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        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 30, 2011, Vol. 14, No. 63

                            Headlines



A U S T R A L I A

CONNXION VENTURES: Puts Managed Services Units Into Administration
SIGMA PHARMACEUTICALS: Reports AU$235.4-Million Full Year Loss
GADFLY MEDIA: Expected to Exit Voluntary Administration on April 1


C H I N A

CHINA CENTURY: MaloneBailey Resigns, Cites Discrepancies
DUOYUAN PRINTING: Receives Notices of Suspension from NYSE
LONGFOR PROPERTIES: Moody's Assigns 'Ba3' Rating to Proposed Bonds
SINO FOREST: Long-Term Planting Won't Affect Moody's Ratings


H O N G  K O N G

ALLIED KINGDOM: Mok Wai Kwong Appointed as Liquidator
AP LEI: Placed Under Voluntary Wind-Up Proceedings
CHINA ROCKWAY: Osman Mohammed Arab Appointed as New Liquidator
CP ADALTIS: Commences Wind-Up Proceedings
DRESDNER KLEINWORT: Ying and Chan Step Down as Liquidators

ECO-OP LIMITED: Creditors' Proofs of Debt Due April 16
FOREVER STEP: Lau Chung Sun Steps Down as Liquidator
GREENWICH GROUP: Creditors' Proofs of Debt Due April 26
FRANK OCEAN: Creditors' Proofs of Debt Due April 29
HONEYWELL INDUSTRIAL: Creditors' Proofs of Debt Due April 26

JUMBO PROFIT: Creditors' Proofs of Debt Due April 25
KINHILL CORPORATION: Creditors' Meeting Set for April 14
STIEFEL LABORATORY: Creditors' Proofs of Debt Due April 15
TOPPER INVESTMENT: Members' Final Meeting Set for April 28
WISE FAITH: Creditors' Proofs of Debt Due April 26


I N D I A

BLUE SAPPHIRE: CRISIL Assigns 'BB' Rating to INR1.42BB Term Loan
JAGDISH RICE: CRISIL Rates INR100Million Cash Credit Limit at 'B+'
JAI SHREE: CRISIL Rates INR75 Million Letter of Credit at 'P4'
MUSALE CONSTRUCTION: CRISIL Assigns 'B' Rating to Cash Credit
OCEANIC TROPICAL: CRISIL Reaffirms 'BB+' Rating on LT Loan

PG GLASS: Fitch Assigns 'D' National Long-Term Rating
PRAGATI GLASS: Fitch Assigns 'D' National Long-Term Rating
PUNJAB CROCKERY: CRISIL Reaffirms 'BB+' Cash Credit Rating
RAJHANS METALS: CARE Assigns 'CARE BB' Rating to INR1.7cr LT Loan
S. K. SARAWAGI: CRISIL Downgrades Rating on INR270MM LOC to 'P3+'

SARDA ECO: CRISIL Downgrades Rating on INR115MM Loan to 'P4'
SAY INDIA: CRISIL Reaffirms 'P4' Rating on INR410MM Packing Credit
SEVA AUTOMOTIVE: CRISIL Assigns 'BB' Rating to INR80MM LT Loan
SIDDHIVINAYAK AESTHETICS: CRISIL Assigns 'BB' Rating to LT Loan
SIDDHI VINAYAK: CRISIL Upgrades Rating on Cash Credit to 'B+'

SRM MOTORS: CRISIL Assigns 'B-' Rating to INR25MM Term Loan
VISHAL FERRO: CRISIL Assigns 'B-' Rating to INR75 Million LT Loan
YASH JEWELLERY: CRISIL Reaffirms 'B-' Rating on INR159.3MM Loan


J A P A N

EACCESS LTD: Moody's Assigns 'Ba3' Rating to Senior Unsec. Bonds
EACCESS LTD: S&P Assigns 'BB' Rating to EUR200-Mil. Senior Notes
LMP LOAN: Moody's Junks Ratings on Class A Senior Interests


K O R E A

KOREA LINE: Nordea Bank Seizes Two Korea Line Singapore Vessels
* Court to Fast-Track Work-out Program Period for Insolvent Firms


N E W  Z E A L A N D

PIKE RIVER: Dead Miners' Relatives Fed Up of Delays in Recovery


P H I L I P P I N E S

BANCO FILIPINO: PDIC Starts Mailing Payments to Depositors
BENGUET CORP: Aims at Retiring Debts; Seeks Funding for Projects


S I N G A P O R E

SMITHS & BARON: Court Enters Wind-Up Order
SINO-ENVIRONMENT CLEAN: Court Enters Wind-Up Order
STRATHAVEN PTE: Creditors' Proofs of Debt Due April 25
TOUCHSTONE & RESOURCES: Creditors' Proofs of Debt Due April 25


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
=================


CONNXION VENTURES: Puts Managed Services Units Into Administration
------------------------------------------------------------------
ARN reports that Connxion Ventures Limited, formerly ConnXion
Limited, has placed its managed services subsidiaries Sonnet
Networks, Sonnet Corporation and Sonnet Enterprise Services into
voluntary administration.  Bradley Tonks and John Vouris of Lawler
Partners were appointed as joint administrators to the business on
March 17, 2011.

ARN relates that Mr. Vouris said the joint administrators plan to
sell the Sonnet subsidiaries and had already attracted interested
buyers.

During the process the administration process, the subsidiaries
will continue to trade, ARN says.

ARN, citing administrator's documents, discloses that the combined
subsidiaries owe more than AU$3 million to creditors, which
include Quorum Systems (AU$122,788), Marcham Consulting
(AU$147,758), Nexon Asia Pacific (AU$125,338), and Oxford Funding
(AU$105,791).

According to ARN, Connxion CEO Bill Brooks said the managed
services market was very competitive and highly commoditized, and
even though revenue was good, the contracts were very low-margin.

"Going forward, we've decided to build our business on data
services, e-billing, data analytics, rewards and payments, and
we've divested our managed services.  That's not what we want to
build a sustainable business on," ARN quotes Mr. Brooks as saying.

"We acquired the Sonnet companies some time ago, but it's not a
business we want to be in going forward.  We want to be in a
business where we can create our own unique value proposition and
in a market that's receptive to it," Mr. Brooks said.

Mr. Brooks told ARN only a handful of staff have been affected by
the decision to exit the managed services business, and staff will
receive full entitlements.

                      About Connxion Ventures

Connxion Ventures Limited, formerly ConnXion Limited (ASX:CXN), --
http://www.connxion.com/-- is an Australia-based multi-faceted
data and transaction services company.  During the fiscal year
2009/2010, the Company changed its profile and as of June 30, 2010
operates within three segments: Connxion Data, Connxion Rewards
and Connxion Online.  Its product suite includes document delivery
via mail, fax, email and Short Message Service (SMS), data
analytics, network hosting and management, data centre hosting
with 24/7 support, hotel loyalty programs and employee benefit
programs.  In the second half of 2009, the Company acquired
Coverdrive Limited and Sonnet Corporation Limited. Its further
acquisitions comprise assets of KAZ Singapore and a 55%
shareholding in Peppers & Rogers Group Pty Limited, acquired in
2010.  Connxion Ventures Limited has offices in Sydney, Melbourne,
Singapore, Hong Kong, Beijing, Shanghai and Tianjin.


SIGMA PHARMACEUTICALS: Reports AU$235.4-Million Full Year Loss
--------------------------------------------------------------
Ross Kelly at Dow Jones Newswires reports that Sigma
Pharmaceuticals has posted a AU$235.4 million full-year net loss
after booking a large impairment charge against the sale of its
underperforming drug manufacturing business.

Dow Jones says Sigma, however, had some rare good news for
shareholders, declaring a special dividend of 15 cents a share
following the asset sale to Aspen Pharmaceuticals on January 31.

According to Dow Jones, the net loss for the year to January 31
included a AU$258.3 million impairment charge and compared to a
AU$398.3 million loss in the previous year.  Revenue in Sigma's
distribution business, which is all that's remaining after the
sale to Aspen, rose 6.6% to AU$2.9 billion, Sigma said.

"While the reported net loss was disappointing, it is pleasing to
see at the operational level, the Healthcare Business has
continued to grow and remain stable despite the recent challenging
times," Dow Jones quotes Sigma managing director Mark Hooper as
saying.


                    About Sigma Pharmaceuticals

Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com.au/-- manufactures, markets and
distributes pharmaceutical products through the pharmacy and
grocery channels and the provision of services to retail
pharmacists.  Its Pharmaceuticals segment includes the manufacture
or contract manufacture for Australian and overseas customers.
The Company's Healthcare segment represents its traditional
pharmacy wholesale business. Its subsidiaries include Chemist Club
Pty Limited, Sigma Company Limited, Amcal Pty. Limited,
Commonwealth Drug Company Pty. Ltd., Fawns & McAllan Proprietary
Limited, Guardian Pharmacies Australia Pty. Ltd and Sigma Finance
Pty. Ltd.  On October 2, 2009, the Company acquired some parts of
the Australian business operations of Bristol Myers Squibb
Australia (BMSA) and associated assets (BMS Australian Business).
The BMS Australian Business consists of the pharmaceutical and
technical operations division, which operates out of BMS
Australia's Noble Park facility.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2010, that Sigma Pharmaceuticals may face a damages claim of more
than $200 million from shareholders over its annual loss and
alleged breach of continuous disclosure obligations.  Tom
Tarasewicz, the vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
by Australian institutional shareholders in Sigma, who were
concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.
A damages bill above $200 million would be nearly half of Sigma's
market capitalization of $572 million or almost three times its
2009 full-year profit, The Sydney Morning Herald had noted.

Sigma reported a net loss of AU$389 million for the year ended
Jan. 31, 2010.  The Wall Street Journal reported that Sigma said
competition in the generic drug sector was keener than it had
anticipated and slashed the book value of key assets.  The Journal
noted Sigma also revealed that the company had breached debt
covenants and that creditors were insisting on assets sales to pay
them AU$90 million by Nov. 30, 2010.


GADFLY MEDIA: Expected to Exit Voluntary Administration on April 1
------------------------------------------------------------------
Sally Jackson at The Australian reports that Gadfly Media is
expected to come out of voluntary administration on April 1, 2011.

According to The Australian, administrator Ian Purchas of RMG
Partners sent a report to creditors last week recommending they
approve a deed of company arrangement under which the firm would
continue to trade under its existing management.

The Australian relates that Mr. Purchas said he had rejected two
offers to acquire the firm as neither would have resulted in a
better outcome for creditors.

As reported in the Troubled Company Reporter-Asia Pacific on
March 9, 2011, SmartCompany said Gadfly Media, which is run by
sole director David Hickie, was placed in the hands of
administrator Ian Purchas of RMG partners on Feb. 25, 2011.
Mr. Purchas said he is confident that the company can be turned
around, despite the fact the group is carrying debts incurred
during the global financial crisis, according SmartCompany.

Gadfly Media is a custom publishing house.  It publishes a range
of high-end magazines including Luxury Travel, Australian Art
Collector and Breeding & Racing.


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


CHINA CENTURY: MaloneBailey Resigns, Cites Discrepancies
--------------------------------------------------------
China Century Dragon Media, Inc. announced on March 28, 2011, that
its registered independent accounting firm, MaloneBailey LLP, has
formally resigned its engagement with the Company as of March 22,
2011.  In its resignation letter, MB informed the Company that due
to discrepancies noted on customer confirmations and the auditor's
inability to directly verify the Company's bank records, they
believe these irregularities may be an indication that the
accounting records have been falsified, which would constitute an
illegal act.  Furthermore, MB's letter notes that the
discrepancies could indicate a material error in previously issued
financial statements.  As a result, MB stated that it is unable to
rely on management's representations as they relate to previously
issued financial statements and it can no longer support its
opinions related to the financial statements as of Dec. 31, 2009
and 2008.  The Company intends to seek and retain a new auditor.

On March 23, 2011, the Company received notification from NYSE
Amex LLC of its intention to delist the Company's common stock
pursuant to Section 1009(d) of the Amex Company Guide based on a
determination that it is necessary and appropriate for the
protection of investors to initiate immediate delisting
proceedings.  Based on Amex's review of the resignation letter
from MB, it determined that the Company is not in compliance with
Amex listing standards and is therefore subject to immediate
delisting.  Specifically, the Company is subject to delisting
pursuant to Section 1003(f)(iii) in that the Company's actions and
inactions led to MB's resignation and withdrawal of its audit
opinions casting material doubt on the integrity of the Company's
financial statements, which were relied upon by Amex; MB's
withdrawal of its audit opinions and that its opinions may no
longer be relied upon constitutes a material misstatement and a
violation of Section 132(e); the withdrawal of MB's audit opinions
and that there are no current audited financial information
available for the Company as a result have caused the Company's
filings to be noncompliant with regulations of the SEC and, thus,
noncompliant with Section 1003(d); MB's withdrawal of its audit
opinions calls into question whether the Company actually met the
listing standards subjecting the Company to delisting pursuant to
Section 1002(e); and Amex states that, based on the withdrawal of
MB's opinions, the Company is not compliant with Section 127. The
Company has until March 30, 2011 a limited right to request an
appeal. If the Company does not request an appeal by then, then
the decision will become final and Amex will submit an application
to the SEC to strike the Company's common stock from listing. If
the Company requests an appeal, then such request will stay a
delisting action.  The Company currently intends to appeal the
delisting determination.  There can be no assurance that the
Company's request for continued listing will be granted.  The
details of the Amex delisting notice is set forth in Item 3.01 of
the Company's Form 8-K filed with the SEC on March 28, 2011.

The Company was also recently notified by the staff of the U.S.
Securities and Exchange Commission that it has initiated a formal,
non-public investigation into whether the Company had made
material misstatements or omissions concerning its financial
statements, including cash accounts and accounts receivable.  The
SEC has informed the Company that the investigation should not be
construed as an indication that any violations of law have
occurred.  On March 24, 2011, the SEC served the Company a
subpoena for documents relating to the matters under review by the
SEC.  The Company is committed to cooperating with the SEC.  It is
not possible at this time to predict the outcome of the SEC
investigation, including whether or when any proceedings might be
initiated, when these matters may be resolved or what, if any,
penalties or other remedies may be imposed.

In light of these events, the Board of Directors of the Company
has formed a Special Investigation Committee consisting of
independent members of the Board of Directors to launch an
investigation with respect to the concerns of MB. The Committee is
authorized to retain experts and advisers, including a forensic
accounting firm and independent legal advisors, in connection with
its investigation.  The Company does not intend to provide further
comment regarding the allegations until after the conclusion of
the Special Committee's investigation.

The Company expects that the filing of its Annual Report on Form
10-K for the year ended Dec. 31, 2010 will be delayed until
completion of the internal investigation, engagement of a new
auditor and audit of the Company's financial statements.  The
Company is unable to provide an estimated date of filing of the
10-K at this time.

                        About China Century

China Century Dragon Media is a television advertising company in
China that primarily offers blocks of advertising time on certain
channels on China Central Television, the state television
broadcaster of China and China's largest television network.  The
Company purchases, repackages and sells advertising time on
certain of the nationally broadcast television channels of CCTV.


DUOYUAN PRINTING: Receives Notices of Suspension from NYSE
----------------------------------------------------------
Duoyuan Printing, Inc., announced on March 28, 2011, that it
received a notice from the NYSE Regulation, Inc., indicating that
the NYSE Regulation has determined that the common stock of the
Company should be suspended prior to the opening on April 4, 2011.
Trading of the Company's stock will continue on the Over-the-
Counter market following suspension.

The decision was reached in view of the fact that the Company is a
late filer and was under review by NYSE Regulation in light of the
delay in filing with the U.S. Securities and Exchange Commission
of its June 30, 2010 Form 10-K and certain of its fiscal 2011 Form
10-Q filings.

The Company plans to request a review of this determination by a
Committee of the Board of Directors of NYSE Regulation.
Application to the Securities and Exchange Commission to delist
the issue is pending the completion of applicable procedures,
including the appeal by the Company of the NYSE Regulation staff's
determination.  In the event that the appeal is successful and the
Company otherwise meets the continuing listing standards of NYSE,
trading of the Company's common stock on the NYSE would be
reinstated, although no timetable has been established as to when
the Committee of NYSE Regulation would be able to hear such an
appeal.

"While we are disappointed with the NYSE's decision, we plan to
appeal for reinstatement on the exchange's main board as soon as
possible," commented Everett Chui, the Company's Audit Committee
Financial Expert.  "Our internal investigation into the matters
raised by Deloitte has made substantial progress. We anticipate
its completion at the end of April 2011, at which point we plan to
engage an auditor to allow us to complete our SEC filings and
fulfill the listing standards of the NYSE.  We truly appreciate
the continuing patience of our investors and look forward to
bringing the market further updates in a timely manner."

                       About Duoyuan Printing

Duoyuan Printing -- http://www.duoyuan.com-- is a leading
manufacturer of commercial offset printing presses in China.  The
Company combines technical innovation and precision engineering to
offer a broad range of printing equipment and solutions.  Duoyuan
Printing has manufacturing and research and development facilities
in Langfang, Hebei Province and Shaoyang, Hunan Province in
addition to a distribution and service network with over 85
distributors that operate in over 65 cities and 28 provinces in
China.  Headquartered in Beijing, the Company is one of the
largest non-government owned major offset printing equipment and
solutions providers in China.


LONGFOR PROPERTIES: Moody's Assigns 'Ba3' Rating to Proposed Bonds
------------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3 rating
to Longfor Properties Co. Ltd's proposed bond issuance.  At the
same time, Moody's has affirmed Longfor's Ba2 corporate family
rating.

The outlook for both ratings is stable.

The net proceeds from the bond issue will be used to finance
existing and new property projects and general corporate purposes.

The bond's provisional rating status will be removed after Longfor
has completed the issuance of the bonds, and all satisfactory
terms and conditions have been met.

                        Ratings Rationale

"The proposed bonds are consistent with Longfor's funding plan in
2011 and will improve the company's liquidity and debt maturity
profile against the tight bank credit conditions likely to prevail
in China in 2011," says Kaven Tsang, a Moody's AVP/Analyst.

"Longfor's Ba2 corporate family rating continues to reflect its
established market position in China's property market and its
fairly diversified land bank," adds Tsang, also Moody's lead
analyst for Longfor.

"The rating further captures Longfor's solid operating track
record in its core markets -- Chongqing, Chengdu, and Beijing,"
says Tsang.

"Additionally, Longfor's access to funding is good, which is
critical to maintaining adequate liquidity.  Liquidity is key to
operating in China's property market, which is highly sensitive to
regulatory measures," adds Tsang.

"On the other hand, the Ba2 rating is constrained by the company's
fast growth, which results in financial and operating risks," says
Tsang, adding that "these risks are further escalated by the
stricter implementation of regulatory measures that will likely
result in tighter bank credit and reduced property sales volume in
the next 12-18 months."

Longfor's projected credit metrics -- adjusted debt/capitalization
at 45%-50% and EBITDA interest coverage between 5.5-7.5x over the
next two to three years -- position the company at the Ba2 rating
level.

Longfor's bond rating is notched down to Ba3, reflecting
structural and legal subordinations.  Its secured and subsidiary
debt to total assets ratio stood at 24.4% as of December 2010.
Moody's expects this ratio will stay around 20-25% in the coming
2-3 years.

The stable outlook reflects Moody's expectation that Longfor's
liquidity, comprising its cash holdings, operating cash flow, and
borrowings, will be sufficient to fund its current projects.

Upgrade pressure could emerge over the medium term if the company
can (1) successfully implement its business plan and maintain
financial discipline; (2) maintain stable sales growth, with an
EBITDA margin between 30%-35% throughout the cycle; and (3)
maintain good liquidity, with a minimum cash balance of no less
than 10%-15% of total assets, as well as access to the offshore
bank and debt markets.

Moody's would consider an upgrade if the company can strengthen
its credit metrics, that is adjusted debt/capitalization below
35%-40% and EBITDA/interest above 7-8x.

The ratings could be pressured downward if (1) Longfor's sales are
materially weaker than planned; (2) operating cash flow weakens
due to over-expansion of new projects; (3) liquidity deteriorates
because of aggressive land acquisitions; or (4) debt increases
substantially.

Moody's would consider adjusted debt/capitalization above 50-55%
or EBITDA/interest under 4-5x as indicators for a downgrade.

Moody's last rating action on Longfor was taken on 2 March 2011,
when Moody's assigned to the company a Ba2 corporate family rating
with a stable outlook.

Longfor was founded in 1994 and listed on the Hong Kong Stock
Exchange in November 2009.  It is majority-owned (around 75.8%)
and controlled by its chairwoman -- Madam Wu Yajun -- and her
associates.  The company is one of the leading developers in
China's residential and commercial properties sector, and has an
attributable land bank of 28.2 million sqm in gross floor area in
13 cities in three major regions in China as of December 31, 2010.
It also operates six retail malls in Chongqing and Chengdu.


SINO FOREST: Long-Term Planting Won't Affect Moody's Ratings
------------------------------------------------------------
Moody's Investors Service says that Sino Forest's new RMB350
million (US$50 million) loan facility from the China Development
Bank to fund the company's long-term planting will not impact the
ratings.

The proceeds will be used to fund a portion of Sino Forest's land
lease prepayment for the plantation of 200,000 hectares of fast-
growing species, a significant amount compared to the 788,000
hectares it currently manages in China.

"Sino Forest's debt leverage will not increase in any material way
because of the US$50 million loan facility, which will be drawn
over five years," says Jiming Zou, a Moody's analyst.

Moody's expects Sino Forest's debt leverage to remain at RCF/debt
of 15%-25% (versus an estimated 22% for FY2010) and EBIT/interest
of 2.5x-3.5x (4.5x in FY2010) for the next two years, which is
within the tolerance for the current Ba2 rating range.

"Sino Forest's plan to plant 200,000 hectares will preserve its
competiveness and align it with the government's policy to
preserve forests and reduce the domestic deficit in wood supply,"
says Zou.

Sino Forest's performance in FY2010 was better than expected, with
55% growth in sales and 53% growth in gross profit over 2009.

Moody's last rating action on Sino Forest was on October 11, 2010,
when it assigned a Ba2 rating to the company's US$600 million
senior unsecured notes.

Sino-Forest Corporation is a holding company listed in Toronto,
Canada.  The company is engaged in forestry plantation in China,
as well as the sale of timber, wood logs, and other wood products
in China.  As of 2010, its sales amounted to US$1.9 billion and
its reported EBITDA US$1.3 billion.


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


ALLIED KINGDOM: Mok Wai Kwong Appointed as Liquidator
-----------------------------------------------------
Mok Wai Kwong on March 14, 2011, was appointed as liquidator of
Allied Kingdom Investment Limited.

The liquidator may be reached at:

         Mok Wai Kwong
         26/F, Times Media Centre
         133 Wanchai Road
         Wanchai, Hong Kong


AP LEI: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------
At an extraordinary general meeting held on March 25, 2011,
creditors of AP Lei Chau Home for the Elderly Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Yim Chau Yung
         21/F., Fee Tat Commercial Centre
         No. 613 Nathan Road
         Kowloon, Hong Kong


CHINA ROCKWAY: Osman Mohammed Arab Appointed as New Liquidator
--------------------------------------------------------------
Osman Mohammed Arab on Oct. 6, 2010, was appointed as liquidator
of China Rockway Limited.

Osman Mohammed Arab replaces Chen Yung Ngai Kenneth who stepped
down as the company's liquidator.

The liquidators may be reached at:

         Osman Mohammed Arab
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


CP ADALTIS: Commences Wind-Up Proceedings
-----------------------------------------
Members of CP Adaltis Hong Kong Company Limited, on March 9, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Lo Wing Hung
         Room 2601, 26th Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


DRESDNER KLEINWORT: Ying and Chan Step Down as Liquidators
----------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Dresdner Kleinwort Securities (Asia) Limited on March 17, 2011.


ECO-OP LIMITED: Creditors' Proofs of Debt Due April 16
------------------------------------------------------
Eco-op Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by April 16,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on March 15, 2011

The company's liquidator is:

         Chan Chak Ming
         Room 2101 St. George's Building
         2 Ice House Street
         Central, Hong Kong


FOREVER STEP: Lau Chung Sun Steps Down as Liquidator
----------------------------------------------------
Lau Chung Sun stepped down as liquidator of Forever Step Limited
on March 17, 2011.


GREENWICH GROUP: Creditors' Proofs of Debt Due April 26
-------------------------------------------------------
The Greenwich Group International (Asia) Limited, which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by April 26, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

         Chan Chi Kei Ronald
         Suites 216-218, 2/F
         Shui On Centre
         6-8 Harbour Road
         Wanchai, Hong Kong


FRANK OCEAN: Creditors' Proofs of Debt Due April 29
---------------------------------------------------
Frank Ocean Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 29, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chan Sun Kwong
         Office No. 1818
         18/F., Beverly Commercial Centre
         87-105 Chatham Road
         Tsimshatsui, Kowloon
         Hong Kong


HONEYWELL INDUSTRIAL: Creditors' Proofs of Debt Due April 26
------------------------------------------------------------
Honeywell Industrial Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 26, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 18, 2011

The company's liquidator is:

         Ng Kam Chiu
         13A, Tak Lee Commercial Building
         113-117 Wanchai Road
         Wanchai, Hong Kong


JUMBO PROFIT: Creditors' Proofs of Debt Due April 25
----------------------------------------------------
Jumbo Profit Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by April 25,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

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


KINHILL CORPORATION: Creditors' Meeting Set for April 14
--------------------------------------------------------
Creditors of Kinhill Corporation Limited will hold their meeting
on April 14, 2011, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at Room 203, 2/F., Duke of Windsor Social
Service Building, at No. 15 Hennessy Road, Wanchai, in Hong Kong.


STIEFEL LABORATORY: Creditors' Proofs of Debt Due April 15
----------------------------------------------------------
Creditors of Stiefel Laboratory (Hong Kong) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 15, 2011, to be included in the company's
dividend distribution.

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

The company's liquidators are:

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


TOPPER INVESTMENT: Members' Final Meeting Set for April 28
----------------------------------------------------------
Members of Topper Investment Limited will hold their final meeting
on April 28, 2011, at 4:00 p.m., at 6th Floor, Kwan Chart Tower,
at 6 Tonnochy Road, Wanchai, in Hong Kong.

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


WISE FAITH: Creditors' Proofs of Debt Due April 26
--------------------------------------------------
Creditors of Wise Faith Industrial Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 26, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 16, 2011.

The company's liquidator is:

         Chan Ah Sin Elite
         Room 3109, China Merchants Tower
         168 Connaught Road
         Central, Hong Kong


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


BLUE SAPPHIRE: CRISIL Assigns 'BB' Rating to INR1.42BB Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Blue Sapphire Healthcares Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR100.00 Million Cash Credit   BB/Stable (Assigned)
   INR1420.00 Million Term Loan    BB/Stable (Assigned)

The rating reflects BSHPL's constrained business profile, as its
operations are in the start-up phase, geographical concentration
in its revenue profile, and its weak financial risk profile,
marked by high gearing, weak debt protection metrics, albeit, a
moderate net worth.  These rating weaknesses are partially offset
by the strong goodwill enjoyed by BSHPL's main promoter, Dr. N K
Pandey.

Outlook: Stable

CRISIL believes that BSHPL will benefit from its main promoter's
strong goodwill and healthy demand for tertiary medical services.
The outlook may be revised to 'Positive' if BSHSPL generates
healthy net cash accruals vis-…-vis its debt obligations, most
likely driven by more-than-expected increase in revenues and
profitability.  Conversely, the outlook may be revised to
'Negative' if the company generates lesser-than-expected cash most
likely because of delay in increasing sales and profitability, or
it undertakes a larger-than-expected debt-funded capital
expenditure programme, thereby weakening its capital structure.

                         About Blue Sapphire

BSHPL was promoted by Dr. N K Pandey and Mr. Mukesh Mohta, and
incorporated in February 2007. The company set up 350-bed
hospital, Asian Institute of Medical Sciences, in Faridabad
(Haryana). Dr. N K Pandey is a renowned surgeon with more than
thirty years of experience. Mr. Mukesh Mohta is a chartered
accountant with more than two decades of experience. The hospital
commenced commercial operations in May 2010. It has state-of-the-
art facilities, specializing in oncology, cardiology,
orthopaedics, general surgery, general medicine, gynaecology,
paediatrics, laboratory medicine, neurology, and ophthalmology.
The hospital is positioning itself as a multi-specialty tertiary
care referral hospital.


JAGDISH RICE: CRISIL Rates INR100Million Cash Credit Limit at 'B+'
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
limit facility of Jagdish Rice Mills.

   Facilities                            Ratings
   ----------                            -------
   INR100.0 Million Cash Credit Limit    B+/Stable (Assigned)

The rating reflects the Jagdish group's weak financial risk
profile, marked by high gearing, small net worth, and weak debt
protection metrics, large working capital requirements, small
scale of operations, and susceptibility to adverse regulatory
changes, vagaries of the monsoon, and volatility in raw material
prices and foreign exchange rates.  These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in, and the healthy growth prospects for, the rice
industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of JRM and Sidharth Exporters, together
referred to as the Jagdish group.  This is because the two
entities are in the same line of business, have common promoters
and management, and strong financial linkages.  Also, both
entities have provided guarantees for the other's bank lines.

Outlook: Stable

CRISIL believes that the Jagdish group's financial risk profile
will remain weak because of its large working capital requirements
and small net worth, over the medium term.  The outlook may be
revised to 'Positive' if the group significantly improves its
operating margin and increases its scale of operations while
prudently managing its working capital requirements.  Conversely,
the outlook may be revised to 'Negative' if the group's operating
margin declines, adversely affecting its operating profitability
or if its capital structure weakens because of a larger-than-
expected, debt-funded capital expenditure programme.

                           About the Group

The Jagdish group, established in 2000, is based in Jalalabad
(district Bhatinda, Punjab), managed by Mr. Daulat Ram and his
sons.  The group has two entities, JRM and SE, both engaged in the
processing of basmati rice.  The group's facilities are located in
Jalalabad, with milling capacity of 13 tonnes per hour (tph) and
sortex capacity of 10 tph.  The group was primarily engaged in
processing of non-basmati rice (parmal) till 2007-08 (refers to
financial year, April 1 to March 31); it commenced processing
basmati rice on job-work basis in the second half of 2008-09. To
support the processing of basmati rice, the group has expanded its
capacity (modernised its plants by setting up an additional sortex
and other machinery) over the past three years. The group worked
on job-work basis during crop season (October to December) in
2008-09 and 2009-10. It started processing and selling the 1121
variety of basmati rice in November 2010.

The Jagdish group reported a profit after tax (PAT) of INR8
million on net sales of INR41 million for 2009-10, against a PAT
of INR3 million on net sales of INR38 million for 2008-09.


JAI SHREE: CRISIL Rates INR75 Million Letter of Credit at 'P4'
--------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the letter of credit
facility of Jai Shree Balaji Fats & Oils Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR75 Million Letter of Credit    P4 (Assigned)

The rating reflects the GMPL group's weak financial risk profile,
marked by a small net worth and weak debt protection metrics,
large working capital requirements, and low profitability.  The
rating also factors in the group's susceptibility to adverse
regulatory changes, and to intense competition in the edible oil
industry. These rating weaknesses are partially offset by the
extensive industry experience of the group's promoters.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of JSBFOPL, Ganesh Multiplex Pvt Ltd, and
Siddhi Vinayak Industries Pvt Ltd, collectively referred to as the
GMPL group.  This is because all three companies have common
management and promoters, significant operational fungibility with
common suppliers and customers, and significant financial
fungibility--one company extends support to the other to meet the
latter's financial requirements. Also, SVIPL has provided
corporate guarantee to Ganesh.

The GMPL group trades in edible oil, primarily RBD palmolein oil.
It imports the oil from Malaysia or Indonesia against 90 days
letter of credit. It sells the oil to brokers, packers, and
companies in Uttaranchal, Chhattisgarh, Bihar, Uttar Pradesh, West
Bengal, Madhya Pradesh, New Delhi, and North East India. Most of
the GMPL group sales are on a high-sea basis, resulting in low
inventory requirement. The group also trades in pulses. However,
revenues from pulse trading are less than 5 per cent of the GMPL
group's total turnover. The daily operations of the group are
looked after by Mr. Naval Kishore Banka and his son, Mr. Rajeev
Banka.

The GMPL group reported a profit after tax (PAT) of INR1.57
million on net sales of INR467.1 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR0.8
million on net sales of INR224.9 million for 2008-09.


MUSALE CONSTRUCTION: CRISIL Assigns 'B' Rating to Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Musale
Construction's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR65.0 Million Cash Credit      B/Stable (Assigned)
   INR30.0 Million Bank Guarantee   P4 (Assigned)

The ratings reflect Musale Construction's small net worth and
scale of operations, limited revenue diversity, susceptibility to
intense competition in the construction industry, and large
working capital requirements.  These rating weaknesses are
partially offset by Musale Construction's average financial risk
profile and promoter's experience in the construction business.

Outlook: Stable

CRISIL believes that Musale Construction will maintain its credit
profile over the medium term, supported by the absence of any
large debt-funded capital expenditure plan and order book
providing adequate revenue visibility. The outlook may be revised
to 'Positive' if Musale Construction successfully scales up its
operations, diversifies its revenues, and improves its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if there are cost and time overruns in
executing projects, or if the firm's liquidity weakens because of
delays in realization of receivables.

                      About Musale Construction

Musale Construction was set up in 1990 by Mr. Sonba Gulabrao
Musale and his brother, Mr. Rambhau Gulabrao Musale. The firm
undertakes civil and infrastructure construction works, primarily
in the irrigation and road segments. It is registered as a Class
1A contractor with Maharashtra Public Works Department.

Musale Construction reported a profit after tax (PAT) of INR5.6
million on net sales of INR342.0 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR3.5
million on net sales of INR244.8 million for 2008-09.


OCEANIC TROPICAL: CRISIL Reaffirms 'BB+' Rating on LT Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Oceanic Tropical Fruits
Pvt Ltd reflect OTFPL's below-average financial risk profile,
marked by an aggressive gearing and inadequate debt protection
metrics, and exposure to risks related to variations in fruit
yields and to intense industry competition.  These rating
weaknesses are partially offset by OTFPL's high operational
efficiency, established customer base, and strong order book.

   Facilities                             Ratings
   ----------                             -------
   INR364.30 Million Long-Term Loan       BB+/Stable (Reaffirmed)
   INR345.00 Million Packing Credit       P4+ (Reaffirmed)
   INR305.00 Mil. Foreign Bill Purchase   P4+ (Reaffirmed)
   INR11.50 Million Bank Guarantee        P4+ (Reaffirmed)
   INR150.00 Million Letter of Credit     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that OTFPL will benefit over the medium term from
the recent scale up of operations, offtake supported by
established clientele, and increasing domestic market penetration
through new client relationships.  The outlook may be revised to
'Positive' if the capital structure improves primarily through
fresh equity infusion.  Conversely, the outlook may be revised to
'Negative' in case the working capital management deteriorates, or
if the offtake from the enhanced and new capacities are below
expectations, or if OTFPL takes up any further debt-funded capital
expenditure (capex) over the medium term.

Incorporated in September 2007, OTFPL is part of the Oceanaa group
(formerly, the Oceanic group) promoted by Mr. A Joseph Raj and
Mrs. Vimala Joseph. OTFPL is engaged in fruit-pulp extraction and
aseptic packaging of processed fruit products. The Oceanaa group,
started in 1990, has a presence in printing, production of aqua-
shrimp seeds, aqua farming, individually quick freezing processing
of fruits, vegetables and marine products, aseptic fruit purees
and concentrates, retail outlets for processed food products,
information technology, infrastructure, aqua-research foundation,
and charities.

In 2010-11 (refers to financial year, April 1 to March 31),
exports are expected to contribute about 60 per cent to OTFPL's
revenues as compared to 80 per cent in the previous year; the
decline is because of additional domestic revenues of INR800
million from Pepsico India Ltd. (Pepsi) during the year.

In March 2011, OTFPL has implemented a capex of INR300 million to
set up a bottling plant for Pepsi's "Slice" brand. Another INR300
million of capex to enhance its aseptic packaging capacity is near
completion, with the expected commencement of production in
April 2011.  The capex has been funded through a debt of INR400
million and additional equity infusion of INR200 million. Post
capex the installed capacity of OTFPL has risen to 620 tonnes per
day (tpd) from 460 tpd.

For 2009-10, OTFPL posted a profit after tax (PAT) of INR37.9
million on net sales of INR1.1 billion against a PAT of INR9.4
million on net sales of INR520.9 million in 2008-09.


PG GLASS: Fitch Assigns 'D' National Long-Term Rating
-----------------------------------------------------
Fitch Ratings has assigned India's PG Glass Pvt. Ltd a National
Long-term rating of 'D(ind)'.  Fitch has also assigned ratings to
PGGPL's INR200 million long term loans: 'D(ind)';

PGGPL's ratings reflect the restructuring of its loans due to a
delay in its capex execution following an escalation in the
project cost to INR310 million from INR252.3 million.  The company
undertook a greenfield project to build a glass table wares and
bottles manufacturing facility in Kosamba (Surat).  It was
scheduled to begin commercial operations in April 2010, but was
delayed as additional capex was required for automation and
additional equipment, leading to the increase in project cost.
The company commenced operations at the plant only in October
2010.

Fitch has taken a consolidated view of both PGGPL and its group
company Pragati Glass Pvt. Ltd while assigning the ratings, to
reflect the strong strategic linkages between the two entities as
they manufacture similar line of products and are managed and
controlled by the same sponsors.

Fitch will review the ratings after the loan restructuring has
been completed.

PGGPL was set up as a group company of Pragati Glass in FY09-10 It
is engaged in the manufacturing of glass containers and tumblers,
catering primarily to the cosmetics industry.


PRAGATI GLASS: Fitch Assigns 'D' National Long-Term Rating
----------------------------------------------------------
Fitch Ratings has assigned India's Pragati Glass Pvt. Ltd. a
National Long-Term rating of 'D(ind)'.  Fitch has also assigned
ratings to PGPL's instruments:

  -- INR79.9 million long-term loans; 'D(ind)';
  -- INR125 million cash credit facility: 'D(ind)'; and
  -- INR14 million non-fund based limits: 'D(ind)'.

The ratings reflect PGPL's unsatisfactory debt servicing record
due to delays in principal and interest payments of term loans
(four to five days) in FY10 on account of pressure on its debtor
days, which has continued to date.  The company has been under
substantial liquidity pressure leading to irregular commercial
payments over FY10-FY11, due to higher working capital
requirements from FY09.  Its average net working capital cycle
increased to 135 days in FY10 (FY09: 112 days).  The ratings are
constrained by the additional INR82.5 million loan raised by the
company to replace its furnace.  The company has also applied to
increase its cash credit limits to INR250 million for FY11-FY12.
As a result, its leverage (net debt/operating EBITDAR)
deteriorated to 1.8x in FY10 (FY09: 1.6x) and interest coverage
ratio to 4.1x (FY09: 5x).

Fitch has taken a consolidated view of both PGPL and PG Glass Pvt.
Ltd while assigning the ratings to reflect the strong strategic
linkages between the two entities as they manufacture a similar
line of products and are managed and controlled by the same
sponsors.

Resumption of regular debt servicing, without any further delay,
would be positive for the ratings.

Established in 1982, PGPL is engaged in the manufacturing of glass
bottles and tumblers, and caters largely to the cosmetics
industry.  Its 130 tonnes per day manufacturing facility at
Kosamba (near Surat) has two furnaces of 60 tonnes and 70 tonnes,
respectively.  In FY10, the company reported revenues of
INR828.9 million (FY09: INR892.97 million), EBITDA of
INR115.57 million (INR149.5 million) and EBITDA margins of 13.9%
(16.8%).  It reported a net profit of INR49.9 million (INR69.8
million) and profit margins of 6.03% (7.82%) in FY10.


PUNJAB CROCKERY: CRISIL Reaffirms 'BB+' Cash Credit Rating
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Punjab Crockery House
Pvt Ltd continue to reflect PCHPL's average financial risk profile
marked by small net worth, high gearing, and moderate debt
protection metrics, and its exposure to intense competition in the
retail industry.  These rating weaknesses are partially offset by
the extensive experience of PCHPL's promoters in the retail
business, and the company's diversified business segments and
revenue profile.

   Facilities                          Ratings
   ----------                          -------
   INR230.00 Million Cash Credit       BB+/Negative
   (Enhanced from INR110.0 Million)

   INR350.00 Million Term loan         BB+/Negative
   (Enhanced from INR120.0 Million)

   INR20.00 Million Bank Guarantee     P4+(Reaffirmed)

On January 6, 2011, CRISIL had revised the outlook on PCHPL's
long-term rating to 'Negative' from 'Stable', while reaffirming
the rating at 'BB+', and short-term rating at 'P4+'. This action
was driven by CRISIL's expectation that PCHPL's capital structure
will weaken over the medium term because of the large, debt-funded
capital expenditure (capex) programme undertaken by the company.
It is setting up new stores in 2010-11 (refers to financial year,
April 1 to March 31) and 2011-12 with a capex of INR350 million
(funded in a debt-to-equity ratio of 2 times).  PCHPL will add
74,000 square feet (sq ft) of retail space by setting up the new
stores.  The company had launched stores covering over 25,762 sq
ft till January 2011.  To fund the project, PCHPL will contract
term debt of INR230 million, to add to the term loan of INR120
million it contracted in 2008-09 and 2009-10. CRISIL also believes
that PCHPL's cash flows will be adversely affected over the medium
term, given the time that the new stores will take before
generating profits, and PCHPL's large fixed costs such as lease
rentals and employee expenses for the new stores that the company
has taken on lease.

PCHPL operates stores on two models - minimum guarantee model for
Aditya Birla Nuvo Ltd and owned stores model.  The risks to
PCHPL's profitability profile will increase from 2011-12 onwards
because, in the ongoing capex, the number of owned stores
outnumber those on the minimum guarantee model.

For this rating exercise, CRISIL has made analytical adjustments
to the financial statements of PCHPL for calculation of financial
ratios. PCHPL had significantly large lease rental expenses in
2009-10, which are expected to increase as the new stores have
been leased to the company for a period of five years or more. The
operating leases have therefore been capitalised to give a fair
representation of the company's liabilities.

Outlook: Negative

CRISIL believes that PCHPL's financial risk profile will remain
constrained over the medium term because of to the large debt-
funded capex programme.  The ratings may be downgraded if there is
deterioration in PCHPL's cash accruals because of slower-than-
expected increase in sales from the new stores or if the company's
debt-funded capex is larger than expected.  Conversely, the
outlook may be revised to 'Stable' if there is a significant
improvement in PCHPL's capital structure and debt protection
metrics, through more-than-expected cash accruals, improved
profitability, or equity infusions.

                       About Punjab Crockery

PCHPL was established as a proprietary firm by Mr. Huzur Singh in
1960; it set up a crockery, glassware, and cutlery retail shop in
Hyderabad. The firm was reconstituted as a private limited company
in 1995. PCHPL was also dealing in electronic items of Haier India
and Panasonic India, the company closed this business
subsequently. PCHPL's group concerns, PCH Enterprises and PCH
Incorporated, were amalgamated with PCHPL in with effect from
February 1, 2009; the group concerns were engaged in distribution
of garment brands such as Peter England garments and retailing of
garment brands such as Peter England, Planet Fashion, Adidas,
Tommy Hilfiger, and others. The company's operations are managed
by Mr. Sutinder Singh.  The company had 55 operational stores as
on November 30, 2010, and proposes to launch another 25 to 28
stores by September 31, 2011.  Nearly 60 per cent of the space
occupied by PCHPL's new stores will display premium brands such as
Calvin Klein, FCUK, and Tommy Hilfiger.

PCHPL reported a profit after tax (PAT) of INR20 million on net
sales of INR460 million for 2009-10, against a PAT of INR17
million on net sales of INR428 million for 2008-09.


RAJHANS METALS: CARE Assigns 'CARE BB' Rating to INR1.7cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to the bank facilities
of Rajhans Metals Private Limited.

                                Amount
  Facilities                  (INR Crore)     Ratings
  ----------                  -----------     -------
  Long-term Bank Facilities      1.70         CARE BB (Assigned)
  Long-term/Short-term Bank     21.00         CARE BB+/PR4+
         Facilities                           (Assigned)
  Short-term Bank Facilities     6.00         'PR4+' (Assigned)

Rating Rationale

The ratings of Rajhans Metals Pvt. Ltd. are constrained by the
susceptibility of its operatin margins to volatility in raw
material prices (brass scrap, copper scrap & zinc) and foreign
exchange fluctuation, sharp decline in profitability during
9MFY11, high solvency ratios, working capital intensive nature of
operations and intense competition in the fragmented copper and
brass products industry.

These constraints far offset the benefits derived from the
promoters' experience in the brass/copper alloy extrusion industry
and good sales distribution network.

RHMPL's ability to manage risks associated with fluctuation in raw
material prices as well as foreign exchange risk coupled with
rationalization of debt levels would remain the key rating
sensitivities.

Jamnagar-based Rajhans Metals Pvt. Ltd., incorporated on April 10,
1987 is engaged in the manufacturing of brass & copper alloy
extruded rods and sections.  It had an installed melting
capacity of 12,150 MTPA and an extrusion capacity for brass rods
and sections of about 9,600 MTPA as on March 31, 2010.

While RHMPL's sales are concentrated in the domestic market,
almost its entire raw material requirement is met by way of
imports. RHMPL's profitability remains highly susceptible to
fluctuations in foreign exchange and raw material prices.


S. K. SARAWAGI: CRISIL Downgrades Rating on INR270MM LOC to 'P3+'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of S. K.
Sarawagi & Co. Pvt Ltd to 'P3+' from 'P2+'.

   Facilities                          Ratings
   ----------                          -------
   INR270 Million Letter of Credit     P3+ (Downgraded from 'P2+')
   INR600 Million Packing Credit       P3+ (Downgraded from 'P2+')
    and Foreign Bills Negotiated
   INR400 Million Bank Guarantee       P3+ (Downgraded from 'P2+')

The downgrade has been driven by weakening in the SKS group's
liquidity, as reflected in its utilization of unencumbered cash
balance for capital expenditure and increase in its debt
obligations.  The downgrade also factors in increase in the
group's gearing leading to deterioration in its financial risk
profile.  The downgrade also reflects CRISIL's belief that the SKS
group's liquidity will remain under pressure over the medium term
and improve only after an increase in the group's cash flows from
its new businesses.

The rating reflects the SKS group's established market position in
the manganese ore mining and iron ore trading segments, backed by
experienced promoters and diversified revenue profile. These
rating strengths are partially offset by the group's
susceptibility to intense competition in the iron ore trading
segment, cyclicality in the steel industry, and volatility in the
Baltic dry index. The group's financial risk profile, despite
large net worth and moderate debt protection metrics, is
constrained by high gearing.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SKS, Skylark Fiscal Services Pvt Ltd
(Skylark), Devansh Exports (Devansh; a partnership firm), and
SKS's wholly owned subsidiaries, Grace Universal Inc, Glory
Universal Group Inc, and Prema Universal Inc; these entities are
collectively referred to as the SKS group. This is because all
these entities are under a common management, and have operational
and financial linkages with each other.

                        About the Group

SKS, established in 1957 as a sole proprietorship concern, SK
Sarawagi & Company, was reconstituted as a private limited company
in 1961. SKS is managed by its founder-promoter Mr. S K Sarawagi,
his son, Mr. M L Sarawagi, and grandsons.  SKS began operations by
mining and exporting manganese ore.  The company diversified into
trading in iron ore, bauxite, and other minerals in 2000, driven
by the demand in India and the export markets.  SKS's operations
are forward-integrated into manufacturing sponge iron, mild-steel
ingots, and thermo-mechanically-treated bars.  The company has
diversified into shipping business during 2009-10 (refers to
financial year, April 1 to March 31), by investing in the group
company, SKS Transnational Pte ltd (SKSTPL), Singapore.  SKS owns
60 per cent of SKSTPL's equity shares.SKS also purchased three new
panama vessels as on Dec. 31, 2010, through its wholly owned
subsidiaries.

Skylark and Devansh Exports are owned by SKS's promoters and their
family members.  Both these entities are engaged in export of iron
ore.

The SKS group reported a net loss of INR50.0 million on net sales
of INR4.8 billion for 2009-10, against a net profit of INR10.0
million on net sales of INR4.8 billion for 2008-09.


SARDA ECO: CRISIL Downgrades Rating on INR115MM Loan to 'P4'
------------------------------------------------------------
CRISIL has downgraded its short-term rating on the bank facilities
of Sarda Eco Power Ltd to 'P4' from 'P4+'.  The downgrade reflects
deterioration in SEPL's liquidity due to stretch in receivables
and incremental working capital requirements.

   Facilities                            Ratings
   ----------                            -------
   INR115.00 Million Bank Guarantee      P4 (Downgraded from'P4+')
   INR143.50 Million Letter of Credit    P4 (Downgraded from'P4+')

The ratings continue to reflect SEPL's constrained business risk
profile because of revenue concentration on a single project,
small scale of operations and limited net worth. These rating
weaknesses are partially offset by the benefits that SEPL derives
from its competent management team and promoters' industry
experience.

SEPL was set up in 2007 by Mr. Ashok Jajodia, who has more than 50
years of experience through various organizations, including
Sarada Plywood Industries Ltd (SPIL), Dunlop India, and Assam &
Co. However the management sold their stake in the company to
Hyderabad based Mr. Ashok Reddy.

SEPL formed a consortium with SPIL, M/S Superec India, and M/S
Holland & Co, and won the contract from Assam Power Generation
Corporation Ltd (APGCL) for constructing a 9-megawatt (MW) hydel
power project on Myntriang river in Assam. Phase I of the project
involves construction of two units of 3 MW each and the Phase II
involves construction of two units of 1.5 MW each. The revised
commercial operation dates for the projects are July 2011 and
April 2012 respectively.

For 2009-10 (refers to financial year, April 1 to March 31), SEPL
reported a loss of INR1.6 million on net sales of INR35.7 million.


SAY INDIA: CRISIL Reaffirms 'P4' Rating on INR410MM Packing Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of SAY India Jewellers Pvt
Ltd continue to be constrained by delays in repayment of term loan
obligations by a group company, Rolly Jewellery Pvt Ltd.  The
ratings also factor in the Dynamix group's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
its large working capital requirements, and geographical
concentration in its revenue profile.  These weaknesses are
partially offset by the Dynamix group's moderate market position
in the jewellery industry.

   Facilities                                  Ratings
   ----------                                  -------
   INR410.00 Million Packing Credit            P4 (Reaffirmed)
   INR220.00 Million Post Shipment Credit      P4 (Reaffirmed)
   INR50.00 Million Standby Letter of Credit   P4 (Reaffirmed)
   INR205.60 Million Proposed Short-Term Bank  P4 (Reaffirmed)
                                Loan Facility

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SAY India, Dynamix Chains Manufacturing
Pvt Ltd (Dynamix Chains, rated 'B-/Stable/P4' by CRISIL), Lily
Jewellery Pvt Ltd (Lily, rated 'P4' by CRISIL), Yash Jewellery Pvt
Ltd (Yash, rated 'B-/Stable/P4' by CRISIL), Rolly Jewellery Pvt
Ltd (Rolly, rated 'D/P5' by CRISIL), Dania Oro Jewellery Pvt Ltd
(Dania, rated 'B-/Stable/P4' by CRISIL), Jewel America Inc (Jewel
America) and Barjon Inc (Barjon).  This is because these entities,
collectively referred to as the Dynamix group, are under a common
promoter group, in the same line of business, and have operational
synergies and fungible cash flows.

Outlook: Stable

CRISIL believes that the Dynamix group will continue to benefit
from its sound manufacturing facilities and moderate market
position in the jewellery segment. The outlook may be revised to
'Positive' if there is significant improvement in the group's
financial risk profile because of healthy cash accruals and
profitability, and if the group companies demonstrate a track
record of timely repayment of debt obligations. Conversely, the
outlook may be revised to 'Negative' if the group's financial risk
profile deteriorates because of continued losses in Jewel America,
or if the group undertakes any large, debt-funded capital
expenditure programme.

                          About the Group

The Dynamix group of companies, engaged in the manufacture of
jewellery, is promoted by Mr. Pramod Goenka.  The group
manufactures gold, silver, and diamond-studded jewellery, which is
mainly exported to countries such as the US and the UK.

Set up in October 2007, Dynamix Chains manufactures specialised
chains and pendants, which are exported to the US. SAY India,
Lily, Dania Oro and Yash (set up in May 1995, February 2004,
February 2006, and November 2006, respectively), export diamond-
studded gold jewellery, while Rolly (established in January 2005)
exports light-weight electro-form jewellery. Jewel America, a
leading jewellery wholesaler in the US, was acquired by the group
in February 2009.

SAY India, on a standalone basis, reported a net loss of INR33
million on net sales of INR1.04 billion for 2009-10 (refers to
financial year, April 1 to March 31) as against a profit after tax
of INR10 million on net sales of INR1.6 billion in the previous
year.


SEVA AUTOMOTIVE: CRISIL Assigns 'BB' Rating to INR80MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the long-term bank
loan of Seva Automotive Pvt Ltd, while reaffirming the ratings on
SA's other bank facilities at 'BB/Stable/P4+'.

   Facilities                        Ratings
   ----------                        -------
   INR80.0 Million Long-Term Loan    BB/Stable (Assigned)

   INR50.0 Million Cash Credit       BB/Stable (Reaffirmed)
   (Reduced from INR210.0 Million)

   INR200.0 Million Working Capital  P4+ (Reaffirmed)
                       Demand Loan

The ratings continue to reflect SA's average financial risk
profile marked by moderate total-outside-liabilities to total net
worth (TOL/TNW) ratio, and limited negotiating power with its
principal, Maruti Suzuki India Ltd.  These rating weaknesses are
partially offset by SA's established market position in the
automobile dealership segment, and improving revenue-mix,
supported by increasing contribution from vehicle servicing and
sale of spare parts.

Outlook: Stable

CRISIL believes that SA will continue to benefit over the medium
term from its established market position as a dealer of cars
manufactured by MSIL.  The outlook may be revised to 'Positive' if
there is a significant improvement in SA's capital structure and
debt protection metrics, because of sustained increase in its
sales and profitability.  Conversely, the outlook may be revised
to 'Negative' if there is a significant decline in SA's
profitability and sales, or if the company undertakes a larger-
than-expected, debt-funded capital expenditure programme, thereby
weakening its capital structure.

                       About Seva Automotive

SA was incorporated in 1985, promoted by Mr. Sanjeev Bafna. The
company began operations as a dealer of MSIL-manufactured vehicles
in Nashik (Maharashtra).  It set up MSIL dealerships in Nanded in
1991, Nagpur in 1995, and Dhule in 2004 (all in Maharashtra). SA
has dealerships in six locations, including Wardha and Nandurbar
(both in Maharashtra).  The company is currently expanding its
facilities in Nagpur and Nashik; these are expected to be
completed by March 2012.

For 2009-10 (refers to financial year, April 1 to March 31), SA
reported a profit after tax (PAT) of INR12.5 million on net sales
of INR2.7 billion, against a PAT of INR9.9 million on net sales of
INR2.0 billion for 2008-09.


SIDDHIVINAYAK AESTHETICS: CRISIL Assigns 'BB' Rating to LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' ratings to the bank facilities
of Siddhivinayak Aesthetics Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50.00 Million Cash Credit      BB/Stable (Assigned)
   INR50.00 Million Long-Term Loan   BB/Stable (Assigned)

The rating reflects SAPL's small scale of operations, limited
track record, customer concentration, susceptibility to volatility
in raw material prices, and large working capital requirements.
These rating weaknesses are partially offset by SAPL's moderate
financial risk profile, marked by moderate gearing and healthy
debt protection metrics, and promoters' extensive experience in
the paint industry.

Outlook: Stable

CRISIL believes that SAPL will maintain its moderate financial
risk profile over the medium term, supported by moderate cash
accruals.  The company's scale of operations is expected to remain
small during this period.  The outlook may be revised to
'Positive' if SAPL sustains an increase in its revenues and
diversifies its clientele, leading to improvement in its business
profile.  Conversely, the outlook may be revised to 'Negative' if
the company weakens its financial risk profile, especially
liquidity, most likely driven by larger-than-expected debt-funded
capital expenditure or delay in increase in sales from its new
facilities.

                   About Siddhivinayak Aesthetics

SAPL was incorporated in 2007-08 (refers to financial year,
April 1 to March 31), promoted by three technocrats, Mr. Mayuresh
Biware, Mr. Rajendra Salunkhe, and Mr. Rajiv Risbud. The company,
based in Pune (Maharashtra), operates a paint shop with three
paint booths; it has a total capacity to paint 120,000 square feet
surface of plastic-moulded components per annum. SAPL also has an
injection moulding capacity of 350 tonnes per annum, which is a
backward integration of the paint shop and forms around 5 per cent
of the total input cost. The company sells the painted components
to the tier 1 automotive component suppliers, with sales to Tata
Autocomponent Systems Pvt Ltd (TACO, rated 'AA-/Stable/P1+' by
CRISIL) forming around 80 per cent of its revenues.

SAPL reported a profit after tax (PAT) of INR20.6 million on net
sales of INR204.6 million for 2009-10, against a PAT of INR1.2
million on net sales of INR17.7 million for 2008-09.


SIDDHI VINAYAK: CRISIL Upgrades Rating on Cash Credit to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Siddhi Vinayak Industries Pvt Ltd to 'B+/Stable' from 'B/Stable',
while reaffirming its rating on the group's short-term bank
facilities at 'P4'.

   Facilities                        Ratings
   ----------                        -------
   INR10 Million Cash Credit         B+/Stable (Upgraded from
                                                'B/Stable')

   INR10 Million Proposed LT         B+/Stable (Upgraded from
           Bank Loan Facility                  'B/Stable')

   INR125 Million Letter of Credit   P4 (Reaffirmed)

   INR2.5 Million Bank Guarantee     P4 (Reaffirmed)

The rating upgrade reflects improved business synergies among the
GMPL group entities, and the group's improved working capital
management, driven by enhanced fungible cash flows among the group
entities.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SVIPL, Ganesh Multiplex Pvt Ltd, and
Jai Shree Balaji Fats & Oils Pvt Ltd, collectively referred to as
the GMPL group.  This is because all three companies have common
management and promoters, significant operational linkages, common
suppliers and customers, and significant fungible cash flows-the
entities extended financial support to each other.  SVIPL has
provided corporate guarantee to Ganesh.

The ratings reflect the GMPL group's weak financial risk profile,
marked by low profitability, small net worth and weak debt
protection metrics, and large working capital requirements. The
ratings also factor in the group's susceptibility to adverse
regulatory changes and to intense competition in the edible oil
industry. These rating weaknesses are partially offset by the
extensive industry experience of the group's promoters.

Outlook: Stable

CRISIL believes that the GMPL group will sustain its operating
income growth over the medium term.  The outlook may be revised to
'Positive' if there is a significant improvement in the group's
financial risk profile, most likely driven by improvement in
profitability.  Conversely, the outlook may be revised to
'Negative' if the group's financial risk profile deteriorates,
most likely because of larger-than-expected debt-funded capital
expenditure or decline in cash accruals

                           About the Group

The GMPL group trades in edible oil, primarily refined, bleached
and de-odourised (RBD) palmolein oil. It imports oil from Malaysia
and Indonesia, against 90 days letter of credit. It sells oil to
brokers, packers, and companies in Uttaranchal, Chhattisgarh,
Bihar, Uttar Pradesh, West Bengal, Madhya Pradesh, New Delhi, and
North East India.  The majority of the group's sales are made on
high-sea basis, resulting in low inventory requirement for the
group.  The group also trades in pulses, revenues from which form
less than 5% of its total revenues.  The daily operations of the
group are looked after by Mr. Naval Kishore Banka and his son,
Mr. Rajeev Banka.

The GMPL group reported a profit after tax (PAT) of INR1.57
million on net sales of INR467.10 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR0.80
million on net sales of INR224.90 million for 2008-09.


SRM MOTORS: CRISIL Assigns 'B-' Rating to INR25MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to the bank
facilities of SRM Motors Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR100.0 Million Cash Credit Limit   B-/Negative (Assigned)
   INR25.0 Million Term Loan            B-/Negative (Assigned)

The rating reflects SRM's weak financial risk profile, marked by
low profitability, a small net worth, and a high gearing, small
scale of operations, regional concentration in its revenue profile
and exposure to intense competition in the automobile dealership
market.  These rating weaknesses are partially offset by SRM's
established relationship with Tata Motors Ltd (TML) and Fiat India
Automobiles Ltd (Fiat).

Outlook: Negative

CRISIL believes that SRM will face pressure on its liquidity over
the medium term, as its cash accruals are expected to be
inadequate to meet its large debt obligations and because of
incremental working capital requirements.  The rating may be
downgraded in case of delays in meeting debt obligations because
of further pressure on liquidity.  Conversely, the outlook may be
revised to 'Stable' if SRM generates more-than-expected cash
accruals, driven by improvement in its scale of operations and its
profitability, leading to improvement in its liquidity.

Incorporated in 2009, SRM is an authorised automobile dealer of
passenger cars of TML, with two showrooms, one each in Lucknow and
Barabanki (both in Uttar Pradesh).  It has an exclusivity contract
for its Barabanki showroom.  The company also has a dealership for
cars manufactured by Fiat.


VISHAL FERRO: CRISIL Assigns 'B-' Rating to INR75 Million LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the long-term bank
facilities of Vishal Ferro Alloys Ltd.  The rating reflects the
Vishal group's weak financial risk profile, marked by small net
worth, high gearing, and weak debt protection metrics, large
working capital requirements, small scale of operations, and
limited track record.  These rating weaknesses are partially
offset by the extensive experience of the group's promoters in the
steel industry.

   Facilities                        Ratings
   ----------                        -------
   INR75.0 Million Long-Term Loan    B-/Stable (Assigned)
   Rs .30.0 Million Cash Credit      B-/Stable (Assigned)

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of VAFL and Perfect Steel Corporation
(Perfect Steel), collectively referred to as the Vishal group.
This is because both entities are in the same line of business,
have common promoters, and fungibility of cash flows.

Outlook: Stable

CRISIL believes that the time overruns in the implementation and
stabilization of the group's greenfield ingot manufacturing
project will constrain its debt servicing ability, unless
supported by funds from promoters.  The outlook may be revised to
"Positive", if the group is able to successfully stabilize its
operation and generate higher-than-expected revenues and operating
margins from the new capacity leading to higher cash accruals
thereby improving the liquidity position.  Conversely, the outlook
may be revised to 'Negative' if there are further time delays and
cost overruns in the commencement of operations at the new
facility or if the group is unable to stabilize the new capacity;
thereby impacting the debt servicing ability of the group.

                          About the Group

Incorporated as a limited company in June 2009 by the Aggarwal
family, VAFL is setting up a plant at Sundargarh (Orissa) to
manufacture mild steel (MS) ingots and cast iron (raw material for
MS ingots).  The plant will have an annual installed capacity of
9,600 tonnes of cast iron and 16,800 tonnes of MS ingots.  The
cast iron line commenced operations in November 2010, and the MS
ingot line is expected to come on line by last week of March 2011.
The project was scheduled to become operational by June 2010, but
was stalled because of delays by equipment suppliers and in
obtaining approvals from the state electricity board. Perfect
Steel, a partnership firm, commenced operations in 2008, and has
an annual ingots production capacity of 19,000 tonnes.

Vishal group reported a profit after tax (PAT) of INR43 million on
net sales of INR348 million for 2009-10 (refers to financial year,
April 1 to March 31).


YASH JEWELLERY: CRISIL Reaffirms 'B-' Rating on INR159.3MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Yash Jewellery Pvt Ltd
continue to be constrained by delays in repayment of term loan
obligations by a group company, Rolly Jewellery Pvt Ltd.  The
ratings also factor in the Dynamix group's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
its large working capital requirements, and geographical
concentration in its revenue profile.  These weaknesses are
partially offset by the Dynamix group's moderate market position
in the jewellery industry.

   Facilities                           Ratings
   ----------                           -------
   INR159.30 Million Term Loan          B-/Stable (Reaffirmed)
   INR850.00 Million Packing Credit     P4 (Reaffirmed)
   INR65.00 Million Standby Letter      P4 (Reaffirmed)
                         of Credit
   INR380.80 Mil. Proposed Short-term   P4 (Reaffirmed)
                   Bank Loan Facility

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Yash, Dynamix Chains Manufacturing Pvt
Ltd (Dynamix Chains, rated 'B-/Stable/P4' by CRISIL), SAY India
Jewellers Pvt Ltd (SAY India, rated 'P4' by CRISIL), Lily
Jewellery Pvt Ltd (Lily, rated 'P4' by CRISIL), Rolly Jewellery
Pvt Ltd (Rolly, rated 'D/P5' by CRISIL), Dania Oro Jewellery Pvt
Ltd (Dania, rated 'B-/Stable/P4' by CRISIL), Jewel America Inc
(Jewel America) and Barjon Inc.  This is because these entities,
collectively referred to as the Dynamix group, are under a common
promoter group, in the same line of business, and have operational
synergies and fungible cash flows.

Outlook: Stable

CRISIL believes that the Dynamix group will continue to benefit
from its sound manufacturing facilities and moderate market
position in the jewellery segment.  The outlook may be revised to
'Positive' if there is significant improvement in the group's
financial risk profile because of healthy cash accruals and
profitability, and if the group companies demonstrate a track
record of timely repayment of debt obligations.  Conversely, the
outlook may be revised to 'Negative' if the group's financial risk
profile deteriorates because of continued losses in Jewel America,
or if the group undertakes any large, debt-funded capital
expenditure programme.

                          About the Group

The Dynamix group of companies, engaged in the manufacture of
jewellery, is promoted by Mr. Pramod Goenka.  The group
manufactures gold, silver, and diamond-studded jewellery, which is
mainly exported to countries such as the US and the UK.

Set up in October 2007, Dynamix Chains manufactures specialised
chains and pendants, which are exported to the US. SAY India,
Lily, Dania Oro and Yash (set up in May 1995, February 2004,
February 2006, and November 2006, respectively), export diamond-
studded gold jewellery, while Rolly (established in January 2005)
exports light-weight electro-form jewellery. Jewel America, a
leading jewellery wholesaler in the US, was acquired by the group
in February 2009.

Yash, on a standalone basis, reported a profit after tax (PAT) of
INR27 million on net sales of INR1.01 billion for 2009-10 (refers
to financial year, April 1 to March 31) as against a PAT of INR103
million on net sales of INR2.28 billion in the previous year.


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


EACCESS LTD: Moody's Assigns 'Ba3' Rating to Senior Unsec. Bonds
----------------------------------------------------------------
Moody's Japan K.K. has assigned a Ba3 rating to eAccess Ltd's 7-
year senior unsecured foreign bonds, which are guaranteed by
eMobile, eAccess's subsidiary.  The rating outlook is stable.

The specific bond issues rated are:

  -- US$420 million senior unsecured bond, due 2018
  -- EUR200 million senior unsecured bond, due 2018

The bonds were originally assigned a provisional (P)Ba3 rating on
March 9, 2011.  Rating assignment is in response to the fixing of
the final terms and conditions of the bonds.  The rating outlook
is stable.

                         Rating Rationale

eAccess's Ba3 rating incorporates the company's competitive
position in its core market, high business risk, and weak balance
sheet.  It also incorporates a subordination factor of one notch
down due to the company's large amount of secured debt.

Moody's last rating action with respect to eAccess was taken on
March 9, 2011, when it assigned a Ba3 long term issuer rating to
the company, and a (P)Ba3 rating to the senior unsecured bond
guaranteed by eMobile.  The outlook for both ratings is stable.

eAccess Ltd., headquartered in Tokyo, is an ADSL and mobile
broadband service provider.


EACCESS LTD: S&P Assigns 'BB' Rating to EUR200-Mil. Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
issue rating to Japanese telecom operator eAccess Ltd.'s
(BB+/Stable/--) EUR200 million senior unsecured notes due April 1,
2018.  The coupon rate is 8.375%.  At the same time, S&P confirmed
its 'BB' issue rating on the company's US$420 million senior
unsecured notes due April 1, 2018, which have a coupon rate of
8.250%.  S&P assigned its 'BB' issue rating to the U.S. dollar-
denominated notes on March 9, 2011, and S&P confirmed that the
terms of the notes conformed to its rating assumptions.

The ratings on eAccess reflect the company's satisfactory market
position in the domestic asymmetric digital subscriber line (ADSL)
market as well as its emerging position in the mobile market,
where the company has a unique niche focus on mobile data
communication and is cost competitive compared with larger peers.
These strengths are partly offset by the company's limited market
position and intense competition in the business.  In addition,
the company's financial risk profile is significant and it has
high debt.  S&P has set the issue rating one notch below the long-
term issuer credit rating, as S&P assesses the notes as junior to
other debt issues of the company, and thereby having relatively
poor recovery prospects.  The notching down reflects S&P's view
that the company's priority debt related to its mobile business
will exceed 15% of its total assets.


LMP LOAN: Moody's Junks Ratings on Class A Senior Interests
-----------------------------------------------------------
Moody's Japan K.K. has downgraded to Caa3 (sf) from B3 (sf) its
rating on the Series 2007-1 Class A Senior Beneficial Interests
issued by LMP Loan Master Trust.

Details are:

  -- Deal Name: LMP Loan Master Trust

  -- JPY 18.5 billion Series 2007-1 Class A Senior Beneficial
     Interests, downgraded to Caa3 (sf); previously, on June 30,
     2010, downgraded to B3 (sf) from Ba3 (sf)

  * Class: Series 2007-1 Class A Senior Beneficial Interests

  * Issue Amount: JPY 18.5 billion

  * Dividend: Floating

  * Issued Date: October 12, 2007

  * Final Maturity Date: (in initial agreement) March 25, 2011,
    (in amendment) December 26, 2011, as will hereinafter be
    described in detail

  * Underlying Asset: Real estate-backed loan receivables

  * Initial Servicer: SFCG Co., Ltd.

These Senior Beneficial Interests were issued in October 2007, and
are backed by a pool of real estate-backed SME loans originated by
SFCG Co., Ltd., and a subsidiary.

The servicing and special servicing of all the loan receivables in
the transaction have been transferred to the back-up servicers.

                         Rating Rationale

The Class A Senior Beneficial Interests have been downgraded
mainly because Moody's now assumes that the final loss to the
Class A Senior Beneficial Interests will exceed what the current
rating level indicates, given the expected collection amount from
the limited number of remaining collateral properties.

On June 30, 2010, Moody's downgraded its ratings on the Class A
through C Senior Beneficial Interests, mainly because of 1) the
view that, given the limited amount of time before final maturity
-- which may lead to an increase in the number of collateral
properties to be auctioned -- the recovery rate for the collateral
properties will decline further, and 2) the further substantial
losses in the underlying receivables pool.

The number of collateral properties at the last rating action was
approximately 150.  As a result of property sales, only 40 remain
(as of February 2011).

As the sale of the properties progresses, the amount of unpaid
loan receivables (due to obligors' inability to make additional
payments, in Moody's view) is becoming evident, resulting in
substantial losses in the pool.  The outstanding loan receivables
currently amount to around JPY 25 billion, JPY 21 billion of which
comprise losses.

Most of the remaining properties will be sold at auction, subject
to legal procedures.  Moody's already considered the Class A
Senior Beneficial Interests may suffer losses.  However, given the
expected collection amount from the limited number of remaining
properties, Moody's now assumes that final losses in the Class A
Interests will exceed what the current rating level indicates, and
has thus downgraded its rating.

The number of obligors was around 80, and the outstanding amount
of the Class A Senior Beneficial Interests was about JPY 1.8
billion as of end-February 2011.

The final maturity date in the initial agreement is March 25,
2011.  The amendment is to be signed on March 25, 2011, and the
final maturity will be extended until September 26, 2011.  In
accordance with the amendment, if any loan receivables remain on
September 1, 2011, the asset trustee and investors of this deal
will discuss whether to postpone the final maturity again.  Unless
they arrive at an agreement by September 26, the final maturity
will be extended automatically to December 26, 2011.

Moody's sees the amendment as a distressed exchange to avoid a
payment default.

However, the current ratings on the deal already reflect a certain
amount of final loss.  The main reason for this rating action is
Moody's assumption that the final loss to Class A will exceed the
current rating level, not the extension of the final maturity.

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


=========
K O R E A
=========


KOREA LINE: Nordea Bank Seizes Two Korea Line Singapore Vessels
---------------------------------------------------------------
Andrea Tan and Kyunghee Park at Bloomberg News report that Nordea
Bank AB's Singapore unit seized two vessels from Korea Line Corp.
local subsidiary in a bid to recoup $64.9 million in debt.

Corina Song of Allen & Gledhill LLP, the bank's lawyer, told
Bloomberg that Nordea Bank arrested the Blue Diamond ship last
week and the Blue Coral earlier this month.  The bank said in a
March 17 lawsuit with the Singapore High Court that the ships were
pledged as collateral for an $82 million loan in October 2006,
according to Bloomberg.

"Due to a change in circumstances, the action is no longer
necessary as we've arrested the Blue Diamond," Ms. Song said,
referring to the suit, Bloomberg relates.

Two of Korea Line's vessels were seized in Singapore, the ship
operator said in an e-mailed response to Bloomberg News questions.
It didn't comment on the lawsuit.

Three other vessels owned by the Singaporean unit have been seized
by other creditors in the U.S., according to Nordea's court
filing.

                       About Korea Line Corp.

Korea Line Corp. has been engaged in marine transport and port
logistics businesses since 1968.  Its head office is in Seoul
Korea and its representative offices are in Shanghai and
Singapore.  KLC is a publicly listed company on the Korean Stock
Exchange.  Its operations are centered in Korea and the vas
majority of its assets, shareholders and employees are located in
Korea.

Korea Line Corp. filed for Chapter 15 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 11-10789) in the U.S. to bar creditors
from seizing its shipping vessels and bunkers at U.S. ports.

Receivers Jin Bang Lee and Byung Nam Choi estimated that the
Debtor has US$100 million to US$500 million in debts and assets as
of the Chapter 15 filing date in Manhattan.

Korea Line is undergoing rehabilitation before the Seoul Central
District Bankruptcy Court (4th Division), Case No. 2011 Hoe-Hap
14, pursuant to the Korean Debtor Rehabilitation and Bankruptcy
Act.

KLC's liquid assets as of January 2011 totaled US$60,655,000,
while the funds necessary for repayment of debts and operating
expenses in February 2011 is US$186,964,000 and in March 2011,
US$170,163,000.   KLC's operating income will not be sufficient to
cover these amounts, with an expected shortfall of US$35,932,000
in March of 2011.

KLC applied for rehabilitation in Korea under the DBRA on Jan. 26,
2011.  The Korean court issued a stay order prohibiting attachment
and execution of KLC's property on Jan. 26, 2011.  Rehabilitation
proceedings commenced Feb. 15, 2011, with the appointment of the
receivers.


* Court to Fast-Track Work-out Program Period for Insolvent Firms
-----------------------------------------------------------------
Arirang reports that the time period available to insolvent Korean
companies to work out their bad credit could be reduced to six
months.

Arirang relates that the Seoul Central District Court said Monday
that it has decided to adopt a 'fast-track' system for companies
entering work-out programs so that they can promptly return to
solvency.

The court adds what could have lasted up to 10 years under the
current system could be reduced, if a company submits a viable
plan on its debt payment program, according to Arirang.

The fast-track system will be first tested on companies with more
than KRW50 billion, or roughly US$45 million, worth of debt.


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


PIKE RIVER: Dead Miners' Relatives Fed Up of Delays in Recovery
---------------------------------------------------------------
The Australian Associated Press reports that the receivers of Pike
River Coal Ltd have been warned to get in and get the dead miners'
remains, or stand aside so someone else can.

The APP relates that on the eve of a preliminary hearing into the
disaster, Grey District Mayor Tony Kokshoorn said the families of
the 29 men who died in the November 19 disaster were "totally fed
up" with delays in entering the mine.

"It's time to get on with it or get out," Mr. Kokshoorn told AAP.
"Everybody feels that they've had their chance.  They know the
mine is not explosive now so they've got to get in there or let
another company do it instead."

According to the AAP, it is believed that the men died within
minutes of the violent blast that erupted in the mine more than
four months ago.  Since then, death certificates have been issued
and compensation pay-outs of up to $200,000 have been made to each
family, but no one has yet entered the mine to recover the miners'
remains.

The AAP states that all efforts to enter, including the deployment
of robots, have so far failed, with receivers from
PricewaterhouseCoopers now considering drilling another borehole
to gauge the rockfall in the mine.

The receivers maintain that the safety risk remains so steps to
enter must be carefully considered, but Mr. Kokshoorn said it was
time "more definitive action" was taken, the AAP notes.

Mr. Kokshoorn, as cited by the AAP, said another company, Solid
Energy, was prepared to recover the men.

Spokesman for the families, Bernie Monk, who lost his son Michael
in the tragedy, agreed the delays were taking a toll on the
miners' loved ones, the AAP reports.

Meanwhile, says the AAP, Mr. Monk said families have welcomed news
that a Royal Commission on the disaster will get under way in late
May.  It is expected to conclude in November, with findings to
include safety aspects of the mine and an autopsy of the search
and rescue operation.

A preliminary hearing for the inquiry is set for April 5, with
many families expected to attend, the AAP adds.

                       About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River also owed another estimated NZ$10 million to
NZ$15 million to contractors, including some of the men who lost
their lives in the disaster.

The TCR-AP, citing a TVNZ report, said PricewaterhouseCoopers'
strategy now is to stabilize the mine with a view to either
restructuring the company or selling the assets while at the same
time maintaining a core team of workers to maintain the mine site
and pursuing insurance claims.  The receivers have had
"unsolicited expressions of interest" in Pikes assets, though they
are still considering options for the mine.  Under the terms of a
Deed of Priority, BNZ and NZOG rank equally and have priority over
Solid Energy among secured creditors, TVNZ added.


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


BANCO FILIPINO: PDIC Starts Mailing Payments to Depositors
----------------------------------------------------------
The Daily Tribune reports that the Philippine Deposit Insurance
Corp. started mailing payments for deposit insurance to Banco
Filipino Savings and Mortgage Bank depositors with account
balances of PHP5,000 and below, with no outstanding loans and
whose addresses are complete in the bank's records.

The report says the payment is in the form of postal money orders
(PMOs).  These PMOs can be encashed in more than 1,400 post
offices and over 300 LandBank of the Philippines branches
nationwide.

According to the Daily Tribune, PDIC said that as of end December
2010, accounts with balances of PHP5,000 and below make up 53% of
the total number of deposit accounts maintained in BF.

"This is the first batch of payments and mailing of PMOs to
depositors will continue daily.  Please allow time for the
delivery of the PMOs to your houses," the Daily Tribune quotes
PDIC executive vice president Cristina Orbeta as saying.

Mr. Orbeta, according to the report, reiterated that depositors
with balances of PHP5,000 and below are not required to file
deposit insurance claims, provided they have no outstanding loans
and their addresses are complete in the bank records.  Payment
will be delivered by mail directly to their addresses, the Daily
Tribune adds.

As reported in the Troubled Company Reporter on March 21, 2011,
BusinessWorld Online reports that Banco Filipino Savings and
Mortgage Bank has been placed under receivership by the Bangko
Sentral ng Pilipinas after the thrift bank stopped servicing
clients due to funding problems.

                       About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964,
offers full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.


BENGUET CORP: Aims at Retiring Debts; Seeks Funding for Projects
----------------------------------------------------------------
Manila Standard Today reports that Benguet Corp. said it will
raise funds for its various mineral projects, while working at
retiring old debts.

According to the report, the mining company said it was looking at
other opportunities in minerals development processing and
infrastructure and "preparing to tap the equity and investment
market to raise funding for various projects in the pipeline in
view of the positive outlook on metals."

Manila Standard relates that the company said it is now back to
profitability, with a net income of PHP2.3 billion in the first 10
months of 2010.   The company has experienced cumulative losses
over the past several years, Manila Standard says.

The mining company, in a disclosure to the stock exchange, said it
continued to strengthen financially and expand its operation to
take full advantage of high commodity prices, Manila Standard
reports.  It did not provide year-on-year comparison.

Benguet Corp., as cited by Manila Standard, said the development
and expansion of its gold and nickel projects are under way, which
will further contribute to the profitability of the company.

According to Manila Standard, the company earlier announced that
it had bought back at discounted prices 79.98% of its secured debt
and 85.3% of the unsecured obligations.  It said the objective was
to continue to work towards the settlement of its debt before the
year end, Manila Standard notes.

Manila Standard says Philippine National Bank, as the mortgage
trustee of the consortium of bank creditors, earlier wrote Benguet
Corp. a letter that it was withdrawing the notice of default it
issued since the majority creditors had already indicated the
retraction of their previous instruction to PNB on the default
declaration following the company's acquisition of its debt
papers.

"With its renewed financial strength and the restoration of its
credit standing, Benguet is now well positioned to embark on new
projects," the Company averred.

                        About Benguet Corp.

Benguet Corporation (PSE:BC) -- http://www.benguetcorp.com/-- is
engaged in chromite and gold mining and production, exploration,
research and development, and water projects.  The Company
explores for mines, produces and markets gold, refractory
chromite, nickel laterite ore, limestone and aggregates, and
through its subsidiaries, provides eco-tourism, engineering and
construction, reforestation, trucking and warehousing services,
sells industrial equipment and supplies, develops water resources
and real estate projects.

                           *     *     *

Jaime F. Del Rosario at Sycip Gorres Velayo and Co. raised
significant doubt on Benguet Corporation's ability to continue as
a going concern saying that the group has incurred cumulative
losses of PHP4.8 billion and PHP4.3 billion in 2008 and 2007,
respectively, which resulted to a capital deficiency of PHP1.6
billion and PHP1.3 billion as of December 31, 2008, and 2007,
respectively.  The Group's current liabilities exceeded its
current assets by PHP3.8 billion and PHP3.1 billion as of Dec. 31,
2008 and 2007, respectively.  In addition, the Group was unable to
pay its maturing bank loans and related interests of PHP3.6
billion and PHP3.1 billion as of December 31, 2008 and 2007,
respectively.


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


SMITHS & BARON: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on March 16, 2011, to
wind up the operations of Smiths & Baron Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited (in its
capacity as trustee of Starhill Global Real Estate Investment
Trust) 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


SINO-ENVIRONMENT CLEAN: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore entered an order on March 18, 2011, to
wind up the operations of Sino-Environment Clean Power Technology
Pte Ltd.

The company's liquidators are:

         Mr Seshadri Rajagopalan
         Ms Ee Meng Yen Angela
         c/o Ernst & Young Solutions LLP
         One Raffles Quay
         North Tower Level 18
         Singapore 048583


STRATHAVEN PTE: Creditors' Proofs of Debt Due April 25
------------------------------------------------------
Creditors of Strathaven Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 25, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


TOUCHSTONE & RESOURCES: Creditors' Proofs of Debt Due April 25
--------------------------------------------------------------
Creditors of Touchstone & Resources Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 25, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Jacqueline Chan Li Shan
          171 Chin Swee Road
          #08-01 San Centre
          Singapore 169877


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


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

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

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, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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