TCRAP_Public/111031.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

            Monday, October 31, 2011, Vol. 14, No. 215

                            Headlines



A U S T R A L I A

EQUITITRUST: Supreme Court Delays Ex-Director's Receivership Bid
FMG RESOURCES: Fitch Rates US$1.5-Bil. Senior Notes at 'BB+'
FMG RESOURCES: Moody's Assigns 'B1' Rating to US$1.5-Bil. Notes
LIBERTY PRIME: S&P Raises Rating on Class E Notes to 'BB+'
ROMAD FINANCIAL: AAT Grants Stay on Decision to Cancel License


H O N G  K O N G

MANDOLIN HK: Creditors' Proofs of Debt Due Nov. 15
MANDOLIN HK: Creditors' Meeting Slated for Nov. 4
MR. ABALONE: Court to Hear Wind-Up Petition on Nov. 23
PARK LINK: Court Enters Wind-Up Order
PEACE MARK: First Meetings Slated for Nov. 10

POLY CHEMICAL: Court Enters Wind-Up Order
ROTELAND DEVELOPMENT: Court to Hear Wind-Up Petition on Nov. 23
SANFORD DEVELOPMENT: Lees and Ng Appointed as Liquidators
STRONG RICH: Court Enters Wind-Up Order
WELL DELUXE: Court to Hear Wind-Up Petition on Dec. 7

WELL-TEC ENTERPRISES: Court Enters Wind-Up Order
WORLD ASSET: Court Enters Wind-Up Order


I N D I A

AGRO PURE: CRISIL Rates INR100 Million Cash Credit at 'CRISIL BB'
DEVKI NANDAN: CRISIL Rates INR350MM Loan at 'CRISIL BB+'
DHARAMRAJ CONTRACTS: CRISIL Rates INR90MM Credit at 'CRISIL B+'
DR. SHAJI'S MRI: CRISIL Assigns 'CRISIL D' Rating to INR60MM Loan
OMEGA SHELTERS: CRISIL Rates INR250MM Cash Credit at 'CRISIL BB-'

PRECISION TECHNIK: CRISIL Rates INR409MM Term Loan at 'CRISIL B'
KOMAL TEXFAB: CRISIL Assigns 'CRISIL BB' Rating to INR46.6MM Loan
KTF FASHION: CRISIL Assigns 'CRISIL BB' Rating to INR26.5MM Loan
MALLIKARJUN CONSTRUCTION: CRISIL Rates INR20MM Loan at CRISIL BB-
NAGARAJ AND COMPANY: CRISIL Puts CRISIL B- Rating on INR30MM Loan

PODDAR CAR: CRISIL Assigns 'CRISIL BB-' Rating to INR55MM Loan
R R CIVIL: CRISIL Rates INR200 Million Term Loan at 'CRISIL B+'
TIRUPATI JUTE: CRISIL Rates INR41.5MM Term Loan at 'CRISIL B+'
UNIQUE DELTA: CRISIL Assigns 'CRISIL D' Rating to INR85MM Loan
VAAS AUTOMATION: CRISIL Rates INR35MM Cash Credit at 'CRISIL BB-'


I N D O N E S I A

BANK NEGARA: Moody's Says 'D BFSR Maps to Ba2 Baseline Assessment


J A P A N

CAFES 2: Fitch Affirms Rating on JPY0.16 Billion Notes at 'BBsf'
JLOC 38: Fitch Affirms Rating on JPY3.57 Billion Notes at 'Dsf'


N E W  Z E A L A N D

ALLIED NATIONWIDE: Repays Crown NZ$43 Million Since February
SOUTH CANTERBURY: Still Owes Crown NZ$1.24 Billion


S R I  L A N K A

SANASA DEVELOPMENT: Fitch Affirms 'BB+(lka)' National LT Rating


T A I W A N

KUO HUA: Receivership Extended Until November 3 Next Year


                            - - - - -


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


EQUITITRUST: Supreme Court Delays Ex-Director's Receivership Bid
----------------------------------------------------------------
Nick Nichols at goldcoast.com.au reports that former Equititrust
director David Tucker on Thursday failed in his Supreme Court bid
to have a receiver appointed to the Gold Coast funds manager he
once served.

According to the report, Mr. Tucker's attempt to install David
Clout as receiver was described by presiding Justice Glen Martin
as "arguably incompetent."

At best it was premature, Justice Martin said, arguing that
Equititrust's new independent board was already working towards
an orderly winding down of the company's AUD159 million flagship
income fund, goldcoast.com.au relates.

The report says Mr. Tucker's receivership bid was adjourned
indefinitely by the court and the former director was ordered to
pay costs.

goldcoast.com.au states that the courtroom drama, which exposed
the bitter conflict between Equititrust founder Mark McIvor and
his former legal confidante, was triggered after Mr. Tucker was
sacked from the Equititrust board three weeks ago.   Equititrust
had cited "perceived conflicts of interest" for Mr. Tucker's
dismissal, the report says.

According to goldcoast.com.au, the Supreme Court was told that
Mr. Tucker's legal firm Tucker & Cowan Solicitors, Equititrust's
legal counsel for the past decade, had doubled its fee income
from the funds manager over the past year to AUD1.5 million.

The Supreme Court decision has cleared a path for Equititrust to
continue selling assets and return funds to investors under the
watch of a new independent board and the Australian Securities
and Investments Commission, goldcoast.com.au notes.

The corporate watchdog, according to goldcoast.com.au, is still
threatening to withdraw the company's financial services license
due to the failure of the previous board to lodge financial
statements on time.  But Equititrust's new chairman, Jeff
McDermid, said the company was working towards delivering those
financial reports.

A letter issued to Equititrust unitholders last week has informed
them of the planned winding down of the company's funds, paving
the way for a meeting of investors who might want an alternative
outcome, the report adds.

Meanwhile, The Courier-Mail reports that court documents show
that ASIC has taken legal action to freeze Equititrust's
floundering Income Fund and prohibit the company from dispensing
financial products or services.

The Courier-Mail says ASIC filed documents in Queensland Supreme
Court late Thursday for an injunction against Equititrust.

According to the report, court documents state ASIC's case
Thursday was in conjunction with Mr. Tucker's application to
appoint an insolvency expert.

As reported in the Troubled Company Reporter-Asia Pacific on
May 5, 2011, The Sydney Morning Herald related that a court
application has been made to wind up Equititrust Capital, adding
to a list of woes for the company that faces a potential class
action by investors and is at the mercy of its banks.
Equititrust confirmed on May 3 that the application was filed by
Rural Security Holdings, a company associated with Ian Lazar.

The company has frozen investor redemptions and income
distributions at its AUD260 million Equititrust Income Fund
and recently confirmed that investors face large losses as well
as a restructure, according to SMH.  Equititrust was forced to
suspend payments and renegotiate terms with NAB on the loan
earlier this year when EIF was almost out of cash, SMH disclosed.
NAB agreed to defer repayments for last December until February
while it considered a new proposal that would match bank
repayments with loan repayments by Equititrust clients.

Equititrust earlier this year blamed delayed property sales
settlements for the need to stop paying income distributions for
the foreseeable future and reported a AUD12.3 million loss for
the half-year ending Dec. 31, 2010.

Equititrust Capital -- http://www.equititrust.com.au/-- is an
Australian-based specialist funds management and property
investment group.


FMG RESOURCES: Fitch Rates US$1.5-Bil. Senior Notes at 'BB+'
------------------------------------------------------------
Fitch Ratings has assigned FMG Resources (August 2006) Pty Ltd's
USD1.5 billion 8.25% senior notes due November 2019 a rating of
'BB+'.  The proceeds of the notes will be used to finance
expansion and for other general corporate purposes.

The notes will be unconditionally, jointly and severally
guaranteed by Fortescue Metals Group Limited and its subsidiaries
currently representing more than 95% of the group's consolidated
total assets and net income.  As a result of this guarantee
structure, Fitch regards the credit risk associated with the
senior notes to be the same as that of senior unsecured
obligations of Fortescue itself.


FMG RESOURCES: Moody's Assigns 'B1' Rating to US$1.5-Bil. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to US$1.5
billion 144A guaranteed senior unsecured notes to be issued by
FMG Resources (August 2006) Pty Ltd (the financing vehicle for
Fortescue Metals Group Ltd). All other ratings of the group
remain unchanged. The outlook on all ratings is positive.

Ratings Rationale

FMG Resources is issuing US$1.5 billion of 8.25% guaranteed
senior unsecured notes due 2019.

The Notes, issued by FMG Resources (August 2006) Pty Ltd, a
wholly owned subsidiary of Fortescue Metals Group Ltd, rank
equally with all other senior unsecured debt of the issuer. The
issuance is guaranteed by Fortescue and its restricted
subsidiaries. Proceeds from the issue will be used to fund the
company's expansion program aiming to increase production
capacity to 155mtpa.

"Fortescue's B1 corporate family rating continues to be supported
by its long life, low-cost reserves, strong financial profile and
the expectation for continued strong cash margins", says Moore.
This is balanced against elevated cash costs, a concentrated
asset base and the execution risk and funding requirements
associated with the company's aggressive expansion plans.

"The positive outlook reflects Fortescue's progress on ramping up
their production capacity to 55 million tonnes per annum ('mtpa')
and the continued progress around execution and funding for the
155mtpa expansion, says Matthew Moore a Moody's Assistant Vice
President -- Analyst.

The positive outlook also incorporates the strengthened free cash
generation, benefiting from the solid iron ore price environment,
as well as Moody's expectation for continued improvement in
financial metrics, notwithstanding the capital intensive nature
of the expansion program.

The ratings could be upgraded if Fortescue's expansion plans
continue to make progress towards increasing production capacity
on schedule and without any material disappointments and in a
manner that preserves their solid financial profile.

The outlook could be changed to stable if the company experiences
material delays or cost overruns with its expansion plans or a
material weakening of the currently strong financial profile
resulting from larger than expected funding needs or weaker than
expected production and/or iron ore industry fundamentals.

The principal methodology used in rating FMG Resources (August
2006) Pty Ltd was the Global Mining Industry Methodology
published in May 2009.

Fortescue Metals Group, based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export,
mainly to China.


LIBERTY PRIME: S&P Raises Rating on Class E Notes to 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on 11
tranches of residential mortgage-backed securities (RMBS) in five
transactions. "On Sept. 4, 2011, we had affirmed the affected
ratings following the release of our Australian RMBS criteria
(see press release titled '704 Australian RMBS Tranches Affirmed
And 58 Placed On CreditWatch After Australian RMBS Criteria
Update,' published to Global Credit Portal)," S&P related.

"We have now raised the ratings on the affected notes to reflect
our revised view that the credit and liquidity support available
to these tranches are commensurate with the higher ratings under
our updated Australian criteria," S&P said.

Ratings Raised
                              Class   Rating To   Rating From
Barton Series 2011-1 Trust    B1      AA+ (sf)    AA- (sf)

Liberty PRIME Series 2011-1   B       AA (sf)     AA- (sf)

Liberty PRIME Series 2011-1   C       A+ (sf)     A (sf)

Liberty PRIME Series 2011-1   D       BBB+ (sf)   BBB (sf)

Liberty PRIME Series 2011-1   E       BB+ (sf)    BB (sf)

Resimac Bastille Trust in respect of
RESIMAC Series 2011-1 NC      B       AAA (sf)    AA (sf)

Resimac Bastille Trust in respect of
RESIMAC Series 2011-1 NC      C       AA (sf)     A (sf)

Resimac Bastille Trust in respect of
RESIMAC Series 2011-1 NC      D       A (sf)      BBB (sf)

Resimac Bastille Trust in respect of
RESIMAC Series 2011-1 NC      E       BBB- (sf)   BB (sf)

Series 2011-1 WST Trust       B       AA+ (sf)    AA (sf)

Series 2011-2 WST Trust       B       AA+ (sf)    AA (sf)


ROMAD FINANCIAL: AAT Grants Stay on Decision to Cancel License
--------------------------------------------------------------
The Administrative Appeals Tribunal has granted a stay of a
decision by the Australian Securities and Investments Commission
to cancel the Australian financial services license held by Romad
Financial Services Pty Ltd.

On Oct. 24, 2011, RFS applied to the AAT for a review of ASIC's
decision and requested an order be made staying ASIC's decision
until the determination of the review.

Following an interlocutory hearing, the AAT granted a stay of
ASIC's decision subject to a number of conditions, including:

   * RFS not authorize any new authorized representatives
     until the determination of the review;

   * the authorized representatives of RFS not engage any
     new clients until the determination of the review;

   * RFS maintain all professional indemnity insurance until
     the determination of the review; and

   * RFS notify its' professional indemnity insurer of any
     complaints made against it in the period of the review.

The AAT hearing has been listed to be heard during the week
commencing Dec. 5, 2011.

ASIC cancelled RFS' AFS licence on Oct. 19, 2011, due to concerns
that RFS had not complied with its obligations as a financial
services licensee and would not, in the future, comply with
financial services laws.

In particular, ASIC's investigation found RFS had:

   -- failed to ensure that its authorized representatives
      complied with the financial services laws. In particular,
      RFS failed to monitor (such as, by obtaining independent
      verification) various statements on the websites operated
      by its authorized representatives;

   -- failed to lodge with ASIC its annual financial statements
      and auditor's reports by the required date for the 2007,
      2008, 2009 and 2010 financial years;

   -- failed to comply with a condition of its AFS licence to
      lodge with ASIC an auditor's opinion by required date for
      the 2007, 2008, 2009 and 2010 financial years; and

   -- failed to advise ASIC of a significant breach relating
      to the failure to lodge its financial statements and
      auditor's reports by the date of compliance regarding
      the 2008, 2009 and 2010 financial years.

                       About Romad Financial

Romad Financial Services Pty Ltd offers licensing and compliance
consultancy services to planners.  The company was incorporated
in 1995 and is based in Melbourne, Australia.


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


MANDOLIN HK: Creditors' Proofs of Debt Due Nov. 15
--------------------------------------------------
Creditors of Mandolin Hong Kong Limited, which is in liquidation,
are required to file their proofs of debt by Nov. 15, 2011, to be
included in the company's dividend distribution.

The company's liquidators are:

          Edward Middleton
          Fergal Power
          8th Floor, Prince's
          Building, 10 Chater Road
          Central, Hong Kong


MANDOLIN HK: Creditors' Meeting Slated for Nov. 4
-------------------------------------------------
Creditors of Mandolin Hong Kong Limited will hold their first
meeting on Nov. 4, 2011, at 3:00 p.m., at 27/F, Alexandra House,
at 18 Chater Road, Central, in Hong Kong.

At the meeting, Edward Simon Middleton, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MR. ABALONE: Court to Hear Wind-Up Petition on Nov. 23
------------------------------------------------------
A petition to wind up the operations of Mr. Abalone Power Limited
will be heard before the High Court of Hong Kong on Nov. 23,
2011, at 9:30 a.m.

Madam Hou Hanping and Mr. Chen Jinmin filed the petition against
the company Sept. 19, 2011.

The Petitioner's solicitors are:

          King & Wood
          9th Floor, Hutchison House
          Central, Hong Kong


PARK LINK: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Oct. 12, 2011, to
wind up the operations of Park Link Industrial Limited.

The official receiver is Teresa S W Wong.


PEACE MARK: First Meetings Slated for Nov. 10
---------------------------------------------
Creditors and contributories of Peace Mark (Holdings) Limited
will hold their first meetings on Nov. 10, 2011, at 2:30 p.m.,
and 4:00 p.m., respectively at The Auditorium of Duke of Windsor
Social Service Building, at 15 Hennessy Road, Wanchai, in
Hong Kong.

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


POLY CHEMICAL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Oct. 12, 2011, to
wind up the operations of Poly Chemical (China) Co., Limited.

The official receiver is Teresa S W Wong.


ROTELAND DEVELOPMENT: Court to Hear Wind-Up Petition on Nov. 23
---------------------------------------------------------------
A petition to wind up the operations of Roteland Development
Limited will be heard before the High Court of Hong Kong on
Nov. 23, 2011, at 9:30 a.m.

Joesh Overseas Limited filed the petition against the company
Sept. 16, 2011.

The Petitioner's solicitors are:

          Stevenson, Wong & Co.
          4/F & 5/F, Central Tower
          28 Queen's Road
          Central, Hong Kong


SANFORD DEVELOPMENT: Lees and Ng Appointed as Liquidators
---------------------------------------------------------
John Robert Lees and Mat Ng on Sept. 21, 2011, were appointed as
liquidators of Sanford Development China Limited.

The liquidators may be reached at:

          John Robert Lees
          Mat Ng
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


STRONG RICH: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Oct. 12, 2011, to
wind up the operations of Strong Rich International Limited.

The official receiver is Teresa S W Wong.


WELL DELUXE: Court to Hear Wind-Up Petition on Dec. 7
-----------------------------------------------------
A petition to wind up the operations of Well Deluxe Limited will
be heard before the High Court of Hong Kong on Dec. 7, 2011, at
9:30 a.m.

Tsoi Wai Ki filed the petition against the company Oct. 3, 2011.


WELL-TEC ENTERPRISES: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Oct. 12, 2011, to
wind up the operations of Well-Tec Enterprises Limited.

The official receiver is Teresa S W Wong.


WORLD ASSET: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Oct. 12, 2011, to
wind up the operations of World Asset International Limited.

The official receiver is Teresa S W Wong.


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AGRO PURE: CRISIL Rates INR100 Million Cash Credit at 'CRISIL BB'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the cash
credit facility of Agro Pure Capital Foods Pvt Ltd, part of the
Agro Pure group.

   Facilities                      Ratings
   ----------                      -------
   INR100 Million Cash Credit      CRISIL BB/Stable (Assigned)

The rating reflects the extensive experience of the Agro Pure
group's promoters in the pulses business, its moderate scale of
operations, with continuously increasing processing capacities,
and diversified portfolio of pulses. These rating strengths are
partially offset by the Agro Pure group's weak financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics, and susceptibility to intense competition in
pulses processing industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of APCFPL, Triveni Industries, Mahavir
Industries, Hindustan Dall and Flour Mills, and Ram Swarup Dass
Foods Pvt Ltd.  The entities are collectively referred to as the
Agro Pure group. This is because all the entities are in the same
line of business and have common promoters.

CRISIL has treated unsecured loans of INR45.6 million extended to
the group entities by the promoters as neither debt nor equity
because these loans have nominal interest rates on them and are
subordinated to bank borrowings.

Outlook: Stable

CRISIL believes that the Agro Pure group will benefit from the
extensive experience of its promoters in the pulses processing
and trading business, and will maintain its modest scale of
operations, over the medium term. The outlook may be revised to
'Positive' in case the group significantly improves its
profitability, thereby leading to considerably increasing its
cash accruals and, consequently, improving its debt protection
metrics, or if the promoters infuse more-than-expected fresh
equity capital into the group entities, thereby improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if there is pressure on the Agro Pure group's
financial risk profile, especially liquidity, because of any
pressure on profitability or more-than-expected working capital
requirements.

                         About the Group

The Agro Pure group, based in Delhi and promoted by Mr. Ghanshyam
Dass, has been processing and trading pulses since 1980s.
Currently, the group is into processing and trading in channa,
masoor and urad varieties of pulses. The group also operates a
retail outlet in Naya Bazzar, Delhi, for selling its products
under its registered brands, Agro Pure, Sunrise and others -
contribution from retail branded sales is low.

APCFPL; part of the Agro Pure group; is into processing channa
into channa dal and besan. It has capacity of around 150 tonnes
per day (tpd). HDFM has capacity of around 70 tpd to process
channa into channa dal. Triveni and Mahavir are into processing
masoor (capacity 30 tpd) and urad (present capacity of 20 tpd;
will be enhanced to 50 tpd during current year). The group has
also set up a new masoor processing unit with capacity of 70 tpd
under RSDFPL during 2010-11 (refers to financial year, April 1 to
March 31) to do job-work exclusively for Triveni.

The Agro Pure group reported a profit after tax (PAT) of INR9.2
million on an operating income of INR2407.8 million for 2010-11,
as against a PAT of INR17.7 million on net sales of INR2134.0
million for 2009-10.


DEVKI NANDAN: CRISIL Rates INR350MM Loan at 'CRISIL BB+'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the bank
facilities of Devki Nandan J Gupta (DG; part of the JD group).

   Facilities                        Ratings
   ----------                        -------
   INR350 Million Letter of Credit   CRISIL BB+/Stable (Assigned)

The rating reflects the JD group's promoters' extensive
experience in ship-breaking and steel trading industries. These
rating strengths are partially offset by the group's
susceptibility to cyclicality and intense completion in the ship-
breaking industry and to any adverse regulatory changes in the
steel trading business. Also, the group's profitability in the
steel trading business is low.

For arriving at its rating, CRISIL has consolidated the business
and financial risk profiles of DG and M/s Jawanmal Dhannamal
(JD). The entities are together referred to as the JD group. This
is because both the entities are in the same line of business,
benefit from significant operational and financial synergies,
have common management and promoters, and have extended corporate
guarantees to each other's bank facilities.

Outlook: Stable

CRISIL believes that the JD group will maintain its business risk
profile over the medium term, supported by its established market
position and promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group significantly
increases its revenues and net cash accruals, and improves its
debt protection metrics. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in the group's operating
margin or debt protection metrics, or a stretch in its working
capital cycle.

                         About the Group

JD, established in 1949, is based in Bhavnagar (Gujarat) and is
owned by Mr. Devki Nandan Gupta, a second-generation
entrepreneur. The firm is engaged in ship-breaking at Alang port
(Gujarat) and trading in finished steel products. The ship-
breaking operations are managed by Mr. Devki Nandan Gupta, and
the trading operations by his son, Mr. Sanjay Gupta. DG was
established in 1963 as a proprietorship concern of Mr.
Devkinandan Gupta (HUF). DG started operations with trading in
steel long products such as seamless tubes and steel alloy rods.
In 2009, with Mr. Sahej Gupta and Mr. Dhruv Gupta (sons of Mr.
Sanjay Gupta) entering the business, DG entered into ship-
breaking activities at Darukhana, Mazagon dock, in Mumbai
(Maharashtra).

The JD group reported a profit after tax (PAT) of INR51.2 million
on net sales of INR2.32 billion for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR29.4 million
on net sales of INR2.35 billion for 2009-10.


DHARAMRAJ CONTRACTS: CRISIL Rates INR90MM Credit at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Dharamraj Contracts India Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Proposed Cash      CRISIL B+/Stable (Assigned)
   Credit Limit

   INR90 Million Cash Credit        CRISIL B+/Stable (Assigned)

   INR70 Million Proposed Bank      CRISIL A4 (Assigned)
   Guarantee

   INR50 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect DCIPL's weak financial risk profile because
of large working capital requirements and small scale of
operations in the intensely competitive construction industry;
ratings also factor in the company's geographical and customer
concentration. These rating weaknesses are partially offset by
the benefits that company derives from its promoters' extensive
industry experience and its healthy order book.

CRISIL has treated the unsecured loans from promoters and
affiliates of INR23.7 million, outstanding as on March 31, 2011,
as neither debt nor equity in view of the non-interest-bearing
nature of these loans and subordination of these loans to bank
debt by DCIPL.

Outlook: Stable

CRISIL believes that DCIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
construction business. The outlook may be revised to 'Positive'
in case of more-than-expected increase in the company's scale of
operations and profitability, leading to stronger-than-expected
cash accruals, or if its financial flexibility improves supported
by fresh, large equity infusion from its promoters. Conversely,
the outlook may be revised to 'Negative' in case of larger-than-
expected working capital requirements, leading to deterioration
in DCIPL's financial risk profile, particularly its liquidity.

                        About Dharamraj Contracts

Incorporated in January 2010 by Mr. Chaman Singh and his father
Mr. Singh Raj Singh, DCIPL undertakes civil contracting work for
residential and commercial development for various government
authorities and private entities. It has its registered office in
New Delhi. The company executes projects mainly in Uttar Pradesh
and is a registered contractor for various government departments
such as Ghaziabad Development Authority and Greater Noida
Industrial Development Authority, among others.


DR. SHAJI'S MRI: CRISIL Assigns 'CRISIL D' Rating to INR60MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Dr. Shaji's MRI & Medical Research Centre Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR60 Million Long-Term Loan    CRISIL D (Assigned)
   INR75.8 Million Proposed LT     CRISIL D (Assigned)
   Bank Loan Facility

The rating reflects instances of delay by DSMMRC in servicing its
debt; the delays have been caused by the company's weak
liquidity.

DSMMRC also has a weak financial risk profile, marked by a small
net worth and high gearing. These rating weaknesses are partially
offset by the extensive experience of DSMMRC''s promoter in
operating medical diagnostic centres.

                       About Dr. Shaji's MRI

Set up in 1996, DSMMRC operates seven medical diagnostic centres
in Kerala. The centres offer various services, such as magnetic
resonance imaging scan, computed tomography scan, ultrasound,
computerised radiography, and electro-neuro diagnostics services
among others. The company also runs a paramedical college, Dr.
Shaji's School of Medical Imaging & Allied Sciences, which offers
various diploma courses.

DSMMRC reported a provisional profit after tax (PAT) of INR16
million on net sales of INR115 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR1.4
million on net sales of INR86 million for 2009-10.


OMEGA SHELTERS: CRISIL Rates INR250MM Cash Credit at 'CRISIL BB-'
-----------------------------------------------------------------
CRISIL has assigned 'CRISIL BB-/Stable' rating to the cash credit
facility of Omega Shelters Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR250 Million Cash Credit    CRISIL BB-/Stable (Assigned)

The rating reflects the extensive experience of OSPL's promoters
in the real estate industry and its moderate financial risk
profile, marked by a strong net worth, low gearing, and healthy
debt protection metrics. These rating strengths are partially
offset by OSPL's exposure to geographical concentration risks and
to cyclicality inherent in the Indian real estate industry.

Outlook: Stable

CRISIL believes that OSPL will remain sensitive to the timeliness
of inflow of customer advances for the large on-going and
proposed projects. The outlook may be revised to 'Positive' in
case of better-than-expected booking of units and receipt of
customer advances, leading to higher-than-expected cash inflows.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration of OSPL's liquidity either due to delays in receipt
of customer advances or time or cost overruns or due to other
large projects undertaken by the company.

                        About Omega Shelters

OSPL was incorporated as a special-purpose vehicle in April 2006
by Xander Advisors India Pvt Ltd and the Ambience group of
Hyderabad (Andhra Pradesh for development of three residential
projects at Gundla Pochampally near Secunderabad.  International
private equity company XAIPL holds around 65 per cent stake in
OSPL through Chandragupta Investment Holding Co Ltd, and
Hyderabad-based Ambience group holds around 35 per cent stake.
Ambience Properties Ltd (APL) is the flagship company of the
Ambience group. The company has been promoted by the Agrawal
family. The group has been undertaking development of residential
and commercial properties in and around Hyderabad and
Secunderabad for more than two decades. The Ambience group has
undertaken various projects under partnerships and joint
ventures. Under the flagship company, APL, the group has executed
nine residential projects covering total area of around 1.48
million square feet (sq ft) and one commercial project covering a
total area of around 0.18 million sq ft.


PRECISION TECHNIK: CRISIL Rates INR409MM Term Loan at 'CRISIL B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
facility of Precision Technik Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR409 Million Term Loan       CRISIL B/Stable (Assigned)

The rating reflects PTPL's exposure to project implementation
risk. This rating weakness is partially offset by PTPL's off take
arrangement with National Thermal Power Corporation's Vidyut
Vyapar Nigam Ltd.

Outlook: Stable

CRISIL believes that PTPL will remain exposed to project
implementation risk. The outlook may be revised to 'Positive' in
case of timely completion of the project within the budgeted
cost, and significant ramp up in revenues and cash accruals.
Conversely, the outlook may be revised to 'Negative' in case
there is time or cost overrun in implementation of the project or
the company faces delays in ramping up its revenues and cash
accruals or if PTPL receives inadequate support from its
promoters.

                       About Precision Technik

Incorporated in 1995, PTPL was acquired by the Sonthalia family
of Kolkata (West Bengal) in 2006 with the intention of acquiring
a property in the company's name. The promoters has been awarded
a Letter of Intimation by NTPC'S VVNL to set up a 5-megawatt
solar photovoltaic power project in Rajasthan under the
Jawaharlal Nehru National Solar Mission, Phase-I. The total
project cost is estimated at INR 724 million, estimated to be
funded with INR409 million term loan and INR 315 million equity
contribution. The construction for the project is in process and
the plant is estimated to start commercial production by the end
of 2011-12 (refers to financial year, April 1 to March 31).


KOMAL TEXFAB: CRISIL Assigns 'CRISIL BB' Rating to INR46.6MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Komal Texfab Pvt Ltd, part of the Komal
group.

   Facilities                      Ratings
   ----------                      -------
   INR46.6 Million Term Loan       CRISIL BB/Stable (Assigned)

   INR90 Million Cash Credit       CRISIL BB/Stable (Assigned)

   INR50.9 Million Proposed LT     CRISIL BB/Stable (Assigned)
   Bank Loan Facility

   INR60 Million Letter of Credit  CRISIL A4+ (Assigned)

The ratings reflect the Komal group's established relationships
with its reputed clientele, extensive industry experience of its
promoters, and above average debt protection measures. These
rating strengths are partially offset by the Komal group's
moderate scale of operations in the fragmented fabric industry
and working capital intensive nature of operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KTPL and KTF Fashion Pvt Ltd (KTF),
together referred to as the Komal group. This is because both the
companies have significant business synergies, fungible cash
flows, and common promoters.

Outlook: Stable

CRISIL believes that the KTPL will benefit over the medium term
from its established relationship with its reputed clientele. The
outlook may be revised to 'Positive' in case of efficient working
capital management or increase in bank limits, leading to
improvement in liquidity of the company. Conversely, the outlook
may be revised to 'Negative' in case of weakening in the group's
financial risk profile due to higher-than-expected debt-funded
capital expenditure or lower-than-expected operating margins or
deterioration in working capital management.

                         About the Group

KTPL was incorporated in 1981 by the Bagrecha family of Rajasthan
primarily to produce processed fabric. It has a processing house
engaged in the production of processed knitted fabric. The
company carries out the knitting and dyeing/printing job in-
house.

KTF was incorporated in 2008 and is engaged in the production of
ready-made garments, such as T-shirts, tees, dresses, skirts,
jackets, and nightwear. The group's promoters are Mr. Pukhraj
Bagrecha and his son, Mr. Suresh Bagrecha. Currently, the
business is managed by the Mr. Suresh Bagrecha who looks after
the day to day affairs of the company and is supported by his two
brothers, Mr. Vikram Bagrecha and Mr. Sudhir Bagrecha.

The KTPL reported a profit after tax (PAT) of INR10 million on
net sales of INR 689 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR13 million on
net sales of INR508 million for 2009-10.


KTF FASHION: CRISIL Assigns 'CRISIL BB' Rating to INR26.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of KTF Fashion Pvt Ltd, part of the Komal
group.

   Facilities                        Ratings
   ----------                        -------
   INR26.5 Million Term Loan         CRISIL BB/Stable (Assigned)
   INR60 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR60 Million Letter of Credit    CRISIL A4+( Assigned)

The ratings reflect the Komal group's established relationships
with its reputed clientele, extensive industry experience of its
promoters, and above average debt protection measures. These
rating strengths are partially offset by the Komal group's
moderate scale of operations in the fragmented fabric industry
and working capital intensive nature of operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Komal Texfab Pvt Ltd and KTF, together
referred to as the Komal group. This is because both the
companies have significant business synergies, fungible cash
flows, and common promoters.

Outlook: Stable

CRISIL believes that the KTF will benefit over the medium term
from its established relationship with its reputed clientele and
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' in case of significant improvement
in size of operations with higher margins resulting in
significant improvement in cash accruals, or efficient working
capital management or increase in bank limits, leading to
improvement in liquidity of the company. Conversely, the outlook
may be revised to 'Negative' in case of weakening in the group's
financial risk profile due to higher-than-expected debt-funded
capital expenditure or lower-than-expected operating margins or
deterioration in working capital management.

                          About the Group

KTPL was incorporated in 1981 by the Bagrecha family of Rajasthan
primarily to produce processed fabric. It has a processing house
engaged in the production of processed knitted fabric. The
company carries out the knitting and dyeing/printing job in-
house.

KTF was incorporated in 2008 and is engaged in the production of
ready-made garments, such as T-shirts, tees, dresses, skirts,
jackets, and nightwear. The group's promoters are Mr. Pukhraj
Bagrecha and his son, Mr. Suresh Bagrecha. Currently, the
business is managed by the Mr. Suresh Bagrecha who looks after
the day to day affairs of the company and is supported by his two
brothers, Mr. Vikram Bagrecha and Mr. Sudhir Bagrecha.

The KTF reported a profit after tax (PAT) of INR 5 million on net
sales of INR 257 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 3 million on net
sales of INR 157 million for 2009-10.


MALLIKARJUN CONSTRUCTION: CRISIL Rates INR20MM Loan at CRISIL BB-
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Mallikarjun Construction Company.

   Facilities                       Ratings
   ----------                       -------
   INR20 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR40 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of MCC's promoters
in the construction business and moderate business risk profile
backed by revenue visibility for the next 15-18 months. These
rating strengths are partially offset MCC's weak financial risk
profile, marked by a small scale of operations and leveraged
capital structure, resulting in weak debt protection metrics.

Outlook: Stable

CRISIL believes that MCC will continue to benefit over the medium
term from its promoters' business experience. The outlook may be
revised to 'Positive' if the firm improves its liquidity, and
diversifies its geographical base. Conversely, the outlook may be
revised to 'Negative' if MCC undertakes a significant debt-funded
capital expenditure programme, or if its profitability declines,
leading to deterioration in its financial risk profile.

                   About Mallikarjun Construction

Set up as a proprietorship firm in 1985 by Mr. Nelatury Chuinchu
Reddy, MCC constructs roads and bridges. In December 2004, it was
reconstituted as a partnership firm and Mr. N C Reddy's sons, Mr.
Malleshwar Reddy and Mr. Mallikarjun Reddy, were appointed as
partners. MCC majorly gets contracts from public works
departments and water resources departments, and under Pradhan
Mantri Gram Sadak Yojna.

For 2010-11 (refers to financial year, April 1 to March 31), MCC
reported a profit after tax (PAT) of INR7.8 million on net sales
of INR155.7 million, against a PAT of INR10.3 million on net
sales of INR203.3 million for 2009-10.


NAGARAJ AND COMPANY: CRISIL Puts CRISIL B- Rating on INR30MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Nagaraj and Company Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR30 Million Cash Credit       CRISIL B-/Stable (Assigned)

   INR35 Million Proposed LT       CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   INR15 Million Letter of Credit  CRISIL A4 (Assigned)

The ratings reflect NCPL's below-average financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics, its small scale of operations, and its
susceptibility to intense competition in the printing and
publishing industry. These rating weaknesses are partially offset
by NCPL's established regional presence in printing and
publishing business segment, its strong customer relationships,
and promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that NCPL will continue to benefit from its
promoters' strong track record in the printing and publishing
business, over the medium term. The outlook may be revised to
'Positive' if the company's capital structure improves, most
likely because of significant increase in accruals or infusion of
funds by the promoters. Conversely, the outlook may be revised to
'Negative' if NCPL reports a lower-than-expected operating margin
or undertakes a debt-funded capital expenditure programme,
resulting in weakening in its financial risk profile.

                      About Nagaraj and Company

Incorporated in 1993, NCPL is enagaged in the printing business.
The company is fully equipped to undertake activities across pre-
press, printing, and post-press activities. The promoter-
directors, Mr. S V Gopalan, Mr. V Sattanathan, and Mr. C T
Ramaswamy, have experience of around three decades in the
printing business. NCPL is engaged in offset printing of
leaflets, brochures, pamphlets, annual reports of corporates,
calendar, and diaries. The unit operates in two shifts of eight
hours each and utilises 68 per cent of the installed capacity to
print 275 million impressions monthly.

NCPL reported a profit after tax (PAT) of INR1 million on net
sales of INR136 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a net losses of INR2 million on
net sales of INR102 million for 2009-10.


PODDAR CAR: CRISIL Assigns 'CRISIL BB-' Rating to INR55MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Poddar Car World Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR55 Million Cash Credit      CRISIL BB-/Stable (Assigned)

   INR60 Million Inventory        CRISIL A4+ (Assigned)
   Funding Facility

   INR15 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect Poddar Car World's established association
with Maruti Suzuki India Ltd (MSIL; rated 'CRISIL
AAA/Stable/CRISIL A1+'). This rating strength is partially offset
Poddar Car World's weak financial risk profile, marked by a
relatively small net worth and weak debt protection metrics, and
exposure to intense competition in the automobile dealership
industry.

Outlook: Stable

CRISIL believes that Poddar Car World will continue to benefit
over the medium term from its established relationship with its
principal. The outlook may be revised to 'Positive' if the
company is able to improve its capital structure from current
levels or in case of any significant improvement in the operating
margins. Conversely, the outlook may be revised to 'Negative' in
case of higher-than-expected decline in revenues, leading to
lower cash generation, or larger-than-expected debt-funded
capital expenditure negatively impacting Poddar Car World's
gearing and debt protection metrics.

                          About Poddar Car

Poddar Car World was incorporated in 2005 by Mr. Anup Poddar in
Guwahati (Assam). The company received a letter of intent from
MSIL and started dealership operations in Guwahati from 2006 for
passenger cars. The company's day-to-day operations are being
managed by Mr. Anup Poddar and his son Mr. Ankit Poddar. Poddar
Car World's dealership entails one new car showroom, one true
value outlet, and one service workshop.

Poddar Car World reported a profit after tax (PAT) of INR1.9
million on net sales of INR730.7 million for 2010-11(refers to
financial year, April 1 to March 31), as against a PAT of INR1.7
million on net sales of INR547 million for 2009-10.


R R CIVIL: CRISIL Rates INR200 Million Term Loan at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the term
loan facility of R R Civil Tech Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR200 Mil. Term Loan Facility    CRISIL B+/Stable (Assigned)

The rating reflects RRCPL's exposure to demand- and
implementation-related risks associated with its ongoing project,
susceptibility to inherent risks and cyclicality in real estate
sector in India, and geographical concentration. These rating
weaknesses are partially offset by RRCPL's established regional
market position in the real estate sector.

Outlook: Stable

CRISIL believes that RRCPL will maintain its business risk
profile over the medium term, supported by its established
regional market position and promoters' experience in the real
estate business. The outlook may be revised to 'Positive' if
there is a significant improvement in RRCPL's business and
financial risk profiles, most likely driven by timely
implementation and high salability of its ongoing and future
projects, leading to healthy cash accruals on a sustained basis
over the medium term. Conversely, the outlook may be revised to
'Negative' if there is significant pressure on RRCPL's revenues
and profitability, leading to deterioration in its debt-servicing
ability, or if its promoters divert funds from on-going project
to other projects.

                        About R R Civil

Incorporated in 2008, RRCPL is a part of the RR group, based in
Lucknow (Uttar Pradesh). The RR group is a 50-50 joint venture
between two groups - the Tirath Housing group and the Peekay
Builders group. The RR group has completed various residential
and commercial projects in past under joint venture routes as
well as in individual capacities in Lucknow. RRCPL is in the
business of real estate construction.

RRCPL is building a 0.29 million-square-foot commercial complex,
Cyber Heights, at Gomti Nagar, Lucknow. The total cost of the
project is about INR918 million, funded by term loan of INR200
million, promoter's contribution of INR360 million, and customer
advances. Construction of the complex started in October 2010 and
is expected to be completed by March 2014. Commercial launch of
the project is expected by November 2011.


TIRUPATI JUTE: CRISIL Rates INR41.5MM Term Loan at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Tirupati Jute Industries Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR41.5 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR113 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR10.5 Million Proposed LT      CRISIL B+/Stable (Assigned)
    Bank Loan Facility
   INR10 Million Bank Guarantee     CRISIL A4 (Assigned)
   INR50 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect TJIL's below-average financial risk profile,
marked by high gearing, and weak debt protection metrics, and
presence in the regulated jute industry. These rating weaknesses
are partially offset by the extensive experience of TJIL's
promoters in the jute industry.

Outlook: Stable

CRISIL believes that TJIL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company improves
its financial risk profile on the back of equity infusion by the
promoters or in case of significant improvement in the operating
income of the company coupled with sustained profitability.
Conversely, the outlook may be revised to 'Negative' in case of
more-than-anticipated increase in gearing due to substantial
capital expenditure (capex) or dip in revenues and accruals over
the medium term

                        About Tirupati Jute

TJIL was incorporated in 1981 and was acquired by the Mall family
in 1988. The company manufactures jute products. The product
range includes jute bags and hessian cloth. The company's
facilities are located in Howrah (West Bengal). TJIL has a total
jute processing capacity of 15,000 tonnes per annum (tpa). The
company is currently enhancing its capacities by an additional
1800 tpa, which will be completed by 2011-12 (refers to financial
year, April 1 to March 31). The total capital outlay for the
aforesaid project is estimated at INR70 millions to be funded by
INR41.5 millions term loans and INR 28.5 million equity
infusions.


UNIQUE DELTA: CRISIL Assigns 'CRISIL D' Rating to INR85MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Unique Delta Force Security Pvt Ltd, part of the
Sumeet group.

   Facilities                        Ratings
   ----------                        -------
   INR85 Million Term Loan           CRISIL D (Assigned)
   INR60 Million Cash Credit Limit   CRISIL D (Assigned)
   INR5 Million Bank Guarantee       CRISIL D (Assigned)

The rating reflects instances of delay by the Sumeet group in
servicing its debt; the delays have been caused by the group's
weak liquidity.

The Sumeet group also has a limited financial flexibility because
of small net worth and high gearing, modest scale of operations,
and exposure to intense competition in the security service
industry, marked by high employee attrition rate. These rating
weaknesses are partially offset by the Sumeet group's moderate
financial risk profile driven by healthy margin, promoter's
extensive industry experience, and established relationship with
customers.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Unique Delta and Sumeet Facilities Pvt
Ltd (Sumeet Facilities). This is because the companies, together
referred to as the Sumeet group, are in the same line of
business, and have strong business and financial linkages. Also,
Unique Delta is undertaking a capex programme for setting up a
manufacturing facility that will be leased to Sumeet Facilities.

                          About the Group

Set up in 2004 by Mr. Prabhakar Salunke, Unique Delta provides
security services and has ventured into cash management,
consulting and investigation, electronic surveillance,
maintenance, and event and exhibition management.

Sumeet Facilities provides services comprising human resource
services in areas such as housekeeping and security, and
undertakes stainless steel sheets processing activities such as
bending, laser cutting, and punching. Unique Delta is
implementing a capex programme of INR90 million to set up a
facility for metal-sheet processing, which will be leased to
Sumeet Facilities.

The Sumeet group reported a profit after tax (PAT) of INR40
million on net sales of INR572 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR20
million on net sales of INR509 million for 2008-09. The Sumeet
group is estimated to report PAT of INR52 million on net sales of
INR964 million in 2010-11.


VAAS AUTOMATION: CRISIL Rates INR35MM Cash Credit at 'CRISIL BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Vaas Automation Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR10-Mil. Standby Line of Credit CRISIL BB-/Stable (Assigned)
   INR35 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR7.5 Million Letter of Credit   CRISIL A4+ (Assigned)
   INR10 Million Bank Guarantee      CRISIL A4+ (Assigned)
   INR15 Million Packing Credit      CRISIL A4+ (Assigned)

The ratings reflect VAPL's moderate financial risk profile,
marked by comfortable gearing and debt protection metrics. The
rating also factors in the extensive experience of its promoters
in the valve industry. These rating strengths are partially
offset by VAPL's exposure to intense competition in a highly
fragmented valve industry with a relatively small scale of
operations limiting its bargaining power. The rating also factors
in susceptibility of its operating margin to volatility in raw
material prices.

Outlook: Stable

CRISIL believes that VAPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters, healthy capital structure and established
relationships with reputed customers. The outlook may be revised
to 'Positive' if the company scales up and sustains its
operations and profitability, leading to higher cash accruals,
without deterioration in its capital structure. Conversely, the
outlook may be revised to 'Negative' if VAPL undertakes a large
debt-funded capital expenditure programme, or if its
relationships with its key clientele deteriorates, or if VAPL
extends any funding support to group entity, leading to weakening
in its financial risk profile.

                       About Vaas Automation

Based in Chennai (Tamil Nadu), VAPL was initially incorporated in
1995 as Harbonium Vaas Automation Pvt Ltd, a 50:50 joint venture
between Harbonium Industrial Valves Ltd (HIVL), Israel, and
VAPL's current promoters - Mr. Vasudev Sharma and Mr. Arvind
Sharma. In 2009, the promoters bought HIVL's stake through their
group company, Vaas Industries Pvt Ltd (VIPL) which is engaged in
the design and assembly of knife gate valves which finds
application in power, cement and paper industries. VAPL is
currently a subsidiary of VIPL holding 60 per cent of the shares
and the remaining is held by the promoters. VAPL designs and
assembles ball valves and pneumatic actuators that find
application in industries, such as pharmaceuticals, food, and
chemicals.

VAPL reported a profit after tax (PAT) of INR 4.9 million on net
sales of INR221.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a net loss of INR 0.3 million on
net sales of INR163.1 million for 2009-10.


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


BANK NEGARA: Moody's Says 'D BFSR Maps to Ba2 Baseline Assessment
-----------------------------------------------------------------
Moody's Investors Service has raised Bank Negara Indonesia's bank
financial strength rating (BFSR) to D from D-.  Accordingly, the
BFSR now maps to a baseline credit assessment of Ba2 from Ba3.
The revised rating carries a stable outlook.

All other ratings are unaffected, and carry stable outlooks.

These include: (1) the foreign currency long-term deposit rating
of Ba2, (2) foreign currency short-term deposit rating of Not
Prime, and (3) global local currency (GLC) deposit rating of
Baa3.

The rating action recognizes the encouraging changes at BNI since
Moody's assigned a positive outlook to its BFSR on July 21, 2010
and, more generally, since the current management team was
appointed in 2008. There are four specific areas that have
steadily improved.

Asset quality, which was one of BNI's major weaknesses, has
strengthened. Both the reported non-performing and special
mention loans ratios declined to 4.0% and 3.9% at June 2011 from
4.7% and 7.3% at end-2009 respectively. Furthermore, the coverage
ratio has stayed constant at 120% of non-performing loans during
the period.

Tier 1 capital was boosted to 15.3% in June 2011 from 10.2% in
September 2010, following a IDR10.4 trillion rights issue in
December 2010. The capital exercise reduced the government's
stake to 60% from 73.36%, while the increased public float
lowered the bank's corporate tax rate to 25% from 30%.

Current and demand deposits made up 60% of deposits in June 2011,
compared with 55% in 2009, and compares favourably with the
system's 54%.

Finally, profitability has improved with the net interest margin
hovering in the 5.3%-5.5% range for the past six quarters.

BNI still suffers from weaker asset quality and average
profitability relative to Moody's higher-rated Indonesian banks.
The bank aims to further upgrade its risk management process and
optimize its business model. For example, it is facing a high
rate of non-performing loans in its exposure to the small and
medium sized enterprises sector.

Nonetheless, BNI's entrenched corporate culture and legacy
banking practices make transforming the bank challenging.
Therefore, further upward rating pressure on the bank is unlikely
in the near term.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, and
Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt published in November 2009. Please see the
Credit Policy page on www.moodys.com for a copy of these
methodologies.

BNI is headquartered in Jakarta and had assets of IDR260.6
trillion at June 2011. It is the fourth largest bank in the
country with an 8% share of system deposits.

The detailed ratings and actions are shown below and carry stable
outlooks:

GLC deposit of Baa3, foreign currency long-term deposit rating of
Ba2, foreign currency short-term deposit of Not Prime, the BFSR
was raised to D, which now maps to a stand-alone rating of Ba2,
from D- which mapped to Ba3.


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


CAFES 2: Fitch Affirms Rating on JPY0.16 Billion Notes at 'BBsf'
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on Cafes 2's classes C to
E trust beneficiary interests (TBIs) due August 2013 and removed
the Rating Watch Evolving (RWE) from the class E TBIs.  The
transaction is a Japanese multi-borrower type CMBS
securitisation.  The rating actions are as follows:

  -- JPY0.39bn* Class C TBIs affirmed at 'Asf'; Outlook Stable
  -- JPY0.96bn* Class D TBIs affirmed at 'BBBsf'; Outlook Stable
  -- JPY0.16bn* Class E TBIs affirmed at 'BBsf'; off RWE; Outlook
     Stable

*as of Oct. 26, 2011

The affirmation and the removal of RWE reflect Fitch's
expectation that, as a result of negotiations between the
transaction parties, the class E TBIs will be fully redeemed.

The last remaining underlying loan defaulted in July 2011, but
both principal and default loan interest were fully collected by
end-August 2011.  The special servicing fee, relating to the
collection of the defaulted underlying loan principal, is
structured to be paid from the default loan interest and reserved
cash in the trustee account.  Based on the servicer report and
confirmation from the trustee, Fitch believes there is no
outstanding issue in terms of full redemption of all remaining
TBIs' principal at the next payment date in November 2011.

The TBIs were issued in October 2006 and the transaction was
initially a securitisation of nine loans backed by 29 properties.
All underlying loans have been repaid to date.


JLOC 38: Fitch Affirms Rating on JPY3.57 Billion Notes at 'Dsf'
---------------------------------------------------------------
Fitch Ratings has upgraded JLOC 38, LLC's class C notes due April
2016 and affirmed the rest.  The transaction is a Japanese multi-
borrower type CMBS securitisation.  The rating actions are as
follows:

  -- JPY0.46bn* Class A notes affirmed at 'AAAsf'; Outlook Stable

  -- JPY5.52bn* Class B notes affirmed at 'Asf'; Outlook Stable

  -- JPY5.2bn* Class C notes upgraded to 'BBBsf' from 'BB+sf';
     Outlook Stable

  -- JPY3.57bn* Class D notes affirmed at 'Dsf'; Recovery Rating
     'RR4'

*as of Oct. 26, 2011

The rating actions reflect the substantial principal repayment of
the notes on a sequential basis.  Since the last rating action in
November 2010, workout activity for defaulted underlying loans in
this transaction has progressed significantly and collected
proceeds have been applied to repay the note principal of the
class A notes.  Fitch expects that the class A notes will be
redeemed in full upon any one underlying loan's full repayment or
any one collateral property sale.

Fitch has revised its estimated cash flow on two properties,
taking into account their weak cash flow performance so far in
2011.  The agency also adopted higher capitalization rates for
all the properties, as the majority of the underlying loans are
either approaching their maturity or in default, in turn
negatively affecting the property valuations.  However, the
reduction of note principal has offset the negative impact of
higher cap rates by reducing the loan-to-value ratios, especially
on the class A and B notes.

Fitch expects limited impact on the transaction from the placing
of counterparty Morgan Stanley on Rating Watch Negative (for
further details, see 'Fitch Places Morgan Stanley's Ratings on
Rating Watch Negative' dated 13 October 2011), taking into
account the current low interest rate environment and remaining
time to expiry of the swap agreements currently in place.  Morgan
Stanley acts as credit support provider for the swap
counterparty.

At closing in September 2007, the notes were ultimately secured
by 34 loans collateralised by 105 properties. The transaction is
currently secured by 13 underlying loans backed by a total of 12
properties.


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


ALLIED NATIONWIDE: Repays Crown NZ$43 Million Since February
------------------------------------------------------------
BusinessDay reports that Allied Nationwide has repaid NZ$43
million to the government since February, receivers said Friday,
but gave no hint of how much of the NZ$68 million still
outstanding could be recovered.

Allied Nationwide collapsed in August last year and debenture
holders owed NZ$128 million were repaid by the government under
the deposit guarantee scheme.

Receivers Andrew Grenfell and Kerryn Downey of McGrath Nicol are
recovering money from Allied Nationwide's assets to repay the
government and in their latest report published Friday said the
total repaid was now NZ$60 million, BusinessDay relays.

The receivers said that of the NZ$68 million still owing, "we are
currently unable to determine to what extent the Crown will be
repaid," BusinessDay reports.

According to BusinessDay, the latest receivers' report gave
little information about Allied's remaining assets, but said a
process to sell two portfolios of performing loans drew no
satisfactory bids.

Other potential bidders were now doing due diligence on the loan
books, the receivers said.

McGrath Nicol said a portfolio of non-performing consumer loans
had been sold in April, and other non-performing loans were being
collected by staff.

Receivers' fees in the six months to August were NZ$509,000.

                       About Allied Nationwide

Allied Nationwide Finance Ltd. is a New Zealand-based finance and
investment company.  It is wholly owned subsidiary of NZX-listed
Allied Farmers Limited.

                          *     *     *

Allied Nationwide Finance Limited was placed into receivership on
Aug. 20, 2010.  The company's Trustee, New Zealand Guardian
Trust, appointed Kerryn Downey and Andrew Grenfell of
McGrathNicol as receivers to the Company.  McGrathNicol has been
acting as independent advisors to NZGT and prepared a report on
ANF which resulted in the alleged breach of its Trust Deed ratio,
as advised on Aug. 6, 2010.


SOUTH CANTERBURY: Still Owes Crown NZ$1.24 Billion
--------------------------------------------------
Matt Nippert at The National Business Review reports that the
total cost of the South Canterbury Finance to government is
becoming clearer as receivers confirm only NZ$520 million has
been repaid in the year following the NZ$1.755 billion Crown
bailout.

NBR relates that the second six-monthly report for South
Canterbury prepared by receivers McGrathNicol released Thursday
said NZ$345 million had been repaid to the government in the six
months to August 31.

According to NBR, the receivers report said the Crown were owed
NZ$1.58 billion after the collapse of the company in August 2010
led to the Crown Retail Deposits Scheme being activated.  An
additional $175 million was advanced by -- and repaid to the
Crown by receivers -- to settle prior claims against the company.
This puts the amount still owed to the Crown at NZ$1.24 billion,
NBR relays.

Receivers note a balance remains of NZ$103 million, mostly
represented by term investments held by the group, the report
relays.

NBR reports that during the most recent six-month period
receivers sold shareholdings in Helicopters NZ and Scales
Corporation, and the company's "good bank" to Tokyo-based
investment bank Nomura and Face Finance to GE Capital.

The sale prices of these assets were not disclosed but receivers
said the majority of $31.1 million in investment share
realizations related to Scales. Face Finance had a book value of
more than $100 million, while the "good bank" was valued at $123
million.

These sales leave only a 33.6% share in Dairy Holdings and the
"bad bank" - as well as toxic related-party loans to the
Southbury group - for receivers still to realize.

Offloading Dairy Holdings is unlikely to occur in the short term
as the sales process has been mired in court action after other
shareholders alleged receivers applied pressure to cancel
existing shareholder agreements.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the
provision of financial services.  The Company's principal
activities are borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advances funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


================
S R I  L A N K A
================


SANASA DEVELOPMENT: Fitch Affirms 'BB+(lka)' National LT Rating
---------------------------------------------------------------
Fitch Ratings Lanka has affirmed Sanasa Development Bank's
National Long-Term rating at 'BB+(lka)'.  The Outlook is Stable.
SDB's rating reflects its modest asset quality and a comfortable
equity buffer against future loan losses.  The rating also
factors in SDB's exposure to the micro-finance (MFI) niche and
the competitive pressures from larger banks moving into this
niche.

With an asset base of LKR19 billion, SDB is a small licensed
specialized bank (LSB).  In addition, SDB is not part of the
payments and settlements system and is of low systemic importance
in Fitch's opinion.  As such, state support cannot be relied
upon.

The rating could be upgraded if sustained improvement in SDB's
financial profile and asset quality occurs while accompanied by
high internal capital generation.  The rating would be downgraded
if lending practices significantly deviate from SDB's core
expertise in MFI lending, or if high dividend payouts seriously
weaken the bank's equity/assets ratio.

SDB's capital adequacy ratio (CAR) remained strong after a series
of capital augmentation programmes from 2006 to 2010.  The bank
plans to list by introduction, as mandated by the regulator, in
late 2011 or early 2012.  This will increase SDB's access to
capital markets.

SDB's loan book grew by 15% in H111 and in 2010, with housing
loans and MFI-type loans accounting for 48% and 40% of the loan
book respectively in H111 (2010: 45% and 44% respectively).  The
balance part of the loan book was on account of pawning (gold-
backed loans).  SDB's housing loans tend to be small ticket, of
shorter tenor and mainly for renovations.

SDB's current accounts-savings account (CASA) ratio was 27% which
was above licensed specialised bank (LSB) peers, but still
remained a constraint when competing with established licensed
commercial banks (LCBs) whose average CASA was 50%.  Many LCBs
are increasing their presence in the MFI sphere on account of
higher yields generated.

SDB has implemented a core-banking system used by AA(lka)-rated
LCBs.  These robust systems would enable SDB to attract
additional multilateral refinance lines where conditions for
credit lines often involve stringent due diligence of existing
credit processes and systems.  The cost escalation due to these
system implementations in the near term would increase
cost/average assets (2010 and H111 was 5.5%, while five-year
historical average prior to 2010 was 4.6%).  Fitch expects the
bank's cost/average assets to normalise in the medium term to the
historical average as the bank aims to fully utilise economies of
scale via its expanded network.

Gross NPLs/Loans reduced to 5.7% for 2010, from 6.4% for 2009.
However, SDB has faced some challenges with agricultural loans
and MFI loans due to cyclical NPLs, with the June figure rising
to 6.2%.  Management has in place a field officer MFI recovery
structure, which is expected to bring concerted recoveries and
target NPL ratios to a figure closer to that of end-2010.

Established in 1997 as an LSB and a main credit institution for
the Sanasa movement, SDB is primarily a micro-finance lender.


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


KUO HUA: Receivership Extended Until November 3 Next Year
---------------------------------------------------------
The Taipei Times reports that the Financial Supervisory
Commission said it would extend the government's receivership of
Kuo Hua Life Insurance Co. for another nine months, beginning on
Nov. 4.

The Taipei Times says the move marked the third time the
receivership has been extended, as the current one is due to
expire early next month and there remains no immediate solution
to the impasse over compensations and other issues that hinder
Taiwan Financial Holding Co's plan to acquire the insolvent life
insurer.

The financial regulator took control of the insolvent life
insurer on Aug. 4, 2009, and appointed the semi-official
Insurance Stabilization Fund its official receiver.

According to Taipei Times, the commission said the fund will be
the receiver until Aug. 3 next year under the latest extension.
Kuo Hua was the first local life insurer to be brought under
government receivership in 40 years.

Kuo Hua Insurance Co. Ltd. is a Taiwan-based life insurer.


                             *********

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
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Information contained herein is obtained from sources believed
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