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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, March 19, 2012, Vol. 15, No. 56

                            Headlines


A U S T R A L I A

ACP MAGAZINES: To Cease Production of FHM Magazine in Australia
COONAWARRA AUSTRALIA: Receivers Appointed to Some Units
EVERYDAY LIVING: In Liquidation; To Close Doors on April 1
RIVERCITY MOTORWAY: Lenders Mull Selling Assets This Year


C H I N A

KWG PROPERTY: S&P Gives 'B+' Rating on Senior Unsecured Notes


H O N G  K O N G

GREATER SKY: Creditors' Proofs of Debt Due April 10
HONG LOK: Wai Kee Kau Steps Down as Liquidator
HYPERFACTORY (HK): Creditors' Meeting Set for April 13
KING RICH: Members' Final Meeting Set for April 13
L1216 LYNDHURST: Members' Final Meeting Set for April 20

METRO-ADS INT'L: Members' Final Meeting Set for April 10
NAN TOU: Commences Wind-Up Proceedings
NATURE'S FARM: Creditors Get 7.64% Recovery on Claims
PARADISE RESORTS: Members' Final Meeting Set for April 16
PRATTISION GARMENT: Liao Zimei Step Down as Liquidator

SATRAP LIMITED: Williams and Chow Step Down as Liquidators
SUCCESS DELIGHTS: Commences Wind-Up Proceedings
TOWNMENS INVESTMENT: Commences Wind-Up Proceedings
WHITEHALL COURT: Members' Final Meeting Set for April 20


I N D I A

ADI WIRES: Delay in Loan Payment Cues CRISIL Junk Ratings
AGRASHA ALLOYS: CRISIL Places 'CRISIL B-' Rating on INR100MM Loan
A.P.REFINERY: CRISIL Reaffirms 'BB' Rating on INR225cr Loan
A.S.JUTE PRODUCT: CRISIL Puts 'CRISIL B-' Rating on INR170MM Loan
DARJEELING CEMENTS: CRISIL Cuts Rating on INR35MM Loan to 'D'

DHARMADEV INFRA: CRISIL Cuts Rating on INR650MM Loan to 'BB+'
MANGALAM METALS: CRISIL Rates INR120MM Loans at 'CRISIL BB-'
MOHANA COTTON: CRISIL Assigns 'CRISIL B' Rating to INR170MM Loans
NANGALWALA IMPEX: CRISIL Reaffirms 'BB-' Rating on INR7.7MM Loan
RAIN CII: Fitch Withdraws 'B' Issuer Default Rating

SARA INTERNATIONAL: CRISIL Raises Rating on INR80MM Loan to 'BB'
SHRIGANESH TEXFAB: CRISIL Rates INR124.1MM Loans 'BB-'
S. M. LULLA: CRISIL Assigns 'CRISIL B+' Rating to INR2.5MM Loan
S.N.B. INFRA: CRISIL Reaffirms 'BB+' Rating to INR170MM Credit
SREE ANJANEYA: CRISIL Rates INR258.7MM Term Loan 'CRISIL BB'

STANZEN ENGINEERING: CRISIL Assigns 'B' Rating on INR47.5MM Loan
SURYAAMBA SPINNING: CRISIL Cuts Rating on INR150MM Loan to 'D'
TATA CHEMICAL: Fitch Affirms 'BB+' Issuer Default Rating
TIRUPATI EDUCATIONAL: CRISIL Cuts Rating on INR155MM Loan to 'D'
UI PIPE: CRISIL Assigns 'CRISIL BB-' Rating to INR70MM Term Loan

WEST INDIA POWER: CRISIL Reaffirms 'B' Rating on INR105MM Loan


I N D O N E S I A

BANK NEGARA: Fitch Affirms 'BB' Viability Rating
BERLIAN LAJU: Fitch Cuts Issuer Default Rating to 'RD' From 'C'


M O N G O L I A

MONGOLIAN MINING: S&P Rates Corporate Credit 'B+'; Outlook Stable


N E W  Z E A L A N D

YARROW BAKERS: SFO Won't Pursue Probe on Receivership


                            - - - - -


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


ACP MAGAZINES: To Cease Production of FHM Magazine in Australia
---------------------------------------------------------------
ACP Magazines announced March 16 that it will produce the final
print edition of Australian men's monthly magazine, FHM.

The May cover-date issue will be the last print edition while the
Web site fhm.com.au will close when that issue goes off-sale on
May 13th.

ACP Magazines said it is endeavoring to redeploy employees,
however some redundancies are expected.

"The decision to close a title is never an easy one and FHM is
certainly no exception," said Matt Stanton, CEO, ACP Magazines.
"FHM is a terrific brand but, given the current market
conditions, it has been difficult for ACP to make it a
commercially viable proposition."

Launched in Australia by EMAP in 1998, FHM was the forefront of
the "lads monthlies" phenomenon that first exploded in the United
Kingdom. Its main rival in Australia was RALPH, launched by ACP
Magazines in 1997.

The two titles enjoyed impressive circulation and readership for
several years until the arrival of new category entries - most
notably the launch of Zoo as a weekly in 2006 which, along with
cross-category men's magazines such as Top Gear and Men's Health,
steadily eroded both FHM's and RALPH's share of the category.

After acquiring the license to publish FHM through the
acquisition of EMAP Australia in 2008, ACP Magazines refined and
repositioned the title as a more upmarket offering -- and with
great success, as the title enjoyed record advertising revenue in
its October and November issues that same year.

The shifting tastes of young male readers, and the global
economic downturn, forced the closure of RALPH in June 2010, and
while FHM has battled on, it has struggled to hold its
circulation.

Matt Stanton paid tribute to the FHM team for its ongoing
commitment to the brand.

"The editorial and advertising teams have done a remarkable job
putting out a product that is as good, if not better, than the
issues produced during FHM's glory days," he said. "What's more
they have done so in much tougher economic times and in the face
of constant media speculation over the magazine's future. They
can all hold their heads high, in spite of their obvious and
understandable disappointment."

FHM -- now owned by German company, Bauer Media Group -- is
published in 21 territories, including China, Czech Republic,
France, Germany, India, Indonesia, Latvia, Malaysia, the
Netherlands, Norway, the Philippines, Romania and the
United Kingdom.


COONAWARRA AUSTRALIA: Receivers Appointed to Some Units
-------------------------------------------------------
Patrick Stafford at SmartCompany reports that Coonawarra
Australia Property Trust and some of its related entities have
been placed in receivership as the industry continues to suffer
from lower prices, thinner margins and declining sales.

SmartCompany relates that receivers have now been appointed to
some assets in the Coonawarra Australia Property Trust, which has
now been suspended from trading on the Australian Securities
Exchange.

According to the report, the trust's bank appointed John Hart --
john.hart@fh.com.au -- and David Kidman -- david.kidman@fh.com.au
-- of Ferrier Hodgson as receivers of the property owned by
subsidiary CPV Wines.

The report relates that Messrs. Hart and Kidman have also been
appointed over some assets of Coonawarra Premium Vineyards, which
acts as the "responsible entity" of the Coonawarra Vineyards
Project, as well as Prince Hill Wine Services, which acts as a
management arm for Coonawarra Australia.  However, the trust
itself is not in receivership.

SmartCompany says the Coonawarra Australia Property Trust, which
owns 76% of CPV Wines, has been struggling for a while. A
requirement to pay back AUD400,000 on a loan has recently been
deferred, the report relays.

The trust, according to SmartCompany, also noted that the trust
and subsidiary CPV Wines "failed to meet the interest payments on
the Bank Bill facilities" in its latest accounts.  A vineyard has
been up for sale since late last year, adds SmartCompany.

And while a vineyard owned by the trust has been up for sale,
director Andrew Parkinson wrote in the accounts that a sale
"could take some time," the report adds.

Coonawarra Australia Property Trust --
http://www.coonawarravineyard.com.au/-- is a specialist wine
industry trust that invests in premium vineyards and other wine
infrastructure investments.


EVERYDAY LIVING: In Liquidation; To Close Doors on April 1
----------------------------------------------------------
Sam Norris at Maitland Mercury reports that furniture retailer
Everyday Living has gone bust in stark contrast to Maitland's
booming prosperity leaving its Rutherford staff jobless.

Administrators PricewaterhouseCoopers has started liquidating
stock and will close the doors as soon as April 1.

PwC partner Michael Fung -- michael.fung@au.pwc.com -- in a
statement to employees on February 26 said they had between six
and eight weeks' notice.

"We have entered into an in principle agreement with Hilco
Merchant Australia to conduct an orderly liquidation of remaining
stock, both in the stores and the distribution centres," the
report quotes Mr. Fung as saying.  "This arrangement will enable
us to maximise the return from the companies' existing stock for
the benefit of creditors including employees."

PwC told the Mercury it planned to keep all five full-time staff
employed until the doors close.  It is not known whether those
staff will receive all of their entitlements, including
redundancy and accrued leave, the report says.

The liquidation affects Furniture and Bedding Concepts, Everyday
Sleep, Unita Beds and SDM Marketing nationwide, as well as Global
Victoria, the report notes.


RIVERCITY MOTORWAY: Lenders Mull Selling Assets This Year
---------------------------------------------------------
Cynthia Koons and Gillian Tan at Deal Journal Australia reports
that the lenders who own Australia's troubled RiverCity Motorway
are considering a sale of the asset this year in a deal that
could be around AUD500 million.

Goldman Sachs is likely to advise RiverCity in its sale process
but the appointment has not been formalized, people familiar with
the matter told Deal Journal Australia.

According to the report, the people said the lenders may hold off
on selling the asset this year and wait to organize a sale in
conjunction with Brisconnections' Airport Link toll road in
Brisbane, which is designed to connect to RiverCity's tunnel upon
completion in June.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 28, 2011, CourierMail said Rivercity Motorway Group went
into receivership after failing to get its two dozen lenders to
agree to a suspension of interest repayments on the company's
AUD1.3 billion debt.  KordaMentha partners Martin Madden and
David Merryweather were appointed receivers and managers of
RiverCity Motorway.

Rivercity Motorway Group is the owner and operator of Brisbane's
troubled Clem7 tunnel.


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


KWG PROPERTY: S&P Gives 'B+' Rating on Senior Unsecured Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
and 'cnBB' Greater China credit scale issue rating to the
proposed issue of U.S.-dollar fixed-rate senior unsecured notes
by KWG Property Holding Ltd. (BB-/Stable/--; cnBB+/--). "The
rating is subject to our review of the final issuance
documentation. The company will use the net proceeds from the
proposed issuance for financing existing and new property
projects and for general working capital purposes," S&P said.

"The issue rating is one notch lower than the corporate credit
rating due to structural subordination risk. We believe the
company's ratio of priority debt to total assets will likely
remain above our threshold of 15% for speculative-grade debt in
the next 12 months," S&P said.

"The rating on KWG reflects the company's short operational
record outside its home city of Guangzhou, fairly aggressive
debt-funded expansion into new markets, and exposure to the high-
end residential property segment. In our view, this segment is
more vulnerable to the Chinese government's home-purchase
restrictions and other policy measures to control property
prices. KWG's established market position in Guangzhou,
satisfactory performance in new markets, and better execution and
more consistent financial management than similar-rated peers'
temper these weaknesses," S&P said.

"The stable outlook on KWG reflects the good visibility over the
company's financial performance, which we expect to remain
satisfactory in 2012, as reflected in its credit metrics. We also
expect KWG to continue to manage its expansion and leverage with
caution," S&P said.


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


GREATER SKY: Creditors' Proofs of Debt Due April 10
---------------------------------------------------
Creditors of Greater Sky Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 10, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 5, 2012.

The company's liquidator is:

         Au Ping Yun
         4th Floor, Wing Sing Commercial Centre
         12-16 Wing Lok Street
         Hong Kong


HONG LOK: Wai Kee Kau Steps Down as Liquidator
----------------------------------------------
Wai Kee Kau stepped down as liquidator of Hong Lok Company
Limited on Feb. 29, 2012.


HYPERFACTORY (HK): Creditors' Meeting Set for April 13
------------------------------------------------------
Creditors of The Hyperfactory (HK) Limited will hold their
meeting on April 13, 2012, at 10:00 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255 of the
Companies Ordinance.

The meeting will be held at Unit 803, 8/F, Shanghai Industrial
Investment Building, at 48-62 Hennessy Road, Wanchai, in Hong
Kong.


KING RICH: Members' Final Meeting Set for April 13
--------------------------------------------------
Members of King Rich Enterprises Limited will hold their final
meeting on April 13, 2012, at 11:00 a.m., at 22/F, South China
Building, at 1-3 Wyndham Street, Central, in Hong Kong.

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


L1216 LYNDHURST: Members' Final Meeting Set for April 20
--------------------------------------------------------
Members of L1216 Lyndhurst Terrace Limited will hold their final
general meeting on April 20, 2012, at 10:00 a.m., at 16th Floor,
Jonsin Place, 228 Queen's Road East, Wanchai, in Hong Kong.

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


METRO-ADS INT'L: Members' Final Meeting Set for April 10
--------------------------------------------------------
Members of Metro-Ads International Limited will hold their final
meeting on April 10, 2012, at 10:00 a.m., at 7th Floor, Alexandra
House, at 18 Chater Road, Central, in Hong Kong.

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


NAN TOU: Commences Wind-Up Proceedings
--------------------------------------
Members of Nan Tou Yau Lei Garment Company Limited, on March 1,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         17/F, Kam Sang Building
         255-257 Des Voeux Road
         Central, Sheung Wan
         Hong Kong


NATURE'S FARM: Creditors Get 7.64% Recovery on Claims
-----------------------------------------------------
Nature's Farm Products Limited, which is in liquidation, declared
the first and final dividend to its creditors on March 16, 2012.

The company paid 7.64% for ordinary claims.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


PARADISE RESORTS: Members' Final Meeting Set for April 16
---------------------------------------------------------
Members of Paradise Resorts Limited will hold their final general
meeting on April 16, 2012, at 10:00 a.m., at Level 28 Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Chan Mi Har and Yeung Betty Yuen, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PRATTISION GARMENT: Liao Zimei Step Down as Liquidator
------------------------------------------------------
Liao Zimei stepped down as liquidator of Prattision Garment
Limited on Feb. 28, 2012.


SATRAP LIMITED: Williams and Chow Step Down as Liquidators
----------------------------------------------------------
Quentin Benda Williams and Chow Siu Ping stepped down as
liquidators of Satrap Limited on March 5, 2012.


SUCCESS DELIGHTS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Success Delights Ltd, on Feb. 20, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Liu Lai Man
         Chan Wai Kum
         Level 13, 1 Queen's Road
         Central, Hong Kong


TOWNMENS INVESTMENT: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Townmens Investment Company Limited, on Feb. 29, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Alan Chung Wah Tang
         Kan Lap Kee
         43/F, The Lee Gardens
         33 Hysan Avenue
         Causeway Bay, Hong Kong


WHITEHALL COURT: Members' Final Meeting Set for April 20
--------------------------------------------------------
Members of Whitehall Court Limited will hold their final general
meeting on April 20, 2012, at 10:00 a.m., at 2310 Dominion
Centre, 43-59 Queen's Road East, in Hong Kong.

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


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


ADI WIRES: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Adi Wires Pvt Ltd.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit            23.5         CRISIL D
   Term Loan              31.8         CRISIL D

The rating reflects instances of delay by AWPL in servicing its
debt; the delays have been caused by the company's weak liquidity
arising out of its depressed cash accruals because of its delay
in commencing commercial operations and the start-up phase of its
operations.

AWPL also has a weak financial risk profile, marked by a small
net worth and a moderately high gearing, small scale of
operations with high customer concentration in revenue profile,
and large working capital requirements. The company, however,
benefits from the extensive industry experience of AWPL's
promoters in the steel industry, mainly in sponge iron and ingots
manufacturing.

                         About Adi Wires

AWPL manufactures binding wires and wire nails which are largely
used in the construction industry. It has a manufacturing
capacity of 14,400 tonnes per annum of binding wires and wire
nails. Though incorporated in 2006, AWPL commissioned its wire
manufacturing unit in 2011-12; however, there was a delay in
commencement of commercial operations from the new facility
because of unavailability of power supply from the state
government. The facility started full-fledged commercial
operations only in January 2012, once it received power supply
sanctioned from the state grid. The company expects to generate
about 70 per cent of its revenues from sale of binding wire and
the rest from sale of wire nails.


AGRASHA ALLOYS: CRISIL Places 'CRISIL B-' Rating on INR100MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Agrasha Alloys Trading Private Limited.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term      100        CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   Proposed Short-Term     100        CRISIL A4 (Assigned)
   Bank Loan Facility

The ratings reflect AATPL's modest scale of operations, stretched
receivables and weak financial risk profile, marked by low net
worth and moderate debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
AATPL's promoters in the scrap trading business.

Outlook: Stable

CRISIL expects AATPL to maintain a stable business risk profile
over the medium term, backed by the extensive experience of the
promoter in the scrap trading business. The outlook may be
revised to 'Positive' if the company reports higher than expected
growth in revenues and profitability while improving its capital
structure. Conversely, the outlook may be revised to 'Negative'
if AATPL's financial risk profile deteriorates, on account of
lower profitability or revenues, or deterioration in its working
capital cycle.

                       About Agrasha Alloys

Agrasha Alloys Trading Private Limited was incorporated in 1998,
by Mr. Madhukant Agarwal along with his business acquaintances
Mr. Jay Shah. The company is engaged in trading of metal scrap
including heavy melting scrap and shredded steel scrap, which
serve as raw material for steel based products. The company
primarily imports metal scraps from China, the USA and Europe and
sells to steel mills across Maharashtra. The company has its
registered office at Masjid Bunder, Mumbai.

AATPL reported a net loss of INR0.45 million on net sales of
INR349.5 million for 2010-11 (refers to financial year, April 1
to March 31), as against a profit after tax (PAT) of INR6.2
million on net sales of INR885.7 million for 2009-10.


A.P.REFINERY: CRISIL Reaffirms 'BB' Rating on INR225cr Loan
-----------------------------------------------------------
CRISIL's rating on A.P.Refinery Pvt Ltd's bank facilities
continues to reflect APR's weak financial risk profile marked by
high gearing because of working-capital-intensive operations,
susceptibility to volatility in edible oil prices, and exposure
to intense market competition because of fragmentation in the
edible oils industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           225.0      CRISIL BB/Stable (Reaffirmed)
   Term Loan              67.3      CRISIL BB/Stable (Reaffirmed)

These rating weaknesses are partially offset by APR's above-
average operating efficiencies, supported by integrated
operations, and promoter's experience in the rice bran oil
industry.

Outlook: Stable

CRISIL believes that APR will maintain its business risk profile
over the medium term, supported by its integrated operations and
promoters' industry experience resulting in an enhanced portfolio
of customers (mainly institutional) in the edible oil industry.
The company's financial risk profile is expected to remain weak
because of large working capital requirements, considering the
inherent seasonality in the business. The outlook may be revised
to 'Positive' if APR reports more-than-expected sales and higher-
than-expected profitability, or if there is fresh equity infusion
into the company, resulting in significant improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if APR's working capital intensity increases, or it
undertakes larger-than-expected debt-funded capital expenditure
(capex) programme, thereby weakening its capital structure.

Update

For the 10 months ended Jan. 31, 2012, APR reported a strong
growth of around 59 per cent in sales to INR1.03 billion from
INR608 million for the corresponding period of the previous year.
The growth was driven by incremental business from old customers
and addition of new customers (mainly large established companies
in the edible oil sector). For instance, APR helped (Mother
Dairy) launch its new variant, Dhara Life, which is the first
mainstream national brand to launch a 100 per cent rice bran oil
packaging. APR also started packaging sunflower oil for Mother
Dairy under the brand, Dhara Health. APR launched its own brand
of rice bran oil, RICEactive, supplying throughout Punjab in 1
litre, 5 litre, 15 litre and 15 kilogram packages. APR also
undertakes packaging of rice bran oil for many multi-marketing
companies.

APR's sales are expected to grow at a healthy rate of around 40
per cent, while its operating profitability is expected to remain
stable between 8 and 9 per cent, over the medium term. However,
the financial risk profile of the company will remain constrained
by its high gearing of close to 4 times because of its large
working capital requirements, primarily to fund inventory during
the lean season. Furthermore, although the company's expected
cash accruals of about INR54 million in 2012-13 would be
sufficient to meet its annual term debt obligations of INR20
million, its liquidity is expected to remain stretched because of
the large working capital requirements. This is evident from its
high bank limit utilization of 96 per cent for the six months
ended Sept. 30, 2011.

APR reported a profit after tax (PAT) of INR8.7 million on net
sales of INR 870 million for 2010-11, against a PAT of INR8.9
million on net sales of INR768 million for 2009-10.

                      About A.P. Refinery

Incorporated in 2004, APR began commercial operations in early
2007. The company is engaged in the extraction and refining of
rice bran oil. Till 2008-09, it was operating only through a
solvent extraction unit taken on lease in Malerkotla (Punjab),
with capacity of 250 tonnes per day (tpd). In 2009-10, the
company set up its own solvent extraction unit, with capacity of
400 tpd, refinery capacity of 150 tpd and modern oil mill of 80
tpd in Jagraon (Punjab).


A.S.JUTE PRODUCT: CRISIL Puts 'CRISIL B-' Rating on INR170MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of A.S.Jute Product Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             170.00      CRISIL B-/Stable (Assigned)
   Term Loan             100.00      CRISIL B-/Stable (Assigned)

The rating reflects ASJPPL's exposure to risks associated with
the timely implementation and stabilisation of the ongoing
project in Vizianagaram (Andhra Pradesh), the challenges that the
company is expected to face in attaining optimum capacity
utilization in the initial year of its operations and the
substantial term debt obligations commencing from 2012-13. These
rating weaknesses are partially offset by the extensive business
experience of ASJPPL's promoters in the jute and flour industry.

Outlook: Stable

CRISIL believes that ASJPPL will continue to benefit over the
medium term from its promoters' extensive experience in the jute
and flour business. The outlook may be revised to 'Positive' in
case the company successfully stabilizes its project and
generates cash flows commensurate with its debt service
commitments. Conversely, the outlook may be revised to 'Negative'
in case of any significant time or cost overruns in commissioning
of ASJPPL's project or lower than expected revenues resulting in
weakening of the debt servicing metrics.

                      About A.S.Jute Product

A.S.Jute Product Pvt Ltd was set up in November 2010 by Mr. A
Nagesh Kumar, Mr. Om Prakash Rathi, and Mr. Sunil Kumar Bhararia.
The company is engaged in the manufacture of jute fine yarn and
jute gunnies. The unit is based in Vizianagaram and has commenced
commercial operations in December 2011.

The company is currently adding to its jute manufacturing
capacity by setting up a second unit for manufacturing of jute
yarn and jute gunny at Vizianagaram. The second unit is expected
to commence operations by June 2012.

Combined jute yarn and jute gunny manufacturing capacity is
expected to be around 13,860 tonnes per annum on the commencement
of operations at the second unit.

Besides, the company also planning to set up a unit for
processing of wheat and wheat based products with capacity of
300 tonnes per annum with commercial production expected to
commence by December 2012.


DARJEELING CEMENTS: CRISIL Cuts Rating on INR35MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Darjeeling Cements Ltd to 'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           35.00       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan             34.80       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects instances of delay by DCL in servicing its
debt; the delays have been caused by the company's weak
liquidity. DCL has quadrupled its capacity to 550 tonnes per day
(tpd) from 150 tpd and is facing problems in offtake of its
products. This has resulted in insufficient cash accruals
vis-a-vis debt obligations in 2011-12 (refers to financial year,
April 1 to March 31). Its bank limit utilization was high at
98.7 per cent over the 12 months ended January 31, 2012. Its
current ratio was low at 1.1 times as on March 31, 2011 and is
expected to remain at similar levels over the medium term period.

DCL also has small scale of operations, geographical and product
segment concentration, and weak financial risk profile, marked by
small net worth and weak debt protection metrics. However, the
company benefits from its proximity to its customers and
suppliers, and its established marketing network in the north-
eastern states of India.

                     About Darjeeling Cements

Incorporated in 1997 by four Siliguri-based businessmen, DCL, a
closely held public limited company, manufactures portland
pozzolana cement. In 2005, the company was acquired by Mr. Ajay
Kumar Gupta and his family. The company sells its products under
the registered brand, Himali.

DCL reported a profit after tax (PAT) of INR0.04 million on net
sales of INR88.0 million for 2010-11, against a PAT of INR3.9
million on net sales of INR137.5 million for 2009-10.


DHARMADEV INFRA: CRISIL Cuts Rating on INR650MM Loan to 'BB+'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Dharmadev Infrastructure Ltd to 'CRISIL BB+/Stable' from
'CRISIL BBB-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Working Capital        650       CRISIL BB+/Stable (Downgraded
   Demand Loan                      from 'CRISIL BBB-/Stable')

The downgrade reflects lower-than-expected bookings and customer
advances for the Dharmadev group's ongoing projects (under DIL)
and the fact that the progress on the projects so far has been
below expectations. CRISIL believes that the lower-than-expected
bookings and customer advances for the projects will constrain
the group's financial flexibility, resulting in increased
dependence on debt and consequent deterioration in its financial
risk profile, over the medium term.

The rating, however, continues to reflect the Dharmadev group's
established market position in the real estate market in
Ahmedabad (Gujarat) backed by the promoters' extensive experience
in the real estate business and moderate financial risk profile
marked by moderate net worth, gearing and strong debt protection
metrics. These rating strengths are partially offset by the
group's geographic concentration, and susceptibility to risk of
time and cost overruns in its ongoing projects and to cyclicality
and intense local competition in real estate sector.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of DIL and Swaminarayan Reality Pvt Ltd.
The two entities are together referred to as the Dharmadev group.
This is because the entities have a common management, are in the
same line of business, and have operational and financial
linkages with each other. The management intends to make DIL a
majority shareholder in SRPL, even as some of the real estate
projects that were earlier being implemented under DIL are being
transferred to SRPL for more convenient access to funding.

Outlook: Stable

CRISIL believes that the Dharmadev group will maintain its
established market position in Ahmedabad's real estate sector
over the medium term, supported by its promoters' extensive
experience in the real estate business. The outlook may be
revised to 'Positive' if the group receives more-than-expected
customer advances for its ongoing projects, resulting in
enhancement in its financial flexibility and cash flow adequacy.
Conversely, the outlook may be revised to 'Negative' if the group
faces time or cost overrun in its projects or if offtake from the
completed projects are significantly below expectations, thereby
significantly constraining its debt servicing ability.

                       About the Group

DIL was incorporated in 2005. The company started executing
projects in 2008. DIL is engaged in real estate development in
Ahmedabad. The Dharmadev group has been engaged in real estate
development over the past 20 years and in the hospitality
business over the past 25 years. The group's hospitality division
is managed under Hotel Netra Palace Pvt Ltd, which currently
operates nine budget hotels in Ahmedabad.

Till 2007, the group implemented each of its projects under a
separate project-specific entity. In 2008, the group's management
decided to implement all projects under DIL. DIL is promoted by
Mr. Umang Thakkar and his wife, Mrs. Kanaklataben Thakkar, with
Mr. Umang Thakkar managing the operations of the real estate
business (as the chairman of DIL) and Mrs. Kanaklataben Thakkar
(chairperson of HNPL) managing the hospitality business.

SRPL is promoted by Mr. Umnag Thakkar. Mr. Umang Thakkar holds 90
per cent equity stake in SRPL and the remaining 10 per cent is
held by his wife. SRPL was incorporated in 2008 and there have
been no commercial operations in SRPL till now. The promoters
have now decided to transfer some real estate projects to SRPL
from DIL and make SRPL a special-purpose vehicle for the
projects. Also, the shareholding pattern is in the process of
being changed - DIL will own 90 per cent of SRPL's equity shares
and the remaining will be owned by Mr. Umang Thakkar.

DIL reported a profit after tax (PAT) of INR225 million on net
sales of INR581 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR27.5 million on net
sales of INR306 million for 2009-10.


MANGALAM METALS: CRISIL Rates INR120MM Loans at 'CRISIL BB-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Mangalam Metals & Ores Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL BB-/Stable (Assigned)
   Proposed Cash Credit   100        CRISIL BB-/Stable (Assigned)
   Limit

The rating reflects the extensive industry experience of MMOL's
promoters and the moderate financial risk profile of the company.
These rating strengths are partially offset by MMOL's
susceptibility to risks inherent in the iron ore trading industry
and to adverse regulatory changes.

Outlook: Stable

CRISIL believes that MMOL will benefit over the medium term from
its established market position and promoters' extensive
experience in the mining industry. The outlook may be revised to
'Positive' in case of a higher-than-expected increase in revenues
and profitability or greater integration of operations.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected revenue and profitability, or in case of any
larger-than-expected debt-funded capital expenditure plan, which
may weaken its financial risk profile.

                      About Mangalam Metals

MMOL was incorporated in 2003 to set up an iron ore crushing
unit. However, due to operational inefficiencies, the iron ore
crushing activity was discontinued from 2008; presently, MMOL
trades in iron ore lump and fines. The mineral is sourced from
various mining companies in Barbil (Orissa) sector and is
supplied to domestic steel manufacturers located in Eastern
India.

MMOL reported a profit after tax (PAT) of INR10 million on net
sales of INR773 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR9 million on net
sales of INR1380 million for 2009-10.


MOHANA COTTON: CRISIL Assigns 'CRISIL B' Rating to INR170MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mohana Cotton Ginning.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               65        CRISIL B/Stable (Assigned)
   Cash Credit             50        CRISIL B/Stable (Assigned)
   Proposed Long-Term      45        CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects MCG's modest financial risk profile, marked
by high gearing and weak debt protection metrics, and short track
record of operations. The rating also factors in the
vulnerability of the firm's revenues and profitability to
government policies. These rating weaknesses are partially offset
by MCG's locational advantage.

Outlook: Stable

CRISIL believes that MCG will benefit over the medium term from
its management's industry experience, locational advantage, and
setting up of its own ginning mill. The outlook may be revised to
'Positive' if MCG increases its revenues significantly, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if MCG undertakes a larger-than-expected
debt-funded capital expenditure programme or in case its sales
volumes and profitability decline sharply, thereby deteriorating
the financial risk profile.

About Mohana Cotton

MCG was set up as a partnership firm in October 2010 in Guntur
district (Andhra Pradesh) by Mr. A Subramanyam and friends and
relatives. The firm currently trades in cotton lint. Mr.
Subramanyam has extensive experience in marketing agricultural
products, such as cotton, chillies, and paddy. The firm's
partners are setting up a ginning mill with a capacity of 200
bales per day, at a project cost of INR115 million, which is
being funded with a term loan of INR65 million and partners'
contribution of INR50 million. The mill is expected to be ready
by May 2012.

MCG reported a profit after tax (PAT) of INR0.7 million on net
sales of INR317.4 million for 2010-11.


NANGALWALA IMPEX: CRISIL Reaffirms 'BB-' Rating on INR7.7MM Loan
----------------------------------------------------------------
The ratings on the bank facilities of Nangalwala Impex Pvt Ltd
continue to reflect NIPL's established market position in the
rubber-coated power cables industry and the extensive industry
experience of promoters.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         10.0     CRISIL A4+ (Reaffirmed)
   Cash Credit            99.0     CRISIL BB-/Stable (Reaffirmed)
   Term Loan               7.7     CRISIL BB-/Stable (Reaffirmed)

These rating strengths are partially offset by segmental
concentration in NIPL's revenue profile, below-average financial
risk profile, marked by a small net worth, high gearing, and
below-average debt protection metrics.

Outlook: Stable

CRISIL believes that NIPL will maintain its business risk
profile, backed by established relationship with its customers.
The outlook may be revised to 'Positive' if there is a
substantial infusion of equity, leading to improvement in NIPL's
capital structure, or in case the company generates larger-than-
expected accruals, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if NIPL's
liquidity deteriorates, most likely because of any unprecedented
stretch in its working capital cycle.

Update

NIPL registered sales of INR664 million in 2010-11 (refers to
financial year, April 1 to March 31), which was in line with
CRISIL's expectation. For the 10 months ended January 2012,
NIPL's sales are estimated at INR520 million. It continues to
supply rubber-insulated power cables to windmill players
(accounting for around 50 per cent of total sales) such as Inox
Wind Ltd, Suzlon Energy Ltd, Enercon India Ltd, and Regen
Powertech Pvt Ltd. The remaining revenues are contributed by
players such as Gujarat Pipavav Port Ltd, Pipavav Ports, ABG
Shipyard Ltd, and the railways and defence sectors. The company
has started exporting to customers in the US and Middle East over
the past two years, though it derives minimal revenues from
exports. It has an order book of INR220 million, to be executed
by April 2012. The company reported an operating margin of 8.4
per cent in 2011, which was lower than expected due to increase
in raw material prices which could not be passed on to its
customers. For the 10 months ended January 2012, its operating
margin is estimated at 7.5 per cent.

During 2010-11, NIPL incurred a capex of INR30 million towards
setting up Polyvinyl chloride (PVC)/ Cross-Linked Polyethylene
Insulation (XLPE) facility and for enhancing its rubber-coated
power cable facility by 0.5 million. The commissioning of the
rubber-coated power cable facility is expected by end of March
2012 while the PVC/XLPE facility has been commissioned. It had a
gearing of 3.6 times as on March 31, 2011 and this is expected to
remain around 3 times due to large working capital requirements.
NIPL has working capital limits of INR135 million (enhanced from
INR125 million in May 2011), which were utilized at an average of
93 per cent over the 12 months ended January 2012. The company is
expected to generate cash accruals of about INR14 million in
2011-12, vis-…-vis expected fixed loan repayments of around
INR4.9 million during the year. It has below-average debt
protection metrics in 2010-11, with net cash accruals to total
debt ratio of 9 per cent and interest coverage ratio of 1.9
times. The debt protection metrics are expected to remain below-
average due to pressure on the operating margin.

The company is exploring a joint venture with Dubai Cables
Company (Ducab), a global supplier of power cables owned by the
governments of Abu Dhabi and Dubai. Successful execution of this
transaction will be a key rating sensitivity factor going
forward.

NIPL reported a profit after tax (PAT) of INR11.7 million on net
sales of INR663.7 million for 2010-11, against a PAT of INR14.5
million on net sales of INR430.7 million for 2009-10.

                      About Nangalwala Impex

NIPL was incorporated in 1995, promoted by Mr. Subhash Agarwal
and his brother, Mr. Naresh Agarwal. The company started off by
manufacturing PVC auto cables; currently, it primarily
manufactures rubber-coated power cables at its manufacturing
facility in Alwar (Rajasthan), which has a capacity of 1.1
million meters per annum. It is enhancing these facilities by 0.5
million metres per annum. The expanded facilities are to be
commissioned by March 2012 and commercial production is expected
to begin in April 2012. NIPL has also set up capacities for
manufacturing PVC/cross-linked polyethylene cables with a
capacity of 0.5 million meters per annum.


RAIN CII: Fitch Withdraws 'B' Issuer Default Rating
---------------------------------------------------
Fitch has affirmed and withdrawn India-based Rain CII Carbon
Vizag Ltd's Long-Term Foreign Currency Issuer Default Rating (LT
FCIDR) of 'B' with Stable Outlook.  Simultaneously, the agency
has affirmed and withdrawn the FC ratings on RCCVL's bank loans.
The FC ratings have been withdrawn as they are no longer
considered by Fitch to be relevant to its coverage.

The agency has also affirmed RCCVL's National Long-Term rating at
'Fitch A-(ind)'.  The Outlook remains Stable.

Fitch has taken a consolidated view of RCCVL (representing Indian
calcining business) and its associate company -- Rain CII Carbon
LLC (representing US calcining business) -- for the rating
purpose.

The affirmations reflect the continued strong operating
performance of the consolidated entity.  On the basis of the
provisional financials for 2011, consolidated revenues improved
to about USD1.0bn (2010: USD663m), with an EBITDA margin of about
28.0% (2010: 25.9%), financial leverage (net debt/ operating
EBITDA) of about 1.5x (2010: 2.8x). For more details on RCCVL's
rating rationale, please refer to the rating action commentary,
'Fitch Affirms Rain CII at 'B'; Resolves RWN; Outlook Stable',
dated 21 September 2011.

RCCVL:

  -- LT FCIDR: 'B'/Stable; rating affirmed and withdrawn
  -- National Long-Term rating affirmed at 'Fitch A-(ind)';
     Outlook Stable
  -- Outstanding USD76.9m senior secured term loans Tranche D:
     affirmed at 'Fitch A-(ind)'; 'B+'/'RR3' ratings affirmed and
     withdrawn
  -- Senior secured revolver USD15m Tranche E1 and USD39.3m
     Tranche E2: affirmed at 'Fitch A-(ind)'/ 'Fitch A2+(ind)';
     'B+'/'RR3' ratings affirmed and withdrawn


SARA INTERNATIONAL: CRISIL Raises Rating on INR80MM Loan to 'BB'
----------------------------------------------------------------
CRISIL has upgraded the ratings on the enhanced bank loan
facilities of Sara International Ltd to 'CRISIL BB/Stable/CRISIL
A4+' from 'CRISIL BB-/Negative/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Composite Working       920.0      CRISIL A4+ (Upgraded from
   Capital Limit                      'CRISIL A4')

    Letter of credit &    1200.0      CRISIL A4+ (Upgraded from
    Bank Guarantee                    'CRISIL A4')

    Term Loan               80.0      CRISIL BB/Stable (Upgraded
                                      from 'CRISIL BB-/Negative')

The rating upgrade reflects the expected improvement in the
financial risk profile, particularly the liquidity, of the Sara
group, marked by the recent sale of SIL's 50 percent stake in
Gopalpur Ports Ltd. The group has sold off its stake to Jindal
Steel and Power Limited due to its inability to support the
project as a developer. CRISIL believes that the proceeds from
this stake sale (estimated to be more than INR1 billion) are
expected to provide considerable financial flexibility to the
Sara group for scaling up its existing operations or undertaking
new business opportunities with the objective of strengthening
its business risk profile. The funding of these new business
opportunities and the subsequent impact on the financial risk
profile of the group will remain a key rating sensitivity factor.

The ratings reflect the benefits that the Sara group derives from
its promoters' extensive experience in the trading business,
supported by its healthy relationships with its customers and its
efficient supply chain management. This rating strength is
partially offset by the group's constrained financial risk
profile, marked by a high gearing and weak debt protection
metrics, and susceptibility to volatility in prices of traded
commodities especially iron ore fines.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SIL and STL. This is because SIL and
STL, together referred to as the Sara group, are under common
directors and management. SIL has a 44 per cent stake in STL's
equity, and is likely to support STL in case of exigencies. SIL
has also provided an undertaking to CRISIL for timely servicing
of STL's debt, in case STL does not have requisite cash flows to
meet its principal and interest obligations in a timely manner.

Outlook: Stable

CRISIL believes that the Sara group will continue to benefit over
the medium term from its established market position in the
trading business, further supported by its business of terry
towels manufacturing. The outlook may be revised to 'Positive' if
the group reports an improvement in its financial risk profile
because of more-than-expected profitability and growth in
operating income, while it maintains its capital structure.
Conversely, the outlook may be revised to 'Negative' if the Sara
group reports a weakening of its financial risk profile because
of deterioration in its working capital management and liquidity,
or if the group undertakes a large, debt-funded acquisition or
capital expenditure programme.

                        About the Group

SIL, set up in 1973 by Mr. D P Singh, is the flagship company of
the Sara group. It trades in iron ore fines, hot-rolled steel
coils, textiles, cement, steel, coal, and agricultural
commodities. GPL was a joint venture between SIL and Orissa
Stevedores Ltd (rated 'CRISIL BBB/Stable/CRISIL A3+'), for
developing the port in Gopalpur (Orissa) for INR12.5 billion. SIL
had invested INR240 million in GPL in the form of equity capital.
However, SIL has recently sold off its entire stake in this joint
venture in October 2011.

STL, incorporated in 2005, manufactures terry towels and trades
in bath mats and bed sheets. The company has its manufacturing
facility in Nalagarh (Himachal Pradesh). With enhanced production
capacities, STL is looking at increasing the share of its
manufactured products as a percentage of its total sales.

Sara Group reported, on a consolidated basis, a net profit of
INR8.3 million on operating income of INR7.18 billion in 2010-11
(refers to financial year, April 1 to March 31), against a net
profit of INR28.6 million on operating income of INR5.98 billion
in 2009-10.

SIL, on a standalone basis, reported a net profit of INR9.9
million on sales of INR6.04 billion in 2010-11 (refers to
financial year, April 1 to March 31), against a net profit of
INR11.3 million on sales of INR4.96 billion in 2009-10.


SHRIGANESH TEXFAB: CRISIL Rates INR124.1MM Loans 'BB-'
--------------------------------0---------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Shriganesh Texfab Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             65        CRISIL BB-/Stable (Assigned)
   Term Loan               59.1      CRISIL BB-/Stable (Assigned)

Analytical Approach

CRISIL has treated unsecured loans of INR10 million from the
promoters as neither debt nor equity. This is because the loans
are interest-free and have been subordinated to the bank during
currency of sanctioned limit.

The rating reflects the extensive industry experience of STL's
promoters, established relations with customers, and moderate
financial risk profile, marked by a moderate net worth, and
comfortable debt protection metrics, however constrained by high
gearing. These rating strengths are partially offset by STL's
working-capital-intensive operations and susceptibility to
volatility in raw material prices.

Outlook: Stable

CRISIL believes that STL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the company's scales
up its operations while maintaining its profitability, leading to
better-than-expected cash accruals and improvement in capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected profitability or larger-than-
expected working capital requirements or larger than expected
debt-funded capital expenditure, leading to pressure on STL's
financial risk profile, especially liquidity.

                       About Shriganesh Texfab

Incorporated in 1998, STL is mainly engaged in the processing and
dyeing of fabric on a job work basis which includes both piece
dyeing (contributing to around 50-60% of income from processing)
and fibre dyeing (contributing to around 40-50% of income from
processing). The company is also engaged in the trading of
finished fabrics in the local market of Bhilwara.

STL reported a profit after tax (PAT) of INR 0.48 million on net
sales of INR269.04 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 0.14 million on net
sales of INR183.12 million for 2009-10.


S. M. LULLA: CRISIL Assigns 'CRISIL B+' Rating to INR2.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of S. M. Lulla Industries World Wide.

                               Amount
   Facilities                (INR Mln)     Ratings
   ----------                 ---------    -------
   Foreign Bill Discounting     33.5       CRISIL A4 (Assigned)
   Cash Credit                   2.5       CRISIL B+/Stable
                                           (Assigned)
   Bank Guarantee                1         CRISIL A4 (Assigned)
   Bill Discounting under       70         CRISIL A4 (Assigned)
   Letter of Credit
   Foreign Exchange Forward      8         CRISIL A4 (Assigned)
   Letter of Credit             23         CRISIL A4 (Assigned)
   Export Packing Credit        20         CRISIL A4 (Assigned)

The ratings reflect SML's weak financial risk profile, marked by
small net worth and high gearing, its large working capital
requirements and its small scale of operations. These rating
weaknesses are partially offset by the extensive experience of
SML's promoters in the leather industry and its established
customer relationships.

Outlook: Stable

CRISIL believes that SML will continue to benefit over the medium
term from its promoters' extensive industry experience and
established customer relationships. The outlook may be revised to
'Positive' if SML's financial risk profile improves because of
substantial improvement in gearing as a result of equity infusion
by the partners, or increase in its operating margin and
realizations. Conversely, the outlook may be revised to
'Negative' in case of significant delays in realization of
receivables or larger-than-expected debt or withdrawal by the
partners, leading to weakening in its financial risk profile.

                     About S. M. Lulla

Set up as a partnership firm in 1994, SML manufactures leather
garments for the export market. Based in Chennai (Tamil Nadu),
SML has an installed production capacity of 15,000 pieces per
month. The firm is currently operating at about 90 per cent of
its installed capacity. SML's managing partner, Mr. S M Lulla,
has experience of 20 years in the leather garments industry.

SML reported a profit after tax (PAT) of INR13 million on net
sales of INR474 million for 2010-11(refers to financial year,
April 1 to March 31), as against a PAT of INR8 million on net
sales of INR442 million for 2009-10.


S.N.B. INFRA: CRISIL Reaffirms 'BB+' Rating to INR170MM Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.N.B. Infrastructure
Pvt. Ltd continue to reflect SNB's below-average financial risk
profile marked by a high gearing, and the company's limited
geographical and project diversity, and exposure to intense
competition in the construction industry.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         280      CRISIL A4+ (Reaffirmed)
   Cash Credit            170      CRISIL BB+/Stable (Reaffirmed)

These rating weaknesses are partially offset by SNB's established
position in the earthworks and construction industry, and healthy
outstanding order book providing revenue visibility over the
medium term.

Outlook: Stable

CRISIL believes that SNB will continue to benefit over the medium
term from its established position in the earthworks and
construction industry. The outlook may be revised to 'Positive'
if the company successfully scales up its operations, while it
maintains its profitability, or in case of improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' in case SNB contracts a significant amount of debt,
which could lead to further deterioration in its debt protection
metrics, or if there are any significant delays in realisation of
receivables.

Update

SNB's revenues increased by 23 per cent in 2010-11 (refers to
financial year, April 1 to March 31) to INR1.1 billion; however,
the company's revenues were lower than those in 2008-09 at
INR1.28 billion. For 2011-12, SNB's revenues are expected to
reach INR1.3 billion, with INR820 million already achieved by
January 2012. The company's profitability has improved
significantly to 19 per cent in 2010-11 from 16 per cent earlier.
The same has been because of higher pilling work taken over by
the company. For the first half of 2011-12, its profitability has
been maintained at 18 per cent and the same is expected to
continue for the entire year. SNB's gearing had declined slightly
in 2010-11 to 2.27 times. The company is expected to raise inter-
corporate deposits of INR50 million before March 31, 2012. Over
the medium term, the gearing is expected to improve modestly,
with net repayments of INR35 million estimated in 2011-12. SNB's
debt protection metrics were healthy for 2010-11, with interest
coverage ratio of over 3 times and net cash accruals to total
debt ratio of 0.3 times. The company's debt protection metrics
are expected to remain healthy over the medium term as well.
SNB's working capital requirements remain large, marked by high
gross current asset days of 186 as on March 31, 2011, and fully
utilized bank limits. Also, SNB's cash accruals are expected to
tightly match the debt repayments over the medium term.

                       About S.N.B. Infrastructure

SNB was originally set up in 1977 as a partnership firm named
Shyam Narayan & Brothers, and was reconstituted as a private
limited company with its current name with effect from October 1,
2009. SNB undertakes infrastructure-related construction
activities and earthwork projects for government and private-
sector entities. The company is mainly involved in the early
phases of major projects such as roads, highways, ports, runways,
railways, building basements, and reservoirs, and general civil
engineering works such as soil and rock excavation, earth
filling, and appurtenant works. SNB also undertakes projects for
the Municipal Corporation of Greater Mumbai.

SNB reported a profit after tax (PAT) of INR58.6 million on net
sales of INR1.1 billion for 2010-11, against a PAT of INR53.8
million on net sales of INR901.5 million for 2009-10.


SREE ANJANEYA: CRISIL Rates INR258.7MM Term Loan 'CRISIL BB'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Sree Anjaneya Medical Trust.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          48.8      CRISIL A4+ (Assigned)
   Term Loan              258.7      CRISIL BB/Stable

The ratings reflect SAMT's trustees' extensive industry
experience in medical education segment, healthy revenue stream
from its multi-specialty medical hospital, good infrastructural
facilities and the benefits it is likely to reap from the healthy
demand prospects for higher education in Calicut (Kerala). These
rating strengths are partially offset by SAMT's below-average
financial risk profile, marked by weak capital structure,
geographical concentration in its revenue profile, and
susceptibility to adverse regulatory changes in the education
sector.

Outlook: Stable

CRISIL believes that SAMT will benefit over the medium term from
the healthy demand prospects for the higher education sector and
will maintain its good infrastructure over the medium term. The
outlook may be revised to 'Positive' if the trust scales up its
operations together with improving its capital structure,
resulting in an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case the
trust undertakes a large, debt-funded, capital expenditure
programme, or if there is any change in regulations adversely
impacts its financial risk profile.

Established in Kerala in 2005, SAMT is a charitable trust
constituted under the Indian Trust Act. The trust commenced
operations in 2010. SAMT runs a 25-acre multi-specialty hospital,
with a capacity of 530 beds. It also operates an educational
institute, Malabar Medical College and Research Hospital, which
offers undergraduate courses in medicine and nursing. The total
number of students in MMCH is about 340. The medical college and
general hospital are recognized by the Medical Council of India.

MMCH reported a net deficit of INR20 million on income of INR138
million for 2010-11 (refers to financial year, April 1 to
March 31), against a net deficit of INR12 million on income of
INR54 million for 2009-10.


STANZEN ENGINEERING: CRISIL Assigns 'B' Rating on INR47.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Stanzen Engineering Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             47.5        CRISIL B/Stable (Assigned)

   Proposed Long-Term    15          CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Bank Guarantee         2          CRISIL A4 (Assigned)

   Cash Credit           20          CRISIL B/Stable (Assigned)

The ratings reflect SEPL's limited track record of operations and
weak financial risk profile marked by high gearing. The rating is
constrained by customer concentration in its revenue profile.
These ratings weaknesses are partially offset by the benefits
that SEPL derives from its promoters' extensive experience in the
automotive (auto) components industry.

Outlook: Stable

CRISIL expects SEPL to maintain its credit profile on the back of
extensive experience of promoters. The outlook may be revised to
'Positive' if the company reports significantly higher than
expected revenues and accruals leading to an improvement in debt
servicing indicators. Conversely, the outlook may be revised to
'Negative', if the company's capacity utilization declines, or if
the company's financial risk profile deteriorates due to
deterioration in company's capital structure or stretch in
working capital cycle.

                       About Stanzen Engineering

Established in 1980 as Bleach Lackier, a partnership firm of Mr.
SR Uday and Ms. Sujata S. Kulkarni, and later on reconstituted
and renamed in 2010, Stanzen Engineering Private Limited, SEPL
manufactures products such as clutch padel, brake padel, air
suspension springs, steam adaptors, and other auto components
used in passenger cars. The company also undertakes jobwork of
stamping wherein the company embosses logos on auto components.
SEPL's clientele include Toyotetsu India Private Limited, Stanzen
Toyotetsu India Private Limited and Faurecia Emissions Control
Technologies India Private Limited. SEPL's manufacturing
facilities are located in Bengaluru (Karnataka).

SEPL reported net loss of INR10.5 million on net sales of INR16.4
million for 2010-11, which was the first year of operations for
the company (refers to financial year April 1 to March 31).


SURYAAMBA SPINNING: CRISIL Cuts Rating on INR150MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Suryaamba Spinning Mills Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Negative/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           150.0       CRISIL D (Downgraded from
                                     CRISIL BB-/Negative)

   Long Term Loan        138.2       CRISIL D(Downgraded from
                                     CRISIL BB-/Negative)

   Bank Guarantee          2.5       CRISIL D (Downgraded from
                                     CRISIL A4)

   Letter of Credit       10.0       CRISIL D (Downgraded from
                                     CRISIL A4)

The rating downgrade reflects instances of delay in debt
servicing by Suryaamba due to its weak liquidity. Suryaamba's
liquidity was weakened by aggressive utilisation of short-term
borrowings for funding capital expenditure (capex) and increasing
working capital requirements, leading to frequently overdrawn
bank limits over the 12 months ended December 2011. Moreover, the
company stalled its capacity expansion project in April 2011 to
avail the undisbursed part of the term loans under the Technology
Upgradation Funds Scheme, resulting in a delay in implementation
of its project. Delay in project implementation and lower offtake
of existing products have led to cash losses for Suryaamba in the
first nine months of 2011-12 (refers to financial year, April 1
to March 31).

Suryaamba also has a weak financial risk profile because of debt-
funded capex and the company's limited ability to pass on
increase in raw material prices. The company, however, benefits
from the experience of its promoters in the yarn manufacturing
business.

                      About Suryaamba Spinning

Suryaamba was formed by the demerger of Suryalata Spinning Mills
Ltd's (Suryalata's) unit in Nayakund (Maharashtra) from Suryalata
in June 2007. Suryaamba manufactures polyester yarn and
polyester/viscose blended yarn in the 20s to 45s count range. Its
products are used to manufacture garments and apparel. The
company's managing director, Mr. Virender Kumar Agarwal, has been
associated with the textile industry for nearly 25 years. The
company's manufacturing unit at Nayakund has 28,080 spindles, and
is ISO 9001:2000 certified.

Suryaamba had undertaken a project involving an investment of
INR350 million to increase its number of spindles to 40,176 in
2010-11. Since April 2011, the company has begun operating 3024
of the additional 12,000 spindles.

Suryaamba posted a profit after tax (PAT) of INR54.7 million on
net sales of INR1.17 billion for 2010-11, against a PAT of
INR3.3 million on net sales of INR826 million for 2009-10. The
company reported a net loss of INR69.5 million on net sales of
INR716.5 million for the first nine months of 2011-12, against a
PAT of INR41.6 million on net sales of INR879.9 million for the
first nine months of 2010-11.


TATA CHEMICAL: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed India-based Tata Chemicals Limited's
Long-Term Foreign Currency Issuer Default Rating and National
Long-Term rating at 'BB+' and 'Fitch AA(ind)', respectively.  The
Outlooks are Stable.

The affirmation reflects TCL's overall stable financial profile
in FY11 (financial year ending March) and 9MFY12, marked by its
sufficient cash balance (FY11: INR13.5bn, FY10: INR11.6bn) and
reasonable profitability.  Although revenue grew by 15.3% yoy to
INR109bn in FY11, operating profitability declined to 16.5% from
19% during the same period.  The latter was due to unexpected
shutdowns of its urea plant in India due to converter failure and
soda ash plant in UK due to severe winter. Consequently, TCL's
net financial leverage (total adjusted net debt/operating
EBITDAR) at FYE11 increased slightly to 2.4x (FYE10: 2.1x).

For 9MFY12, net revenues were INR102.6bn (9MFY11: INR82.6bn) and
operating EBITDA margin was 17.1% (16.8%).  On basis of 9MFY12
financials, Fitch expects annualized net financial leverage for
the company at end-FY12 to be below 2.2x, though gross debt could
increase to INR62bn from INR57bn in FY11.

The ratings also continue to factor in the strong business
position of the company as the world's second-largest and India's
largest soda ash producer, as well as its well-diversified
customer base and product offerings.  The ratings are also
underpinned by the integrated nature of TCL's Indian business
operations, widening demand-supply gap for fertilizers in India,
continued Government of India's support to the fertiliser
industry and TCL's 15-year track record as an efficient urea
producer.

The affirmation continues to reflect the rising input and energy
costs, cyclicality of the soda ash industry, modest size of TCL
in the Indian fertilizer industry, and susceptibility of
fertilizer business to regulatory changes.  However, these risks
are, to some extent, mitigated by TCL's ability to pass on cost
increases to customers and adequate budgetary allocations in
recent years to ensure the overall release of fertilizer subsidy
in a timely manner.

Fitch notes that company has followed a debt-funded inorganic
growth policy to increase capacities and secure supplies.  Thus,
any large debt-lead capex or acquisition will remain a key rating
sensitivity.

Positive rating guidelines for TCL's IDR and the National Long-
term rating include net financial leverage being sustained below
1.5x and below 2x, respectively.  Any adverse change in the
fertiliser subsidy policy or a large debt-led capex or
acquisition that leads to net financial leverage exceeding 3.5x
on a sustained basis would be negative for the ratings.

Established in 1939, TCL is a part of the multi-billion dollar
Indian conglomerate - Tata.  TCL's major business interests are
inorganic chemicals (soda ash, salt, sodium bicarbonate) and farm
inputs (fertilisers, pesticides, speciality nutrients, seeds).
The company has its manufacturing facilities in India, UK, USA
and Kenya.

Rating actions on TCL's instruments:

  -- INR36bn bank facilities: affirmed at 'Fitch AA(ind)'/ 'Fitch
     A1+(ind)'
  -- INR2bn commercial paper programme (part of the fund-based
     working capital limits): affirmed at 'Fitch A1+(ind)'


TIRUPATI EDUCATIONAL: CRISIL Cuts Rating on INR155MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Tirupati Educational and Welfare Trust to 'CRISIL D' from
'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             155.0       CRISIL D (Downgraded from
                                     'CRISIL C')

The downgrade reflects delays by TEWT in servicing its interest
because of weak liquidity and cash flow mismatches.

The Tirupati group is also exposed to adverse regulatory changes.
The group, however, benefits from the diversity in courses
offered by its institute.

CRISIL has combined the business and financial risk profiles of
TEWT and Tirupati Educational and Welfare Society (TEWS). This is
because these entities, which are together referred to as the
Tirupati group, have a common management and fungible cash flows.

Update

The Tirupati group's revenues are expected to increase at around
13 per cent on a year-on-year basis in 2011-12 (refers to
financial year, April 1 to March 31), driven by increase in the
fee for the bachelor of education (B Ed) course offered by the
group. The group, on a consolidated basis, reported an operating
income of around INR133.2 million for 2010-11 and is estimated to
achieve an operating income of around INR150.0 million for 2011-
12. The Tirupati group's operating margin declined to around 39.1
per cent in 2010-11, as compared to 59.7 per cent in the previous
year, marked by increase in employee costs. The group's operating
margin is expected to improve over the near term marked by the
increase in the fee for its B Ed course. The Tirupati group plans
to undertake a capital expenditure (capex) programme of around
INR170 million over the near term, funded by a term loan of
around INR115 million; the rest would be funded by internal
accruals and equity. The above capex would be towards building of
hostels, administrative building, and increasing seat capacity.
The above debt-funded capex is likely to result in deterioration
in the financial risk profile of the group; however, the
financial risk profile will be supported by moderate cash
accruals expected in 2011-12.

The Tirupati group's liquidity remains weak, marked by delay in
repayment of its interest obligation because of cash flow
mismatches. Also the bank lines of the group remain fully
utilised and do not have cushion to meet its debt obligations
during the month end.

The Tirupati group, on a consolidated basis, reported a profit
after tax (PAT) of INR19.5 million on revenues of INR133.2
million for 2010-11, against a PAT of INR49.2 million on revenues
of INR133.5 million for 2009-10.

                         About the Group

TEWT, set up in 1998 by Mr. Sudhir Giri, is part of the
Venkateshwara Group of Institutions, which runs eight colleges in
Meerut (Uttar Pradesh), namely, Venkateshwara College of
Education, Venkateshwara Institute of Technology & Management,
Venkateshwara College of Engineering, Venkateshwara College of
Pharmacy, Venkateshwara School of Pharmacy, Venkateshwara School
of Computer Science, Venkateshwara Institute of Technology, and
Venkateshwara School of Management. These colleges offer courses
in engineering, management, pharmacy, and polytechnic with
affiliation to Uttar Pradesh Technical University and Chaudhary
Charan Singh University.

TEWS runs two colleges in Meerut. Both TEWT and TEWS have a
common campus spread across 11 acres.


UI PIPE: CRISIL Assigns 'CRISIL BB-' Rating to INR70MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of UI Pipe Fittings Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             70          CRISIL BB-/Stable (Assigned)
   SME Credit             5          CRISIL BB-/Stable (Assigned)
   Letter of Credit       8          CRISIL A4+ (Assigned)
   Bank Guarantee         2          CRISIL A4+ (Assigned)
   Cash Credit           48          CRISIL BB-/Stable (Assigned)

The ratings reflect the extensive industry experience of UIPF's
promoters. These rating strengths are partially offset by UIPF's
below-average financial risk profile, marked by small net worth,
highly working-capital-intensive operations, and intense
competition in the pipe fittings industry.

Outlook: Stable

CRISIL believes that UIPF will benefit over the medium term from
its promoters' extensive industry experience and healthy demand
prospects from end-user industries. The outlook may be revised to
'Positive' if UIPF achieves diversification in end-user profile
in its operating income, while maintaining its operating
profitability and improving its financial risk profile
significantly. Conversely, the outlook may be revised to
'Negative' if the company undertakes higher-than-expected debt-
funded capital expenditure programme, leading to weakening in its
financial risk profile.

                         About UI Pipe

Mr. Srikanth Vellanki started a proprietorship firm, Ushasri
Industries, in 1997. The firm was reconstituted as a closely held
private limited company in 2006 and renamed to UIPF. UIPF
processes pipings and manufactures fittings, such as elbows,
tees, reducers, caps, and flanges, used in pipes that find
application in boilers in thermal power plants. The company
undertakes manufacturing activities both directly for the vendors
and also on jobwork basis. UIPF has an installed capacity of 1500
tonnes per annum (tpa) at its existing unit and is setting up a
new unit with installed capacity of 6000 tpa. The new unit is
expected to commence trial run from March 2012 and commercial
production from April 2012.

UIPF reported a profit after tax (PAT) of INR9 million on net
sales of INR146 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR5 million on net
sales of INR88 million for 2009-10.


WEST INDIA POWER: CRISIL Reaffirms 'B' Rating on INR105MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of The West India Power
Equipments Pvt Ltd continues to reflect WIPE's small scale of
operations, customer concentration, and average financial risk
profile marked by small net worth, constrained liquidity and
moderate gearing and debt protection metrics.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Bank Guarantee           1          CRISIL A4 (Reaffirmed)
   Cash Credit            105          CRISIL B/Stable
   Letter of Credit         2.5        CRISIL A4
   Term Loan               11.9        CRISIL B/Stable

These rating weaknesses are partially offset by WIPE's
established customer relationships and promoters' extensive
industry experience.

Outlook: Stable

CRISIL believes that WIPE will maintain its business risk profile
over the medium term, supported by its established relationships
with large, reputed, original equipment manufacturers (OEMs) in
the automobile industry. WIPE's liquidity is expected to remain
constrained over the medium term because of its large working
capital requirements and ongoing debt-funded capital expenditure
(capex). The outlook may be revised to 'Positive' if there is a
significant improvement in WIPE's liquidity, most likely driven
by an increase in scale of operations, improvement in
profitability and efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if the
company's liquidity deteriorates further, most likely because of
larger-than-expected working capital requirements or debt-funded
capex.

                       About West India

Incorporated in 1986, WIPE manufactures wiper arms, wiper blades,
rubber components, and many other automobile components for OEMs.
The company has manufacturing units in Jagdispur (Uttar Pradesh),
Maraimalai (Tamil Nadu), and Chakan (Pune). WIPE is promoted and
managed by Mr. Kamlesh Prasad and Mr. Paresh Prasad. The
promoters also operate other group companies. The WIPE Hotwire
India Thermal Equipments Pvt Ltd is an export-oriented unit,
manufacturing hot wires used for increasing the temperature of
floors and glasses. The WIPE India Automotive Pvt Ltd (WIAPL) is
a manufacturer of sheet metal components for wiper blades and
supplies to WIPE for supply to Maruti Suzuki India Ltd (MSIL;
rated 'CRISIL AAA/Stable/CRISIL A1+') for aftermarket sales;
however, WIAPL will directly supply to MSIL over the medium term.
AB Metal Caster Pvt Ltd supplies wiper heads for wiper blades to
WIPE.

WIPE reported a profit after tax (PAT) of INR21.5 million on net
sales of INR795 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR13.6 million on net
sales of INR588 million for 2009-10.


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


BANK NEGARA: Fitch Affirms 'BB' Viability Rating
------------------------------------------------
Fitch Ratings has affirmed PT Bank Negara Indonesia's (Persero)
Tbk Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) at 'BBB-' with Stable Outlook.

The affirmation reflects the likelihood of continuing state
support for BNI in times of need, in view of the bank's majority
ownership by the government and its position as Indonesia's
fourth-largest bank by assets, albeit within the constraints of
the sovereign's limited, but improving, financial resources.
Downside risk is limited given the Support Rating Floor of
'BBB-'.

The Viability Rating reflects BNI's improved underlying
profitability, satisfactory asset quality and adequate provision
cover, despite being slightly lower than that of the other two
bigger state-owned banks in Indonesia.

The bank's return on assets increased to 2.2% in 2011 from 1.8%
in 2010 due to higher net interest revenues and lower expenses,
although it remains below the industry average of 3%.  Fitch
expects that profitability will remain satisfactory, consistent
with the bank's plan to grow its higher-yield consumer loans.

BNI's non-performing loans (NPL) ratio decreased to 3.6% in 2011
from 4.3% in 2010 with provision cover remaining stable at about
120% in 2011 and 2010.  In Fitch's view, asset quality management
will remain a focus for the bank in medium term.  To this end,
BNI has continued to strengthen its risk management team, which
benefits the bank's corporate governance performance.

The bank's capital position remains sound and comparable with its
peers, with total capital adequacy ratio and Tier-1 capital at
17.6% and 15.9% respectively at end-2011 (2010: 18.6% and 16.6%).
The decline in capital was a result of loan expansion and full
implementation of Basel II operational risk.

BNI was incorporated in 1946. It has the fourth-largest market
share of deposits in Indonesia.  The bank is 60%-owned by the
government of Indonesia and one of Indonesia's four state-owned
banks.

BNI's ratings:

  -- LTFC and LTLC IDRs affirmed at 'BBB-'; Outlook Stable
  -- STFC IDR affirmed at 'F3'
  -- Support Rating Floor affirmed at 'BBB-'
  -- Support Rating affirmed at '2'
  -- Viability Rating affirmed at 'bb'
  -- National Long-Term Rating affirmed at 'AA+(idn)'; Outlook
     Stable


BERLIAN LAJU: Fitch Cuts Issuer Default Rating to 'RD' From 'C'
---------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based Berlian Laju Tanker
Tbk's Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) to 'RD' (Restricted Default) from 'C'.

The rating on BLT's USD400 million senior unsecured notes due
2014, issued by BLT Finance B.V. and guaranteed by BLT, has been
affirmed at 'C' with a Recovery Rating of 'RR5'.  This is in line
with Fitch's 'Recovery Ratings and Notching Criteria for
Nonfinancial Corporate Issuers' dated 24 November 2009.

The downgrade comes after BLT failed to cure its default on the
debt instruments listed in the company's announcement on 27
February 2012.

BLT had announced a debt standstill on 26 January 2012.  In
its debt standstill announcement the company said that the
consolidated entity would temporarily cease making repayments on
its loans, bonds and lease facilities, excluding repayments on
the debt and leases assumed by PT Buana Listya Tama Tbk.


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


MONGOLIAN MINING: S&P Rates Corporate Credit 'B+'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Mongolian Mining Corp. The outlook is
stable. "At the same time, we assigned a 'B+' issue rating to the
proposed issue of senior notes due 2017," S&P said.

"The rating on MMC reflects the company's mineral concentration
to coking coal, customer concentration risks, and its exposure to
an untested and evolving regulatory environment in Mongolia (BB-
/Positive/B)," said Standard & Poor's credit analyst Xavier Jean.
"The company's reduced project development risk, first-quartile
cost position, and moderate debt levels partly offset these
limitations," S&P said.

"The stable outlook reflects our view that MMC is likely to
significantly increase its sales volume and maintain its
profitability range over the next two years, further supporting
cash flow protection," Mr. Jean said. "We expect its coal sales
to rise to about 7.2 million tons in 2012 and about 10.5 million
tons in 2013, while the gross profit per ton should remain at
$35-$45. These assumptions would translate into a ratio of total
debt to EBITDA of 2x-3x and a ratio of FFO to total debt of 25%-
35%."

"We could revise the outlook to positive or raise the rating if
the company develops a longer operating track record, resulting
in improved visibility over its financial performance and a
stronger financial risk profile, with a ratio of total debt to
EBITDA below 2x and FFO to total debt above 35% on a sustained
basis. This could materialize due to a combination of: (1) coal
sales exceeding 7.5 million tons in 2012 and 950,000 tons on a
monthly basis over the first six months of 2013 because of more
rapid ramp-up than anticipated; and (2) gross profit per ton
exceeding $50 on a sustainable basis because of higher coking
coal prices or lower mining costs," S&P said.

"We could revise the outlook to negative or lower the rating if
MMC's production ramp-up or coal sales are lower than we expect
or if coking coal prices decline materially, with a ratio of
total debt to EBITDA above 3.5x and a ratio of FFO to total debt
below 20%. This could materialize due to a combination of: (1)
coal sales falling below 6 million tons in 2012 and 750,000 tons
on a monthly basis over the first six months of 2013 because of
slower ramp-up, or coal sales interruptions; and (2) gross profit
per ton declining below $35 on a sustainable basis because of
lower coking coal prices and higher mining costs or royalty
rates," S&P said.


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


YARROW BAKERS: SFO Won't Pursue Probe on Receivership
-----------------------------------------------------
The Serious Fraud Office on March 16, 2012, confirmed that it
would not be pursuing the complaint made regarding the
receivership of the Yarrow group of companies.

SFO Chief Executive, Adam Feeley, said, "There has been a very
thorough assessment of the allegations made, and we have also
sought advice from the Crown Solicitors. We are satisfied that
the information provided does not disclose evidence of serious or
complex fraud, and that there are civil remedies for the
complainant to pursue if appropriate."

Mr. Feeley said that, as with any complaint, the SFO would not
rule out reconsidering the matter should new and relevant
information subsequently come to light.

New Zealand First leader Winston Peters, speaking under
parliamentary privilege, earlier this month claimed Westpac Bank
conspired with Yarrows directors and insolvency firm BDO to wrest
control from owner Paul Yarrow, leading to the receivership, The
National Business Review reports.

                     About Yarrows (The Bakers)

Founded in 1923, Yarrows (The Bakers) Limited is one of the last
independent bakeries in New Zealand.  It began exporting in the
late 1970s and in 1996, won the contract for the Subway sandwich
chain throughout Australasia.  It produces 30,000 frozen dough
rolls a week for Subway in New Zealand, Australia, and parts of
Asia.

Yarrows (The Bakers) and two associated companies went into
receivership in May 2011 when the company's directors could not
reach agreement on a restructure proposal that involved selling
its Australian business.  At the time of receivership, Yarrows
had total liabilities of NZ$72.8 million, including
NZ$55.2 million owed to Westpac.


                             *********

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

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

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


                            *********


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

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

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

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

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





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