TCRAP_Public/120328.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, March 28, 2012, Vol. 15, No. 63

                            Headlines


A U S T R A L I A

MELBOURNE RADIO: Placed In Administration; MTR Station Shuts Down
MINUET: Place Into Liquidation Over Tax Debts


C H I N A

CITIC RESOURCES: Moody's Says 2011 Results No Impact on Ba3 CFR
FUFENG GROUP: Fitch Affirms Rating on Sr. Unsecured Debt at 'BB'
LONGFOR PROPERTIES: Moody's Says 2011 Results No Rating Impact


H O N G  K O N G

CHEWA METAL: Chiu Wai Hon Appointed as Liquidator
CHO & PARTNERS: Court to Hear Wind-Up Petition on May 2
CHUNG WO: Creditors' Proofs of Debt Due April 10
EXCEL DENTAL: Creditors' Proofs of Debt Due April 10
FTE LOGISTICS: Creditors' Proofs of Debt Due April 6

PERFORMANCE INVESTMENT: Chung Steps Down as Liquidator
PETS CENTRAL: Court to Hear Wind-Up Petition on May 23
PICOTECH ELECTRONIC: Court to Hear Wind-Up Petition on May 16
PRECIOUS SWINE: Court to Hear Wind-Up Petition on April 25
PROSPER GLORIES: Creditors to Get 3.3% Recovery on Claims

RONNY INDUSTRIES: First Meetings Slated for April 3
SINO DYNASTY: Court to Hear Wind-Up Petition on May 16
STARBAY INTERNATIONAL: Creditors Get 2.40% Recovery on Claims
TOP ZONE: Court to Hear Wind-Up Petition on May 16
WW COURIER: Court to Hear Wind-Up Petition on April 25


I N D I A

AHMEDABAD STRIPS: ICRA Reaffirms 'BB+' Rating on INR21cr Loan
CHOWDARY SPINNER: Fitch Assigns Nat'l Long-Term Rating at 'B+'
ELSON PACKAGING: ICRA Assigns 'BB-' Rating to INR8.82cr Loan
GSP INTERNATIONAL: ICRA Puts '[ICRA]B-' Rating on INR20cr Loan
GUJARAT CHEMICAL: ICRA Assigns '[ICRA]BB' Rating to INR352cr Loan

JAANN OFFSET: ICRA Assigns '[ICRA]D' Rating to INR7.6cr Loan
KAMINENI HEALTH: ICRA Assigns '[ICRA]BB' Rating to INR25cr Loan
KINGFISHER AIRLINES: ICICI Seeks More Collateral as Shares Drop
KINGFISHER AIRLINES: Owes Over INR5,600cr to Public Sector Banks
KINGFISHER AIRLINES: May Lay Off Up to 3,500 Workers

MEGHDOOT GINNING: ICRA Assigns '[ICRA]B+' rating to INR30cr Loan
NTL STEELS: ICRA Assigns '[ICRA]BB' Rating to INR11.50cr Loan
PATEL ENTERPRISE: ICRA Reaffirms 'B+' Rating on INR12cr Loan
RAINBOW RICE: ICRA Assigns '[ICRA]B+' Rating to INR12cr Loan
RNS INFRASTRUCTURE: ICRA Puts '[ICRA]BB-' Rating on INR418cr Loan

SAI RADHA: ICRA Reaffirms '[ICRA]B+' Rating on INR40.25cr Loan
SEW-NAVAYUGA: Fitch Affirms Rating on Loans at 'BB+(ind)
SIDDHI COTTON: ICRA Assigns '[ICRA]B+' Rating to INR12cr Loan
SIDDHI COTTON GINNING: ICRA Rates INR8cr Loan at '[ICRA]B+'
SIDDHI VINAYAK: ICRA Assigns '[ICRA]B+' Rating to INR7.5cr Loan

SHOE TECNIK: ICRA Assigns '[ICRA]B+' Rating to INR6cr LT Loan
SHREE GOPINATHJI: ICRA Places '[ICRA]BB+' Rating on INR13cr Loan
SPA HEIGHTS: ICRA Puts '[ICRA]B' Rating on INR3cr Proposed Limits
SRI SAI EDUCATIONAL: Delay in Loan Payment Cues ICRA Junk Ratings
UNIQUE GEM: ICRA Cuts Rating on INR60cr Loan to '[ICRA]B+'

UNITED COTTON: ICRA Assigns '[ICRA]B' Rating to INR4.32cr Loan
VEEKAY PRINTS: ICRA Assigns '[ICRA]BB-' Rating to INR3.5cr Loan


I N D O N E S I A

ALAM SUTERA: Moody's Rates US$150-Mil. Sr. Unsec. Notes 'B2'


M O N G O L I A

MONGOLIAN MINING: Moody's Assigns 'B1' Rating to US$600MM Notes
* MONGOLIA: Moody's Reviews Four Banks' Ratings for Downgrade


N E W  Z E A L A N D

DOMINION FINANCE: Directors' Trial Set for June 2013
HANOVER FINANCE: Civil Proceedings Expected This Week


P H I L I P P I N E S

DEVELOPMENT BANK: Moody's Withdraws 'D-' Financ'l Strength Rating


S I N G A P O R E

BIOSTAR RESEARCH: Creditors' Proofs of Debt Due April 23
BON INTERNATIONAL: Court Enters Wind-Up Order
DYNAMIKZ TRAVELZ: Court Enters Wind-Up Order
FIDELIS INTERNATIONAL: Creditors' Proofs of Debt Due April 23
FOODCARE PTE: Creditors' Proofs of Debt Due April 24

FOOD THERAPY: Court Enters Wind-Up Order


S R I  L A N K A

CEYLEASE FINANCIAL: Fitch Affirms Nat'l Long-Term Rating at 'BB+'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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MELBOURNE RADIO: Placed In Administration; MTR Station Shuts Down
-----------------------------------------------------------------
Melbourne Radio Operations, the company behind the failed
Melbourne right-wing talk radio station MTR, owed more than
AUD13 million to Macquarie Radio Network when it was abruptly
pulled from the air earlier this month.

Citing minutes of a meeting of creditors, SMH discloses that
ASX-listed Macquarie, which owns half of MTR, was owed about
AUD12.5 million while its subsidiary Harbour Radio was owed
between AUD600,000 and AUD667,000.

The other joint venture partner, Pacific Star Network, which is
also listed on the exchange, claimed to be owed more than
AUD195,000, according to the report.

In addition to the millions owed to the joint venture partners,
MTR also owed far smaller amounts to celebrities, journalists and
on-air talent, the report relays.

SMH notes that a financial report included in the minutes shows
that for the 18 months to the end of December, MTR brought in
revenue totalling AUD4.72 million, running up a loss of
AUD9.15 million.

PPB said in the report that station management felt that "revenue
had significantly declined and was unlikely to improve in the
forseeable future" and "the company is unlikely to achieve a
profit in the forseeable future," SMH relays.

SMH says MTR was yanked off the air on Friday, March 2, midway
through a news bulletin.

Macquarie and Pacific Star had placed Melbourne Radio Operations
into administration earlier that day after a legal stoush over
how to stem the venture's continuing losses.

Melbourne Radio Operations Pty Ltd is a joint venture company
owned by Macquarie Radio Network and joint-venture partner
Pacific Star Network Ltd.


MINUET: Place Into Liquidation Over Tax Debts
---------------------------------------------
Martin Rasini at goldcoast.com.au reports that Gold Coast
businessman Brett Currey has fallen foul of the Australian
Taxation Office, which has forced the company administering his
core business, BC Currey Surveyors, into liquidation.

According to the report, the entity Minuet is in the hands of
Kumar Khatri -- raj.khatri@worrells.net.au -- of Worrells
Solvency and Forensic Accountants, and is one of two linked to
Mr. Currey that are under external administration.

In November, goldcoast.com.au recalls, the second development
vehicle, Wongawallan Holdings, came under the control of
receivers Grant Dene Sparks -- gsparks@ppbadvisory.com -- and
John Leigh -- dleigh@ppbadvisory.com -- of PPB Advisory Services,
who were tasked with realisation of specific assets.

They have since placed a number of the company's properties on
the market, the report discloses.

This week, goldcoast.com.au relates, liquidators Peter Dinoris --
pdinoris@vincents.com.au -- and Nick Combis --
ncombis@vincents.com.au -- of Vincents Chartered Accountants,
were appointed to Wongawallan Holdings, signalling its end.

According to the report, Mr. Dinoris said some assets were not
under the control of the receivers.

Worrells partner Jason Bettles said the practice was awaiting
Minuet's records to begin its assessment, following appointment
of Mr. Khatri as liquidator on March 2, says goldcoast.com.au.

"We have still to ascertain what and/or who is owed money other
than the tax office, which has yet to lodge a formal claim," the
report quotes Mr. Bettles as saying.  "Also, it is also not clear
what the staff arrangements were."

Goldcoas.com.au, citing property industry sources, says the debts
of Minuet and Wongawallan Holdings combined were understood to
total some AUD10 million.


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C H I N A
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CITIC RESOURCES: Moody's Says 2011 Results No Impact on Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service says that CITIC Resources Holdings
Limited's 2011 results were generally in line of the rating
agency's expectations, and have no immediate impact on its Ba3
corporate family rating.

The results also have no impact on the Ba3 rating on its US$1
billion senior notes, which were issued by CITIC Resources
Finance (2007) Limited and guaranteed by CITIC Resources.

The ratings outlook remains stable.

"CITIC Resources' performance was better than 2010 and is in line
with Moody's expectations. EBIT, excluding the gain from the
disposal of Macarthur Coal and asset impairment losses, rose
54.8%, largely driven by the contribution of its crude oil
segment. The latter benefited from favorable oil prices. We also
consider that the stabilization of its Karahanbas oilfield
operation and the start of the commercial operation of its Hainan
- Yuedong project are credit positive," says Simon Wong, a
Moody's VP and senior analyst.

"In addition, the disposal of its entire 16.34% stake in
Macarthur Coal Limited greatly improved its liquidity position
with HKD10.8 billion cash on hand against HKD12.4billion of
adjusted debt at end-2011," continues, Mr. Wong, also CITIC
Resources' international lead analyst.

Adjusted debt/EBITDA and debt/book capitalization were 4.2x and
43% at end-2011, improving from 4.8x and 50% in 2010.

"However, we don't expect the company will apply its cash on hand
immediately to deleverage, given the possibilities for potential
acquisitions as well as the funding needed for the development of
the Hainan -Yuedong project," says Kai Hu, the local market
analyst .

"Despite its improved financial profile, CITIC Resources'
standalone B2 rating continues to capture the cyclical nature of
its core businesses, its growth appetite, and the uncertainties
surrounding the successful ramp-up of production at the Hainan
Yuedong project," continues Hu.

The final Ba3 rating factors in the expected support from its
parent, CITIC Group (Baa2 Stable).

The principal methodology used in rating CITIC Resources Holdings
Limited and CITIC Resources Finance (2007) Limited was the
Independent Exploration and Production (E&P) Industry Methodology
published in December 2008.

CITIC Resources is an energy and natural resources investment
holding company, with interests in aluminum smelting, coal,
import and export of commodities and the exploration, development
and production of oil. The company serves as the principal
natural resources and energy arm of its parent, CITIC Group
Corporation.


FUFENG GROUP: Fitch Affirms Rating on Sr. Unsecured Debt at 'BB'
----------------------------------------------------------------
Fitch Ratings has revised Fufeng Group Limited's Outlook to
Negative from Stable.  The agency has affirmed Fufeng's Long-Term
Foreign Currency Issuer Default Rating (IDR) and senior unsecured
debt at 'BB'.

The outlook revision is driven by the sharp escalation of
Fufeng's leverage ratio and refinancing risk for Fufeng's
CNY1.02bn out-of-the-money convertible bonds with a put option on
April 1, 2013.

In FY 2011, Fufeng's adjusted net debt to operating EBITDAR
increased to 2.59x (FY 2010: 0.57x) due to weaker profitability
and higher capital expenditure and working capital needs.
Fufeng's EBITDAR margin declined to 13.7% in FY 2011 (FY
2010:21.3%) as it maintained its product selling prices despite a
rise in input costs, particularly those of corn and coal, to
drive out smaller competitors.  During the same time, days
receivables also lengthened by 30 days to 76 as the company
extended credit to its customers who were facing difficulty
obtaining funding from traditional sources.  The financial
leverage was also affected by Fufeng's decision to accelerate
capex during the year.

Fitch expects some of these conditions to improve in H212 though
the scale of improvement is uncertain. In particular, margins
should improve as Fufeng increases its selling prices and working
capital cycle may turn positive if traditional funding sources
re-extend credit to Fufeng's customers.  Fitch also notes that
management is actively seeking means to refinance the convertible
bonds.

The Outlook may be revised back to Stable if Fufeng is able to
secure refinancing for its convertible bonds and, via a
combination of improved profits and reduced working capital,
lower financial leverage such that its adjusted net
debt/operating EBITDAR is sustained below 2.5x.  Conversely,
Fitch may take further negative action if the convertible bond
refinancing is not addressed in H212 and/or Fufeng is not able to
deleverage back to less than 2.5x, particularly if gross margin
drops below 15%.

The 'BB' rating remains supported by Fufeng's dominant position
in the monosodium glutamate market in China with close to 30%
domestic market share and xanthan gum market where it has close
to 40% global market share.  Fufeng's integrated manufacturing
process and its economies of scale provide cost advantage
relative to smaller peers.


LONGFOR PROPERTIES: Moody's Says 2011 Results No Rating Impact
--------------------------------------------------------------
Moody's Investors Service says that Longfor Properties Company
Limited's 2011 full-year results were generally in line with
expectations and have no immediate impact on its Ba2 corporate
family and senior unsecured ratings.

The ratings outlook remains stable.

"Longfor's 2011 results reflect its strong sales execution as
well as its established brands in its core markets of Chongqing,
Chengdu, and Beijing," says Kaven Tsang, a Moody's Assistant Vice
President and Analyst.

Longfor's revenue grew 59.6% year-on-year to RMB24.1 billion in
2011, while its gross profit margin improved to 40.5% from 33.8%.
These favorable results helped improve its financial metrics,
with EBITDA interest coverage increasing to 5.8x, from 5.2x in
2010.

Moreover, the company had RMB38.3 billion of contract sales in
2011, which is around 96% of its target. The performance is
satisfactory in light of the challenging operating and regulatory
environment.

"Longfor has also maintained adequate liquidity to manage through
the challenging market conditions now prevalent," says Mr. Tsang.

Longfor's liquidity is adequate, underpinned by cash on hand of
RMB14.5 billion at end-2011. This cash reserve is sufficient to
cover its maturing debt of RMB3.6 billion and estimated committed
land payments of approximately RMB6.4 billion in the next 12
months.

"Longfor's debt leverage of 50.8% -- as of December 31, 2011 --
remains appropriate for its Ba2 rating," says Mr. Tsang.

Longfor's total on-balance sheet debt grew to RMB24.0 billion as
of December 2011, from RMB17.3 billion in 2010, due to debt
raised to fund its capital expenditure spending -- RMB17.0
billion in land payments -- and to preserve liquidity, in view of
the tight bank credit situation.

Moody's expects that Longfor will maintain its
debt/capitalization at around 50% and EBTIDA interest coverage at
5x-5.5x in the next 12 months.

Furthermore, Longfor's Ba2 ratings will continue to be supported
by its established market position, fairly diversified land bank,
broad product range, and good access to onshore and offshore
funding.

The principal methodology used in rating Longfor Properties
Company Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Longfor Properties Co. Ltd. is one of the leading developers in
China's residential and commercial property development sector.
Founded in 1994, the company began its business in Chongqing and
has since established a leading brand name in the municipal.

In 2005, it extended its coverage to Chengdu and Beijing.
Currently, it has an attributable land bank of 33.7 million
square meters in gross floor area (GFA) that spans across 14
cities in three major regions in China. It also has nine retail
malls in Chongqing and Chengdu.


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


CHEWA METAL: Chiu Wai Hon Appointed as Liquidator
-------------------------------------------------
Chiu Wai Hon on March 23, 2012, was appointed as liquidator of
Chewa Metal Works Limited.

The liquidator may be reached at:

         Chiu Wai Hon
         Unit 201, 2/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


CHO & PARTNERS: Court to Hear Wind-Up Petition on May 2
-------------------------------------------------------
A petition to wind up the operations of Cho & Partners
Engineering Limited will be heard before the High Court of Hong
Kong on May 2, 2012, at 9:30 a.m.

Au Yeung Lun Kan filed the petition against the company on
Feb. 29, 2012.

The Petitioner's solicitors are:

          Peter K. H. Wong & Co.
          17th Floor, Wong On Cheong Building
          5 Wing Lok Street
          Central, Hong Kong


CHUNG WO: Creditors' Proofs of Debt Due April 10
------------------------------------------------
Creditors of Chung Wo Construction Company Limited are required
to file their proofs of debt by April 10, 2012, to be included in
the company's dividend distribution.

The company's liquidator is:

          Teresa S W Wong
          10th Floor, Queensway
          Government Offices
          66 Queensway, Hong Kong


EXCEL DENTAL: Creditors' Proofs of Debt Due April 10
----------------------------------------------------
Creditors of Excel Dental Supplies Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 10, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Li Man Wai
          Tsang Lai Fun
          Room 902, 9/F, Fu Fai Commercial Centre
          27 Hillier Street, Sheung
          Wan, Hong Kong


FTE LOGISTICS: Creditors' Proofs of Debt Due April 6
----------------------------------------------------
Creditors of FTE Logistics International Limited are required to
file their proofs of debt by April 6, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

          Messrs. Bruno Arboit
          Simon Richard Blade
          Level 22, The Center
          99 Queen's Road
          Central, Hong Kong


PERFORMANCE INVESTMENT: Chung Steps Down as Liquidator
------------------------------------------------------
Desmond Chung Seng Chiong stepped down as liquidator of
Performance Investment Products Corporation Limited on Dec. 19,
2012.


PETS CENTRAL: Court to Hear Wind-Up Petition on May 23
------------------------------------------------------
A petition to wind up the operations of Pets Central (HK) Limited
will be heard before the High Court of Hong Kong on May 23, 2012,
at 9:30 a.m.

ADCO Enterprises Limited filed the petition against the company
on March 14, 2012.

The Petitioner's solicitors are:

          Messrs. Liu, Chan and Lam
          Office A, 9th Floor
          United Centre
          No. 95 Queensway
          Hong Kong


PICOTECH ELECTRONIC: Court to Hear Wind-Up Petition on May 16
-------------------------------------------------------------
A petition to wind up the operations of Picotech Electronic
(Hong Kong) Limited will be heard before the High Court of
Hong Kong on May 16, 2012, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on March 12, 2012.

The Petitioner's solicitors are:

          Siao, Wen and Leung
          7th Floor, Wing On Central Building
          26 Des Voeux Road
          Central, Hong Kong


PRECIOUS SWINE: Court to Hear Wind-Up Petition on April 25
----------------------------------------------------------
A petition to wind up the operations of Precious Swine Limited
will be heard before the High Court of Hong Kong on April 25,
2012, at 9:30 a.m.

Gurung Krishna Jang filed the petition against the company on
Feb. 22, 2012.


PROSPER GLORIES: Creditors to Get 3.3% Recovery on Claims
---------------------------------------------------------
Prosper Glories Limited, which is in liquidation, will declare
the final dividend to its creditors on or after March 30, 2012.

The company will pay 3.3% for ordinary claims.

The company's liquidator is:

         Ho Wai Fung
         18th Floor, Henley Building
         No. 5 Queen's Road
         Central, Hong Kong


RONNY INDUSTRIES: First Meetings Slated for April 3
---------------------------------------------------
Contributories and creditors of Ronny Industries Limited will
hold their first meetings on April 3, 2012, at 3:00 p.m., and
3:30 p.m., respectively at 29/F, Caroline Centre, Lee Gardens Two
28 Yun Ping Road, in Hong Kong.

At the meeting, Wong Tak Man Stephen and Osman Mohammed Arab, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


SINO DYNASTY: Court to Hear Wind-Up Petition on May 16
------------------------------------------------------
A petition to wind up the operations of Sino Dynasty Development
Limited will be heard before the High Court of Hong Kong on
May 16, 2012, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on March 12, 2012.

The Petitioner's solicitors are:

          Siao, Wen and Leung
          7th Floor, Wing On Central Building
          26 Des Voeux Road
          Central, Hong Kong


STARBAY INTERNATIONAL: Creditors Get 2.40% Recovery on Claims
-------------------------------------------------------------
Starbay International Limited, which is in liquidation, will
declare the final dividend to its creditors on or after March 23,
2012.

The company will pay 2.40% for ordinary claims.

The company's liquidator is:

         Stephen Briscoe
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


TOP ZONE: Court to Hear Wind-Up Petition on May 16
--------------------------------------------------
A petition to wind up the operations of Top Zone Development
Limited will be heard before the High Court of Hong Kong on
May 16, 2012, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on March 12, 2012.

The Petitioner's solicitors are:

          Siao, Wen and Leung
          7th Floor, Wing On Central Building
          26 Des Voeux Road
          Central, Hong Kong


WW COURIER: Court to Hear Wind-Up Petition on April 25
------------------------------------------------------
A petition to wind up the operations of WW Courier Services
Limited will be heard before the High Court of Hong Kong on
April 25, 2012, at 9:30 a.m.

Hong Kong Delivery Company Limited filed the petition against the
company on Feb. 20, 2012.

The Petitioner's solicitors are:

          Paynes
          Units 1-3, 13/F
          135 Bonham Strand
          Trade Centre, 135 Bonham Strand
          Hong Kong


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I N D I A
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AHMEDABAD STRIPS: ICRA Reaffirms 'BB+' Rating on INR21cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB+' for the
INR21.00 crore fund based cash credit facility and INR1.03 crore
(reduced from INR2.47 crore) term loan facilities of Ahmedabad
Strips Private Limited. The outlook on the long term rating is
stable.

ICRA has also reaffirmed the short term rating of '[ICRA]A4+' for
the INR21.00 crore Non Fund Based Letter of Credit facility
(enhanced from INR10.00 crore) and assigned the rating of
'[ICRA]A4+' to the INR1.50 crore Non Fund Based Bank Guarantee
facility of Ahmedabad Strips Private Limited.

The ratings reaffirmation takes into account the significant
experience of the promoters in the industry, strong growth in
turnover during FY11 and ability to consistently generate
positive funds flow from operations. ICRA notes that while the
company's profitability remains healthy in FY11, it has been
impacted by the increase in raw material prices in the current
fiscal; the operating margin recorded in 9M FY2012 is at 7.8%.
The ratings are constrained by high client concentration,
vulnerability of the company's profit margins to volatility in
steel prices and the inherent cyclicality in the demand for flat
steel products.

Incorporated in 1997, ASPL is into the manufacturing of hot
rolled and cold rolled carbon steel products of different grades
of steel. ASPL also provides processing services like pickling,
cold rolling, annealing, skin passing, slitting and shearing
depending upon the requirements of the customer. The promoters of
ASPL are in the steel trading business since 1975. Apart from
ASPL, the promoters manage two other companies - Shree Durga
Crane Company and R.C. Gupta Logistics which are in the container
and cargo handling business.

Recent Results:

For the financial year ending March 2011, ASPL reported an
operating income of INR211.81 crore and a net profit of
INR8.36 crore as compared to revenues of INR129.77 crore and
profit of INR2.57 crore in the previous year.


CHOWDARY SPINNER: Fitch Assigns Nat'l Long-Term Rating at 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned India's Chowdary Spinners Limited
a National Long-Term rating of 'Fitch B+(ind)'.  The Outlook is
Stable.  Fitch has also assigned CSL's INR200m fund-based working
capital limit 'Fitch B+(ind)'/'Fitch A4(ind)' ratings.

The ratings reflect the significant erosion of CSL's EBITDA
margins in H1FY12 (financial year ending March) to 1.7% from
11.5% in FY11, due to large inventory losses on account of a
steep fall in raw cotton and cotton yarn prices.  This follows a
correction in prices witnessed in H2FY11, which is the peak
arrival period for cotton (a seasonal commodity).  In H1FY12, CSL
reported (un-audited) sales of INR399.1m and an EBITDA of
INR6.8m.

The ratings also reflect the company's tight liquidity position,
as illustrated by its near-full utilization (around 95%) of cash
credit limits in the last 12 months.  Also, it continued to
report negative cashflow from operations of INR110m in FY11
(FY10: negative INR30m) due to adverse movements in working
capital driven by higher inventory prices.  CSL's founders have
infused INR35.8m into the former by way of unsecured debt to
support its debt servicing.  However, Fitch expects CSL's term
loan repayment obligation during FY12-FY13 to continue to strain
its cash flows in view of volatile cotton and cotton yarn prices.

The ratings, however, draw strength from CSL's 17-year-long track
record in the domestic textile industry, advanced machinery, and
its location advantage of raw material availability and low power
cuts in Andhra Pradesh.

The ratings could be upgraded if CSL's operating profit recovers
on a sustained basis resulting in a corresponding improvement in
its liquidity position.  Conversely, a sustained fall in EBITDA
interest cover to below 1.0x so that it has to remain dependent
on its founders for debt servicing could lead to a one-notch
rating downgrade.

Incorporated in 1994, CSL has a spinning unit with 20,400
spindles in Tanuku, Andhra Pradesh, and primarily manufactures
low-count yarn (20s-40s).  In FY11, CSL reported revenue of
INR801m (FY10: INR609m) and an EBITDA of INR92m (INR40m).  Its
net leverage in FY11 was 4.8x (FY10: 8.3x) and coverage was 2.5x
(1.3x).


ELSON PACKAGING: ICRA Assigns 'BB-' Rating to INR8.82cr Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the
fundbased facilities aggregating to INR8.82 crore of Elson
Packaging Industries Private Limited.  ICRA has also assigned a
rating of '[ICRA]A4' to the short-term non fundbased facilities
aggregating to INR1.15 crore of EPIPL.

Further, ICRA has also assigned ratings of [ICRA]BB-/[ICRA]A4 to
the proposed limits aggregating to INR0.02 crore of EPIPL. The
long term rating has a stable outlook.

The ratings are constrained by the modest scale of operations of
the company, and the weak financial profile as reflected by low
profitability indicators, stretched capital structure and high
working capital intensity of operations. The ratings also take
into account the weak bargaining power of the company with
suppliers which limits pricing power. ICRA further notes that the
future revenue growth of the company is contingent on favorable
demand indicators within the small segment that EPIPL operates
in. The ratings however draw comfort from the long experience of
the promoters and established position of the company as one of
the largest players in the HDPE-laminated paper bag segment for
industrial bulk packaging; and the reputed customer profile.

Elson packaging Industries Private Limited was set up in the year
1988 by Mr. Ashok Mody and is engaged in the manufacturing of
HDPE laminated Paper Bags, Multi Wall Paper Bags, Films/Liners,
Leno Bags & FIBC bags, with HDPE laminated paper bags being the
largest revenue driver for the company. The company's products
find application in industrial packaging of specialty chemicals,
fertilizers, dairy products etc. The company has an installed
capacity to produce about 1.8 Cr. nos. of laminated bags annually
at its manufacturing facility located in Vapi, Gujarat.

For FY 2011 the company reported net profit of INR0.35 crore on
an operating income of INR35.84 crore.


GSP INTERNATIONAL: ICRA Puts '[ICRA]B-' Rating on INR20cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the
INR20.00 crore fund based facility of GSP International. ICRA has
also assigned a short term rating of '[ICRA]A4' to the INR25.00
crore non-fund based facility of GSP.

The ratings reflect GSP's weak financial risk profile, as
reflected by modest profitability margins, weak coverage
indicators and adverse capital structure. The ratings are also
constrained by the vulnerability of its profitability to raw
material price fluctuations as well as competitive pressures in
the industry.

Further, GSP is a proprietorship firm and any significant
withdrawals from the capital account would affect its capital
structure. ICRA also notes that GSP has made significant
investments in group concerns, which would also impact its return
indicators. The ratings however continue to factor in the
established track record of the promoter in the ferrous and non-
ferrous metal scrap industry as well as the moderately
diversified clientele.

GSP International, incorporated in the year 1997 as a
proprietorship concern by Mr. Arun Jain is engaged in the trading
of ferrous and non-ferrous scraps. The firm has its warehouse at
Taloja, Navi Mumbai and registered office at Juhu, Mumbai.

Recent Results:

During the financial year 2010-11, GSP International registered a
profit after tax of INR0.43 crore on an operating income of
INR49.02 crore.


GUJARAT CHEMICAL: ICRA Assigns '[ICRA]BB' Rating to INR352cr Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' for the INR352
Crore term loan of Gujarat Chemical Port Terminal Company
Limited. The long term rating has a stable outlook.

The rating is constrained by the weak financial risk profile of
the company characterized by losses incurred till FY 2010 since
commencement of operations, high gearing level and weak coverage
indicators as reflected by gearing of 2.28x and NCA/Debt of 12%
as of FY2011.  ICRA notes that the company has already gone for
debt restructuring twice in 2004 and 2009 since commencement of
operations, owing to slow off-take of cargo , as well as
promoters not honouring the "take or pay"  agreement for the
minimum guaranteed cargo.  ICRA however notes that since last
five fiscals the port  has witnessed reasonable growth in traffic
(From 1.28 Million Tonne in FY07 to 2.41 Million Tonne in  FY11),
with its two key customers Reliance Industries Limited (RIL,
rated [ICRA] A1+ ) and Indian Oil  Corporation Limited (IOCL,
rated [ICRA]AAA) contributing around 90% of the cargo. Revenue
increase going forward though will be contingent on the port
handling value added items like Propane and LPG, given the port
already handling cargo close to design capacity. Due to large
repayment obligations over the medium term and given the
anticipated cash accruals, the company's key coverage metrics are
likely to be subdued. However, any change with regard to terms of
corporate debt restructuring (CDR), such as upward revision in
interest rates, could stress on its debt repayment capability of
GCPTCL. While the rating takes cognizance of the strength of the
individual promoters, the fact that no single promoter owns a
majority stake in the company hampers timely decision making and
funding support.

The assigned rating however , favorably factors in the
encouraging business position of the port owing its dedicated
facility to handle only liquid cargo (hazardous chemicals,
falling in "A", "B" & "General" class categories including
petroleum products), location in Gujarat which is referred as
"Golden Corridor of Indian Chemical Industry", deep draft
enabling handling of large vessels and all-weather conditions.
The rating also factors the flexibility in tariff determination
the port enjoys being a non-major port and long term contracts
with entities like IOCL & RIL for liquid cargo handling from
FY2007, which provide some stability to its revenues The
company's ability to diversify its customer as well as product
portfolio remain the key rating sensitivity.

GCPTCL was promoted as a captive port for handling of chemicals
by seven leading public sector companies which included IPCL
(subsequently merged with RIL) , Gujarat Maritime Board, Gujarat
Narmada Valley Fertilizers Company Limited, Gujarat Industrial
Development Corporation, Gujarat State Fertilizers and Chemicals
Limited, Gujarat Alkalies and Chemicals Limited and Gujarat
Industrial Investment Corporation Limited in 1992 and
subsequently GCPTCL was converted as a commercial port from 2005.
The facilities were designed keeping in mind imports and export
of different liquid cargo with provision of handling liquid
Hazardous Chemicals, falling in "A", "B" & "General" class
categories including petroleum products. The port's jetty has a
designed capacity to handle ship size between 6,000 to 40,000
DWT, with a single berth designed to handle around 2.5 MMTPA
(million metric tons per annum) and available draft is 16 mts.
There are seven loading arms to unload and load the chemicals.
The port has a 3.11 lakh cu meter storage facility, with around
80,000 cu meter capacity for handling cryogenic liquids. For the
financial year FY 2011 GCPTCL reported a PAT of INR2.88 Crore on
an operating income of INR97.33 Crore.

Recent results:

The company reported a profit after tax of INR14.54 Crore on an
operating income of INR63.81 Crore for the six months ending
Sept. 30, 2011.


JAANN OFFSET: ICRA Assigns '[ICRA]D' Rating to INR7.6cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the
INR7.60 crore term loan facilities and INR1.50 crore fund based
facilities of Jaann Offset Printing Private Limited.  ICRA has
also assigned a short term rating of '[ICRA]D' to the
INR5.51 crore non fund based sub-limit facilities and
INR1.75 crore non fund based facilities of JOPPL.

The ratings take into consideration the delays in the debt
servicing by the Company owing to stretched liquidity conditions.
Heavy debt funded capital expenditure coupled with low accruals
during the past three years has led to a highly leveraged capital
structure and stretched liquidity position for the company.
Further, the small scale of operation of JOPPL coupled with the
highly competitive nature of the industry owing to the presence
of large number of organized and unorganized players has
restricted pricing flexibility in the industry. The rating also
takes into account the experience of promoters of over four
decades in the printing industry.

Jaann Offset Printing Private Limited was incorporated on
April 2, 2002 and is a full fledged printing house. The Company
was founded by Mr. T. M. Rajan and started its commercial
operations at Ernakulam, Kerala. The Company undertakes various
types of jobs including carton printing and packaging, die
cutting, gluing, holography and printing of brochures, magazines,
calendars, and posters. The Company caters to the needs of
domestic market and acquires customers through direct marketing.
The Company is shifting its focus from ordinary printing
activities to carton printing, with elaborate capital investments
made during 2010-11 and plans to leverage these facilities to
expand its business in the near term.

Recent Results:

The Company had reported net profit of INR0.0 crore on an
operating income of INR1.9 crore during 2010-11.


KAMINENI HEALTH: ICRA Assigns '[ICRA]BB' Rating to INR25cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR25.00 crore bank
lines of Kamineni Health Services Private Limited.  The outlook
on the rating is stable.

The assigned rating takes into account the presence of Kamineni
group in the Hyderabad Health care market for more than three
decades, with multiple hospitals, established medical college
offering all specialities, pharmaceutical distribution business
resulting in operational synergies. The rating favorably factors
in the reputation and experience of KHSPL's team of doctors,
especially in the Cardiology, Orthopaedics and Neurology
departments well supported by latest medical technologies
and equipment at their disposal. The rating is further supported
by the complex nature of surgeries being performed at KHSPL
resulting in high average inpatient revenue per admission.
Notwithstanding the limited period of control by the current
management since the separation from Wockhardt joint venture,
KHSPL has established a good track record for itself by
performing breakthrough surgeries thereby building its reputation
as a quality health care provider.

Nevertheless, the assigned rating is constrained by the declining
patient occupancy at KHSPL on account of stiff competition from
established corporate hospitals located in the vicinity. ICRA's
rating is also constrained by the weak financial profile of the
hospital, with high gearing, weak coverage indicators and high
amount of payables resulting from increasing exposure of KHSPL to
related health care green field ventures in the form of advances
and investments. The rating also takes into account the reduced
contribution of outpatient revenues to the operating income of
the hospital despite being located in the central district of
Hyderabad and its high dependence on Cardiology and Orthopaedic
departments, particularly on few reputed doctors.

                       About Kamineni Health

KHSPL was incorporated in 1995 in Hyderabad to provide health
care services by the Kamineni Group which has then been running
Kamineni Hospitals in L.B.Nagar. KHSPL is currently offering
treatment in multiple specialities from its single location 127
bed hospital in King Koti area of Hyderabad. KHSPL is a multi
speciality hospital with Cardiology, Orthopaedics, Neurology,
Pulmonology, Nephrology, General Medicine departments among
others operating in both Medical and Surgical functions. As on
Sept. 30, 2011, KHSPL had 51 Medical staff (doctors), 140 nursing
staff, 50 technical staff working in various departments.

Recent Results (Provisional)

In FY2012, for the six month period ending 30 Sep, 2011, KHSPL
reported an operating income of INR21.28 crore with an operating
profit of INR3.21 crore as against an operating income of
INR50.50 crore with an operating profit of INR6.23 crore in
FY2011.


KINGFISHER AIRLINES: ICICI Seeks More Collateral as Shares Drop
---------------------------------------------------------------
The Times of India reports that ICICI Bank, one of Kingfisher's
Airlines lenders which also has a charge on promoter Vijay
Mallya's liquor company shares, has asked the airline to provide
additional securities or pay up following a sharp drop in the
value of its shares. The notice comes at a time when shares of
the airline fell 6% to a new low of INR16.75 on Monday, the
report says.

According to the report, the private bank appears to have broken
ranks with other members of the consortium as an SBI official
said that there was no consortium decision to ask the airline to
repay.

"The consortium is like a coalition government although decisions
are jointly taken, there is nothing stopping an individual bank
from acting on its own," the report quotes a top banker as
saying.

Compared to other lenders, ICICI Bank appears to have an upper
hand as the lender has shares of Mr. Mallya's liquor business
pledged against securities for another loan, the report relays.

The Times of India relates that banking sources said cash flow
into some of the accounts over which lenders had a charge had
dried up after derecognition by the International Air Transport
Association.

"We would like to clarify that following the recent decline in
the share prices of Kingfisher Airlines, ICICI Bank has, as a
matter of routine, requested that security be topped up or that
the loan amount be adjusted suitably. There is absolutely no
recall of the entire loan facility nor any notice for sale of
securities," Kingfisher said in a statement, TOI reports.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., provides scheduled and unscheduled aircraft
passenger and cargo services, including charter services.
Kingfisher Airlines is a unit of UB Holdings, best known for its
United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8 per cent more
than a loss of INR2.54 billion a year earlier, The Economic Times
disclosed.  The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35% rise from a year earlier.


KINGFISHER AIRLINES: Owes Over INR5,600cr to Public Sector Banks
----------------------------------------------------------------
The Financial Express reports that Kingfisher Airlines owed over
INR5,600 crore to public sector banks as on February this year.

According to the report, the Minister of State for Finance Namo
Narain Meena said in a written reply in Lok Sabha last Friday
that the consortium of 13 PSU banks, including State Bank of
India, have an exposure of INR5,608.07 crore to Kingfisher
Airlines as on February 2012.

The Express relates that replying to a query on whether SBI has
any proposal to extend a financial lifeline to Kingfisher, Meena
said," State Bank of India, leader of the consortium of lenders,
has informed that no such lifeline has been extended to
Kingfisher Airlines Ltd by them during the current financial
year."

SBI alone has an exposure of INR1,408.45 crore to KFA, the report
adds.

                    About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., provides scheduled and unscheduled aircraft
passenger and cargo services, including charter services.
Kingfisher Airlines is a unit of UB Holdings, best known for its
United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8 per cent more
than a loss of INR2.54 billion a year earlier, The Economic Times
disclosed.  The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35% rise from a year earlier.


KINGFISHER AIRLINES: May Lay Off Up to 3,500 Workers
----------------------------------------------------
India Today reports that Vijay Mallya's Kingfisher Airlines is
looking to lay off as many as 3,500 employees as it has shut down
32 of its work stations across airports in India and abroad.

India Today sources confirmed Kingfisher had closed down the
32 work stations and had quit the Kolkata and Hyderabad routes
completely besides winding up international operations last week.

The airline has not paid salaries to employees for the past four
months, the report notes.

According to India Today, Kingfisher is expected to come out with
the first list of pink slips shortly.  India Today relates that
insiders said more KFA offices are likely to be closed and the
company will make a major announcement soon.

KFA currently has 7,000 employees on its payrolls. Its total
headcount stood at 7,317 on March 31, 2011, down from an average
of 7,681 employees in the previous year ending March 2010.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., provides scheduled and unscheduled aircraft
passenger and cargo services, including charter services.
Kingfisher Airlines is a unit of UB Holdings, best known for its
United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8 per cent more
than a loss of INR2.54 billion a year earlier, The Economic Times
disclosed.  The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35% rise from a year earlier.


MEGHDOOT GINNING: ICRA Assigns '[ICRA]B+' rating to INR30cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR30.00 crore fund
based cash credit facility of Meghdoot Ginning & Pressing
Industries Private Limited.

The assigned rating is constrained by weak financial profile of
the company as reflected by low profitability, highly leveraged
capital structure on account of working capital intensive nature
of the business and weak debt protection metrics. The rating also
takes into account the low value additive nature of operations
and intense competition on account of fragmented industry
structure leading to pressure on profitability. The rating
further incorporates the vulnerability of profitability to
adverse fluctuations in raw material prices given the seasonal
availability of raw cotton as well as to government regulations
on MSP and export quota.

The rating, however, favorably considers the long experience of
the promoters in the cotton industry and the favorable location
of the company giving it easy access to high quality raw cotton.

                      About Meghdoot Ginning

Incorporated in 1999, Meghdoot Ginning & Pressing Industries Pvt
Ltd (MGPIPL) is engaged in ginning and pressing of raw cotton.
The business is owned and managed by Mr. Anand Shah, Mr. Ajay
Shah, Mr. Bharat Shah and other family members. The company's
manufacturing facility is located at Karjan, in Vadodara, The
company has 52 ginning machines and 1 pressing machine with
processing capacity of 200 MTPD of raw cotton.

Recent Results:

For the year ended March 31, 2011, the company reported an
operating income of INR161.93 crore with profit after tax of
INR0.25 crore.


NTL STEELS: ICRA Assigns '[ICRA]BB' Rating to INR11.50cr Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR11.50 crore
term loan facilities of NTL Steels.  The outlook on the long term
rating is stable.

The assigned rating takes into account the experience of the
promoters in the steel pipe manufacturing and galvanizing
business, achievement of debt tie-up which, along with the
infusion of a large portion of the total promoters' contribution
mitigates funding risk significantly, a favorable demand outlook
for the entity's products driven by the demand from various
Government departments in North-Eastern states in India and the
availability of fiscal benefits which would have a positive
impact on NS's cash flows post commencement of production. The
rating also factors in the project related risks, the inherent
cyclicality in the steel industry and variability in prices of
raw materials and finished goods, which are likely to keep the
entity's profitability and cash flows volatile, and the risks
associated with the legal status of NS as a partnership firm,
including the risk of withdrawal of capital by the partners.

ICRA also notes that any delay in project commissioning may lead
to stressed cash flows, impacting the debt servicing capacity of
the company, since the debt repayment is scheduled to start from
the current year.

Incorporated in 2010, NTL Steels is in the process of setting up
a manufacturing unit with an installed capacity of 24,000 metric
tonne per annum (MTPA) for galvanized octagonal steel poles,
steel tubular poles and galvanized steel structures at New
Industrial Area, Byrnihat, Meghalaya. NS is promoted by Mr. Madan
Lal Beswal, Mr. Sanwar Mal Agarwala, Mr.Subhash Chandra Agarwala
and their family members. Besides NS, the Nezone group has other
companies engaged in the steel pipe and related businesses,
including Nezone Industries Limited (rated at [ICRA]BBB/stable
and [ICRA]A3+), North Eastern Tubes Limited (rated at [ICRA]BBB-
/stable and [ICRA]A3), Nezone Strips Limited (rated at [ICRA]BBB-
/stable and [ICRA]A3) , Nezone Tubes Limited (rated at [ICRA]BBB-
/stable and [ICRA]A3) and Nezone Pipes & Structures (rated at
[ICRA]BB+/stable).


PATEL ENTERPRISE: ICRA Reaffirms 'B+' Rating on INR12cr Loan
------------------------------------------------------------
ICRA has reaffirmed an '[ICRA]B+' rating to INR12.00 crore cash
credit facility of Patel Enterprise.  ICRA has also assigned an
'[ICRA]A4' rating to INR5.00 crore export packing credit and
INR3.00 crore foreign bill purchase facility of Patel Enterprise.

The rating continues to be constrained by PE's low profitability
following limited value addition, highly leveraged capital
structure on account of working capital intensive nature of
business and weak debt protection indicators. The rating also
takes note of the high competition due to fragmented nature of
the industry and the susceptibility of the profitability to
adverse movement in raw material prices which in turn is linked
to the seasonal nature of cotton industry and government
regulations on MSP and exports.

The rating, however, favorably takes into account the long
standing experience of partners in the industry and firm's
proximity to the raw material sources which ensures easy
availability of cotton.

Patel Enterprise was incorporated as a Partnership firm in 1993
to engage in cotton ginning & pressing of raw cotton to produce
cotton bales and cotton seed. It is also engaged in trading of
related products such as finished cotton, cottonseed oil cake
etc. PE has 40 ginning machines and 1 pressing machine with a
maximum capacity to produce and press 400bales /day.

Recent Results:

For the year ended March 31, 2011, the firm has reported an
operating income of INR107.84 crore with profit after tax (PAT)
of INR0.15 crore. Further, during first nine months of FY 2012
(unaudited provisional financials), the firm has achieved an
operating income of INR69.25 crore with an operating profit of
INR0.21 crore.


RAINBOW RICE: ICRA Assigns '[ICRA]B+' Rating to INR12cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR12.00 crore fund based facilities, non-fund based facilities
and proposed limits of Rainbow Rice Private Limited.

The rating is constrained by RRPL's weak financial profile,
reflected by low profitability metrics and consequently weak debt
coverage indicators. The rating also takes into account high
intensity of competition in the industry and agro climatic risks,
which can affect the availability of paddy in adverse weather
conditions. The rating, however favorably takes into account long
standing experience of promoters in rice industry and proximity
of the mill to major rice growing area which results in easy
availability of paddy. Further, recent entry into crushing of
cotton seed provides an additional source of revenues for the
company.

                       About Rainbow Rice

Rainbow Rice Private Limited was established in the year 1998
(formerly known as Rainbow Overseas). The Company is primarily
engaged in the milling of Rice with an installed capacity of 5
MT/ hour in Pehowa, Kurukshetra District (Haryana). Apart from
this the company has also installed cotton seed crushing
machinery in October 2011 with a capacity of 200 Quintal/day. The
company has sortex plant with capacity of 6MT/hour. The company
focuses on the export of basmati rice to the Middle East
countries. The Company is professionally managed by Mr. Sunil
Kumar.

Recent Results

During (11M) FY12 the Company reported sales of INR45.86 crore
with a PAT of INR0.62 crore.


RNS INFRASTRUCTURE: ICRA Puts '[ICRA]BB-' Rating on INR418cr Loan
-----------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]BB-' to the INR418 crore
long term bank facilities of RNS Infrastructure Limited. The
Outlook on the long-term rating is stable.

The rating factors in the erratic growth in the revenues of the
construction segment, and the company's overdependence on a
single lift irrigation order from Karnataka Neeravari Nigam
Limited, which comprises 85% of the company's order backlog,
resulting in significant client and geographical concentration
risk. The rating is also constrained by the high working capital
intensity of RNS because of slow progress in the lift irrigation
order and delays in receipt of dues, which has been further
aggravated by the company's strategy to hold over 80 flats in the
first phase of its real estate project in expectation of an
improvement in realisation. ICRA also notes that the second phase
of the real estate project is exposed to funding risk, as
bookings would start only when about 60-70% of the construction
work is completed; hence the cost has to be met from internal
accruals.

However, the rating is supported by the financial strength of the
RNS group, which has extended support to the company in the past,
the company's proven track record in project management having
executed a number of large projects in the past, a healthy order
backlog of over INR950cr, satisfactory operating margins in the
construction business, and a large unsold inventory of flats in
Phase-I of RNS Shantinivas, which can be sold off to provide
liquidity of INR60-70 crore. Moreover, the real estate project is
being developed under a JDA with a group company, which would
lead to cash outflow on land cost only when the concerned flats
are sold.

Going forward, ability of the company to manage working capital
effectively, timely receipt of proceeds in the construction
segment, progress of the large lift irrigation order, and sale of
unsold flats will be key rating sensitivities.

RNS Infrastructure Ltd, part of the RNS Group, is a civil
engineering and construction and real estate development company
with principal operations in South India, particularly in the
State of Karnataka. The company's civil engineering and
construction project expertise includes the construction of
national highways, bridges, tunnels, powerhouses, canals, dams,
irrigation projects, reservoirs and commercial buildings. The
company entered the real estate development business in 2007 with
ongoing and planned projects principally located in the Bangalore
area.

Currently, the company's Order Book contains five civil
engineering and construction projects, including dams, roads,
canals and a lift irrigation project. The estimated value of the
unbilled portion of the Order Book as of Sep 30, 2011 was INR983
crore. Through the Promoter Group and other affiliates, RNS Infra
has access to over 35 million square feet of land and has entered
into 14 joint development agreements and a joint venture
agreement to develop such land. Through a joint venture, RIL
commenced development and construction on the first phase of its
first real estate development project in June 2006 in
Yeshwantpur, Bangalore, comprising a 304-flat residential
building, which was completed in 2010. Construction on the second
phase has now started.


SAI RADHA: ICRA Reaffirms '[ICRA]B+' Rating on INR40.25cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of Sai Radha Developers
at '[ICRA]B+' for INR40.25 crore fund based limits including CC
limits of INR28.50 crore & term loans of INR11.75 crore (Enhanced
from INR40.00 crore last year).

The rating reaffirmation takes into account SRD's established
position in the Udupi real estate market and the long experience
of its promoters. The rating also draws support from the
comfortable profit margins of the entity and the revenue growth
over the past 3 years.  The ratings are however constrained by
SRD's moderate scale of operations, project delays & cost
overruns in the past and high repayment obligation ~ INR28 crore
in the next 13 months. The ratings are also constrained by the
weak financial profile of SRD marked by negative free cash flows
in the past few years and high gearing of 4.52X as on December
31, 2011. ICRA notes that the company relies heavily on bank
finance and customer advances for most of its ongoing projects.

Sai Radha Developers is a partnership firm based in Udupi which
was formed in 1996 with Mr. Manohar Shetty & his elder brother
Mr. Ravi Shetty as partners. Mr. Manohar Shetty is currently the
managing partner of the firm. The firm has developed around
around 1 million sft of real estate projects in the last 15 years
mainly in Udupi and Manipal. As on date, the firm is developing
two major projects- Sai Radha Pride & Sai Radha Green Valley
which collectively is around 8 lac sft. SRD has a land bank of
around 35 acres in and around Udupi which could be worth
INR60 crore. Apart from SRD, Mr. Manohar has also promoted Sai
Radha Projects Private Limited which is a construction company.
He also owns Radha Medical and General Stores, Radha Medicals
Dental & Surgical Division and Panchavati Pharma. These entities
primarily deal in retailing of pharmaceuticals and surgical
instruments.

Recent Results:

For the nine months ended December 2011, the company had a net
profit of INR2.01 crore and operating income of INR36.02 crore.
For the financial year 2010-11, the Company's net profit stood at
INR1.48 crore on an operating income of INR41.11 crore as
compared to a PAT of INR1.01 crore on an operating income of
INR23.47 crore.


SEW-NAVAYUGA: Fitch Affirms Rating on Loans at 'BB+(ind)
--------------------------------------------------------
Fitch Ratings has revised the Outlook on SEW-Navayuga Barwani
Tollways Private Limited's INR5,305.1m long-term senior project
bank loans and INR291.6m subordinated loans to Positive from
Stable.  The ratings on the loans have been affirmed at Fitch
BBB-(ind)' and 'Fitch BB+(ind)', respectively.

The Outlook revision reflects the satisfactory traffic ramp-up
since the project became operational in April 2011, alleviating
the risk of major traffic underperformance in the crucial early
years.  While FY12 (financial year ending March) revenue is
likely to be around 8.5% lower than Fitch-adjusted base case
forecast, this underperformance is modest compared with other
Fitch-rated toll roads in India.  In addition, revenue is ramping
up, as indicated by toll collections of INR71m-INR74m a month
between December 2011 and February 2012, in line with Fitch's
projections despite initial underperformance.  Increase in the
inflation-linked toll rate, which takes place every September,
was 10% in September 2011 compared with a projected 6.29%.

The ratings also factor in reduced interest costs through a take-
out loan (about 21.6% of total debt, carrying 10.65% interest
against the previous 12.65%) extended by the India Infrastructure
Finance Company Limited (IIFCL; 'Fitch AAA(SO)(ind)'/Stable).
Fitch has slightly lowered its projected debt service coverage
ratios (DSCR) in the current adjusted base case, based on actual
traffic and revenue data of the past 11 months.  This, together
with conservative growth assumptions, lends a higher degree of
certainty to future cash flows.  The project retains the capacity
to meet debt service requirements, despite Fitch's downward-
revised revenue assumptions and a lower projected DSCR.

No benefit has been accorded to SNBTPL's savings in operation and
maintenance (O&M) costs, and Fitch's forecasts continue to
incorporate higher cost assumptions, thus providing some buffer
for unexpected cost escalation.  Also, completing the project a
month ahead of schedule and cost savings of INR82.2m have
mitigated completion risk, marginally reducing the project's debt
burden and thus the DSCR.

A debt service reserve account (DSRA) totalling three months of
principal and interest payments on both senior and subordinated
debt has been set up in the form of a bank guarantee, conforming
to the terms of an undertaking provided by the sponsors.
Additionally, INR66.8m out of a sponsor's committed funding up to
INR100m to augment debt payment capacity has been injected thus
far in FY12.  While management reports that that the project is
no longer reliant on sponsor support, the ratings continue to
factor in the possibility of sponsor support, particularly as
major maintenance reserve allocations become due and principal
begins to amortise in FY13.

The ratings may be upgraded if the project continues to
experience revenue ramp-up in line with Fitch's revised
projections and begins to make principal repayments in June 2012
as well as required allocations towards the major maintenance
reserve.  The one-notch difference between senior and
subordinated debt reflects the latter's structural subordination
and lower DSCR.  The small amount of the subordinated debt has
capped the rating differential to one notch.

SNBTPL was awarded an 18-year concession from National Highways
Authority of India (NHAI, 'Fitch AAA(ind)'/Stable) to design,
build, finance, operate and maintain an 82.8km road stretch on
the National Highway 3 (NH-3) in the state of Madhya Pradesh.
SNBTPL is a 74:26 JV between SEW Infrastructure Ltd ('Fitch
A+(ind)'/ Stable) and Navayuga Engineering Constructions Ltd.


SIDDHI COTTON: ICRA Assigns '[ICRA]B+' Rating to INR12cr Loan
-------------------------------------------------------------
CRA has assigned an '[ICRA]B+' rating to INR12.00 crore fund
based cash credit facility of Siddhi Cotton Industries.

The assigned ratings are constrained by SCI's weak financial
profile as reflected by low profitability, high leveraged capital
structure on account of working capital intensive nature of the
business, and weak debt protection indicators. The ratings also
take into account the low value addition and intense competition
on account of fragmented cotton industry which exerts further
pressure on profitability. The rating further incorporates the
vulnerability of profitability due to fluctuations in raw
material prices given the seasonal availability of cotton and
government regulations on MSP and export quota.

The ratings, however, favorably consider the long experience of
the promoters in the cotton industry, favorable location of the
company giving it easy access to high quality raw cotton and
moderate diversification on account of forward integration in
crushing division.

Siddhi Cotton Industries was set up in 2007 as a private limited
firm by family members and relatives having a long experience in
cotton industry and their cotton ginning and pressing unit is
located at Vejapur, Mehsana. It is also engaged in trading
activities of cotton bales and cottonseed. At present, the firm
has installed 40 ginning machines and 1 pressing machine.

Recent Results

For the year ended 31st March 2011, the firm reported an
operating income of INR61.16 crore with profit after tax of
INR0.31 crore.


SIDDHI COTTON GINNING: ICRA Rates INR8cr Loan at '[ICRA]B+'
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR8.00 crore fund
based cash credit facility and INR0.25 crore fund based term loan
facility of Siddhi Cotton Ginning & Pressing Private Limited.

The assigned ratings are constrained by SCGPPL's weak financial
profile as reflected by low profitability, high leveraged capital
structure on account of working capital intensive nature of the
business, and weak debt protection indicators. The ratings also
take into account the low value addition and intense competition
on account of fragmented cotton industry which exerts further
pressure on profitability. The rating further incorporates the
vulnerability of profitability due to fluctuations in raw
material prices given the seasonal availability of cotton and
government regulations on MSP and export quota.

The ratings, however, favorably consider the long experience of
the promoters in the cotton industry, favorable location of the
company giving it easy access to high quality raw cotton and
moderate diversification on account of forward integration in
crushing division.

Siddhi Cotton Ginning & Pressing Private Limited was set up in
2007 as a private limited company by family members and relatives
having a long experience in cotton industry. The cotton ginning
and pressing unit is located at Rasnal (Dhasa), Bhavnagar. It is
also engaged in trading activities of cotton bales and
cottonseed. At present, the firm has installed 48 ginning
machines and 1 pressing machine.

Recent Results:

For the year ended March 31, 2011, the firm reported an operating
income of INR61.93 crore with profit after tax of INR0.24 crore.


SIDDHI VINAYAK: ICRA Assigns '[ICRA]B+' Rating to INR7.5cr Loan
---------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B+' to the INR7.50 crore
long-term, fund based facilities of Siddhi Vinayak Agro
Industries.

The assigned ratings are constrained by small scale of operations
and weak financial profile of the firm; reflected by low profit
margins due to inherently low value addition in the business,
weak return indicators and high working capital intensity. The
rating also takes into account the highly fragmented nature of
the industry and vulnerability of profit margins to volatility in
paddy and wheat prices which are exposed to seasonality and
variations in crop harvests and regulatory risk. ICRA also notes
that SVAI is a partnership firm and any significant withdrawals
from the capital account would affect its net worth and thereby
have an adverse impact on the capital structure.

The rating, however, favorably factors in the long experience of
the promoters in the rice milling and trading business, favorable
location of the firm which gives it easy access to raw material
and favorable outlook for rice, rice bran and wheat in Gujarat.

Siddhi Vinayak Agro Industries was incorporated in 2005 and is
engaged in the business of milling par boiled rice and wheat. The
firm operates from its plant located at Sanand, Ahmedabad in the
state of Gujarat, with an installed capacity of 5 MTPH (Metric
Tonne Per Hour). The firm is promoted by Mr Pradip Ramvani, who
set up the unit in 2005 as a partnership firm.

Recent Results:

The firm reported a net profit of Rs 0.33 crore in FY2011 on an
operating income of Rs 20.78 crore, as compared to a net profit
of INR0.26 crore on an operating income of Rs 21.93 crore in
FY2010.


SHOE TECNIK: ICRA Assigns '[ICRA]B+' Rating to INR6cr LT Loan
-------------------------------------------------------------
ICRA has assigned a '[ICRA]B+' rating to the INR6.00 crore long
term  fund-based  limits of Shoe Tecnik International
Corporation. ICRA has also assigned '[ICRA]A4' rating to the
INR2.00 crores  short term fund based limits and INR0.50 crores
non-fund based limits of STIC.

The ratings take into account the intensely competitive nature of
the footwear industry, STIC's modest scale of operations; its
moderately leveraged capital structure which coupled with low
profitability has resulted in below-average debt protection
indicators. The ratings however derive comfort to some extent by
STIC's experienced management, and its established relations with
key customers which has enabled it to secure repeat orders from
them in the past. The company's ability to improve its scale of
operations and profitability while maintaining its working
capital intensity would be the key rating sensitivities going
forward.

Shoe Tecnik International Corporation is a company engaged in
manufacturing of shoes. The company has been promoted by
Mr. Shakeel and operations of the firm are being managed by his
brother Mr Mohd Shahin. The facility of the firm is located in
Noida(UP).

Recent Results:

The firm reported a net loss of Rs 1.08 crores on an operating
income of Rs 41.67 crores in FY11 as against net loss of Rs 0.18
crores on an operating income of Rs 36.63 crores in FY10. In 9M
FY12, the Firm has achieved a provisional turnover of nearly
INR25 crores.


SHREE GOPINATHJI: ICRA Places '[ICRA]BB+' Rating on INR13cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR13.00 crore
cash credit facility  and INR4.00 crore term loans of Shree
Gopinathji Agencies.  The outlook on the long term rating is
stable.

The rating reflects the long experience of the promoters with an
established track record and strong market presence of company in
Gujarat region which has resulted in healthy growth in revenues
in the last few years. The rating also derives comfort from
presence in different segments and sales from ancillary & spares
parts which provide diversification and additional revenue
stream. The rating also positively considers the financial
profile of the firm characterized by moderate profitability,
adequate debt coverage indicators and comfortable liquidity
position.

The rating is however constrained by the strong competition from
other established players & new entrants; limited product line in
each segment and relatively modest Indian market share of General
Motors in the passenger car segments though it has increased
marginally in 3Q FY 2012.  ICRA also notes that SGA's
profitability is largely dependent upon margins fixed by
automobile manufacturers as also its susceptibility to slowdown
in the automobile sector in the near term to medium term; however
the long term outlook remains stable.

                      About Shree Gopinathji

Shree Gopinathji Agencies was formed by Mr. Mayur C Gandhi and
started its business in 1988 as an exide battery dealer. Later,
it becomes an ASO (authorized service outlet) ancillary dealer of
GM (India) Ltd and in July 2000, SGA was awarded direct
dealership of automobiles of GM for selling Chevrolet cars.

Recent Results:

For the year ended March 31, 2011, the company reported an
operating income of INR144.88 crore with profit after tax (PAT)
of INR4.21 crore. Further, the company has reported an operating
income of INR132.00 crore and profit before tax (PBT) of INR4.32
crore for the first ten months of the FY 2012 (provisional
financials).


SPA HEIGHTS: ICRA Puts '[ICRA]B' Rating on INR3cr Proposed Limits
-----------------------------------------------------------------
ICRA has assigned a short term rating of [ICRA]A4 to the INR12.00
crore non-fund based facilities of SPA Heights Private Limited.
The short-term limits includes a sublimit of INR3.00 crore fund
based facility which has been assigned a long term rating of
'[ICRA]B'.  ICRA has also assigned '[ICRA]B' and '[ICRA]A4'
ratings to INR3.00 crore proposed limits of the company.

The ratings reflect SPA's small scale of operations with limited
track record; its weak financial profile characterized by low
profit margins, and leveraged capital structure coupled with weak
coverage indicators. The ratings also incorporate the cyclicality
associated with the business of the company, as the ship breaking
prospects are linked to international shipping business
fundamentals, environmental regulatory risks and vulnerability of
profitability to fluctuating foreign exchange rates and steel
prices.

The ratings, however favorably consider the long standing
experience of SPA's promoters in the ship breaking industry;
favorable outlook for the ship breaking industry in the near-to-
medium term and location advantage accruing due to its proximity
to customers.

SPA Heights Private Limited, incorporated in the year 2008, is in
the business of ship breaking and purchase and sale of distressed
assets. The company has its ship-breaking plot at Darukhana,
Mumbai and registered office at New Delhi.

Recent Results:

During the financial year 2010-11, SPA Heights Private Limited
registered a profit after tax of INR0.05 crore on an operating
income of INR17.16 crore.


SRI SAI EDUCATIONAL: Delay in Loan Payment Cues ICRA Junk Ratings
-----------------------------------------------------------------
ICRA has assigned '[ICRA]D' rating to INR26.62 crore term loans
of Sri Sai Educational Society.  ICRA has also assigned short
term rating of '[ICRA]D' to INR2.00 crore fund based facility of
SSES.

The assigned rating factors in the consistent delays made by SSES
in servicing its debt obligations and the stretched liquidity
profile on account of delays in fee reimbursement from the
Government of Andhra Pradesh. Moreover, the aggressive ongoing
expansion has also adversely impacted its liquidity and is likely
to exert a further strain on SSES' financials over the medium
term. The rating is also constrained by the challenges involved
in attracting high quality students and faculty, the continuous
need to maintain infrastructural facilities as well as add fresh
courses/colleges and to cope with the regulatory challenges
involved in the domestic educational sector. The rating also
factors in the unfavorable location of SSES' school/college which
might adversely impact future growth. The rating however, draws
comfort from the strong revenue growth witnessed over the last 3
years driven by the increase in enrolled students on account of
inception of a new school and a junior college and the
established track record of SSITS in Kadapa region resulting into
healthy seat occupancy levels (-80% for last 3 years).

SSES was established in 2001 by its chief promoter Mr KPV
Subbaiah. The Society operates 3 institutions: Sri Sai Institute
of technology and Science, Sri Sai Concept School and Sri Sai
Junior College. The institutes have been established in the same
campus of ~100 acres at Gollapalli Village near Rayachoti in
Kadapa district. The campus is situated on a National Highway
between Rayachoti and Kadapa, and is about 3 kms by road from
Rayachoti. For the financial year ending March 31, 2011, SSES
reported operating income of INR11.42 crore, with profit after
tax of INR1.09 crore.


UNIQUE GEM: ICRA Cuts Rating on INR60cr Loan to '[ICRA]B+'
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR60.00
crore (enhanced from INR20.00 crore) fund based bank facility of
Unique Gem & Jewellery (UGJ or the firm to [ICRA]B+ from
[ICRA]BB+.

The rating  downgrade reflects the company's weakened financial
profile due to sharply declined profitability in FY 11/H1FY12
both at operating and net levels, sluggish realization of
receivables which necessitates high utilization of fund-based
limits and consequent increase in gearing levels; and the
deterioration in debt coverage indicators. The rating continues
to be constrained by the firm's exposure to geographic and client
concentration risks, susceptibility of the margins to foreign
exchange risks and intense competitive pressure from players in
the organized and unorganized sector. The rating however
favorably factors in  the  growth in operating income of the firm
backed  by increase in realization of jewellery and product
portfolio  mainly comprising of  large size diamond jewellery
resulting into better realizations.

Unique Gem and Jewellery is a closely held partnership company
that commenced operations in 2009. UGJ is a partnership firm with
Mr. P.H Walia and Mr. Sanjay Walia as its partners with 50% share
each. UGJ is engaged in manufacturing and exporting hand crafted
diamond studded jewellery. UGJ has its office and warehouse in
Goregaon, Mumbai. The firm has an associated concern, Walia
Builders & Developers which is a proprietary concern owned by Mr.
P.H Walia, and is in the construction business.

UGJ recorded a profit after tax (PAT) of INR12.51 crore on an
operating income of INR131.56 crore for the year ending March 31,
2011 and a PAT of INR2.88 crore on operating income of INR101.97
crore for 2011-12 (based on provisional 6 months data shared by
the company).


UNITED COTTON: ICRA Assigns '[ICRA]B' Rating to INR4.32cr Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to INR4.32 crore cash
credit facility, INR3.6 crore term loans and INR0.08 crore
proposed fund based bank limits of United Cotton Extract Pvt Ltd.

The rating is constrained by the company's weak financial risk
profile characterized by leveraged capital structure, weak
coverage indicators and thin margins on account of  limited value
addition in the business operations. The rating also incorporates
susceptibility of the cotton prices to seasonality and regulatory
risks which together with the highly competitive industry
environment further exerts pressure on margins. The rating,
however, favorably factors in the advantages arising from the
company's proximity to the raw material sources which ensure
regular availability of cotton; access to continuous manpower,
fiscal and tax benefits. ICRA also notes the long standing
experience of the promoters in the ginning industry and the
superior quality lint production and ultra modern plant which
provides a competitive edge to the company.

UCEPL was incorporated in March 2007 and started its commercial
production in November 2008. The company is engaged in ginning
and pressing operations and processing of cottonseed to produce
cottonseed oil and cottonseed oil cakes. The manufacturing
facility is located in Malegaon, Maharashtra with an installed
capacity to produce 15,000 cotton bales and process 9000 tonnes
of cottonseeds per annum.

Recent Results:

UCEPL recorded a net profit of INR0.16 Crore on an operating
income of INR15.53 Crore for the 9 month period ending
Dec. 31, 2011 (provisional).


VEEKAY PRINTS: ICRA Assigns '[ICRA]BB-' Rating to INR3.5cr Loan
---------------------------------------------------------------
A long term rating of '[ICRA]BB-' has been assigned to the
INR3.50 crore cash credit facility and INR10.85 crore term loans
of Veekay Prints Private Limited.

The outlook assigned on the long term rating is Stable. The
assigned ratings are constrained by the small scale of operations
of the company at present, low profitability indicators and
dependence on sales to its group company which has restricted
operating income growth; further debt and interest coverage
indicators are estimated to have deteriorated in current fiscal
relative to previous year. ICRA also takes into consideration the
company's exposure to high degree of competition and low value
addition which has resulted in low profitability levels. The
rating however favorably factors in the decade long experience of
the promoters in the textile business and the strong marketing
support received from its group concern.

VPPL was incorporated in the year 1998 and is engaged in the
business of processing grey cloth on job work basis in order to
produce fabric that is used to make sarees and dress materials.
It has two group concerns named, "Vishal Fashions Pvt. Ltd." and
"Vishal Embroidery".  Mr. Bharat Shah, Mrs. Mamta B. Shah and Mr.
Dipesh Shah are the directors actively involved in the business.
The company has a registered office and manufacturing unit in
Surat.

Recent Results:

During 2010-11, the company has reported a net profit of
INR0.32 crores on an operating income of INR25.71 crores.


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


ALAM SUTERA: Moody's Rates US$150-Mil. Sr. Unsec. Notes 'B2'
------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 senior
unsecured rating to the US$150 million senior unsecured notes
issued by Alam Sutera International Private Limited, an entity
wholly-owned by PT Alam Sutera Realty Tbk, and guaranteed by Alam
Sutera Realty and its subsidiaries.

Ratings Rationale

Moody's has removed the provisional status of the rating on this
debt obligation, originally assigned on March 13, 2012. Moody's
rating rationale was set out in a press release on that date and
explored more fully in a Credit Opinion issued on March 13, 2012.

The net proceeds from the issuance will be used for (a) the
acquisition of land; and (b) the construction and development of
projects.

The principal methodology used in rating Alam Sutera
International Private Limited was the Global Homebuilding
Industry Methodology published in March 2009.

Established on 3 November 1993, PT Alam Sutera Realty Tbk (Alam
Sutera Realty) is an integrated property developer in Indonesia
with a sizeable land bank of 1,451 ha (gross area) as of
December 31, 2011. The company focuses on the sale of land lots
in accordance to township planning needs, as well as property
development in residential, commercial and industrial segments in
Indonesia. Alam Sutera Realty was founded by the family of The
Ning King, and was formerly known as PT Adhihutama Manunggal, The
company listed on the Indonesian Stock Exchange on December 18,
2007.


===============
M O N G O L I A
===============


MONGOLIAN MINING: Moody's Assigns 'B1' Rating to US$600MM Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 rating to
the US$600 million, 8.875%, five-year senior notes issued by
Mongolian Mining Corporation.

Moody's has also affirmed the B1 corporate family rating of MMC.

The ratings outlook is stable.

The notes are unconditionally and irrevocably guaranteed by
Energy Resources LLC and certain other subsidiaries.

Ratings Rationale

"We expect the increase in the issue size of MMC's senior notes
by US$100 million to US$600 million will slightly raise adjusted
debt/EBITDA to 2.8x from 2.5x in 2012. However, this metric
remains consistent with the company's B1 rating," says Simon
Wong, a Moody's Vice President and Senior Analyst.

The definitive rating on this debt obligation confirms the
provisional bond rating assigned on March 14, 2012 as the amount
raised from the bond issue and the covenants stated in the
Offering Memorandum Circular dated March 22, 2012 are consistent
with Moody's expectations.

The bond proceeds will be used for capital investments and
general corporate purposes.

The principal methodology used in rating Mongolian Mining
Corporation was the Global Mining Industry Methodology published
in May 2009.

MMC is the largest private-owned coal mining company in Mongolia.
Established in 2005, it was listed on the Hong Kong Stock
Exchange in October 2010. It has two producing mines located in
the Gobi Desert: the Ukhaa Khudag mine, which produced 7.1
million tons of coking coal in 2011, and the Baruun Naran mine,
which was acquired in 2011 and commenced production in February
2012.


* MONGOLIA: Moody's Reviews Four Banks' Ratings for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
ratings of four Mongolian banks.

The affected banks are all rated one notch above the B1 Mongolian
sovereign rating.

The announcement reflects Moody's revised assessment of the
linkage between the credit profiles of sovereigns and financial
institutions globally, which is further discussed in the rating
implementation guidance titled "How Sovereign Credit Quality May
Affect Other Ratings" published on February 13, 2012.

The banks placed under review are: Golomt Bank, Khan Bank, the
Trade and Development Bank of Mongolia (TDB), and XacBank.

Moody's anticipates that for all four banks the maximum downgrade
will be one-notch, which would bring the banks' ratings in line
with Mongolia's sovereign rating.

Ratings Rationale

The rating implementation guidance clarifies that in order to be
rated above the sovereign, an issuer must not only be
fundamentally stronger than the sovereign -- from a credit
perspective -- but also demonstrate a degree of insulation from
the domestic macroeconomic and financial disruption which
generally accompanies a sovereign default.

In the case of Mongolia, the key credit vulnerability of both the
sovereign and the banks is their exposure to boom-bust economic
cycles, in view of the volatility in commodity prices and the
rapid development of the mining sector. There is, therefore, a
significant correlation between the sovereign credit profile and
that of the banks.

Moreover, the rapid growth in system-wide bank lending -- over
70% in 2011 -- is a concern. The high volume of unseasoned loans
makes the banks more vulnerable to any economic dislocation that
could arise in a scenario of sovereign distress.

While the four rated banks differ in terms of how rapidly their
loan books have grown recently, these are differences of degree
and all have experienced very strong credit expansion. Liquidity
has also tightened as deposits grew much less than loans --
around 40% in 2011.

During the review, Moody's will focus on the following factors
that could mitigate the banks' credit correlation with that of
the sovereign: (1) their relative low direct exposure to
government debt, apart from central bank bills; (2) the sizeable
presence of foreign shareholders at many of these banks; (3) any
changes in the vulnerability of the Mongolian banking system to
shocks when compared to the 2008 crisis; and (4) the size of the
liquidity buffers -- in both domestic and foreign currency --
held by these banks.

The ratings of the four mongolian banks are as follows:

Khan Bank

- placed on review for downgrade: Bank Financial Strength of D-;
   local currency bank deposits rating of Ba3; issuer rating of
   Ba3; foreign currency long-term senior unsecured debt of Ba3;
   and foreign currency long-term senior unsecured
   MTN/Subordinate MTN of (P)Ba3/(P)B1

- Unaffected ratings: foreign currency bank deposits rating of
   B2; and local currency/ foreign currency short-term deposit
   rating of NP

Golomt Bank

- placed on review for downgrade: Bank Financial Strength of D-;
   local currency bank deposits rating of Ba3; and Issuer rating
   of Ba3

- Unaffected ratings: foreign currency bank deposits rating of
   B2

Trade Development Bank of Mongolia

- placed on review for downgrade: Bank Financial Strength of D-;
   local currency bank deposits rating of Ba3; issuer rating of
   Ba3; foreign currency long-term senior unsecured debt of Ba3;
   and foreign currency long-term senior unsecured
   MTN/subordinate MTN of (P)Ba3/(P)B1

- Unaffected ratings: foreign currency bank deposits rating of
   B2; local currency/ foreign currency short-term deposit rating
   of NP; and local currency/ foreign currency short-term issuer
   rating of NP

XacBank

- placed on review for downgrade: Bank Financial Strength of D-;
   local currency bank deposits rating of Ba3; issuer rating of
   Ba3; foreign currency long-term senior unsecured debt of Ba3;
   and foreign currency long-term senior unsecured
   MTN/subordinate MTN of (P)Ba3/(P)B1

- Unaffected ratings: foreign currency bank deposits rating of
   B2; local currency/ foreign currency short-term deposit rating
   of NP; local currency/ foreign currency short-term issuer
   rating of NP; and Euro MTN program of (P)NP

The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.


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


DOMINION FINANCE: Directors' Trial Set for June 2013
----------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the trial
of former Dominion Finance Group directors is not due to begin
until next year - more than four years after the company went
into receivership.

Former directors Vance Arkinstall, Richard Bettle, Terence
Butler, Ann Butler, Paul Forsyth and Robert Barry Whale are
accused of misleading investors in Dominion Finance Group and
North South Finance offer documents and advertisements, the
report says.

The Herald relates that the Financial Markets Authority, which is
bringing the case, also alleges that a Dominion Finance Group
newsletter sent to the company's investors and those of North
South Finance in 2008 contained untrue statements.

The six accused face Securities Act charges with a maximum
penalty of five years' jail or fines of up to NZ$300,000 plus
NZ$10,000 for every day the offending went on, the report notes.

According to the Herald, lawyers for the prosecution and defence
held a telephone conference on Monday to confirm dates for the
trial, which is set down for June 2013 in the High Court at
Auckland.

                      About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.

Dominion Finance was put into receivership in September 2008
owing about NZ$176.9 million to more than 5,900 investors. It was
put into liquidation by the High Court at Auckland in May 2009.
Associate Judge Faire appointed William Black and Andrew Grenfell
of McGrathNicol as liquidators of the firm.  Receiver Rod
Partington of Deloitte said the liquidation application will not
affect the progress of the receivership.

North South Finance went into receivership in July 2010.

In total, the group is estimated to owe creditors NZ$400 million.


HANOVER FINANCE: Civil Proceedings Expected This Week
-----------------------------------------------------
The New Zealand Herald reports that civil proceedings are
expected to be laid in the Hanover case as early as this week but
Hanover director Mark Hotchin said they will "lack substance" and
will be defended.

Mr. Watson confirmed to the Herald Monday that he expected a
decision shortly on charges laid by the Financial Markets
Authority.

"While I have not had any direct contact with the FMA regarding
when they will deliver a decision, I understand that the FMA may
issue civil proceedings in the near future," the Herald quotes
Mr. Hotchin as saying.  "If this does in fact occur, it will be
after a detailed investigation by the Commerce Commission, the
Serious Fraud Office, the Securities Commission and then the FMA
that began almost three years ago and concluded that there was no
case for criminal charges."

The FMA announced last December that it planned to file civil
proceedings against the directors and promoters of Hanover
Finance, Hanover Capital and United Finance, the Herald recalls.

An FMA spokesman told the Herald that he could not comment on
when a decision was due.

According to the report, FMA chief executive Sean Hughes has
refused to name who was in the authority's sights but said the
proceedings would relate to Hanover's offer documents from
December 2007.

Directors who signed the prospectuses of Hanover Finance, Hanover
Capital and United Finance in December 2007 include Mark Hotchin,
Sir Tipene O'Regan, Greg Muir and Bruce Gordon.  Eric Watson and
Dennis Joseph Broit are listed in the prospectuses as promoters
of securities.


=====================
P H I L I P P I N E S
=====================


DEVELOPMENT BANK: Moody's Withdraws 'D-' Financ'l Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings of
the Development Bank of the Philippines:

D- Bank Financial Strength rating (BFSR);

Ba1/ Not Prime local currency deposit rating;

Ba2/ Not Prime foreign currency deposit rating.

Prior to this withdrawal, DBP's BFSR mapped to Ba3 on the long-
term scale and carried a stable outlook.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

The rating withdrawal does not reflect a change in the bank's
creditworthiness.

At the time of the withdrawal, Moody's does not rate any of DBP's
outstanding debt.

Headquartered in Manila, Philippines, the Development Bank of the
Philippines reported total assets of PHP306.2 billion (US$7.0
billion) as at June 30, 2011.


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


BIOSTAR RESEARCH: Creditors' Proofs of Debt Due April 23
--------------------------------------------------------
Creditors of Biostar Research Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 23, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Bob Yap Cheng Ghee
         Tay Puay Cheng
         Wong Pheng Cheong Martin
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


BON INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on March 9, 2012, to
wind up the operations of Bon International (Singapore) Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road
         #06-11 The URA Centre (East Wing)
         Singapore 069118


DYNAMIKZ TRAVELZ: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on March 16, 2012,
to wind up the operations of Dynamikz Travelz Pte Ltd.

Tin Yu Jiann filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


FIDELIS INTERNATIONAL: Creditors' Proofs of Debt Due April 23
-------------------------------------------------------------
Creditors of Fidelis International Private Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 23, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Yiong Kok Kong
         c/o 21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267


FOODCARE PTE: Creditors' Proofs of Debt Due April 24
----------------------------------------------------
Creditors of Foodcare Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by April 24, 2012, to
be included in the company's dividend distribution.

The company's liquidator is:

         Ng Chee Tiong
         c/o 20 Peck Seah Street, #05-00
         Singapore 079312


FOOD THERAPY: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on March 16, 2012,
to wind up the operations of Food Therapy Pte Ltd.

Grandview Pte Ltd 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


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


CEYLEASE FINANCIAL: Fitch Affirms Nat'l Long-Term Rating at 'BB+'
-----------------------------------------------------------------
Fitch Ratings Lanka has affirmed Ceylease Financial Services
Ltd's National Long-Term rating at 'BB+(lka)'.  The rating has
been removed from Rating Watch Evolving (RWE) and assigned a
Stable Outlook.

The rating has been uplifted based on Fitch's expectations of
support from CFSL's parent, the state-owned Bank of Ceylon (BOC;
'AA+(lka)'/Stable).  BOC has a 55% shareholding in CFSL, and is
represented on the latter's board.  Further, BOC continues to be
a key creditor to CFSL, accounting for 28% of its total
borrowings at end-2011.  The removal of the RWE, which was placed
on 26 July 2011, follows Merchant Bank of Sri Lanka Plc's (MBSL,
72% owned by BOC) 15 March 2012 announcement that it would not
proceed with its proposed merger with CFSL and other entities of
the BOC group.

Fitch notes CFSL's weak stand-alone financial profile.  The
company mainly provides vehicle finance, in the form of leases
(37.1%), hire purchase (49.6% ) and loans (13.3%) at end-2011.
During 2011, the company wrote off LKR104m of non-performing
loans (NPLs) that were fully provided.  Consequently, its NPL
ratio declined sharply to 15.4% over three months in arrears and
6.9% over six months in arrears at end-2011 from 25.1% and 13%,
respectively, in end-2010.

Profitability as measured by pre-tax return on assets (ROA)
increased to 3.9% in 2011 (2010: 1.6%), largely supported by non-
recurring income in the form of interest income on commercial
papers and recoveries of NPLs.  However, pre-tax ROA excluding
the non-recurring items remained weak at 1.5% at end-2011
compared with peers.  Investments in equity trading portfolio
increased to 41% of equity at end-2011 (2010: 35%) and
investments in real estate stock accounted for 24% of equity at
FYE11 (2010: 28%).  Fitch notes that any increase in such
investments may elevate volatility in CFSL's profitability and
capitalisation and negatively impact its liquidity profile.

CFSL continues to have access to local wholesale funding,
although mostly short-term in nature (92% of borrowings).  Fitch
notes that unutilised credit lines did not cover gaps arising
from maturity mismatches of interest bearing assets and
liabilities, but expects liquidity support from BOC would be
forthcoming should it be required.

CFSL's rating could be affected by a change in circumstances that
would warrant a review of Fitch's expectation of support from
parent BOC.  A sustained improvement in CFSL's stand-alone
financial profile may lead to a ratings upgrade, while a
sustained deterioration in CFSL's stand alone financial profile
may lead to a ratings downgrade.

CFSL is a small specialised leasing company.  The company
operates via two outlets.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, 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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