TCRAP_Public/110628.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

             Tuesday, June 28, 2011, Vol. 14, No. 126

                            Headlines



A U S T R A L I A

AFFINITY PROPERTY: Tourism Downturn Hits Ramada Resort Developer
CENTENNIAL FINANCIAL: Court Fine Former Execs Over Sham Contracts
CENTRO PROPERTIES: Directors Breach Duties, Melbourne Judge Finds
PERTH INSTITUTE: Goes Into Administration, Closes School
SENSASLIM: ACCC Wins Continued Freeze on Company's Assets


H O N G  K O N G

CAPITAL CONCORD: Members' Final Meeting Set for July 25
CHAMPION CITY: Creditors' Proofs of Debt Due July 25
CHARTERMATE TECHNOLOGIES: Creditors' Proofs of Debt Due July 25
CHINA MEDIA: Law Yui Lun Steps Down as Liquidator
CHINA PHARMACEUTICAL: Creditors' Proofs of Debt Due July 25

CREDIT AGRICOLE: Commences Wind-Up Proceedings
CREDIT AGRICOLE CHEUVREUX: Commences Wind-Up Proceedings
FAST MOMENT: Lui and Yuen Step Down as Liquidators
FC PACKAGING: Commences Wind-Up Proceedings
GRAND PORT: Creditors' Proofs of Debt Due July 25

HOUGHTON OIL: Members' Final Meeting Set for July 25
KWAN TSEUNG: Sik Hin Hung Steps Down as Liquidator
METRO-ADS INT'L: Commences Wind-Up Proceedings
MICHAEL PAGE: Lai and Haughey Step Down as Liquidators
NASACO ELECTRONICS: Placed Under Voluntary Wind-Up Proceedings


I N D I A

ADVANT I.T. PARK: CRISIL Reaffirms 'B+' Rating on INR780MM Loan
ARROW CONSTRUCTIONS: CRISIL Puts 'B' Rating on INR20MM Cash Credit
ARSS INFRASTRUCTURE: CRISIL Cuts Rating on INR570MM Loan to 'D'
CRESCENT EXPORT: CRISIL Assigns 'B+' Rating to INR27.2MM Term Loan
DATA PATTERNS: CRISIL Reaffirms 'BB' Rating on INR65MM Cash Credit

EXCELSOURCE INT'L: CRISIL Assigns 'P4+' Rating to INR30MM LOC
FIELD MOTOR: CRISIL Places 'BB' Rating on INR46.5MM Term Loan
FINE STAR: CRISIL Reaffirms 'P4' Rating on INR50MM Packing Credit
GANGA JAMUNA: CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit
HALCYON LABS: CRISIL Assigns 'BB+' Rating to INR35MM Cash Credit

HI TECH LEATHER: CRISIL Assigns 'B+' Rating to INR15.1MM LT Loan
HINDUSTAN HARDWARES: CRISIL Rates INR74.3MM Long-Term Loan at 'BB'
INDEX SUPPLIERS: CRISIL Assigns 'B-' Rating to INR30MM Term Loan
J M MHATRE: CRISIL Cuts Rating on INR60MM Bank Facility to 'C'
KKN OIL: CRISIL Assigns 'C' Rating to INR50 Million Cash Credit

KOMARLA HATCHERIES: Fitch Rates INR49MM Term Loans at 'BB(ind)'
OM SHIV: Fitch Migrates Ratings to Non-Monitored Category
OSWAL UDHYOG: CRISIL Rates INR20 Million Cash Credit at 'BB-'
PIONEER DYEING: CRISIL Rates INR120 Million Cash Credit at 'BB-'
PLASTO CONTAINERS: CRISIL Assigns 'BB-' Rating to INR16MM LT Loan

SARU INTERNATIONAL: CRISIL Assigns 'P4' Rating to INR20-Mil. LOC
SHREE RAJ-RAJESHWARI: CRISIL Upgrades Rating on INR50MM Term Loan
SQUARE AUTOMATION: CRISIL Puts 'B-' Rating on INR40MM Cash Credit
SWARNAA TECHNO: CRISIL Assigns 'D' Rating to INR110.5MM Term Loan
SWARUP CASTINGS: CRISIL Reaffirms 'BB+' Rating on Cash Credit

T & T PROJECTS: CRISIL Raises Rating on INR100MM Credit to BB+
TEXCOMASH: Fitch Migrates Ratings to "Non-Monitored" Category
VAIBHAV PLASTIMOULDS: CRISIL Assigns 'BB-' Rating to INR19.5M Loan
VANDANA GLOBAL: CRISIL Raises Rating on INR623MM Term Loan to 'C'


J A P A N

ORIX-NRL TRUST: S&P Puts 'B-' Rating on E Certificates on Watch
TOKYO ELECTRIC: May Cut Pensions For Cash to Cover Compensation


X X X X X X X X

* S&P's Global Corporate Defaults Tally Total 17 So Far In 2011
* BOND PRICING: For the Week June 20 to June 24, 2011


                             - - - - -


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


AFFINITY PROPERTY: Tourism Downturn Hits Ramada Resort Developer
----------------------------------------------------------------
Madeleine Heffernan at SmartCompany reports that Affinity Property
Group, the company behind the Ramada Resort Hervey Bay, has
collapsed.  Ron Dean-Willcocks of Dean-Willcocks Shepard Recovery
& Strategy has been appointed voluntary administrator.

Tim Wright, chairman of Affinity, told SmartCompany the Ramada
Resort is going "very well" despite "hard times" for tourism.  The
resort was completed in 2009.

According to SmartCompany, Mr. Wright said Affinity failed to sell
20 of 46 apartments within Ramada.  The apartments were put on the
market at the end of last year, after the sales process was put on
hold during the global financial crisis.

"If all the apartments had been sold off, we wouldn't have had the
same problem," SmartCompany quotes Mr. Wright as saying.

The two-bedroom apartments were originally offered for AU$400,000.
Mr. Wright said the prices were reduced, but not substantially,
SmartCompany says.

Mr. Wright expressed confidence that a buyer could be found.
"We're trying to work out the situation in the best possible way,"
he said.

A meeting of creditors will be held on July 1.

Affinity Capital purchased the Ramada license in 2007 and
developed the first stage of the Hervey Bay resort.  Seascape
Capital and Seascape Property, behind the second stage of
development, were also chaired by Mr. Wright.

Based in Brisbane, Affinity Property Group develops Ramada Hervey
Bay resort.


CENTENNIAL FINANCIAL: Court Fine Former Execs Over Sham Contracts
-----------------------------------------------------------------
SmartCompany reports that the Federal Magistrates Court in Sydney
fined two former executives of Centennial Financial Services
AU$16,950 for placing employees on sham contracts.

SmartCompany says the Court found Thursday that Rolf Mertes, the
owner and sole director of Centennial Financial Services, and
Christopher Chorazy, the company's human resources manager, had
breached workplaces laws in 2007.

Centennial, which went into liquidation in 2009, underpaid
employees AU$33,864.59 in wages, plus failed to pay annual leave
entitlements of AU$5,669.93, SmartCompany discloses.

According to SmartCompany, Federal Magistrate Robert Cameron said
that while Mr. Chorazy was merely following instructions, and
submitted that the negative publicity had effectively ruined his
career in human resources, as human resources manager, he
nonetheless "should have been aware of, and at least attempted to
give advice on, Centennial's obligations under the Workplace
Relations Act."

SmartCompany relates that Mr. Cameron said Mr. Mertes must bear
"principal responsibility" for the company's contraventions,
adding that as sole shareholder, Mr. Mertes was "also to be the
principal beneficiary of any advantage which Centennial gained
from its failure to pay its employees their full wages and
entitlements."

He added that Centennial was sufficiently large enough to afford
proper advice and to have ensured that its employment practices
complied with the law, SmartCompany says.


CENTRO PROPERTIES: Directors Breach Duties, Melbourne Judge Finds
-----------------------------------------------------------------
The Sydney Morning Herald reports that eight current and former
directors of Centro Properties Group have been found to have
breached their corporate duties by approving documents that failed
to properly disclose about AU$2 billion in liabilities.

According to SMH, Federal Court judge John Middleton on Monday
ruled in favor of the Australian Securities and Investments
Commission (ASIC) in its case against the eight men, who now face
possible fines and disqualification from corporate management.

ASIC successfully argued the directors breached sections of the
Corporations Act by approving the financial statements of Centro
Properties, Centro Property Trust and Centro Retail Trust for the
2006/07 financial year, SMH relates.

SMH says the annual reports failed to disclose about
AU$1.5 billion in short-term liabilities held by Centro Properties
Group by classifying them as non-current liabilities. Around
AU$500 million of Centro Retail Trust's short-term liabilities
were also classified as non-current, the report discloses.

In his judgment, SMH relates, Justice Middleton said those
significant matters were well known to the directors, and if not
they should have been well known.

They should not have certified the truth and fairness of the
financial statements, and published the annual reports without a
disclosure of those liabilities, Justice Middleton said.

The directors involved include former chairman Brian Healey,
former chief executive Andrew Scott, current Centro Properties
chairman Paul Cooper and current Centro Properties non-executive
director Jim Hall, SMH discloses.

Hearings to determine penalties will begin on August 1.

Centro decided in November 2010 to put all of its assets on the
block after having received approval to refinance the next round
of debt.  The sale of the assets comes almost three years to the
day that Centro's former chief executive, Andrew Scott, and the
board revealed the group did not have the funds needed to pay the
AU$4 billion of debt that was due in December 2007.  That resulted
in the shares of the company dropping in value by as much as 90%,
according to the Sydney Morning Herald.

In March 2011, The Australian said, Centro announced both the
sale of its U.S. shopping centres to US private equity firm
Blackstone Group for US$9.4 billion (AU$8.9 billion), and a plan
to create a new Australian-only listed retail property trust by
amalgamating the Australian shopping centres held in a variety of
Centro funds.

                     About Centro Properties

Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.


PERTH INSTITUTE: Goes Into Administration, Closes School
--------------------------------------------------------
The Australian reports that hundreds of overseas students have to
be shifted to other courses following the collapse of Perth
Institute Western Australia and Kelly Colleges in Brisbane.

"What we know at this stage is that both of these colleges were
put into administration," The Australian quoted an unnamed
spokesman for the peak private education body as saying.

Details were sketchy but Kelly Colleges is thought to have 100-200
students and PIWA perhaps 500, according to The Australian.

The Australian notes that the peak Australian Council for Private
Education and Training put into action its tuition assurance
scheme with a view to finding students courses at other providers.

PIWA, also known as the Perth Institute of Tourism and
Hospitality, had been in business since 1993.
Its courses included business management, hospitality and
hairdressing.


SENSASLIM: ACCC Wins Continued Freeze on Company's Assets
---------------------------------------------------------
SmartCompany reports that the Australian Competition and Consumer
Commission has won a continued freeze on the assets of beleaguered
diet spray company SensaSlim until the end of August.

But SensaSlim has warned it has no money other than frozen bank
accounts, the report says.

According to SmartCompany, Justice Jacobson in the Federal Court
in Sydney said June 23 that the court would quickly consider
evidence by SensaSlim on how much money it needs to continue
operating, thereby allowing the company to draw money from its
account to obtain legal advice and to contest the ACCC
proceedings.

Meanwhile, SmartCompany says, Slater & Gordon is continuing to
investigate whether franchisees who paid AU$60,000 for the rights
to resell the company's product can take action against SensaSlim.

SmartCompany relates that the franchisees began exploring a class
action after the ACCC won an interim order to freeze SensaSlim's
assets earlier this month, alleging it had misled and deceived
consumers.

The franchisees' lawyer, Van Moulis of Slater & Gordon, told
SmartCompany it was co-operating with the competition regulator,
and awaiting the ACCC's decision on whether to seek compensation
claims on behalf of investors.

"If the ACCC decides not to proceed in a claim for compensation,
I'll bring our case," Mr. Moulis told SmartCompany.

SmartCompany notes that concerns about the company's research were
highlighted last week, with The Age reporting that people listed
as executives were actually doctors from the United States, who
say they have nothing to do with the company.

SensaSlim said in its Web site that it offers country or master
distributorships, and claims its product is "the most effective
slimming solution available in the world today", with a global
trial of more than 11,400 people showing an average weight loss of
15 kilograms.


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


CAPITAL CONCORD: Members' Final Meeting Set for July 25
-------------------------------------------------------
Members of Capital Concord Investment Limited will hold their
final general meeting on July 25, 2011, at 10:00 a.m., at Unit
1703, 17/F., Enterprise Square Three, 39 Wang Chiu Road, Kowloon
Bay, in Kowloon.

At the meeting, Sze Kai Sang Keeven, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHAMPION CITY: Creditors' Proofs of Debt Due July 25
----------------------------------------------------
Creditors of Champion City Industrial Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 25, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 15, 2011.

The company's liquidator is:

         Liu Kai Wing
         10C, New Central Mansion
         43 Gage Street, Hong Kong


CHARTERMATE TECHNOLOGIES: Creditors' Proofs of Debt Due July 25
---------------------------------------------------------------
Creditors of Chartermate Technologies (Hong Kong) Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by July 25, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 14, 2011.

The company's liquidator is:

         Chiu Fan Wa
         Unit A, 5/F
         CKK Commercial Centre
         289 Hennessy Road
         Wanchai, Hong Kong


CHINA MEDIA: Law Yui Lun Steps Down as Liquidator
-------------------------------------------------
Law Yui Lun stepped down as liquidator of China Media Business
Association Limited on June 13, 2011.


CHINA PHARMACEUTICAL: Creditors' Proofs of Debt Due July 25
-----------------------------------------------------------
Creditors of China Pharmaceutical Industrial Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 25, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 14, 2011.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


CREDIT AGRICOLE: Commences Wind-Up Proceedings
----------------------------------------------
Members of Credit Agricole Cheuvreux Nominees Limited, on June 10,
2011, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Patrick Cowley
         Fergal Thomas Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


CREDIT AGRICOLE CHEUVREUX: Commences Wind-Up Proceedings
--------------------------------------------------------
Members of Credit Agricole Cheuvreux Securities (Hong Kong)
Limited, on June 10, 2011, passed a resolution to voluntarily wind
up the company's operations.

The company's liquidators are:

         Patrick Cowley
         Fergal Thomas Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


FAST MOMENT: Lui and Yuen Step Down as Liquidators
--------------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun Frank stepped down as
liquidators of Fast Moment Limited on June 15, 2011.


FC PACKAGING: Commences Wind-Up Proceedings
-------------------------------------------
Members of FC Packaging Investment Limited, on June 20, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Leong Ting Kwok David
         Mok Mun Lun Linda
         Units 3401-02, 34th Floor
         AIA Tower, 183 Electric Road
         North Point, Hong Kong


GRAND PORT: Creditors' Proofs of Debt Due July 25
-------------------------------------------------
Creditors of Grand Port Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 25, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 13, 2011.

The company's liquidator is:

         Tang Siu On
         Flat B, 12/F
         Tsan Yung Mansion
         70 Waterloo Road
         Ho Man Tin, Kowloon


HOUGHTON OIL: Members' Final Meeting Set for July 25
----------------------------------------------------
Members of Houghton Oil and Chemicals (Far East) Company Limited
will hold their final general meeting on July 25, 2011, at 10:00
a.m., at Madison & Van Buren Avenues, Valley Forge, PA, United
States 19482-0930.

At the meeting, Kan Ping Kee, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


KWAN TSEUNG: Sik Hin Hung Steps Down as Liquidator
--------------------------------------------------
Sik Hin Hung (formerly known as Tam Hoe Tong Gordon) stepped down
as liquidator of Kwan Tseung Company Limited on June 13, 2011.


METRO-ADS INT'L: Commences Wind-Up Proceedings
----------------------------------------------
Members of Metro-Ads International Limited, on June 13, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Philip Brendan Giligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


MICHAEL PAGE: Lai and Haughey Step Down as Liquidators
------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Michael Page International (North Asia) Limited on
June 14, 2011.


NASACO ELECTRONICS: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on June 15, 2011,
creditors of Nasaco Electronics (HK) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Tsang Kam Chuen
         12/F., Grand Building
         Nos. 15-18 Connaught Road
         Central, Hong Kong


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ADVANT I.T. PARK: CRISIL Reaffirms 'B+' Rating on INR780MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Advant I.T. Park
Pvt Ltd continues to reflect Advant's weak financial flexibility,
negligible cash accruals vis-a-vis debt obligations, absence of
significant lease or sale contracts, and susceptibility to
cyclicality in the real estate sector.  These rating weaknesses
are partially offset by demonstrated track record of financial
support to Advant from its promoters for timely servicing of debt.

   Facilities                          Ratings
   ----------                          -------
   INR780 Million Rupee Term Loan      B+/Stable
   (Enhanced from INR560 Million)

Outlook: Stable

CRISIL believes that Advant's financial risk profile will remain
hinged on its promoters' ability to continue to infuse funds from
their own resources to help the company service its debt in a
timely manner. CRISIL believes that AIPL's revenues and cash
accrual generation will be gradual, given the cautious expansion
of information technology (IT), IT-enabled services, and other
companies qualified to lease space at the company's IT Park. The
outlook may be revised to 'Positive' in case of an earlier-than-
expected recovery in Advant's financial risk profile, particularly
cash accruals, on the back of better-than-expected lease of office
space or sale of floor space, with repayment of its debt as per
schedule. Conversely, the outlook may be revised to negative if
saleability of the project is adversely affected or the company
aggressively debt-funds its new projects, which may deteriorate
its capital structure and debt protection metrics.

                      About Advant I.T.Park

Advant, incorporated in 2004, has set up a software technology
park in Noida (Uttar Pradesh). The company is promoted by Mr.
Sunil Sharma, Shri OP Arora and Shri PR Batra, who are also on the
board of the company. The entire project is being executed by the
company in two phases, wherein Tower I has been commercially
launched in June 2010 and Tower II is expected to be launched in
the last quarter of 2011-12 (refers to financial year, April 1 to
March 31). The location of the project is right on the Noida-
Greater Noida Express Highway.


ARROW CONSTRUCTIONS: CRISIL Puts 'B' Rating on INR20MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Arrow Constructions Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR20 Million Cash Credit         B/Stable (Assigned)
   INR55 Million Bank Guarantee      P4 (Assigned)
   INR10 Million Letter of Credit    P4 (Assigned)

The ratings reflect ACL's small scale of operations in the
intensely competitive civil construction segment, and its below-
average financial risk profile, marked by weak capital structure
and small net worth. These weaknesses are partially offset by the
extensive industry experience of ACL's promoters and its healthy
order book.

Outlook: Stable

CRISIL believes that ACL will benefit over the medium term from
the healthy growth prospects for the civil construction industry
and its healthy order book. The outlook may be revised to
'Positive' if ACL's revenues and profitability continue to improve
while maintaining its capital structure. Conversely, the outlook
may be revised to 'Negative' if ACL's financial risk profile
deteriorates, most likely because of large, debt-funded capital
expenditure or liquidated damages due to disruptions in execution
of orders.

                       About Arrow Constructions

Incorporated in 1995, ACL is into civil construction activities.
It undertakes construction of government buildings, hospitals, and
lining works for canals. The promoter directors, Mr. S Vijaya
Kumar, Mr. T Venkata Ramana, and A Chandra Sekhar, have more than
thirty years' experience in similar lines of business. The company
is a special class contractor with Greater Hyderabad Municipal
Corporation, Public Works Department (Andhra Pradesh), and
category I contractor with the state utilities in the state of
Karnataka. ACL has a healthy order book of around INR1.74 billion
to be executed over the ensuing 24 to 36 months.

ACL reported a profit after tax (PAT) of INR2 million on net sales
of INR89 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a PAT of INR2 million on net sales of INR55
million for 2008-09.


ARSS INFRASTRUCTURE: CRISIL Cuts Rating on INR570MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of ARSS
Infrastructure Projects Ltd to 'D/P5' from 'BB-/Stable/P4+'.

   Facilities                             Ratings
   ----------                             -------
   INR570.8 Million Long-Term Loan        D (Downgraded from
                                            'BB-/Stable')

   INR1210 Million Cash Credit            D (Downgraded from
                                            'BB-/Stable')

   INR3700.0 Million Bank Guarantee       P5 (Downgraded from
                                             'P4+')

   INR50.0 Mil. Standby Line of Credit    P5 (Downgraded from
                                             'P4+')

   INR50.0 Million Letter of Credit       P5 (Downgraded from
                                             'P4+')

The downgrade reflects instances of delay by ARSS in servicing its
debt; the delays have been caused by the company's weak liquidity.
The company's liquidity weakened significantly in the last quarter
of 2010-11 (refers to financial year, April 1 to March 31) on
account of the unprecedented stretch in the company's working
capital cycle, owing to a substantial increase in inventory and
receivable levels.

ARSS has large working capital requirements and geographical and
customer concentration in its revenue profile. These rating
weaknesses are partially offset by ARSS's healthy growth
prospects, supported by its sizeable order book, and its moderate
financial risk profile, marked by healthy net worth and
comfortable capital structure.

                    About ARSS Infrastructure

ARSS was incorporated in 2000. The company undertakes construction
of railway infrastructure, roads, highways, bridges, and
irrigation systems. It has developed expertise in railway
construction projects, which involve earthwork, building of major
and minor bridges, supply of ballast and sleepers, laying of
sleepers and rails, and linking of tracks. ARSS undertakes most of
its projects in Orissa, with revenues from other states accounting
for around 33% to its outstanding order book. Over the past
decade, the company has executed more than 80 projects,
constructing over 300 kilometer (km) of roads and highways, 200 km
of rail tracks, 10 minor and major bridges, and other general
civil engineering works. ARSS issued an initial public offering in
February 2010.

For 2010-11, ARSS reported a provisional net profit of INR1121.7
million on net revenues of INR12.5 billion, as against a net
profit of INR901.0 million on net sales of INR9.9 billion in 2009-
10.


CRESCENT EXPORT: CRISIL Assigns 'B+' Rating to INR27.2MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Negative/P4' ratings to the bank
facilities of Crescent Export Syndicate.

   Facilities                            Ratings
   ----------                            -------
   INR27.2 Million Term Loan             B+/Negative (Assigned)
   INR80 Mil. Foreign Bill Discounting/
                 Foreign Bill Exchange   P4 (Assigned)
   INR85 Million Packing Credit          P4 (Assigned)
   INR1 Million Bank Guarantee           P4 (Assigned)

The ratings reflect CES's working-capital-intensive operations and
weak financial risk profile, marked by a small net worth, high
gearing, and weak debt protection metrics. These rating weaknesses
are partially offset by the CES's average business risk profile
marked by promoter's industry experience and established customer
relationship.

Outlook: Negative

CRISIL believes that CES's credit risk profile will remain
constrained by its weak liquidity, over the near to medium term.
The outlook may be revised to 'Stable' if the firm's liquidity
improves, most likely through better working capital management or
due to increase in its net worth, either through increasing
accruals or capital infusion by the partners. Conversely, the
rating may be downgraded if the firm's profit margins decline
sharply, or if it undertakes large, debt-funded capital
expenditure programme, thereby weakening its capital structure.

About Crescent Export

CES was set up as a partnership firm in 1983 by Mr. Mohammed Azhar
and his wife, Mrs. Sabiha Azhar. The firm manufactures leather
handbags, wallets, and purses. CES has six manufacturing
facilities in Kolkata (West Bengal) of 20,000 square feet (sq ft)
each, with total installed capacity of 20,000 handbags per month
and 75,000 wallets and purses per month. The products are exported
to Germany, Spain, Italy, Portugal, Belgium, the UK, the
Netherlands, Sweden, and the US.

In March 2011, CES acquired a 30,000-sq-ft manufacturing facility
of a sick company, Grand Leather Works Pvt Ltd; the property,
which had been confiscated by United Bank of India, was acquired
by CES from the bank against a purchase consideration of around
INR41 million, funded through term loan of INR32.1 million from
Canara Bank and the balance through partners' equity. The unit has
total installed capacity is 50,000 handbags per month and 20,000
wallets and purses per month. Thus, post acquisition of the sick
unit, CES has seven manufacturing units and installed capacity of
70,000 handbags per month and 95,000 wallets and purses per month.
The manufacturing process at the new unit is expected to begin
from June 2011.

In 2011-12 (refers to financial year, April 1 to March 31), CES
plans to install sewing and cutting machines procured from Germany
or Japan.  The machines are expected to cost around INR15 million
and are expected to be funded in a debt-equity mix of 3:1.

CES reported a profit after tax (PAT) of INR7 million on operating
income of INR389 million for 2009-10, as against a PAT of INR9
million on operating income of INR363 million for 2008-09.


DATA PATTERNS: CRISIL Reaffirms 'BB' Rating on INR65MM Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Data Patterns (India)
Pvt Ltd (DPIL, part of the Indus group) continue to reflect the
susceptibility of the Indus group's business risk profile to
changes in the sourcing policies of its key customers, and the
group's working-capital-intensive operations.  These rating
weaknesses are, however, partially offset by the benefits that the
Indus group derives from its established track record with the
defence and other related departments and its promoters'
experience in the supply of indigenously developed defence
equipment to government organisations.

   Facilities                       Ratings
   ----------                       -------
   INR65 Million Cash Credit        BB/Negative (Reaffirmed)

   INR75 Million Bill Purchase-     BB/Negative (Reaffirmed)
         Discounting Facility

   INR150 Million Letter of Credit  P4+ (Reaffirmed)
          & Bank Guarantee

CRISIL has combined the business and financial risk profiles of
Indus Teqsite Pvt Ltd (ITPL) and its wholly owned subsidiary DPIL.
This is because the two companies, together referred to as the
Indus group, have significant operational linkages with each other
and are under a common set of promoters. Moreover, both ITPL and
DPIL have extended corporate guarantees to each other's bank
facilities.

Outlook: Negative

CRISIL's negative outlook reflects strain on the Indus group's
liquidity in view of the limited cushion between the group's
current level of cash generations from operations vis--vis its
immediate debt servicing commitments, specifically the INR100
million optionally convertible debentures (OCD), falling due for
redemption by September 30, 2011. The company may have to
refinance or rollover the OCD, or arrange redemption through a mix
of internal accruals and external funds to avoid a potential
dilution of promoters' stake in the company. The ratings may be
downgraded in case of further deterioration of the group's cash
flows from operations coupled with absence of external funding
support, resulting in significant deterioration of its debt
servicing ability. Conversely, the outlook may be revised to
'Stable' in case of improvement in the group's liquidity because
of significantly higher-than-expected cash flow from operations or
exercise of the conversion option by the debenture holders or if
the promoters arrange to refinance this debenture issue through
equity infusion or debt of a longer tenure.

                         About the Group

ITPL, set up in 1998 by Mr. Rangarajan, a Chennai(Tamil Nadu)-
based technocrat and a first generation entrepreneur, is engaged
in the development and production of mission critical products and
instrumentation for the defence and aerospace Industry. DPIL
provides system integration services for the products manufactured
by ITPL.

The Indus group (ITPL and DPIL) designs, develops, and
manufactures electronic hardware; it also develops complementary
software applications for the electronic systems and subsystems
used by the defence and aerospace industry. Its key customers
include government organisations such as DRDO, Ministry of
Defence, Hindustan Aeronautics Ltd, and the armed forces (such as
the army, navy, and air force). The group's manufacturing
facilities are located at Siruseri Information Technology Park in
Tamil Nadu.

DPIL (standalone financials) reported a profit after tax (PAT) of
INR8.5 million on net sales of INR497 million for 2010-11 (refers
to financial year, April 1 to March 31), against a PAT of INR5.2
million on net sales of INR282.2 million for 2009-10.


EXCELSOURCE INT'L: CRISIL Assigns 'P4+' Rating to INR30MM LOC
-------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Excelsource International Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR100.0 Million Export Packing Credit   P4+ (Assigned)
   INR30.0 Million Letter of Credit         P4+ (Assigned)
   INR15.0 Million Bank Guarantee           P4+ (Assigned)
   INR105.0 Million Proposed Short-Term     P4+ (Assigned)
                     Bank Loan Facility

The rating reflects EIPL's small scale of operations, below-
average financial risk profile marked by a small net worth, highly
leveraged capital structure, low operating profitability, and
average debt protection metrics, and large working capital
requirements inherent in the trading nature of business. These
rating weaknesses are partially offset by the benefits that EIPL
derives from its operational and financial linkages with its group
entities; the company's business risk profile and financial
flexibility are supported by the group entities' healthy credit
risk profiles,

                About Excelsource International

Incorporated in 2002 by Mr. Chetan Chug, EIPL exports capital
goods, primarily to group companies in Africa through another
group company based in Dubai (United Arab Emirates). EIPL is also
diversifying its customer base by supplying machinery outside the
group; however, the same comprises a small proportion of the
company's revenues. Its order book was about INR390 million as on
April 01, 2011.

EIPL is part of the Somika group, which enjoys a healthy financial
risk profile, marked by a moderate net worth, a low gearing, and
comfortable debt protection metrics, and an established position
in mining of copper and cobalt, primarily through Societe Miniere
Du Katanga (Somika), in Africa. Somika is the flagship entity of
the group in Africa; it posted revenues of about INR6.3 billion
for the 12 months ended December 31, 2010. Somika is engaged in
mining operations of 3600 tonnes per annum (tpa) for absolute
cobalt and 5000 tpa for copper. The group has established its
marketing operations through its trading arm, Vin Metal Synergies
FZCO (formerly, Vin Mart Middle East LLC), in Dubai. Vin Metal
Synergies FZCO facilitates sale of mined output from Africa to
China and movement of capital goods from EIPL to its mining arm in
Africa.


FIELD MOTOR: CRISIL Places 'BB' Rating on INR46.5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the long-term bank
facilities of Field Motor Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR46.5 Million Term Loan       BB/Stable(Assigned)
   INR50 Million Cash Credit       BB/Stable(Assigned)

The rating reflects FML's exposure to risks related to intense
competition in the auto dealership market coupled with low
negotiation powers with its principal Toyota Kirloskar Motors Ltd.
This rating weakness is partially offset by FML's established
market position in its area of operations.

Outlook: Stable

CRISIL believes that FML will continue to benefit from its
established market position in its area of operations. The outlook
may be revised to 'Positive' in case of significant increase in
FML's revenues and profitability while maintaining its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the company's operating
margins or debt protection metrics.

                         About Field Motor

FML, a closely held public limited company and an authorised
dealership of Toyota Motors in Orissa, was set up in 2001 by Mr.
Anil Taneja and Mr. Sunil Taneja. FML has exclusive dealership of
Toyota Kirloskar Motors Ltd for Orissa, and has showrooms in
Cuttack and Rourkela. Both the promoters are extensively involved
in day-to-day operations of the company. They are also on the
boards of some companies of Samvardhana Motherson Group.

FML reported a profit after tax (PAT) of INR6.3 million on net
sales of INR551.3 million for 2009-10 (refers to financial year,
April 1 to March 31), as against net loss of INR1.7 million on net
sales of INR302 million for 2008-09.


FINE STAR: CRISIL Reaffirms 'P4' Rating on INR50MM Packing Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Fine Star Diamonds (FSD)
continue to reflect FSD's weak financial risk profile, marked by a
small net worth, and small scale of operations and large working
capital requirements. These rating weaknesses are partially offset
by the experience of the firm's promoters in the diamond business.


   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Packing Credit       P4 (Reaffirmed)

FSD is a proprietorship firm, managed by Mr. Vinod Kumar Jain. It
manufactures, and trades in, cut and polished diamonds. In the
export markets, the firm mainly sells polished diamonds to Hong
Kong and Belgium. FSD has transferred the business of dealing in
diamonds larger than 1 carat to its group company, Fine Star
Jewellery India Pvt Ltd. Furthermore, in 2011-12 (refers to
financial year, April 1 to March 31), it plans to start
manufacturing jewellery. By 2013-14, the business of manufacturing
jewellery, currently being undertaken by group concern VK
Jewellery, will be steadily transferred to FSD.

FSD reported a provisional profit after tax (PAT) of INR6.00
million on net sales of INR462.53 million for 2010-11, against a
PAT of INR20.45 million on net sales of INR833.18 million for
2009-10.


GANGA JAMUNA: CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Ganga Jamuna Steel Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         BB-/Stable(Assigned)
   INR5 Million Bill Discounting     P4+(Assigned)
   INR20 Million Letter of Credit    P4+(Assigned)

The ratings reflect GJSPL's weak financial risk profile, marked by
a small net worth and moderate gearing and debt protection
metrics, small scale of operations and highly customer
concentrated revenue profile in the intensely competitive
stainless steel industry, and susceptibility to volatility in raw
material prices and to cyclicality in the steel industry. These
rating weaknesses are partially offset by the extensive industry
experience of GJSPL's promoter in the stainless steel industry.

Outlook: Stable

CRISIL believes that GJSPL will continue to benefit over the
medium term from the extensive experience of its promoters. The
outlook may be revised to 'Positive' in case the company
significantly improves its scale of operation and profitability,
leading to better-than-expected cash accruals. Conversely the
outlook may be revised to 'Negative' in case of further
deterioration in GJSPL's financial risk profile, particularly its
liquidity, because of larger-than-expected working capital
requirements or debt-funded capital expenditure.

                        About Ganga Jamuna

Incorporated in 2005 by Mr. Ram Avtar Garg, GJSPL manufactures
stainless steel (SS) ingots at its manufacturing facility in
Sonepat (Haryana). GJSPL's facility has two electric induction
furnaces, with a total ingot manufacturing capacity of around 600
tonnes per month (tpm). GJSPL also sells SS round bars and flats
that are manufactured on a job-work basis. Around 80% of the
company's revenues are from sale of SS ingots while the remaining
are from the sale of SS round bars and flats. During 2011-12
(refers to financial year, April 1 to March 31), the promoters
plan to add another induction furnace, which will increase GJSPL's
capacity by around 300 tpm.

GJSPL reported a profit after tax (PAT) of INR3.6 million on net
sales of INR509.7 million for 2010-11, against a PAT of INR0.8
million on net sales of INR232.7 million for 2009-10.


HALCYON LABS: CRISIL Assigns 'BB+' Rating to INR35MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned the ratings of 'BB+/Stable/P4+' to the bank
facilities of Halcyon Labs Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR35 Million Cash Credit         BB+/Stable (Assigned)
   INR48 Million Letter of Credit    P4+ (Assigned)

The ratings reflect HLP's modest scale of operations and the
susceptibility of HLP's operating performance to the intense
competitive landscape in the dermatological segment of
pharmaceuticals industry. These rating weaknesses are partially
offset by the strength that HAL derives from experience of its
promoters in dermatological segment of the pharmaceutical
industry.

Outlook: Stable

CRISIL believes that HLP will continue to benefit over the medium
term from its established customer relationships and promoters'
experience in the dermatological segment of the pharmaceutical
industry. The outlook may be revised to 'Positive' if the company
improves its scale of operations, while expanding its customer
base, diversifying its product profile, improving its net cash
accruals and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if HLP's revenues or operating margin
decline significantly, or if the company contracts large debt to
fund its capital expenditure, leading to significant deterioration
in the financial risk profile of the company.

                         About Halcyon Labs

HLP, promoted by Mr. Sudhir Merchant and Mr. Viren Merchant, is a
part of the Mumbai based Encore group of companies and is engaged
in manufacturing of bulk drugs used in steroids and antibiotics
which have applications in dermatological formulations. The
company has a plant at Ahmedabad and its registered office is
located at Sewri, Mumbai.

HLP posted a PAT of INR15.7 million (provisional basis) on Net
Sales of INR160.2 million (estimated) for year 2010 - 11 (Refers
to financial year April 1 to March 31) as against a PAT of INR9.0
million on net sales of INR195.7 million for year 2009 - 10


HI TECH LEATHER: CRISIL Assigns 'B+' Rating to INR15.1MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Hi Tech Leather Garments Bangalore Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR15.1 Million Long-Term Loan           B+/Stable (Assigned)
   INR70 Million Export Packing Credit      P4 (Assigned)
   INR60 Mil. Foreign Bill Discounting      P4 (Assigned)
   INR50 Million Foreign Letter of Credit   P4 (Assigned)

The ratings reflect HTL's weak financial risk profile, marked by
small net worth and high gearing, its large working capital
requirements and its small scale of operations. These rating
weaknesses are partially offset by the extensive experience of
HTL's promoters in the leather industry and its established
customer relationships.

Outlook: Stable

CRISIL believes that HTL will continue to benefit from its
promoters' extensive industry experience and established customer
relationships, over the medium term. The outlook may be revised to
'Positive' if HTL's financial risk profile improves because of
substantial improvement in gearing as a result of equity infusion,
or increase in its operating margin and realisations. Conversely,
the outlook may be revised to 'Negative' in case of significant
delays in realisation of receivables or larger-than-expected debt.

                           About Hi Tech Leather

Set up as a partnership firm, Hi Tech Leathers, in June 2008, HTL
was reconstituted as a private limited company and got its present
name in 2009. Based in Bengaluru (Karnataka), HTL manufactures
leather garments and leather products for the export market; it
has a production capacity of 180,000 pieces of leather garments
per annum. The promoter-director, Mr. K L Nagendra, has experience
of 30 years in the leather garments industry.

HTL's profit after tax (PAT) and net sales for 2010-11 (refers to
financial year, April 1 to March 31) are estimated at INR13
million and INR409 million respectively. HTL reported a PAT of
INR5 million on net sales of INR163 million for 2009-10.


HINDUSTAN HARDWARES: CRISIL Rates INR74.3MM Long-Term Loan at 'BB'
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Hindustan Hardwares.

   Facilities                        Ratings
   ----------                        -------
   INR290 Million Cash Credit        BB/Stable (Assigned)
   INR74.3 Million Long-Term Loan    BB/Stable (Assigned)
   INR25 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect HH's below-average financial risk profile,
marked by a highly leveraged capital structure, and exposure to
risks related to supplier concentration and susceptibility to
volatility in prices of steel products. These rating weaknesses
are partially offset by the extensive experience of HH's partners
in the steel products trading business.

Outlook: Stable

CRISIL believes that HH will continue to benefit over the medium
term from the extensive industry experience of its promoters and
the established relationships with its principals. The outlook may
be revised to 'Positive' if HH increases its supplier base and
enhances its geographical reach, thereby improving its business
risk profile, in case of any significant capital infusion by the
partners, or if there is improvement in its working capital
management, leading to improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if HH
contracts more-than-expected debt to fund its incremental working
capital requirements or capital expenditure programmes, or if its
revenues or margins decline sharply due to any unexpected slowdown
in the construction industry.

                    About Hindustan Hardwares

Set up as a partnership firm in 1979, HH trades in steel products
of various dimensions, which are primarily used in the
construction industry. The firm is an authorised dealer in
products of Steel Authority of India Ltd and Rashtriya Ispat Nigam
Ltd (rated 'P1+' by CRISIL). The day-to-day operations of the firm
are managed by the promoter-partner, Mr. D Natarajan.

HH is part of the Hindustan group of companies that operate mainly
in two lines of business - steel trading and textiles. The
Hindustan group comprises eight entities. Four of these - HH,
Hindustan Corporation, Nithya Steels, and Kumar Agencies - operate
in the steel trading business. The remaining entities - Hindustan
Textiles, Hindustan Spinners, Sri Vani Textiles, and Amirtham
Textiles - are in the textile business.

HH posted a provisional profit after tax (PAT) of INR23.8 million
on net sales of INR3.65 billion for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR20.4 million on
net sales of INR3.25 billion for 2009-10.


INDEX SUPPLIERS: CRISIL Assigns 'B-' Rating to INR30MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the long-term bank
facilities of Index Suppliers Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Long Term Loan     B-/Stable (Assigned)
   INR55 Million Cash Credit        B-/Stable (Assigned)

The rating reflects ISPL's weak financial risk profile, marked by
low net worth, weak debt protection metrics and liquidity, and its
working-capital-intensive operations. These weaknesses are
partially offset by the established relationships of ISPL's
promoters with steel and ferro-alloy players, which are expected
to help the company to market its coke product.

Outlook: Stable

CRISIL believes that ISPL will maintain its credit risk profile,
backed by the extensive experience of its promoters in the steel
industry. CRISIL, however, also believes that ISPL's credit risk
profile will remain constrained due to its weak financial risk
profile. The outlook may be revised to 'Positive' in case of
higher-than-expected increase in ISPL's revenues and
profitability, leading to improvement in its financial risk
profile or in case of improvement in liquidity, driven by better
working capital management or in case of equity infusion by
promoters. Conversely, the outlook may be revised to 'Negative' in
case of ISPL's lower-than-expected revenues and profitability, or
in case the company undertakes any significant debt-funded capital
expenditure (capex) programme, or faces delay in stabilisation of
its coke plant, thereby resulting in the deterioration of its
financial risk profile.

                       About Index Suppliers

ISPL, promoted by the Kolkata based Mr. Devendra Kumar Singhania,
trades in various steel products. The company procures as well as
sells steel products in and around Kolkata. It faces high customer
concentration in its revenue profile, with over 50% of its
revenues coming from Eversta Ispat Pvt Ltd. In 2010-11, the
company acquired a 30000 tonnes per annum (tpa) coke oven plant,
which, post renovation, commenced operations in May 2011.

ISPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR141.7 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.2 million on net
sales of INR103.6 million for 2009-10.


J M MHATRE: CRISIL Cuts Rating on INR60MM Bank Facility to 'C'
--------------------------------------------------------------
CRISIL has downgraded the rating on the bank facilities of J M
Mhatre Infra Pvt Ltd, part of the Mhatre group, to 'C/P4' from
'BB+/Stable/P4+'.

   Facilities                            Ratings
   ----------                            -------
   INR60 Million Overdraft Facility      C (Downgraded from
                                            'BB+/Stable')
   INR150 Million Bank Guarantee         P4 (Downgraded from
                                             'P4+')

The downgrade reflects delays in servicing of term debt by JMMIPL.
While this term debt has not been rated by CRISIL, the delays
reflect the strained liquidity of the company.

The ratings also reflect JMMIPL's exposure to intense competition
in the civil construction industry, and limited geographical
diversity. These rating weaknesses are partially offset by the
group's track record in the civil construction business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JMMIPL, with those of J M Mhatre Infra
Projects Pvt Ltd.  JMMIPPL is a special purpose vehicle (SPV)
formed for operating a toll way at the Alibaug-Pen-Khopoli road.
This is because the two entities (together referred to as the
Mhatre group) have significant operational and financial linkages
with each other. The shareholding of JMMIPL is held by the Mhatre
family. The SPV has given the road improvisation contract to JMM.
Furthermore, JMMIPL and its directors have guaranteed the SPV's
debt.

                           About the Group

The Mhatre group was set up in 1986 by Mr. Janardhan M Mhatre and
his family. JMMIPL, a partnership firm of the Mhatre family till
March 2010, undertakes various civil construction activities such
as earthwork for roads, dams, canals, bridges, and build-operate-
transfer projects. JMMIPPL, an SPV floated by the group in 2006,
is engaged in toll collection at the Alibaug-Pen-Khopoli Road.
JMMIPL's estimated standalone revenues during 2010-11 (refers to
financial year, April 1 to March 31) are around INR2350 million.

On a standalone basis, JMMIPL reported a profit before tax (PBT)
of INR114 million on net sales of INR1676 million for 2009-10,
against a PBT of INR90.1 million on net sales of INR1295.1 million
for 2008-09.


KKN OIL: CRISIL Assigns 'C' Rating to INR50 Million Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
KKN Oil Mill Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         C (Assigned)
   INR74.6 Million Long-Term Loan    C (Assigned)
   INR2 Million Letter of Credit     P4 (Assigned)

The ratings reflect KKNO's weak liquidity on account of the
company's project work involving the setting up of a mustard oil
manufacturing unit. The ratings also reflect KKNO's exposure to
project implementation risks. However, these rating weaknesses are
partially offset by the benefits that KKNO derives from the KKN
group of companies' established distribution network across East
India.

                           About KKN Oil

KKNO was set up in May 2010 by Mr. Kaushik Kumar Nath and his
wife, Ms. Manisha Nath. KKNO is setting up a mustard oil
manufacturing unit with a crushing capacity of 50 tonnes per day
at Kalna in Burdwan district (West Bengal). The total project cost
of around INR132 million is being funded in a debt-to-equity ratio
of 1.3:1.The oil mill is expected to commence operations in
June 2011 as against February 2011 scheduled earlier.

KKNO is part of the KKN group of companies based in Kolkata (West
Bengal). The KKN group has diversified operations, which include
trading in organic fertilizers and consumer edibles such as oils,
maize, atta, maida, spices, pulses, and tea; manufacturing of
ferro alloys and steel ingots; and real estate development and
coffee shops.


KOMARLA HATCHERIES: Fitch Rates INR49MM Term Loans at 'BB(ind)'
---------------------------------------------------------------
Fitch Ratings has assigned India's Komarla Hatcheries (KH) a
National Long-Term rating of 'BB(ind)'. The Outlook is Stable.
Simultaneously, the agency has assigned these ratings to KH's bank
loans:

   -- Outstanding INR49m term loans: 'BB(ind)'; and

   -- INR40m fund-based working capital limits:
      'BB(ind)'/'F4(ind)'.

The ratings reflect KH's long track record in the domestic poultry
industry and its strong financial position supported by low
financial leverage (debt/EBITDA) of below 1x and robust liquidity
position. The ratings remain constrained by the company's modest
scale of operations and volatility in its EBITDA margins (9MFY11 -
nine months of the financial year ended March 31, 2011: 29%, FY10:
22%, FY09: 5%). Fitch notes that although the industry is
relatively less prone to economic downturns compared to non-food
commodities, it remains susceptible to inherent industry risks
including disease outbreak and volatile poultry and feed prices.

KH plans to expand its operations with a capital outlay of INR230m
in the next two years, almost doubling its asset size. As 70% of
the project cost is funded by debt, the company's leverage would
sharply increase.

Additionally, the ratings factor in KH's vertically integrated
operations, spanning from feeder farm to hatchery and poultry
farming. Its liquidity position remains strong, supported by its
positive cash flow from operations over the last three years,
enhancement in its limits and utilizations within the sanctioned
limits. While the high level of inventory requirements pressurize
the company's working capital, its granular customer base with a
high proportion of cash sales moderates the same to a large
extent.

Positive rating guidelines would include sustained EBITDA margins
of over 25% resulting in KH maintaining its debt/EBITDA levels at
below 1x. Negative rating guidelines would include deterioration
of the company's debt/EBITDA in excess of 3x.

KH is a Bangalore-based partnership firm involved in poultry
business in Karnataka, Tamil Nadu and Kerala. The company's feeder
farm and poultry farming complement its core business of producing
day-old chicks. In 9MFY11, KH reported revenues of INR418m (FY10:
INR438m), debt/EBITDA of 0.4x (FY10: 0.6x) and interest coverage
of 32.1x (FY10: 12.6x).


OM SHIV: Fitch Migrates Ratings to Non-Monitored Category
---------------------------------------------------------
Fitch Ratings has migrated India-based Om Shiv Estates Private
Limited's 'B(ind)' National Long-Term rating to the "Non-
Monitored" category.  The rating was earlier placed on Rating
Watch Negative (RWN). This rating will now appear as 'B(ind)nm' on
Fitch's website. The agency has also migrated the 'B(ind)/RWN' on
OM's INR183m long-term bank loans to 'B(ind)nm'.

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 OM. 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.


OSWAL UDHYOG: CRISIL Rates INR20 Million Cash Credit at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Oswal Udhyog.

   Facilities                        Ratings
   ----------                        -------
   INR20 Million Cash Credit         BB-/Stable (Assigned)
   INR40 Million Letter of Credit    P4+ (Assigned)

The ratings reflect Oswal Udhyog's modest financial risk profile &
risks associated with the working capital intensive nature of its
operations. These weaknesses are partially offset by the extensive
experience of Oswal Udhyog's promoters in the dyes and chemicals
trading business.

Outlook: Stable

CRISIL believes that Oswal Udhyog will maintain stable business
risk profile over the medium term, on the back of established
relations with suppliers & customers and experience of promoters
in the dyes and chemicals industry. The outlook may be revised to
'Positive' if the company reports substantial growth in scale of
operations and improved profitability, while maintaining or
improving its debt protection indicators. The outlook may be
revised to 'Negative' in case of slowdown in Oswal Udhyog's
revenue growth or significant decline in its profitability.

                        About Oswal Udhyog

Oswal Udhyog is a partnership firm engaged in processing and
trading of dyes, pigments and speciality chemicals. The firm was
established in 1981 as a proprietorship concern of Ms. Varsha
Rathod and was later reconstituted as a partnership firm. The
present partners are Mrs. Varsha rathod (75%) and Mr. Manakchand
Rathod (25%). Mr. Manakchand Rathod looks after the day to day
operations of the firm. The firm has its dye formulation unit at
Vasai, Maharashtra.

Oswal Udhyog reported a profit after tax (PAT) of INR4.46 million
on net sales of INR200 million (provisional figures) for 2010-11
(refers to financial year, April 1 to March 31), against a PAT of
INR2.98 million on net sales of INR130 million for 2009-10.


PIONEER DYEING: CRISIL Rates INR120 Million Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Pioneer Dyeing Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR120.0 Million Cash Credit       BB-/Stable (Assigned)

The rating reflects PDPL's average financial risk profile, marked
by small net worth, high gearing and modest debt protection
measures, intense competition in the saree manufacturing and
fabric processing industry, resulting in a low operating margin.
These weaknesses are partially offset by the company's strong
track record in the saree manufacturing and fabric processing
businesses.

Outlook: Stable

CRISIL believes that PDPL will benefit from its established
distribution network over the medium term. Its financial risk
profile will remain average over the medium term, on the back of
stable cash accruals and financial flexibility arising out of
promoters' unsecured loans. The outlook may be revised to
'Positive' if the company achieves greater-than-expected growth in
revenues and profitability, thereby improving its capital
structure. Conversely, the outlook may be revised to 'Negative' if
any large, debt-funded capex plan leads to material deterioration
in the company's debt protection measures or capital structure.

                        About Pioneer Dyeing

Incorporated in 1992, PDPL is engaged in manufacturing of cotton
sarees and cotton-dyed fabrics for ladies garments and dress
materials. The company manufactures these products in its three
manufacturing facilities at Dombivali (Maharashtra) with a total
daily capacity of 100,000 meters.


PLASTO CONTAINERS: CRISIL Assigns 'BB-' Rating to INR16MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Plasto Containers (India) Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR35 Million Cash Credit          BB-/Stable (Assigned)
   INR16 Million Long-Term Loan       BB-/Stable (Assigned)
   INR5 Mil. Standby Line of Credit   BB-/Stable (Assigned)
   INR18 Million Proposed Long-Term   BB-/Stable (Assigned)
                 Bank Loan Facility
   INR16 Million Letter of Credit     P4+ (Assigned)

The ratings reflect PCPL's modest scale of operations, and weak
financial risk profile, marked by small net worth and high
gearing. These rating weaknesses are partially offset by the
extensive industry experience of PCPL's promoters in the polyvinyl
chloride (PVC) pipes and fittings industry.

Outlook: Stable

CRISIL believes that PCPL will continue to benefit from the
extensive industry experience of its management over the medium
term. The outlook may be revised to 'Positive' in case PCPL
significantly scales up its operations, and while maintaining its
profitability, and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if there's deterioration in
PCPL's revenues, profitability, or debt protection metrics.

                        About Plasto Containers

PCPL, a private limited company incorporated in 1987, is part of
the Plasto group and promoted by Nagpur based Agrawal family. PCPL
manufactures and sells polyvinyl chloride (PVC) pipes and
fittings. Mr. Nilesh Agrawal & Vishal Agrawal looks after day-to-
day operations of the company. CPPL's manufacturing facilities are
based in Nagpur, Maharashtra.

PCPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR115.7 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.6 million on net
sales of INR60 million for 2008-09.


SARU INTERNATIONAL: CRISIL Assigns 'P4' Rating to INR20-Mil. LOC
----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the short-term bank
facilities of Saru International Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR20 Million Letter of Credit      P4 (Assigned)
   INR40 Million Foreign Discounting   P4 (Assigned)
                      Bill Purchase
   INR140 Million Packing Credit       P4 (Assigned)

The rating reflects SIPL's average financial risk profile, marked
by high gearing, average debt protection metrics and small net
worth, small scale of operations in the leather goods industry,
and customer concentration. These rating weaknesses are partially
offset by SIPL's established market position in the leather goods
business and backward integrated facility.

SIPL was set up in 2006 by Mr. Brij Bhushan Mago and his family
after reconstituting a partnership firm. SIPL manufactures and
exports leather garments. Its product range includes jackets,
shirts, trousers, blazers, and skirts. The company derives 80% of
its revenues from jackets and the rest from other garments. The
company has a garment unit in Gurgaon (Haryana) and a tannery unit
in Jaipur (Rajasthan). The garment unit in Gurgaon has an annual
production capacity of 150,000 garments. The tannery unit in
Jaipur is spread over 10,000 square meters and has a capacity to
produce 100,000 skins per month.

SIPL reported a profit after tax (PAT) of INR8 million on net
sales of INR427 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR6 million on net
sales of INR308 million for 2008-09.


SHREE RAJ-RAJESHWARI: CRISIL Upgrades Rating on INR50MM Term Loan
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Raj-Rajeshwari Pap-Chem Industries Pvt Ltd to 'B+/Stable'
from 'B/Negative'.

   Facilities                         Ratings
   ----------                         -------
   INR50 Million Term Loan            B+/Stable (Upgraded from
                                                  'B/Negative')

   INR2.5 Million Proposed Cash       B+/Stable (Upgraded from
                   Credit Limit                   'B/Negative')

   INR97.5 Million Cash Credit        B+/Stable (Upgraded from
                                                'B/Negative')

The upgrade reflects significant improvement in Shree Raj's
liquidity, driven by equity infusion by promoters, enhanced bank
facilities, and reduced debt obligations. The promoters have
infused INR22.5 million over the past two years. Bank limits have
increased to INR127.5 million from INR60.0 million. The company
has partly used its bank limits to pre-pay its working capital
loans, thereby reducing its debt obligations. The upgrade also
reflects increase in Shree Raj's cash accruals, driven by healthy
year-on-year revenue growth of 74.6% in 2010-11 (refers to
financial year, April 1 to March 31), while the company maintained
its moderate operating margin.

The rating reflects Shree Raj's weak financial risk profile
(despite improved liquidity) marked by small networth, small scale
of operations, geographic concentration, and susceptibility to
cyclicality in the paper industry, and volatility in waste paper
prices and foreign exchange rates. These rating weaknesses are
partially offset by Shree Raj's promoters' experience in the paper
business.

Outlook: Stable

CRISIL believes that Shree Raj's financial risk profile will
remain weak over the medium term despite its improved liquidity,
due to small networth. The rating may be revised to 'Positive' in
case of further improvement in company's capital structure on
account of further equity infusion or larger-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of any significant pressure on liquidity due to less-than-
expected cash accruals or larger-than-expected working capital
requirements.

                    About Shree Raj-Rajeshwari

Shree Raj was established by in 1997 by the Shah family of
Maharashtra. The company manufactures kraft paper from waste
paper. Its plant, with an installed capacity of 100 tonnes per
day, is in Nashik (Maharashtra). Shree Raj mainly manufactures
paper of 100 to 250 grammage per square metre and markets its
products primarily in Gujarat and Maharashtra. The company
undertook a capital expenditure programme of INR100 million to
establish a unit for manufacture of kraft paper of higher burning
factor in the range of 20-26 points; the new unit is expected to
become operational by end June 2011.

The company reported a PAT of INR10.8 million on net sales of
INR548.7 million for 2009-10, against a PAT of INR4.5 million on
net sales of INR427.6 million for 2008-09.


SQUARE AUTOMATION: CRISIL Puts 'B-' Rating on INR40MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to Square
Automation Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR40 Million Cash Credit         B-/Stable (Assigned)
   INR15 Million Bank Guarantee      P4 (Assigned)
   INR25 Million Letter of Credit    P4 (Assigned)

The ratings reflect Square's small net worth and scale of
operations, average financial risk profile, and large working
capital requirements, marked by stretched receivables and high
inventory. These rating weaknesses are partially offset by
Square's established clientele.

Outlook: Stable

CRISIL expects Square to maintain a stable business risk profile
over the medium term, on the back of its stable relationships with
its customers. The outlook may be revised to 'Positive' if Square
registers significant revenue growth, while improving its
profitability, and if the company's financial risk profile
improves significantly led by equity infusion. Conversely, the
outlook may be revised to 'Negative' if the company's operating
profitability declines materially, or if the company contracts
large debt to fund any capital expenditure, adversely affecting
the company's financial risk profile.

                      About Square Automation

Square, incorporated in 1990 by Mr. R P Samy, manufactures
electrical control panels, switchboards and home appliances
including vacuum cleaners. It also executes turnkey electrical
projects. The company trades in transformers and diesel generator
sets in the domestic market.

Square reported a profit after tax (PAT) of INR3 million on net
sales of INR166 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3 million on net sales
of INR143 million for 2008-09.


SWARNAA TECHNO: CRISIL Assigns 'D' Rating to INR110.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Swarnaa Techno Constructions Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR110.5 Million Term Loan         D (Assigned)
   INR20 Million Cash Credit          D (Assigned)
   INR40 Million Overdraft Facility   D (Assigned)
   INR70 Million Bank Guarantee       P5 (Assigned)

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

STCPL also has a weak financial risk profile, marked by weak
capital structure and weak debt protection metrics, working-
capital-intensive operations, and small scale of operations with a
geographically concentrated revenue profile. These rating
weaknesses are partially offset by the extensive industry
experience of STCPL's promoters.

                         About Swarnaa Techno

Incorporated in 2008 by Mr. V S V Prasad, STCPL undertakes civil
construction work and manufactures sleepers mainly for the South
Western Railways. Mr. Prasad had been running the business under a
partnership firm, Swarnaa Construction, which STCPL acquired in
January 2009. The partnership firm initially undertook only civil
construction work; it diversified into sleeper manufacturing in
July 2009.

STCPL is expected to report a profit after tax (PAT) of INR8.8
million on net sales of INR278.4 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of
INR14.7million on net sales of INR347.3 million for 2009-10.


SWARUP CASTINGS: CRISIL Reaffirms 'BB+' Rating on Cash Credit
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Swarup Castings Pvt Ltd
(SCPL, part of the Swarup group) continue to reflect the Swarup
group's small scale of operations and moderate operating
efficiencies, and its vulnerability to cyclicality in the steel
industry. These weaknesses are partially offset by the Swarup
group's moderate financial risk profile, marked by low gearing and
moderate debt protection metrics, and its promoters' experience in
the steel industry.

   Facilities                          Ratings
   ----------                          -------
   INR30.0 Million Cash Credit         BB+/Stable (Reaffirmed)
   INR30.0 Million Letter of Credit    P4+ (Reaffirmed)
   INR10.0 Million Bank Guarantee      P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SCPL and Swarup Rolling Mills Ltd
(SRML). This is because SCPL and SRML, together referred to as the
Swarup group, are under common management and have significant
financial and operational linkages. SCPL generates more than 80%
of its revenues by supplying mild steel (MS) ingots to SRML.

Outlook: Stable

CRISIL believes that the SCPL will maintain its financial risk
profile over the medium term, on account of comfortable capital
structure resulting from moderate gearing levels. The outlook may
be revised to 'Positive' if the SCPL significantly increases it
scale of operations coupled with diversified geographical presence
while improving its profitability. Conversely, the outlook may be
revised to 'Negative' if the SCPL's profitability deteriorates, or
if it undertakes a larger-than-expected, debt-funded capital
expenditure (capex) programme, thereby adversely affecting its
financial risk profile.

Update

In 2010-11(refers to financial year, April 1 to March 31), the
Swarup group generated revenues of INR904 million, registering a
year-on-year growth of around 7%, driven by increase in year on
year realisations in the range of 5 to 10%. Their operating profit
margins are estimated at 4.7%, which are in line with previous
year. CRISIL believes that the group shall achieve revenue growth
of around 10% over the near term, buoyed by the steel industry's
healthy growth prospects which CRISIL Research expects steel
demand to grow by 10 to 12 percent over the medium term.

The Swarup group's working capital requirements have increased in
2010-11, with gross current assets of 125 days, as against 101
days in 2009-10, largely due to increase in debtors levels to 52
days in 2010-11 from 23 days in the previous year. CRISIL believes
that the group's operations will remain moderately working capital
intensive over the medium term.

The group's financial risk profile remains moderate. Its gearing
is low, estimated at 1.1 times as on March 31, 2011, as against 1
time a year earlier. Furthermore, its debt protection indicators
remain moderate with an interest coverage ratio at 2.2 times and
net cash accruals to total debt ratio at 0.14 times, for the year
ended March 31, 2011. However, its net worth is small, estimated
at INR140 million as on March 31, 2011.

For 2009-10, Swarup undertook a capex of INR15 million to increase
a furnace with a capacity of 4 tonnes in SCPL. This capex was
funded internally. The group does not have any major capex plans
over the medium term, apart from the regular maintenance capex of
around INR 10 million per annum. CRISIL, therefore, believes that
the Swarup group's financial risk profile will remain moderate,
with gearing of around 1 time and interest coverage of around 2.5
times over the medium term. SCPL's liquidity remains adequate. Its
bank limits were moderately utilised at an average of around 85%
over the 12 months ended March 31, 2011. However, for 2010-11,
SCPL's net cash accruals are estimated at INR4 million, against
which it does not have any long-term debt obligations.

                          About Swarup Castings

SCPL, was set up by Mr. Saurabh Swarup and his family in 1995, is
based in Muzzaffarnagar, Uttar Pradesh, manufactures ingots having
installed capacity of 32,000 tonnes per annum (tpa) which are used
to manufacture thermo-mechanically-treated (TMT) bars. SRML is a
group company which manufactures TMT and MS bars is having
installed capacity of 72,000 tpa. SCPL sells around 80% of its
total production to SRML.

The SCPL's profit after tax (PAT) is estimated at INR 0.9 million
on estimated net sales of INR 657 million for 2010-11 against a
reported PAT of INR 0.9 million on net sales of INR 525 million
for 2009-10.


T & T PROJECTS: CRISIL Raises Rating on INR100MM Credit to BB+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
T & T Projects Ltd to 'BB+/Stable' from 'BB/Stable'; the rating on
the short-term bank facility has been reaffirmed at 'P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR100 Million Cash Credit         BB+/Stable (Upgraded from
                                                  'BB/Stable')
   INR358 Million Bank Guarantee      P4+(Reaffirmed)

The rating upgrade reflects improvement in T&T's financial risk
profile, marked by improvement in net worth and maintenance of its
liquidity, despite significant increase in turnover. The
improvement in the company's financial risk profile was driven by
equity infusion of INR117.5 million over the past two years. Its
financial risk profile is expected to remain moderate over the
medium term, despite its capital expenditure (capex) plan to
construct an office building. T&T's liquidity is expected to
remain adequate over the medium term, backed by moderate bank
lines utilization and cash accruals. The company had a strong
unexecuted order book of INR1.4 billion as on April 1, 2011 which
provides it with healthy revenue visibility over the medium term.

The ratings reflect T&T's modest scale of operations, geographical
concentration in revenue profile, and its large working capital
requirements. The impact of these weaknesses is mitigated by the
company's moderate financial risk profile, marked by low gearing
and moderate debt protection metrics, and the promoters'
experience in executing turnkey projects.

Outlook: Stable

CRISIL believes that T&T will maintain its business risk profile,
supported by its strong unexecuted order book. The rating may be
revised to 'Positive' if T&T continues to increase its revenues
and profitability while maintaining its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if T&T faces
significant pressure on its revenues, its liquidity weakens
significantly because of large working capital requirements, or it
undertakes a large, debt-funded capex.

                         About T & T Projects

Set up in 1980 by the Jalan family of Guwahati (Assam), T&T
(formerly Trade & Technology) executes turnkey projects (work
pertaining to substations and laying of high- and low-tension
transmission lines) for state electricity boards, refineries,
airports, and railways and civil work contracts involving
construction of buildings. The company undertakes only those
projects that are funded by state or central governments. T&T's
operations are concentrated in north-eastern India.

T&T reported a provisional profit after tax (PAT) of INR23.5
million on net sales of INR847 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR17.9
million on net sales of INR822 million for 2009-10


TEXCOMASH: Fitch Migrates Ratings to "Non-Monitored" Category
-------------------------------------------------------------
Fitch Ratings has migrated India-based Texcomash International
Limited's 'B(ind)' National Long-Term rating to the "Non-
Monitored" category. This rating will now appear as 'B(ind)nm' on
Fitch's website.  The agency has also migrated the
'B(ind)'/'F4(ind)' ratings on the company's INR650 million fund-
based working capital limits to 'B(ind)nm'/'F4(ind)nm'.

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 TIL. 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".


VAIBHAV PLASTIMOULDS: CRISIL Assigns 'BB-' Rating to INR19.5M Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Vaibhav Plastimoulds Pvt. Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR30 Million Cash Credit          BB-/Stable (Assigned)
   INR19.5 Million Long-Term Loan     BB-/Stable (Assigned)
   INR4.5 Million Standby Line of     BB-/Stable (Assigned)
                           Credit
   INR24 Million Proposed Long-Term   BB-/Stable (Assigned)
                 Bank Loan Facility
   INR12 Million Letter of Credit     P4+ (Assigned)

The ratings reflect VPPL's modest scale of operations & moderate
financial risk profile. This rating weakness is partially offset
by the extensive industry experience of VPPL's promoters in
plastics &plastic products industry.

Outlook: Stable

CRISIL believes that VPPL will continue to benefit from the
extensive industry experience of its management, over the medium
term. The outlook may be revised to 'Positive' in case VPPL
significantly scales up its operations, while maintaining its
operating cycle, profitability and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if there is
slowdown in revenues or deterioration in its profitability,
capital structure & debt protection metrics.

                    About Vaibhav Plastimoulds

VPPL, a private limited company incorporated in 2003, is part of
the Plasto group and promoted by Nagpur based Agrawal family. VPPL
manufactures and sells packaging materials and plastic tanks.
Company's operations are managed by Mr. Vishal Agrawal & Mr.
Vaibhav Agrawal. VPPL's manufacturing facilities are based in
Nagpur, Maharashtra.

VPPL reported a profit after tax (PAT) of INR2.8 million on net
sales of INR97.7 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.7 million on net
sales of INR180 million for 2008-09.


VANDANA GLOBAL: CRISIL Raises Rating on INR623MM Term Loan to 'C'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Vandana
Global Ltd to 'C/P4' from 'D/P5' and has assigned its 'P4' rating
to the company's export packing credit facility.

   Facilities                            Ratings
   ----------                            -------
   INR623 Million Rupee Term Loan        C (Upgraded from 'D' )
   INR885 Million Cash Credit            C (Upgraded from 'D')
   INR500 Million Export Packing Credit  P4 (Assigned)
   INR760 Million Letter of Credit       P4 (Upgraded from 'P5' )
   INR262 Million Bank Guarantee         P4 (Upgraded from 'P5')

The upgrade follows the timely debt servicing by Vandana in April
and May 2011. It also factors in its management's commitment to
retain adequate liquidity on an ongoing basis to ensure timely
servicing of its debt. The recent enhancement of its bank lines
byRs.225 million, coupled with deferment of its plans to develop a
65-megawatt (MW) power plant on account of uncertainty over coal
linkages and lack of environmental clearance, will positively
impact the company's liquidity over the medium term. Its capital
expenditure (capex) plans will, however, remain a key rating
sensitivity factor over the medium term.

The ratings reflect Vandana's marginal market share,
susceptibility to downturns in the steel industry and to
volatility in commodity prices, and its exposure to project-
related risks. These rating weaknesses are partially offset by the
company's diversified product portfolio and partially integrated
operations.

                         About Vandana Global

Vandana, based in Raipur (Chhattisgarh), and promoted by Mr. G P
Agarwal, commenced operations in 1996 as a sponge-iron producer,
with an installed production capacity of 200 tonnes per day (tpd).
It began producing ingots in 2003-04 (refers to financial year,
April 1 to March 31), with an installed capacity of 44,000 tonnes
per annum. In 2006-07, it added a concast facility for
manufacturing billets. Since then, the company has also added
power and ferro-alloys (silicomanganese and ferro-manganese) to
its product portfolio, and increased its production capacities for
sponge iron and billets. Vandana's production units are at Siltara
in Raipur, and its two windmills, with capacity of 0.80 MW and
1.25 MW, are in Karnataka. Vandana's current production capacities
are: sponge iron - 700 tpd; billets - two furnaces of 6 tonnes
each, and two of 12 tonnes each; ferro alloys - two furnaces of 9
megavolt amperes each; and installed power capacity of 43.05 MW.
Vandana has currently deferred its capex plan to set up a 65-MW
thermal power plant because of uncertainty over coal linkages. The
proposed capex was to be completed by 2012-13, entailing an outlay
of INR3.2 billion, and was to be funded in a debt-to-equity ratio
of 3:1.

For 2009-10, Vandana reported a profit after tax (PAT) of INR347.5
million on net sales of INR3.6 billion, against a PAT of INR100.3
million on net sales of INR3.5 billion in the previous year.


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


ORIX-NRL TRUST: S&P Puts 'B-' Rating on E Certificates on Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on the class
A to E trust certificates issued under the ORIX-NRL Trust 18
transaction on CreditWatch with negative implications. "At the
same time, we affirmed our 'AAA (sf)' rating on the interest-only
(IO) class X issued under the same transaction," S&P said.

Of the four nonrecourse loans and specified bonds that originally
backed the transaction, only a single specified bond remains.

"We placed classes A to E on CreditWatch negative because the net
cash flow (NCF) of the property backing the transaction's
remaining specified bond (the specified bond, which originally
represented 43% of the total initial issuance amount of the trust
certificates, is backed by a hotel), which is due to mature in
August 2012, is lower than our assumption as of August 2010.
Accordingly, we view the value of the property in question with
uncertainty," S&P stated.

"We intend to review our ratings on the aforementioned five
classes after ascertaining a number of factors, including the
asset manager's plan for improving the performance of the hotel
backing the remaining specified bond, and finalizing our
assessments, particularly that of the likely collection
amount from the property," according to S&P.

ORIX-NRL Trust 18 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction.  The trust certificates were
initially secured by four loans and specified bonds (extended
to/issued by four obligors), which were originally backed by nine
real estate properties and real estate certificates. This
transaction was arranged by ORIX Corp., and ORIX Asset Management
& Loan Services Corp. acts as the servicer for this transaction.

"The ratings reflect our opinion on the likelihood of the full and
timely payment of interest and the ultimate repayment of principal
by the transaction's legal final maturity date in September 2014
for the class A certificates, the full payment of interest and
ultimate repayment of principal by the legal final maturity date
for the class B to E certificates, and the timely payment of
available interest for the IO class X certificates," S&P added.

Ratings Placed on CreditWatch Negative
ORIX-NRL Trust 18
JPY23.4 billion trust certificates
due September 2014
Class   To                   From       Initial amount   Coupon
type
A       AAA (sf)/Watch Neg   AAA (sf)   JPY17.4 bil.     Floating
                                                         rate
B       A (sf)/Watch Neg     A (sf)     JPY2.4 bil.      Floating
                                                         rate
C       BB (sf)/Watch Neg    BB (sf)    JPY1.8 bil.      Floating
                                                         rate
D       B (sf)/Watch Neg     B (sf)     JPY1.5 bil.      Floating
                                                         rate
E       B- (sf)/Watch Neg    B- (sf)    JPY0.3 bil.      Floating
                                                         rate

Rating Affirmed
Class    Rating      Initial amount
X        AAA (sf)    JPY23.4 (initial notional principal)


TOKYO ELECTRIC: May Cut Pensions For Cash to Cover Compensation
---------------------------------------------------------------
The Japan Times reports that Tokyo Electric Power Co. Chairman
Tsunehisa Katsumata said the utility may need to cut pensions to
acquire ready cash to compensate people affected by the Fukushima
No. 1 nuclear plant crisis if a government panel examining the
utility's assets deems this necessary.

"(The corporate pension) is a really difficult issue to deal with,
as it is protected by special legislation. But we will consider
various things, like lowering its interest rate when we receive
suggestions from the panel," Japan Times quotes Mr. Katsumata as
saying after attending a meeting of the panel to explain Tepco's
current financial situation and outlook.

To slash pensions, Japan Times relates, Tepco needs to get
approval from two-thirds of its pensioners and employees who are
paying pension premiums, as was the case with Japan Airlines.

According to the report, lawyer Kazuhiko Shimokobe, who heads the
panel, said while the issue of corporate pensions was not raised
at Friday's meeting, "it will be included in the discussion."

The panel, says Japan Times, was formed two weeks ago to monitor
Tepco's operations and evaluate its financial assets to prepare
for massive compensation over the nuclear plant crisis.

A task force of the panel will select companies to evaluate
Tepco's assets by mid-July, start the evaluation process and
compile a report in September, Japan Times notes.

                            About TEPCO

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

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

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.


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


* S&P's Global Corporate Defaults Tally Total 17 So Far In 2011
---------------------------------------------------------------
French pharmaceutical services company Novasep Holding S.A.S. last
week opted to use its 30-day grace period for the interest payment
on its senior secured notes due in 2016.  Under Standard & Poor's
Ratings Services' criteria, this payment deferral as tantamount to
a selective default.  This raises the 2011 global corporate
default tally to 17, said an article published Friday by Standard
& Poor's Global Fixed Income Research, titled "Global Corporate
Default Update (June 17 - 23, 2011) (Premium)."

Ten of this year's defaults were based in the U.S., two were based
in Canada, another two were based in New Zealand, and one each was
based in the Czech Republic, France, and Russia.  By comparison,
45 global corporate issuers had defaulted by this time in 2010. Of
these defaulters, 32 were U.S.-based issuers, two were European
issuers, four were from the emerging markets, and seven were in
the other developed region (Australia, Canada, Japan, and New
Zealand).

Seven of this year's defaults were due to missed interest or
principal payments and six were due to distressed exchanges--both
among the top reasons for default in 2010.  Of the remaining four,
two issuers defaulted after they filed for bankruptcy, another had
its banking license revoked by its country's central bank, and the
fourth was forced into liquidation as a result of regulatory
action.  Of the defaults in 2010, 28 defaults resulted from missed
interest or principal payments, 25 resulted from Chapter 11 and
foreign bankruptcy filings, 23 from distressed exchanges, three
from receiverships, one from regulatory directives, and one from
administration.

Standard & Poor's baseline projection for the U.S. corporate
trailing 12-month speculative-grade default rate for March 2012 is
1.6%.  A total of 24 issuers would need to default from April 2011
to March 2012 to reach the forecast.  The projection of 1.6% is
another 0.86-percentage-point (or another 35%) decline from the
2.46% default rate in March 2011.  This rate of decline would be
sharp, but slower than the decline over the past 16 months.
Improved lending conditions and a lower cost of capital are
keeping S&P's default expectations relatively upbeat in the next
12 months.  S&P is seeing stronger credit quality, as reflected in
fewer downgrades and lower negative bias.

In addition to its baseline projection, S&P forecasts the default
rate in our optimistic and pessimistic scenarios.  In its
optimistic default rate forecast scenario, the economy and the
financial markets improve more than expected.  As a result, S&P
would expect the default rate to be 1.2% (18 defaults in the next
12 months).

On the other hand, if the economic recovery stalls and the
financial markets deteriorate -- which is its pessimistic scenario
-- S&P expects the default rate to be 3.3% (50 defaults) by March
2012.  S&P bases its forecasts on quantitative and qualitative
factors that it considers, including, but not limited to, Standard
& Poor's proprietary default model for the U.S. corporate
speculative-grade bond market.  S&P updates its outlook for the
U.S. issuer-based corporate speculative-grade default rate each
quarter after analyzing the latest economic data and expectations.


* BOND PRICING: For the Week June 20 to June 24, 2011
-----------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.24
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
AUSTRALIA COMM           3.00    07/29/2049   GBP       5.00
BECTON PROP GR           9.50    06/30/2010   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.90
DIVERSA LTD             11.00    09/30/2014   AUD       0.15
EXPORT FIN & INS         0.50    12/16/2019   NZD      65.11
EXPORT FIN & INS         0.50    06/15/2020   AUD      62.80
EXPORT FIN & INS         0.50    06/15/2020   NZD      62.89
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
NEW S WALES TREA         1.00    09/02/2019   AUD      69.05
NEW S WALES TREA         0.50    09/14/2022   AUD      56.70
NEW S WALES TREA         0.50    10/07/2022   AUD      56.24
NEW S WALES TREA         0.50    10/28/2022   AUD      56.00
NEW S WALES TREA         0.50    11/18/2022   AUD      55.85
NEW S WALES TREA         0.50    12/16/2022   AUD      55.33
NEW S WALES TREA         0.50    02/02/2023   AUD      54.99
NEW S WALES TREA         0.50    03/30/2023   AUD      54.44
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      71.14
RESOLUTE MINING         12.00    12/31/2012   AUD       1.04
SUNCORP METWAY I         6.75    09/23/2024   AUD      74.73
TREAS CORP VICT          0.50    08/25/2022   AUD      57.28
TREAS CORP VICT          0.50    11/12/2030   AUD      55.51
TREAS CORP VICT          0.50    11/12/2030   AUD      39.27


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      62.63
TSINGHUA HOLDING         4.78    05/19/2016   CNY      54.60
XINAO CHINA GAS          6.45    02/16/2018   CNY      60.00
YUXI DEVELOP INV         6.78    12/28/2017   CNY      60.00


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      51.93


  INDIA
  -----

PUNJAB INFRA DB          0.40    10/15/2024   INR      25.55
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.16
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.04
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.18
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.52
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.03
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.70
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.52
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.45
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.50


  INDONESIA
  ---------

ARPENI PRATAMA          12.00    03/18/2013   IDR      57.33


  JAPAN
  -----

AIFUL CORP               1.22    04/20/2012   JPY      70.14
AIFUL CORP               1.63    11/22/2012   JPY      50.09
AIFUL CORP               1.74    05/28/2013   JPY      48.07
AIFUL CORP               1.99    10/19/2015   JPY      38.02
COVALENT MATERIA         2.87    02/18/2013   JPY      67.10
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.96
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.33
SHINSEI BANK             5.62    12/29/2049   GBP      74.25
TAKEFUJI CORP            9.20    04/15/2011   USD       7.00

TOKYO ELECTRIC POWER     2.12    03/24/2017   JPY      75.00
TOKYO ELECTRIC POWER     2.34    09/29/2028   JPY      74.56
TOKYO ELECTRIC POWER     2.40    11/28/2028   JPY      72.09
TOKYO ELECTRIC POWER     2.20    02/27/2029   JPY      72.46
TOKYO ELECTRIC POWER     2.11    12/10/2029   JPY      69.77
TOKYO ELECTRIC POWER     1.95    07/29/2030   JPY      66.62
TOKYO ELECTRIC POWER     2.36    05/28/2040   JPY      63.37


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.46
CRESENDO CORP B          3.75    01/11/2016   MYR       1.28
DUTALAND BHD             6.00    04/11/2013   MYR       0.37
DUTALAND BHD             6.00    04/11/2013   MYR       0.63
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.52
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.49
ENCORP BHD               6.00    02/17/2016   MYR       0.91
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.92
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MITHRIL BHD              3.00    04/05/2012   MYR       0.48
NAM FATT CORP            2.00    06/24/2011   MYR       0.03
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.45
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.25
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.32
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.80
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.78
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.85
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       2.03
WAH SEONG CORP           3.00    05/21/2012   MYR       3.15
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.27
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.70


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      37.97
DORCHESTER PACIF         5.00    06/30/2013   NZD      73.01
GENESIS PACIFC           8.50    07/15/2041   NZD       8.29
INFRATIL LTD             8.50    09/15/2013   NZD       8.10
INFRATIL LTD             8.50    11/15/2015   NZD       8.20
INFRATIL LTD             4.97    12/29/2049   NZD      63.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.28
NEW ZEALAND POST         7.50    11/15/2039   NZD      65.66
NZF GROUP                6.00    03/15/2016   NZD      22.49
SKY NETWORK TV           4.01    10/16/2016   NZD       6.72
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.34
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.25
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      38.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.99
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.00
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.00
SENGKANG MALL            8.00    11/20/2012   SGD       0.48
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.52
WBL CORPORATION          2.50    06/10/2014   SGD       1.53


SOUTH KOREA
-----------

CN 1ST ABS               8.00    02/27/2015   KRW      31.09
CN 1ST ABS               8.30    11/27/2015   KRW      32.05
DAEYEONG SAVING          7.95    07/29/2015   KRW      50.12
EPIVALLEY CO LTD         3.00    01/14/2014   KRW      72.36
GALLERIA 2ND ABS         2.00    01/08/2015   KRW      70.10

GREAT KO 1ST ABS        15.00    08/19/2014   KRW      28.76
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      70.11
HOPE KOD 1ST ABS         8.02    06/30/2012   KRW      35.75
HOPE KOD 2ND ABS        15.00    08/21/2012   KRW      36.63
HOPE KOD 3RD ABS        15.00    09/30/2012   KRW      36.13
HOPE KOD 4TH ABS        15.00    12/29/2012   KRW      32.43
HOPE KOD 6TH ABS        15.00    03/10/2013   KRW      36.08
HYUNDAI SWISS BK         8.50    07/15/2014   KRW      69.45
HYUNDAI SWISS BK         8.50    01/13/2015   KRW      70.16
IBK 17TH ABS             6.17    03/29/2012   KRW      70.35
IBK 17TH ABS            25.00    12/29/2012   KRW      56.80
JEIL II SAVINGS          8.50    07/19/2014   KRW      45.90
JEIL MUTUAL BK           8.10    07/16/2015   KRW      65.15
JINHEUNG MUTUAL          8.50    01/23/2015   KRW      70.20
KB 13TH ABS             25.00    07/02/2012   KRW      63.93
KB 14TH ABS             23.00    01/04/2013   KRW      52.67
KDB 6TH ABS             20.00    12/02/2019   KRW      72.58
KEB 17TH ABS            20.00    12/28/2011   KRW      61.00
KOREA MUTUAL SAV         8.00    12/17/2015   KRW      60.12
NACF 17TH ABS           25.00    07/03/2011   KRW      20.03
NACF 18TH ABS           25.00    08/20/2011   KRW      42.85
NACF 26TH ABS           25.00    08/06/2012   KRW      70.44
SAM BU CONSTRUCT         8.70    10/15/2011   KRW      73.22
SEGYE TOUR CO            4.00    11/06/2012   KRW      67.41
SEOUL MUTUAL SAV         8.00    04/27/2016   KRW      69.44
SINBO 1ST ABS           15.00    07/22/2013   KRW      32.95
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.54
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.67
SINBO 4TH ABS           15.00    12/16/2013   KRW      30.18
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.56
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      28.69
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      27.66
SOLOMON MUTUAL B         8.50    10/29/2014   KRW      50.27
SOLOMON MUTUAL B         8.10    04/19/2015   KRW      70.27
TOMATO MUTUAL SA         8.50    08/12/2014   KRW      70.51
TOMATO MUTUAL SA         8.40    01/05/2015   KRW      70.21


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       67.03


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       70.44


VIETNAM
--------

VDB BOND                 8.40    09/13/2011   VND        9.70
VDB BOND                 8.40    01/15/2012   VND        9.50
VDB BOND                 8.40    01/22/2012   VND        9.50
VDB BOND                 8.10    01/26/2012   VND        9.50
VDB BOND                 8.60    09/13/2016   VND        9.00
VIETNAM MACHINE          9.20    06/06/2017   VND       70.80
VIETNAM SHIPBUIL         9.00    04/13/2017   VND       53.53


                             *********

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.





                 *** End of Transmission ***