TCRAP_Public/120409.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, April 9, 2012, Vol. 15, No. 70

                            Headlines


A U S T R A L I A

BILL EXPRESS: Al-Othman Files $10MM Lawsuit Again Macquarie Group


C H I N A

CHINA FRUITS: Lake & Associates Raises Going Concern Doubt


H O N G  K O N G

MARINE MANNING: Final Meetings Set for April 30
MAX EVER: Members' Final Meeting Set for April 30
MINGO (ASIA): Members' Final General Meeting Set for April 30
NEW CHINA: Annual Meetings Slated for April 24
NEW CHINA HK: Annual Meetings Slated for April 24

NEW CHINA HK DEVELOPMENT: Annual Meetings Slated for April 24
NEW CHINA HK ENTERPRISES: Annual Meetings Slated for April 24
NEW CHINA HK ESTATE: Annual Meetings Slated for April 24
NEW CHINA HK GROUP: Annual Meetings Slated for April 24
NEW CHINA HK INDUSTRIAL: Annual Meetings Slated for April 24

NEW CHINA HK TRADING: Annual Meetings Slated for April 24
SINCE-TECH INDUSTRIAL: Creditors' Proofs of Debt Due April 27
SINO TREND: Creditors' Proofs of Debt Due April 13
TWILIGHT TRADING: Members' Final General Meeting Set for May 2
UNIQUE CONCEPT: Members' Final Meeting Set for May 4

WON NAVIGATION: Members' Final Meeting Set for May 2
YEN NAVIGATION: Members' Final Meeting Set for May 2
YORK RISE: Members' Final Meeting Set for May 4
ZEGNA INFORMATION: Li and Lee Step Down as Liquidators


I N D I A

A. S. CARRIERS: Delay in Debt Payment Cues CRISIL Junk Ratings
BAJAJ STEELS: CRISIL Assigns 'CRISIL B+' Rating to INR130MM Loans
EMPIRE SPICES: CRISIL Places 'CRISIL BB-' on INR110MM Loans
GAYATRI JHANSI: CRISIL Rates INR3.4-Bil. Loan 'CRISIL BB+(SO)'
GREATECH TELECOM: Delay in Loan Payment Cues CRISIL Junk Ratings

HYDERABAD EXPRESSWAYS: CRISIL Rates INR2.9-Bil. Loan 'CRISIL BB+'
KITCHEN GRACE: CRISIL Rates INR97.5MM Loans 'CRISIL B+'
PRITIKA AUTOCAST: CRISIL Rates INR199.1MM Loans 'CRISIL BB-'
RAJ KUMAR: CRISIL Assigns 'BB+' Rating to INR322.6MM Loans
RUBICON INSPECTION: CRISIL Rates INR50MM Loans 'CRISIL B'

SEVEN SEAS: CRISIL Assigns 'CRISIL BB' Rating to INR130.3MM Loans
SHRI RAMANA: CRISIL Rates INR47.5MM Cash Credit 'CRISIL B'
SONALI AUTOS: CRISIL Assigns 'CRISIL BB-' Rating on INR325MM Loan
SREE LAKSHMI: CRISIL Assigns 'CRISIL BB-' Rating to INR30MM Loan
SYNERGY TELECOM: CRISIL Cuts Rating on INR520MM Loans to 'BB+'


J A P A N

AIJ INVESTMENT: Diet to Summon AIJ President, Three Others
CORSAIR NO. 2: S&P Puts 'B+' Credit Default Swap Rating on Watch
OLYMPUS CORP: Investors Protest Nambu's Appointment as CFO


N E W  Z E A L A N D

4RF COMM: In Receivership; Fails to Reach Deal With Noteholders
BRIDGECORP LTD: Three Directors Found Guilty
CAPITAL + MERCHANT: Receivers Win Right to Appeal GST Liability
NZF MONEY: Receivers to File Action Against NZF Group


                            - - - - -


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


BILL EXPRESS: Al-Othman Files $10MM Lawsuit Again Macquarie Group
-----------------------------------------------------------------
The Sydney Morning Herald reports that a company with ties to
Saudi Arabia's royal family is leading a $10 million lawsuit
against Macquarie Group over the illegal trading of shares in
collapsed Bill Express.

SMH relates that legal firm Slater & Gordon on April 4 lodged a
statement of claim in the Federal Court on behalf of its Saudi-
based clients, Al-Othman Group and Voice and Data
Telecommunication Company, claiming Macquarie Equities was
responsible for the actions of rogue trader Newton Chan, who was
jailed for illegal trades in Bill Express shares.

The AUD250 million failure of Bill Express and its parent
company, OnQ Group, was one of the biggest corporate collapses in
Australia during the global financial crisis, SMH notes.

Al-Othman Group is the private investment company of Saudi
Arabia's wealthy Al-Othman family.

                       About Bill Express

Bill Express Ltd. -- http://www.billexpressltd.com/-- was
engaged in the management and development of an electronic
distribution system for pre-paid products and services across in
excess of 14,000 locations around Australia, automated ordering,
delivery and inventory control for pre-paid services including
mobile, landline and Internet services.  It also processed
payments for bills and services, including bills that are
presented for payment to its outlets across Australia.  The
company had an in-store media, which is a network that promotes
Bill Express Limited's and other products at the point of sale
and in-store aisles.  OnQ Group Limited is the parent company of
Bill Express Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Bill Express went into administration with
AUD180 million in debts after a subsidiary of Saudi-based Al
Othman Group withdrew its proposal for the recapitalization and
restructuring of the company.  The proposal was to include a
substantial capital injection and new bank guarantees combined
with a restructuring of the existing liabilities of the company.
In addition, the Board and management of the company were to be
substantially restructured.


=========
C H I N A
=========


CHINA FRUITS: Lake & Associates Raises Going Concern Doubt
----------------------------------------------------------
China Fruits Corp. filed on March 30, 2012, its annual report on
Form 10-K for the fiscal year ended Dec. 31, 2011.

Lake & Associates CPA's LLC, in Schaumburg, Ill., expressed
substantial doubt about China Fruits' ability to continue as a
going concern.  The independent auditors noted that the Company
has suffered accumulated deficit and negative cash flow from
operations.

The Company reported a net loss of $376,002 on $3.5 million of
revenues for 2011, compared with a net loss of $347,241 on
$1.8 million of revenues for 2010.

The Company's balance sheet at Dec. 31, 2011, showed $6.0 million
in total assets, $3.7 million in total liabilities, and
stockholders' equity of $2.3 million.

A copy of the Form 10-K is available for free at:

                        http://is.gd/6QnOKh

Located in Nan Feng County, Jiang Xi Province, China, China
Fruits Corp. is principally engaged in manufacturing, trading and
distributing fresh tangerine and other fresh fruits in the PRC.


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


MARINE MANNING: Final Meetings Set for April 30
-----------------------------------------------
Creditors and members of Marine Manning Services Limited will
hold their final meetings on April 30, 2012, at 11:30 a.m., at
the office of FTI Consulting (Hong Kong) Limited, Level 22, The
Center, at 99 Queen's Road Central, Central, in Hong Kong.

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


MAX EVER: Members' Final Meeting Set for April 30
-------------------------------------------------
Members of Max Ever Holdings Limited will hold their final
meeting on April 30, 2012, at 9:30 a.m., at Rooms 1901-2, Park-In
Commercial Centre, 56 Dundas Street, in Kowloon.

At the meeting, Lee Kwok On Alexander, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MINGO (ASIA): Members' Final General Meeting Set for April 30
-------------------------------------------------------------
Members of Mingo (Asia) Limited will hold their final general
meeting on April 30, 2012, at 6/F, Greenwich Centre, 260 King's
Road, North Point, in Hong Kong.

At the meeting, Ng Kin Yung Tony, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


NEW CHINA: Annual Meetings Slated for April 24
----------------------------------------------
Members and creditors of The New China Hong Kong Capital Limited
will hold their annual meetings on April 24, 2012, at 9:00 a.m.,
and 10:00 a.m., respectively at Room 1601-02, 16th Floor, One
Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK: Annual Meetings Slated for April 24
-------------------------------------------------
Members and creditors of The New China Hong Kong Finance Limited
will hold their annual meetings on April 24, 2012, at 9:30 a.m.,
and 10:30 a.m., respectively at Room 1601-02, 16th Floor, One
Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK DEVELOPMENT: Annual Meetings Slated for April 24
-------------------------------------------------------------
Members and creditors of The New China Hong Kong Development
Limited will hold their annual meetings on April 24, 2012, at
2:00 p.m., and 2:30 p.m., respectively at Room 1601-02, 16th
Floor, One Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK ENTERPRISES: Annual Meetings Slated for April 24
-------------------------------------------------------------
Members and creditors of The New China Hong Kong Enterprises
Limited will hold their annual meetings on April 24, 2012, at
12:00 p.m., and 12:30 p.m., respectively at Room 1601-02, 16th
Floor, One Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK ESTATE: Annual Meetings Slated for April 24
--------------------------------------------------------
Members and creditors of The New China Hong Kong Estate Limited
will hold their annual meetings on April 24, 2012, at 5:00 p.m.,
and 5:30 p.m., respectively at Room 1601-02, 16th Floor, One
Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK GROUP: Annual Meetings Slated for April 24
-------------------------------------------------------
Members and creditors of The New China Hong Kong Group Limited
will hold their annual meetings on April 24, 2012, at 11:00 a.m.,
and 11:30 a.m., respectively at Room 1601-02, 16th Floor, One
Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK INDUSTRIAL: Annual Meetings Slated for April 24
------------------------------------------------------------
Members and creditors of The New China Hong Kong Industrial
Limited will hold their annual meetings on April 24, 2012, at
2:00 p.m., and 2:30 p.m., respectively at Room 1601-02, 16th
Floor, One Hysan Avenue, Causeway Bay, in Hong Kong.

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


NEW CHINA HK TRADING: Annual Meetings Slated for April 24
---------------------------------------------------------
Members and creditors of The New China Hong Kong Trading Limited
will hold their annual meetings on April 24, 2012, at 4:00 p.m.,
and 4:30 p.m., respectively at Room 1601-02, 16th Floor, One
Hysan Avenue, Causeway Bay, in Hong Kong.

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


SINCE-TECH INDUSTRIAL: Creditors' Proofs of Debt Due April 27
-------------------------------------------------------------
Creditors of Since-Tech Industrial Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 27, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Au Wai Keung
         25/F, Tern Centre Tower I
         237 Queen's Rood
         Central, Hong Kong


SINO TREND: Creditors' Proofs of Debt Due April 13
--------------------------------------------------
Creditors of Sino Trend Hydro Power Investment Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by April 13, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Mat Ng
         c/o JLA Asia Limited
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


TWILIGHT TRADING: Members' Final General Meeting Set for May 2
--------------------------------------------------------------
Members of Twilight Trading Company Limited will hold their final
general meeting on May 2, 2012, at 9:00 a.m., at Room 1601, wing
On Centre, 111 Connaught Road Central, in Hong Kong.

At the meeting, Suresh Lachman Narain, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


UNIQUE CONCEPT: Members' Final Meeting Set for May 4
----------------------------------------------------
Members of Unique Concept Limited will hold their final meeting
on May 4, 2012, at 9:00 a.m., at Unit D, 12th Floor, Seabright
Plaza, at 9-23 Shell Street, in Hong Kong.

At the meeting, Chan Sek Kwan Rays, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


WON NAVIGATION: Members' Final Meeting Set for May 2
----------------------------------------------------
Members of Won Navigation Company Limited will hold their final
general meeting on May 2, 2012, at 11:00 a.m., at Room 2105,
21/F, Office Tower, Langham Place, 8 Argyle Street, Mongkok,
Kowloon, in Hong Kong.

At the meeting, Man Yun Wah, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


YEN NAVIGATION: Members' Final Meeting Set for May 2
----------------------------------------------------
Members of Yen Navigation Company Limited will hold their final
meeting on May 2, 2012, at 11:00 a.m., at Room 2105, 21/F, Office
Tower, Langham Place, at 8 Argyle Street, Mongkok, Kowloon, in
Hong Kong.

At the meeting, Man Yun Wah, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


YORK RISE: Members' Final Meeting Set for May 4
-----------------------------------------------
Members of York Rise Limited will hold their final meeting on
May 4, 2012, at 10:00 a.m., at Unit D, 12th Floor, Seabright
Plaza, at 9-23 Shell Street, in Hong Kong.

At the meeting, Chan Sek Kwan Rays, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ZEGNA INFORMATION: Li and Lee Step Down as Liquidators
------------------------------------------------------
Li Cheuk Wai and Lee Wing Hang stepped down as liquidators of
Zegna Information Systems Limited on March 16, 2012.


=========
I N D I A
=========


A. S. CARRIERS: Delay in Debt Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of A. S. Carriers Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.
The downgrade reflects instances of delay by ASC in servicing its
debt; the delays have been caused by the company's weak
liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-Term Loan        1146.7       CRISIL D
   Proposed Term Loan     554.8       CRISIL D

ASC also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and continued
competitive pressure on its rental income. These rating
weaknesses are partially offset by ASC's established market
position in the domestic organized warehousing business and well-
established clientele.

                        About A. S. Carriers

ASC was established in 1993. Till 2006-07 (refers to financial
year, April 1 to March 31), the company carried out clearing and
forwarding services for Hindustan Unilever Ltd (rated 'CRISIL
AAA/Stable/CRISIL A1+'). In 2007-08, L&W Holdings Ltd bought 49
per cent of ASC's equity shares from ASC's promoters. ASC is
currently in the business of constructing and letting out
industrial warehouses (based on lease rental discounting). ASC
has warehouse properties in Bengaluru (Karnataka), Hosur, and
Chennai (both in Tamil Nadu), with a combined storage space of
1.35 million square feet (sq ft) and a land bank of 0.06 million
(sq ft).

The group companies of ASC are AS Cargo Pvt Ltd, Punit Reach
Logistics Pvt Ltd, Reach Logistics Pvt Ltd, and three more non-
operational companies. ASC owns 57.5 per cent equity stake in
Satvva Infrastructure Pvt Ltd (Satvva Infra) and the remaining
shares are owned by Satvva Developers Pvt Ltd and an individual.
Satvva Infra, which is in the same line of business as ASC,
bought a 29-acre plot near Hyderabad (Andhra Pradesh) for
construction of a warehouse.

For 2010-11, ASC reported a profit after tax (PAT) of INR61.3
million on net sales of INR204.3 million, as against a PAT of
INR45.3 million on net sales of INR171.5 million for 2009-10.


BAJAJ STEELS: CRISIL Assigns 'CRISIL B+' Rating to INR130MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Bajaj Steels and Industries Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            100         CRISIL B+/Stable
   Proposed Long-Term      30         CRISIL B+/Stable
   Bank Loan Facility

The rating reflects BSIL's modest scale of operations and
moderate financial risk profile, marked by low networth levels,
and subdued debt protection measures. The rating also factors in
the susceptibility of the company's profitability margins to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of BSIL's promoters
in the steel industry.

Outlook: Stable

CRISIL believes that BSIL will benefit over the medium term from
its established customer relationships and promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case the company reports higher-than-expected revenues, while
maintaining or improving its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case
there is significant decline in BSIL's revenues or profitability
or if the company undertakes any debt-funded capital expenditure
programme, resulting in weakening of its financial risk profile.

                         About Bajaj Steels

Incorporated in 1972, BSIL manufactures stainless steel sheets,
which are used in manufacturing utensils and other kitchenware.
The company's manufacturing facility is located in Jalaun (Uttar
Pradesh) and has capacity of 2000 tonnes per annum. BSIL is owned
and managed by Mr. Praveen Agarwal and his relatives, Mr. Rahul
Sood and Mr. Pradeep Tayal.

BSIL reported a profit after tax (PAT) of INR0.67 million on net
sales of INR 245.4 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 2.32 million on net
sales of INR 257.1 million for 2009-10.


EMPIRE SPICES: CRISIL Places 'CRISIL BB-' on INR110MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Empire Spices and Foods
Ltd continue to reflect the benefits that the company derives
from its promoters' extensive experience in the spices industry
and the established market position of its Rambandhu brand name
in Maharashtra.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            70.0        CRISIL BB-/Stable
   Term Loan              20.0        CRISIL BB-/Stable
   Proposed Long-Term     20.0        CRISIL BB-/Stable
   Bank Loan Facility

These rating strengths are partially offset by the company's weak
financial risk profile, marked by a small net worth, a high
gearing, and weak debt protection metrics, and modest scale of
operations with high geographical concentration.

Outlook: Stable

CRISIL believes that ESFL will continue to benefit over the
medium term from the established market position of its Rambandhu
brand name in the Maharashtra spices market. The outlook may be
revised to 'Positive' if the company significantly improves its
financial risk profile, most likely driven by higher-than-
expected cash accruals or equity infusion by promoters.
Conversely, the outlook may be revised to 'Negative' if ESFL
undertakes a large, debt-funded capital expenditure (capex)
programme, or if its profitability declines because of volatility
in raw material prices.

Update

In 2010-11 (refers to financial year, April 1 to March 31), ESFL
registered sales of INR600 million at an operating profitability
of 5.3 per cent; the operating margin was lower than 6.2 per cent
in 2009-10 because of volatility in raw material prices. For the
nine months ended December 31, 2011, it has booked sales of
INR460 million at an operating margin of 7.2 per cent and is
expected to record revenues of about INR720 million in 2011-12,
registering healthy growth of about 20 per cent. ESFL's
operations are moderately working capital intensive, marked by
high raw material inventory because of its seasonal availability;
its gross current days stood at 107 as on March 31, 2011 and are
expected to remain at similar levels over the medium term. ESFL's
gearing was high at 1.9 times as on March 31, 2011, and is
expected to remain high over the medium term as a result of
successive debt-funded capex and high reliance on debt to fund
working capital requirements. Also, the company's debt protection
metrics remain weak because of low profitability. ESFL's
liquidity is stretched marked by high utilization of bank limits,
averaging at 95 per cent, for the 12 months through December
2011.

                       About Empire Spices

ESFL, a closely held public limited company, is promoted by the
Nasik (Maharashtra)-based Rathi family. The company manufactures
unblended spices such as chili powder, turmeric powder, and
coriander powder, and blended spices such as garam masala, and
masalas for chicken and mutton, and pav bhaji, biryani, and
chhole masala, among others. It also manufactures pickles,
papads, and seasonal products such as chivda masala, papad atta,
papad masala. The company sells these under the Rambandhu brand.
It operates five units in and around Nashik and Aurangabad (both
in Maharashtra). ESFL primarily sells these products in
Maharashtra, but has recently started selling them in Madhya
Pradesh, Gujarat, Orissa, Rajasthan, Chhattisgarh, and some parts
of Karnataka and Andhra Pradesh through its network of 35
stockists and 500 distributors.


ESFL reported a profit after tax (PAT) of INR8.7 million on net
sales of INR600 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR5.7 million on net
sales of INR374 million for 2009-10.


GAYATRI JHANSI: CRISIL Rates INR3.4-Bil. Loan 'CRISIL BB+(SO)'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Gayatri Jhansi Roadways Ltd to 'CRISIL BB+(SO)/Stable' from
'CRISIL A-(SO)/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan            3410.0        CRISIL BB+(SO)/Stable

The downgrade reflects deterioration in GJRL's liquidity marked
by the delay in the receipt of annuities from National Highways
Authority of India. The company has received four annuities till
date and all the annuities were received with a delay of 30 to 90
days. The delay in the receipt of annuities constrains the
company's liquidity and impacts its repayment capabilities. The
downgrade also reflects the expected deterioration in GJRL's
liquidity over the medium term because of utilization of one full
annuity to meet the remaining cost in completing the project. The
company has completed road construction of around 44.2 kilometres
(km) of the total stretch of 49.7 km. GJRL has received a
provisional completion certificate dated June 11, 2010 from NHAI,
according to which, the company has to complete the construction
within 10 months of the receipt of unencumbered land from NHAI.
CRISIL believes that the tight deadlines from NHAI to complete
the balance construction and nearly full utilization of one
annuity towards cost overrun will constrain the liquidity of the
company over the medium term.

The rating continues to factor in the annuity-based model and the
strong credit risk profile of GJRL's counterparty, NHAI. The
rating strength is partially offset by GJRL's exposure to risks
related to project completion and the project's low debt service
coverage ratio, because of cost escalation.

Outlook: Stable

CRISIL believes that GJRL's liquidity will remain constrained
over the medium term because of the delay in the receipt of
annuities from NHAI. The outlook may be revised to 'Positive' in
case the company demonstrates a track record of timely receipt of
annuity and successful completion of the remaining project, post
the receipt of land from NHAI. Conversely, the outlook may be
revised to 'Negative' in case GJRL reports significant delay in
receipt of annuity payments from NHAI, leading to deterioration
in its liquidity.

                        About Gayatri Jhansi

GJRL is a special purpose vehicle promoted by Gayatri Projects
Ltd (GPL; 51 per cent ownership in GJRL) and Infrastructure
Development Finance Company Ltd (IDFC; 49 per cent) to design,
develop, construct, operate, and maintain a 49.7-km stretch of
road between Jhansi and Lalitpur (Uttar Pradesh), on National
Highways-25 and 26 (NH-25 and NH-26) on build-own-operate basis.
The project road, named UP2, starts from 88.5 km of the Shivpuri-
Jhansi road (NH-25) and ends at 49.7 km of NH-26. The project
involves strengthening and widening of the existing two-lane
highway, construction of two additional lanes, and provision of
service roads in specific urban and semi-urban areas to cater to
local traffic. The project was awarded under National Highway
Development Project II for an annuity of INR299.5 million, which
is payable semi-annually by NHAI to the consortium of IDFC and
GPL. NHAI has a 20-year concession agreement with the consortium,
with GJRL as the concessionaire, for implementation, operation,
and maintenance of the project. The annuity will be deposited in
an escrow account and appropriations from the escrow account will
be as per the concession agreement. The original project cost was
INR4.22 billion, which was revised to INR4.90 billion because of
delay in land availability for construction of the road. The
project was to be completed by September 2009; however, as on
date, around 44.2 km of the stretch has been completed, out of
the total stretch of 49.7 km.


GREATECH TELECOM: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Greatech
Telecom Technologies Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Negative/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL D
   Cash Credit              30        CRISIL D
   Letter of Credit         60        CRISIL D
   Proposed Long-Term       44.1      CRISIL D
    Bank Loan Facility
   Term Loan                35.9      CRISIL D

The downgrade reflects instances of current delay by Greatech in
servicing its term debt; the delays have been caused by
Greatech's weak liquidity, on account of cash losses in the
fabric business.

Greatech has a weak financial risk profile, marked by a small net
worth and a high gearing, and a limited track record in the
fabric industry. However, the company benefits from the financial
support that it receives from its promoters.

                       About Greatech Telecom

Greatech was set up in 2004 by Mr. Ramdev Gupta. In 2009-10
(refers to financial year, April 1 to March 31), the company set
up a fabric manufacturing unit in Dehradun; the unit caters to
the packaging industry. Till 2008-09, Greatech mainly
manufactured radio-frequency cables and mobile tower accessories
such as connectors, weather-proofing kits, jumpers, surge
arrestors, grounding kits, couplers, wall entries, and cable
clamps.

Greatech reported a loss of INR10 million on net sales of INR177
million in 2010-11, against a PAT of INR1 million on net sales of
INR108 million in 2009-10.


HYDERABAD EXPRESSWAYS: CRISIL Rates INR2.9-Bil. Loan 'CRISIL BB+'
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Hyderabad Expressways
Ltd continues to reflect the benefits that HEL reaps from the
annuity-based model of its ongoing road project. This rating
strength is partially offset by HEL's limited track record of
timely receipt of annuities and exposure to operations- and
maintenance-related risks associated with highways.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan             2900.0       CRISIL BB+/Stable

Outlook: Stable

CRISIL believes that HEL will maintain its liquidity, supported
by prudent use of available funds as per the escrow mechanism,
over the near term. The outlook may be revised to 'Positive' if
HEL establishes a track record of timely receipt of annuities
over the medium term. Conversely, the outlook may be revised to
'Negative' in case of substantial delays in receipt of future
annuities, leading to weakening in HEL's debt servicing ability.

                    About Hyderabad Expressways

HEL, a special-purpose vehicle (SPV), was originally promoted by
Gayatri Projects Ltd (GPL) and IL&FS Engineering & Construction
Company Ltd (IL&FS Engg; formerly, Maytas Infra Ltd [MIL]) in
2006-07 (refers to financial year, April 1 to March 31) to build
the 13-kilometre Bongulur to Tukkuguda section of the eight-lane
outer ring road in Hyderabad. GPL and MIL originally had a 50:50
joint venture equity stake in the project; the engineering,
procurement, and construction contract has been executed by GPL.
In July 2009, IL&FS Engg sold part of its share to Terra Projects
Pvt Ltd.  GPL still holds a 50 per cent stake in HEL, whereas
IL&FS Engg owns 42.7 per cent, and TPPL the remaining.

The total project cost of INR4.31 billion has been financed
through a term loan of INR2.9 billion, grant of INR718 million
from Hyderabad Growth Corridor Limited (HGCL), and HEL's
promoters' equity. The concession period is for 15 years, up to
December 2022. The project entailed development of the section on
a build-operate-transfer basis, with an annuity of INR304.9
million payable by HGCL semi-annually. HGCL is an SPV in which
Hyderabad Urban Development Authority (now under Hyderabad
Metropolitan Development Authority) holds a 74 per cent equity
stake, while the remaining equity is owned by Infrastructure
Corporation of Andhra Pradesh. The annuity is to be deposited in
an escrow account, from which holders of the rated debt will be
paid.

HEL has completed the project and obtained the commercial
operations date certificate in August 2010.


KITCHEN GRACE: CRISIL Rates INR97.5MM Loans 'CRISIL B+'
-------------------------------------------------------
CRISIL's ratings on the bank facilities of Kitchen Grace (India)
Pvt Ltd continue to reflect KGIPL's weak financial risk profile,
marked by high gearing and weak debt protection metrics, and its
modest scale of operations, marked by customer concentration in
its revenue profile. These rating weaknesses are partially offset
by the benefits that KGIPL derives from the extensive experience
of its promoters in the modular kitchen industry.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             15.0       CRISIL B+/Stable
   Term Loan               61.0       CRISIL B+/Stable
   Proposed Long-Term      21.5       CRISIL B+/Stable
    Bank Loan Facility
   Letter of Credit        10.0       CRISIL A4
   Bank Guarantee           5.0       CRISIL A4

Outlook: Stable

CRISIL believes that KGIPL will benefit over the medium term from
its promoters' extensive industry experience and steady offtake
from Sleek International, its group entity. Also, the promoters
are expected to provide timely support to the company to help
meet debt repayment obligations and incremental working capital
requirements. The outlook may be revised to 'Positive' if KGIPL
generates significantly larger-than-expected cash accruals as a
result of improved growth in revenues and profitability.
Conversely, the outlook may be revised to 'Negative' in case of
inadequate funding support from promoters to meet KGIPL's
repayment obligations, or if it undertakes any large, debt-funded
capital expenditure programme.

                        About Kitchen Grace

Set up in 1998 by Mr. Snehal Vasani, KGIPL manufactures factory-
fitted modular kitchen and kitchen components under the Kitchen
Grace brand name at its manufacturing facility in Pune
(Maharashtra). KGIPL derives about 70 per cent of its revenues
from its group entity, Sleek International, promoted by the Ahuja
family, which procures kitchen components like shutters and
carcasses from it. The remaining revenues are derived from its
dealer network and residential apartment projects. Currently, the
Ahuja family holds 67 per cent of the company's equity shares,
while the remainder is held by Mr. Snehal Vasani and relatives.

KGIPL reported a net loss of INR14.9 million on net sales of
INR52.4 million for 2010-11 (refers to financial year, April 1 to
March 31), against a net profit of INR6.8 million on net sales of
INR52.9 million for 2009-10.



PRITIKA AUTOCAST: CRISIL Rates INR199.1MM Loans 'CRISIL BB-'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Pritika
Autocast Private Limited to 'CRISIL BB-/Stable/CRISIL A4+' from
'CRISIL B+/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           3         CRISIL A4+
   Cash Credit            120         CRISIL BB-/Stable
   Letter of Credit        10         CRISIL A4+
   Term Loan               79.1       CRISIL BB-/Stable

The ratings upgrade reflect Pritika Group's better-than-expected
ramp up in operations while sustaining its healthy profitability,
following the completion of capacity expansion programmes in PAPL
and Nibber Castings Private Ltd (NCPL; part of Pritika Group).
CRISIL believes that Pritika group will continue to record a
healthy growth rate over the medium term on account of its
already completed capacity expansions in PAPL and NCPL and
planned capacity expansion in Pritika Industries Private Limited
(PIPL; part of Pritika Group) supported by improving demand from
domestic original equipment manufacturers (OEMs).

The ratings continue to reflect Pritika Group's healthy operating
margins, on account of group's integrated operations and the tax
benefits it enjoys in Bathri (Himachal Pradesh), and promoters'
extensive experience in the industry and established relations
with domestic OEMs. These rating strengths are partially offset
by Pritika group's weak financial risk profile marked by high
gearing and weak debt protection metrics, large working capital
requirements and customer concentration in its revenue profile.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of PAPL and its group entities, PIPL,
and NCPL, together referred to as Pritika Group. This is because
the companies are under common management and in the same line of
business. These entities also share significant operational and
financial linkages.

Outlook: Stable

CRISIL believes that the Pritika group will benefit from its
comfortable business risk profile on account of promoters'
extensive industry experience and increased capacities over the
medium term. The outlook may be revised to 'Positive' in case of
improvement in the group's capital structure, most likely caused
by significant fresh equity infusion. Conversely, the outlook may
be revised to 'Negative' in case the group undertakes a larger-
than-expected debt-funded capital expenditure programme or if its
operating margin declines thus impacting its financial risk
profile and liquidity.

                          About the Group

PAPL was incorporated in 2005-06 (refers to financial year,
April 1 to March 31) by Mr. Raminder Singh Nibber and his son,
Mr. Harpreet Singh Nibber. The promoters have extensive
experience in the castings industry through PIPL and NCPL. The
company manufactures automotive and tractor components at its
facility in Bathri. The company had an installed capacity of 1200
tonnes per month (tpm), which has been increased by setting up
Unit II, with an installed capacity of 500 tpm during 2010-11, on
account of healthy demand prospects from large original equipment
manufacturers. The facility at Bathri is an integrated unit,
capable of both casting and machining.


RAJ KUMAR: CRISIL Assigns 'BB+' Rating to INR322.6MM Loans
----------------------------------------------------------
CRISIL's rating on the bank facilities of Raj Kumar Goel
Educational Foundation continues to reflect RKGEF's established
track record in the education sector and wide portfolio of
educational courses offered in various fields.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility     115.0       CRISIL BB+/Stable

   Cash Credit             85.0       CRISIL BB+/Stable

   Proposed Long- Term     46.3       CRISIL BB+/Stable
   Bank Facility

   Proposed Long-Term      76.3       CRISIL BB+/Stable
   Bank Facility

These rating strengths are partially offset by the trust's small
scale of operations, average financial risk profile constrained
by exposure to other group trusts, and susceptibility to adverse
regulatory changes and intense competition in the education
sector.

Outlook: Stable

CRISIL believes that RKGEF will benefit from the healthy cash
accruals that it is expected to generate over the medium term on
the back of the wide range of courses it offers. The outlook may
be revised to 'Positive' if the trust increases its operating
income by increasing its intake capacity, and consequently, its
scale of operations and profitability. Conversely, the outlook
may be revised to 'Negative' if RKGEF undertakes a larger-than-
expected debt-funded capital expenditure programme, if demand for
its courses declines, or in case of any unfavorable regulatory
changes.

Update

For 2010-11 (refers to financial year, April 1 to March 31),
RKGEF has achieved growth of more than 20 per cent on its
operating income at INR237.6 million, from that in the previous
year, largely in line with CRISIL's expectations . However,
RKGEF's operating margin was significantly higher than CRISIL's
expectations mainly because the trust deferred the implementation
of the sixth pay commission in 2010-11, while the same has been
implemented in 2011-12. With this, the total employee cost is
expected to increase by more than 30 per cent. RKGEF has also
added 120 seats in Raj Kumar Goel Institute of Technology (RKGIT)
during 2011-12 and plans to increase 60 more seats for its
evening courses in the coming academic year. With this expected
addition of seats over the near to medium term, CRISIL believes
the trust's operating revenues will grow at a moderate growth of
10 to 15 per while the operating margins are expected to decline
slightly, on account of increase in the employee cost post
implementation of the sixth pay commission, over the medium term.

RKGEF is currently undertaking a capital expenditure (capex)
programme involving the construction of an auditorium in its
Ghaziabad (Uttar Pradesh) campus with a total cost outlay of
INR100 million, which is expected to be funded by internal
resources only. The construction work is around 30 per cent
complete as on date and the same is expected to get completed by
June 2012.

RKGEF has adequate liquidity backed by its free cash accruals,
moderate bank limit utilization, and healthy unencumbered cash
and bank balance as on March 31, 2011. RKGEF's gearing has
significantly improved to 0.86 times as on March 31, 2011 from
its peak gearing in the past, at 2.1 times as on March 31, 2008.
This is largely because of healthy cash accruals generated by the
trust during the corresponding period, leading to increase in the
net worth of the trust. RKGEF has fully repaid its outstanding
term loan of INR11.4 million as on March 31, 2010, during 2010-
11; currently, the trust has no fixed repayment obligation.
CRISIL believes that RKGEF's gearing will improve to around 0.8
times over the medium term from its current levels because of the
absence of any debt-funded capex plans of the trust.

RKGEF reported a profit after tax (PAT) of INR50.2 million on an
operating income of INR237.6 million for 2010-11, against a PAT
of INR19.5 million on an operating income of INR218.0 million for
2009-10.

RKGEF was set up in 1999 by the late Mr. Raj Kumar Goel. The
trust established RKGIT in Ghaziabad in September 2000. RKGIT is
recognized by All India Council for Technical Education, Ministry
of Human Resource Development, Government of India, and is
affiliated to Uttar Pradesh Technical University, Lucknow. RKGIT
offers bachelor degree courses in technology and pharmaceuticals
science, and master degree courses in computer application,
business administration, and pharmaceuticals science. Currently,
the institute has student strength of more than 3000, with nearly
full occupancy for its combined offering of 980 seats. In 2003,
the trust established Lala Mangat Ram Maha Vidyalaya (LMRM),
which offers only one course, namely, bachelor of education. This
course by LMRM is approved by the National Council for Teacher
Education and is affiliated to CCS University, Meerut (Uttar
Pradesh).


RUBICON INSPECTION: CRISIL Rates INR50MM Loans 'CRISIL B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/ CRISIL A4' ratings to
the bank facilities of Rubicon Inspection Systems Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               20         CRISIL B/Stable
   Cash Credit             30         CRISIL B/Stable
   Bank Guarantee          20         CRISIL A4

The ratings reflect Rubicon's small scale of operations, limited
revenue diversity, working capital intensive operations, and weak
financial risk profile marked by small net worth and high
gearing. These rating weaknesses are partially offset by the
extensive industry experience of Rubicon's promoters, established
relations with customers, and its healthy profitability leading
to comfortable debt protection metrics.

Outlook: Stable

CRISIL believes that Rubicon will benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case the Rubicon significantly
scales up its operations supported by receipt of new orders,
while maintaining its healthy profitability, leading to larger-
than-expected cash accruals and subsequent improvement in
liquidity. Conversely, the outlook may be revised to 'Negative'
in case Rubicon's financial risk profile, particularly liquidity,
deteriorates further because of larger-than-expected working
capital requirements, lower cash accruals, or if the company
undertakes any larger-than-expected debt-funded capital
expenditure programme.

                      About Rubicon Inspection

Based in Delhi, and promoted by Mr. Inderjeet Singh in 2007,
Rubicon undertakes service contracts for drain maintenance, CCTV
inspection of storm water drains/sewer lines, trenchless laying
of gravity pipes, and underground earthwork. The promoter has
been in the same business since 1997 through his proprietorship
firm "Rubicon Inspection Systems' which was reconstituted as
Rubicon during 2007. Rubicon has a fleet of truck-mounted
machines and excavators, which are used to carry out the jobs it
undertakes. The company's main customers include municipal
corporations of Delhi, Ahmedabad, and Vadodara (both in Gujarat),
Delhi Metro Rail Corporation, and other government entities and
boards.

Rubicon reported a profit after tax (PAT) of INR3.6 million on
net sales of INR112.6 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR2.4 million on
net sales of INR95.8 million for 2009-10.


SEVEN SEAS: CRISIL Assigns 'CRISIL BB' Rating to INR130.3MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Seven Seas Distillery Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              10.3        CRISIL BB/Stable
   Proposed Term Loan     15          CRISIL BB/Stable
   Cash Credit           105          CRISIL BB/Stable
   Bank Guarantee          1.2        CRISIL A4+

The ratings reflect SSDPL's moderate financial risk profile,
marked by low gearing and comfortable debt protection metrics and
the promoters' extensive industry experience in the distillery
industry. These rating strengths are partially offset by SSDPL's
modest scale of operations and its working capital intensive
nature of operations. The rating also factors in exposure to
intense competition and susceptibility to regulatory risks in the
Indian-made foreign liquor (IMFL) sector.

Outlook: Stable

CRISIL believes that SSDPL will benefit over the medium term from
the healthy demand for its products and its healthy capital
structure. The outlook may be revised to 'Positive' if the
company scales up its operations and profitability on a
sustainable basis, while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' if any
regulatory changes adversely impact the company's revenues and
margins or if the company undertakes a larger-than-expected debt-
funded capital expenditure programme, leading to weakening in its
financial risk profile, or if the company makes significant
investments in unrelated businesses.

                          About Seven Seas

Based in Trichur (Kerala), SSDPL was incorporated in 1981 and was
taken over by Mr. Vittal Mallaya after a few years of its
operations. In 1991, the company was taken over by Mr. Shivkumar
Reddy. SSDPL is engaged in the bottling of IMFL in Kerala for
United Spirits Ltd. SSDPL has a licensed capacity 4.2 million
cases per annum which is being utilized at around 70 per cent.
Apart SSDPL, the promoters also manage Mandovi Distillery Ltd,
Goa, Pearl Distillery Ltd, Ongole (Andhra Pradesh [AP]; rated
'CRISIL BB-/Stable'), and Esveear Distillery Ltd, Tirupatti [AP].

SSDPL reported a net loss of INR19.0 million on net sales of
INR1.0 billion for 2010-11 (refers to financial year, April 1 to
March 31), as against a PAT of INR7.8 million on net sales of
INR720.2 million for 2009-10.


SHRI RAMANA: CRISIL Rates INR47.5MM Cash Credit 'CRISIL B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Shri Ramana Heavy Engineering Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             47.5       CRISIL B/Stable
   Bank Guarantee          17.5       CRISIL A4
   Letter of Credit        20.0       CRISIL A4

The ratings reflect SRHEPL's weak financial risk profile, marked
by high gearing, large working capital requirements,
vulnerability to cyclical trends in end-user industry, and high
degree of revenue concentration. These rating weaknesses are
partially offset by the extensive industry experience of SRHEPL's
promoters and established clientele.

Outlook: Stable

CRISIL believes that SRHEPL will benefit over the medium term
from its promoters' extensive experience in manufacturing bulk
material handling system and established clientele. The outlook
may be revised to 'Positive' in case of a significant improvement
in liquidity on account of moderation in overall working capital
requirements and generation of higher-than-expected net cash
accruals, resulting in overall improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative'
upon decline in profitability margins, liquidity, and debt-funded
capital expenditure.

                         About Shri Ramana

Based in Chennai (Tamil Nadu), SRHEPL was incorporated in 2005
and manufactures and supplies bulk material handling systems. The
company started as a partnership firm in 2000, but was
reconstituted as a private limited company in 2005. Mr. H
Ramalingam and his wife jointly hold ownership of the company in
the ratio of 2:1.

SRHEPL reported a profit after tax (PAT) of INR3.5 million on net
sales of INR159.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 2 million on net
sales of INR 113.1 million for 2009-10.


SONALI AUTOS: CRISIL Assigns 'CRISIL BB-' Rating on INR325MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sonali Autos Pvt Ltd
continue to reflect SAPL's moderate business risk profile backed
by comfortable market position in its area of operations. This
rating strength is partially offset by SAPL's weak financial risk
profile, marked by high total outside liabilities to tangible net
worth ratio and weak debt protection metrics. The ratings also
factor in the pressure on the company's margins as a result of
competitive pressures.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            325.00      CRISIL BB-/Stable
   Bank Guarantee          20.00      CRISIL A4+
   Proposed Long-Term      55.00      CRISIL BB-/Stable
   Bank Loan Facility

Outlook: Stable

CRISIL believes that SAPL will benefit over the medium term from
its strong regional position in the auto dealership segment. The
outlook may be revised to 'Positive' if the company's operating
margin and debt protection metrics improve substantially.
Conversely, the outlook may be revised to Negative' if the
company undertakes large debt to fund its capex, thereby
weakening its financial risk profile.

                        About Sonali Autos

Set up in 2007, SAPL deals in the entire range of utility
vehicles manufactured by Mahindra and Mahindra.  SAPL also sells
spares and accessories of M&M's vehicles, and also provides
services of its vehicles in Bihar. The company's promoters have
experience of more than two decades in the automobile dealership
business.

SAPL reported a profit after tax (PAT) of INR10 million on net
sales of INR2287 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR7 million on net
sales of INR1903 million for 2009-10.


SREE LAKSHMI: CRISIL Assigns 'CRISIL BB-' Rating to INR30MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Sree Lakshmi Agencies.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             30         CRISIL BB-/Stable
   Letter of Credit        60         CRISIL A4+

The ratings reflect SLA's established relationship with its sole
principal, ITC Ltd (ITC; rated 'CRISIL AAA/Stable/CRISIL A1+')
and extensive industry experience of SLA's promoters in the
marketing and distribution business. These rating strengths are
partially offset by SLA's below-average financial risk profile
marked by small net worth, exposure to risks related to
significant principal concentration in the distribution segment
and its tender-driven business in the pulses segment.

Outlook: Stable

CRISIL believes that SLA will continue to benefit over the medium
term from its established position as the exclusive distributor
of ITC's products in the Tiruvallur region (Tamil Nadu). The
outlook may be revised to 'Positive' in case of a significant and
sustained increase in SLA's sales and operating margin, leading
to improved financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case the firm undertakes larger-than-
expected, debt-funded, capital expenditure (capex) programme, its
working capital management deteriorates, or if the partners at
the firm withdraw sizeable funds from the firm, thereby adversely
affecting its financial risk profile.

                        About Sree Lakshmi

SLA was established in 1993 as a partnership firm by Mrs. T
Jaypal and her sister, Mrs. Selva Sundari. SLA is the exclusive
distributor of ITC's cigarettes and fast-moving consumer goods in
the Tiruvallur region, catering to 400 wholesalers and retail
units. The firm also started processing, and trading in, pulses,
particularly urad dal, since 2009-10 (refers to financial year,
April 1 to March 31). SLA is currently being managed by Mr. R
Rajkumar and Mr. R Ramesh Kumar (sons of Mrs. Selva Sundari).

SLA reported, on provisional basis, a profit after tax (PAT) of
INR3 million on net sales of INR600 million for 2011-12 (refers
to financial year, April 1 to March 31); it reported a PAT of
INR1.3 million on net sales of INR299 million for 2010-11.


SYNERGY TELECOM: CRISIL Cuts Rating on INR520MM Loans to 'BB+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Synergy Telecommunications to 'CRISIL BB+/Stable/CRISIL A4+' from
'CRISIL BBB+/Stable/CRISIL A2+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            500         CRISIL BB+/Stable
   Proposed Long-Term      10         CRISIL BB+/Stable
   Bank Loan Facility      10         CRISIL BB+/Stable
   Proposed Long-Term
   Letter of Credit        40         CRISIL A4+

The rating downgrade reflects significant deterioration in
Synergy's financial risk profile marked by reduction in net
worth, mainly because of large capital withdrawals by the firm's
partners over the past three years. Synergy's net worth has
reduced to INR340 million expected as on March 31, 2012 from
INR1.32 billion as on March 31, 2009. Furthermore, the firm has
increased its reliance on working capital debt funding over the
past two years, resulting in an increase in its gearing to more
than 1.5 times expected as on March 31, 2012, from the earlier
levels of less than 0.3 times. The large capital withdrawals have
also weakened Synergy's liquidity, evident from full utilization
of the firm's working capital bank limits.

The rating downgrade also reflects deterioration in Synergy's
business risk profile because of reduction in the number of new
telecommunication (telecom) towers rolled out by its customers,
as reflected in the decline in the firm's sales over the past
three years, mainly because of increased infrastructure sharing
by telecom service providers. CRISIL believes that the scale up
in Synergy's revenues will remain muted over the medium term
because of limited demand prospects in the passive telecom
infrastructure industry.

The ratings continue to reflect Synergy's moderate financial risk
profile marked by moderate net worth, increasing gearing, and
moderate debt protection metrics. The ratings also reflect the
benefits that the firm derives from the extensive experience of
its promoters in the telecom services industry. These rating
strengths are partially offset by Synergy's constrained financial
flexibility because of large capital withdrawal by partners,
average demand prospects for the firm's products, and declining
operating margin because of competitive pressures.

Outlook: Stable

CRISIL believes that Synergy will continue to benefit from its
promoters' extensive experience in the telecom industry over the
medium term. The outlook may be revised to 'Positive' if the firm
reports higher-than-expected increase in revenues, leading to
substantial improvement in its business risk profile. Conversely,
the outlook may be revised to 'Negative' in case of more-than-
expected withdrawals of capital by the partners, and/or reduction
in cash flows on account of pressure on sales and/or operating
margin, resulting in deterioration in Synergy's financial risk
profile.

                 About Synergy Telecommunications

Synergy, set up in 2006, is a partnership firm that provides
passive infrastructure services to various telecom operators. The
firm's day-to-day operations are managed by its promoter Mr.
Harpal Singh; his wife, Mrs. Rachana Singh, looks after product
innovation and technology. Synergy's clientele includes major
tower operators, such as Indus Towers Ltd (rated 'CRISIL
AA/Stable/CRISIL A1+'), Bharti Infratel Ltd, Quippo
Infrastructure Equipment Ltd, Tata Teleservices Ltd, and Aircel
Ltd.


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


AIJ INVESTMENT: Diet to Summon AIJ President, Three Others
----------------------------------------------------------
Kyodo News reports that a Diet committee decided April 4 to
summon AIJ Investment Advisors Co. President Kazuhiko Asakawa and
three others to testify as sworn witnesses on April 13 over the
asset management firm's pension asset loss scandal.

The Lower House Financial Affairs Committee has concluded that
unsworn testimony may not be an effective way to investigate the
AIJ scandal, a committee source told Kyodo.

Sworn witnesses can be punished for false testimony or declining
to show up at the Diet without a good reason, the report notes.

Kyodo says Mr. Asakawa, as an unsworn witness, has told Diet
meetings that AIJ used false investment return records in seeking
to persuade pension funds to entrust assets with the firm while
in fact accumulating investment losses.

The other three to be summoned include Hideaki Nishimura,
president of ITM Securities Co. who solicited pension funds to
entrust assets with AIJ. ITM Securities is under AIJ's control,
according to Kyodo.

The second is Isao Ishiyama, a former bureaucrat who now runs a
pension fund consultancy and is believed to have introduced AIJ
to pension funds, the report says.  The third is AIJ director
Shigeko Takahashi, who declined to give unsworn Diet testimony
for health reasons, adds Kyodo.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Feb. 24 ordered AIJ Investment to halt its business after
finding the asset manager's clients funds of about JPY183.2
billion may be "adversely affected" and started a probe into the
263 asset managers operating in Japan.

As recommended by the Securities and Exchange Surveillance
Commission, the FSA on March 23 stripped AIJ of its investment
adviser registration and ordered ITM Securities Co., which is
effectively under AIJ's control, to suspend operations for six
months.

Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010.  It has 12 employees.


CORSAIR NO. 2: S&P Puts 'B+' Credit Default Swap Rating on Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+srp (sf)' rating
on the series 46 credit default swap issued under the Corsair
(Jersey) No. 2 Ltd. collateralized debt obligation (CDO)
transaction on CreditWatch with positive implications. "At the
same time, we placed our 'BB- (sf)' rating on the series 58 fixed
rate credit-linked loan issued under the same transaction on
CreditWatch with negative implications," S&P said.

"During our monthly run of transactions on version 5.1 of our CDO
evaluator, the tranche placed on CreditWatch positive had
synthetic rated overcollateralization (SROC) levels in excess of
100%, as well as an SROC cushion at a higher rating than the
current rating that is required for an upgrade, as of March 31,
2012. Also, the tranche placed on CreditWatch negative had an
SROC level that was less than 100% at the current rating as of
the same date," S&P said.

"For all the transactions that we ran on our CDO evaluator, we
applied the top obligor test SROCs for all rating levels and the
industry test SROCs for CDO tranches rated 'AAA' to 'AA-', as
well as the results of the Monte Carlo default simulation," S&P
said.

"By the end of the month, we intend to review the tranches listed
below with ratings that we placed on CreditWatch positive or
negative, along with any other tranches with ratings that are
presently on CreditWatch negative or positive, in accordance with
our current CDO criteria," S&P said.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

        http://standardandpoorsdisclosure-17g7.com

RATING PLACED ON CREDITWATCH POSITIVE
Corsair (Jersey) No. 2 Ltd.
Series 46 credit default swap
To                       From           Notional amount
B+srp (sf)/Watch Pos     B+srp (sf)     JPY3.0 bil.

RATING PLACED ON CREDITWATCH NEGATIVE
Corsair (Jersey) No. 2 Ltd.
Fixed rate credit-linked loan series 58
To                     From         Issue amount
BB- (sf)/Watch Neg     BB- (sf)     JPY3.0 bil.


OLYMPUS CORP: Investors Protest Nambu's Appointment as CFO
----------------------------------------------------------
The Tokyo Times reports that investors of troubled Olympus Corp.
have protested the appointment of a former executive involved in
the financial fraud scandal as chief financial officer at the
company.

Akihiro Nambu was promoted in the top financial position at
Olympus only months after some of the largest shareholders of the
company had asked him to resign in connection to the $1.7 billion
accounting fraud, the report relates.

The Tokyo Times relates that according to a third-party committee
independent report on Olympus, the firm "should remove the seat
of disease centered on the old management and literally renew
itself in heart and mind," if it wants to regain public  and
investor trust.

Ethan Devine, portfolio manager at New York-based Indus Capital,
which holds just under 5% of Olympus, said the appointing of
Nambu as the most senior financial officer, however, "is so
completely at odds with the third-party committee's
recommendations that I find it hard to believe."

According to the report, the committee also said that "electing
presidents' friends or people with connection from business
partners as outside directors or outside auditors should be
discontinued, and those who are fully suitable as outside
executives should be elected."

Nambu had signed a financial statement which put the net worth of
a British company acquired by Olympus at Y69.6 billion, when it
was actually Y37.5 billion, The Tokyo Times citing reports from
Japanese press.
                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


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


4RF COMM: In Receivership; Fails to Reach Deal With Noteholders
---------------------------------------------------------------
BusinessDesk reports that 4RF Communications Ltd has been placed
in receivership after it failed to reach agreement on
restructuring some NZ$5.5 million of convertible notes.

John Fisk of PricewaterhouseCoopers has been appointed receiver,
according to a notice filed with the Companies Office last week.

Mr. Fisk told BusinessDesk the operating business of 4RF has been
placed in a separate vehicle and is continuing in business while
the merits of a full sale of the business or capital raising are
considered.

BusinessDesk says detail of holders of the convertible notes
weren't immediately available.

However, BusinessDesk relates, the notes to the 2010 accounts
show key shareholders agreed to subscribe to the notes under a
deed effective March 2008.  The notes matured on January 15 this
year, giving holders the option to redeem or convert them to
ordinary shares.

"The company could not reach agreement on restructuring with some
of the noteholders so the board decided it was in its best
interests to place it into receivership," the report quotes
Mr. Fisk as saying.  Some of the noteholders "were not prepared
to convert to equity".

"We've put the business operations into a new vehicle which will
continue as normal while we go through a full sale or capital
raising process," Mr. Fisk, as cited by BusinessDesk, said.

"The business is now trading very well" and receivership was seen
as the best was to preserve its value, Mr. Fisk told
BusinessDesk.

The company has been contacting creditors, suppliers and
customers about the receivership.

4RF Communications, Ltd. -- http://www.4rf.com/-- designs and
manufactures point to point microwave radio systems in New
Zealand and internationally. Its products include Aprisa XE
digital access radio, a point-to-point linking solution; and
Aprisa XS expansion shelf.


BRIDGECORP LTD: Three Directors Found Guilty
--------------------------------------------
BusinessDesk reports that the directors of Bridgecorp Ltd have
been found guilty of making untrue statements in offer documents,
managing director Rod Petricevic and chief financial officer Rob
Roest were remanded in custody.

BusinessDesk relates that Judge Geoffrey Venning in the High
Court in Auckland on April 5 found Messrs. Petricevic and Roest
guilty of all 10 charges of breaching the Securities Act, while
director Peter Steigrad was found guilty on six of the 10
charges.

Messrs. Petricevic and Roest were also charged under the Crimes
Act for making false statements on offer documents with the
intent of encouraging people to invest in the finance company and
the Companies Act after they knowingly made misleading statements
about the company to creditors, according to the report.

BusinessDesk notes that Judge Venning rejected Messrs.
Petricevic's and Roest's defences they believed the statements
were true.

"In each case I have found that untrue statements were included
in the offer documents , that the offer documents were
distributed at the relevant time referred to in the court and
that the accused signed or had signed on their behalf the offer
documents," Judge Venning said in his judgment.

"I have also found that they knew from or shortly after 7
February 2007 that Bridgecorp had missed payments of principal
and interest due to investors," Venning said.

According to the report, Mr. Petricevic will be sentenced on
April 26, while Messrs. Roest and Steigrad will be sentenced on
May 18.  Petricevic and Roest will remain in custody until then.
Steigrad has been remanded on bail.

"He had an honest belief that the statements were true during the
time the offer documents were distributed," Judge Venning said.
"On the counts I have found him not guilty of I have also
accepted that at the relevant time Steigrad's belief was a
reasonable held one."

BusinessDesk says company chairman Bruce Davidson pleaded guilty
last year and was sentenced to home detention and community
service, and paid NZ$500,000 in reparation. Director Gary Urwin
also pleaded guilty and is awaiting sentencing.

                      About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


CAPITAL + MERCHANT: Receivers Win Right to Appeal GST Liability
---------------------------------------------------------------
BusinessDesk reports that the receivers for Capital + Merchant
Investments have won the right to appeal a High Court judgment
that left them personally liable for a tax bill from the sale of
five mortgagee properties, though they're obliged to make sure
Inland Revenue gets paid.

BusinessDesk, citing a March 30 judgment delivered by Judge
Douglas White, relates that the Court of Appeal allowed
Richard Simpson and Tim Downes of Grant Thornton to appeal a
High Court decision that left them personally liable to pay
NZ$1.2 million in goods and services tax when they sold five CMI
properties through the course of their receivership.

Still, says BusinessDesk, Judges Terence Arnold, Ellen France,
and White, directed the receivers that they are obliged as
receivers to pay the GST. The judgment was published on the
Ministry of Justice's website last week.

"Messrs. Simpson and Downes, as receivers of CMI, do not at this
stage have 'personal liability' for payment to the commissioner
of the GST payable by CMI in relation to the five specified
mortgagee sales undertaken by CMI," the judgment, as cited by
BusinessDesk, said.

"No question of the receivers being required to put their hands
into their own pockets arises, because for the reasons we have
given, the receivers are obliged to account to the commissioner
for the GST that was in fact received from the purchasers of the
five properties," it said.

According to the report, the receivers accepted CMI was liable
for the GST, but contended because of its receivership, the tax
department ranked behind secured creditor Fortress Credit
Corporation and they in their role weren't obliged to pay it.

"While the receivers are correct that they have no personal
liability for CMI's debts, that does not mean that they are
entitled to keep the GST and pass it on to the secured creditor,"
the judgment, obtained by BusinessDesk, said. "The corollary of
the receivers having no liability for CMI's debts is that as
agents they cannot have a greater claim to the proceeds of sale
than CMI itself."

That left the tax department ranking ahead of Fortress in terms
of proceeds from the mortgagee sales, BusinessDesk adds.

                       About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.  Capital
+ Merchant Finance, along with subsidiary Capital + Merchant
Investments Ltd., went into receivership on November 23, 2007,
due to breaches in respect of general security agreements issued
by the companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.  Fortress appointed Tim Downes --
tim.downes@nz.gt.com -- and Richard Simpson of Grant Thornton,
chartered accountants, while trustee Perpetual Trust have called
in KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.


NZF MONEY: Receivers to File Action Against NZF Group
-----------------------------------------------------
The National Business Review reports that the receivers for
NZF Money will file proceedings against parent company NZF Group
and its directors over the restructuring of its home loans unit
in 2010 and are looking to freeze the firm's assets.

NZF Group said the receivers for failed lender NZF Money Grant
Graham and Brendon Gibson of KordaMentha will file proceedings
against the company and directors as at Oct. 20, 2010.

The directors at the time were Richard Waddel, John Callaghan,
Mark Thornton, Jeffrey Barkwill, Peter Huljich and Pat Redpath
O'Connor.

The receivers have also applied to freeze NZF Group's assets,
though a hearing date has not been set.

The company said it will "rigorously defend" the proceedings,
which "relate to an internal restructuring of NZF Homeloans
Limited in October 2010 which is alleged to be an insolvent
transaction".

                         About NZF Money

NZF Money Limited, previously known as New Zealand Finance
Limited, has been in operation since 1997.  The company provides
financial services with its core activity being a diversified
range of services including; investment, lending, insurance and
mortgage broking.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2011, BusinessDesk said NZF Money, the deposit-taking
subsidiary of NZF Group, was put in receivership in July 2011
after its parent failed to secure short-term funding needed to
keep the finance company afloat.  The shortfall arose after the
Financial Markets Authority forced the company to pull its
debenture prospectus which hoped to raise NZ$350 million over the
issues around asset quality and liquidity disclosure.

The TCR-AP reported on March 23, 2012, that the Serious Fraud
Office said that it has commenced a Part II investigation into
NZF Group Limited, NZF Money Limited, and their related
companies.

SFO and the Financial Markets Authority (FMA) together have been
assessing a range of allegations relating to the conduct of the
group. The primary focus of the SFO assessment relates to alleged
related party transactions between members of the group, its
directors and officers. The transactions cover a period from 2006
to the present.

                             *********

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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