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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

             Monday, May 16, 2011, Vol. 14, No. 95

                            Headlines



A U S T R A L I A

AUSTRALIAN MOTOR: Receivers Sue Bentleys MRI Over Car Loan Scam
BEMAX RESOURCES: S&P Affirms 'B-' Corp. Credit & Sr. Debt Ratings
CEC GROUP: Goes Into Receivership, Owes AU$135 Million
* Downturn in Sales Hits Hard Canberra's Retail Sector


C H I N A

CHINA LIANSU: Fitch Assigns Final 'BB' Rating to Senior Notes
GCL-POLY ENERGY: S&P Assigns 'BB+' Corporate Credit Rating
MIE HOLDINGS: Fitch Assigns Final 'B' Rating to US$400MM Notes


H O N G   K O N G

CHUN SHING: Placed Under Voluntary Wind-Up Proceedings
CITICHEM INTERNATIONAL: Court to Hear Wind-Up Petition on June 22
FITSTRONG COMPANY: Placed Under Voluntary Wind-Up Proceedings
GOLDWAY INTERNATIONAL: Members' Final Meeting Set for June 15
GREAT POINT: Placed Under Voluntary Wind-Up Proceedings

NEW WAY: Nicholas Timothy Cornforth Hill Steps Down as Liquidator
RECOTON (HK): John Howard Batchelor Steps Down as Liquidator
SKY DATAMANN: Wardell and Ip Step Down as Liquidators
WAH FUNG: Lo and Leung Appointed as Liquidators
WIN FAITH: Court to Hear Wind-Up Petition on June 29

YIU FUNG: Creditors' Proofs of Debt Due May 24
ZINOKI LIMITED: Court to Hear Wind-Up Petition on June 8


I N D I A

AMRIT BIO: CRISIL Reaffirms 'D' Rating on INR259 Million Term Loan
ANANDA ENTERPRISES: CRISIL Reaffirms 'B+' Rating on INR64.7MM Loan
BALPRADA HOTELS: ICRA Assigns 'LBB' Rating to INR100cr Term Loans
BINANI ZINC: CARE Rates INR80cr Long-Term Bank Loan at 'CARE BB+'
BOMMIDALA VENTURES: CRISIL Reaffirms 'P4+' Rating on INR450MM Loan

DUA MOTORS: CARE Assigns 'CARE BB+' Rating to INR5cr LT Bank Loans
EMAS ENGINEERS: ICRA Assigns 'LBB+' Rating to INR155cr Bank Limits
GAUTAM TECHNOCAST: CRISIL Reaffirms 'BB' Rating on INR5.6MM Loan
HARSHAD MEHTA: Government Likely to Recover Up to INR1,000 Crore
HYQUIP SYSTEMS: CARE Assigns 'CARE BB+' Rating to INR4.75cr Loan

LAXAI-AVANTI: CRISIL Reaffirms 'D' Rating on INR35.2MM LT Loan
MANDAVA COTTON: ICRA Assigns 'LC+' Rating to INR6cr Long-Term Loan
MULTITUDE INFRA: Fitch Assigns 'B+(ind)' National LT Rating
NEELAM LINEN: CARE Rates INR8cr LT Bank Facilities at 'CARE BB'
PARMESHWARI SILK: CRISIL Assigns 'B' Rating to INR57.7MM Term Loan

PELICAN ROTOFLEX: CRISIL Assigns 'BB+' Rating to INR36.6MM Loan
RAYANA PAPER: CRISIL Upgrades Rating on INR170MM Term Loan to 'B'
SAI LAKSHMI: ICRA Assigns 'LB' Rating to INR9.04cr Bank Loans
SHRI ADISHWAR: CRISIL Cuts Rating on INR17.4MM Term Loan to 'D'
SRI BALMUKUND: CRISIL Reaffirms 'BB-' Rating on INR67.5MM LT Loan

SRITHIK ROLLING: ICRA Assigns 'LBB+' Rating to INR6cr Bank Loans
SURYA EXIM: CARE Assigns 'CARE BB' Rating to INR7.5cr LT Loan
SWASTIK REFINERY: CRISIL Reaffirms 'B+' Rating on INR22MM Loan
T.P. TEXTILES: ICRA Reaffirms 'LBB' Rating on INR11.34cr Term Loan
TODAY TEA: CRISIL Assigns 'BB-' Rating to INR80 Mil. Cash Credit

* Minister Wants to Expedite Liquidation Process of Companies


J A P A N

CORSAIR (JERSEY): S&P Affirms Rating on Series 52 Notes at 'CCC+'
ORIX-NRL TRUST: S&P Lowers Rating on Class D Certs. to 'CCC'
* JAPAN: Number of Corporate Bankruptcies Fall 6.7% in April


M A L A Y S I A

HONG LEONG: S&P Affirms Bank Fundamental Strength Rating at 'C+'


N E W   Z E A L A N D

DATASOUTH BUSINESS: Most Workers Land Jobs After Liquidation
FELTEX CARPETS: Former Directors Settle With Liquidators
NEW ZEALAND POST: To Close Seven Outlets, 90 Jobs Affected


P H I L I P P I N E S

SAN MIGUEL: S&P Affirms Foreign Currency Rating at 'BB-'


S I N G A P O R E

ALTUS TECHNOLOGIES: Creditors' Meetings Set for May 25
ENGAGE ELECTRONIC: Creditors' Proofs of Debt Due May 23
ESPESER PTE: Court to Hear Wind-Up Petition May 20
INQVESTMENTS PTE: Court to Hear Wind-Up Petition May 27
JAY FOUNDATION: Court to Hear Wind-Up Petition May 27

KEPPEL SERVICES: Creditors Get 100% Recovery on Claims
POLYNESIA TIMBER: Creditors Get 0.21551% Recovery on Claims
SIN SENG: Creditors' Proofs of Debt Due May 23
TAI SAY: Court to Hear Wind-Up Petition May 27




                            - - - - -


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


AUSTRALIAN MOTOR: Receivers Sue Bentleys MRI Over Car Loan Scam
---------------------------------------------------------------
Roberto Suarez at International Business Times reports that
a claim for damages was filed against Melbourne-based accounting
firm Bentleys MRI after it has been allegedly accused of a
spurious car loan scam by Bendigo and Adelaide Bank, which cost
the bank almost AU$20 million in losses.

IBTimes relates that Bendigo and Adelaide Bank was the appointed
receiver for Australian Motor Finance Limited and after more than
two years its focus of attention has shifted to the integrity of
Bentley's auditing accounts of AMF for the period 2005-2007.

According to the report, PPB Advisory receivers Craig Crosbie and
Daniel Bryant filed the complaint in a Federal Court in Melbourne,
alleging among others that Bentleys MRI's preparation of
Australian Motor's accounts and audit contains falsified and
ambiguous reports.

IBTimes says the Federal Court has heard unexpected accounts of
how AMF fabricated documentation for hundreds of bogus car loans,
which it then used to withdraw millions of dollars from Bendigo
and Adelaide Bank for over three years until late 2008.

The receivers allege in their complaint that the accounts of
Bentleys MRI drew up in 2005-06 and 2006-07 was not in compliance
with Australian accounting standards and also did not give an
accurate and honest report of AMF's financial position or its
performance, IBTimes reports.

In their complaint with the court, IBTimes relates, Mr. Crosbie
and Mr. Bryant alleged that Bentleys MRI had engaged in misleading
and deceptive conduct, violated sections 1041H of the Corporations
Act, section 9 of the Fair Trading Act or section 52 of the Trade
Practices Act, and that it willfully, unlawfully and negligently
breached its legal duty of providing care to AMF.

The receivers are praying for damages for the loss suffered by the
bank, plus interest costs and the costs of the litigation, the
report adds.

According to IBTimes, AMF used some of its own funds to withdraw
from Bendigo and Adelaide Bank to pay interest on the rest of the
drawn-down facility.  AMF's habit of issuing fake car loans was
discovered in early 2009 after a bank lending manager became
suspicious and requested an audit by KPMG, IBTimes recalls.

IBTimes says the Federal Court granted a request for receivership
and froze the assets of AMF's three directors, Denis Angeleri, Ian
Brindley and Michael O'Brien.

In December 2010, IBTimes recounts, Justice Richard Tracey in the
Federal Court found all three directors guilty of violating
sections 181 and 182 of the Corporations Act, and ordered them to
pay more than AU$4.8 million to the bank.

Bentleys MRI Melbourne is jointly owned by partners Martin
Fensome, Martin Phelan and Greg Lay.  Mr. Fensome audited AMF's
2005-06 and 2006-07 accounts.

Bentleys MRI has not yet filed a defense, IBTimes says.  The
accounting firm told reporters that they had been instructed by
its lawyers not to give comment on the pending case.

The case against Bentleys MRI filed by the receivers is scheduled
for a directions hearing before Justice Michelle Gordon next
month, IBTimes adds.

Australian Motor Finance is a specialist motor vehicle financier,
which provides finance to consumers and small business for the
purchase or motor vehicles.


BEMAX RESOURCES: S&P Affirms 'B-' Corp. Credit & Sr. Debt Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit and senior-unsecured debt ratings on Bemax Resources Ltd.,
an Australian-based miner of mineral sands and zircon. "We revised
the rating outlook on Bemax to positive, from stable.  At the same
time, we affirmed our recovery rating of '4' on the
senior-unsecured debt of Bemax," S&P related.

The positive rating outlook is underpinned by the completion of
the company's Snapper mine development, which was commissioned in
early 2011 and is ramping up to full capacity.  "The successful
commissioning of the mine, in our view, is key to an improvement
in Bemax's currently weak financial performance and the company's
long-term viability.  The positive outlook also reflects our
expectation of an improving financial profile due to improving
product prices and better product mix following the start of
operations at the mine," S&P noted.

"The rating may be raised if Bemax's financial profile improves in
2011, in particular if the company can generate positive free-
operating cash flow after capital expenditure," Standard & Poor's
credit analyst May Zhong said. "Conversely, a revision of the
outlook to stable may occur if the prospect of an improving
financial profile diminishes.  The ratings may be lowered if
evidence emerges that Cristal's support of Bemax -- or its
capability to support Bemax -- lessens, especially in periods when
Bemax is under financial stress."

"The 'B-' issuer credit rating on Bemax reflects our view of the
company's historically weak earnings, highly leveraged credit
metrics, lack of business and asset diversity, and exposure to
volatile commodity prices. Partly offsetting these weaknesses is
the company's ownership and support by an industry player --
Cristal (not rated); we view Bemax as strategically important
to Cristal, and we note that Cristal has a track record of
assisting Bemax's ongoing operations and capital development by
injecting equity," S&P added.


CEC GROUP: Goes Into Receivership, Owes AU$135 Million
------------------------------------------------------
Nick Dalton at The Cairns Post reports that Chris Honey and Keith
Crawford of McGrathNicol were appointed as joint administrators
over CEC Group by secured lender Commonwealth Bank.

This follows the appointment of voluntary administrators to CEC
Constructions by Chief Executive Officer Roy Lavis on May 6, 2011,
according to The Cairns Post.

CEC Constructions is a subsidiary of CEC Group.

The Cairns Post relates that Commonwealth Bank is owed about
AU$63.5 million and the group has total debts of about AU$135
million.

The Cairns Post notes Mr. Honey said that they would start
preparing to sell the group's businesses for sale as well as its
large land holdings, worth an estimated AU$60 million.

More than 20 CEC Group companies have been placed in receivership.

The Cairns Post discloses that Mr. Lavis and his wife Alma are the
largest shareholders with nearly 13% each of the total (10,325,997
and 10,325,895) followed by ANZ Nominees Ltd (8.52%) and Jean and
David Barry, who own Westco Motors, (5.58%, 4,446,135).

CEC Group admitted it could not pay its AU$63.5 million debt to
the Commonwealth Bank, The Cairns Post says.

Meanwhile, The Cairns Post relates, that CEC Group advised the
Australian Securities Exchange that the Commonwealth Bank had
demanded payment of its debt.

The Cairns Post says that the bank said it was considering its
position with CEC Group in light of the voluntary administration,
adding that CEC had failed to make any interest payments since the
beginning of the year and had breached its loan agreements with
the bank.

CEC Group said it hoped that the bank would consider a proposal,
including the employee buy-out of certain businesses, instead of
receivership, The Cairns Post discloses.

The bank said it was considering its position following the
appointment of voluntary administrators to CEC Constructions, the
report adds.

The CEC Group has been operating in Australia for over 30 years.
Publicly floated in 2004, the company has grown to become a
significant entity in the construction and property development
markets, specifically in regional Australia.


* Downturn in Sales Hits Hard Canberra's Retail Sector
------------------------------------------------------
ABC News reports that the ACT Chamber of Commerce said the latest
company insolvency figures show Canberra's retail sector has been
hit hard by a downturn in sales.

ABC News relates that the Australian Securities and Investments
Commission said there were 57 corporate insolvency appointments in
Canberra during the March quarter, compared to 38 in the same
period last year.

According to ABC News, ACT Chamber of Commerce chief executive
Chris Peters said more companies are collapsing as Canberrans
reign in spending.

Mr. Peters said it appears many businesses stayed open over
Christmas hoping for better trading, ABC News relates.

"Businesses hold on for the Christmas period hoping that they will
do better than they might otherwise," ABC News quotes Mr. Peters
as saying.  "But the retail turnover for this Christmas was not
particularly good. And so after the businesses had taken the best
opportunity that they could, that's when they decided that their
business might not have a future and businesses were closed."


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


CHINA LIANSU: Fitch Assigns Final 'BB' Rating to Senior Notes
-------------------------------------------------------------
Fitch Ratings has assigned China Liansu Group Holdings Limited's
USD300 million senior notes due 2016 final 'BB' ratings.

This follows the receipt of documents conforming to information
already received.  The final ratings are in line with the expected
ratings assigned on April 26, 2011.


GCL-POLY ENERGY: S&P Assigns 'BB+' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to China-based GCL-Poly Energy Holdings
Ltd., a manufacturer of solar polysilicon and solar wafer.  The
outlook is stable.

"At the same time, we assigned our 'BB' issue rating to the
company's proposed senior unsecured offshore notes. The ratings
are subject to Standard & Poor's review of final documentation for
the bond issuance, including the total amount. We also assigned a
long-term Greater China credit scale rating of 'cnBBB+' to GCL-
Poly and 'cnBBB' to its proposed senior unsecured bonds," S&P
related.

"The rating on GCL-Poly reflects our view of the company's
susceptibility to the highly cyclical and volatile photovoltaic
industry, its short record of large-scale production in the
industry, and its aggressive expansion plan for the next two
years. The company's competitive cost structure and strong market
position in solar polysilicon as well as solar wafer production
temper the above weaknesses," S&P stated.

"In our view, GCL-Poly faces significant industry risks. The
industry remains dependent on government subsidies until solar
energy becomes price competitive with other forms of power
generation," said Standard & Poor's credit analyst Jerry Fang.

"Aside from GCL-Poly's short record, our rating takes into account
the company's aggressive expansion plan and the associated
execution risk, such as delays and an overrun in capital
expenditure. GCL-Poly has only been running at its current
capacity for less than two years," according to S&P.

"To meet long-term wafer sale contracts, GCL-Poly embarked on an
aggressive plan to increase its production capacity of polysilicon
and solar wafer in the next two years," Mr. Fang said.

GCL-Poly is China's largest producer of solar polysilicon and a
top-tier solar wafer manufacturer. It is among the top four
polysilicon suppliers in the world in terms of 2010 year-end
production capacity. The company's solar wafer production capacity
is likely to be the biggest in the next year or two if it
completes its expansion project as planned.

"The stable rating outlook reflects our expectation that GCL-
Poly's market position and cost structure will keep its
profitability satisfactory," S&P stated.

"We may raise the rating if the company can yield positive free
operating cash flow for the next 12-18 months, and keep its debt-
to-capital ratio below 40% on a sustainable basis. Conversely, we
may lower the rating if GCL-Poly fails to maintain its cost
competitiveness, or if its profitability significantly weakens,"
S&P added.


MIE HOLDINGS: Fitch Assigns Final 'B' Rating to US$400MM Notes
--------------------------------------------------------------
Fitch Ratings has assigned China-based MIE Holdings Corporation's
USD400 million 2016 notes a final rating of 'B' and a final
Recovery Rating of 'RR4'.

Assignment of the final ratings follows a review of final
documentation materially conforming to the draft documentation
previously reviewed.


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


CHUN SHING: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on April 27, 2011,
creditors of Chun Shing Engineering Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Leung Chi Wing
         Room 3, 8/F
         Yue Xiu Building
         160 Lockhart Road
         Wan Chai, Hong Kong


CITICHEM INTERNATIONAL: Court to Hear Wind-Up Petition on June 22
-----------------------------------------------------------------
A petition to wind up the operations of Citichem International
Limited will be heard before the High Court of Hong Kong on
June 22, 2011, at 9:30 a.m.

Yeung Shu Lam Wilson trading as Wilson Yeung & Co. filed the
petition against the company on April 15, 2011.

The Petitioner's solicitors are:

          Wilson Yeung & Co
          Unit 8, 31/F Lippo Centre
          Tower 1, 89 Queensway
          Hong Kong


FITSTRONG COMPANY: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on April 29, 2011,
creditors of Fitstrong Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Andrew C.C. Ma
         Felix K.L. Lee
         19th Floor, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


GOLDWAY INTERNATIONAL: Members' Final Meeting Set for June 15
-------------------------------------------------------------
Members of Goldway International Limited will hold their final
meeting on June 15, 2011, at 10:30 a.m., at Room 32B1, 32nd Floor,
One Pacific Place, 88 Queensway, in Hong Kong.

At the meeting, Edmond Ching Wah Bon and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GREAT POINT: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on April 29, 2011,
creditors of Great Point Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Andrew C.C. Ma
         Felix K.L. Lee
         19th Floor, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


NEW WAY: Nicholas Timothy Cornforth Hill Steps Down as Liquidator
-----------------------------------------------------------------
Nicholas Timothy Cornforth Hill stepped down as liquidator of New
Way Garment Factory Limited on March 4, 2011.


RECOTON (HK): John Howard Batchelor Steps Down as Liquidator
------------------------------------------------------------
John Howard Batchelor stepped down as liquidator of Recoton (Hong
Kong) Limited on April 28, 2011.


SKY DATAMANN: Wardell and Ip Step Down as Liquidators
-----------------------------------------------------
James Wardell and Jackson Ip stepped down as liquidators of Sky
Datamann (Hong Kong) Limited on April 19, 2011.


WAH FUNG: Lo and Leung Appointed as Liquidators
-----------------------------------------------
Lo Ka Ying and Leung Ka Lok on June 26, 2009, were appointed as
liquidators of Wah Fung Industries (Holdings) Limited.

The liquidators may be reached at:

          Lo Ka Ying and Leung Ka Lok
          Room 1307, Tower 1
          Lippo Centre, 89 Queensway
          Admiralty, Hong Kong


WIN FAITH: Court to Hear Wind-Up Petition on June 29
----------------------------------------------------
A petition to wind up the operations of Win Faith Construction
Limited will be heard before the High Court of Hong Kong on
June 29, 2011, at 9:30 a.m.

The Petitioner's solicitors are:

          Gallant Y. T. Ho & Co
          5th Floor, Jardine House
          No. 1 Connaught Place
          Central, Hong Kong


YIU FUNG: Creditors' Proofs of Debt Due May 24
----------------------------------------------
Yiu Fung Cold Storage & Warehousing Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by May 24, 2011, to be included in the company's dividend
distribution.

The company's liquidator is Cosimo Borrelli.


ZINOKI LIMITED: Court to Hear Wind-Up Petition on June 8
--------------------------------------------------------
A petition to wind up the operations of Zinoki Limited will be
heard before the High Court of Hong Kong on June 8, 2011, at 9:30
a.m.

Luen Fat Metal and Plastic Manufactory Company Limited filed the
petition against the company on March 22, 2011.

The Petitioner's solicitors are:

          Benny Kong & Yeung
          Unit 2901, 29th Floor
          Far East Finance Centre
          16 Harcourt Road
          Hong Kong


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I N D I A
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AMRIT BIO: CRISIL Reaffirms 'D' Rating on INR259 Million Term Loan
------------------------------------------------------------------
CRISIL's rating on Amrit Bio Energy & Industries Ltd's bank
facilities continues to reflect delays by ABEIL in servicing its
term loan; the delay has been caused by ABEIL's weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR36 Million Cash Credit        D (Reaffirmed)
   INR259 Million Term Loan         D (Reaffirmed)

ABEIL is also exposed to risks related to implementation and
stabilisation of its ongoing bio-mass power project. However,
ABEIL benefits from adequate raw material availability.

Update

ABEIL's power plant commenced commercial operations in November
2010. Prior to that, the company was conducting trial run at the
plant. Operating income in 2010-11 (refers to financial year,
April 1 to March 31) is estimated at around INR55.0 million.
However, the plant was shutdown in February and March 2011 because
of political unrest at the site.  The company is setting up a 10-
megawatt (MW) power plant in Morigaon (Assam). ABEIL's power
purchase agreement (PPA) with Assam State Electricity Board has a
tenure of 10 years, at a rate of INR4.7 per unit. The land for the
plant has already been acquired and land filling has started. The
company is yet to achieve financial closure for the project, as a
few approvals are yet to be obtained. ABEIL also plans to set up
two 5-MW power plants in the Sunderbans (West Bengal) for a total
estimated cost of about INR500 million.

ABEIL has obtained Clean Development Mechanism (CDM) approval from
the United Nations Framework Convention on Climate Change (UNFCCC)
in September 2010 for the Bankati power plant; this will enable
the company to sell carbon credits to third parties. ABEIL has
also signed a contract with a third party for selling carbon
credits over the next 10 years starting from September 2011
onwards.

                          About Amrit Bio

ABEIL was incorporated in 2004 under the Amrit group. The Amrit
group has been mainly involved in real estate development in West
Bengal. ABEIL set up a 10-MW biomass power plant in Bankati (West
Bengal) and has signed a PPA with West Bengal State Electricity
Board. ABEIL also plans to set up another 10-MW biomass power
plant at Morigaon and two 5-MW power plants in the Sunderbans over
the medium term.

ABEIL commenced commercial operations in April 2010.


ANANDA ENTERPRISES: CRISIL Reaffirms 'B+' Rating on INR64.7MM Loan
------------------------------------------------------------------
CRISIL has reaffirmed its 'B+/Stable' ratings to Ananda
Enterprises India Pvt Ltd's bank facilities.  The ratings continue
to reflect AEIPL's below-average financial risk profile, and
limited revenue diversity as the company is a relatively new
player in the aquaculture industry.  These rating weaknesses are
partially offset by the benefits the company derives from the
experience of its management in the aquaculture business, and as
part of the Ananda group.

   Facilities                       Ratings
   ----------                      -------
   INR64.70 Million Long-Term Loan B+/Stable (Reaffirmed)
   INR182.50 Million Cash Credit B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AEIPL will maintain its moderate business
risk profile over the medium term on the back of steady demand for
its products and the experience of its promoters in the
aquaculture business.  The outlook may be revised to 'Positive' if
the company improves its profitability, and then sustains it,
resulting in more-than-expected cash flows, or if there is fresh
equity infusion into the company, which strengthens its capital
structure.  Conversely, the outlook maybe revised to 'Negative' if
the company is unable to utilize its entire capacity, or if there
is decline in its operating margin, resulting in less-than-
expected cash accruals. The outlook could also be revised to
'Negative' if the company undertakes a large debt-funded capital
expenditure programme, adversely affecting its financial risk
profile.

Update

The company's revenues increased to INR718 million over the first
three quarters of 2010-11 (provisional figures), as compared to
the revenues of INR330 million in 2009-10 (refers to financial
year, April 1 to March 31). This increase in scale can be
attributed to stabilisation of the fish feed and fish farming
divisions. The company's operating margin has stabilised, at
around 5.8 per cent in 2010-11.

The company has undertaken a capex programme to set up a fish
processing division, to debone, deskin, process and pack the
pangasius fish (catfish) cultivated in its farms. The project cost
is estimated at INR148 million. As on February 2011, the company
had incurred costs of INR78 million, funded by equity. A term loan
of INR70 million, which is expected to fund the remainder of the
project, has been sanctioned. Commercial production is expected to
commence from May 2011.

                       About Ananda Enterprises

Established in 2007, AEIPL is part of the Bhimavaram (Andhra
Pradesh)-based Ananda group set up in the 1940s. The company is
into cultivation of fish feed, and aquaculture of pangasius fish.
The aquaculture division has capacity to produce 9000 tonnes per
annum (tpa) of pangasius fish. The division has 298 acres of own
and leased farms, in the ratio of 1:1. The fish-feed division has
production capacity of 72,000 tpa.

AEIPL reported a profit after tax (PAT) of INR8.4 million on net
sales of INR334.7 million for 2009-10 as compared to PAT of 0.3
million on net sales of 44.8 million in 2008-09.


BALPRADA HOTELS: ICRA Assigns 'LBB' Rating to INR100cr Term Loans
-----------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR100 crore (earlier INR65.00
crore) term loans of Balprada Hotels and Hospitality Services
Private Limited.  ICRA has also reaffirmed the 'A4' rating
assigned to INR2.00 crore non-fund-based limits of Balprada.  The
long term rating carries a stable outlook.

The ratings take into account the favorable location of its
project, and Balprada's tie-up with The Hilton Group which,
besides brand recognition, provides it access to Hilton's global
reservation systems.  The ratings also draw comfort from the fact
that the entire debt for the hotel project has been tied up and
the repayment of the loans stretches to eight years, spreading the
debt obligation over a long period.  The ratings are however
constrained by the company's high gearing (2.76 times as on
March 31, 2010); and the group's limited track record in the
hospitality sector that increases the execution risks for the
company. ICRA has also noted the fact that the project is
currently running with a delay; any further delay in the project
execution can result in cost overruns, putting the overall
profitability of the project under pressure.

Balprada Hotels and Hospitality Private Limited is currently
developing a four-star hotel at Golf Course Road in Gurgaon at a
cost of INR135 crore.  The hotel will be funded by debt of INR100
crore and promoters' contribution of INR35 crore. The hotel
project (to be operated under the 'DoubleTree by Hilton' brand) is
currently under construction.  The hotel will have 183 rooms and
is expected to be operational in July 2011.

Recent Results

In FY10, there operating income of the company, as the project had
not commenced operations.  The company reported Profit after tax
of INR0.3 crore, on account of non-operating income.


BINANI ZINC: CARE Rates INR80cr Long-Term Bank Loan at 'CARE BB+'
-----------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Binani Zinc Ltd.

                                 Amount
   Facilities                   (INR cr)     Ratings
   ----------                   --------     -------
   Long-term Bank Facilities      80.00      'CARE BB+'

Rating Rationale

The rating is constrained by fluctuating sales and profitability
margins of BZL due to volatile nature of the zinc industry,
absence of captive sources of key cost components - zinc
concentrate and power, moderate cash accruals, stressed debt
coverage indicators and significant outstanding contingent
liabilities.

The ratings derive strength from the promoter's strong experience
in the domestic zinc business and revival in demand from the end-
user industries.  BZL's ability to achieve the envisaged sales and
profitability, achieving financial closure for the domestic mining
projects and funding the overseas mining venture without further
deterioration of credit profile are the key rating sensitivities.

Binani Zinc Limited, formerly a division of Binani Industries Ltd
and in operation since 1967, was hived off into a separate company
pursuant to a scheme of arrangement with effect from April 1,
2002.  BZL is in the business of the manufacturing and sale of
zinc and its byproducts sulphuric acid and cadmium.  As on
March 31, 2010, the company had a manufacturing capacity of 38,000
tonnes per annum (tpa) of zinc, 53,063 tpa of sulphuric acid and
80,287 tpa of cadmium at its manufacturing plant at Binanipuram,
Kerala

BZL achieved a total income of INR395.06 crore and earned a PAT of
INR1.69 crore in FY10 as compared to total income of INR285.10
crore and net loss of INR2.28 crore in FY09.  BZL, during
9MFY11, registered PAT of INR1.30 crore on net sales of INR290.43
crore.


BOMMIDALA VENTURES: CRISIL Reaffirms 'P4+' Rating on INR450MM Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Bommidala Ventures Pvt
Ltd (BVPL) continues to reflect BVPL's below-average financial
risk profile, marked by small net worth and weak debt protection
metrics, on account of low profitability, large working capital
requirements, and exposure to risks related to adverse regulatory
changes and fluctuations in the value of the Indian rupee. These
weaknesses are partially offset by the benefits BVPL derives from
the experience of its promoters in the tobacco industry, and the
healthy business prospects for Indian tobacco exporters.

   Facilities                         Ratings
   ----------                         -------
   INR450.0 Million Packing Credit    P4+ (Reaffirmed)
   INR17.5 Million Letter of Credit   P4+ (Reaffirmed)
   INR15.0 Million Bank Guarantee     P4+ (Reaffirmed)

BVPL, established in 1996 and based in Guntur, Andhra Pradesh, is
one of the leading exporters of tobacco. Mr. Bommidala
Kasiviswanatham is its managing director. The company exports
processed tobacco leaves.

BVPL reported a profit after tax (PAT) of INR6.8 million on net
sales of INR46.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR5.9 million on net sales
of INR515.1 million for the previous year.


DUA MOTORS: CARE Assigns 'CARE BB+' Rating to INR5cr LT Bank Loans
------------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Dua
Motors.

                                Amount
   Facilities                  (INR cr)     Ratings
   ----------                  --------     -------
   Long-term bank facilities      5.0       'CARE BB+' Assigned

Rating Rationale

The rating factors in the partnership nature of constitution of
the firm, limited product offering, supplier concentration risk,
very low profit level & cash accruals leading to low operating
margin, working capital intensity impacting overall gearing ratio
and stiff competition. The rating also factors in the firm's
position as sole dealer for two-wheelers of Hero Honda Motors Ltd.
in Rourkela, long track record of the promoters and positive
demand outlook for two wheelers.  Dua Motors' ability to sustain
the scale of operation & margins and demand prospects for two-
wheelers are the key rating sensitivities.

Dua Motors was established as a partnership firm in 1986 by Dua
family of Rourkela. It is an authorized dealer of Hero Honda
Motors Limited for two wheelers, spares and accessories in
Rourkela, Orissa. It also provides repair and refurbishment
services for two wheelers. The firm has one showroom and two
service stations at Rourkela.  The firm is currently being managed
by Shri Vineet Dua (son of Shri R.K. Dua) who is associated
with this business for the last five years. He is supported by his
uncle, Shri. Arun Kumar Dua, having 15 years of experience in
automobile dealership / trading activities.

DM earned PBILDT of INR1.0 crore (INR0.7 crore in FY09) and PAT
(after defd. tax) of INR0.5 crore (INR0.3 crore in FY09) on net
sales of INR49.5 crore in FY10 (INR45.6 crore in FY09).


EMAS ENGINEERS: ICRA Assigns 'LBB+' Rating to INR155cr Bank Limits
------------------------------------------------------------------
ICRA has assigned "LBB+" and "A4+" ratings to INR155.00 crores
Fund and Non-Fund Based bank limits of EMAS Engineers &
Contractors Private Limited.  The long term rating carries a
stable outlook.

ICRA's ratings take into account EMAS's experienced management
having significant overseas exposure in the construction industry,
its reputed client base, its healthy current order book with low
sectoral concentration; and the positive outlook for the civil
construction industry.  Further, the ratings take comfort from the
fresh equity infusion by Shriram Auto Finance to buy 50.1% stake
in EMAS.  The same has resulted in an improved net worth position
of the company and is expected to provide financial flexibility to
the company to take up big projects going forward. The ratings are
however constrained by the highly competitive nature of the
construction industry, relatively small scale of operations which
results in low economies of scale and may also restrict it from
bidding for large sized projects.  The company is also exposed to
high geographical concentration risk with major projects being
executed in Chennai.  The contracts executed by the company are of
low complexity which has resulted in relatively moderate margins
and this situation is unlikely to change in the medium term.

EMAS Engineers & Contractor Private Limited is a closely held
company engaged in construction activities in Chennai, Hyderabad
and Bangalore.  EMAS began operations in 2001 and is promoted by
Mr. S. Srinivasan, who has an overseas experience in the
construction industry of Middle East and Far East.  The company is
involved construction business focusing on construction of
industrial buildings, commercial offices, schools, residential
buildings etc.  The company has completed many projects for
multinational clients such as World Bank, Oracle, Accenture,
Hyundai, Capgemini, and Standard Chartered etc. in the past and
has secured repeat orders from most of these clients.


GAUTAM TECHNOCAST: CRISIL Reaffirms 'BB' Rating on INR5.6MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gautam Technocast
continue to reflect exposure to risks related to customer
concentration in revenue profile, average financial risk profile
marked by small net worth, and moderate gearing and debt
protection metrics, and susceptibility to intense competition in
the iron castings industry.  These rating weaknesses are partially
offset by Gautam Technocast's promoters' experience in the iron
castings industry.

   Facilities                           Ratings
   ----------                           -------
   INR70.0 Mil. Cash Credit Facility    BB/Stable (Reaffirmed)
   INR5.6 Million Term Loan             BB/Stable (Reaffirmed)
   INR20.0 Million Letter of Credit     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Gautam Technocast will continue to benefit
from its healthy customer relationships and promoters' industry
experience over the medium term. The outlook may be revised to
'Positive' if the firm's revenues increase at a healthy rate, its
revenue diversity increases, and it reports better-than-expected
profit margins. Conversely, the outlook may be revised to
'Negative' if the firm undertakes a larger-than-expected debt-
funded capital expenditure (capex) programme, or its debt
protection metrics deteriorate because of decline in margins.

Update

Gautam Technocast's operational performance in 2009-10 (refers to
financial year, April 1 to March 31), with sales of INR242
million, had been in line with CRISIL's expectation. CRISIL
estimates that Gautam Technocast's sales will increase at a
healthy year-on-year rate of over 35 per cent in 2010-11, driven
by increased capacity utilisation and strong offtake from key
customer, Mahindra & Mahindra Limited (rated AA+/Stable/P1+ by
CRISIL). However, Gautam Technocast's operating margin is expected
to decline by 270 basis points (bps) to around 8 per cent, due to
increase in input costs, in 2010-11. Also, the firm's customer
concentration risk has increased, as sales contribution from its
top three customers is estimated to have increased to 80 per cent
in 2010-11 from 65 per cent in 2009-10.

The firm plans to increase its capacity to 800 tonnes per month,
at a project cost of INR50 million. The proposed capex is expected
to be funded with term debt of INR37.50 million and internal
accruals. The enhanced capacity is expected to commence commercial
operations by September 2011. The firm's gearing, though expected
to deteriorate to around 2.0 times, is expected to remain moderate
for the rating category. Gautam Technocast's liquidity has been
supported by a low bank utilisation of around 46 per cent on an
average for the nine months ended December 2010. Gautam Technocast
reported a book profit of INR5.8 million on net sales of INR242
million for 2009-10, against a book profit of INR5.7 million on
net sales of INR253 million for 2008-09.

                       About Gautam Technocast

Gautam Technocast was established in 1995 by Mr. Praful Dhami,
Mr. Dharmesh Dhami and Mr. Mishal Javia as an equal partnership
firm.  The firm manufactures grey iron casting (CI) and ductile
iron casting (SG), which are used in agricultural equipment, power
sector, mining sector, and in pumps and valves.  The firm has cast
manufacturing capacity of 700 tonnes per month at its plant in
Rajkot (Gujarat), and is presently operating at about 70 per cent
utilization level.


HARSHAD MEHTA: Government Likely to Recover Up to INR1,000 Crore
----------------------------------------------------------------
moneycontrol.com reports that the Indian government said it
expected to recover INR800 crore to INR1,000 crore from
liquidation of the assets of late stock broker Harshad Mehta who
was convicted in the stock market scam of 1990s.

The amount will be used to meet a large portion of the liability
of the stock broker towards taxes and banks, moneycontrol.com
says.

"With this additional amount (INR800-1000 crore), nearly all the
principal liabilities of the Harshad Mehta Group towards taxes,
banks and financial institutions are expected to be met,"
moneycontrol.com cites the finance ministry in a release.

moneycontrol.com relates that this follows a recent Supreme Court
order on attachment of Mehta's assets.  According to the report,
the apex court on May 6, 2011, had upheld a government
notification to attach property belonging to Mehta in Mumbai as
his family members failed to explain the source of their income.

The assets likely to be liquidated by the Custodian and made
available for distribution comprise of shares and immovable
properties, apart from cash and fixed deposits, moneycontrol.com
adds.

In March, moneycontrol.com says, Satish Loomba, Custodian (Trial
of Offences Relating to Transactions in Securities) had
distributed about INR2,200 crore to income tax authorities and the
State Bank of India.

moneycontrol.com recalls that Harshad Mehta courted controversy in
1992 after the stock market was rocked by the multi-crore rupee
scam exposing a strong nexus among the sharemarket, banks and
financial institutions to dupe lakhs of investors across India.

According to moneycontrol.com, the Supreme Court had given the
judgment after rejecting an appeal filed by Rasila S  Mehta, Rina
S Mehta and Jyothi Mehta, mother sister-in-law and wife
respectively of Harshad Mehta.

The Custodian had argued that the income of the female family
members of Harshad Mehta had risen from near nil levels to tens
and hundreds of crores in a short period without asset base,
moneycontrol.com adds.


HYQUIP SYSTEMS: CARE Assigns 'CARE BB+' Rating to INR4.75cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' rating to the bank facilities of
Hyquip Systems Ltd.

                                 Amount
   Facilities                   (INR cr)     Ratings
   ----------                   --------     -------
   Long-term Bank Facilities      4.75       'CARE BB+' Assigned
   Short-term Bank Facilities    27.00       'PR4' Assigned

Rating Rationale

The ratings of HSL are constrained by the relatively small size of
operations, stagnant sales, low and declining profitability,
strained liquidity position and high debtor levels. The rating is
however underpinned by the experience and long track record of the
promoters, reputed client base, healthy order book position and
satisfactory capital structure.  Company's ability to complete
the orders in hand within scheduled time frame, ease liquidity by
timely recovery of debtors and improve profitability are the
rating sensitivities.

Incorporated in 1984, Hyquip Systems Limited is the flagship
company of the Hyderabad based Hyquip group. HSL is primarily
engaged in designing and manufacturing of material handling system
and also has interests in flow control equipments and industrial
automation. The main promoter, Mr. K. B. K. Reddy looks after the
day to day activities of the company and is supported by a team of
qualified and experienced professionals.

On a total income of INR84.82 crore, the company earned PBILDT of
INR3.54 cr and PAT of INR1.25 cr in FY10.  In nine months period
ended Dec. 31, 2010 (9MFY11), company has achieved sales of
INR55.24 cr.


LAXAI-AVANTI: CRISIL Reaffirms 'D' Rating on INR35.2MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Laxai-Avanti Life
Sciences Pvt Ltd continue to reflect delays by Laxai in servicing
its term loans.  The delays have been caused by weak liquidity
because of low cash accruals, large working capital requirements,
and moderate debt-funded capital expenditure.

   Facilities                        Ratings
   ----------                        -------
   INR35.2 Million Long-Term Loan    D (Reaffirmed)
   INR6.0 Million Cash Credit        D (Reaffirmed)
   INR2.5 Million Bank Guarantee     P5 (Reaffirmed)

Laxai's weak financial risk profile is also marked by high
gearing, weak debt protection metrics, and small-scale and
working-capital-intensive operations. However, Laxai continues to
benefit from its management's industry experience and its
initiatives to improve the company's operating performance.

Laxai was incorporated in 2006. It is jointly promoted by the
Avanti Feeds group (promoted by Mr. A. Indra Kumar, and Srinivasa
Cystine Ltd and its associates), and the OSR group (promoted by
Mr. Vamsi Maddiapatla, and OSR Solutions Inc and its associates).
Laxai provides contract research services, primarily drug
discovery services for the Indian and international pharmaceutical
companies, and has a research and development unit in Hyderabad
(Andhra Pradesh).

Laxai reported a profit after tax of INR15.5 million on net sales
of INR57.7 million for 2009-10 (refers to financial year, April 1
to March 31), against a net loss of INR44.3 million on net sales
of INR25.0 million for 2008-09. Laxai's estimated revenues for
2010-11 are about INR92.0 million.


MANDAVA COTTON: ICRA Assigns 'LC+' Rating to INR6cr Long-Term Loan
------------------------------------------------------------------
ICRA has assigned the ratings of "LC+" to the long term INR6.0
crore fund based limit and INR15.2 crore term loan limit of
Mandava Cotton Mills Private Limited.  ICRA has also assigned the
ratings of "A5" to the short term INR1.0 crore export packing
credit limit (as a sub-limit of fund-based limit) and INR1.0 crore
of non-fund based limit (as a sub-limit of fund-based limit) of
MCM.

The assigned ratings of MCM are constrained by the company's
limited track record in cotton spinning, small scale of operations
which restricts economics of scale and financial flexibility and
commoditized nature of the cotton yarn which limits the pricing
power in a fragmented industry.  The ratings are further
constrained by the stretched liquidity position resulting in
significant delays in meeting interest payment obligations by the
company; high gearing and stretched coverage indicators on account
of debt-funded establishment of yarn manufacturing plant.  ICRA
expects further deterioration in leverage and coverage indicators
on account of proposed capital expenditure of around INR7.0 crore
towards capacity expansion to be funded by additional debt of
around INR4.20 crore.  The ratings however, favorably factor in
MCM's mill location advantage on account of proximity to a major
cotton growing area and to the NH-5 which connects Kolkata to
Chennai, proposed 16% capacity expansion in FY12, low power
tariffs in the state and fiscal incentives offered by the state
government which helps in improving operating profitability.
Further, the ratings positively factor in the growth of ~44% in OI
in 9MFY11 as compared to the corresponding period in FY10
resulting largely from the increase in yarn realizations and
increase in the company's equity capital in 9MFY11 on account of
conversion of INR7.49 crore of share application money infused by
promoters to equity capital.

Mandava Cotton Mills Private Limited was incorporated in FY06 and
is engaged in the manufacturing of grey cotton yarn.  The company
is promoted by Mr. Mandava Venkateswara Rao and his family members
who have also been in the business of operating gas agency.  MCM
has a spinning mill in Krishna district of Andhra Pradesh with an
installed capacity of 14,448 spindles.  MCM is planning to expand
the capacity by 16% through installation of additional 2,400
spindles which are expected to be operational in Q4FY12.


MULTITUDE INFRA: Fitch Assigns 'B+(ind)' National LT Rating
-----------------------------------------------------------
Fitch Ratings has assigned India's Multitude Infrastructures
Private Limited a National Long-Term rating of 'B+(ind)' with
Stable Outlook.  The agency has also assigned MIPL's INR250
million long-term bank loan a rating of 'B+(ind)'.

MIPL's ratings reflect the central location of its hotel 'Fortune
Select' and the operational track record of the ITC Welcome Group,
which is managing the operations of the hotel as per a 10-year
agreement that can be extended up to a maximum of 20 years.  The
ultimate holding company of MIPL is Emaar MGF Land Limited.

The ratings are constrained by MIPL's limited revenue base, high
financial leverage and its comparatively low profitability
margins.  In FY10, it reported low revenues and EBITDA margin of
INR58 million and 3.5%, respectively, as the hotel became
operational in October 2009 only.  However, the company earned
revenues of around INR80m over April 2010-February 2011 and its
EBITDA margin increased to 9.6% (unaudited) in 9MFY11 (the nine
months ended Dec. 31, 2010) due to an improvement in the
operational efficiency.  Fitch expects the EBITDA margins to
increase further as the peak tourist season in Jaipur is between
January-March.

Fitch also expects MIPL to have low interest and debt service
coverage over the short-medium term. The company is availing a
seven-year bank loan of INR250 million and has an outstanding
unsecured loan of approximately INR760m from EMGF. The bank loan
is to be repaid in 24 quarterly instalments starting from
September 2011 and ending in June 2017, while as per the executed
agreement the unsecured loan along with the cumulative interest
amount is to be repaid at the end of 10 years.

A significant and sustained improvement in the MIPL's revenues,
profitability margins and financial leverage (net debt/EBITDAR)
may warrant a positive rating action.  While failure to improve
profitability margins, leading to continued high financial
leverage, could lead to a negative rating action.

MIPL is a wholly owned subsidiary of EMGF, a joint venture company
of Emaar Properties PJSC Dubai and MGF Developments Pvt. Ltd of
Delhi, India. EMGF owns 100% of MIPL through its downstream 100%
owned subsidiaries.  Multitude has set up a five star hotel on the
upper floors of the Metropolitan Shopping Mall in Jaipur.


NEELAM LINEN: CARE Rates INR8cr LT Bank Facilities at 'CARE BB'
---------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Neelam Linen and Garments Pvt. Ltd.

                                Amount
   Facilities                  (INR cr)      Ratings
   ----------                  --------      -------
   Long-term Bank Facilities      8.00       'CARE BB'

Rating Rationale

The rating is constrained by NLGPL's limited presence in textile
value chain, small scale of operations, low profit margins which
are susceptible to continuation of various export benefits.
The rating is also constrained by geographical and customer
concentration risk and operations in a fragmented industry with
intense competition from the organized and unorganized sectors.
The rating however takes cognizance of the strength NLGPL derives
from experienced management.

The ability of NLGPL to scale up operations and earn healthy
profitability margins in the scenario of intense competition
coupled with volatility in the cotton prices remains the key
rating sensitivity.

Neelam Linen & Garments (India) Private Limited was incorporated
on September 22, 2010 taking over the business of M/s. Neelam
Garments, a proprietorship concern promoted by Mr. Bhavin Jethva
in 2002.

NLGPL reported net sales of INR43.27 crore in FY10 and net profit
of INR0.32 crore.  During 9MFY11, NLGPL reported net sales of
INR62.05 crore.


PARMESHWARI SILK: CRISIL Assigns 'B' Rating to INR57.7MM Term Loan
------------------------------------------------------------------

   Facilities                          Ratings
   ----------                          -------
   INR125.0 Million Cash Credit        B/Stable (Assigned)
   INR57.7 Million Term Loan           B/Stable (Assigned)

CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Parmeshwari Silk Mills Ltd (PSML). The rating reflects PSML's
financial risk profile constrained by small net worth, high
gearing, and weak debt protection metrics, large working capital
requirements (typical of entities in the semi-finished garments
industry), and small scale of operations in the intensely
competitive textiles industry. These rating weaknesses are
partially offset by the extensive experience of PSML's promoters
in the textiles industry, and the funding support the company
receives in the form of unsecured loans from the promoters.

Outlook: Stable

CRISIL believes that PSML's financial risk profile will remain
constrained over the medium term on account of the company's
working-capital-intensive operations and weak capital structure.
The outlook may be revised to 'Positive' if PSML significantly
scales up its operations, leading to better-than-expected cash
accruals and improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
PSML's liquidity, driven by an increase in working capital
requirements or any pressure on profitability.

                        About the Company

PSML was set up in 1993 by Mr. S Jatinderpal Singh in Ludhiana
(Punjab). The company manufactures, and trades in, textile
fabrics, including suiting and dress material for women, and
suiting and shirting material for men. PSML also does embroidery
work on the fabrics it manufactures. PSML was initially
incorporated as a private limited company; it was reconstituted as
a public limited company in 1996-97 (refers to financial year,
April 1 to March 31).

PSML reported a profit after tax (PAT) of INR3.1 million on net
sales of INR368.5 million for 2009-10, against a PAT of INR4.9
million on net sales of INR374.0 million for 2008-09.


PELICAN ROTOFLEX: CRISIL Assigns 'BB+' Rating to INR36.6MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Pelican Rotoflex Pvt Ltd.

The ratings reflect Pelican's small scale of operations and
revenue concentration in packaging machinery capital goods
industry, and expectation of pressure on its financial risk
profile, on account of its large, debt-funded capital expenditure
(capex) plans.  These weaknesses are partially offset by Pelican's
improving operating efficiency and improving business risk
profile, backed by tie-ups with established players.

   Facilities                        Ratings
   ----------                        -------
   INR40.0 Million Cash Credit       BB+/Stable (Assigned)
   INR17.5 Million Line of Credit    BB+/Stable (Assigned)
   INR36.6 Million Rupee Term Loan   BB+/Stable (Assigned)
   INR40.0 Million Letter of Credit  P4+ (Assigned)
   INR5.0 Million Bank Guarantee     P4+ (Assigned)

Outlook: Stable

CRISIL believes that Pelican will maintain its business risk
profile over the medium term, backed by its improving operating
efficiency and focus on the domestic market.  Its financial risk
profile is, however, expected to be constrained over the medium
term by its large capex plans.  The outlook may be revised to
'Positive' if the company registers better-than-expected revenue
growth or operating margin, backed by earlier-than-expected
stabilization of its additional manufacturing capacity.
Conversely, the outlook may be revised to 'Negative' in case the
company's financial risk profile deteriorates, on account of
larger-than-expected debt-funded capex, or time or cost overruns
in capex implementation.

                        About Pelican Rotoflex

Pelican was incorporated in 1996 in Rajkot (Gujarat), promoted by
Mr. Bharat Shah and his brother, Mr. Vijay Shah. The company
manufactures machinery used in the flexible packaging industry,
which it markets under the Pelican brand.  The company
manufactures four types of machines, namely rotogravure printing
presses, flexographic printing presses, slitter and re-winder
machines, and laminating machines.

Pelican reported a profit after tax (PAT) of INR18.9 million on
net sales of INR179 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR18.3 million on net
sales of INR203 million for 2008-09.


RAYANA PAPER: CRISIL Upgrades Rating on INR170MM Term Loan to 'B'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rayana Paper Board Industries Ltd to 'B/Stable' from 'B-/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR170.00 Million Term Loan       B/Stable (Upgraded from
                                               'B-/Stable')

   INR100.00 Mil. Cash Credit Limit  B/Stable (Upgraded from
                                               'B-/Stable')

The rating upgrade reflects improvement in the liquidity of Rayana
Paper Board Industries Ltd driven by improvement in cash accruals
generated, which in turn will enable the company to comfortably
service its maturing term debt.  Moreover, moderate bank limit
utilisation of around 70 per cent for the 12 months through
February 2011 also supports the improvement in the company's
liquidity.  The rating upgrade also factors in the improvement in
Rayana's business risk profile driven by higher-than-expected
growth in revenues and profitability.  CRISIL believes that
Rayana's revenues will continue to grow at an above-average rate,
while the company maintains its moderate profitability, supported
by an upcoming capacity addition programme.

The rating continues to reflect Rayana's small scale of operations
and small net worth. These rating weaknesses are partially offset
by the established track record of Rayana's promoter in the paper
manufacturing business.

Outlook: Stable

CRISIL believes that Rayana will scale up its operations and
profitability on the back of its above-average operating
efficiencies driven by full utilisation of the captive power
plant, over the medium term. The outlook may be revised to
'Positive' in case the company stabilises its upcoming capacity
expansion programme within the set timelines and budgeted cost,
and generates higher-than-expected cash accruals to service its
debt over the medium term. Conversely, the outlook may be revised
to 'Negative' if there is a significant time or cost overrun in
Rayana's ongoing project or if the company undertakes any
additional large, debt-funded capex leading to more-than-expected
deterioration in the company's financial risk profile, especially
its liquidity.

                        About Rayana Paper

Incorporated in 1986, Rayana began production in 1989. It
manufactures industry paper (kraft paper and duplex boards) and
writing and printing paper (WPP) at its two units at Gorakhpur
(Uttar Pradesh); Unit I manufactures industry paper from
agricultural waste, while the recently installed Unit II
manufactures WPP. The company also has a 3 megawatt (MW) captive
power plant. Rayana plans to set up Unit III to manufacture kraft
paper with an installed capacity of 150 tpd.

For 2009-10 (refers to financial year, April 1 to March 31),
Rayana reported a profit after tax (PAT) of INR36 million on net
sales of INR589 million, against a PAT of INR25 million on net
sales of INR458 million for 2008-09.


SAI LAKSHMI: ICRA Assigns 'LB' Rating to INR9.04cr Bank Loans
-------------------------------------------------------------
ICRA has assigned 'LB' rating to INR9.04 crore fund based
facilities of Sai Lakshmi Tulasi Ferros Private Limited.  The
rating is constrained by SLT's small size of operations of the
proposed unit restricting economies of scale and exposure to the
cyclicality inherent in the steel industry.  The absence of
captive power plant and captive raw material sources adversely
impacts its operating cost structure, since ferro alloy production
is a highly raw material and power intensive process.

The ability of the company to stabilize the operations of the new
unit and attain strong capacity utilization levels backed by its
capability to market the products remain key rating sensitivities.

The rating, takes into account the promoter's experience in the
ferro alloy industry as a technical consultant for setting up new
plants, which helped in speedy project execution. SLT is in talks
with few domestic and Middle East based customers for supply of
ferro silicon. The production is expected to be scheduled based on
the advance orders received from the customers.

The ability of the company to attain breakeven, critically depends
on its capability to attain high levels of capacity utilization.
Expected losses in the initial years, would result in partial
erosion of net worth and stretched capital structure in the short
term.

Sai Lakshmi Tulasi Ferros Pvt. Ltd. was incorporated in the year
2009 and was promoted by Mr. Maddula Kishore.  The company is in
the process of establishing a 3MVA production facility at
Industrial Growth Center, APIIC, Gundlapally Village, Maddipadu
Mandal, Prakasm District of Andhra Pradesh.  The principal
products of SLT include ferro alloys such as Ferromanganese,
Siliconmanganese and Ferrosilicon which are used in the production
of alloy steels.  The production facility is set to start its
commercial production from second week of May 2011.


SHRI ADISHWAR: CRISIL Cuts Rating on INR17.4MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities Shri
Adishwar Oils and Fats Ltd to 'D/P5' from 'B/Stable/P4'.

   Facilities                       Ratings
   ----------                       -------
   INR134.90 Million Cash Credit    D (Downgraded from 'B/Stable')
                          Limits
   INR17.40 Million Term Loan       D (Downgraded from 'B/Stable')

   INR3.50 Mil. Letter of Credit
              and Bank Guarantee    P5 (Downgraded from 'P4')

The rating action reflects Shri Adishwar's continually overdrawn
cash credit facilities for more than 30 days and delays by the
company in servicing its term loan because of weak liquidity.

Shri Adishwar has a weak financial risk profile marked by a small
net worth, a high gearing, and weak debt protection metrics.  The
company is also exposed to risks inherent in commodity-related
businesses.  Shri Adishwar, however, benefits from its healthy
operational efficiencies and its promoters' industry experience.

Incorporated in 1991, Shri Adishwar (formerly, Shrishrimal Oils
Pvt Lt) was reconstituted as a public limited company with its
current name in 1993. The company has a solvent extraction plant
at Multai in District Betul (Madhya Pradesh). Shri Adishwar
manufactures refined soya bean oil from soya bean seeds, and also
sells oil cakes, a solid residue generated during the extraction
process. The company has a solvent extraction capacity of 60,000
tonnes per annum (tpa) and a refining capacity of 18,000 tpa.

For 2009-10 (refers to financial year, April 1 to March 31), Shri
Adishwar reported a profit after tax (PAT) of INR5.3 million on
net sales of INR1770.8 million, against a PAT of INR6.7 million on
net sales of INR1204.8 million for 2008-09.


SRI BALMUKUND: CRISIL Reaffirms 'BB-' Rating on INR67.5MM LT Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Balmukund Polypack
Pvt Ltd continue to reflect its small scale of operations and
below-average financial risk profile, marked by small net worth
and aggressive gearing. These weaknesses are partially offset by
the experience of Sri Balmukund's promoters in the packaging
industry.

   Facilities                       Ratings
   ----------                       -------
   INR67.5 Million Long-Term Loan   BB-/Stable (Reaffirmed)
   INR27.5 Million Cash Credit      BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sri Balmukund will maintain its business risk
profile, backed by the industry experience of it promoters and its
established relations with customers and suppliers. The outlook
may be revised to 'Positive' if Sri Balmukund's increases the
scale of its operations substantially, on the back of optimum
utilisation of enhanced capacities, while maintaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case the company undertakes a large,
debt-funded capital expenditure (capex), adversely impacting its
financial risk profile, if its profitability deteriorates, or in
case of sub-optimal utilisation of enhanced capacities.

Update
Sri Balmukund's performance in 2010-11 (refers to financial year,
April 1 to March 31) was in line with CRISIL's estimates. Its
revenues are estimated to have increased by 45 per cent, to INR290
million, backed by improved capacity utilisation. The company's
capacities of around 4800 tonnes per annum (tpa) were utilised at
around 70 per cent in 2010-11, as against 55 per cent in 2009-10.
Sri Balmukund's operating margin is stable, at 10 to 11 per cent.
The company's debt-funded capex to double its capacities was
delayed by three to four months and is likely to be commissioned
by July 2011. The capex involves an outlay of INR110 million and
is being funded by term loan of INR63 million, around INR15
million of unsecured loans, and about INR22 million of fresh
equity, infused by the promoters. Around INR50 million of the
capex has been incurred so far. Sri Balmukund caters mainly to the
cement segment, which is seeing substantial capacity additions;
this mitigates offtake risks arising from these enhanced
capacities to an extent. The management also has plans to set up
two new plants near Delhi and Chennai, each with a capacity of
4800 tpa. The plan is yet to be finalised, and will remain a key
rating sensitivity factor.

For 2009-10, Sri Balmukund reported a profit after tax (PAT) of
INR0.39 million on net revenues of INR199 million, as against a
PAT of INR0.1 million on operating income of INR24.3 million for
2008-09.

                       About Sri Balmukund

Sri Balmukund, incorporated in December 2007, manufactures high-
density polyethylene and polypropylene fabrics and bags. Its
facility at Industrial Area in Tendua, Raipur (Chhattisgarh) has
capacity of 4800 tpa. Its capacity is currently being expanded to
9600 tpa. Its product profile includes cement bags, fertiliser
bags, petrochemicals bags, leno bags, sugar bags, tea bags, and
food grain bags.


SRITHIK ROLLING: ICRA Assigns 'LBB+' Rating to INR6cr Bank Loans
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR6.00 crore fund-based
bank facilities and INR1.09 crore (earlier INR1.21 crore) term
loan facilities of Srithik Rolling Pvt Ltd.  The outlook on the
long term rating is "stable."  ICRA has also assigned an
'A4+' rating to the INR2.80 crore non-fund based bank facilities
of SRPL.

The assigned ratings take into account the long standing
experience of the promoters of SRPL in the iron and steel
industry; assured supply of Mild Steel (MS) Ingot, which is the
key raw material, from the group company Prateek Alloys Pvt Ltd
(PAPL, rated LBB+/stable by ICRA).  The ratings also favourably
factors in the proximity of SRPL's plant to PAPL's plant which
reduces freight cost, access to cheap power from the state
Government and fiscal incentives given by the state Government in
the form of sales tax exemptions, all of which support
profitability.  ICRA also notes the favorable outlook for the
construction and the infrastructure segments which is likely to
ensure a demand growth for TMT bars.  The ratings are, however,
constrained by the weak coverage indicators and thin operating and
net margins of the company, on account of low value addition. The
ratings are also constrained by the company's small scale of
operations at present and it's susceptibility to raw material
price volatility, due to the large inventory held by the company
and cyclicality inherent in the steel industry which is likely to
keep SRPL's cash flows volatile.

Incorporated in 2001, SRPL is part of the Srithik Group and is
engaged in the manufacturing of TMT bars from MS Ingots supplied
solely by the group company Prateek Alloys Pvt Ltd.  SRPL's
manufacturing facility at Bicholim, Goa has an installed capacity
of 18,000 MTPA.  The company sells TMT bars under the brand name
"Srishti" and sells its products to traders and contractors in the
states of Goa, Maharashtra and Karnataka.

Incorporated in 2001, SRPL is part of the Srithik Group and is
engaged in the manufacturing of TMT bars from MS Ingots supplied
solely by the group company Prateek Alloys Pvt Ltd.  SRPL's
manufacturing facility at Bicholim, Goa has an installed capacity
of 18,000 MTPA.  The company sells TMT bars under the brand name
"Srishti" and sells its products to traders and contractors in the
states of Goa, Maharashtra and Karnataka.


SURYA EXIM: CARE Assigns 'CARE BB' Rating to INR7.5cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Surya Exim Ltd.

                                Amount
   Facilities                  (INR cr)      Ratings
   ----------                  --------      -------
   Long-term Bank Facilities      7.50       'CARE BB' Assigned
   Short-term Bank Facilities   100.00       'PR4+'PR Four Plus)

Rating Rationale

The ratings are constrained by the low level of capitalization and
weak financial risk profile of Surya Exim Limited marked by low
profit margins, high gearing, low debt coverage indicators and
below-average liquidity position owing to the high working capital
requirements.  Further, the risks inherent to the trading nature
of operations like exchange rate fluctuation, price fluctuation
and absence of long-standing relationship with counter-parties
also constrain the ratings.

The ratings, however, favorably take into account the vast
experience of the promoters of SEL in the trading business,
established operations with diversified portfolio of traded goods
and own fleet of trailers reducing transportation costs.
Increase in scale of operations with overall improvement in the
financial risk profile is the key rating sensitivity.

Based in Surat (Gujarat), SEL is engaged in the trading of non
coking coal, polyester yarn/chips, pet films, nylon chips, PVC
resin etc. SEL was promoted by Mr J. P Saboo, a Chartered
Accountant having more than two decades of professional experience
and nine years of experience in international trading. In 1989,
SEL was initially incorporated as Prestige Marketing Pvt. Ltd.,
which was engaged in the business of marketing of consumer
durables and home appliances.  From the year 2000, it started
focusing on import and marketing of commodities, mainly non coking
coal.  Later on SEL diversified its trading operations to POY
chips, PTA/MEG polymers like PVC resin, LDPE/HDPE, PET chips etc.
During 2008, SEL started its logistic division which currently
owns 30 trailers. During 2010, SEL has been appointed as Del
Credere Associate/Consignment Stockiest (DCA/CS) of Indian Oil
Corporation Ltd (IOCL) for Daman & Diu region.

During FY10, the company registered total operating income of
INR197.24 crore (FY09: INR170.02 crore) with a PAT of
INR2.10 crore (FY09: INR0.84 crore).


SWASTIK REFINERY: CRISIL Reaffirms 'B+' Rating on INR22MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Swastik Refinery
Pvt Ltd continue to reflect the group's below-average financial
risk profile, marked by a small net worth and weak debt protection
metrics, and exposure to risks related to the commodity nature of,
and intense competition in, the vanaspati industry, and to
unfavorable regulatory changes.  These rating weaknesses are
partially offset by the group's moderate operating efficiency.

   Facilities                          Ratings
   ----------                          -------
   INR70.0 Million Cash Credit         B+/Stable (Reaffirmed)
   INR22.0 Million Term Loan           B+/Stable (Reaffirmed)
   INR8.0 Million Bank Guarantee       P4 (Reaffirmed)
   INR150.0 Million Letter of Credit   P4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SRPL, and Sree Vegetables Oil Pvt Ltd
(Sree Vegetables).  This is because SRPL and Sree Vegetables,
together referred to, herein, as the Swastik group, are in the
same line of business, under a common management team, and have
fungible cash flows between them. Furthermore, Sree Vegetables has
been merged with SRPL with effect from April 2010.

Outlook: Stable

CRISIL believes that the Swastik group will maintain a moderate
business risk profile, backed by the recent expansion in
facilities. The outlook may be revised to 'Positive' if the group
achieves more-than-expected profitable growth. Conversely, the
outlook may be revised to 'Negative' if the Swastik group's
operating margin deteriorates steeply, or the group's gearing
increases more than expected, leading to deterioration in its
financial risk profile.

                          About the Group

Incorporated in April 1997, SRPL commenced operations in 1999. The
company manufactures edible oil. It has its refinery at Jalan
Industrial Complex in Howrah (West Bengal), with capacity of
20,000 tonnes per annum (tpa) for hydrogenated vanaspati and 5000
tpa for refined oil. Its new capacity of 60,000 tpa was
commissioned in April 2011. SRPL markets vanaspati under the brand
names Vanaspati 2000 and Happy Heart. Set up in 2003, Sree
Vegetables has capacity to manufacture 15,000 tpa of vansapati
oil, and operates at about 50 per cent capacity.

The Swastik group reported a profit after tax (PAT) of INR3.6
million on net sales of INR1105 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR3.7
million on net sales of INR1450 million for 2008-09.


T.P. TEXTILES: ICRA Reaffirms 'LBB' Rating on INR11.34cr Term Loan
------------------------------------------------------------------
ICRA has reaffirmed the 'LBB' to the INR11.34 crore term loan
facilities, INR12.00 crore (enhanced from INR9.00 crore) long term
fund based bank facilities and INR0.20 crore long term non fund
based bank facilities of Shri. T.P. Textiles Private Limited.  The
outlook on the long term rating is stable.  ICRA has also
reaffirmed 'A4' to INR0.50 crore fund based bank facilities and
INR4.00 crore (enhanced from INR3.00 crore) non fund based bank
facilities of the company.

The ratings consider the company's moderate scale of operations
and the financial profile characterized by moderate gearing and
high working capital intensity.  The ratings also consider the
fragmented nature of the spinning industry with presence of a
large number of small and medium scale players restricting pricing
flexibility.  However, the rating factors in long standing
experience of the promoters in the spinning industry and sharp
improvement in profit margins and cash accruals despite rising
cotton costs.  The company's presence across wide range of counts
mitigates the risk of demand downturn in any key segments.

Shri. T.P.Textiles Private Limited was incorporated in 1996 by
amalgamating two partnership firms T.P. Cotton Textiles and Shri
Tee Pee Spinners. STPTPL is closely held by the promoters and
promoters' family/ friends.  T.P. Group is in third generation of
textile business starting from cotton cultivation in 1950's to
ginning and cotton trading in 1960's and spinning in 1990's.
Located in Rajapalayam (Tamil Nadu), Shri T.P.Textiles Pvt Ltd
commenced manufacturing operations in May 1996 with 5,028 spindles
and is currently operating at an installed capacity of 34,752
spindles.

Recent Results

For the half-year period ended September 2010, the Company's
profit before tax was INR5.7 crore on an operating income
(unaudited) of INR27.5 crore.


TODAY TEA: CRISIL Assigns 'BB-' Rating to INR80 Mil. Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Today Tea Ltd.

   Facilities                   Ratings
   ----------                   -------
   INR80 Million Cash Credit    BB-/Stable(Assigned)

The rating reflects TTL's weak financial risk profile, marked by
high ratio of total outside liabilities to tangible net worth
(TOL/TNW), weak debt protection metrics, and small net worth,
geographic concentration, small scale of operations, and
susceptibility to intense industry competition. These rating
weaknesses are partially offset by TTL's established brand,
extensive distribution network, and the extensive industry
experience of its promoters.

Outlook: Stable

CRISIL believes that TTL will maintain its business risk profile
backed by its promoters' extensive experience in the tea industry
and established distributor network, over the medium term. Its
financial risk profile is, however, expected to remain weak
because of its high TOL/TNW and weak debt protection measures. The
outlook may be revised to 'Positive' if the promoters infuse funds
into the company, leading to an improvement in its financial risk
profile or better than expected operating margins leading to
improvement in debt protection measures. Conversely, the outlook
may be revised to 'Negative' if there is a more-than-expected
increase in TTL's working capital requirements.

                         About Today Tea

Incorporated by Mr. Shambhu Dayal Jain, TTL is engaged in the
blending and sale of tea under the Today brand. The promoters of
TTL have been in the tea business since four decades. However, the
Today brand was set up in 1990, and is established in North India,
especially New Delhi and Uttar Pradesh.

TTL reported a profit after tax (PAT) of INR3.9 million on net
sales of INR858.1 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.4 million on net
sales of INR632.1 million for 2008-09.


* Minister Wants to Expedite Liquidation Process of Companies
-------------------------------------------------------------
India's Union Minister for Corporate Affairs Shri Murli Deora
wants concerted action to be taken to expedite the process of
liquidation of companies which is currently taking inordinately
long.

In the conference of Official Liquidators organized by the
Ministry recently to discuss ways for expediting liquidation
process the it was opined that one of the major factors
responsible for India's low rank in the global "doing business
survey" conducted by the World Bank is the time taken for
liquidation of companies.

The Secretary, Ministry of Corporate Affairs Shri D.K.Mittal also
reviewed the performance in this area with all the Official
Liquidators in the country.  A series of measures were also
identified for expediting liquidation during the one day
conference.  The meeting also considered various new guidelines
drafted by the Ministry which will expedite the process of
liquidation.  These guidelines will also help in better
preservation of assets of companies under liquidation ensuring
that the creditors and shareholders get what is due to them.

The shortage of manpower being a biggest constraint facing the OLs
it was decided to augment the manpower available with the
liquidators.  One of the problems faced by OLs is the difficulty
in identifying the assets of companies since the location and
nature of assets is not disclosed in the balance sheets. It was
decided that companies likely to go into liquidation would be
identified through specific trigger points.  Those companies which
fall under this category would be required to give additional
disclosures which would enable liquidators to quickly take
possession of the assets. It was informed that changes in the
rules regarding liquidation are also being considered by the
ministry.

Specific time-bound targets were set for the liquidators and it
was decided to review the progress on a monthly basis during the
one day meeting.


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


CORSAIR (JERSEY): S&P Affirms Rating on Series 52 Notes at 'CCC+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on four
tranches relating to four Japanese synthetic collateralized debt
obligation (CDO) transactions on CreditWatch with positive
implications. At the same time, Standard & Poor's affirmed
its rating on Corsair (Jersey) No. 2 Ltd.'s series 45 credit
default swap and removed the rating from CreditWatch with negative
implications.

"During our monthly run of transactions on version 5.1 of our CDO
evaluator, the four tranches placed on CreditWatch positive had
synthetic rated overcollateralization (SROC) levels in excess of
100% at higher ratings than the current ratings as of May 8, 2011.
Meanwhile, the SROC levels of the tranche on which the rating was
affirmed and removed from CreditWatch negative recovered to 100%
or above as of May 8, 2011," S&P noted.

"For all the transactions that we ran on our CDO evaluator, we
applied the top obligor and industry test SROCs, as well as the
results of the Monte Carlo default simulation," said S&P.

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

       Rating Affirmed, Removed From CreditWatch Negative

Corsair (Jersey) No. 2 Ltd.
Series 45 credit default swap

   To           From                   Amount
   --           ----                   ------
   Bsrp (sf)    Bsrp (sf)/Watch Neg    JPY3 bil.

              Ratings Placed on CreditWatch Positive

Corsair (Jersey) No. 2 Ltd.
Series 52 floating rate secured portfolio credit-linked notes due
2012 (Portfolio F360)

   To                         From             Issue amount
   --                         ----             ------------
   CCC+ (sf) /Watch Pos       CCC+ (sf)        JPY1 bil.

Signum Vanguard Ltd.
Class A secured floating rate credit-linked notes series 2005-06

   To                         From             Issue amount
   --                         ----             ------------
   CCC+p NRi (sf)/Watch Pos   CCC+p NRi (sf)   JPY3.0 bil.

Series secured floating rate credit-linked 2006-09 notes

   To                         From             Issue amount
   --                         ----             ------------
   CCC- (sf)/Watch Pos        CCC- (sf)        JPY2.0 bil.

Secured floating rate credit-linked notes series 2006-10

   To                         From             Issue amount
   --                         ----             ------------
   CCC- (sf)/Watch Pos        CCC- (sf)        JPY300.0 mil.


ORIX-NRL TRUST: S&P Lowers Rating on Class D Certs. to 'CCC'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on the
class D and H trust certificates issued under the ORIX-NRL Trust
14 transaction, and affirmed the ratings on classes A to G, and X.

Of the 10 loans and specified bonds (hereinafter "loans"; extended
to or issued by eight obligors) that initially backed the
transaction, only five loans (effectively four loans) remain,
three of which have defaulted.

THE rating actions reflect:

    * All the properties backing one of the three remaining loans
      that have defaulted (the loan originally represented about
      6.2% of the total initial issuance amount of the trust
      certificates) have been sold. "We have confirmed that the
      principal of the loan has been impaired and, as a result,
      the most subordinated class H has incurred an effective
      loss," S&P stated.

    * "We lowered our assumption with regard to the likely
      collection amount from the properties backing three other
      remaining loans -- two defaulted loans other than the loan
      of which the principal has been impaired, and effectively
      one loan maturing in November 2011 (these three loans
      originally represented a combined 31% or so of the total
      initial issuance amount of the trust certificates) -- after
      considering information received from the servicer regarding
      the status of the sales of the properties in question, as
      well as the situation regarding real estate deals involving
      similar asset types. In determining the likely collection
      amount for each property, we applied revised stress levels
      commensurate with the ratings on the trust certificates,"
      S&P related.

"We have learned through a report that we received from the
servicer that the Great East Japan Earthquake and ensuing tsunami
that struck on March 11, 2011, did not cause any major damage to
the properties backing the transaction's remaining loans," S&P
continued.

ORIX-NRL Trust 14 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
initially secured by 10 nonrecourse loans and specified bonds
extended to eight obligors, which were originally backed by 39
real estate certificates and real estate properties.
The transaction was arranged by ORIX Corp., and ORIX Asset
Management & Loan Services Corp. acts as the servicer for this
transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in December 2014 for the class A certificates,
the full payment of interest and ultimate repayment of principal
by the legal final maturity date for the class B to H
certificates, and the timely payment of available interest for the
interest-only class X certificates.

                         Ratings Lowered

ORIX-NRL Trust 14
JPY20.7 billion trust certificates due December 2014


   Class    To          From         Initial issue amount
   -----    --          ----         --------------------
   D        CCC (sf)    CCC+ (sf)    JPY0.7 bil.
   H        CC (sf)     CCC (sf)     JPY0.2 bil.

                        Ratings Affirmed

   Class    Rating      Initial issue amount
   -----    ------      --------------------
   A        AAA (sf)    JPY15.7 bil.
   B        A+ (sf)     JPY2.0 bil.
   C        BB (sf)     JPY1.2 bil.
   E        CCC (sf)    JPY0.3 bil.
   F        CCC (sf)    JPY0.5 bil.
   G        CCC (sf)    JPY0.1 bil.
   X*       AAA (sf)    JPY20.7 bil. (initial notional principal)

* Interest only


* JAPAN: Number of Corporate Bankruptcies Fall 6.7% in April
------------------------------------------------------------
Kyodo News, citing Tokyo Shoko Research, reports that the number
of corporate bankruptcies in Japan in April fell 6.7% from a year
earlier to 1,076, the 21st straight month of decline, as
government financial aid apparently continued to help keep many
businesses afloat.

Meanwhile, the credit research agency said the debts left by the
failed firms rose 3.5% to JPY279.57 billion, up for the first time
in six months, Kyodo News says.

By industry sector, Kyodo News relates, the service sector
including tourism, accommodation and restaurant businesses took a
blow amid a widespread mood of self-restraint on the part of
consumers and travelers in the wake of the March 11 quake-tsunami
catastrophe, it said.

Kyodo News adds that corporate failures induced by the disaster
totaled 46 as of May 11, including 25 in April alone, and the
agency noted concern that the number is likely to rise.


===============
M A L A Y S I A
===============


HONG LEONG: S&P Affirms Bank Fundamental Strength Rating at 'C+'
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its unsolicited long-
term and short-term counterparty credit ratings on Hong Leong Bank
Bhd. at 'BBB+' and 'A-2'.  The outlook is stable.  "We also
affirmed the unsolicited 'C+' bank fundamental strength rating on
HLBB, and the unsolicited 'BBB' issue rating on the subordinated
notes issued by the bank," S&P related.

"The rating affirmation reflects our opinion that the financial
profile of HLBB has deteriorated following its acquisition of the
financially weaker EON Capital Bhd.," said Standard & Poor's
credit analyst Ivan Tan. "We lowered the stand-alone credit
profile to 'bbb' from 'bbb+'.  While we believe HLBB has
opportunities to realize revenue and cost synergies, the bank does
not have a track record of mergers and acquisitions. Its ability
to successfully manage the integration process, therefore, remains
to be seen. Nevertheless, the acquisition will propel HLBB to the
fourth largest bank in the country and increase its share of loans
and deposits in the system. In our opinion, the enlarged HLBB is
of moderate systemic importance and qualifies for one notch of
government support."

Based on pro forma calculations, the acquisition would weaken the
merged entity's financial profile, including its asset quality.
HLBB's nonperforming asset ratio is healthy compared with its
peers'. The ratio was 2.1% at end-December 2010 compared with
EON's 3.6%. HLBB is also more profitable than EON, with a return
on assets of 1.24% as at end-December 2010, compared with
EON's 0.83%.  The combined entity will also have a higher
proportion of risk assets. 70% of EON's balance sheet consists of
lower quality loans.  In comparison, HLBB has about 50% of its
total assets in loans, 23% in lower risk cash and interbank
deposits, and 26% in securities (predominantly government bonds).

Meanwhile, non-innovative Tier 1 capital that HLBB raised in
May 2011 will largely offset the immediate capital impact arising
from the cost of acquisition.

Standard & Poor's believes that the merged entity's financial
profile will be driven by: (1) how HLBB executes its merger and
integration plans to realize revenue and cost synergies; and (2)
whether HLBB can effectively implement its more conservative risk
culture across the organization.

"We believe the integration process faces some execution risks,
given the historically defensive nature of HLBB's strategy, and
its lack of a track record in mergers and acquisitions," said
Mr. Tan. "A successful execution will allow the combined entity to
leverage on its enlarged domestic footprint to grow its market
share and compete more effectively with its larger peers."

"The stable outlook reflects our expectation that the enlarged
HLBB will execute its integration in a measured and sensible
manner. We anticipate that such an approach will in the longer run
offset part of the negative financial impact of the acquisition,"
S&P related.

The ratings could come under pressure if any strategic or
execution missteps put HLBB's financial risk profile at a further
risk of deterioration. "We may revise the outlook to positive if
HLBB extracts revenue and cost synergies from the acquisition such
that its earnings, asset quality, and capitalization improve
significantly," added S&P.


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


DATASOUTH BUSINESS: Most Workers Land Jobs After Liquidation
------------------------------------------------------------
Simon Eskow at Resellernews reports that most employees working
for Datasouth Business Solutions at the time of the company's
liquidation have found comparable roles at other companies, with
about half moving over to Computer Concepts.

According to Resellernews, former CEO Hayley Bryan said Datasouth
had employed 33 full-time staff and four contract workers when the
Christchurch-based company went into liquidation on March 31.

"Just five weeks following the liquidation, at least 90% of our
staff have found new jobs," Resellernews quotes Ms. Bryan as
saying.  "With the Canterbury employment market in contraction,
this is a reflection of the quality of the Datasouth team."

ResellerNews relates Ms. Bryan said she continues to help
remaining workers find employment, but has not made any decisions
or commitments for herself for the time being.

As reported in the Troubled Company Reporter-Asia Pacific on
April 5, 2011, The National Business Review said that three of
four NZ-registered companies associated with IT services company
DataSouth have been placed in liquidation.  A fourth, DataSouth
Finance, was subject to a Serious Fraud Office investigation.
The investigation relates to lease deals with DataSouth Clients,
bankrolled by South Canterbury Finance, NBR said.

The three companies that have been placed in liquidation --
DataSouth, DataSouth Business Solutions and DataSouth Group -- are
all 100% owned by managing director and sole director Gavin
Clifford Bennett, bar DataSouth Group in which Alan Raymond
MacDonald, of Gore, has a minority stake.  HFK has been appointed
liquidator.  Datasouth Business Solutions' deficit to creditors,
subject to costs of liquidation, reaches NZ$27,321,058, according
to Reseller News.

DataSouth -- a Microsoft Partner Awards 2010 winner -- was founded
in 1993 in Christchurch and grew to open offices in Auckland,
Wellington, Melbourne and Sydney.  Datasouth is comprised of
Datasouth Business Solutions Ltd and Datasouth Finance Ltd in  New
Zealand; and Datasouth Business Solutions Australia Pty Ltd (ABN
36 105 388 654) in Australia.


FELTEX CARPETS: Former Directors Settle With Liquidators
--------------------------------------------------------
BusinessDesk reports that directors of the failed Feltex Carpets
have made a "modest and pragmatic settlement reached on a costs
saving basis" with the firm's liquidators, McDonald Vague.

BusinessDesk relates that the confidential settlement follows the
Registrar of Companies failure in the District Court last year to
prove claims that the five directors -- chairman Tim Saunders,
former chief executive Peter Thomas, Peter Hunter, Michael Feeney,
and John Hagen -- had put their own interests ahead of
shareholders and had allowed the company to trade while "balance
sheet insolvent".

That case found the "overwhelming evidence" was that the directors
had conducted themselves at all times with "unimpeachable
integrity," said McDonald Vague in the only statement being issued
on the settlement, according to BusinessDesk.

"The liquidators acknowledge that the settlement is entered into
without any admission of liability by the directors," BusinessDesk
cited the liquidator in a statement.

The liquidators were appointed in December 2006 and issued
proceedings against the directors in 2009.

                       About Feltex Carpets

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

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

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

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


NEW ZEALAND POST: To Close Seven Outlets, 90 Jobs Affected
----------------------------------------------------------
The National Business Review reports that New Zealand Post is to
close seven of its PostShop and Kiwibank outlets, and downgrade
seven others to PostCentres, with up to 90 staff affected by the
closures.

According to NBR, New Zealand Post spokesman John Tulloch said the
moves were part of an ongoing review of its store network, which
was losing around NZ$40 million a year.  Mr. Tulloch said the
changes to the 14 outlets would only address some of that loss.

"There are a range of other measures we are looking at. That will
include better use of technology, such as self-service kiosks,"
NBR quotes Mr. Tulloch as saying.

Mr. Tulloch, as cited by NBR, said the increasing number of people
banking online has led to a reduction in the need for banks to
have a physical presence in some areas.

"The onset of convenient technology and changing shopping habits
has resulted in the current configuration of the PostShop/Kiwibank
store network not being reflective of these changes in customer
behaviour," Mr. Tulloch said, NBR adds.

New Zealand Post is a State owned enterprise responsible for
providing postal service in New Zealand.


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


SAN MIGUEL: S&P Affirms Foreign Currency Rating at 'BB-'
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Philippine brewer San Miguel Corp. to negative from stable,
affirmed the 'BB-' long-term foreign currency corporate credit
rating, and lowered its ASEAN regional scale to 'axBB' from
'axBB+'.  "Following that, we are withdrawing our ratings at San
Miguel's request," S&P stated.

"We are revising the outlook based on our opinion that San
Miguel's already-aggressive financial risk profile will continue
to deteriorate if its financial leverage does not improve over the
next six to 12 months," said Standard & Poor's credit analyst
Allan Redimerio.  "San Miguel continues to invest heavily in its
diversification plans, thereby depleting its substantial cash
reserves."

"With the consolidation of its business interests in Petron Corp.
(unrated) and SMC Global Power Holdings Corp. (unrated), and
increased borrowings to fund its diversification, our financial
metrics projections point to a more leveraged San Miguel with
greater operating cash flow volatility in its newer business
segments," S&P noted.

"The negative rating outlook reflects our opinion that San
Miguel's financial leverage position may not improve over the next
six to 12 months as the company is likely continue to invest in
energy, infrastructure, and telecom assets over the next few
years, which may result in further borrowing and depletion of its
substantial cash reserves," Mr. Redimerio said.

"In our view, further injection of equity or securities with
equity-like features into San Miguel's capital structure will
improve its leverage. A more restrained use of its cash reserves
will also support its liquidity position," S&P added.


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


ALTUS TECHNOLOGIES: Creditors' Meetings Set for May 25
------------------------------------------------------
Altus Technologies Pte Ltd, which is in compulsory liquidation,
will hold a meeting for its creditors on May 25, 2011, at
3:00 p.m., at 108 Robinson Road, Level 11, The Finexis Building,
Singapore 068900.

Agenda of the meeting includes:

   a. to provide an update on the affairs of the Company as at the
      date of the liquidation;

   b. to consider and if thought fit, to appoint a committee of
      inspection; and

   c. to discuss other business.

The company's liquidator is:

         Tay Swee Sze
         c/o Tay Swee Sze & Associates
         24 Raffles Place
         #21-03 Clifford Centre
         Singapore 048621


ENGAGE ELECTRONIC: Creditors' Proofs of Debt Due May 23
-------------------------------------------------------
Creditors of Engage Electronic (S) Pte Ltd, which is in
liquidation, are required to file their proofs of debt by May 23,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

          Goh Ngiap Suan
          c/o Goh Ngiap Suan & Co
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


ESPESER PTE: Court to Hear Wind-Up Petition May 20
--------------------------------------------------
A petition to wind up the operations of Espeser Pte Ltd will be
heard before the High Court of Singapore on May 20, 2011, at 10:00
a.m.

Standard Chartered Bank filed the petition against the company on
April 26, 2011.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road, #25-01
         Straits Trading Building
         Singapore 049910


INQVESTMENTS PTE: Court to Hear Wind-Up Petition May 27
-------------------------------------------------------
A petition to wind up the operations of Inqvestments Pte Ltd will
be heard before the High Court of Singapore on May 27, 2011, at
10:00 a.m.

Chee Heng Suan Elaine filed the petition against the company on
May 5, 2011.

The Petitioner's solicitors are:

         Messrs Bih Li & Lee
         79 Robinson Road
         #24-08 CPF Building
         Singapore 068897


JAY FOUNDATION: Court to Hear Wind-Up Petition May 27
-----------------------------------------------------
A petition to wind up the operations of Jay Foundation Pte Ltd
will be heard before the High Court of Singapore on May 27, 2011,
at 10:00 a.m.

Lam Chee Corporation Pte Ltd filed the petition against the
company on April 28, 2011.

The Petitioner's solicitors are:

         Messrs Loy & Company
         133 New Bridge Road
         #13-06 Chinatown Point
         Singapore 059413


KEPPEL SERVICES: Creditors Get 100% Recovery on Claims
------------------------------------------------------
Keppel Services Staff Union declared the first and final ordinary
dividend on May 4, 2011.

The company paid 100% to the received claims.

The company's liquidator is:

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


POLYNESIA TIMBER: Creditors Get 0.21551% Recovery on Claims
-----------------------------------------------------------
Polynesia Timber Services Pte Ltd declared the first and final
dividend on May 6, 2011.

The company paid 0.21551% to the received claims.

The company's liquidator is:

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


SIN SENG: Creditors' Proofs of Debt Due May 23
----------------------------------------------
Creditors of Sin Seng Hin Engineering Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by May 23, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

          Bob Yap Cheng Ghee
          c/o KPMG Advisory Services Pte Ltd
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


TAI SAY: Court to Hear Wind-Up Petition May 27
----------------------------------------------
A petition to wind up the operations of Tai Say Import & Export
Private Limited will be heard before the High Court of Singapore
on May 27, 2011, at 10:00 a.m.

Effendy Tjoeng filed the petition against the company on May 3,
2011.

The Petitioner's solicitors are:

         SNG & Company
         133 New Bridge Road
         #14-10 Chinatown Point
         Singapore 059413



                             *********

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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