TCRAP_Public/120213.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, February 13, 2012, Vol. 15, No. 31

                            Headlines


A U S T R A L I A

KELL & RIGBY: Still Looking for Solutions Following Closure
MOBIUS NCM-03: S&P Affirms 'CCC' Rating on Class E Notes
NATIONAL LEISURE: Receivers Put 20 Venues Up for Sale
RELIANCE RAIL: To Receive AUD175-Mil. NSW Government Bailout
RELIANCE RAIL: S&P Affirms 'CCC+' Rating on A$2.06-Bil. Debt


H O N G  K O N G

ASSOCIATION FOR PROMOTING: Members' Final Meeting Set for Mar. 20
AUSTIN HOLDINGS: Commences Wind-Up Proceedings
CHARTER GOLDEN: Creditors' Proofs of Debt Due March 10
CLARENDON MANAGEMENT: Wong and Arab Step Down as Liquidators
EAS INTERNATIONAL: Creditors' Proofs of Debt Due March 12

GROUP SUPER: Creditors' Proofs of Debt Due March 10
HAPPY RICH: Ying and Chan Step Down as Liquidators
MODERN BILLIARD: Sung Mi Yin Steps Down as Liquidator
PICCHIO PHARMA: Seng and Cheng Step Down as Liquidators
POLY TALENT: Creditors' Proofs of Debt Due March 10

RHYTHM PRECISION: Creditors' Proofs of Debt Due March 12
SEEYET INVESTMENT: Commences Wind-Up Proceedings
STAR INDUSTRIES: Commences Wind-Up Proceedings
SULINGTON LIMITED: Creditors' Proofs of Debt Due March 2
WATT & LO: Watt Hung Chow Steps Down as Liquidator


I N D I A

ABSOLUTE PROJECTS: CRISIL Assigns 'CRISIL BB' Long-Term Rating
AIR INDIA: Boosts Boeing 787 Delay Claim to US$1 Billion
CCS INFOTECH: CRISIL Cuts Rating on INR170MM Loan to 'CRISIL D'
EMRALD RESILIENT: CRISIL Puts 'BB-' Rating on INR121.3MM Loan
GENESIS POWERONICS: Delay in Loan Payment Cues CRISIL Junk Rating

KHR INFRASTRUCTURES: CRISIL Rates INR75MM Loan at 'CRISIL D'
MEW ELECTRICALS: CRISIL Reaffirms 'BB+' Cash Credit Rating
R J SQUARE: CRISIL Assigns 'CRISIL BB-' Rating to INR57.5MM Loan
SHREE ASHTAVINAYAK: Loan Payment Delays Cues CRISIL Junk Rating
SHREE HARI: CRISIL Assigns 'CRISIL B' Rating to INR5.6MM Loan

SHREE RAM: CRISIL Reaffirms 'CRISIL D' Long-Term Rating
SRI DEVI: CRISIL Reaffirms 'CRISIL BB' Long-Term Rating
S.S. IMPEX: CRISIL Assigns 'CRISIL B' Long-Term Rating


I N D O N E S I A

MERPATI NUSANTARA: Gets Capital Fund Injection from Government
PT INDOSAT: Moody's Keeps Ba1 Corp. Family Rating, Outlook Stable


J A P A N

ORIX-NRL TRUST 16: S&P Cuts Ratings on 2 Cert. Classes to 'CCC'
WARAKU CAPITAL: Moody's Lowers Class D Notes Rating to 'Ba2'


N E W  Z E A L A N D

AMI INSURANCE: Tower Grp. Admits "Too Conservative" in Failed Bid
FELTEX CARPETS: 800 Former Investors Join Class Action


S I N G A P O R E

HASHIMOTO STONE: Court Enters Wind-Up Order
INTEGRATED DESIGN: Creditors' Proofs of Debt Due March 8
LUCKY SPRING: Court Enters Wind-Up Order
VERTEX FAR: Court to Hear Wind-Up Petition on Feb. 17
WESTMINSTER UNICAMPUS: Court to Hear Wind-Up Petition on Feb. 24


                            - - - - -


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


KELL & RIGBY: Still Looking for Solutions Following Closure
-----------------------------------------------------------
BigPond reports that the CEO of Kell & Rigby said the building
company is still looking for a solution following its closure and
the loss of 500 jobs.

Two years after celebrating its 100th anniversary, the Sydney
building company was forced to close its doors on Feb. 8 with the
loss of 500 jobs, according to BigPond.

BigPond relates that many employees and contractors were left
unpaid after the closure of the company, which was involved in
some of the biggest projects in NSW, including the war memorial
in Sydney's Hyde Park and the renovation of Sydney Town Hall.

Subsidiary company Brisland also ceased trading, the report
notes.

According to the report, the CFMEU (Construction, Forestry,
Mining and Energy Union) said it was a 'bad day' for the
construction industry and called on the NSW government to
intervene.

But CEO James Kell, whose great-grandfather started the business
in 1910, said the company was still searching for a solution, the
report relays.  "The firm has been through two world wars and a
depression -- it's not over yet," Mr. Kell told Macquarie Radio.
"We're still talking about a way out of this, about a solution."

According to the report, the company had been negotiating a
refinancing solution for several months, but this fell through on
Feb. 8.

The company was expected to go into liquidation Friday, notes
BigPond.

The CFMEU's NSW secretary, Brian Parker, said a further 50 small
businesses were in danger of closing down as a result of
Thursday's closure, the report adds.

Kell & Rigby Holdings Pty Limited is a building company based in
Strathfield South, Australia.


MOBIUS NCM-03: S&P Affirms 'CCC' Rating on Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on four
classes of notes issued by Mobius NCM-03 Trust and Mobius NCM-04
Trust.  "At the same time, we affirmed the ratings on four
classes of notes and removed six from CreditWatch, where they
were placed on Sept. 4, 2011, following our update to the
Australian residential mortgage-backed securities (RMBS)
criteria. The notes are backed by a portfolio of subprime and
nonconforming residential loans originated by Mobius Financial
Services Pty. Ltd.," S&P said.

"The rating actions are based on further cash flow analysis we
conducted after the CreditWatch placements. We believe the credit
enhancement available and cash flow from the underlying loan
portfolios can withstand stress scenarios commensurate with the
ratings on each of the notes," S&P said.

The rated notes issued by the transactions have benefited from a
build up in the percentage of credit support provided since
close. Further, at the review date there were no charge offs
outstanding on the NCM-04 transaction and only a minimal amount
of charge offs outstanding on the NCM-03 transaction.

"Given a significant proportion of the portfolio has been repaid,
the remaining portfolio has become concentrated, with the largest
10 borrowers comprising 31% of the total pool balance for NCM-03
and 15% for NCM-04. The higher concentrations as well as weighted
funding costs and expenses as the portfolio amortizes heighten
the tail-end risk for the transaction, particularly for the
lower-ranking notes. Therefore, the lower ranking notes are
sensitive to a slow prepayment rate, and we have observed that
the prepayment rate for both the portfolios has slowed in recent
years," S&P said.

              Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

       http://standardandpoorsdisclosure-17g7.com

Rating Actions
Name                    Class    Rating To    Rating From
Mobius NCM-03 Trust     C        AAA (sf)     A (sf)
Mobius NCM-03 Trust     D        B+ (sf)      B+ (sf)/Watch Neg
Mobius NCM-03 Trust     E        CCC (sf)     CCC (sf)
Mobius NCM-04 Trust     C        AAA (sf)     A+ (sf)/Watch Pos
Mobius NCM-04 Trust     D        BBB- (sf)    BB+ (sf)/Watch Pos
Mobius NCM-04 Trust     M        BBB- (sf)    BB+ (sf)/Watch Pos
Mobius NCM-04 Trust     E        B- (sf)      B- (sf)/Watch Pos
Mobius NCM-04 Trust     F        CCC (sf)     CCC (sf)/Watch Pos


NATIONAL LEISURE: Receivers Put 20 Venues Up for Sale
-----------------------------------------------------
Clyde Mooney at TheShout reports that the listing of another
20 venues formerly run by the National Leisure & Gaming (NLG)
could mark the next strategic move by a set of New York investors
looking to profit from Australia's hospitality industry.

Receivers PPR Advisory told TheShout they were "working with
NLG's management team to better position the hotel portfolio for
future success."

After the purchase of National Leisure & Gaming's debt in June by
the investor group, Goldman Sachs, York Capital and Varde
Partners Inc, further credit extensions were blocked and the
troubled pub operator tipped into receivership in October.  But
analysts have put doubt on whether the timing of the sale of 20
venues at once is truly in the interests of shareholders.

"The subsequent listing of another 20 venues this week will
undoubtedly undermine the sale price of each asset," one source
told TheShout.

This will benefit the debt-holding investors looking to transform
debt into equity and gain a foothold in Australia's tight-knit
hotel community.

The New York hedge funds also acquired 39% of the senior debt of
NLG's landlord, Redcape Property Fund (RPF), which also teeters
on the brink of bankruptcy.

RPF restrictions requiring a two-thirds majority mean that the
hedge funds hold the balance of power and may yet be waiting
until the opportune moment to send it down the same path as its
tenant.  A flood of property sales could allow the right investor
to both own and operate some prime venues around the country.

                      About National Leisure

Based in Melbourne, Australia, National Leisure & Gaming
Limited (ASX:NLG) -- http://www.nationalleisure.com.au/-- is
engaged in the acquisition and operation of leisure and gaming
venues.  NLG operates in the hospitality and gaming industry in
Australia.  As of June 30, 2010, NLG operated 35 hotels.  NLG's
portfolios are located in New South Wales and Queensland.

Ian England and Guy Edwards of PricewaterhouseCoopers were
appointed as voluntary administrators of NLG and its related
entities on Oct. 6, 2011.

Following the appointment of the voluntary administrators, NLG's
secured creditors appointed Stephen Longley, Jack Bournelis, and
Marcus Ayres of PPB Advisory as receivers and managers.

NLG said these appointments reflects the company's inability to
be able to effect solution to address the long term structural
issues associated with onerous leases at certain venues.  The
decision to appoint voluntary administrators followed discussions
with the secured creditors of NLG, Goldman Sachs (Asia) Finance,
York Global Finance Holdings and Varde Investment Partners, who
elected not to extend the senior facilities, which were scheduled
to expire on Jan. 31, 2012.


RELIANCE RAIL: To Receive AUD175-Mil. NSW Government Bailout
------------------------------------------------------------
Australian Associated Press reports that the New South Wales
government has agreed to invest AUD175 million in 2018 in return
for 100% of the equity in Reliance Rail Pty Ltd, which is
delivering the AUD3.6 billion Waratah train project.

The troubled consortium consists of engineering firm Downer EDI,
Royal Bank of Scotland and interests managed by AMP Capital
Investors, AAP says.

The news agency relates that the investment by taxpayers is
conditional on the successful delivery of the 78 Waratah trains
and Reliance Rail's ability to refinance its existing debt.

According to the report, Downer chief executive Grant Fenn said
the agreement was a positive step for the Waratah train project.

"This agreement will provide Downer and its joint venture partner
Hitachi with greater certainty going forward as we manufacture
and maintain the Waratah trains," AAP quotes Mr. Fenn as saying
in a statement.

"The NSW government has shown its support for this important
project and the questions around Reliance Rail funding should now
subside.  The six trains in service are performing well and we
expect the seventh train will commence passenger services
shortly."

Mr. Fenn, as cited by AAP, said a full update on the Waratah
trains project would be provided when Downer reports its half-
year financial results on February 21.

                       About Reliance Rail

Reliance Rail Finance Pty Ltd is the funding vehicle for the
Reliance Rail Group.  The Group was the successful consortium
appointed by Railcorp in 2006 to deliver the NSW Rolling Stock
public private (PPP) project.  Reliance Rail is in the process of
manufacturing 78 eight-car "Waratah" trains for the Sydney
suburban rail network and has completed an associated maintenance
facility.  Reliance Rail will also maintain the trains and the
maintenance facility from completion until 2043.


RELIANCE RAIL: S&P Affirms 'CCC+' Rating on A$2.06-Bil. Debt
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' rating on
the A$2.06 billion senior-secured debt issued by Reliance Rail
Finance Pty Ltd. as well as the 'CCC-'  rating on Reliance's
AUD100 million junior-secured debt.  These rating actions follow
announcement by the New South Wales Government (AAA/Stable/A-1+)
of an agreement on the restructuring of Reliance's financing.
The outlook on the ratings remains developing.

"We think the restructure is a positive step for the Reliance
Rail project, resolving a number of issues and bringing the focus
back onto the trains," Standard & Poor's credit analyst Philip
Grundy said.  "However, while downside pressure on the ratings
may have reduced, the immediate risks around the drawdown of the
A$357 million bank debt, and the delivery and ongoing operational
reliability of the trains remain."

"Standard & Poor's believes that the acquisition of 100% of
Reliance Rail by the New South Wales government in 2018 under the
restructure would likely give lenders some additional comfort
around the long-term viability of the project, but it is still
six years away. In the meantime, the directors of Reliance Rail
are scheduled to issue the first drawdown notice under the bank
debt facility before Feb. 26, 2012, with monthly drawings
thereafter. However, it remains unclear to us whether the
directors will be in a position to draw down the debt, or whether
the banks will make the facility available," S&P said.

"Delivery and operational performance of the trains continue to
underpin project risk. We understand that the trains are
performing well and all parties from the government are satisfied
with the product to date. The developing outlook encompasses the
risk that the debt may not be drawn, leaving a funding gap in the
project. If the bank debt is drawn according to schedule, the
outlook on the ratings could return to stable.  Furthermore, if
the trains continue to be delivered and operate as required,
there may be scope for the rating to improve," S&P said.


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


ASSOCIATION FOR PROMOTING: Members' Final Meeting Set for Mar. 20
-----------------------------------------------------------------
Members of Association for Promoting the Study of China's
Contemporary History Limited will hold their final meeting on
March 20, 2012, at 10:00 a.m., at Room 1901-02, Hong Kong Trade
Centre, at 161-167 Des Voeux Road, Central, in Hong Kong.

At the meeting, Lai Ka Cheung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


AUSTIN HOLDINGS: Commences Wind-Up Proceedings
----------------------------------------------
Members of Austin Holdings Limited, on Jan. 27, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Yui Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East
         Kowloon


CHARTER GOLDEN: Creditors' Proofs of Debt Due March 10
------------------------------------------------------
Creditors of Charter Golden Design & Contracting Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by March 10, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Bldg.
         138 Gloucester Road
         Wanchai, Hong Kong


CLARENDON MANAGEMENT: Wong and Arab Step Down as Liquidators
------------------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of Clarendon Management Limited on Jan. 31, 2012.


EAS INTERNATIONAL: Creditors' Proofs of Debt Due March 12
---------------------------------------------------------
Creditors of EAS International Aircargo Co Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 12, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 3, 2012.

The company's liquidator is:

         Sung Mi Yin Mella
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


GROUP SUPER: Creditors' Proofs of Debt Due March 10
---------------------------------------------------
Creditors of Group Super Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 10, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Bldg.
         138 Gloucester Road
         Wanchai, Hong Kong


HAPPY RICH: Ying and Chan Step Down as Liquidators
--------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Happy Rich Investment Limited on Jan. 31, 2012.


MODERN BILLIARD: Sung Mi Yin Steps Down as Liquidator
-----------------------------------------------------
Sung Mi Yin stepped down as liquidator of Modern Billiard Club
Limited on Feb. 3, 2012.


PICCHIO PHARMA: Seng and Cheng Step Down as Liquidators
-------------------------------------------------------
Seng Sze Ka Mee Natalia and Cheng Pik Yuk stepped down as
liquidators of Picchio Pharma (Asia) Limited on Jan. 31, 2012.


POLY TALENT: Creditors' Proofs of Debt Due March 10
---------------------------------------------------
Creditors of Poly Talent Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 10, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 2, 2012.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Bldg.
         138 Gloucester Road
         Wanchai, Hong Kong


RHYTHM PRECISION: Creditors' Proofs of Debt Due March 12
--------------------------------------------------------
Creditors of Rhythm Precision (H.K.) Limited, which is in
voluntary liquidation, are required to file their proofs of debt
by March 12, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Luk Siu Lan
         Office B, 22nd Floor
         Guangdong Investment Tower
         148 Connaught Road
         Central, Hong Kong


SEEYET INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------
Members of Seeyet Investment Limited, on Jan. 31, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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


STAR INDUSTRIES: Commences Wind-Up Proceedings
----------------------------------------------
Members of Star Industries Limited, on Jan. 27, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Yui Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East
         Kowloon


SULINGTON LIMITED: Creditors' Proofs of Debt Due March 2
--------------------------------------------------------
Creditors of Sulington Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 2, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 31, 2012.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


WATT & LO: Watt Hung Chow Steps Down as Liquidator
--------------------------------------------------
Watt Hung Chow stepped down as liquidator of Watt & Lo (Nominees)
Limited on Jan. 26, 2012.


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I N D I A
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ABSOLUTE PROJECTS: CRISIL Assigns 'CRISIL BB' Long-Term Rating
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Absolute Projects (India) Ltd.

   Facilities                 Ratings
   ----------                 -------
   Long-Term Rating           CRISIL BB/Stable (Assigned)
   Short-Term Rating          CRISIL A4+ (Assigned)

   Total Bank Loan Facilities Rated:  INR250 Million

The ratings reflect APIL's moderate financial risk profile,
marked by a comfortable gearing and strong debt protection
metrics, albeit constrained by a small net worth; the ratings
also factor in the benefits that the company derives from its
promoters' extensive experience in the transmission tower
industry, its established relationships with its customers, and
its moderate order book leading to moderate revenue visibility.
These rating strengths are partially offset by APIL's small scale
of operations, exposure to intense competition in the
transmission tower industry, and large working capital
requirements.

Outlook: Stable

CRISIL believes that APIL will continue to benefit from its
promoter's extensive industry experience in the transmission
tower industry, and will maintain its moderate financial risk
profile on the back of moderate cash accruals, over the medium
term. The outlook may be revised to 'Positive' in case the
company scales up its operations, while it maintains healthy
profitability. Conversely, the outlook could be revised to
'Negative' in case APIL reports deterioration in its liquidity
because of larger-than-expected debt-funded working capital
requirements or lower-than-expected cash accruals.

                      About Absolute Projects

APIL is a public limited company. It was promoted by Mr. D V
Parmar and Mr. R S Ola in 1995 to provide turnkey solutions in
installation of power transmission towers, substations, and power
distribution systems. The company also undertakes sale of
transmission towers to other players. In 2010-11 (refers to
financial year, April 1 to March 31), Mr. Parmar's entire stake
in APIL was bought by Mr. R S Ola.

APIL reported a profit after tax (PAT) of INR 11.9 million on net
sales of INR 237.3 million for 2010-11, against a PAT of INR25.1
million on net sales of INR325.0 million for 2009-10.


AIR INDIA: Boosts Boeing 787 Delay Claim to US$1 Billion
--------------------------------------------------------
Bloomberg News reports that Air India Ltd. increased its demands
for compensation from Boeing Co. to about US$1 billion following
the planemaker's delays in delivering new 787 Dreamliners.

According to Bloomberg, an India civil-aviation ministry official
said the talks won't affect deliveries, and there's room to
negotiate until all 27 Dreamliners on order have been handed over
to the state-owned airline.

Bloomberg recalls that Air India said in August 2010 that it
would seek US$840 million from Boeing, whose new 787 hadn't yet
entered service at that point.  The carrier's order would be
valued at about $5.7 billion, before traditional discounts off
the plane's average list price of $211 million. The Dreamliner
was 3-1/2 years late when it began passenger service in November,
after seven delays related to new materials and manufacturing
processes used.

Boeing has said it's still in negotiations with customers over
the delays, which forced some airlines to revise route plans or
order other models to fill the delivery gap.

Air India's compensation demand includes US$145 million in the
form of liquidated damages as part of the sale agreement, the
India civil-aviation ministry official told Bloomberg.  The
airline will probably receive its first 787 this month, an Air
India official said Feb. 3.

                         About Air India

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                         *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09.  Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.


CCS INFOTECH: CRISIL Cuts Rating on INR170MM Loan to 'CRISIL D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
CCS Infotech Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.

   Facilities                           Ratings
   ----------                           -------
   INR170.0 Million Cash Credit         CRISIL D (Downgraded from
   (Enhanced from INR100.0 Million)     'CRISIL BB+/Stable')

   INR20.0 Million Term Loan            CRISIL D (Downgraded from
                                        'CRISIL BB+/Stable')

   INR60.0 Million Letter of Credit     CRISIL D (Downgraded from
                                        'CRISIL A4+')

   INR13.0 Million Bank Guarantee       CRISIL D (Downgraded from
                                        'CRISIL A4+')

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

CCS's below-average financial risk profile is constrained by its
small net worth, weak debt protection metrics and pressure on
margins because of intense competition in the IT hardware
industry, especially from large players. The company also has
working-capital-intensive operations. However, CCS has an
established position in the system integration and computer
hardware market, with a strong clientele.

For this rating exercise, CRISIL has combined the business and
financial risk profiles of CCS and CCS's wholly owned subsidiary,
CCS Infotech Singapore Pte Ltd.  This is because CCS Singapore is
managed by the promoters of CCS and both the companies have a
common line of business and fungible cash flows.

                        About CCS Infotech

CCS was established as a partnership firm in 1989 by Mr. H
Ratnakumar and Mr. M A Hasan Abdul Kadar. It was incorporated as
a public limited company in 1997. CCS assembles desktops,
servers, and notebooks, and provides system integration and
networking solutions. The company discontinued with its retail
operations in 2010-11 (refers to financial year, April 1 to March
31) because of intensifying market competition.

For 2010-11, CCS reported a profit after tax (PAT) of INR9.9
million on net sales of INR840 million, as against a loss of
INR3.6 million on net sales of INR786 million for 2009-10.


EMRALD RESILIENT: CRISIL Puts 'BB-' Rating on INR121.3MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Emrald Resilient Tyre Manufacturers Pvt
Ltd, part of the Emarld group.

   Facilities                        Ratings
   ----------                        -------
   INR121.3 Million Term Loan        CRISIL BB-/Stable (Assigned)

   INR73.7 Million Foreign Bill      CRISIL BB-/Stable (Assigned)
    Discounting

   INR37.5 Million Cash Credit       CRISIL BB-/Stable (Assigned)

   INR110 Million Export Packing     CRISIL BB-/Stable (Assigned)
    Credit

   INR12.5 Million Proposed Cash     CRISIL BB-/Stable (Assigned)
    Credit Limit

   INR130 Million Proposed Export    CRISIL BB-/Stable (Assigned)
    Packing Credit

   INR20 Million Standby Line of     CRISIL A4+ (Assigned)
    Credit

   INR45 Million Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect the Emrald group's established presence in
the industrial solid tyre segment and management's extensive
industry experience. These rating strengths are partially offset
by the group's below-average financial risk profile marked by
high gearing, and working-capital-intensive operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ERT, and its group companies, MosQ
Industrial Rubber Products Pvt Ltd and Emrald Rims Pvt Ltd.  The
entities are collectively referred to as the Emrald group. The
consolidated approach is because the three entities derive
business synergies from each other and have common ownership and
fungible cash flows.

Outlook: Stable

CRISIL believes that the Emrald group will benefit over the
medium term from its niche offering in the industrial solid tyre
segment and healthy growth in revenues. The outlook may be
revised to 'Positive' if the group reports higher-than-expected
cash accruals, supported by improvement in its working capital
management, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case a
decline in demand results in reduced offtake for the group's
industrial tyres, leading to lower-than-expected growth in its
revenues, there is significant volatility in raw material prices,
adversely affecting its margins, or if the group undertakes any
large debt-funded capital expenditure programme, resulting in
weakening its financial risk profile.

                          About the Group

Established in 2002 by Mr. V Thirupathi, the Emrald group
consists of three companies: ERT, MosQ and ERPL. ERT was
incorporated in 2002 and manufactures industrial solid and
pneumatic tyres and butyl tubes for industrial applications. MosQ
was established in 2005 and is involved in formulation of rubber
compounds for ERT. ERPL was established in 2009 and manufactures
double-rim wheels used by ERT. The group derives close to 72% of
its revenues from exports and the rest from sales in the domestic
market.

The Emrald group reported a profit after tax (PAT) of INR9.7
million on net sales of INR580 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR8.2
million on net sales of INR398.6 million for 2009-10.


GENESIS POWERONICS: Delay in Loan Payment Cues CRISIL Junk Rating
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Genesis Poweronics India Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR59.9 Million Term Loan       CRISIL D (Assigned)
   INR40 Million Cash Credit       CRISIL D (Assigned)

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

GPIPL also has a below-average financial risk profile, marked by
high gearing, and weak debt protection metrics, and small scale
of operations in a highly fragmented diesel generator dealership
industry. These rating weaknesses are partially offset by GPIPL's
moderate business risk profile backed by the extensive industry
experience of its promoters.

                      About Genesis Poweronics

GPIPL was incorporated in 2002 by Mr. Venkata Chary and his wife
to sell diesel generator sets in Andhra Pradesh (AP). The
promoter had established a proprietorship firm, GS Power
Consultants, in 1997 which operated as an electrical contractor
for power projects in AP. GSPC ceased operations in 2002 when
GPIPL was incorporated.

GPIPL is currently the authorized original equipment assembler
and dealer for Ashok Leyland Ltd's (rated 'CRISIL AA-
/Stable/CRISIL A1+') engine-powered silent diesel generator sets
in the entire AP, Orissa, and Chhattisgarh. GPIPL sells about 16
models of diesel generator sets of capacities ranging from 10
kilo volt amperes (KVA) to 250 KVA. The company also manufactures
control panels and acoustic enclosures for the diesel generator
sets at its 10,000-square-feet plant in Hyderabad.  GPIPL also
commenced dealership of Doosan engine-powered generator sets in
2011-12 (refers to financial year, April 1 to March 31) with
capacities ranging from 275 KVA to 600 KVA.

GPIPL reported a profit after tax (PAT) of INR3 million on net
sales of INR150 million for 2009-10, as against a PAT of INR3
million on net sales of INR116 million for 2008-09.


KHR INFRASTRUCTURES: CRISIL Rates INR75MM Loan at 'CRISIL D'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the bank facilities
of KHR Infrastructures Pvt Ltd.

   Facilities                 Ratings
   ----------                 -------
   Long-Term Rating           CRISIL D (Assigned)

Total Bank Loan Facilities Rated:  INR75 Million

The ratings reflect instances of delay by KHR in servicing its
debt; the delays have been caused by the company's weak liquidity
on account of delays in receipts from its customer Monsanto India
Ltd.

KHR also has a small scale of operations and is vulnerable to
seasonal nature of its operations given it operates in
agriculture processing industry and expected weak financial risk
profile on account of low net worth and high gearing. These
rating weaknesses are partially offset by the extensive
experience of KHR's promoters in the seed processing industry.

                     About KHR Infrastructures

Set up in 2010, KHR is engaged in processing and conditioning of
corn seeds for MIL which manufactures and sells processed seeds.
KHR was promoted by Ms. K Karthika and her father, Mr. Karumanchi
Prasad, who hails from an agricultural family and has been
involved in agricultural operations since the past four decades.
KHR has started its commercial operations in April 2011.


MEW ELECTRICALS: CRISIL Reaffirms 'BB+' Cash Credit Rating
----------------------------------------------------------
CRISIL's ratings on the bank facilities of MEW Electricals Ltd
continue to reflect the benefits that MEW derives from its
promoters' experience in the manufacturing of copper bus bars and
rods and its reputed client base serviced through its established
distribution network.

   Facilities                      Ratings
   ----------                      -------
   INR180 Million Cash Credit      CRISIL BB+/Stable (Reaffirmed)
   INR36 Million Letter of Credit  CRISIL A4+ (Reaffirmed)
   INR12.2 Million Bank Guarantee  CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by MEW's average
financial risk profile, marked by aggressive capital structure
and moderate debt protection metrics, and exposure to intense
competition in the electrical components market.

Outlook: Stable

CRISIL believes that MEW will benefit over the medium term from
its established industry track record and its moderate revenue
growth. The outlook may be revised to 'Positive' if the company
significantly scales up its operations, while it maintains its
profitability, or its capital structure improves leading to
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if MEW reports further deterioration in its
operating margin, leading to weakening of its debt protection
metrics, or undertakes a larger-than-expected, debt-funded
capital expenditure (capex) programme leading to deterioration in
its capital structure.

Update

MEW's revenues for 2010-11 (refers to financial year, April 1 to
March 31) registered year-on-year growth of around 30% in 2010-
11, supported by a strong distribution network. In the current
year, the company has booked revenues of around INR1.8 billion
till December 31, 2011, and is expected to close the year with
sales of around INR2.2 billion.

However, MEW's operating margin for 2010-11 was lower at around
4% as against 5.7% in 2009-10. The company's operation are of low
value addition thus leading to low overall margins; the margins
are also susceptible to the type of power outlet accessories
traded by the company, with margins being lower for some
products. Though the prices of copper remain highly volatile, MEW
follows strict back-to-back procurement and thus it remains
insulated to sharp movement in copper prices. MEW is expected to
maintain a margin of about 5% over the medium term.

MEW undertook a capex programme of around INR50 million in 2010-
11 to set up new machinery which would help it to provide
different kinds of copper bus bars. The company has also started
trading in switches but the share of switches in the total sales
is expected to remain low over the medium term.

MEW's working capital intensity is moderate with comfortable
debtors of around 40 days, and inventory of around 30 days which
are largely finished goods which are yet to be dispatched. CRISIL
believes that the company's working capital will remain at
similar levels over the medium term with no major change in
business dynamics. MEW's gearing remains high and was at 4.58
times as on March 31, 2011. The gearing is expected to remain
high over the medium term with dependence on short-term borrowing
for working capital requirement which is expected to remain large
with the increased scale of operations. MEW's liquidity is
expected to remain adequate with accruals sufficient for
repayment and expected support from promoters in the form of
unsecured loans in the event of any business exigency.

MEW reported a profit after tax (PAT) of around INR21.1 million
on net sales of about INR1.9 billion for 2010-11, against a PAT
of INR36.5 million on net sales of INR1.5 billion for 2009-10.

                      About MEW Electricals

Set up in 1989, MEW (formerly, Mahesh Enamelled Wires Pvt Ltd)
was reconstituted as a closely held public limited company in
2010. It manufactures enamelled copper winding wire, copper bus
bars, and rods. While around 70% of the company's revenues are
contributed by sale of copper bus bars and rods under the brand
name RR Copper, around 20% is generated from the sales of
enamelled copper winding wire. MEW also trades in various power
outlet accessories under the brand name RR Eubiq, which
contributes around 10% of the company's operating income.


R J SQUARE: CRISIL Assigns 'CRISIL BB-' Rating to INR57.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of R J Square Link Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR57.5 Million Term Loan        CRISIL BB-/Stable (Assigned)
   INR160 Million Cash Credit       CRISIL BB-/Stable (Assigned)

The rating reflects the extensive industry experience of RJSPL's
promoters, established market position in yarn trading, and
robust risk management policies. These rating strengths are
partially offset by RJSPL's average financial risk profile,
marked by weak interest coverage ratio, high total outside
liabilities to tangible net worth ratio, and small net worth, and
susceptibility to geographical concentration risk.

Outlook: Stable

CRISIL believes that RJSPL will benefit over the medium term from
its promoters' extensive industry experience and established
relationships with suppliers. The outlook may be revised to
'Positive' if RJSPL significantly improves its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
RJSPL's debt protection metrics deteriorate due to lower-than-
expected growth in revenues and earnings or if the working
capital requirements increase significantly, thereby putting
pressure on the company's liquidity and financial risk profile.

                       About R J Square

RJSPL was incorporated in 2010 and commenced commercial
operations from October 1, 2010. The company primarily trades in
polyester yarn and is an authorised agent for Reliance Industries
Ltd (RIL; rated 'CRISIL AAA/Stable/CRISIL A1+'), Garden Silk
Mills Ltd (Garden), and Aalok Industries Ltd. In addition, RJSPL
also procures yarn from local manufacturers and sells it to
various fabric manufacturers in and around Surat (Gujarat).
Purchases from local manufacturers constitute about 60% of the
company's sales, whereas the balance comes from trading in yarn
of companies, such as RIL and Garden. In addition, the company
has also installed a 1.5-megawatt windmill in Suzlon Wind Park
located in Bhagot (Gujarat).

RJSPL is jointly promoted by CTPL and Raj International Ltd
(rated 'CRISIL B+/Negative/CRISIL A4'). The promoters of both the
companies have been in the textile business since the past two
decades and set up RJSPL to cater to the yarn requirements in the
local market.

RJSPL reported a profit after tax (PAT) of INR2.9 million on net
sales of INR1,541.3 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR2.9 million on
net sales of INR630.4 million for 2009-10.


SHREE ASHTAVINAYAK: Loan Payment Delays Cues CRISIL Junk Rating
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shree
Ashtavinayak Cine Vision Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.


   Facilities                     Ratings
   ----------                     -------
   Long-Term Rating               CRISIL D (Downgraded from
                                  'CRISIL BB+/Stable')

   Short-Term Rating              CRISIL D (Downgraded from
                                  'CRISIL A4+')

Total Bank Loan Facilities Rated: INR315 Million

The downgrade reflects instances of delay by SACVL in servicing
its term loan. The delays have been caused by weak liquidity.
Along with regular instances of delay in the past, interest
obligations of INR3.5 million due on Jan. 1, 2012 remained unpaid
as on Jan. 17, 2012. SACVL's liquidity weakened because of
release of only one movie (Rockstar) by the company in 2011
(refers to calendar year, January 1 to December 31). The
company's other projects have either been delayed or shelved,
because of which it had to even reschedule the debt it had
contracted for the projects.

SACVL remains susceptible to risks inherent in the motion picture
industry. However, the company mitigates the impact by its de-
risked model of movie production.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SACVL and its wholly owned subsidiary
in Dubai, Shree Ashtavinayak Cine Vision FZE (SACVFZE). Both the
entities are in the same line of business and have fungible cash
flows.

                     About Shree Ashtavinayak

SACVL, incorporated in 2001, is a film production house and also
undertakes distribution and exhibition of films. It is managed by
Mr. Dhilin Mehta, who acquired the company from its original
promoter, Mr. Amit Behl. SACVL has produced 13 films so far, and
distributed 32 films. The company raised funds through initial
public offering in December 2006 by issuing 3,728,000 equity
shares at INR160 per share. The proceeds of INR596.4 million were
utilised to fund film production. In December 2009, the company
raised INR3.25 billion through a global depository receipt issue.
The majority of the proceeds were given as advances to SACVFZE
for film production.

SACVL (consolidated with SACVFZE) reported, on provisional basis,
a net loss of INR271.43 million on net sales of INR1.24 billion
for 2010-11 (refers to financial year, October 1 to March 31);
the consolidated entity reported a profit after tax (PAT) of
INR550.27 million on net sales of INR3.82 billion for 2009-10
(refers to financial year, April 1 to September 30). For the
first six months of 2011-12, the consolidated entity reported, on
provisional basis, a PAT of INR332.1 million on net sales of
INR77.2 million.


SHREE HARI: CRISIL Assigns 'CRISIL B' Rating to INR5.6MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Shree Hari Om Foods.

   Facilities                        Ratings
   ----------                        -------
   INR5.6 Million Term Loan          CRISIL B/Stable (Assigned)
   INR80 Million Cash Credit         CRISIL B/Stable (Assigned)
   INR7.8 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect SHOF's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
small scale of operations with large working capital
requirements, and vulnerability to irregular monsoon. These
rating weaknesses are partially offset by the extensive
experience of SHOF's partners in the rice industry.

Outlook: Stable

CRISIL believes that SHOF will benefit over the medium term from
its partners' extensive industry experience. The outlook may be
revised to 'Positive' if the firm's liquidity improves, driven by
significant improvement in cash accruals due to significant
improvement in scale of operations, or significant improvement in
capital structure. Conversely, the outlook may be revised to
'Negative' if there is pressure on its profitability or higher-
than-expected increase in working capital requirements.

                         About Shree Hari

Set up in 2009 by its partners, Mr. Lalit Singla, Mr. Rakesh
Kumar, Mr. Kailash Singla, and Mr. Vijay Kumar, SHOF is engaged
in milling and processing of basmati rice; the firm sells the
same in the domestic and as export markets. SHOF's plant is
located in Nissing (Haryana), a large market for rice paddy. In
2010-11 (refers to financial year, April 1 to March 31), the firm
had a milling capacity of 4 tonnes per hour (tph) and sorting
capacity of 5 tph. SHOF is currently undertaking a capital
expenditure programme to enhance its milling capacity to 8 tph
and sorting capacity to 10 tph for a total outlay of about INR20
million, to be completed by 2012-13.

SHOF reported a profit after tax (PAT) of INR0.4 million on net
sales of INR176.3 million for 2010-11, as against a PAT of INR0.1
million on net sales of INR96.1 million for 2009-10.


SHREE RAM: CRISIL Reaffirms 'CRISIL D' Long-Term Rating
-------------------------------------------------------
CRISIL ratings on the bank facilities of Shree Ram Sponge and
Steels Pvt Ltd continue to reflect instances of delay by SSSPL in
servicing its term loan; the delays have been caused by SSSPL's
weak liquidity.

   Facilities                 Ratings
   ----------                 -------
   Long-Term Rating           CRISIL D (Reaffirmed)
   Short-Term Rating          CRISIL D (Reaffirmed)

Total Bank Loan Facilities Rated: INR148.9 Million

SSSPL has a weak financial risk profile, marked by a small net
worth and weak debt protection metrics, faces intense competition
in the fragmented steel long products industry, and is
susceptible to volatility in raw material prices and to adverse
changes in government regulations. These rating weaknesses are
partially offset by the advantage that SSSPL gets from the
extensive industry experience of its promoters.

                            About Shree Ram

Set up in 1998 by Mr. Umesh Kumar Sharma, SSSPL (formerly, Shree
Ram Dairy Farm) was into dairy farming until 2000. The company
closed its dairy operations in June 2000 and ventured into
manufacturing steel ingots. Its name was changed to the current
one in the same year. SSSPL has three induction furnaces, with a
total manufacturing capacity of 32,000 tonnes per annum (tpa) for
ingots. In April 2007, SSSPL forward integrated its operations by
setting up an automatic continuous rolling mill with a capacity
of 45,000 tpa. SSSPL's unit is located in Rourkela, Orissa.

SSSPL reported a profit after tax (PAT) of INR3.9 million on net
sales of INR788.4 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR6.6 million on net
sales of INR854.9 million for 2009-10.


SRI DEVI: CRISIL Reaffirms 'CRISIL BB' Long-Term Rating
-------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Devi Extractions
Pvt Ltd continue to reflect the extensive experience of SDEPL's
promoters in the edible oil business.

   Facilities                 Ratings
   ----------                 -------
   Long-Term Rating           CRISIL BB/Stable (Reaffirmed)
   Short-Term Rating          CRISIL A4+ (Reaffirmed)

Total Bank Loan Facilities Rated:
INR210.0 Million (Enhanced from INR140.0 Million)

This rating strength is partially offset by SDEPL's below-average
financial risk profile, marked by high total indebtedness (total
outside liabilities to tangible net worth ratio) and weak debt
protection metrics, geographical concentration, and exposure to
intense competition in the edible oils industry.

Outlook: Stable

CRISIL believes that SDEPL will continue to benefit over the
medium term from its promoters' extensive experience in the
edible oils industry. The outlook may be revised to 'Positive' if
the company reports significant improvement in its financial risk
profile, driven by improvement in its total indebtedness and
sustained increase in its cash accruals. Conversely, the outlook
may be revised to 'Negative' if SDEPL undertakes a large, debt-
funded capital expenditure (capex) programme, or if its margins
and revenues decline, leading to weakening in its financial risk
profile.

Update

SDEPL's business risk profile has improved with year-on-year
revenue growth of 47% at INR768 million in 2010-11 (refers to
financial year, April 1 to March 31). Also, the company's
operating margin of 1.6% in 2010-11 was slightly better than that
in 2009-10. The increase in sales was driven by increased
penetration into the existing markets supported by enhanced
working capital borrowings from the bank.

SDEPL's financial risk profile continues to be below average. The
company's working capital borrowings have increased by INR70
million to INR240 million (higher than expected), leading to
deterioration in SDEPL's capital structure to 1.7 times in
2010-11, against expectation of about 1 time; also, the company's
total indebtedness has deteriorated to over 3 times during 2011-
12 from CRISIL's expectations of about 2.5 times. The total
indebtedness is expected to be at similar levels over the medium
term to support SDEPL's increasing scale of operations which
requires incremental working capital, though the company does not
have any capex plans.

Furthermore, SDEPL's liquidity remains under pressure, as the
company's working capital facilities were highly utilised at over
90%. SDEPL's cash accruals were modest at about INR4 million per
annum. The company's debt protection metrics remain weak, because
of larger-than-expected debt and working capital facilities
availed in 2010-11; its interest coverage and net cash accruals
to total debt ratios were at 1.8 times and 0.03 times,
respectively, in 2010-11. CRISIL believes that SDEPL's financial
risk profile will remain below average, because of the company's
high total indebtedness and weak debt protection metrics, over
the medium term.

For 2010-11, SDEPL reported a profit after tax (PAT) of
INR3.6 million on net sales of INR767.9 million, against a PAT of
INR2.6 million on net sales of INR522.8 million for 2009-10

                          About Sri Devi

Set up in 1987, SDEPL trades in crude and refined palm oil and
other edible oils. The company was promoted by Mr. V Dhandayutha
Pani and his family, and is based in Namakkal (Tamil Nadu). The
promoters also operate other companies which are in the same line
of business; these include Sri Devi Oil Pvt Ltd (Sri Devi; rated
'CRISIL BB/Stable/CRISIL A4+'), Prithiyangara Imports Pvt Ltd,
and Prithiyangara Imports (Namakkal) Pvt Ltd (rated 'CRISIL BB-
/Stable/CRISIL A4+'). Sri Devi refines and processes edible oil,
while the other companies trade in edible oils.


S.S. IMPEX: CRISIL Assigns 'CRISIL B' Long-Term Rating
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of S.S. Impex.

   Facilities                 Ratings
   ----------                 -------
   Long-Term Rating           CRISIL B/Stable (Assigned)
   Short-Term Rating          CRISIL A4 (Assigned)

Total Bank Loan Facilities Rated: INR50 Million

The ratings reflect SSI's susceptibility to intense competition
and to volatility in foreign exchange (forex) rates, exposure to
risks inherent in the seafood industry, and a deteriorating
capital structure because of a large debt-funded capital
expenditure (capex) programme. These rating weaknesses are
partially offset by the benefits that SSI derives from its
promoters' extensive business experience and the firm's
satisfactory interest coverage ratio.

Outlook: Stable

CRISIL believes that SSI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SSI significantly scales
up its operations and improves its operating margin, while
prudently managing its working capital cycle, or if the firm
improves its capital structure, most likely through capital
infusion. Conversely, the outlook may be revised to 'Negative' if
any additional capex hampers the financial risk profile
significantly or there are changes in government regulation which
negatively impact the operations or the margins decline
significantly on the back of forex fluctuations.

                         About S.S. Impex

Set up in 2003, SSI processes and exports different types of dry
fish, frozen fish, and fresh fish that includes ribbon fish,
croaker, tiger tooth croaker, big mouth croaker, Indian mackerel,
and horse mackerel. The firm is in Veraval (Gujarat) and the
operations are mainly handled by Mr. Abdulla Mohammed Hanif with
active supervision of his father Mr. Mohammed Hanif A Sattar.

SSI reported a net profit of INR0.4 million on total operating
income of INR161.8 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a net profit of INR0.4 million
on total operating income of INR140.8 million for 2009-10.


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


MERPATI NUSANTARA: Gets Capital Fund Injection from Government
--------------------------------------------------------------
ANTARA News reports that the management of state-owned Merpati
Nusantara Airlines is optimistic that the company's business
performance will improve after having received state capital
participation funds.

"The disbursement of the PMN funds will be used as bridging funds
during the company's overall improvement process and will inject
a new spirit into the management for a full renewal of Merpati,"
the news agency quotes MNA's President Director Sardjono Jhony
Tjitrokusumo as saying.

Sardjono added that the government's capital participation funds
would enable the management to optimistically improve its
performance, revitalizing and increasing the size of its fleet
and overseeing improvements in management, ANTARA reports.

According to the report, Sardjono said MNA's management had put
in place a defense strategy to assure the firm survived while
waiting for the disbursement of the PMN funds.

He said, however, that the funds were late in being disbursed, as
the company waited for almost nine months for the funding.

"Not many actions were being taken to improve the firm's
performance before the disbursement of the funds on December 30,
2011. But Merpati proved it was able to survive in running its
business operations, while optimizing its revenues and reducing
its operational costs as well as possible," he said.

Besides that, Merpati was also able to negotiate with lessors and
its vendors until the PMN funds worth RP561 billion were
disbursed by the government.

He said that the delay in the disbursement of the funds for about
nine months resulted in the company borrowing Rp250 billion.

                      About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing Jakarta Globe,
reported on May 19, 2011, State Enterprises Minister Mustafa
Abubakar said the financial restructuring of Merpati Nusantara
Airlines will carry on despite a recent crash that led to
questions about the safety of its fleet.

Jakarta Globe said Merpati was under the care of the state-asset
management company Perusahaan Pengelola Aset, which has injected
hundreds of billions of rupiah to bring it back to profitability.
But after the crash of a Merpati MA-60 that killed 25 people on
May 7, 2011, pressure is building to let the airline go under.


PT INDOSAT: Moody's Keeps Ba1 Corp. Family Rating, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the corporate family
ratings and senior unsecured ratings for PT Indosat Tbk at Ba1
with a stable outlook.

Ratings Rationale

The affirmation follows the announcement that Indosat has agreed
to sell 2,500 of its communications towers to PT Tower Bersama
Infrastructure Tbk for a total upfront consideration of US$406
million including a 5% equity stake in TBI.

"While the cash inflow of approximately US$350 million is credit
positive and should help to alleviate near term liquidity needs,
the sale itself will be leverage neutral given Moody's operating
lease adjustments to debt which will negate any cash flow
benefit," says Laura Acres, a Moody's analyst.

Indosat's 5% stake in TBI will be in the form of newly issued
shares with an expected day one value of some US$60-65 million;
these may provide Indosat with some long term capital
appreciation benefit given the overall growth dynamics of the
Indonesian telecommunications tower industry. In addition,
Indosat may benefit from an earn out provision over the life of
the 10 year lease period of up to US$113 million depending on
certain targets to be reached by TBI. These potential benefits
are still substantially uncertain and will not be reflected in
the rating or financial metrics until such time as they are
realized.

While the sale agreement has been signed, closure remain
conditional on TBI shareholder approval as well as the approval
of Indosat's creditors given the assets to be sold comprise
approximately 25% of the total tower base.

Indosat's rating combines an assessment of its fundamental
strength -- which at Ba2 reflects its established network and
market position as Indonesia's second largest cellular operator
in terms of revenue and subscribers -- expectations of moderate
growth in the cellular market, and its improving financial
profile.

However, various credit challenges persist. Specifically,
Indosat's margins are expected to remain under pressure owing to
the intensely competitive environment in Indonesia; however the
reduced need for major scale expansionary capex should ensure
that the overall financial and operating profile should remain
consistent with the rating.

The final rating of Ba1 incorporates a one-notch uplift from the
credit support that Moody's believes its parent, Qatar Telecom,
is likely to provide in a distress situation. Indosat is majority
owned by Qtel and is its largest non-domestic business. Further
supporting Moody's view is the inclusion of cross-default
provisions between QTel's debt and Indosat's debt. Therefore,
Moody's considers it a strategic investment for QTel.

The stable outlook incorporates Moody's expectation that the
company will maintain adjusted debt/EBITDA at 2.5-3.0x over the
near term. Although leverage is higher when compared to Indosat's
historical conservative financial profile, it remains appropriate
for the current rating level.

Further upward rating pressure is limited, given the degree of
competition in the Indonesian cellular market. Moody's is also
cognizant of emerging market risks which need to be incorporated
into the rating.

Downward pressure on the rating could result from a deterioration
in Indosat's standalone credit assessment, such that (FFO +
interest expense)/interest expense drops below 3.5x and
Debt/EBITDA increases above 3.0x on a consistent basis.

In addition, the one-notch uplift derived from the support from
QTel could be removed if QTel's shareholding in Indosat falls
below 50%, or if QTel indicates that it is no longer a core asset
for the group.

The principal methodology used in rating Indosat was the Global
Telecommunications Industry Methodology published in December
2010.

Indosat is a fully integrated telecommunications network and
services provider in Indonesia. The company is the second-largest
cellular operator in the country, as well as its leading provider
of international call services. It also provides multi-media,
data communications, and internet services. Indosat is 65%-owned
by QTel.


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


ORIX-NRL TRUST 16: S&P Cuts Ratings on 2 Cert. Classes to 'CCC'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on classes
E to G and affirmed its ratings on classes C, D, and X issued
under the ORIX-NRL Trust 16 transaction. The class A and B trust
certificates were redeemed in March and June 2010.

"The trust certificates issued under this transaction were
initially secured by two loans and one specified bond, and
currently a single loan secured by four office buildings in Tokyo
remains. The loan, which defaulted in March 2009, originally
represented about 21% of the initial issue amount of the trust
certificates. We lowered our recovery prospects for the
underlying properties to 68% of the initial underwriting value in
April 2010. Given the current status of the sales of the
underlying properties, as well as their rent levels and occupancy
rates, it is our view that the recovery prospects are now under
stronger stress," S&P said.

"The downgrades of classes E to G reflect that we have lowered
our recovery prospects for the properties in question further, to
about 57% of their initial underwriting value. We base our
affirmations of the ratings on classes C and D on the
transaction's improving credit enhancement levels, which
reflect progress in the repayment of principal on the senior
classes through a sequential payment scheme," S&P said.

ORIX-NRL Trust 16 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
initially secured by two loans and one specified bond ("tokutei
shasai") extended to three obligors. The two loans and one
specified bond were, in turn, originally backed by 22 real
estate certificates and real estate properties. The transaction
was arranged by ORIX Corp., and ORIX Asset Management & Loan
Services Corp. is the transaction's servicer.

"The ratings reflect our opinion on the likelihood of the
ultimate repayment of principal and the full payment of interest
by the legal final maturity date in September 2013 for the class
C to G trust certificates, and the timely payment of available
interest for the interest-only class X certificates," S&P said.

              Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

       http://standardandpoorsdisclosure-17g7.com

Ratings Lowered
ORIX-NRL Trust 16*
JPY19.0 billion trust certificates due September 2013
Class     To           From          Initial issue amount
E         B+ (sf)      BB (sf)       JPY0.6 bil.
F         CCC (sf)     B- (sf)       JPY0.6 bil.
G         CCC (sf)     CCC+ (sf)     JPY0.3 bil.

Ratings Affirmed
ORIX-NRL Trust 16*
Class       Rating         Initial issue amount
C           AAA (sf)       JPY1.9 bil.
D           A- (sf)        JPY1.7 bil.
X**          AAA (sf)       JPY19.0 bil. (initial notional
principal)

*Classes A and B have already been redeemed.
**Interest only


WARAKU CAPITAL: Moody's Lowers Class D Notes Rating to 'Ba2'
------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class A2
through D Notes issued by issued by Waraku Capital Co. Ltd.

Class A2/A3, downgraded to Aa1 (sf); previously on November 22,
2011, Aaa (sf) placed under review for possible downgrade

Class B, downgraded to A1 (sf); previously on November 22, 2011,
Aa2 (sf) placed under review for possible downgrade

Class C, downgraded to Baa2 (sf); previously on November 22,
2011, A2 (sf) placed under review for possible downgrade

Class D, downgraded to Ba2 (sf); previously on November 22,
2011, Baa2 (sf) placed under review for possible downgrade

Deal Name: Waraku Capital Co. Ltd.

Class: Class A2 through D Notes

Issue Amount (initial): JPY47.1 billion

Dividend: Floating/Fix

Issue Date (initial): 29 February 2008

Final Maturity Date: February 2015

Underlying Asset (initial): A beneficiary interest of commercial
real estate ultimately backed by an office building in central
Tokyo

Waraku Capital is a single-asset/single-borrower CMBS deal,
effected in February 2008. The transaction is backed by a large
office building in central Tokyo.

The Issuer purchased the underlying asset financed by the first
Notes. For this transaction, it issued the Classes A1 through D
second Notes to refinance the first Notes, and which it then sold
through the Arranger to investors.

The second Notes issued by Waraku Capital are rated by Moody's.

Interest payments on the rated Notes depend on the cash flow from
the underlying asset.

Ratings Rationale

The current rating action reflects the following factors:

Moody's considers that the real estate finance market and other
real estate markets in Japan will remain depressed.

Current actual rentals for the underlying property have fallen
below Moody's initial assumptions in February, 2008, while
occupancy rates remain high.

Thus, Moody's re-assessed the property's stabilized cash flows
and value in light of the rental conditions in the sub-markets
around the property.

It also considered the performance of the underlying property in
terms of actual rentals.

As a result, Moody's has decided to apply higher stress on the
stabilized value, reducing it by about 21% from the initial
estimate.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)" published on September 30, 2010, and available on
www.moodys.co.jp.

Moody's did not receive or take into account any third party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


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


AMI INSURANCE: Tower Grp. Admits "Too Conservative" in Failed Bid
-----------------------------------------------------------------
William Mace at Fairfax NZ News reports that Tower Group chairman
Bill Falconer admits the company's board was "too conservative"
in its bid to buy AMI Insurance last year, despite raising
NZ$80 million in fresh capital from shareholders in 2009.

According to the report, the board is still considering whether
to return that money to shareholders after an earlier acquisition
of Fidelity Life was abandoned and the bid to buy AMI after the
Christchurch earthquakes was unsuccessful.

Fairfax NZ relates that Mr. Falconer, who took over from
Tony Gibbs last August, said the board had let the AMI
opportunity slip between its fingers because its bid was small
and conditional on shareholder approval.

"The funding of the acquisition was a major task before the board
-- an acquisition of AMI would have doubled the size of Tower, so
there was significant capital-raising required," Mr. Falconer
told shareholders at annual meeting in Auckland.

"We did have a deal to go forward. Our price was too low as it
turned out.  What went wrong in hindsight was that, I look at my
colleagues and myself, and maybe we were too conservative," the
report quotes Mr. Falconer as saying.

Fairfax NZ relates that Milford Asset Management director
Brian Gaynor, who was at the meeting representing his investors,
told Mr. Falconer that he believed shareholders would have been
willing to back the purchase further.

He also believed Tower's New Zealand ownership would have given
it an advantage over other bidders in the eyes of the government
seller, the report relays.

AMI eventually went to Australian insurance giant IAG for
NZ$380 million, in a sale which excluded NZ$2 billion worth of
Christchurch quake insurance claims, which were taken on by the
Government.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2011, AMI Insurance said it has accepted a conditional
offer from IAG to purchase 100% of a reconfigured AMI company
with a separate Government-owned company being established to
steadily resolve all AMI earthquake claims existing at the time
of purchase.  IAG said in a separate statement that it had
entered into an agreement to purchase the AMI Insurance business
for NZ$380 million.

The TCR-AP, citing The New Zealand Herald, reported on April 8,
2011, that the government had announced a support package for AMI
Insurance that Finance Minister Bill English acknowledges could
top NZ$1 billion and leave the Crown liable for up to NZ$200
million a year in ongoing claims.  Interest.co.nz said the
government stepped in to guarantee AMI policy holders if the
insurance company had exhausted its own reserves due to the
financial hit caused by the two Christchurch earthquakes on
Sept. 4, 2010, and Feb. 22, 2011. AMI subsequently reported a
NZ$705 million annual loss and breached its Crown Support Deed
arrangement through a NZ$76 million shortfall to its NZ$198.6
million regulatory capital requirement, according to
Interest.co.nz.

                        About AMI Insurance

AMI Insurance -- http://www.ami.co.nz/-- is the largest wholly
New Zealand owned fire and general and personal lines insurance
company.  The company has 73 branches, two contact centres and 21
agencies throughout New Zealand, nearly 1,000 staff, and around
500,000 New Zealand customers holding 1.2 million policies.


FELTEX CARPETS: 800 Former Investors Join Class Action
------------------------------------------------------
Fairfax NZ News reports that another 800 former Feltex Carpet
investors have joined the legal battle being waged by more than
1,700 others against the former directors, sellers and promoters
of the failed carpet maker.

The former shareholders claim the prospectus accompanying the
Feltex share offer of just over NZ$250 million in shares in 2004
was misleading and contained untrue statements, Fairfax NZ says.

Feltex collapsed in late 2006 and shareholders lost their entire
investment.

According to the news agency, the plaintiff's counsel,
Christchurch QC Austin Forbes, said the additional claimants
meant the NZ$145 million previously being claimed in the class
action would increase "substantially."  The amount lost in each
shareholder's case, plus interest, would be calculated and that
would be added to the total claim, the report notes.

Fairfax NZ relates that Mr. Forbes said it was probably the
knowledge that they would not be liable for costs in respect of
either bringing the claim or, if the claim were to fail, any
costs that would be payable to the defendants, that had prompted
the 800 additional shareholders to come forward and join the
action.

"So they really have nothing to lose by joining . . .  It means
more people are seeking to recover and it's something we
encourage them to do because the opportunity is there," the
report quotes Mr. Forbes as saying.

Fairfax says the total number of claimants now number more than
2,500.

                        About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
included a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


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


HASHIMOTO STONE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Feb. 3, 2012, to
wind up the operations of Hashimoto Stone (S) Pte Ltd.

Sankyu (Singapore) Pte Ltd filed the petition against the
company.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         care of BDO LLP
         21 Merchant Road #05-01
         Royal Merukh S.E.A. Building
         Singapore 058267


INTEGRATED DESIGN: Creditors' Proofs of Debt Due March 8
--------------------------------------------------------
Creditors of Integrated Design Build (Singapore) Pte Ltd, which
is in voluntary liquidation, are required to file their proofs of
debt by March 8, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

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


LUCKY SPRING: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Jan. 13, 2012, to
wind up the operations of Lucky Spring Pte Ltd.

Allen Yeow filed the petition against the company.

The company's liquidator is:

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


VERTEX FAR: Court to Hear Wind-Up Petition on Feb. 17
-----------------------------------------------------
A petition to wind up the operations of Vertex Far East Pte Ltd
will be heard before the High Court of Singapore on Feb. 17,
2012, at 10:00 a.m.

Urban Redevelopment Authority filed the petition against the
company on Jan. 20, 2012.

The Petitioner's solicitor is:

          Messrs. Damodara Hazra LLP
          146 Robinson Road #07-02
          Singapore 068909


WESTMINSTER UNICAMPUS: Court to Hear Wind-Up Petition on Feb. 24
----------------------------------------------------------------
A petition to wind up the operations of Westminster Unicampus Pte
Ltd will be heard before the High Court of Singapore on Feb. 24,
2012, at 10:00 a.m.

Attorney-General filed the petition against the company on
Jan. 27, 2012.


                             *********

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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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
Peter Chapman at 240/629-3300.





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