLP to assist.  Sino-Forest on Wednesday
reiterated its response that Muddy Waters' report is "inaccurate,
spurious and defamatory," Bloomberg reports.

"I just don't think they are able now to address all the questions
that are out there," Brian Topp, a Toronto-based analyst at Maison
Placements Canada Inc. who has a "hold" rating on Sino-Forest,
told Bloomberg in a telephone interview.  "The market is taking it
negatively because they essentially aren't providing enough detail
because they can't."

                Top Shareholder Paulson 'Supportive'

Separately, Bloomberg News reports that Sino-Forest said its
largest holder Paulson & Co. has advised it on how to deal with
Mr. Block's allegations.

"I've spoken to them and they are very supportive, giving us
suggestions and issues that we need to address," Chief Financial
Officer David Horsley told Bloomberg.

According to Bloomberg, Mr. Horsley, Chief Executive Officer Allen
Chan, and director William Ardell held a 68-minute conference call
with investors and analysts on June 14 to refute assertions from
Mr. Block's Muddy Waters LLC that Sino-Forest overstated its
timber holdings.

Bloomberg relates that Mr. Paulson may have lost about
C$515.5 million (US$532.4 million) since June 1, the day before
the Muddy Waters report on Sino-Forest was released.  The decline,
according to Bloomberg, comes amid increased scrutiny of Chinese
companies trading in North America.  The U.S. Securities and
Exchange Commission began a probe in 2010 into the use of reverse
takeovers, in which a closely held firm goes public by purchasing
a shell company that already trades.

Mr. Paulson owned 34.7 million Sino-Forest shares, or about
14% of the stock, as of April 29, according to data compiled by
Bloomberg.

                         About Sino-Forest

Sino-Forest Corporation (TSE:TRE) -- http://www.sinoforest.com --
is a commercial forest plantation operator in the People Republic
of China (PRC).  As of Dec. 31, 2009,  Sino-Forest had
approximately 512,700 hectares of forest plantations located
primarily in southern and eastern China.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2011, Moody's Investors Service has put Sino-Forest
Corporation's Ba2 corporate family and senior unsecured ratings on
review for possible downgrade.  This review action follows
allegations surrounding the accuracy of Sino-Forest's audited
accounts and its business model.  As a result, prices for the
company's shares and bonds have declined substantially in value.


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


AZICO INTERNATIONAL: Lam and Jong Appointed as Liquidators
----------------------------------------------------------
Rainier Hok Chung Lam and Yat Kit Jong on May 17, 2011, were
appointed as liquidators of Azico International (Hong Kong)
Limited.

The liquidators may be reached at:

          Rainier Hok Chung Lam
          Yat Kit Jong
          22/F Prince's Building 10
          Chater Road, Hong Kong


FAR PACIFIC: Court to Hear Wind-Up Petition on Aug. 3
-----------------------------------------------------
A petition to wind up the operations of Far Pacific Limited will
be heard before the High Court of Hong Kong on Aug. 3, 2011, at
9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on June 1, 2011.

The Petitioner's solicitors are:

          Chow, Griffiths & Chan
          6th Floor, South China Building
          No. 1 Wyndham Street
          Central, Hong Kong


FATBURGER RESTAURANTS: Court to Hear Wind-Up Petition on July 20
----------------------------------------------------------------
A petition to wind up the operations of Fatburger Restaurants
Hong Kong Co. Limited will be heard before the High Court of Hong
Kong on July 20, 2011, at 9:30 a.m.

Special Power Limited filed the petition against the company on
May 13, 2011.

The Petitioner's solicitors are:

          Simon C. W. Yung & Co.
          Unit 2603-6, 2nd Floor
          ING Tower
          308 Des Voeux Road
          Central, Hong Kong


FLOTTA TRADING: Court to Hear Wind-Up Petition on July 20
---------------------------------------------------------
A petition to wind up the operations of Flotta Trading Company
Limited will be heard before the High Court of Hong Kong on
July 20, 2011, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on May 12, 2011.

The Petitioner's solicitors are:

          Messrs. Deacons
          5th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


HAP SENG: Court to Hear Wind-Up Petition on July 20
---------------------------------------------------
A petition to wind up the operations of Hap Seng Trading Company
Limited will be heard before the High Court of Hong Kong on
July 20, 2011, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on May 12, 2011.

The Petitioner's solicitors are:

          Messrs. Deacons
          5th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


JOLLYBABY INTERNATIONAL: Court to Hear Wind-Up Petition on July 27
------------------------------------------------------------------
A petition to wind up the operations of Jollybaby International
Limited will be heard before the High Court of Hong Kong on
July 27, 2011, at 9:30 a.m.

Li Suet Ying filed the petition against the company on May 25,
2011.


HUGE EDUCATION: Court to Hear Wind-Up Petition on July 20
---------------------------------------------------------
A petition to wind up the operations of Huge Education Limited
will be heard before the High Court of Hong Kong on July 20, 2011,
at 9:30 a.m.

Kin Tong Land Investment Company Limited filed the petition
against the company on May 13, 2011.

The Petitioner's solicitors are:

          Ford, Kwan & Company
          Suite 3304, 33rd Floor
          Tower 2, Nina Tower
          No. 8 Yeung Uk Road
          Tsuen Wan, New Territories


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) on June 3 announced that
investigation of over 99% of a total of 21,796 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 14,383 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,590 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,705 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,529 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 747 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 782 cases; and

    * 468 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 119 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?7630

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


SUMMING DEVELOPMENTS: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on June 10, 2011,
creditors of Summing Developments Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Lam Hoi Ham
         Rooms 905-909, Yu To Sang Building
         37 Queen's Road
         Central, Hong Kong


VASTERN INTERNATIONAL: Creditors' Proofs of Debt Due July 9
-----------------------------------------------------------
Creditors of Vastern International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 9, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


YENDA INTERNATIONAL: Members' Final Meeting Set for July 11
-----------------------------------------------------------
Members of Yenda International Limited will hold their final
general meeting on July 11, 2011, at 10:00 a.m., at Room 1315,
13/F., Asian House, 1 Hennessy Road, Wanchai, in Hong Kong.

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


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ARK INDUSTRIES: CRISIL Reaffirms 'BB' Rating on INR90MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ark Industries Pvt Ltd
continue to reflect AIPL's below-average financial risk profile,
modest scale of operations, and susceptibility to volatility in
raw material prices. These weaknesses are partially offset by the
benefits AIPL derives from the experience of its promoters in the
steel business.

   Facilities                         Ratings
   ----------                         -------
   INR90.0 Million Long-Term Loan     BB/Stable (Reaffirmed)
   INR50.0 Million Cash Credit        BB/Stable (Reaffirmed)
   INR150.0 Million Letter of Credit  P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the medium
term from its established client relationships, resulting in a
steady inflow of orders. The outlook may be revised to 'Positive'
if there is substantial improvement in the company's revenues or
operating margin or if its net worth increases, backed by equity
infusion. Conversely, the outlook may be revised to 'Negative' if
there is a steep decline in company's operating margin or if there
is a larger-than-expected increase in its working capital
requirements, thereby weakening its liquidity, or if its financial
risk profile deteriorates, most likely because of additional debt-
funded capital expenditure programme.

Update

AIPL's revenues are estimated to have increased by 15%, to INR1.5
billion, for 2010-11 (refers to financial year, April 1 to March
31). This is because of the growth in volumes (7%), due to
increased demand from automotive manufacturers, and increase in
realizations (8%), on account of increase in steel prices. The
company's operating margin is low, estimated at 3.8% in 2010-11;
it is expected to remain at the same level over the medium term.
The operations of the company are working capital intensive in
nature, as reflected by its high bank limit utilization of around
80% over the 12 months ended February 2011. AIPL's net worth,
estimated at INR94.5 million as on March 31, 2011, is expected to
remain small, resulting in a high total outside liabilities to
tangible net worth ratio of around 4.8 times. The business
operations of the company derive support from the interest-free
unsecured loans of around INR47 million as on March 31, 2011
extended to it by promoters.

AIPL reported a profit after tax (PAT) of INR10 million on net
sales of INR1, 225 million for 2009-10, against a PAT of INR9.5
million on net sales of INR878 million for 2008-09.

About Ark Industries

AIPL was set up in 2004 in Maval, near Pune (Maharashtra) to cater
to the steel processing needs of automotive ancillaries,
engineering companies, and the tube and pipe industries.  The
promoters, Mr. Akshay Jain and Mr. Dhanesh Mehta, established AIPL
to offer custom-made steel sheets and plates to their clients.
They have been into steel trading since the 1980s.  AIPL's
Mumbai-based affiliate concern, Delta Iron and Steel Company Pvt
Ltd, trades in steel.


BABA CONTAINER: CRISIL Assigns 'B' Rating to INR20MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Baba Container Manufacturers.

   Facilities                        Ratings
   ----------                        -------
   INR20.00 Million Cash Credit      B/Stable (Assigned)
   INR67.50 Million Bank Guarantee   P4 (Assigned)

The ratings reflect BCM's weak financial risk profile marked by
small net worth and weak debt protection metrics, and working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of BCM's promoters in
the container manufacturing industry.

Outlook: Stable

CRISIL believes that BCM will maintain its moderate market
position in the packaging industry over the medium term. The
outlook may be revised to 'Positive' if there is a sustained
increase in BCM's topline and profitability. Conversely, the
outlook may be revised to 'Negative' if the firm's profitability
declines, or if it undertakes a large, debt-funded capital
expenditure (capex) programme, leading to weakening in its capital
structure.

                        About Baba Container

BCM was incorporated in 1979, promoted by Mr. P. Prabhakar and his
family.  The firm is engaged in the manufacture of mild steel
(M.S) and galvanized iron (G.I) cylindrical containers which are
used for storage of paints and oils. The firm has two
manufacturing plants in Andhra Pradesh and one in Mumbai.

BCM reported a net loss of INR2 million on net sales of
INR235 million for 2009-10, as against a profit after tax of
INR0.6 million on net sales of INR258 million for 2008-09.


BHASKAR SHRACHI: Fitch Affirms National LT Rating at 'B+(ind)'
--------------------------------------------------------------
Fitch Ratings has affirmed Bhaskar Shrachi Alloys Limited's
National Long-Term rating at 'B+(ind)'.  The Outlook is Stable.
Fitch has also affirmed these ratings on BSAL's bank facilities:

   -- INR25.7m long-term loans (reduced from INR36.6m): 'B+(ind)';

   -- INR265m cash credit limits: 'B+(ind)'/'F4(ind)'; and

   -- INR150m non-fund based limits: 'F4(ind)'.

The affirmations reflect BSAL's ability to maintain its net
financial leverage (total debt less cash/EBITDA) at around 5x
(FY10: 4.7x) and EBIDTA/interest at 1.7x (FY10: 2.2x) in FY11
(financial year ended March 31, 2011) based on its provisional
figures. Fitch expects the leverage to remain at or exceed 5.0x
over the short-to-medium term due to volatile revenue growth on
the back of power shortages.

The ratings are however constrained by the volatility in BSAL's
revenues over the last three years, which are expected to decline
to INR1,049m in FY11 (FY10: INR1,246m) on account of lower sales
in steel division and shortage of power supply leading to subdued
production and sales. Further, Fitch notes that BSAL is exposed to
volatility in raw material and end-product prices, and its
working-capital intensity constraints its short-term liquidity.

A positive rating factor would be growth in revenue coupled with
an improvement in margins on a sustained basis, bringing leverage
to below 5x. Conversely, a decline in EBITDA margins and/or any
major debt-led capex resulting in leverage exceeding 6.5x and/or
EBITDA/interest falling below 1.5x would have a negative impact on
the ratings.

Incorporated in 1995, BSAL is a manufacturer of silico manganese
and ferro manganese with facilities located at Durgapur. In FY11,
its EBIDTA margin improved to 8.8% (FY10: 6.9%). At FYE11, the
company had total debt of INR462.7 million (FY10: INR469.2
million), comprising long-term debt of INR37.8 million, working
capital debt of INR315.6 million and unsecured debt of INR115.8
million.


CHANDRA CONTAINER: CRISIL Assigns 'D' Rating to INR47.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Chandra Container Manufacturers.

   Facilities                        Ratings
   ----------                        -------
   INR25.00 Million Cash Credit      D (Assigned)
   INR3.00 Million Overdraft         D (Assigned)
   INR47.50 Million Term Loan        D (Assigned)
   INR30.00 Million Bank Guarantee   P5 (Assigned)
              and Letter of Credit

The ratings reflect instances of delay by CCM in servicing its
debt; the delays have been caused by the firm's weak liquidity
arising out of its insufficient working capital facilities and
mismatches in cash flows.

CCM's weak financial risk profile is marked by small net worth,
high gearing, and weak debt protection metrics, and its operations
are working capital intensive.  However, the firm benefits from
the extensive experience of its promoters in the container
manufacturing industry.

                       About Chandra Container

CCM was incorporated in 1985, promoted by Mr. P. Prabhakar and his
family.  The firm is engaged in the manufacture of cylindrical
metal and plastic containers, which are used for storage of paints
and oils.  The firm has three manufacturing plants in Andhra
Pradesh.

CCM reported a profit after tax (PAT) of INR2 million on net sales
of INR111 million for 2009-10, against a PAT of INR2 million on
net sales of INR123 million for 2008-09.


CORE GREEN: CRISIL Cuts Rating on INR2.11-BB LT Loan to 'BB-'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Core
Green Sugar And Fuels Pvt Ltd to 'BB-/Negative' from 'BB/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR2114 Million Long-Term Loan   BB-/Negative (Downgraded from
                                                  'BB/Stable')

The downgrade reflects CGSFL's weakened liquidity, because of
delays in commercialization of its operations and more-than-
expected project cost. CGSFL's plant was commissioned in
March 2011, resulting in the company missing out on a major part
of the sugar season (October 1 to September 31) in 2010-11.
Furthermore, the company is yet to receive approval for ethanol
production and has not commenced sale of power from its
cogeneration plant, as the power substation at Tumkur is not yet
ready.  As a result, CGSFL is likely to generate less-than-
expected cash accruals in 2011-12 (refers to financial year, April
1 to March 31), vis-a-vis its sizeable interest obligations on the
debt contacted for its large capital expenditure (capex).

The rating reflects CGSFL's sub-par financial risk profile, marked
by high gearing, weak debt protection metrics, and weak liquidity,
and susceptibility to adverse regulatory changes in the sugar
industry. These rating weaknesses are partially offset by CGSFL's
integrated manufacturing facilities, which are expected to
generate healthy accruals for the company over the medium term.

Outlook: Negative

CRISIL believes that the delays in commencement of commercial
operations of CGSFL may result in small cash accruals vis--vis
interest obligations, which would adversely impact its liquidity
over next few months. The rating may be downgraded if there are
further delays in commencement of operations at its ethanol and
power generation units, less-than-expected cash accruals, or
delays in infusion in equity by promoters to support exigencies.
Conversely, the outlook may be revised to 'Stable' in case of
better-than-expected recovery in CGSFL's liquidity, most likely
resulting from significant improvement in financial flexibility by
way of fresh equity infusion by the promoters, or because of
larger-than-expected cash accruals.

                             About Core Green

CGSFL was promoted by the Sreeramaneni family (Mr. Rama Rao
Sreeramaneni, Mr. Srinivas Sreeramaneni, and their father,
Mr. S V K Babu), and the Yamani family (Mr. Anil Yamani and Mr.
Kumar Yamani) in 2005. The Sreeramaneni family is responsible for
the overall management of the company, while the Yamani family are
primarily investors in the company.

CGSFL has set up an integrated sugar plant, with cane crushing
capacity of 5000 tonnes per day, a captive cogeneration power
plant, with capacity of 24 megawatts, and a distillery unit, with
capacity of 50 kilolitres per day, in Tumkur in Yadgir district
(Karnataka). The project cost was around INR3.5 billion (as
against INR3 billion expected earlier), of which INR1.07 billion
has been funded through equity and the remainder through debt.
CGSFL commenced commercial production of sugar and power in March
2011.


DARSHAN FOODS: CRISIL Cuts Rating on INR55MM Term Loan to 'BB-'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Darshan
Foods Pvt Ltd to 'BB-/Stable' from 'BB/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR55.0 Million Rupee Term Loan   BB-/Stable (Downgraded from
                                                 'BB/Stable')

   INR47.5 Million Cash Credit       BB-/Stable (Downgraded from
                                                 'BB/Stable')

The rating downgrade reflects CRISIL's belief that DFPL's
liquidity will remain weak over the medium term, as the company's
bank lines will be insufficient to meet the expected increase in
working capital requirements once its new facility is
commissioned. When DFPL's newly added capacities at the Bawal
(Rajasthan) unit are commissioned, in the next two to three
months, the current bank limits of INR47.5 million (already fully
utilized) will be insufficient to meet incremental working capital
requirements, which may lead to deterioration in liquidity.

Moreover, the company's upcoming debt-funded capital expenditure
(capex) plans of around INR50 million, to be completed by the end
of 2011-12 (refers to financial year, April 1 to March 31), may
further weaken the liquidity.

The ratings reflect DFPL's small scale of operations, small net
worth and exposure to risks inherent in the meat processing
industry. These rating weaknesses are partially offset by DFPL's
moderate financial risk profile, marked by moderate gearing, and
established distribution network.

Outlook: Stable

CRISIL believes that DFPL's liquidity will remain weak over the
medium term owing to the inadequacy of its bank lines in meeting
the expected increase in working capital requirements.
Furthermore, its upcoming debt-funded capex, to be incurred by the
end of 2011-12, may put pressure on the liquidity. The outlook may
be revised to 'Positive' if DFPL's liquidity improves, supported
by more-than-expected increase in net cash accruals from its newly
added capacities, if the bank lines are enhanced, or if there is
sizeable equity infusion by the promoters, thereby providing
support to incremental working capital requirements. Conversely,
the outlook may be revised to 'Negative' if DFPL's liquidity
weakens further, led by further delay in the commissioning of the
newly added capacities, which would impact cash flows and
consequently, the company's debt servicing ability, or if the
company undertakes a larger-than-expected capex, which may cause
deterioration in its capital structure.

                         About Darshan Foods

Incorporated in 1996, DFPL was promoted by the Delhi-based
Jaisinghani family. It manufactures raw and processed meats, as
well as vegetarian products, at its plant in Gurgaon (Haryana).
The company is expected to commission its new facility at Bawal
which is 3.5 times larger than the current capacities. The
company's operations are managed by Mr. Narinder Jaisinghani and
his brother, Mr. Rajeev Jaisinghani. The company sells its
products under the Meatzaa and Veggie Delight brand names. DFPL's
main customers are Pizza Hut, Dominos, PVR Cinemas as well as
various flight carriers and hotel chains.

DFPL reported a profit after tax (PAT) of INR3.5 million on net
sales of INR318.3 million for 2009-10, against a PAT of INR3.2
million on net sales of INR319.8 million for 2008-09.


G3 FABRICATION: CRISIL Assigns 'B' Rating to INR30MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of G3 Fabrication and Engineering Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        B/Stable (Assigned)
   INR80 Million Rupee Term Loan    B/Stable (Assigned)
   INR20 Million Bank Guarantee     P4 (Assigned)

The ratings reflect G3's weak financial risk profile, marked by
high gearing and weak debt protection measures, and susceptibility
to cyclicality in capacity addition in end-user industry. These
weaknesses are offset by the extensive experience of G3's
promoters in the engineering and capital goods industry.

Outlook: Stable

CRISIL believes that G3 will maintain its business risk profile
over the medium term on the back of the industry experience of its
promoters. The company's financial risk profile will be
constrained because of large debt contracted to fund its project
and working capital requirements. The outlook may be revised to
'Positive' if G3 reports better-than-expected topline and margins,
leading to improvement in its financial risk profile, and if the
company manages its working capital requirements efficiently.
Conversely, the outlook may be revised to 'Negative' if G3's plant
commissioning gets delayed, if there are cost overruns in the
project, or if G3 faces significant pressure on revenues and
margins.

                       About G3 Fabrication

G3 was established in June 2009 by Mr. Sureshkumar Bhatt, Mr. T M
Raju, Mr. B K Mohan Nair, and Mr. Suresh Kotadia to manufacture
equipment, including pressure vessels, heat exchangers for the
power, oil and gas, petrochemicals, refinery, and fertilizer
sectors. Currently, the manufacturing facility is being set up in
Surat (Gujarat) at a cost of INR136.6 million (including working
capital margin of INR10 million) which is funded through term
loans of INR80 million, equity contribution of INR35 million, and
unsecured loans from promoters of around INR21.6 million. The
plant is currently in construction phase and is expected to
commence commercial production in June 2011.


G I INDUSTRIES: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of G I Industries Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR170.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect the group's weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, large working capital requirements, small scale of
operations and low profitability. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the edible oil trading business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GIIPL and H M Overseas Pvt Ltd (HMOPL).
This is because the two companies, collectively referred to as the
Goyal group, have common management, operational fungibility with
common suppliers and customers, and significant financial
fungibility as the companies extend support to each other,
whenever necessary.

Outlook: Stable

CRISIL believes that the financial risk profile of the Goyal group
will remain weak over the medium term because of its small net
worth, high gearing, and large working capital requirements. The
outlook may be revised to 'Positive' if there is significant
improvement in the group's capital structure. Conversely, the
outlook may be revised to 'Negative' in case the group's capital
structure deteriorates or if there are pressures on its revenue or
profitability.

                         About the Group

GIIPL was incorporated in 1975 as a partnership firm by three
brothers, Mr. Surinder Pal, Mr. Bishnu Kumar, and Mr. Kamal Kumar;
it was reconstituted as a private limited company in July 2010.
GIIPL trades in edible oil, mainly crude palm oil (CPO) and
mustard oil. The company also trades in small quantities of
spices, salt, and other products that account for about 1% of its
total sales. The company imports CPO mainly from Singapore and
makes high sea sales. It also undertakes crushing of mustard seeds
through its two units in Bathinda (Punjab).  In December 2010,
GIIPL started processing cattle feed.

HMOPL trades in CPO, an activity that contributes around 80% to
its revenues; trading in non-edible oil and palm fat distillate
contributes the remainder of its revenues. The company was non-
operational till 2009-10.  In October 2010, it acquired M/s Goyal
Traders, which was in this line of business. Mr. Deepak Goyal and
Mr. Rahul Goyal, sons of Mr. Bishnu Kumar are the directors of the
company, while the operations are managed by their father.

The Goyal group reported a profit after tax (PAT) of INR2.6
million on net sales of INR887 million for 2009-10, as against a
PAT of INR1.6 million on net sales of INR419 million for 2008-09.


GAZEBO INDUSTRIES: CRISIL Places 'B' Rating on INR13.6MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Gazebo Industries Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR13.6 Million Rupee Term Loan   B/Stable (Assigned)
   INR60 Million Packing Credit      P4 (Assigned)
   INR10 Million Letter of Credit    P4 (Assigned)
   INR5 Million Bank Guarantee       P4 (Assigned)

The ratings reflect GIL's small scale of operations, limited track
record of its present business model, geographical and customer
concentration in revenue profile, and average financial risk
profile, marked by weak debt protection metrics. These weaknesses
are partially offset by the long experience of GIL's promoters in
the trading business.

Outlook: Stable

CRISIL believes that GIL will continue to benefit from its
promoters' extensive industry experience and its healthy capital
structure over the medium term. The outlook may be revised to
'Positive' if the company is able to diversify its revenue profile
in terms of customers and geography, while substantially improving
its revenues and profit margins. On the other hand, the outlook
may be revised to 'Negative' if the company's revenues and
profitability decline, or if larger-than-expected dividend payment
to promoters leads to deterioration in the company's capital
structure, or in case of increase in instances of bad debt.

                     About Gazebo Industries

Based in Mumbai, GIL was established in 1970 as a proprietorship
firm, Gazebo Industries, and was reconstituted as a private
limited company in 1988, and as a closely held public limited
company with the current name in 1991. The company primarily
trades in railway parts and exports to Mozambique, an African
country, for the past three years. It also trades in plastic
granules, polyvinyl chloride resin, polypropylene woven sacks,
maize sacks, spices, and alloy steel wires which are sold in the
domestic market, in countries such as Dubai, and through high-sea
sales. The company uses an outsourcing model to manufacture
railway parts and woven sacks through local vendors in line with
customers' requirements. It derives most of its revenues from
exports, of which, more than 70% is from Mozambique.

GIL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR47.6 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.1 million on net
sales of INR121.8 million for 2008-09.


GP TRONICS: CRISIL Reaffirms 'B+' Rating on INR67.5MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of G.P Tronics Pvt Ltd
continue to reflect GP Tronics's weak financial profile marked by
a small net worth, a high gearing, and weak debt protection
metrics, small-scale and working-capital-intensive operations in
the power products industry, and susceptibility to volatility in
raw material prices. These rating weaknesses are partially offset
by the company's established clientele, strong growth in its
revenues, and its increasing revenue diversity in the high-growth
solar power business.

   Facilities                            Ratings
   ----------                            -------
   INR67.50 Million Cash Credit          B+/Stable (Reaffirmed)
   INR5.00 Mil. Standby Line of Credit   B+/Stable (Assigned)
   INR25.00 Mil. Letter of Credit/Bank   P4 (Reaffirmed)
                             Guarantee

Outlook: Stable

CRISIL expects GP Tronics's scale of operations to remain small,
and its financial risk profile to deteriorate because of its
investments in real estate, over the medium term. The outlook may
be revised to 'Positive' if GP Tronics scales up its operations
significantly, and strengthens its financial flexibility, most
likely through fresh equity infusion. Conversely, the outlook may
be revised to 'Negative' if the company's profitability weakens,
leading to reduced cash accruals, or it undertakes a large, debt-
funded capital expenditure (capex) programme, or makes fresh
investments in real estate.

Update
GP Tronics's revenues for 2010-11 (refers to financial year,
April 1 to March 31), estimated at INR250 million, were broadly in
line with CRISIL's projections. The lower-than-expected revenues
from trading in uninterruptible power supply (UPS) systems were
more than offset by growth in the high-margin solar power
business. This led to higher-than-expected profitability and cash
accruals. However, GP Tronics's financial risk profile is expected
to remain constrained by the company's large investment of about
INR20 million in a building and a plot of land. It plans to sell
the building, use the land plot for real estate development
through the joint venture route, and subsequently sell part of the
developed property and use the remaining part to set up a new
unit.

GP Tronics's profit after tax (PAT) and operating income for
2010-11 are estimated at about INR15 million and INR250 million,
respectively; it reported a PAT of INR7.9 million on an operating
income of INR187 million for 2009-10.

                          About GP Tronics

Established in 1978 as a partnership firm, GP Tronics was
reconstituted as a private limited company in 2004. The company
deals in energy-related products, and is the authorized
distributor for UPS systems manufactured by Emerson Network Power
(India) Ltd (Emerson). GP Tronics also manufactures and installs
solar power conditioning units (PCUs) for solar power plants and
solar water heaters. It has its factory and godown in Kolkata
(West Bengal). Pulse Power Technologies Pvt Ltd, a group company,
also manufactures solar PCUs. SSM Techno Pvt Ltd, another group
company, has a service franchise of Emerson UPS systems in
Kolkata.  GP Tronics has also let out part of its office space to
Airtel, for which it receives rental income of about INR10 million
per annum.


GUJARAT ECO: CRISIL Reaffirms 'B-' Rating on INR550MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gujarat Eco Textile
Park Ltd continue to reflect GETP's exposure to delayed cash
accruals as a result of delays in commissioning of its textile
units. These rating weaknesses are partially offset by the
benefits that GETP derives from the critical infrastructure, such
as a common effluent treatment plant (CETP) and a captive power
plant (CPP), at its textile park.

   Facilities                         Ratings
   ----------                         -------
   INR550.0 Million Rupee Term Loan   B-/Stable (Reaffirmed)
   INR10.0 Million Bank Guarantee     P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that GETP's promoters will infuse adequate funds
to service its debt over the medium term, supported by increasing
demand for the chambers in the CETP, from both members as well as
non-members. The outlook may be revised to 'Positive' if GETP's
financial performance is stronger than expected, backed by better
utilization of its CPP and CETP because of increase in the number
of textile units at its textile park. Conversely, the outlook may
be revised to 'Negative' in case there are further delays in
setting up the textile units at the park, thereby adversely
impacting its debt servicing ability.

Update

GETP's net cash accruals are expected to be insufficient to meet
its term debt obligations of INR55 million over the medium term
because of losses incurred in the power plant, and under-
utilization of the existing capacities. The company has to sell
power at a low tariff of INR4.87 per unit in line with the charges
of the state electricity board (SEB). There are no escalation
clauses for changes in natural gas prices, since charges are
linked to SEB charges.  Due to the increase in gas prices, GETP
will report operating losses for 2010-11 (refers to financial
year, April 1 to March 31). Moreover, out of 850 chambers of the
CETP plant, only 250 are booked till date. Delay in setting up of
units has reduced the overall power requirement and, consequently,
has also impacted the revenues from CPP and the CETP. However,
GETP is expected to receive booking advances for the balance plots
during the current year, which will provide some cushion to
liquidity. Moreover, the promoters have infused unsecured loans in
a timely manner to meet the term loan repayments.

                         About Gujarat Eco

Incorporated in October 2005, GETP is a special purpose vehicle
(SPV) promoted by the Luthra group of companies to set up a
textile park near Surat (Gujarat). The SPV was set up under the
Scheme for Integrated Textile Parks (SITP), supported by the
Ministry of Textiles, Government of India, and was among the first
textile parks to be approved under SITP. The park will provide
common infrastructure facilities such as a CETP for treating the
hazardous and non-hazardous effluent discharged by the process
units, and a natural gas-based CPP to supply power required by the
textile units. All 33 units of the park have been sold off; of
these, 22 units are currently in operation and 3 are under
construction (expected to commence operations by June 2011); the
remaining 8 units are yet to be constructed. The park is expected
to be fully operational by the end of the current year.


INTER PUBLICITY: CRISIL Assigns 'BB+' Rating to INR160MM Term Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Inter Publicity Pvt Ltd
continues to reflect IPPL's customer concentrated revenue profile
and susceptibility to economic downturns in banking industry.
Moreover, the financial flexibility of the company is constrained
by debt-funded capital expenditure (capex) and funding support to
group concerns. These rating weaknesses are partially offset by
IPPL's moderate financial risk profile, marked by low gearing and
comfortable debt protection metrics, and the benefits that the
company derives from its established market position in the
advertising agency space and its promoter's industry experience.

   Facilities                      Ratings
   ----------                      -------
   INR150 Million Cash Credit      BB+/Stable
   (Enhanced from INR100 Million)

   INR160 Million Term Loan        BB+/Stable (Assigned)

Outlook: Stable

CRISIL believes that IPPL will maintain its market position in the
advertising agency space, and its moderate financial risk profile
backed by steady accruals, over the medium term. The outlook may
be revised to 'Positive' if the company diversifies its customer
profile and increases its scale of operations. Conversely, the
outlook may be revised to 'Negative' if IPPL loses any major
client, thereby adversely affecting its operating income, or in
case of larger-than-expected, debt-funded capex or funding support
to group entities.

                       About Inter Publicity

Set up in 1964 by Mr. Homi Wadia, IPPL is a full-service
advertising and communication agency, which offers services such
as market research, strategy planning, concept development, design
and execution, and media selection and buying. The company offers
advertising services across all media, including print,
television, outdoor, radio, sales promotion, and event marketing.
It also offers services such as web and software development. IPPL
is a member of all major advertising bodies and is accredited by
all major advertising and media bodies, including Indian Newspaper
Society, All India Radio, and major satellite channels. In 1994,
faced with losses, Mr. Homi Wadia sold IPPL to its current
promoter, Mr. Sumatichand Gouti.

For 2009-10 (refers to financial year, April 1 to March 31), IPPL
reported a profit after tax (PAT) of INR35.2 million on net sales
of INR1.44 billion, against a PAT of INR33.7 million on net sales
of INR1.66 billion in 2008-09.


JCO GAS: CRISIL Reaffirms 'B-' Rating on INR350 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the short-term bank
facilities of JCO Gas Pipes Ltd, while reaffirming its rating on
the company's long-term bank facilities at 'B-/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR300.0 Million Cash Credit     B-/Stable (Reaffirmed)
   INR350.0 Million Term Loan       B-/Stable (Reaffirmed)
   INR150.0 Mil. Letter of Credit   P4 (Assigned)
                & Bank Guarantee

The ratings continue to reflect JCO's weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, limited track record, and susceptibility to intense
industry competition. These rating weaknesses are partially offset
by the strong growth prospects for the (SAW) pipe industry,
promoters' extensive industry experience, and established
marketing channels through other group companies.

Outlook: Stable

CRISIL believes that JCO will continue to benefit from the strong
growth prospects in the end-user industries over the medium term.
The outlook may be revised to 'Positive' in case of more-than-
expected improvement in operating profitability or cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
larger-than-expected debt-funded capital expenditure and/or
significant deterioration in operating margin, or if JCO reports
lower-than-expected profitability or sales.

                         About JCO Gas Pipes

JCO is a 50:50 joint venture between the D P Jindal group and the
Chokhani group. JCO has been set up for the DP Jindal group to
enter the helical submerged arc welded (HSAW) pipe segment.  The
company has set up a 50,000 tonnes per annum HSAW pipe facility at
Chinaware district (Madhya Pradesh). Commercial production
commenced in 2009-10 (refers to financial year, April 1 to
March 31).

JCO reported a net loss of INR66.9 million on net sales of
INR187.3 million for 2009-10.


KIRLOSKAR CONSTRUCTIONS: CRISIL Reaffirms 'D' Rating on Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the cash credit, and the letter of credit and
bank guarantee facilities of Kirloskar Constructions and Engineers
Ltd continue to reflect the company's weak financial risk profile
on account of liquidity pressures.  These pressures have led to
recent instances of delays of over 30 days in respect of payments
being made by the company in connection with the invocation in
KCEL's bank guarantee facility. The rating on the term loan has
been withdrawn as the instrument has been fully repaid by the
company.

   Facilities                        Ratings
   ----------                        -------
   INR200 Million Cash Credit        D (Reaffirmed)
   INR300 Million Term Loan          D (Withdrawn)
   INR750 Million Letter of Credit   P5 (Reaffirmed)
                and Bank Guarantee

KCEL is a wholly owned subsidiary of Kirloskar Brothers Ltd (KBL,
rated 'AA+/Stable/P1+' by CRISIL). KCEL specializes in mechanical
and civil engineering projects. It also undertakes contracts for
construction of offshore structures such as jetties, naval bases,
and offshore platforms (fabrication and erection).

For 2010-11 (refers to financial year, April 1 to March 31), KCEL
reported a net loss of INR7 million on a total income of
INR1.24 billion, against a net loss of INR20 million on a total
income of INR1.03 billion for the previous year.


MAHESHWARI COAL: CRISIL Assigns 'B+' Rating to INR66MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Maheshwari Coal Benification and Infrastructure Pvt
Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR60.00 Million Cash Credit      B+/Stable (Assigned)
   INR 66.00 Million Term Loan       B+/Stable (Assigned)
   INR20.00 Million Bank Guarantee   P4 (Assigned)

The ratings reflect MCBI's weak financial risk profile, marked by
small net worth, weak debt protection metrics, low profitability,
small scale of operations and susceptibility to intense
competition in the coal trading business and risks related to
project implementation. These rating weaknesses are partially
offset by the industry experience of MCBI's promoters.

Outlook: Stable

CRISIL believes that MCBI will continue to benefit over the medium
term from its promoter's experience in the coal trading business.
The outlook may be revised to 'Positive' if MCBI's railway siding
project is completed as per schedule, and there is more-than-
expected offtake of the coal. Conversely, the outlook may be
revised to 'Negative' if MCBI's profitability declines, most
likely because of continued volatility in coal prices and sharp
decline in sales, or in case of delays in completion of its
capital expenditure programme.

                        About Maheshwari Coal

Set up in 2006, MCBI trades coal and undertakes washing of coal.
Promoter-director Mr. Anil Kumar Mundra has experience of more
than a decade in coal trading. MCBI's facility in Bilaspur
(Chattisgarh) has a washery unit of capacity 1.2 tonnes per annum.
It is also implementing a railway siding project, which is
expected to be fully operational in August 2011. MCBI also manages
railway siding work for its clients.

MCBI reported a profit after tax (PAT) of INR0.3 million on net
sales of INR62.8 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.8 million on net
sales of INR91.9 million for 2008-09.


NAIHATI JUTE: CRISIL Reaffirms 'B+' Rating on INR29MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Naihati Jute Mills
Co Ltd continue to reflect NJML's below-average financial risk
profile, marked by a small net worth and a high gearing, and
susceptibility of margins to adverse regulatory changes. These
rating weaknesses are partially offset by the benefits that NJML
derives from its promoters' experience in the jute industry and
its diversified product profile.

   Facilities                        Ratings
   ----------                        -------
   INR82 Million Cash Credit         B+/Stable (Reaffirmed)
   INR29 Million Term Loan           B+/Stable (Reaffirmed)
   INR19 Million Proposed LT Bank
                     Loan Facility   B+/Stable (Reaffirmed)
   INR40 Million Inland Guarantee    P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that NJML will continue to benefit over the medium
term from its promoters' industry experience and its diversified
product portfolio. The outlook may be revised to 'Positive' if the
company significantly scales up its operations or improves its
operating margin, or if NJML increases its net worth most likely
through equity infusion by the promoters. Conversely, the outlook
may be revised to 'Negative' if there is a decline in the
company's profitability or its financial risk profile deteriorates
because of large, debt-funded capital expenditure (capex)
programme.

Update

NJML's topline for 2010-11 (refers to financial year, April 1 to
March 31), estimated at INR164 million which was better than that
of 2009-10 by 97%, mainly driven by better realisation in jute
products and increase in sales volumes. The estimated operating
margin of 1.4% for 2010-11 is better than that in 2009-10 of 0.2%.

NJML's gearing is estimated at 1.3 times as on March 2011.
In 2011, the company undertook a capex for upgrading to a
dedicated 33 kilovolt (kv) electrical installation at a project
cost of INR390 million funded in debt-to-equity ratio of 2:1.
Furthermore, NJML deferred its capacity expansion project from 100
tonnes per day (tpd) to 115 tpd over the medium term (project cost
of INR60 million); the revised plan is to expand the capacity by 7
tpd in 2012 at an estimated cost of INR15 million to be funded by
accruals.

NJML had a loan from West Bengal Industrial Development
Corporation (WBIDC) for payment of sales tax dues (including
interest and penal interest due) in 1994.  The company had applied
to the Government of West Bengal (GoWB) for
settlement/rescheduling the loan and the waiver of interest and
such application is still pending with the government. The
interest accrued and dues of INR10.3 million on the same remain in
the company's books. In 2011, the company received a letter from
WBIDC stating that the loans should be repayable to them and not
to GoWB. Till September 2010, the company was making payments to
GoWB on its own accord of INR0.5 million. Due to the disagreement
between GoWB and WBIDC, NJML stopped making the payments from the
quarter ended December 2010 to GoWB. The same still remains under
consideration between WBIDC and GoWB. However, NJML had adequate
liquidity on due dates to make the repayment.

NJML's liquidity remains weak. The company's cash accruals are
estimated to be barely sufficient to meet its maturing term debt
obligations over the medium term. Utilisation of its fund-based
bank limits remained high at 65% on an average in 2010-11 with
utilisation being high during the procurement season of jute
between August and October.

NJML reported a profit after tax (PAT) of INR5.3 million on net
sales of INR826.2 million for 2009-10, against a PAT of INR6
million on net sales of INR1016.69 million for 2008-09.

                         About Naihati Jute

NJML was acquired from a British management by the Kolkata (West
Bengal)-based Bhagat family in the 1950s. Currently, the second-
and third-generation promoters are actively involved in the
business. The company manufactures jute products comprising
hessian, sacking and yarns, at its manufacturing facility in
Naihati (West Bengal). It has a capacity of 30,000 tonnes per
annum.


NCC URBAN: CRISIL Downgrades Rating on INR1.02BB Term Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on NCC Urban Infrastructure Ltd's
bank facility to 'D' from 'AA-/Stable (so)'. The downgrade
reflects delays in debt servicing by NUIL and non-compliance with
the stipulated structure.

   Facilities                             Ratings
   ----------                             -------
   INR1020 Million Term Loan Facility     D (Downgraded from
                                             'AA-(so)/Stable')

The CRISIL rated facility is backed by an unconditional and
irrevocable guarantee extended by NCC Ltd (NCC; rated 'AA-
/Stable/P1+' by CRISIL), to the banker. Furthermore, NCC, as the
guarantor, has given an undertaking to CRISIL, stating that it
will make all payments to the banker within 30 days from the due
date if NUIL is unable to service the debt and even if the
corporate guarantee is not invoked. This had been centrally
factored in the rating. The guarantee on the loan facility has not
been invoked by the banker. However, the guarantor has not paid
the interest within the stipulated period of 30 days, despite
delays by NUIL.

                          About NCC Urban

Incorporated in 2005, NUIL is engaged in construction and
development of residential and commercial complexes, serviced
apartments, special economic zones, and integrated townships. NCC
holds an 80% equity stake in NUIL, while the remaining 20% is
owned by AVSR Holdings Pvt Ltd, a group company.  At present, NUIL
has ten ongoing residential projects, with a combined saleable
area of around 4.7 million square feet, at various stages of
completion, across Ranchi, Hyderabad, Bengaluru and Kochi.

For 2010-11 (refers to financial year, April 1 to March 31), NUIL
reported, on provisional basis, a net profit of INR32 million on
sales of INR1.6 billion; the company reported a net loss of INR132
million on net sales of INR1.2 billion for the previous year.


SILVER PROTEINS: CRISIL Assigns 'B+' Rating to INR105M Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Silver Proteins Pvt Ltd (SPPL, part of the SPPL-
Mahendra Oil Cake Industries Ltd combine).

   Facilities                      Ratings
   ----------                      -------
   INR105 Million Cash Credit      B+/Stable (Assigned)
   INR15 Million Packing Credit    P4 (Assigned)

The ratings reflect the SPPL-MOCIL combine's weak financial risk
profile marked by small net worth, high gearing, weak debt
protection metrics, large working capital requirements, and
susceptibility to intense industry competition and cyclicality in
the edible oil industry. These rating weaknesses are partially
offset by the extensive industry experience of the combine's
promoters and the benefits accruing from its partially integrated
operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SPPL and MOCIL, collectively referred
to as the SPPL-MOCIL combine. This is because both companies have
common ownership and operational linkages. MOCIL has leased all
its manufacturing facilities to SPPL. The management also plans to
merge the two companies over the medium term.

Outlook: Stable

CRISIL believes that the SPPL-MOCIL combine will continue to
maintain its established position in the domestic and export
markets, over the medium term. The outlook may be revised to
'Positive' in case of higher-than-expected and sustained growth in
the combine's turnover and profitability. Conversely, the outlook
may be revised to 'Negative' in case of more-than-anticipated
deterioration in capital structure, most likely because of
incremental working capital requirements or lower-than-anticipated
net cash accruals.

SPPL was set up in 1999 by the Damodia family of Jamnagar
(Gujarat). The company, based in Jamnagar, primarily manufactures
groundnut de-oiled cakes (DOC) (about 70% of the turnover of the
company), filtered groundnut oil, and refined edible oils (about
30%). The firm sells its groundnut DOC under the Silver Grains
brand and the groundnut oil under the Balaji Oil brand. The
company operates by leasing out MOCIL's manufacturing facility in
Jamnagar. The unit comprises a 250-tonne-per-day (tpd) facility
for solvent extraction, an 80-tpd oil mill, and a 50-tpd refining
facility. Nearly 50% of SPPL's revenues are generated through DOC
exports to Southeast Asian countries such as China, Vietnam, and
Singapore.

The SPPL-MOCIL combine reported a profit after tax (PAT) of INR3.5
million on net sales of INR459 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR3.5
million on net sales of INR417 million for 2008-09.


SUPREME ALLOYS: CRISIL Reaffirms 'BB+' Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Supreme Alloys Ltd
continue to reflect the company's high gearing and susceptibility
to intense competition in the steel industry.  These rating
weaknesses are partially offset by the extensive experience of
SAL's promoters in the steel business and revenue visibility, led
by agreement with Steel Authority of India Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR210.0 Million Bank Overdraft    BB+/Stable (Reaffirmed)
                          Facility

   INR140.0 Million Working Capital   BB+/Stable (Reaffirmed)
                       Demand Loan

   INR70.0 Million Bank Guarantee     P4+(Reaffirmed)

Outlook: Stable

CRISIL believes that SAL will maintain its business risk profile
over the medium term, backed by assured offtake by SAIL and the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' in case of more-than-expected improvement in
SAL's operating profitability or cash accruals, leading to
improvement in its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' in case the company reports
lower-than-expected profitability or sales, or undertakes any
large debt-funded capex programme, leading to deterioration in its
capital structure.

                        About Supreme Alloys

SAL is promoted by the Arora family, which has been in the steel
industry for over 30 years. The company produces steel ingots and
thermo-mechanically treated (TMT) bars at its production facility
in Ghaziabad (Uttar Pradesh). The company has two units: Unit I has
a furnace capacity of 20,000 tonnes per annum (tpa) and rolling
mill capacity of around 70,000 tpa, while Unit II has a rolling
mill capacity of around 60,000 tpa. The company is closely held by
the promoter family, and is currently managed by Mr. Jagjiv Kumar
Arora and his son Mr. Sahil Arora.

SAL reported a profit after tax (PAT) of INR32.4 million on net
sales of INR2012.2 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR31.2million on net
sales of INR1984 million for 2008-09.


SVR LABORATORIES: CRISIL Upgrades Rating on INR32.5M Loan to 'BB+'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the term loan and cash credit
facilities of SVR Laboratories Pvt Ltd to 'BB+/Stable' from
'BB/Stable'; the ratings on SVR's other bank facilities have been
reaffirmed at 'P4+'.

   Facilities                       Ratings
   ----------                       -------
   INR32.5 Million Term Loan        BB+/Stable (Upgraded from
                                                'BB/Stable')

   INR40.0 Million Cash Credit      BB+/Stable (Upgraded from
                                                'BB/Stable')

   INR25.6 Mil. Letter of Credit    P4+ (Reaffirmed)

   INR1.5 Million Bank Guarantee    P4+ (Reaffirmed)

The upgrade in the long-term facilities has been driven by
improvement in SVR's business risk profile, backed by increasing
production of key compounds from enhanced capacities, and
introduction of new molecules to its product portfolio.
Consequently, SVR's revenues have nearly doubled-to INR424 million
in 2010-11 (refers to financial year, April 1 to March 31) over
the previous year. SVR's cash accruals were estimated at around
INR32 million for 2010-11. Its financial risk profile has also
improved significantly, underpinned by the healthy revenue growth
and strong cash accruals. CRISIL believes that SVR's debt
protection metrics will remain healthy over the medium term, in
the absence of major debt-funded capital expenditure (capex).

The ratings reflect SVR's modest scale of operations, product
concentration, small net worth, and large working capital
requirements. These rating weaknesses are partially offset by
SVR's above-average financial risk profile, marked by moderate
gearing and healthy debt protection metrics.

Outlook: Stable

CRISIL believes that SVR will report healthy growth in revenues
over the medium term, backed by its new molecules and strong
customer relations. The outlook may be revised to 'Positive' if
SVR further diversifies its revenue profile, and scales up its
operations further while maintaining its operating margin.
Conversely, the outlook may be revised to 'Negative' if the debt
contracted to fund capex weakens SVR's financial risk profile
significantly.

                      About SVR Laboratories

Set up in 2003 by Mr. V Ramesh and his wife, Mrs. Vijaylakshmi,
SVR did not commence operations till 2008. Subsequently, the
company's facilities were acquired by Mr. P Nageswara Rao and his
friend, Mr. V V Ravi Kumar, with effect from April 1, 2010. The
company has four directors-Mr. P Nageswara Rao, Mr. V V Ravi
Kumar, Mr. Murali Krishna, and Mr. Srinivasa Rao. It primarily
manufactures intermediates which are used in the manufacture of
pantaprazole, an anti-ulcer drug, at its facility in Nalgonda
(Andhra Pradesh).

SVR on a provisional basis reported a profit after tax (PAT) of
INR19.9 million on net sales of INR423.7 million for 2010-11, as
against a PAT of INR7.5 million on net sales of INR218.3 million
for 2009-10.


UMA MAHESHWARI: CRISIL Assigns 'B-' Rating to INR38MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the bank facilities
of Uma Maheshwari Agro Products Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR38.00 Million Long-Term Loan   B-/Stable (Assigned)
   INR70.00 Million Cash Credit      B-/Stable (Assigned)

The rating reflects Uma's weak financial risk profile, marked by
weak debt protection metrics and a high gearing, low value-added
operations resulting in a low operating margin, and a small scale
of operations. These rating weaknesses are partially offset by the
benefits Uma derives from the healthy demand for rice bran oil.

Outlook: Stable

CRISIL believes that Uma will benefit over the medium term from
the healthy demand for rice bran oil and its improving market
position. The outlook may be revised to 'Positive' in case the
company significantly improves its revenues and profitability,
while improving its capital structure. Conversely, the outlook may
be revised to 'Negative' if Uma undertakes a larger-than-expected,
debt-funded capital expenditure programme, or reports a sharp
decline in revenues or profitability, leading to deterioration in
its financial risk profile.

                        About Uma Maheshwari

Uma (formerly, Venkat Agro Industries, the proprietorship concern
of promoter Mr. P V Soma Raju) was reconstituted as a private
limited entity under its current name in 2010. Uma processes rice
bran into crude rice bran oil. The by-product in the process is
de-oiled rice bran cake. It has a crushing capacity of 90,000
tonnes per annum. Uma's processing facility is in NRP Agraharam
(Andhra Pradesh).

Uma reported a profit after tax (PAT) of INR1.5 million on net
sales of INR301.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.0 million on net sales
of INR76.1 million for 2008-09.


VINOD MEDICAL: CRISIL Reaffirms 'BB-' Rating on INR25MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vinod Medical Systems
Pvt Ltd continue to reflect VMS's below-average financial risk
profile, marked by a small net worth and weak debt protection
metrics, and high inventory and price risk. These rating
weaknesses are partially offset by VMS's established market
position, with strong relationships with its principals, in the
photographic rolls and X-ray film trading segment.

   Facilities                         Ratings
   ----------                         -------
   INR100.0 Million Cash Credit       BB-/Stable (Reaffirmed)
   INR25.0 Mil. Proposed Long-Term    BB-/Stable (Reaffirmed)
                Bank Loan Facility
   INR25.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR5.0 Million Bank Guarantee      P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that VMS will continue to benefit over the medium
term from its established relationships with its principals; the
company's financial risk profile, however, is expected to remain
weak, constrained by a small net worth and weak debt protection
metrics. The outlook may be revised to 'Positive' if the company
scales up its operations with sustained improvement in its
profitability. Conversely, the outlook may be revised to
'Negative' if VMS contracts a large quantum of debt to fund its
capital expenditure or working capital requirements, leading to
further deterioration in its financial risk profile, or in case of
a more-than-expected decline in its turnover.

                        About Vinod Medical

VMS was originally set up as a partnership firm, Vinod Agencies,
in 1988 by Mr. Sunil Rathi and Mr. Vinod Jaisinghani; the firm was
reconstituted as a private limited company in 1994. VMS trades in
Agfa medical X-ray film and related equipment, photographic
products from Kodak, and hospital furniture from Janak Healthcare.

For 2009-10, VMS reported a profit after tax (PAT) of INR6.9
million on net sales of INR743 million, against a PAT of INR2.9
million on net sales of INR632 million for the preceding year.


WOCKHARDT LTD: Fitch Migrates Ratings to Non-Monitored Category
---------------------------------------------------------------
Fitch Ratings has migrated India-based Wockhardt Ltd's 'D(ind)'
National Long-Term rating to the "Non-Monitored" category.  This
rating will now appear as 'D(ind)nm' on Fitch's Web site.
Simultaneously, the agency has classified these bank loan ratings
as "Non-Monitored":

   -- INR2,000m long term non-convertible debenture programme:
      migrated to 'D(ind)nm' from 'D(ind)';

   -- INR2,500m long-term loans and INR2,500m non fund-based cash
      credit facilities: migrated to 'D(ind)nm' from 'D(ind)'; and

   -- INR1,450m non fund-based limit: migrated to 'F5(ind)nm' from
      'F5(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 Wockhardt. 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".


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


SULFINDO ADIUSAHA: S&P Affirms 'CCC' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'CCC' corporate
credit rating on PT Sulfindo Adiusaha.  The outlook is developing.
The rating was subsequently withdrawn at the company's request.

"The developing outlook reflects our view that the rating on
Sulfindo hinges on its ability to obtain sufficient funding for
its committed capital expenditure and debt maturities coming due
in 2011 and 2012. We understand the company is currently examining
different financing alternatives, including bank loans and
an IPO, although the outcome of these negotiations is not yet
known. We believe Sulfindo will be at high risk of default and may
alter or restructure its debt if it is unable to obtain sufficient
committed financing within the next six months. On the other hand,
the company's liquidity may improve if it obtains sufficient
timely financing, in our opinion," S&P explained.


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


L-JAC 8: S&P Lowers Rating on Class B Trust Certificates to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from 'CCC
(sf)' its rating on the class B trust certificates issued under
the L-JAC 8 Trust Beneficial Interest transaction. The class A
trust certificates issued under the same transaction were fully
redeemed on the trust distribution date in February 2011.
"Meanwhile, we lowered the ratings on classes C to K to 'D (sf)'
on July 26, 2010, and withdrew the rating on the interest-only
(IO) class X trust certificates on April 23, 2010, following the
updates to our criteria for rating IO securities," S&P stated.

The transaction's remaining loan, which defaulted in December
2010, was sold, and the principal on the loan was impaired. "We
have downgraded class B because we have confirmed that class B has
incurred an effective loss following the impairment of the
principal on the loan," S&P noted.

L-JAC 8 Trust Beneficial Interest is a multiborrower commercial
mortgage-backed securities (CMBS) transaction that was originally
secured by two loans extended to two obligors. The loans were
initially backed by one real estate beneficial interest and one
real estate property. The transaction was arranged by Lehman
Brothers Japan Inc., and Premier Asset Management Co. acts as the
servicer for this transaction.

"The rating reflects our opinion on the likelihood of the full
payment of interest and ultimate repayment of principal for the
class B trust certificates by the transaction's legal final
maturity date in January 2013," S&P said.

Rating Lowered

L-JAC 8 Trust Beneficial Interest
JPY18.77 billion trust certificates due January 2013
Class   To        From       Initial issue amount   Coupon type
B       CC (sf)   CCC (sf)   JPY1.68 bil.            Floating rate


TOKYO ELECTRIC: To Liquidate Public Relations Unit
--------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. will liquidate
its public relations affiliate around the end of July to secure
funds for paying a massive compensation over nuclear crisis at the
utility's Fukushima Daiichi power plant, sources close to the
matter said.

Kyodo says TEPCO will sell all properties of TEPCO Public
Relations Co. established in 1984.  All 28 of its facilities have
been shut down since the March 11 earthquake, the report notes.

According to Kyodo, TEPCO has decided to withdraw from its non-
core businesses and aims to raise more than JPY600 billion by
selling assets such as securities holdings, idle real estate and
leisure facilities.

Damages payments for those who have been affected by the accident
at the radiation-leaking power plant in Fukushima Prefecture,
including nearby residents who have had to evacuate from their
homes, are estimated to total trillions of yen, Kyodo adds.

                            About TEPCO

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2011, Standard & Poor's Ratings Services lowered Tokyo
Electric Power Co. Inc.'s (TEPCO) long-term corporate credit
rating to 'B+' from 'BBB' and its short-term corporate credit
rating to 'B' from 'A- 2'.  At the same time, the long-term debt
rating on TEPCO was lowered to 'BB+' from 'BBB'.  All ratings
remain on CreditWatch with developing implications. "At the same
time, we lowered TEPCO's stand-alone credit profile (SACP) to
'ccc+' from 'bb-', and we lowered the likelihood that it will
receive extraordinary support from the government of Japan (AA-
/Negative/A-1+) to 'high' from 'very high'," S&P said.

"The rating downgrades reflect Standard & Poor's opinion that
uncertainty over the timeliness of any extraordinary government
support for TEPCO under the current political climate has further
exacerbated TEPCO's deteriorating SACP and TEPCO's worsening
financial position increases the likelihood, in our view, that its
lender banks could restructure its borrowings. Under Standard &
Poor's ratings criteria, any waiver of loans or distressed
restructuring, such as a lowering of interest rates on existing
loans, constitutes a form of default and would trigger a lowering
of the corporate credit ratings on TEPCO to 'SD'--Selective
Default," S&P explained.


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


CRAFAR FARM: Receivership Fees Hit NZ$5.3 Million
-------------------------------------------------
Business Day reports that as the Crafar dairy farms receivership
drags into the end of its second year, receivers have claimed more
than NZ$5 million in fees, while legal costs have topped
NZ$4 million.

In their latest six monthly report to the Companies Office,
receivers Michael Stiassny and Brendon Gibson of KordaMentha claim
administrative receiver fees totaling NZ$1.23 million for the
central North Island farming estate for the period October 5, 2010
to April 4, 2011, according to Business Day.

Business Day notes that this takes to NZ$5.3 million the total of
receivers' remuneration since the 16 farms were put into
receivership by the Crafar family's financiers in October 2009.

Insolvency specialists said the Crafar receivership is "fairly
unique", so its costs are difficult to compare directly to other
major receiverships, Business Day discloses.  Other ongoing
receiverships of note are of finance companies South Canterbury
Finance and Bridgecorp.

Business Day discloses that KordaMentha's reports for the past
year show a mixed financial performances for the four companies
involved in the Crafar Farms receivership:

   * Plateau Farms in the six months to April 4 this year had net
     cashflow of NZ$4.1 million, on income of NZ$24.5 million and
     outgoings of NZ$20.3 million.  This compared to net cashflow
     of NZ$3.6 million as reported in December 2010 for the six
     months to October 4 2010.

   * Ferry View Farms had NZ$1.4 million net cashflow in the
     period compared to a NZ$2.2 milliom cashflow deficit in the
     six months to October 4 2010 when income was NZ$4.5 million
     and outgoings NZ$6.8 million.

   * Hillside showed net cashflow of NZ$1.8 million in the six
     months to April this year, compared to NZ$3.2 million in the
     period to October last year.

   * Taharua Limited had net cashflow of NZ$1.79 million, compared
     to NZ$1.5 million in the previous six months.

All the companies except Hillside are also in liquidation.

                     About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers after
Crafar Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


GENEVA FINANCE: FMA Orders Firm to Stop Issuing Securities
----------------------------------------------------------
The Financial Markets Authority has made an interim order to stop
allotment of securities by GFNZ Group Limited, formerly known as
Geneva Finance Limited.

"This is a new power, and the first time FMA has exercised it,"
FMA said in a statement.

FMA has learned that in the March 2011 quarter GFNZ breached its
minimum new lending covenant with its primary funder, Bank of
Scotland.  As a result, Bank of Scotland's facility is repayable
on demand.

GFNZ is a finance company operating under moratorium, and its
shares are listed on the NZX.  Many former debt holders are now
shareholders as a result of a debt-for-equity swap in March 2011.

GFNZ is a continuous issuer and was raising money from the public
through its registered prospectus, dated May 12, 2011.

"We believe our action is in the public interest because the
prospectus relates to a continuous offer of debt securities. It is
vital that existing and prospective investors have sufficient
information about the company to make an informed assessment of
their investments," said FMA Chief Executive Sean Hughes.

"The interim order will prohibit any further allotment and so
protect investors from being misled.

"Our first use of this new stop order power is one means by which
we can improve investor confidence in the accuracy of information
presented to the market."

FMA is seeking further information from GFNZ while it considers
whether it uses its power to order the offer documents to be
corrected to FMA's satisfaction or cancelled on the grounds that
they are likely to deceive, mislead or confuse investors.

                        About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 8, 2011, Standard & Poor's Ratings Services said it has
lowered its long-term counterparty credit rating on New Zealand
finance company Geneva Finance Ltd. to 'SD' from 'CC'.  The rating
was also removed from CreditWatch with negative implications,
where it was placed on March 17, 2011.  At the same time, the
insurer financial strength rating on Geneva's captive insurer,
Quest Insurance Group Ltd., was affirmed at 'CC' and removed from
CreditWatch with developing implications.  A positive rating
outlook has been assigned on the Quest rating.


NATHANS FINANCE: Former Execs Get Last Chance at Court
------------------------------------------------------
BusinessDay.co.nz reports that the three accused former directors
of Nathans Finance will have their last chance to persuade the
High Court of their innocence this week as the 12-week trial draws
to a close.

BusinessDay.co.nz relates that Mervyn Doolan, Roger Moses, and
Donald Young face six charges each of misleading the investing
public by distributing prospectuses and investment advertisements
that contained "untrue statements".

It is the first big prosecution to reach the courts in the wake of
the spate of finance company collapses, the report says.

Another director, John Hotchin, brother of Hanover Finance's
Mark Hotchin who is also subject to regulator investigations, has
already pleaded guilty and is serving an 11-month sentence of home
detention at his rented NZ$4 million home in Auckland.

In pleading guilty, and giving evidence against fellow directors,
BusinessDay.co.nz relates, Mr. Hotchin admitted that he now knew
the statements were untrue "after seeing all the documents", but
did not know at the time.

According to BusinessDay.co.nz, the three accused stand behind
their assertion that they did everything right, up until Nathans
was put into receivership by its trustee in August 2007 owing
NZ$174 million to about 2,000 investors.

The defence puts forward its final closing this week, the report
adds.

                        About Nathans Finance

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


===========
T A I W A N
===========


AMERICAN INT'L: Taiwan Calls on FSC to Reject Ruen's Nan Shan Bid
-----------------------------------------------------------------
Crystal Hsu at Taipei Times reports that Taiwan's lawmakers from
across party lines have urged the Financial Supervisory Commission
to reject the planned acquisition of Nan Shan Life Insurance Co.
by Ruen Chen Investment Holding Co because of concerns about the
major shareholder.

Questions were raised as the financial regulator mulled its
decision on the latest share transfer plan after blocking the
first attempted sale of the insurer in August last year on
concerns about the would-be buyer's long-term commitment and
ability to increase capital.

According to the report, Chinese Nationalist Party Legislator Lo
Shu-lei said the commission should reveal how the new buyer group,
Ruen Chen Investment Holding, met the escrow fund requirement.

Taipei Times relates that the commission asked Ruen Chen to
demonstrate its financial clout by setting up a NT$30 billion
(US$1.04 billion) escrow fund with cash or equivalent assets at an
approved bank.

The commission, according to Taipei Times, recently said Ruen Chen
filed extra documents as instructed, without elaborating.
Financial Supervisory Commission Chairman Chen Yuh-chang said
earlier that the agency would reach a decision in the first half
of this year, Taipei Times notes.

"If Ruen Chen created the escrow fund with borrowed money, the fee
and interest expenses will put pressure on its finances later,"
Mr. Lo told a public hearing held last week, Taipei Times says.
The group could then channel Nan Shan's funds to cover its bank
loans, straining the insurer's financial health and endangering
the rights of employees and policyholders, Mr. Lo said.

Taipei Times adds that Non-Partisan Solidarity Union Legislator
Kang Shih-ju questioned the honesty of Ruentex Group chairman
Samuel Yin, saying Yin holds US citizenship and was involved in
financial scandals involving former KMT treasurer Liu Tai-ying.
The commission should suspend the review until Yin is given the
opportunity to prove his character is beyond reproach, Mr. Kang
said.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2011, American International Group, Inc. unveiled an
agreement to sell its 97.57% interest in Nan Shan Life Insurance
Company, Ltd., for $2.16 billion in cash to Ruen Chen Investment
Holding Co., Ltd.  The purchase agreement includes a number of
commitments that offer important protections for employees and
agents, including an agreement to maintain the existing
compensation and benefits package for employees and the existing
agency organizational and commission structure following the
closing of the transaction.  Ruen Chen has also expressed its
intention to retain the current Nan Shan management team, as well
as its long-term commitment to maintain both its majority
ownership in Nan Shan and the Nan Shan brand.  Debevoise &
Plimpton LLP and Lee & Li, Attorneys-At-Law served as legal
advisors to AIG on this transaction.  The transaction is subject
to the receipt of regulatory approval.

                             About AIG

American International Group, Inc. -- http://www.aig.com/-- is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies are leading providers of life insurance
and retirement services around the world.  AIG common stock is
listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  AIG almost
collapsed under the weight of bad bets it made insuring mortgage-
backed securities.  The Company, however, was bailed out by the
Federal Reserve, but even after an initial infusion of
$85 billion, losses continued to grow.  The later rescue packages
brought the total to $182 billion, making it the biggest federal
bailout in U.S. history.

AIG has been working to protect and enhance the value of its key
businesses, execute an orderly asset disposition plan, and
position itself for the future.  AIG has sold a number of its
subsidiaries and other assets to pay down loans received from the
U.S. government, and continues to seek buyers of its assets.


BANK OF TAIWAN: Fitch Affirms Individual Rating at 'C'
------------------------------------------------------
Fitch Ratings has affirmed Bank of Taiwan's National Long-Term
Rating at 'AAA(twn)', with Stable Outlook.

The rating is driven by the extremely high probability of
government support for the bank, considering the state's full
state ownership and BOT's systemic importance to the Taiwanese
banking sector. The bank plays a vital policy role, which includes
providing market liquidity support and preferential banking to
government-supported agencies. Furthermore, BOT is obligated to
share the government's financial burden of paying preferential
interest to military and civil service retirement funds, which has
long hindered its profitability. Downgrade prospects are remote
unless there is a shift in the government's ability and/or
propensity to provide support as a result of, for example,
privatization.

BOT registered a small net profit in 2010, with a return-on-equity
(ROE) of 2.9%. The bank maintained adequate loan book quality amid
the recent market downturn with a non performing loan (NPL) ratio
of only 0.6% at end-Q111. Loan loss reserves were 1.2x of NPLs at
end-Q111, but there remains downside provisioning risk as the bank
has some undisclosed restructured loans that are excluded from its
NPLs. BOT's liquidity profile is strong, reflecting the bank's
large deposit-taking franchise and its pricing power.
Capitalisation is sound with a reported a Tier 1 ratio of 11.9% at
end-2010.

BOT is Taiwan's largest bank by assets (11.7% of the system's
total assets at end-Q111), with a network of 162 domestic and nine
overseas branches and representative offices.

Full list of rating actions for BOT:

   -- National Long-Term Rating affirmed at 'AAA(twn)'; Outlook
      Stable

   -- National Short-Term Rating affirmed at 'F1+(twn)'

   -- Individual Rating affirmed at 'C'

   -- Support Rating affirmed at '1'


===============
T H A I L A N D
===============


BANGKOK BANK: Fitch Affirms Individual Rating at 'C'
----------------------------------------------------
Fitch Ratings has affirmed Bangkok Bank Public Company Limited's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BBB+'
with Stable Outlook.

BBL's ratings reflect sustained improvements in profitability,
asset quality and reserves as well as its ability to preserve its
strong capital and liquidity position. The bank's ratings also
take into account its solid deposit and business franchise. Fitch
believes that BBL's financial position is strong enough to absorb
a severe credit stress.

The bank's Long-Term Foreign-Currency IDR is at the Country
Ceiling, one notch above the sovereign Foreign-Currency Long-term
IDR, due to its strong standalone financial position, moderate
holding of government securities and limited government ownership.
There is little scope for an upgrade unless there is a further
material improvement in financial performance and the Country
Ceiling is also upgraded. Negative rating action may arise from a
sustained increase in loan concentration, rapid growth increasing
the potential for deterioration in asset quality or weakening its
liquidity profile, or an over-exposure to sovereign debt. However,
Fitch views these as remote prospects, which is reflected in the
Stable Outlook.

Given BBL's size and systemic importance to the Thai financial
sector and economy, Fitch believes that there is a high
probability that the bank would receive state support, in case of
need.

The bank reported solid financial performance in 2010 and Q111 due
to strong loan growth, lower provision expenses and improved cost
efficiency. For 2011, Fitch expects the bank's strong performance
to continue, supported by the bank's corporate loan franchise and
economic growth in Thailand. In addition, its large exposure to
Asia relative to local peers means BBL stands to benefit from
expected solid economic growth in the region.

Asset quality continues to improve. Non-performing loans and
special mention loans both declined to 3.3% and 1.5% of total
loans, respectively, due to BBL's active loan management. Reserve
coverage remains the strongest in the sector and among regional
peers at 170% at end-March 2011, with a large general reserve pool
available to absorb future credit risk. Fitch expects BBL's asset
quality to improve further due to its conservative credit culture,
active loan management and stronger domestic economic growth.

BBL has a solid deposit franchise and liquidity position.  The
bank's reliance on wholesale funding remains moderate, despite the
issue of USD1.2 billion senior notes in Q410 to support its
foreign-currency funding needs. BBL's capital remains solid with a
Tier 1 ratio of 12.3% and an equity to assets ratio of 11.9% at
end-March 2011. The quality of capital is high with no reliance on
hybrid capital. Fitch expects the bank's capital strength to be
maintained given its conservative strategy for asset growth and
moderate dividend payout.

BBL is the largest bank by asset among Thai banks with an 18%
share of loans and a 20% share of deposits at end-2010. The bank
was established in 1944 by the Sophonpanich family, whose stake
has fallen significantly since the country's 1997 financial
crisis. BBL has a strong business franchise in large corporates
and SMEs and continues to expand into retail lending.

BBL's ratings are:

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

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

   -- Individual Rating affirmed at 'C'

   -- Support Rating affirmed at '2'

   -- Support Rating Floor affirmed at 'BBB-'

   -- Long-term National Rating affirmed at 'AA(tha)'; Outlook
      Stable

   -- Short-term National Rating affirmed at 'F1+(tha)'

   -- Long-term foreign currency senior unsecured notes affirmed
      at 'BBB+'

   -- Long-term foreign currency subordinated debt affirmed at
      'BBB'; and

   -- National Long-term subordinated debt affirmed at 'AA-(tha)'


KASIKORNBANK PUBLIC: Fitch Affirms Individual 'C' Rating
--------------------------------------------------------
Fitch Ratings has affirmed Kasikornbank Public Company Limited's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BBB+'
with Stable Outlook.

The ratings reflect KBANK's solid profitability, asset quality and
capital, as well as its strong domestic banking franchise in the
SME, corporate and retail banking segments. Fitch believes KBANK's
overall financial position is sufficiently robust to absorb severe
credit stress.

The bank's Long-Term IDR is at the Country Ceiling, and is a notch
above the sovereign's 'BBB' Long-Term Foreign Currency IDR based
on its franchise, its strong standalone financial position, its
moderate holding of government securities, and limited government
ownership. This means there is little scope for upgrade unless
there is a further material improvement in financial performance
and the Country Ceiling is also upgraded. The Long-Term Foreign
Currency IDR may be downgraded if there is a sustained increase in
loan concentration, rapid growth increasing the potential for
deterioration in asset quality, weakening its liquidity profile or
a higher exposure to sovereign debt. However, Fitch views these as
remote prospects in the near-to-medium term, which is reflected in
the Stable Outlook.

KBANK continued to report strong performance in Q111, with a net
profit (before non-controlling interest) of THB6.6bn (Q110:
THB4.4bn) and a return of assets of 1.7%, mainly due to higher
loan volume and margins, and stronger fee incomes. Given a still
favorable economic outlook for Thailand, KBANK's performance
should remain strong in 2011. Nonetheless, downside risks could
arise from intensifying competition and rising interest rates,
which could increase pressure on margins.

Over the long-term, Fitch expects KBANK's overall performance to
remain among the strongest in the industry, due to its strong
franchise, particularly in SMEs. KBANK's life insurance subsidiary
is expected to help boost the bank's revenues, although the bank's
key performance drivers will remain SME and retail loan growth. In
addition, the completion of KBANK's project to enhance its core
business capability and IT platform in 2013 is expected to further
strengthen the bank's capacity to generate revenues.

Despite an increase in KBANK's non-performing loans (NPLs) in Q111
to THB35.1bn or 3.2% of total loans (end-2010: THB33.3bn/3.1%),
Fitch still expects its overall asset quality to remain strong
relative to major peers, supported by expected favorable economic
conditions and the bank's focus on improving credit underwriting
standards. KBANK's strong loan loss reserves (LLRs) of THB37.9bn
at end-March 2011 or 107.9% of NPLs should provide strong buffer
against provisioning risks.

KBANK's funding and liquidity risks are largely mitigated by the
bank's strong domestic deposit franchise as well as its holding of
high-quality liquid assets, mainly government and state enterprise
bonds. KBANK's capital remained strong with a Tier 1 capital of
THB105.9bn or 9.43% and total capital of THB157.7bn or 14.04% at
end-March 2011.

Given KBANK's large deposit share and importance to the Thai
economy, Fitch believes there is a high probability the bank would
receive state support, should the need arise.

Established in 1945 by the Lamsam family, KBANK is Thailand's
third-largest commercial bank with a 16% market share (as of end-
2010). The bank's major subsidiaries focus on fund management,
securities, leasing and insurance. KBANK increased its economic
interest in Muang Thai Life Assurance in 2009 to 38.3% from 7.5%.
KBANK's ownership is now widely dispersed with foreign, mainly
institutional, shareholders holding a 49% stake. The Lamsam family
still retains management positions and representation on the Board
of Directors.

KBANK's ratings have been affirmed:

   -- Long-Term Foreign Currency IDR at 'BBB+'; Stable Outlook

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

   -- Individual Rating at 'C'

   -- Support Rating at '2'

   -- Support Rating Floor at 'BBB-'

   -- Long-term foreign currency subordinated debt at 'BBB'

   -- National Long-term Rating at 'AA(tha)'; Stable Outlook

   -- National Short-term Rating at 'F1+(tha)'

   -- National Long-term senior unsecured debt at 'AA(tha)'

   -- National Long-term subordinated debt at 'AA-(tha)'

   -- National Short-term senior unsecured debt at 'F1+(tha)'


                             *********

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, 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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