TCRAP_Public/110615.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Wednesday, June 15, 2011, Vol. 14, No. 117

                            Headlines



A U S T R A L I A

ARLO IX: S&P Lowers Ratings on Series 2008 Notes to 'CCC+'
CENTRO PROPERTIES: Lend Lease Rejects Centro Debt Sale
INTERPACIFIC RESORTS: Couran Cove Sale Could Fetch AU$35 Million
RAPTIS GROUP: Southport Central Retail Suites Up for Sale


C H I N A

CHINA CENTURY: SEC Files Orders to Halt Share Sales
CHINA INTELLIGENT: Deregisters Unsold Securities
CHINA INTELLIGENT: SEC Files Orders to Halt Share Sales


H O N G  K O N G

CHAINWIN ENTERPRISE: Creditors' Proofs of Debt Due July 9
DYNAMIC TRADING: Creditors' Proofs of Debt Due July 9
FELICITY NURSERY: Members' Final Meeting Set for July 18
GRANDEUR HOLDINGS: Lam Hoi Ham Appointed as Liquidator
KEENSTAR INTERNATIONAL: Creditors' Proofs of Debt Due July 9

KEWAN INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
KWONG YICK: To Declare Dividends on June 15
LINK FIELD: Members' Final General Meeting Set for July 15
NATIONAL BRIGHT: Creditors' Proofs of Debt Due July 9
SHENG KUNG: Members' Final Meeting Set for July 11

SPEED JET: Creditors' Proofs of Debt Due July 9


I N D I A

ALLIED VYAPAR: ICRA Assigns 'LB+' Rating to INR8cr Bank Limits
FARADAY ELECTRICALS: CARE Puts 'CARE BB+' Rating on INR3cr LT Loan
FOMRA ELECTRICALS: ICRA Assigns 'LB-' Rating to INR18cr Bank Loan
GENERAL NICE: ICRA Assigns 'LBB+' Rating to INR2.5cr LT Bank Loan
INDUS FILA: Fitch Rates INR1.05 Billion Term Loan at 'D(ind)'

JYOTIRMAYE TEXTILES: ICRA Assigns 'LB+' Rating to INR46.05cr Loan
K.S.R. TEXTILE: ICRA Assigns 'LB+' Rating to INR21.49cr Term Loan
NAROLA GEMS: CARE Assigns 'CARE BB+' Rating to INR11cr LT Loan
NATIONAL INDUSTRIAL: ICRA Revises Rating on INR12cr Loan to 'LBB-'
NIK-SAN ENGINEERING: ICRA Assigns 'LBB+' Rating to INR18cr Loan

P.M. GRANITE: ICRA Assigns 'LB+' Rating to INR6.03cr Bank Limits
PURPLE CREATIONS: ICRA Suspends 'LBB' Rating on INR11.36cr LT Loan
RAJVEE RESORTS: CARE Assigns 'CARE BB-' Rating to INR38cr LT Loan
RAMA PHOSPHATE: Fitch Migrates D Rating to Non-Monitored Category
RAMOJI GRANITE: CARE Assigns 'CARE BB' Rating to INR33.63cr Loan

SAMBHAV GEMS: CARE Assigns 'CARE BB+' Rating to INR10.10cr Loan
SHREE BHAGESHWARI: ICRA Assigns 'LBB+' Rating to INR44.5cr Loan
SHRI HALASIDHANATH: CARE Rates INR51.37cr Bank Loan at 'CARE B+'
SILVERTON PAPERS: CARE Places 'CARE BB+' Rating to INR24.51cr Loan
SSIPL RETAIL: ICRA Reaffirms 'LBB' Rating on INR63cr Bank Loan

TULSYAN NEC: CARE Assigns 'CARE BB+' Rating to INR143cr LT Loan
VIJAYA BANK: Fitch Affirms Individual Rating at 'C/D'


I N D O N E S I A

ALUCO (P.T.): Moody's Assigns Provisional '(P)B3' Rating to Bonds


J A P A N

ORSO ABS: Moody's Downgrades Class C Rating to 'Caa2' from 'B3'
ORSO FUNDING: Moody's Reviews Ratings for Possible Downgrade
TITAN JAPAN: Moody's Reviews Ratings for Possible Downgrade


P H I L I P P I N E S

BANCO FILIPINO: CA Refuses To Lift Preliminary Injunction
PHILIPPINE AIRLINES: Temporarily Scraps Outsourcing Plans


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ARLO IX: S&P Lowers Ratings on Series 2008 Notes to 'CCC+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on Series
2008 RRF9 and Series 2008 RRF10 notes issued by ARLO IX Ltd. to
'CCC+ (sf)', from 'B (sf)'.

The downgrades follow a similar action taken on the authorized
investments that support the transaction.  The ratings on the two
series are underpinned by the ratings on bonds issued by Reliance
Rail Finance Pty Ltd., which were lowered on June 8, 2011, from
'B' to 'CCC+' (see research update titled: ' Reliance Rail Finance
Debt Ratings Lowered Amid Funding Concerns; Outlook Is
Developing', published to Global Credit Portal).

Transaction                 Rating         Rating
                            to             From
ARLO IX Ltd.
Series 2008 (RRF9)          CCC+ (sf)      B (sf)
Series 2008 (RRF10)         CCC+ (sf)      B (sf)


CENTRO PROPERTIES: Lend Lease Rejects Centro Debt Sale
------------------------------------------------------
The Australian reports that Lend Lease rejected a debt sale offer
from lenders of Centro Properties, but reaffirmed its interest in
buying Centro's $7.2 billion Australian shopping centre portfolio,
according to a June 7 letter from Lend Lease chief executive Steve
McCann.

The lenders offered last week to sell to Lend Lease the $2 billion
debt they hold in Centro, according to The Australian.  The deal
would have effectively delivered control of the troubled shopping
centre group to Lend Lease, The Australian notes.

Mr. McCann's letter, The Australian relates, was addressed to
Centro Properties chairman Paul Cooper and Peter Day, chairman of
listed sister trust Centro Retail Trust, and was copied to Centro
group chief executive Robert Tsenin.

Centro Properties decided in November 2010 to put all of its
assets on the block after having received approval to refinance
the next round of debt.  The sale of the assets comes almost three
years to the day that Centro's former chief executive, Andrew
Scott, and the board revealed the group did not have the funds
needed to pay the AU$4 billion of debt that was due in December
2007.  That resulted in the shares of the company dropping in
value by as much as 90%, according to the Sydney Morning Herald.

In March 2011, The Australian relays, Centro announced both the
sale of its U.S. shopping centres to US private equity firm
Blackstone Group for US$9.4 billion (AU$8.9 billion), and a plan
to create a new Australian-only listed retail property trust by
amalgamating the Australian shopping centres held in a variety of
Centro funds.

                    About Centro Properties

Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.


INTERPACIFIC RESORTS: Couran Cove Sale Could Fetch AU$35 Million
----------------------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that an extensive
international marketing campaign has been launched to find a buyer
for Couran Cove, developed by Interpacific Resorts (Aust) Pty Ltd,
with industry sources saying it could go for AU$35 million.

Advertisements appeared in a variety of Australian newspapers,
including the Gold Coast Bulletin, and in overseas newspapers from
Friday, goldcoast.com.au says.

goldcoast.com.au relates that Colliers International, which is
marketing the property, is likely to target buyers through its own
database as well.

According to goldcoast.com.au, the advertisements promote Couran
Cove's freehold assets including 158 units and a waterfront
building that includes reception, cafes, conference facilities and
function rooms, along with leasehold facilities of 102 marina
berths and jetties.

Industry sources told goldcoast.com.au that if the right buyer was
found the property could sell for as much as AU$35 million, but
the well-publicized losses would make it hard to shift.

As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2011, ninemsn said Ferrier Hodgson partners Will Colwell
and Tim Michael have been appointed members' voluntary liquidators
over the four companies that own and control the real estate and
rights to the Couran Cove Island Resort.  The four companies are
subsidiaries of the US-based InterPacific Group Inc.  They are
InterPacific Resorts (Australia) Pty Ltd; InterPacific Group
(Australia) Pty Ltd; Couran Cove Management Pty Ltd; and Couran
Cove Services Pty Ltd.  InterPacific said the resort had been
operating at "a significant trading loss" for a number of years.

Interpacific Resorts (Aust) Pty Ltd is the developer of the Couran
Cove Island Resort located on South Stradbroke Island, in
Australia.


RAPTIS GROUP: Southport Central Retail Suites Up for Sale
---------------------------------------------------------
goldcoast.com.au reports that the Southport Central retail section
of the former Raptis Group development has been placed on the
market in an expressions of interest campaign that closes on
July 7.

Industry sources said retail space could start from AU$200,000.

The suites range in size from 35 sqm. to 167 sqm., with five
leased.  Eight suites also have alfresco dining areas.  The suites
include the Southport Central sales office, goldcoast.com.au
cites.

Southport Central is comprised of three towers with 788 apartments
and 35,551 sqm of office space interlinked by a ground-floor
retail plaza.

The properties, goldcoast.com.au relates, are being marketed by
Daniel Fenech and Nick Corrie of CB Richard Ellis.

According to the report, Ernst and Young, receivers and managers
for SPC Retail T1, will be looking to cut ties with 14 strata-
titled retail spaces in the complex.

Suncorp appointed Denis Walsh and Richard Dennis of Ernst & Young
as receivers to Raptis subsidiary SPC Retail T1 Pty Limited on
Dec. 3, 2008.

                        About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 5,
2009, that Raptis Group appointed Brian Silvia and Andrew Cummins
of BRI Ferrier (NSW) Pty Ltd as administrators to the company.

Raptis Group has more than 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AU$940 million, Mr. Silvia said.  Raptis Group,
according to The Australian, has more than AU$1 billion in total
liabilities.

As reported in the TCR-AP on April 2, 2009, The Australian said
Raptis Group's creditors approved a restructure plan.  The
proposed deed of company arrangement (DOCA) was approved on
March 31, 2009, by two meetings of creditors on the Gold Coast.

The DOCA involves a debt-for-equity swap that will result in
creditors owning 40 million shares in the publicly listed group.
It also paves the way for the group's relisting on the Australian
Stock Exchange, after being suspended since Sept. 12, 2008.


=========
C H I N A
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CHINA CENTURY: SEC Files Orders to Halt Share Sales
---------------------------------------------------
The Securities and Exchange Commission announced Monday that it
has instituted proceedings to determine whether stop orders should
be issued suspending the effectiveness of registration statements
filed by China Century Dragon Media Inc. and China Intelligent
Lighting and Electronics Inc.

The SEC instituted the stop order proceedings against each company
after the companies' independent auditor resigned and withdrew its
audit opinions on the financial statements included in the
companies' registration statements.

"The Division of Enforcement is seeking stop orders to protect
investors by preventing any further sales under materially
misleading and deficient offering documents," said Kara
Brockmeyer, Assistant Director of the SEC's Division of
Enforcement and co-head of the Cross Border Working Group.  The
Cross Border Working Group has representatives from each of the
SEC's major divisions and offices, and focuses on U.S. companies
with substantial foreign operations.

The agency said the purpose of a stop order is to prevent a
company or its selling shareholders from selling their privately-
held shares to the public under a registration statement that is
materially misleading or deficient.  If a stop order is issued, no
new shares can enter the market pursuant to that registration
statement until the company has corrected the deficiencies or
misleading information in the prospectus.

In proceedings instituted against CIL on June 10, the SEC's
Division of Enforcement alleges that CIL's independent auditor
resigned on March 24, 2011, due to accounting fraud at the company
involving forged accounting records and bank statements. The
auditor also notified the company that it could no longer support
its audit opinions relating to the company's previously-issued
financial statements - which were included in registration
statements filed by CIL in June and December 2010 - and that the
financial statements contained in the registration statements
cannot be relied upon. The Division of Enforcement alleges that,
as a result, CIL's registration statements are materially
misleading and deficient.

In separate proceedings instituted against CDM on June 13, the
SEC's Division of Enforcement alleges that CDM's independent
auditor resigned on March 22, 2011, due to "discrepancies noted on
customer confirmations and the auditor's inability to directly
verify the Company's bank records," which could indicate a
material error in the company's previously-issued financial
statements.  The auditor also notified the company that it could
no longer support its audit opinions relating to the company's
previously-issued financial statements, which were included in a
registration statement filed by CDM in February 2011, and that
those financial statements cannot be relied upon. The Division of
Enforcement alleges that, as a result, CDM's registration
statement is materially misleading and deficient.

The Commission instituted the proceedings against CIL and CDM,
respectively, pursuant to Section 8(d) of the Securities Act of
1933 to determine whether the allegations of the Division of
Enforcement are true, to afford each company an opportunity to
establish any defenses to these allegations, and to determine
whether in each case a stop order should be issued suspending the
effectiveness of the registration statement or statements.

Trading in the companies' stock on the NYSE Amex LLC has been
halted since March 2011, pending the outcome of Amex's delisting
proceedings against each company for failure to meet Amex's
listings requirements.

Ansu Banerjee, Delane Olson, and Kam Lee of the SEC's Division of
Enforcement are conducting the investigations that led to these
proceedings, which will be litigated by Paul Kisslinger of the
Division's Trial Unit.

                    About China Century Dragon

China Century Dragon Media is a television advertising company in
China that primarily offers blocks of advertising time on certain
channels on China Central Television, the state television
broadcaster of China and China's largest television network. The
Company purchases, repackages and sells advertising time on
certain of the nationally broadcast television channels of CCTV.
The Company assists its customers in identifying the most
appropriate advertising time slots for their television
commercials based on the customer's advertising goals and in
developing a cost-effective advertising program to maximize their
return on their advertising investment.


CHINA INTELLIGENT: Deregisters Unsold Securities
------------------------------------------------
China Intelligent Lightning and Electronics, Inc., filed separate
amended registration statements on Form S-1 that registered
1,858,323 shares and 1,337,955 shares of the Company's common
stock, $0.0001 par value per share, for resale from time to time
pursuant to Rule 415 under the Securities Act of 1933.

The Company filed Post-Effective Amendment No. 1 to deregister all
of the securities previously registered under the Registration
Statements that remain unsold and to terminate the effectiveness
of the Registration Statement.

As previously reported by the Company on a Form 8-K filing with
the SEC on March 29, 2011, as amended by Form 8-K/A dated
April 12, 2011, the Company's previous independent auditor,
MaloneBailey, LLP, in connection with submission of its
resignation on March 24, 2011, indicated that it is unable to rely
on management's representations as they relate to previously
issued financial statements and it can no longer support its
opinions related to the financial statements as of Dec. 31, 2009,
and condensed Parent Only financial statements.  As a result, the
Financial Statements, which were included in the Registration
Statement, cannot be relied upon.  In addition, the Company has
not completed and filed its Annual Report on Form 10-K for the
year ended Dec. 31, 2010, and the Registration Statement has not
been amended to include financial statements for the year ended
Dec. 31, 2010.  Therefore, the Registration Statement does not
contain audited financial statements sufficiently recent in
accordance with Section 10(a)(3) of the Securities Act.  As a
result, the Registration Statement is no longer effective.

                     About China Intelligent

China Intelligent Lighting and Electronics, Inc., is a China-based
company that provides a full range of lighting solutions,
including the design, manufacture, sales and marketing of high-
quality LED and other lighting products for the household,
commercial and outdoor lighting industries in China and
internationally.  The Company currently offers over 1,000 products
that include LEDs, long life fluorescent lights, ceiling lights,
metal halide lights, super electric transformers, grille spot
lights, down lights, and recessed and framed lighting.

The Company's balance sheet at Sept. 30, 2010, showed $42.20
million in total assets, $7.54 million in total liabilities, all
current, $34.65 million total stockholders' equity.

As reported by the TCR on April 1, 2011, Faruqi & Faruqi, LLP, a
national law firm concentrating on investors rights, consumer
rights and enforcement of federal antitrust laws, is investigating
potential wrongdoing at China Intelligent Lighting and
Electronics, Inc.  Faruqi & Faruqi seeks to determine whether
China Intelligent Lighting has violated federal securities laws by
issuing false and misleading financial statements to its
shareholders, in particular in connection with its recent public
offering of its common stock.


CHINA INTELLIGENT: SEC Files Orders to Halt Share Sales
-------------------------------------------------------
The Securities and Exchange Commission announced on Monday that it
has instituted proceedings to determine whether stop orders should
be issued suspending the effectiveness of registration statements
filed by China Intelligent Lighting and Electronics Inc. and China
Century Dragon Media Inc.

The SEC instituted the stop order proceedings against each company
after the companies' independent auditor resigned and withdrew its
audit opinions on the financial statements included in the
companies' registration statements.

"The Division of Enforcement is seeking stop orders to protect
investors by preventing any further sales under materially
misleading and deficient offering documents," said Kara
Brockmeyer, Assistant Director of the SEC's Division of
Enforcement and co-head of the Cross Border Working Group.  The
Cross Border Working Group has representatives from each of the
SEC's major divisions and offices, and focuses on U.S. companies
with substantial foreign operations.

The agency said the purpose of a stop order is to prevent a
company or its selling shareholders from selling their privately-
held shares to the public under a registration statement that is
materially misleading or deficient.  If a stop order is issued, no
new shares can enter the market pursuant to that registration
statement until the company has corrected the deficiencies or
misleading information in the prospectus.

In proceedings instituted against CIL on June 10, the SEC's
Division of Enforcement alleges that CIL's independent auditor
resigned on March 24, 2011, due to accounting fraud at the company
involving forged accounting records and bank statements. The
auditor also notified the company that it could no longer support
its audit opinions relating to the company's previously-issued
financial statements -- which were included in registration
statements filed by CIL in June and December 2010 -- and that the
financial statements contained in the registration statements
cannot be relied upon. The Division of Enforcement alleges that,
as a result, CIL's registration statements are materially
misleading and deficient.

In separate proceedings instituted against CDM on June 13, the
SEC's Division of Enforcement alleges that CDM's independent
auditor resigned on March 22, 2011, due to "discrepancies noted on
customer confirmations and the auditor's inability to directly
verify the Company's bank records," which could indicate a
material error in the company's previously-issued financial
statements. The auditor also notified the company that it could no
longer support its audit opinions relating to the company's
previously-issued financial statements, which were included in a
registration statement filed by CDM in February 2011, and that
those financial statements cannot be relied upon. The Division of
Enforcement alleges that, as a result, CDM's registration
statement is materially misleading and deficient.

The Commission instituted the proceedings against CIL and CDM,
respectively, pursuant to Section 8(d) of the Securities Act of
1933 to determine whether the allegations of the Division of
Enforcement are true, to afford each company an opportunity to
establish any defenses to these allegations, and to determine
whether in each case a stop order should be issued suspending the
effectiveness of the registration statement or statements.

Trading in the companies' stock on the NYSE Amex LLC has been
halted since March 2011, pending the outcome of Amex's delisting
proceedings against each company for failure to meet Amex's
listings requirements.

Ansu Banerjee, Delane Olson, and Kam Lee of the SEC's Division of
Enforcement are conducting the investigations that led to these
proceedings, which will be litigated by Paul Kisslinger of the
Division's Trial Unit.

                    About China Intelligent

China Intelligent Lighting and Electronics, Inc., is a China-based
company that provides a full range of lighting solutions,
including the design, manufacture, sales and marketing of high-
quality LED and other lighting products for the household,
commercial and outdoor lighting industries in China and
internationally.  The Company currently offers over 1,000 products
that include LEDs, long life fluorescent lights, ceiling lights,
metal halide lights, super electric transformers, grille spot
lights, down lights, and recessed and framed lighting.

The Company's balance sheet at Sept. 30, 2010, showed $42.20
million in total assets, $7.54 million in total liabilities, all
current, $34.65 million total stockholders' equity.

As reported by the TCR on April 1, 2011, Faruqi & Faruqi, LLP, a
national law firm concentrating on investors rights, consumer
rights and enforcement of federal antitrust laws, is investigating
potential wrongdoing at China Intelligent Lighting and
Electronics, Inc.  Faruqi & Faruqi seeks to determine whether
China Intelligent Lighting has violated federal securities laws by
issuing false and misleading financial statements to its
shareholders, in particular in connection with its recent public
offering of its common stock.


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


CHAINWIN ENTERPRISE: Creditors' Proofs of Debt Due July 9
---------------------------------------------------------
Creditors of Chainwin Enterprise Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 9, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


DYNAMIC TRADING: Creditors' Proofs of Debt Due July 9
-----------------------------------------------------
Creditors of Dynamic Trading (H.K.) Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 9, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


FELICITY NURSERY: Members' Final Meeting Set for July 18
--------------------------------------------------------
Members of Felicity Nursery Education Centre Limited will hold
their final general meeting on July 18, 2011, at 11:00 a.m., at
10/F, Crason Commercial Centre, at 333 Nathan Road, in Kowloon.

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


GRANDEUR HOLDINGS: Lam Hoi Ham Appointed as Liquidator
------------------------------------------------------
Lam Hoi Ham on June 10, 2011, was appointed as liquidator of
Grandeur Holdings Limited.

The liquidator may be reached at:

         Lam Hoi Ham
         Rooms 905-909, Yu To Sang Building
         37 Queen's Road
         Central, Hong Kong


KEENSTAR INTERNATIONAL: Creditors' Proofs of Debt Due July 9
------------------------------------------------------------
Creditors of Keenstar International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 9, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


KEWAN INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on May 25, 2011,
creditors of Kewan Investment Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Yuen Sik Ming Patrick
         6/F., Greenwich Centre
         260 King's Road
         North Point, Hong Kong


KWONG YICK: To Declare Dividends on June 15
-------------------------------------------
Kwong Yick Metals Limited, which is in liquidation, will declare
first and final preferential and first interim dividends to its
creditors on June 15, 2011.

The company will pay 100% for preferential and 25% for first
interim ordinary dividend.

The company's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue Causeway Bay
         Hong Kong


LINK FIELD: Members' Final General Meeting Set for July 15
----------------------------------------------------------
Members of Link Field Industrial Limited will hold their final
general meeting on July 15, 2011, at 9:15 a.m., at 12/F, at No. 3
Lockhart Road, in Wanchai, Hong Kong.

At the meeting, Billy Li Sze Kuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


NATIONAL BRIGHT: Creditors' Proofs of Debt Due July 9
-----------------------------------------------------
Creditors of National Bright International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 9, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


SHENG KUNG: Members' Final Meeting Set for July 11
--------------------------------------------------
Members of Sheng Kung Hui Kindergarten (Mount Butler) Limited will
hold their final general meeting on July 11, 2011, at 2:00 p.m.,
at Clementi Road, Mount Butler, in Hong Kong.

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


SPEED JET: Creditors' Proofs of Debt Due July 9
-----------------------------------------------
Creditors of Speed Jet Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by July 9,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


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ALLIED VYAPAR: ICRA Assigns 'LB+' Rating to INR8cr Bank Limits
--------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR8.00 crore fund based
bank limits of Allied Vyapar Private Limited.  ICRA has also
assigned an 'A4' rating to the INR0.50 crore non fund based bank
limits of AVPL.

The ratings are constrained by the modest scale of operations,
notwithstanding handsome growth recorded in financial year
2010-11, the low profitability given the trading nature of
business, which along with the aggressive capital structure
results in weak debt coverage indictors.  AVPL's sales are largely
concentrated in the state of West Bengal, which gives rise to
geographical concentration risks. In addition, with top 10
customers accounting for more than 80% of its total turnover
during 2010-11, AVPL is also exposed to customer concentration
risks. The ratings, however, derive comfort from the experience of
the promoters in the steel trading business and the favorable
demand outlook for steel going forward.

Allied Vyapar Private Limited was incorporated in 2007, in Kolkata
by Mr. Kailash Chandra Sureka.  The company is primarily engaged
in the trading of ferrous products like Galvanized Corrugated
(G.C) sheets, billets, joists, TMT bars, angles, channels and non
ferrous products like copper and brass scrap. AVPL has its
warehousing facility, with a storage capacity of around 500 metric
tonne, in Howrah, West Bengal.

Recent Results

The company reported a net profit after tax of INR0.10 crore in
2010-11 on an operating income of INR47.36 crore, as compared to a
net profit after tax of INR0.08 crore on an operating income of
INR29.97 crore during 2009-10.


FARADAY ELECTRICALS: CARE Puts 'CARE BB+' Rating on INR3cr LT Loan
------------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to the bank facilities
of Faraday Electricals Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                 ----------    -------
   Long-term Bank Facilities     3.00       'CARE BB+' Assigned

   Long-term/Short-term Bank     5.50       'CARE BB+'/'PR4+'
      Facilities                                Assigned

   Short-term Bank Facilities    1.45       'PR4+' Assigned

Rating Rationale

The ratings are constrained by small scale of operations of
Faraday Electricals Pvt Ltd restricting economies of scale,
relatively low bargaining power vis-a-vis its large customers and
below-average financial risk profile marked by deterioration in
its profitability, leverage and debt coverage indicators
during FY11.  The working capital intensive nature of its
operations coupled with highly fragmented and competitive nature
of the electrical equipment industry further constrains the
ratings. These constraints far outweigh the benefits derived from
the promoters' vast experience in the manufacturing of
electromechanical equipments, their long-standing association with
major clientele and presence of price-escalation clause for major
raw materials in most government contracts. FEPL's ability to
increase its scale of operations by securing more orders in a
highly competitive electrical equipment industry as well as
improvement in its overall financial risk profile would remain
the key rating sensitivities.

                     About Faraday Electricals

Jaipur-based FEPL, promoted by S K Saboo, was incorporated on
August 19, 1980. FEPL is a small-sized company engaged mainly in
manufacturing and supply of a wide range of electrical products
used in power transmission such as high-voltage isolators up to
400 kv, horn-gap fuse, drop-out fuse and transmission line
hardware.  These products are used in transmission lines for
electricity supply. FEPL's major clientele include central utility
players, state electricity boards and various Engineering,
Procurement & Construction contractors.  The promoters have vast
experience in the electrical equipment manufacturing industry.


FOMRA ELECTRICALS: ICRA Assigns 'LB-' Rating to INR18cr Bank Loan
-----------------------------------------------------------------
ICRA has assigned 'LB-' rating to the INR18.00 crore fund based
facilities of Fomra Electricals.  The rating considers the
stretched financial profile characterized by very high gearing and
weak coverage indicators.  The rating also considers the intense
competition in the business from both organized and a large number
of unorganized players, which restrict pricing flexibility. The
firm's net accruals are stretched due to high interest costs. The
rating factors in the experience of the promoters in the business
for over five decades, its long standing relationships with top
customers and a diversified customer base.

Fomra Electricals is the flagship firm of the Fomra Group,
established in December 1966 by Late Shri Kanhaiyalji Fomra. It is
a distributor/dealer in cables, control gears, main switches and
other electrical equipment and appliances.  The firm has three
show rooms in Chennai and one show room each in Bengaluru,
Coimbatore and Rajamundary. The firm is currently managed by Mr.
Sundarlal Fomra, Mr. Natwarlal Fomra and Mr. Srikumar Fomra, who
hold equal share in the firm. The Group has diverse interests in
the fields of education, housing construction and trading in
electrical equipment.

Recent Results

According to unaudited results, Fomra Electricals reported net
profit of INR0.3 crore on operating income of INR67.9 crore for
the nine months ended Dec. 31, 2010. Fomra Electricals reported
net profit of INR0.2 crore on operating income of INR80.8 crore
during 2009-10, against net profit of INR0.2 crore on operating
income of INR90.6 crore in the corresponding previous fiscal.


GENERAL NICE: ICRA Assigns 'LBB+' Rating to INR2.5cr LT Bank Loan
-----------------------------------------------------------------
ICRA has assigned the rating of 'LBB+' to the INR2.50 crore
(sublimit of the short term fund based facility) long term fund
based bank facility of General Nice Mineral Resources (India)
Private Limited.  The outlook on the long term rating is stable.
ICRA has also assigned an 'A4+' rating to the INR60.00 crore short
term fund based and INR2.00 crore non fund based bank facilities
of GNMRL.

ICRA has taken into consideration the consolidated view of the two
entities, viz.  GNMRL and its group company Billion Wealth
Minerals Private Limited in arriving at the ratings because of
their common parentage and their similar line of business.

The ratings reflect the moderate scale of operations of GNMRL, its
trading nature of business leading to modest profitability and a
weak consolidated (along with its group company Billion Wealth
Minerals Private Limited, BWMPL) financial profile reflected by an
aggressive capital structure, weak coverage indicators and high
working capital intensity in the business. GNMRL and BWMPL are
subsidiaries of General Nice Resources (Hong Kong) Limited, which
is the investment arm of General Nice Group, Hong Kong.  The
General Nice group has interests in resource development, trading
and logistics. GNMRL and BWMPL are involved in the iron ore
trading business, with sales being made largely to the parent
company and a few other players in the Chinese market in the past.
While this reduces the counterparty risk, it exposes the company
to the risk of geographical concentration of sales. The iron ore
trading business of the companies is susceptible to changes in
Government policies like imposition of export/import restrictions,
changes in export duties etc, which could have an adverse impact
on the companies' profitability and scale of the operations. The
ratings also take into consideration the demonstrated financial,
management and business level support from the parent company.

ICRA takes note of the group's investment plans in the area of
overseas resource development, which may be routed through GNMRL.
ICRA would evaluate the impact of the same when the details and
funding pattern thereof are available.

GNMRL was incorporated in August 2007.  The company is a
subsidiary of General Nice Resources (Hong Kong) Limited, which is
the investment arm of the General Nice Group, Hong Kong. General
Nice group has interests in resource development, trading and
logistics. GNRL holds 96.48% in GNMRL.  The company is engaged in
the iron ore trading business.

Recent Results

During 2009-10, GNMRL reported a net profit of INR0.95 crore on a
turnover of INR112.22 crore. In 2008-09 the company reported a net
profit of INR0.07 crore on a turnover of INR122.95 crore.


INDUS FILA: Fitch Rates INR1.05 Billion Term Loan at 'D(ind)'
-------------------------------------------------------------
Fitch Ratings has assigned India's Indus Fila Limited (IFL) a
National Long-Term rating of 'D(ind)'. Simultaneously, the agency
has assigned ratings to IFL's bank loans:

   -- Outstanding INR1,048.4m term loans: 'D(ind)';

   -- INR1,332.2m fund-based working capital limits:
      'D(ind)'/'F5(ind)' and

   -- INR110m non-fund based working capital limit: 'D(ind)'.

The ratings reflect delays in debt servicing by IFL and its
overdrawing of cash credit limits. Despite restructuring in 2009
with a moratorium till FY10, the company has been unable to repay
its debt obligations to date.  This is attributed to the company's
tight liquidity position due to its stretched working capital
cycle and debt-funded capex which resulted in huge negative cash
flows.  The company also suffered mark-to-market losses on its
forex contracts, further aggravating its liquidity position.

Fitch will continue to monitor IFL's financial performance and its
ability to meet its debt obligations. A positive rating guideline
would be regularity in debt service for at least six months.

Incorporated in 1999, IFL was listed in 2007. The company is
engaged in yarn dyeing, fabric weaving, fabric processing and
apparels manufacture. It has its registered office in Bangalore.
In FY10, IFL reported revenues of INR3,677.9 million, with an
EBITDA loss of INR27 million and a net loss of INR499.1 million.


JYOTIRMAYE TEXTILES: ICRA Assigns 'LB+' Rating to INR46.05cr Loan
-----------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR46.05 crore fund based and
INR0.60 crore non fund based facilities of Jyotirmaye Textiles
Private Limited.

The assigned rating is constrained by the small scale of
operations of the proposed unit restricting economies of scale. As
the project is being funded primarily though debt, the financial
risk profile is expected to remain stretched. The commoditized
nature of grey cotton yarn would make the company vulnerable to
intense competition in a fragmented industry and limit its pricing
power.

ICRA also notes that in absence of power backup facilities, the
operations of the company would be dependent on the availability
of the regular power supply in Andhra Pradesh (AP) which had been
facing power shortages in the past. The rating however, favorably
factors in the location advantage on account of proximity to a
major cotton growing area, low power tariffs in the state which
helps in improving operating profitability and provides
competitive advantage to the spinning mills in AP. 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.

Jyotirmaye Textiles Private Limited was incorporated as a private
limited company on Dec. 1, 2009.  The company is into
manufacturing of cotton yarn. JTPL was promoted by Mr. Danda
Brahmanadam, Dr. Nalabothu Venkata Rao, Mr. Ravela Satyanarayana
and Mr. Danda Prasad. Out of the proposed 20160 spindle capacity,
15840 spindles were installed and the remaining 4320 spindles are
expected to be operational by end of June 2011.  The production
facility started its commercial production from last week of
January 2011.  JTPL product profile includes medium count cotton
yarn viz. 37s, 40s, 44s, 62s.


K.S.R. TEXTILE: ICRA Assigns 'LB+' Rating to INR21.49cr Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR21.49 crore term loan
facilities and the INR10.00 crore long term fund based facilities
of K. S. R. Textile Mills Private Limited.

The rating considers the long standing experience of the promoters
in the spinning industry spanning more than two decades and the
steady growth of the business supported by increasing revenue and
business volumes.  The rating also factors in the Company's plans
to increase windmill capacity, with a view to reduce power costs
and mitigate concerns on power availability to an extent. The
rating factors in the stretched financial profile of the Company,
characterized by high gearing and high working capital intensity
due to heavy stocking of inventory. The Company's capital
expenditure plans, a majority of which are to be funded by debt,
is likely to stretch the capital structure further going forward.
The rating also factors in the small scale of operations of the
Company, which restrict scale economies and financial flexibility.
Intense competition in the fragmented spinning industry impacts
the pricing flexibility of players. The textile industry also
remains vulnerable to competition from low-cost countries / from
countries with relatively lower foreign exchange fluctuations.

Incorporated in 1988 and commencing operations in 1992, K. S. R.
Textile Mills Private Limited is engaged in manufacturing of
unbleached carded, combed and compact cotton yarn in the 40s to
80s range. The Company also sells cotton fabric, woven / knitted
from local players through job work. Beginning operations with a
capacity of 6,720 spindles, the Company has expanded over the
years in a phased manner to reach a capacity of 34,224 spindles as
on Dec. 31, 2010.  KSR Textile Mills has around 350 employees and
its manufacturing facilities are located in Thiruchengode (Tamil
Nadu). The Company is managed by Sri. K. S. Rangaswamy, Sri. R.
Balakrishnan and Sri. K. R. Sengottuvelu and is wholly owned by
their families. Other companies under the same management include
Summer India Textile Mills Private Limited, Summer India Weaving
and Processing Private Limited, R. B. Wovens Private Limited, K.
S. R. Exports and K. S. R. Educational and Charitable Trust. While
K. S. R. Educational and Charitable Trust runs graduate, post
graduate and professional colleges, the remaining companies are
engaged in businesses in the textile sector.

Recent results

KSR Textile Mills reported profit after tax (PAT) of INR0.7 crore
on operating income of INR30.2 crore during 2009-10, against PAT
of INR0.3 crore on operating income of INR22.5 crore for the
corresponding previous fiscal.  For the nine months ended
Dec. 31, 2010, KSR Textile Mills recorded a profit before tax
(PBT) of INR5.2 crore on an operating income of INR32.1 crore.


NAROLA GEMS: CARE Assigns 'CARE BB+' Rating to INR11cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to the bank facilities
of Narola Gems.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                  ----------    -------
   Long-term/Short-term Bank      11.00      'CARE BB+'/'PR4+'
   Facilities                                 Assigned

Rating Rationale

The rating of Narola Gems is constrained by the small size of
operation with lack of own processing facility, its constitution
as a partnership leading to possibility of withdrawal of capital
and restricting overall financial flexibility, limited presence in
the value chain, intense competition from large integrated players
and the cyclical nature of the luxury product.  The above
weaknesses are partially offset by experienced promoters and long
track record in a similar line of business.  The ability to
improve margins amidst intense competition along with procuring
rough diamonds from the international market at competitive rates
along with increasing its presence in the value  chain are the key
rating sensitivities.

NAROLA was formed as partnership firm in September 2001 by
Dhirubhai L Narola, Mr. Kanayalal L Narola and Mr. Dalsukhbhai L
Narola.  The firm is engaged in the processing and selling
of cut and polished diamonds in the domestic as well as export
market.  NAROLA does not have its own processing facility and gets
it done from one of its group concern namely M/s. Shreeji
Diamonds, which is engaged in the cutting and polishing of rough
diamonds and is based at Surat, Gujarat.

During FY10 (Audited), NAROLA reported PAT of INR2.22 crore on a
total income of INR69.18 crore as against PAT of INR0.32 crore on
a total income of INR33.43 crore in the preceding year.  For the
period from April 1, 2011, to January 15, 2011, NAROLA has earned
PAT of INR2.44 crore on a total income of INR49.21 crore.


NATIONAL INDUSTRIAL: ICRA Revises Rating on INR12cr Loan to 'LBB-'
------------------------------------------------------------------
ICRA has revised the long term rating from 'LBB' to 'LBB-'
assigned to the INR12.00 crore fund-based bank facilities of
National Industrial Corporation Ltd.  The rating carries a Stable
outlook.

The downgrade of rating takes into account the adverse impact of
the changes in the government regulation on country liquor (CL)
sales of the company resulting in significant fall in its
operating income in the past two years. The rating is also
constrained by weak financial profile of NICOL as reflected in
high gearing and weak debt protection metrics and vulnerability of
its profitability to high competitive pressures in the industry
and fluctuations in raw material prices. The rating, however,
derives comfort from NICOL's experienced management, its long and
successful track record in the paramilitary IMFL segment and
deeper penetration in export markets leading to geographically
diversified operations. The increased contribution of IMFL segment
vis-a-vis country liquor segment to the company's total revenues
in FY 2010 and FY 2011 has lead to strong improvement in operating
margins since IMFL is generally a low volume and high margin
segment.  With the revival in company's country liquor sales in
the current year, ICRA expects the operating income of the company
to improve and reach close to FY 2009 levels in the medium term.
However, the revenues and profitability of the company is expected
to remain sensitive to the changes in government regulations.

                     About National Industrial

National Industrial Corporation Limited was established in the
year 1943 by Seth family. At the time of inception it was engaged
in the manufacturing and trading of sugar, alcohol, textile, etc.
Currently, the company is manufacturing Indian Made Foreign Liquor
(IMFL) and Country Liquor (CL).  In IMFL, the company is catering
to whisky, rum, gin, brandy, vodka and scotch sub-segments. The
main distillery of the company is located at BIlari in Uttar
Pradesh with a capacity of 60 KLPD. Besides this, NICOL has 5
bottling plants in Jaipur, Punjab, Goa, Jammu and West Bengal
along with tie up bottling plants in Kerela, Guwahati and Thane.
The company also has depots in Jammu, Dehradun, Haryana (Gurgaon)
and Uttrakhand. NICOL has brands like Black & Gold Premium Whisky,
Black & Gold Napoleon Brandy, Black Bull Rum Kremlin Vodka, Dimpy
Deluxe Whisky and Silver Anchor Gin.

Recent Results

As per the provisional results, NICOL reported a net profit of
INR0.76 crore on an operating income of INR50.10 crore for the
year ended March 31, 2011, and a net profit of INR0.82 crore on an
operating income of INR56.46 crore for the year ended March 31,
2010 (audited results).


NIK-SAN ENGINEERING: ICRA Assigns 'LBB+' Rating to INR18cr Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR18.00 crore fund-
based bank facilities and the INR1.25 crore term loan of Nik-San
Engineering Company Private Limited. The outlook on the long-term
rating is 'stable'.  ICRA has also assigned an 'A4+' rating to the
INR29.00 crore short-term non-fund-based bank facilities of NEPL.

The assigned ratings take into account the strong technical
experience of the promoters and key managerial personnel in
transformer manufacturing business; favorable demand prospects for
distribution transformers which is likely to continue over the
medium to long term, primarily from state power utilities; the
company's largely stable operating margins, which remain protected
to an extent from adverse fluctuations in raw material costs on
account price variation clause present in equipment supply
contracts to state power utilities; group companies operating in
allied activities in transformer manufacturing business, like
import and sales of Cold Rolled Grain Oriented (CRGO) lamination
sheets and manufacture and repair of power transformer, provides
operational support for NEPL and comfortable gearing and coverage
indicators of NEPL. The ratings are, however, constrained by the
company's moderate scale of operations; high working capital
intensity of the business due to large credit period offered to
the customers; moderately low profitability and return indicators;
along with consistent decline in return on capital employed,
caused by intense competition among distribution transformer
manufacturer and L1 based tender award system and company's
limited bargaining position with clients who are large in size.

NEPL was acquired by Mr. Suresh Kumar Choudhary and Mr. Naresh
Kumar Choudhary in the year 1993. The company is involved in
manufacturing of distribution transformers, low tension current
transformers (LTCT) and current and potential transformers with
its manufacturing facility located at Vadodara. NEPL has installed
capacity to manufacture about 4000 distribution transformers per
month. NEPL is part of Choudhary Group of companies, with its
flagship company, Bilpower Limited, involved in import and
distribution of transformer laminations. Another group company,
Tarapur Transformers Limited, was acquired by Choudhary Group in
November 2006 and it is engaged in manufacture and repair of power
transformers.  NEPL key customers are power distribution companies
in the western region of India.


P.M. GRANITE: ICRA Assigns 'LB+' Rating to INR6.03cr Bank Limits
----------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR6.03 crore bank limits
of P.M. Granite Export Private Limited.  ICRA has also assigned an
'A4+' rating to the INR5.0 crore bank limits of PMGEPL.

The ratings are constrained by PMGEPL's reduced scale of
operations in recent past owing to the economic recession and the
impact on construction sector in general and granite industry in
particular and increased working capital intensity resulting from
high stock levels funded by increased debt levels resulting in
adverse capital structure as reflected in gearing of 3.43 times
(MarCH 31, 2011).  The ratings also take into account the
geographical concentration risk as most of the direct sales are to
customers based out of Middle East region. Nevertheless, the
ratings are supported by healthy operating margin of the company
supported by power generation from the wind mill and high margin
job works undertaken by the company resulting in moderate debt
protection indicators.

Incorporated in January 2001 as P. M. Rocks (P) Ltd and later
renamed as P. M. Granite Export Pvt. Ltd. in November 2004, the
company is in the business of mining of granite stone quarries,
production and export of granite blocks, slabs, monuments, tiles
and other products.  The company largely exports granite slabs &
tiles primarily to Middle East markets (with direct sales to
customers in Middle East accounting for 65% of operating income in
FY 2010-11).  In addition, PMGEPL also has an operational windmill
of a capacity of 1.25MW.

Recent Results

For the financial year ended March 2011, PMGEPL recognized an
operating income of INR7.82 crore and net profit of INR0.01 crore
as against an operating income of INR9.22 crore and net profit of
INR0.05 crore during financial year ended March 2010.


PURPLE CREATIONS: ICRA Suspends 'LBB' Rating on INR11.36cr LT Loan
------------------------------------------------------------------
ICRA has suspended the 'LBB' rating assigned to the INR11.36 Crore
long term fund based facilities of Purple Creations Private
Limited.  The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.

Purple Creations Private Limited, a private firm, established in
the year 1995, is a business group involved in the manufacturing
and selling knitted readymade garments to distributors and
wholesalers. It primarily manufactures garments for kids of age 6
months to 12 years.  It markets these garments under two brand
names, Giraffe and Purple Kid. PCPL is being managed by its
directors namely, Mr. Pankaj Nagji Vira, Mr. Deepak Nagji Vira and
Mr. Nagji Kheraj Vira. PCPL has its office and factory located in
Vikhroli, Mumbai.


RAJVEE RESORTS: CARE Assigns 'CARE BB-' Rating to INR38cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Rajvee
Resorts & Hotels Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                 ----------    -------
   Long-term Bank Facilities     38.00      'CARE BB-' Assigned

Rating Rationale

The ratings are constrained by Rajvee Resort & Hotels Pvt Ltd's
relatively small scale of existing operations, debt-funded project
of a large size as compared to its existing capital base, time &
cost overrun in the project and below-average financial risk
profile.  The ratings however draw strength from the experience of
the promoters in managing various business including hotel
operations for more than two decades, tie up with Carlson for
operations & management, the hotel's positioning as the first
five-star hotel in the Gandhidham region.

RRHPL's ability to implement the project without any further cost
& time overrun, achieve occupancy rates and average room revenue
in the initial years of operation and consequent improvement in
the financial risk profile are the key rating sensitivities.

                        About Rajvee Resorts

Rajvee Resorts & Hotels Pvt Ltd was incorporated in the year 2004
in Gandhidham by Acharya family and their group companies. Group
companies of RRHPL are involved in the shipping, transport,
finance & hotel business.  During 2006, RRHPL commenced operations
of a recreation centre-cum-outdoor party plot with a banqueting
facility spread over 10 acres of land at Gandhidham near Kandla
port. Presently, RRHPL is implementing a 117 room five star hotel
project adjacent to the existing resort. RRHPL has entered into a
Memorandum of Understanding (MOU) with Carlson group for the
overall operations of the hotel.  The project is delayed by more
than 15 months and there is a cost overrun as a result of a change
in the scope of the project.

For FY10, RRHPL's operating income was INR1.84 crore with a PBILDT
margin of 24.30% and PAT margin of 2.38%.


RAMA PHOSPHATE: Fitch Migrates D Rating to Non-Monitored Category
-----------------------------------------------------------------
Fitch Ratings has migrated the 'D(ind)' National Long-Term rating
on India-based Rama Phosphates Limited (RPL) and its INR100m
preference share programme to the "Non-Monitored" category. The
ratings will now appear as 'D(ind)nm' on Fitch's Web site.

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of RPL. The ratings will remain in
the "Non-Monitored" category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month period,
the ratings could be re-activated and will be communicated through
a "Rating Action Commentary".


RAMOJI GRANITE: CARE Assigns 'CARE BB' Rating to INR33.63cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities of
Ramoji Granite Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                 ----------    -------
   Long-term Bank Facilities     33.63      'CARE BB' Assigned
   Short-term Bank Facilities     5.00      'PR 4' Assigned

Rating Rationale

The ratings are primarily constrained due to short track record of
operations of Ramoji Granite Ltd. low brand awareness of RAMCO
brand and stabilization risk associated with the capacity
expansion in FY11.  The ratings are further constrained due to
intense competition in the industry with large amount of capacity
additions and its direct linkage to the real estate sector which
is cyclical in nature. The ratings take cognizance from rich
experience of the promoters in the ceramic industry and
moderate gearing levels.

RGL's ability to improve its market presence through establishment
of RAMCO brand name in the vitrified tiles industry, increase in
utilization levels and improvement in overall financial profile
are the key rating sensitivities.

                       About Ramoji Granite

RGL, incorporated in 2003, was promoted by Mr Ramji B. Kundariya
and family members for manufacturing of vitrified tiles in order
to cater to the then increasing demand from the real estate
sector, however, construction work was started in October 2007.
The company is a part of the Ramco group engaged in manufacturing
of ceramic floor tiles. RGL's manufacturing facility is located in
the ceramic tile cluster of Morbi in Gujarat with capacity of
15,000 smpd (square meters per day) expanded from 10,000 smpd in
Q4FY11.  The company has started the commercial production in
October 2008 and FY10 was the first full year of operation.
The other group concern, Ramco Ceramics Ltd., is engaged in
manufacturing of floor tiles. Both the companies have common
management and marketing and distribution setup with products
under RAMCO brand name.



SAMBHAV GEMS: CARE Assigns 'CARE BB+' Rating to INR10.10cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR 4+' rating to the bank facilities
of Sambhav Gems Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                 ----------    -------
   Long term bank facilities    10.10       'CARE BB+' Assigned
   Short term bank facilities    0.15       'PR4+' Assigned

Rating Rationale

The ratings are primarily constrained on account of relatively
small size of operations of Sambhav Gems Ltd, its weak financial
risk profile marked by relatively high gearing and moderate debt
protection indicators as well as significant dependence on
overseas markets with major revenue concentration in USA and its
presence in the inherently cyclical gems and jewellery industry.
The ratings are also constrained on account of the susceptibility
of its margins to adverse movements in foreign exchange prices as
well as on account of significant MTM losses that the company had
to be bear during FY10.

The ratings do take into account the experience of the promoters
of over two decades in the colored gem stones and studded
jewellery business.  Diversification in the revenue base both in
terms of geographic presence as well as customer base coupled with
significant improvement in the overall financial risk profile of
the company would be the key rating sensitivities going forward.

                      About Sambhav Gems

Sambhav Gems Ltd, founded in 2001 is engaged in the business of
buying, manufacturing and export of loose coloured polished stones
and coloured stones studded gold and silver jewellery. The
company is promoted by Mr. Rajiv Jain who has more than two
decades of experience in the coloured gem stones jewellery
business. Mr. Rajiv Jain was an integral part of Vaibhav Gems Ltd
before SGL was incorporated by him.

SGL earned a PAT of INR 0.42 crore on a total operating income of
INR 22.48 crore in FY10 as against a PAT of INR 0.35 crore on a
total operating income of INR 18.40 crore in FY09.


SHREE BHAGESHWARI: ICRA Assigns 'LBB+' Rating to INR44.5cr Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to INR44.5 crore fund based and
non fund based bank facilities of Shree Bhageshwari Papers
Limited.  The rating carries a stable outlook.  ICRA has also
assigned an 'A4+' rating for short-term for INR3.5 crore
non-fund-based bank facilities of SBPL.

The ratings take into consideration SBPL's levered capital
structure, its weak debt protection indicators, its moderate scale
of operations and high competitive intensity in the industry,
which is characterized by the presence of large number of small-
to-medium sized players. Moreover, the value addition in the
segments in which the company is present (mild steel ingots and
kraft paper) is low, which coupled with the low capital
expenditure requirements lead to limited entry barriers and impact
the bargaining power and profitability of all the players in the
industry. The ratings, however, derive comfort from the long and
established presence of the promoters in the kraft paper business
and captive 6MW rice husk based power plant of SBPL which reduces
the power and fuel costs of the company, and supplements the
revenues through carbon credits.

While assigning the rating, ICRA notes that the company has
commenced operations at its newly constructed white paper plant in
October 2010 with a capacity of 23100 Metric tonnes per annum.
Going forward, ability of the company to operate the newly
commissioned plant at high utilization level and to improve the
capital structure will remain key rating sensitivities.

                      About Shree Bhageshwari

SBPL was incorporated in 1996 as a public limited company. The
company manufactures kraft paper, white paper and mild steel
ingots. During 2006-07, the company installed a 6 MW power plant
(rice-husk based) to meet its power and steam requirements. The
white paper manufacturing unit was established recently and it
started operations in November 2010. The kraft paper mill has a
capacity of 10000 TPA, white paper mill has a capacity of 23100
TPA and the ingot manufacturing unit has a capacity of 13500 TPA.
The three manufacturing units and the power plant are located
adjacent to each other at Bhopa Road, Mazaffarnagar.


SHRI HALASIDHANATH: CARE Rates INR51.37cr Bank Loan at 'CARE B+'
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shri
Halasidhanath Sahakari Sakhar Karkhana Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                 ----------    -------
   Long-term Bank Facilities     51.37      CARE B+ Assigned

Rating Rationale

The rating is constrained by HSSK being a non-integrated player
with small size of operations, weak capital structure, high
dependence on sugarcane availability, presence in a cyclical and
highly regulated industry, and erosion of networth on account of
accumulated losses.  The rating, however, draws strength from the
long track record of the company, experienced promoters and good
sugar cane recovery in HSSK's region of operations.  The ability
of HSSK to forward integrate into the distillery and co-gen
division and to improve the crushing volumes based on sugarcane
availability will remain the key rating sensitivities.

                       About Shri Halasidhanath

HSSK is a cooperative society registered under the Karnataka State
Cooperative Societies Act, 1959. HSSK was incorporated in year
1986-87 and subsequently started crushing operation in the same
year with a capacity of 1250TCD.  As on Dec. 31, 2010, HSSK
operates a sugar mill at Belgaum, Karnataka with a capacity of
2200 TCD and is also engaged in the manufacture and sale of sugar,
molasses, bagasse and other allied by products of sugar.

HSSK achieved a PAT of INR1.8cr (INR0.17 cr in FY09) against net
sales of INR49.2cr (INR43.05 cr in FY09) in FY10.  As per the
unaudited results for the nine months ended Dec. 31, 2010, HSSK
reported a PAT of INR0.6 cr on net sales of INR46.2cr.


SILVERTON PAPERS: CARE Places 'CARE BB+' Rating to INR24.51cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' ratings to the bank facilities
of Silverton Papers Ltd.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 ----------    -------
   Long-term Bank Facilities     24.51      'CARE BB+' Assigned
   Long-term/Short-term Bank      6.08      'CARE BB+'/'PR4'
   Facilities                               Assigned

Rating Rationale

The ratings of Silverton Papers Limited (SPL) are constrained by
the below-average financial risk profile marked by the small scale
of operations, low capitalization and deterioration in solvency
ratios due to the large debt-funded capex. The fragmented and
cyclical nature of the paper industry coupled with relatively low
entry barriers further constrains the ratings. The above
weaknesses are partially offset by the vast experience of
promoters in the paper industry, comfortable profitability margins
and locational advantage.

Implementation of the power project without cost overrun along
with achieving envisaged profitability margins and rationalization
of debt levels are the key rating sensitivities.

                           About Silverton Papers

SPL, located in Muzaffarnagar, Uttar Pradesh was established in
1993, promoted by Mr. S.K. Goyal. SPL is engaged in the
manufacturing of high quality agro-based Kraft paper and paper
products in sheets and reels of different sizes and strength using
agriculture waste. SPL became a sick company in 2003 and the unit
was taken over by Mr. Naveen Agarwal and his brothers in October
2005.  The Agarwal family has a wide experience in running paper
mills.  SPL has the installed capacity of 25,000 Metric Tonne Per
Annum and manufactures a wide range of kraft papers as per the
specification of customers ranging from 120 to 250 gram per sq.
cm.

During FY10, SPL has reported PAT of INR1.83 crore (FY09: INR1.28
crore) on a total operating income of INR42.27 crore (FY09:
INR37.04 crore). As per un-audited result for 9MFY11, SPL reported
a total operating income of INR34.51 crore.


SSIPL RETAIL: ICRA Reaffirms 'LBB' Rating on INR63cr Bank Loan
--------------------------------------------------------------
ICRA has reaffirmed 'LBB' rating to the INR63.00 crore fund based,
INR5.00 crore non fund based limits and INR14.00 crore unallocated
bank line of SSIPL Retail Limited.  The outlook on the rating is
stable.

The rating continues to factor in the client concentration risk
arising out of the fact that SSIPL derives more than two third of
its revenues from two clients namely Nike and Reebok; competitive
nature of the industry and the risk of non-renewal of contracts by
its clients which may impact the company's future profitability.
Moreover, SSIPL had issued preference share capital of INR17.20
crore to HBP Holdings Limited (private equity investor) which is
already due for either redemption or conversion into equity.
While reaffirming the rating, ICRA has noted that the cash flows
of the company are inadequate to meet the repayment obligation if
preference shareholder opts for redemption.  Nevertheless, the
rating draw comfort from SSIPL's experienced management, its
reputed client base and its moderate gearing levels.

                       About SSIPL Retail

SSIPL Retail Limited was incorporated in October 1994 as Moja
Shoes Private Limited and subsequently changed its name to SSIPL
Retail Private Limited in Aug 2006 and to SSIPL Retail Limited in
May 2008. The company was promoted by Mr. Rishab Soni, Mr. Sunil
Taneja and Mr. Ashok Mathur.  In FY07 and FY08 the company
attracted private equity investments which reduced the promoters'
stake in the company to 57%.  Currently the promoter's stake is
around 50%. SSIPL is involved in manufacturing of footwear for
international brands like Nike and Reebok. It also has the
retailing rights for Nike merchandise, franchise rights for Levis
Dockers.

Recent Results

In 2009-10, the company has reported an operating income (OI) of
INR333.71 crore with a profit after tax of INR4.04 crore compared
to an OI of INR298.85 crore and profit after tax INR1.63 crore in
2008-09.


TULSYAN NEC: CARE Assigns 'CARE BB+' Rating to INR143cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' rating to bank facilities of
Tulsyan Nec Ltd.

                                Amount
   Facilities                (INR. crore)    Ratings
   ----------                 ----------    -------
   Long-term Bank Facilities     143.0      'CARE BB+' Assigned
   Short-term Bank Facilities    175.0       PR4+ Assigned

Rating Rationale

The ratings are constrained by decline in TNECL's revenues and
profitability margins, year-on-year, stressed capital structure
due to the high level of debt-financed plans for backward
integration, adverse power situation in the region, stressed
liquidity position of the company, high degree of cyclicality
witnessed in the iron and steel industry and the fragmented nature
of the industry marked by intense competition.  The ratings
however, draw strength from the established track record of
operations, sustained demand for steel products from the
infrastructure sector, locational advantage of TNECL's steel
plant, diversified revenue streams, and the backward integration
plans of the company by the setting up of a captive power
facility.

Going forward, successful completion of the ongoing power project,
integration of enhanced production facilities and the ramping up
of capacity utilization and sales, the ability of TNECL to expand
into new regions by enhancing marketing strength,  successful
execution of the proposed rights issue and consequent improvement
in capital structure would be the key rating sensitivities.

                     About National Engineering

Incorporated in the year 1947, under the name National Engineering
Company Limited, TNECL was taken over by the Tulsyan group of
companies in 1986.  In the year 1996, Tulsyan Synthetics Limited,
a group company was merged with NECL and the name of the company
was changed to Tulsyan NEC Limited, with effect from August 1996.
TNECL is one of the major manufacturers of thermo mechanically
treated (TMT) bars and billets in southern India.  It is also a
large manufacturer of High Density Poly Ethelene (HDPE)/Poly
Propylene (PP) sacks and Flexible Intermediate Bulk Containers
(FIBC) in the region.

TNECL operates in two major business segments namely steel and
synthetics. The company's steel division has three plants located
in Tamil Nadu, one at Ambattur, Chennai and two in Gummidipoondi
near Chennai. The synthetic division's plant is located at
Doddaballapur, near Bangalore.  The steel division contributed to
the majority of sales revenues during the period FY08- FY10 (about
80% in FY10), while the balance 20% was from synthetics division.
TNECL posted a PAT of INR8.5 cr (INR9.5 cr in FY09) on net sales
of INR593.0 cr (INR630.8 cr in FY09) in FY10.


VIJAYA BANK: Fitch Affirms Individual Rating at 'C/D'
-----------------------------------------------------
Fitch Ratings has revised India-based Vijaya Bank's Outlook to
Negative from Stable and affirmed its National Long-Term rating at
'AA(ind)'.

The Negative Outlook reflects VB's stressed funding profile at
end-March 2011 (FY11) due to its increased dependence on wholesale
funds, particularly certificates of deposits (CD). While the
reliance reduced in FY10, it reversed in FY11 with loan to
customer deposits (excluding CD) of 89% at end-March 2011,
significantly higher than most government banks'. Fitch notes that
the resulting refinancing pressures can be mitigated to some
extent by VB's status as a government bank. Nevertheless, high
institutional funding could significantly impact its net interest
margins (NIMs) in the present rising interest rate scenario.
Should VB continue to depend on wholesale funds (particularly CD),
its National Long-Term rating may be downgraded by a notch to 'AA-
(ind)' to reflect the risk of greater return on asset (ROA)
volatility. The Outlook could be revised back to Stable if there
is a sustainable improvement in VB's funding profile and
profitability, and stabilization in asset quality.

The Individual rating factors in the bank's improved
capitalization in FY11, moderate asset quality through credit
cycles and its average deposit franchise.

VB's funding from bulk deposits remains high (around 44% of total
deposits at FYE11), and it has increased its share of short-term
CD to play on the yield curve, thereby creating significant asset
liability tenure gaps. This presents significant interest rate and
refinancing risks, especially in light of high amount of CDs that
are expected to be due for refinancing during the same time frame.
The concerns are further accentuated in view of a recent directive
from the Reserve Bank of India, limiting banks' exposure in liquid
debt funds to 10% of net worth that could further constrain
liquidity. Nevertheless, Fitch notes that VB's status as a public
sector bank (PSB) partly mitigates the refinancing concern.

VB's financials could be substantially impacted by higher
refinancing cost especially in light of the bank's low
profitability (FY11: ROAA 0.69%, FY10: 0.77%). Fitch expects VB's
NIMs to come under additional pressure (Q4FY11: NIMs declined by
62bp QoQ), although this could be partly mitigated by bank's
improved ability to pass on funding costs under the base rate
regime. The agency notes that the management plans to expand in
higher yielding SME and retail portfolio. However, high growth in
this segment while balancing the asset quality could be a
challgene in the present high interest rate scenario.

VB reported higher delinquencies as its gross non-performing loan
(NPL) ratios rose to 2.56% in FY11 (FY10: 2.37%) partly on account
of slippages in restructured portfolio (around 26% of the
restructured portfolio) and due to reporting of NPLs on a "systems
generated" basis. Fitch expects to see some normalisation in the
bank's asset quality in the near-term. Although the there could be
some slippages in SME and retail portfolio in the present rising
interest rate environment, large negative surprises seems limited.

Vijaya's capitalization ratios strengthened in FY11 (tier 1: FY11:
9.9%, FY10: 7.7%) post equity infusion by GOI (perpetual non-
cumulative preference shares: INR12bn and equity: INR3.7bn). The
increase in the government's stake also offers headroom for the
bank to raise additional capital.

Vijaya is a medium-sized PSB headquartered in the State of
Karnataka. At end-FY11, Vijaya had 1,200 branches mostly located
in Southern India (around 63%).

VB's ratings:

   -- National Long-Term rating affirmed at 'AA(ind)', Outlook
      Negative;

   -- Individual rating affirmed at 'C/D';

   -- Support rating affirmed at '3';

   -- INR9bn lower tier 2 subordinated debt affirmed at 'AA(ind)';
      and

   -- INR6bn upper tier 2 subordinated debt affirmed at 'AA-
      (ind)'.


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


ALUCO (P.T.): Moody's Assigns Provisional '(P)B3' Rating to Bonds
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B3 rating
to the senior secured notes to be issued by PT Tranka Kabel, a
79.5% subsidiary owned by PT ALUCO, and guaranteed by ALUCO and PT
Tranka Kabel.  The outlook on the rating is stable.

The provisional status of the senior secured bond rating will be
removed upon completion of the bond issuance and Moody's
satisfactory review of final documentation.

Ratings Rationale

The proceeds from the issuance will be used to (a) refinance its
existing loans, including refinancing charges, estimated at US$139
million; (b) fund working capital needs to support increases in
capacity utilization; (c) fund an interest reserve account of six
months; and (d) fund transaction expenses.

The rating reflects the B3 corporate family rating of ALUCO, which
is underpinned by its position as the leading cable manufacturer
in Indonesia, despite its relatively small scale. The company's
long-term relationship with Indonesia's state-owned power utility,
PT Perusahaan Listrik Negara ("PLN"; Ba1/stable), and its
vertically integrated operations also enable the company to
capture expected growth in demand for transmission and
distribution cables arising from higher domestic electricity
demand. In addition, ALUCO's ability to pass on price fluctuations
to customers minimizes its exposure to commodity price risk.

These strengths are balanced by its sizeable working capital
requirements, which constrain its capacity utilization and organic
growth potential. The company has consistently generated positive
Funds from Operations (FFO) over the past five years. However,
Operating Cash Flows, after working capital changes, have been
negative until 2010, due mainly to increasing metal prices,
production expansion, and delays in customer payments during the
recent global financial crisis. As such, the company relies on
working capital lines to fund its ongoing operations.

Moody's expects post-working capital operating cash flows to
remain negative over the next two years, as the company continues
to expand production, using part of the proceeds of the bond issue
to fund working capital.

ALUCO's operations are also characterized by high customer
concentration, with PLN and related contractors projected to
account for around 47% of the company's FY2010 revenue. Its
private ownership status also leads to concerns over limitations
to both corporate governance and transparency. However, Moody's
takes comfort from the recent track record, whereby shareholders
have never paid a dividend and injected funds into the business in
support of long term growth.

The stable outlook incorporates Moody's expectation that ALUCO
will be able to manage aluminum and copper price volatility within
existing working capital constraints and will also be able to
increase capacity utilization and expand production as planned.

Upward rating pressure could develop if (a) ALUCO expands its
capacity utilization and customer base, and establishes a longer
track record in managing its working capital needs; (b)
demonstrates good corporate governance, while adhering to strict
internal operational guidelines; (c) ALUCO's liquidity profile is
maintained, while financial flexibility improves with sufficient
headroom under its financial covenants; and (d) ALUCO maintains
committed banking facilities as standby.

Credit metrics that will support an upgrade include EBITA/Interest
above 3x, Debt/EBITDA below 3-4x, and FFO/Debt above 20-25% on a
sustained basis.

Downward pressure could develop, if ALUCO's industry fundamentals
deteriorated, resulting in protracted weakness in operating cash
flow generation that could in turn impact its debt servicing
abilities; or if the company increased its debt leverage,
potentially to fund acquisitions, substantial capex and/or
shareholder returns. Such pressure may be evidenced by
EBITA/Interest below 1-2x, Debt/EBITDA above 5x, and FFO/Debt
below 10%.

The principal methodology used in rating ALUCO was the Global
Manufacturing Industry Methodology, published December 2010.

Established in 2003, PT ALUCO ("ALUCO"), a private company, is a
leading manufacturer of cable in Indonesia, with an installed
capacity of 110,000 metric tonnes ("MT") per annum. The company
specializes in high voltage transmission cables, medium voltage
transmission and distribution cables, as well as special
conductors. For 2010, the company reported revenues of
approximately US$366 million.


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


ORSO ABS: Moody's Downgrades Class C Rating to 'Caa2' from 'B3'
---------------------------------------------------------------
Moody's Japan K.K. has downgraded to Caa2 (sf) from B3 (sf) its
rating on the Class C Beneficial Interests issued by Orso ABS
Funding Trust 1 -- SFFC.

Deal Name: Orso ABS Funding Trust 1 -- SFFC Trust Beneficial
Interests

   -- JPY3.1 billion Class C Beneficial Interests, downgraded to
      Caa2 (sf); previously, on June 30, 2010, downgraded to B3
      (sf) from Ba3 (sf)

Class: Class C Beneficial Interests

Issue Amount: JPY 3.1 billion

Dividend: Floating

Issue Date: September 21, 2007

Final Maturity Date: September 25, 2012

Underlying Asset: Real estate-backed loan receivables

The Beneficial Interests were issued in September 2007, and are
backed by a pool of real estate-backed SME loans originated by SF
Fudosan Credit Co., Limited (now, Real Estate Credit, Ltd.).

The servicing and special servicing of all loan receivables in the
transaction were transferred to the back-up servicer, Premier
Asset Management Company.

Rating Rationale

The rating has been downgraded mainly because Moody's now expects
that the final losses in the Class C Beneficial Interests will
exceed what the B3 (sf) rating indicates, because of 1) Moody's
view that the recovery rate for the collateral properties will
decline further, after taking into consideration the actual
collections and revised business plan, and 2) an increase in
substantial losses in the underlying receivables pool.

The back-up servicer has revised its business plan again for the
collateral properties. Compared with the June 2010 business plan,
the estimated collection amount from remaining properties has
declined further by around 20%.

The number of remaining properties was approximately 30 as of
April 2011, a decrease from approximately 100 as of June 2010 (the
time of the previous rating action).

According to the business plan, twenty of the remaining properties
will be auctioned, while the rest may be sold at lower prices.

As the sales of the properties progress, the amount of uncollected
loan receivables has become more evident. In Moody's view, because
underlying obligors are not expected to make additional payments,
there have been substantial losses in the underlying receivables
pool. The outstanding loan receivables currently amount to around
JPY16 billion, JPY 10 billion of which comprise losses.

The remaining properties will be auctioned off, or sold at a lower
price than previously expected. Moody's assumes that the recovery
rate for the collateral properties will be from 30-40%, after
taking into consideration the actual collections and the revised
business plan.

After the full redemption of the Class A Beneficial Interests
(which has the highest redemption priority), the Class B
Beneficial Interests were fully redeemed in March 2011.

There are currently no rating actions on Class D and E both rated
C (sf).

As a reference, the number of obligors in this transaction was
around 70, and the number of properties around 30, as of end-April
2011.

The principal methodology used in this rating was "Moody's
Approach to Rating Transactions Backed by Real Estate
Collateralized SME Loans in Japan," published on September 30,
2010.

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


ORSO FUNDING: Moody's Reviews Ratings for Possible Downgrade
------------------------------------------------------------
Moody's Japan K.K has placed on review for possible downgrade the
ratings for the Class D through F Trust Certificates issued by
Orso Funding CMBS 5 Trust. The final maturity of the Trust
Certificates will take place in February 2013.

Deal Name: Orso Funding CMBS 5 Trust

   -- Class D, Ba2 (sf) Placed Under Review for Possible
      Downgrade; previously on Jun 16, 2009 Downgraded to Ba2 (sf)
      from Baa2 (sf)

   -- Class E, Caa1 (sf) Placed Under Review for Possible
      Downgrade; previously on Jun 16, 2009 Downgraded to Caa1
      (sf) from B2 (sf)

   -- Class F, Caa2 (sf) Placed Under Review for Possible
      Downgrade; previously on Jun 16, 2009 Downgraded to Caa2
      (sf) from B3 (sf)

Orso Funding CMBS 5 Trust, issued in August 2006, represents the
securitization of seven non-recourse loans.

Two of the loans were paid in full by their loan maturity dates.
Additionally, special servicing for two of the defaulted loans has
been completed; one of which -- backed by office buildings located
in Tokyo -- was recovered in full in March 2011, while it had been
under special servicing since January 2011.

The transaction is currently secured by the three loans, which are
under special servicing.

Moody's has decided to apply higher stress on its recovery
assumptions for future disposal prices, as recovery thus far has
been below the expectations prevalent at the previous rating
actions.

And the performance of some of the properties has deteriorated.

The review has been prompted by the growing uncertainty regarding
the recovery of the Class D through F Trust Certificates.

In its review, Moody's will receive the collection plan for the
loan, which has been under special servicing since February 2011,
and will re-assess -- and add further stress to -- its recovery
assumptions for the properties, incorporating their operating
status, and monitoring the special servicer's strategies and
activities.

The principal methodology used in the rating was "Updated: Moody's
Approach to Rating CMBS Transactions in Japan" (June 2010)
published on September 30, 2010.


TITAN JAPAN: Moody's Reviews Ratings for Possible Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed the Class A through D and
Class X Notes of Titan Japan, Series1 GK, on review for possible
downgrade.

The final maturity of the Notes will take place in November 2012.

Deal Name: Titan Japan, Series 1 GK

   -- Class A, Baa1 (sf) placed under review for possible
      downgrade; previously, downgraded to Baa1 (sf) from Aa1 (sf)
      on June 23, 2010

   -- Class B, Ba2 (sf) placed under review for possible
      downgrade; previously, downgraded to Ba2 (sf) from A1 (sf)
      on June 23, 2010

   -- Class C, B2 (sf) placed under review for possible downgrade;
      previously, downgraded to B2 (sf) from Baa2 (sf) on June 23,
      2010

   -- Class D, Caa2 (sf) placed under review for possible
      downgrade; previously, downgraded to Caa2 (sf) from Ba2 (sf)
      on June 23, 2010

   -- Class X, Baa1 (sf) placed under review for possible
      downgrade; previously, downgraded to Baa1 (sf) from Aa1 (sf)
      on June 23, 2010

Titan Japan, Series 1 GK, effected in December 2007, represents
the securitization of six non-recourse loans. Currently, the
transaction is secured by four non-recourse loans (Two of the
loans are cross-collateralized and cross-defaulted.); two of the
loans had been paid, and the remaining four loans have been placed
under special servicing.

Moody's needs to review the current ratings, and revise its
recovery assumptions for the four remaining loans under special
servicing.  This is because the proceeds and the progress of
property dispositions have been lower than Moody's assumptions.

In its review, Moody's will confirm the special servicer's
strategies and the progress on its work-out activities, and re-
assess the prospects for recovery of the properties backing the
loans.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan" (June 2010)
published on September 30, 2010.


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


BANCO FILIPINO: CA Refuses To Lift Preliminary Injunction
---------------------------------------------------------
The Philippine Daily Inquirer reports that the Court of Appeals
has denied the plea of the Banco Filipino Savings and Mortgage
Bank for the lifting of the writ of preliminary injunction that
had stopped what could have been a PHP25 billion assistance
package for the beleaguered bank.

According to the Inquirer, the appellate court's Special 10th
Division, composed of Hakim Abdulwahid, Noel Tijam and Ricardo
Rosario, unanimously ruled that there was no basis for Banco
Filipino's assertion that the Bangko Sentral ng Pilipinas and its
policy-making body, the Monetary Board, would not suffer grave
irreparable injury if the writ of preliminary injunction were to
be lifted.

The writ of preliminary injunction, the Inquirer says, had stopped
the Makati Regional Court from ordering the BSP to release up to
PHP25 billion in financial assistance and other forms of
regulatory relief to the now shuttered bank.

The Inquirer relates that the writ of preliminary injunction is in
effect while the Court of Appeals is hearing the case.

"As aptly pointed out by petitioners (BSP and Monetary Board),
allowing the case a quo to proceed will prevent the former from,
or hamper their functions in, exercising regulatory functions over
private respondent, which in turn, would work great injustice and
cause irreparable injury to the general public," the Apellate
Court said in a nine-page resolution penned by Mr. Abdulwahid,
according to the Inquirer.

The Appellate Court also said Banco Filipino erred in claiming
that the BSP and its Monetary Board had no clear right to the
issuance of the writ of preliminary injunction in their favor, the
Inquirer adds.

BSP closed Banco Filipino after the bank's liabilities overwhelmed
its assets by PHP8.4 billion, and then filed charges against the
bank's directors and officials.  BSF also placed the bank under
the receivership of the state-run Philippine Deposit Insurance
Corp. to provide immediate relief to the bank's 177,652
depositors.

                       About Banco Filipino

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


PHILIPPINE AIRLINES: Temporarily Scraps Outsourcing Plans
---------------------------------------------------------
BusinessWorld Online reports that Philippine Airlines has
temporarily dropped plans to tap a contractor to fill vacancies
for ground workers as the government has yet to give a final
decision on its outsourcing plans.

PAL Spokesperson Cielo C. Villaluna told BusinessWorld that the
carrier's operator will instead be directly hiring replacements
for some 80 workers that had resigned to work for Singapore-based
companies.

This, after Philippine Airlines Employees' Association (PALEA),
which consists of more than half of the airline's ground workers,
held a motorcade Sunday to protest PAL's outsourcing plans, the
report says.

The flag carrier will initially hire 60 employees for the 80
vacancies, Ms. Villaluna said as cited by Businessworld.

"Filling the gap is important to ensure the smooth flow of airport
operations," Ms. Villaluna said, according to the report.
"There's no cause for alarm because we are not outsourcing
workers.  We cannot even do that because the issue has not been
resolved before the [Office of the President]," she added.

BusinessWorld says PALEA had filed a motion for reconsideration
with Malacanang in April in a bid to reverse the Palace and Labor
department decisions allowing PAL to tap service providers to
absorb the 2,600 workers who will be retrenched.

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said PAL is to spin off three
of its non-core units as a last resort to avoid bankruptcy.  These
units are the inflight catering services; the airport services,
including ground handling, cargo handling and ramp handling; and
the call center reservations services.  The PAL Employees Union
estimated that 2,000 to 4,000 employees assigned to those
departments could be retired.  PAL said competition from overseas
carriers, slower global economic growth, and higher oil prices had
prompted the airline to slash its non-core businesses.  The
carrier had approached several investors but failed to secure
financial help, and equity had dropped to a worrisome US$1.1
million as of February 2010, according to the Manila Standard.

The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that PAL announced a narrower loss for the fiscal year ended
March 2010 to $14.3 million, from the previous year's $297.8
million, but warned of still weak demand for international
flights.

                    About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.


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


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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