TCRAP_Public/110622.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 22, 2011, Vol. 14, No. 122

                            Headlines


A U S T R A L I A

ADVANCED MEDICAL: Founder Buys Back Clinics for About AU$900,000
CEC GROUP: Administrators to Review Ex-CEO's Proposed DOCA
JOHNSON PROPERTY: Getting Bank Finance Still a Hurdle, Owner Says


H O N G  K O N G

ALFRED DUNHILL: Members' Final General Meeting Set for July 18
ALLIED INDUSTRIAL: Batchelor Appointed as New Liquidator
BEST LEADER: Creditors' Proofs of Debt Due July 27
CAPITAL HUMAN: Final Meetings Set for July 27
CERTIFIED INSURANCE: Lau Chi Yuen Steps Down as Liquidator

CHLOE LIMITED: Members' Final General Meeting Set for July 18
CITI-GRACE LIMITED: Members' Final General Meeting Set for July 20
CREE LED: Members' Final Meeting Set for July 19
DUNHILL INVESTMENTS: Members' Final Meeting Set for July 18
DUNHILL LIMITED: Members' Final General Meeting Set for July 18

FINETEX TECHNOLOGY: Commences Wind-Up Proceedings
FIRST TECHNOLOGY: Members' Final Meeting Set for July 20
FORTUNE STAND: Creditors' Proofs of Debt Due July 27
GEE HOW: Members' Final Meeting Set for July 22
GOLD-FACE ENTERPRISES: Annual Meeting Set for July 24


I N D I A

AJAY METALLICS: CRISIL Reaffirms 'B' Rating on INR36MM Term Loan
ATLAS CASTALLOY: CRISIL Reaffirms 'BB+' Rating on INR82.5MM Loan
DSM SOFT: CRISIL Reaffirms 'D' Rating on INR51.8-Mil. LT Loan
ERODE BUILDER: CRISIL Assigns 'D' Rating to INR200MM Term Loan
FILM FARM: CRISIL Assigns 'BB' Rating to INR25MM Long Term Loan

GAJRA GEARS: CARE Assigns 'CARE C' Rating to INR37.22cr LT Loan
GOLD STAR: CARE Assigns 'CARE BB+' Rating to INR50CR LT Bank Loan
GOLD STAR JEWELLERY: CARE Rates INR37.5cr Loan at 'CARE BB+'
JANPATH ESTATES: ICRA Assigns 'LBB-' Rating to INR14.5cr Term Loan
JAYBHARAT TEXTILES: CARE Revises Rating on INR239.56cr LT Loan

LAMINA FOUNDRIES: CRISIL Assigns 'B' Rating to INR19.6MM Loan
LAXMI SOLVEX: ICRA Reaffirms 'LBB-' Rating on INR23cr Term Loan
OSCAR LEATHERS: CARE Assigns 'CARE BB+' Rating to INR7.33cr Loan
RAJAN OVERSEAS: CARE Assigns 'CARE BB+' to INR1.78cr LT Loan
RANEKA INDUSTRIES: ICRA Suspends 'LBB' Rating on INR11.78cr Loan

SHRI HALASIDHANATH: CARE Rates INR51.37cr Bank Loan at 'CARE B+'
SUPERGEMS (INDIA): CRISIL Reaffirms 'P4' Rating on INR250MM Credit
VAIBHAV LAXMI: ICRA Reaffirms 'LBB+' Rating on INR29.96cr Loan
VAIGHAI AGRO: ICRA Assigns 'LBB+' Rating to INR5cr Term Loan


I N D O N E S I A

MEDIA NUSANTARA: S&P Raises LT Corporate Credit Rating to 'BB-'


J A P A N

JLOC XXXI: Moody's Reviews Ratings of Notes for Possible Downgrade


N E W  Z E A L A N D

ALLIED FARMERS: ASB Bank Calls In Receivers to Fijian Resort
FELTEX CARPET: Shareholder Class Suit to Proceed Upon Cost Posting
IRONGATE PROPERTY: Southside Group Launches Bid for 10% of Bonds
PULSE UTILITIES: Buller Energy to Take 65% Stake in Pulse
REDGROUP RETAIL: Pascoe Finalizes Purchase of Whitcoulls Chain

WALTER PEAK: Liquidators Fail to Recover Any Cash


S I N G A P O R E

SDMO ASIA: Creditors' Proofs of Debt Due July 18
S.G. GLOBAL: Court to Hear Wind-Up Petition July 1
SLG IMPEX: Creditors' Proofs of Debt Due July 4
TEOW AIK: Creditors' Proofs of Debt Due July 1
TWINS ENGINEERING: Court to Hear Wind-Up Petition July 1

WEE CHONG: Court to Hear Wind-Up Petition July 1
WILMAR HOLDINGS: Members' Final Meeting Set for July 18
WYETH PHARMACEUTICALS: Creditors' Proofs of Debt Due July 18


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


ADVANCED MEDICAL: Founder Buys Back Clinics for About AU$900,000
----------------------------------------------------------------
Ben Butler at Business Day reports that Advanced Medical Institute
founder Jacov "Jack" Vaisman has bought the controversial erectile
dysfunction business back from administrators in a deal that will
see him pay as little as AU$900,000 cash.  Business Day relates
that the remainder of the AU$4.3 million purchase price represents
debts to AMI's secured creditors, which Mr. Vaisman controls.

Mr. Vaisman's move is a setback for the Australian Competition and
Consumer Commission, which is trying to shut down AMI in the
Federal Court after accusing the company of unconscionable conduct
towards patients, according to Business Day.

Mr. Vaisman placed AMI into administration just before Christmas,
the day after the ACCC lodged its lawsuit.

Business Day relates that three companies controlled by Mr.
Vaisman bought the erectile dysfunction business from the two
companies in the AMI group.  The move came on the day AMI was to
start telling potential patients of the risk they would be taking
by entering into long-term treatment contracts with a group that
was in administration and insolvent, Business Day says.

Business Day discloses that the court heard that despite a court
order, no such warning appears on the AMI Web site because it is
no longer in the hands of the group's administrators, Trent
Hancock and Michael Hird of BDO.  Counsel for the administrators,
Alister Henskens, told the court: "The operation and control of
the web pages which are of concern to the ACCC passed to the new
owners," the report relates.

Business Day says that the sale also means Mr. Vaisman will be
able to continue trading after July 20, the date from which
Federal Court orders were to have barred AMI from taking new
patient payments.

The report notes that permission to sell the business without
seeking permission from creditors was granted by New South Wales
Supreme Court judge William Windeyer earlier this month.

Business Day notes that the corporate shells of the two AMI
companies, Advanced Medical Institute and AMI Australia Holdings,
are now likely to be liquidated, leaving nothing for unsecured
creditors owed AU$2.8 million.  Those creditors include The Age's
owner, Fairfax Media, which is owed $500,000 after failed legal
action by AMI, the report adds.

The ACCC's action against AMI and its directors, including
Mr. Vaisman, continues, Business Day says.

                      About Advanced Medical

Advanced Medical Institute Pty Ltd is a service provider company
that arranges for patients with Sexual Dysfunction to be provided
with medical services, pharmaceuticals and associated support
services.

AMI is a wholly owned subsidiary of Advanced Medical Institute
Inc., a publicly held Nevada corporation that currently trades on
the over-the-counter (bulletin board) market under the symbol
AVMD.OB.  AVMD operates primarily through its wholly-owned
Australian subsidiary, AMI Australia.


CEC GROUP: Administrators to Review Ex-CEO's Proposed DOCA
----------------------------------------------------------
The Cairns Post reports that CEC Group creditors were asked last
week to adjourn their meeting with administrators for 45 days to
allow a Deed of Company Arrangement to be considered.

Former chief executive officer Roy Lavis has proposed the DOCA,
which may prevent the group from going into liquidation, Cairns
Post says.

According to Cairns Post, administrators Terry van der Velde and
David Stimpson of SV Partners Brisbane said in their report to
creditors they would be recommending the meeting be adjourned so
they can assess the DOCA proposal as well as undertake further
investigations into unfair preferential payments being made and
insolvent trading.

The administrators said they had identified many transactions that
may be considered preferential, Cairns Post relates.

"At this point of time, we cannot provide an estimate of the
quantum of potential preference payments as further investigations
will be required once the company is placed into liquidation,"
their report said, according to Cairns Post.

"We are currently undertaking a detailed insolvent trading review
of the company and its subsidiaries.  Accordingly, we are unable
to advise at this stage whether an insolvent trading claim
exists."

The administrators report said that according to company records,
the group was owed AU$7 million and had shares valued at AU$20
million in subsidiary companies and debts of AU$81 million, with
AU$75 million owed to the Commonwealth Bank, Cairns Post
discloses.

The report, as cited by Cairns Post, said that it was unlikely the
bank would recoup all of its debt from the sale of businesses and
assets, including a large land bank.

According to Cairns Post, the administrators estimate total
liabilities are AU$91.6 million and that the CEC Group is also
owed nearly AU$15 million by subsidiary companies.

They have withheld the value of plant and equipment and properties
owned by the group so it does not jeopardise any sales by
receivers McGrathNicol, Cairns Post notes.

The report said that employees, as priority creditors, were owed
AU$552,705, including superannuation, annual leave and redundancy
pay, Cairns Post discloses.

Unsecured creditors are owed AU$16 million, including suppliers
and sub-contractors (AU$3.2 million), the Australian Taxation
Office (AU$2.5 million) and a shortfall to employees (AU$1.5
million).

Three related entities, including the Lavis Family Trust (AU$8
million) and the Lavis Family Superannuation Fund (AU$330,000),
have claimed nearly AU$9 million.

                        About CEC Group

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

In May 2011, secured lender Commonwealth Bank appointed Chris
Honey and Keith Crawford of McGrathNicol as joint administrators
over CEC Group.  This follows the appointment of voluntary
administrators to CEC Constructions by Chief Executive Officer Roy
Lavis on May 6, 2011.


JOHNSON PROPERTY: Getting Bank Finance Still a Hurdle, Owner Says
-----------------------------------------------------------------
ABC News reports that Johnson Property Group owner Keith Johnson
said despite being thrown a lifeline by creditors, he is still
facing many financial hurdles.

Creditors who are owed "150 million dollars" recently accepted a
deed of company arrangement, preventing the firm from being wound
up.

According to ABC, Mr. Johnson said getting bank finance is still a
major problem.  "There's a long way to go yet. Dealing with banks
is a tough job.  And dealing with the State Government as far as
infrastructure, that's a major problem that we've got to
overcome."

Mr. Johnson expects to secure finance soon for the massive
Cooranbong housing project in Lake Macquarie.  He says work should
start soon on the 2,500 lot development.

But Mr. Johnson says but the 3,500 lot project at Bellbird near
Cessnock is still in limbo.

"Bellbird is a problem with infrastructure and we need a lot of
support from the State Government," ABC News quotes Mr. Johnson as
saying.

Johnson Property Group went into voluntary administration in April
this year.  Administrator deVriesTayeh listed slow development
approvals from government and falling land values after the global
financial crisis as reasons for the company's position.

                      About Johnson Property

Johnson Property Group is one of New South Wales' largest private
land developers.  The company's current projects include a
AU$200 million development at Lake Macquarie, a development at
Cooranbong near the Hunter Valley, and the giant Pitt Town housing
development in the Hawkesbury Valley.


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


ALFRED DUNHILL: Members' Final General Meeting Set for July 18
--------------------------------------------------------------
Members of Alfred Dunhill (Pacific) Limited will hold their final
general meeting on July 18, 2011, at 10:20 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Betty Yuen Yeung and Paul David Stuart Moyes, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ALLIED INDUSTRIAL: Batchelor Appointed as New Liquidator
--------------------------------------------------------
John Howard Batchelor on May 31, 2011, was appointed as liquidator
of Allied Industrial Limited.

John Howard Batchelor replaces Desmond Chung Seng Chiong who
stepped down as the company's liquidator.

The liquidators may be reached at:

         John Howard Batchelor
         Roderick John Sutton
         14/F, The Hong Kong Club Building
         3A Chater Road
         Hong Kong


BEST LEADER: Creditors' Proofs of Debt Due July 27
--------------------------------------------------
Creditors of Best Leader Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 27, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 10, 2011.

The company's liquidator is:

         Choy Man Yick
         12th Floor, V Heun Building
         138 Queen's Road
         Central, Hong Kong


CAPITAL HUMAN: Final Meetings Set for July 27
---------------------------------------------
Contributories and creditors of Capital Human Resources Company
Limited will hold their final general meeting on July 27, 2011, at
2:15 p.m., and 2:30 p.m., respectively at 25/F., Tern Centre Tower
I, 237 Queen's Road Central, in Hong Kong.

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


CERTIFIED INSURANCE: Lau Chi Yuen Steps Down as Liquidator
----------------------------------------------------------
Lau Chi Yuen stepped down as liquidator of The Association
Certified Insurance Financial Advisers Limited on May 31, 2011.


CHLOE LIMITED: Members' Final General Meeting Set for July 18
-------------------------------------------------------------
Members of Chloe Limited will hold their final general meeting on
July 18, 2011, at 10:20 a.m., at Level 28, Three Pacific Place, 1
Queen's Road East, in Hong Kong.

At the meeting, Betty Yuen Yeung and Paul David Stuart Moyes, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CITI-GRACE LIMITED: Members' Final General Meeting Set for July 20
------------------------------------------------------------------
Members of Citi-Grace Limited will hold their final general
meeting on July 20, 2011, at 3:00 p.m., at 12th Floor, Grand
Building, Nos. 15-18 Connaught Road Cenral, in Hong Kong.

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


CREE LED: Members' Final Meeting Set for July 19
------------------------------------------------
Members of Cree Led Lighting Solutions Hong Kong Limited will hold
their final general meeting on July 19, 2011, at 10:00 a.m., at
22nd Floor, Tai Yau Building, 181 Johnston Road, Wanchai, in
Hong Kong.

At the meeting, So Kwok Keung Keith, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


DUNHILL INVESTMENTS: Members' Final Meeting Set for July 18
-----------------------------------------------------------
Members of Dunhill Investments Limited will hold their final
general meeting on July 18, 2011, at 10:40 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Betty Yuen Yeung and Paul David Stuart Moyes, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


DUNHILL LIMITED: Members' Final General Meeting Set for July 18
---------------------------------------------------------------
Members of Dunhill Limited will hold their final general meeting
on July 18, 2011, at 10:30 a.m., at Level 28, Three Pacific Place,
1 Queen's Road East, in Hong Kong.

At the meeting, Betty Yuen Yeung and Paul David Stuart Moyes, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


FINETEX TECHNOLOGY: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Finetex Technology Global Limited, on June 9, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


FIRST TECHNOLOGY: Members' Final Meeting Set for July 20
--------------------------------------------------------
Members of First Technology International (H.K.) Co., Limited will
hold their final general meeting on July 20, 2011, at 10:30 a.m.,
at Room 1005, Allied Kajima Building, 138 Gloucester Road,
Wanchai, in Hong Kong.

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


FORTUNE STAND: Creditors' Proofs of Debt Due July 27
----------------------------------------------------
Creditors of Fortune Stand International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 27, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 10, 2011.

The company's liquidator is:

         Choy Man Yick
         12th Floor, V Heun Building
         138 Queen's Road
         Central, Hong Kong


GEE HOW: Members' Final Meeting Set for July 22
-----------------------------------------------
Members of Gee How Oak Tin Association of Hong Kong Limited will
hold their final meeting on July 22, 2011, at 10:00 a.m., at 2nd
Floor, Caltex House, 258 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Chan Po Fun Peter, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GOLD-FACE ENTERPRISES: Annual Meeting Set for July 24
-----------------------------------------------------
Members and creditors of Gold-Face Enterprises Limited will hold
their annual meeting on July 24, 2011, at 11:30 a.m., at 18th
Floor, Two International Finance Centre, 8 Finance Street,
Central, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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I N D I A
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AJAY METALLICS: CRISIL Reaffirms 'B' Rating on INR36MM Term Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'B/Stable/P4' on the bank
facilities of Ajay Metallics Private Limited.

   Facilities                      Ratings
   ----------                      -------
   INR64.5 Million Cash Credit     B/Stable (Reaffirmed)
   INR36 Million Rupee Term Loan   B/Stable (Reaffirmed)
   INR4.5 Million Bank Guarantee   P4 (Reaffirmed)

Furthermore, for arriving at its ratings, CRISIL has now combined
the business and financial risk profiles of Vindhyavasini
Corporation Pvt Ltd, Vindhyavasini Ispat Pvt Ltd, Vindhyavasini
Iron Pvt Ltd, Ajay Metallics Pvt Ltd and Unique Steelstrips Pvt
Ltd, collectively referred to as the Vindhyavasini steel combine.
This is because all these five entities have a common management
and also market their products under the common brand name,
Unique. The change in analytical approach has been driven by the
establishment of three new group companies, viz. VCPL, VIPL and
VIRL in the steel products manufacturing segment, resulting in
increased business and financial synergies.

The ratings reflect the Vindhyavasini steel combine's exposure to
risks related to the simultaneous implementation of multiple
projects and its limited track record in the steel industry. These
rating weaknesses are partially offset by the financial
flexibility of Vindhyavasini steel combine's promoters, which was
also demonstrated by large funds infused in group companies during
2010-11 (refers to financial year, April 1 to March 31).

Outlook: Stable

CRISIL believes that AMPL's credit risk profile will sustain over
the medium term; any significant improvement will be constrained
by the implementation risks associated with its ongoing large,
debt funded capital expenditure (capex) programme. The outlook may
be revised to 'Positive' in case of successful implementation of
the large ongoing projects without material time or cost overruns.
Conversely, the outlook may be revised to 'Negative' in case of
material delays in project implementation, leading to lower-than-
expected cash accruals and hence constraining its debt servicing
ability.

                         About Ajay Metallics

The Vindhyavasini steel combine, consisting of five companies, is
promoted by the Gupta family of Mumbai. The operations of all
these entities are managed by three brothers Mr. Vijay Gupta,
Mr. Ajay Gupta and Mr. Sanjay Gupta and their father Mr. Rajendra
Gupta. Mr. Rajendra Gupta first set up a cloth retailing outlet,
Vijay Cloth Store, 25 years ago in Talasari (Thane district,
Maharashtra).  Today, the combine has diversified business
interests across steel manufacturing and trading, real estate
development, retail, infrastructure, agri-business, and ship
breaking and now intends to enter into dairy, hospitality and
power industries.

AMPL, incorporated in 2004, was the first company in the
Vindhyavasini group to engage in manufacture of steel. The company
manufactures steel ingots from steel scrap and sponge iron, which
it procures from the local market. AMPL has production facility
with an installed capacity of 36,000 Tonnes per annum (TPA). In
the FY 2011-12, the group would merge the operations of AMPL and
VIRL, which are housed in neighboring units. Post this merger, the
group plans to undertake a large capex to migrate its production
capacities from manufacture of MS Billets to SS Billets.  The
entire capex is estimated to be carried out at a cost of
INR120 crore with debt: equity funding of 1:1. The project is
expected to be completed by 2012-13.


ATLAS CASTALLOY: CRISIL Reaffirms 'BB+' Rating on INR82.5MM Loan
----------------------------------------------------------------
CRISIL has re-affirmed its 'BB+/Positive/P4+' ratings to the bank
facilities of Atlas Castalloy Ltd (ACL, formerly Atlas Automotive
Components Ltd).  The ratings continue to reflect ACL's small
scale of operations, customer concentration in revenue profile,
large working capital requirements, and exposure to volatility in
raw material prices. These rating weaknesses are partially offset
by the benefits that ACL derives from its promoters' experience in
the aluminium castings industry and established customer
relationships, and by the company's moderate gearing and debt
protection metrics.

   Facilities                          Ratings
   ----------                          -------
   INR100.00 Million Cash Credit       BB+/Positive (Reaffirmed)
   INR82.50 Million Term Loan          BB+/Positive (Reaffirmed)
   INR16.50 Million Letter of Credit   P4+ (Reaffirmed)
   INR5.00 Million Bank Guarantee      P4+ (Reaffirmed)

Outlook: Positive

CRISIL positive outlook on ACL reflects continued improvement in
the business risk profile reflected in the healthy growth in
topline and improvement in operating margin. The ratings may be
upgraded in case of sustained improvement in cash accruals and no
large debt funded capex leading to significant improvement in the
company's financial risk profile and liquidity. Conversely, the
outlook may be revised to 'Stable' in case of lower than expected
cash accruals, or if the company undertakes a large, debt-funded
capital expenditure programme, thereby adversely affecting its
financial risk profile and liquidity.

Update

Atlas Castalloy Ltd is expected to report a topline of about
INR699 million in 2010-11 which higher than CRISIL's expectation.
This was mainly due to higher than expected demand from existing
customers like Greaves Cotton Ltd, Royal Enfield Motors Ltd
(REML), Tata Motors Ltd (TML), Maruti, Knorr Bremse and others. It
has also added new customers like GE Medical, New Holland Tractors
and others. The company is expected to report operating margin of
10.5 percent in 2010-11 which is inline with CRISIL projections.
However, the profitability is expected to improve going forward
driven by higher contribution from higher value added machined
components.

ACL incurred large debt funded capex of about INR105 million
incurred in 2010-11 funded by a term loans of INR71.5 million. The
capex was mainly towards setting up of machining capacity and
purchase of new corporate office at Mumbai (Maharashtra). This
debt funded capex was not factored at the time of previous rating
and the working capital requirements were higher than CRISIL's
projections due to increase in scale of operations leading to
lower than expected financial risk profile with company's gearing
expected at 1.6 times as on March 31, 2011. Though, the financial
risk profile is currently moderate, the same is expected to
deteriorate further on account of further debt funded capex plans
in 2011-12 towards expansion of capacity and large incremental
working capital requirements. However, the financial risk profile
is expected to be supported by expected improvement in cash
accruals, driven by improvement in scale of operations and
profitability.

ACL is expected to report a Profit After Tax (PAT) of INR25
million on an operating income of INR696 million for 2010-11,
against a PAT of INR21.6 million on an operating income of INR487
million for 2009-10.

                        About Atlas Castalloy

Incorporated as a private limited company in 1966, ACL was
reconstituted as a closely held public limited company in 2004-05.
The company manufactures aluminium castings of various grades used
in the automobile and engineering industry. It manufactures
products using pressure, gravity, and sand die casting, mainly for
original equipment manufacturers, such as Greaves Cotton Ltd,
Maruti Suzuki India Ltd (rated 'AAA/Stable/P1+' by CRISIL), Tata
Motors Ltd ('AA-/Stable/P1+'), and others. ACL's manufacturing
unit in Chinchwad, Pune (Maharashtra), has aluminium casting
capacity of 3000 tonnes per annum. ACL's promoters also manage
Alicon Castalloy Ltd (Alicon, Rated A-/Stable/P2+ by CRISIL),
which manufactures aluminium castings and alloy wheels, and
Silicon Meadows Designs Ltd (SMDL), which designs and manufactures
dies and moulds required for aluminium casting. SMDL supplies dies
and moulds only to group companies, ACL and Alicon.


DSM SOFT: CRISIL Reaffirms 'D' Rating on INR51.8-Mil. LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of DSM Soft Pvt Ltd
continue to reflect instances of delay by DSM in servicing its
debt; the delays have been caused by the company's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR51.8 Million Long-Term Loan    D (Reaffirmed)
   INR10 Million Cash Credit         D (Reaffirmed)
   INR40 Million Packing Credit      P5 (Reaffirmed)
   INR5 Million Bank Guarantee       P5 (Reaffirmed)

DSM is exposed to risks related to customer concentration in its
revenue profile and to fluctuation in foreign exchange rates.
However, the company benefits from its established presence in the
information technology (IT) industry.

Update
DSM reported marginal growth in sales in 2010-11 (refers to
financial year, April 1 to March 31), but also registered
operating profits. However, DSM continues to make net losses due
to high interest cost and depreciation. The company currently has
an order book of INR 200 million, of which INR140 million is
expected to be executed during 2011-12. However, the company's
liquidity remains weak, marked by full utilisation of its bank
limits for the six months through April 2011, resulting in delays
in servicing of its debt.

For 2010-11, DSM reported on a provisional basis, a net loss of
INR6.09 million on net sales of INR81.9 million, against net loss
of INR60.1 million on net sales of INR79.2 million for the
previous year.

                            About DSM Soft

Incorporated in 1991, DSM provides IT services in the field of
engineering data conversion and geographic information systems. It
has a wholly owned subsidiary, DSM Geodata Ltd, in the UK, which
was taken over in 2002 to penetrate the European market


ERODE BUILDER: CRISIL Assigns 'D' Rating to INR200MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to the long-term bank loan
facilities of Erode Builder Educational Trust.  The rating
reflects instances of delay by EBET in servicing its term loan;
the delays have been caused by EBET's weak liquidity.

   Facilities                      Ratings
   ----------                      -------
   INR13.00 Million Cash Credit    D (Assigned)
   INR200.00 Million Term Loan     D (Assigned)

EBET has a weak financial risk profile, marked by small net worth,
high gearing, and weak debt protection metrics, limited track
record, and is susceptible to intense competition in the education
sector and adverse regulatory changes. These rating weaknesses are
partially offset by the healthy demand prospects for the education
sector and funding support it receives from its promoters.

Set up in November 2007, EBET operates a single education
institution, the EBET Group of Institutions, which offers courses
in engineering, Masters of Business Administration, and Masters of
Computer Applications.  EGI has the requisite approvals from the
All India Council for Technical Education and Anna University of
Technology, Coimbatore (Tamil Nadu).

The institute's first academic year commenced in June 2009, with
approved intake of 240 students for its engineering course, 60 for
its MBA course, and 60 for the MCA course. In academic year
2010-11, EGI was sanctioned additional intake of 120 students for
its engineering course.


FILM FARM: CRISIL Assigns 'BB' Rating to INR25MM Long Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Film Farm India Pvt
Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR24.00 Million Cash Credit      BB/Stable (Assigned)
   INR25.00 Million Long-Term Loan   BB/Stable (Assigned)
   INR16.50 Million Proposed LT      BB/Stable (Assigned)
             Bank Loan Facility

The rating reflects FFIPL's exposure to risks associated with the
television (TV) content production industry, and its large working
capital requirements. These weaknesses are partially offset by
FFIPL's established position as a TV advertisement and content
production house, and the benefits it derives from the
commissioned model of its operations.

Outlook: Stable

CRISIL believes that FFIPL will maintain its business risk profile
on the back of the industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
increase in billing rates, coupled with sustained increase in the
number of long-term contracted on-air serials, resulting in
improvement in its debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if FFIPL faces production
cost over-runs, or faces delays in realisations from its customers
thereby impacting its financial risk profile.

                        About Film Farm

FFIPL, incorporated in 1999 by Mr. Kalyan Guha and his friend
Mr. Harsh Dave, is engaged in the content production of TV
advertisements and serials, which contributed about 40 per cent
and 60 per cent, respectively, of its total sales in 2009-10
(refers to financial year, April 1 to March 31). FFIPL has
produced advertisements for reputed corporates, including
Hindustan Unilever Ltd and Henkel India Ltd. As on May 31, 2011,
FFIPL's on-air TV serials included Uttaran on Colors and Mandala
Don Ghadicha Daav on Star Pravah.

FFIPL reported on provisional basis a profit after tax (PAT) of
INR17.6 million on net sales of INR425.0 million for 2010-11,
against a PAT of INR8.75 million on net sales of INR276.7 million
for 2009-10.


GAJRA GEARS: CARE Assigns 'CARE C' Rating to INR37.22cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE C' and 'PR 4' ratings to the bank facilities of
Gajra Gears Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities     37.22      'CARE C' Assigned
   Short-term Bank Facilities    22.61      'PR 4' Assigned

Rating Rationale

The rating of Gajra Gears Pvt. Ltd. are constrained on account of
its weak financial profile marked by its availing of Corporate
Debt Restructuring (CDR) package in FY08, high leverage levels
and stressed liquidity conditions faced by it. The ratings are
further constrained due to its high dependence on export sales and
highly concentrated product portfolio.  The rating, however,
favourably takes into account the long-term relations of GGPL with
both its suppliers and customers, as well as the vast experience
of the promoters in the auto component industry.  Ability to
increase its of operations along with rationalization of debt
remains a key rating sensitivity.

Gajra Gears Pvt. Ltd. (GGPL) ? part of the Gajra Group, was
established in 1962 at Dewas (Madhya Pradesh) for undertaking the
business of manufacturing and selling transmission gears. GGPL has
an installed capacity for manufacturing 4,210 MTPA of different
types of gears through its CNC machines. The gears manufactured
are targeted towards both exports as well as OEM and replacement
market of the automobile sector.

During FY10, the company registered a total operating income of
INR105.37 crore (FY09: INR120.93 crore) with a net loss of INR1.46
crore (FY09: Loss of INR2.56 crore).


GOLD STAR: CARE Assigns 'CARE BB+' Rating to INR50CR LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' rating to LT bank facilities and
withdraws the rating assigned to ST bank facilities of Gold Star
Jewellery Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
Long-term Bank Facilities        50.00       CARE BB + Assigned
Short-term Bank Facilities                   Rating Withdrawn

Rating Rationale

The rating is constrained by the closely-held nature of GSJPL,
weak financials characterized by declining operating margins and
long working capital cycle. The rating also factors-in the intense
competition from various organized as well as unorganized players
in the industry and recovery in the global G&J industry.
The rating gathers strength from the promoters' experience in the
Gems & Jewellery industry, group support in operations and
established relations with customers.  Ability of GSJPL to improve
sales and profitability is the key rating sensitivity.


Gold Star Jewellery Pvt. Ltd. was incorporated in 1990 as part of
the Gold Star Group. The company operates in manufacturing as well
as trading of gold jewellery mainly studded with diamond
of various sizes and forms such as princess, tapers etc. The
company has two manufacturing units, both located at SEEPZ-SEZ,
Mumbai. The company is a 100% Export Oriented Unit (EOU) with
major  exports to USA, UK, UAE and other Asian countries.


GOLD STAR JEWELLERY: CARE Rates INR37.5cr Loan at 'CARE BB+'
------------------------------------------------------------
CARE assigns 'CARE BB+ rating to LT bank facilities and
withdraws the rating assigned to ST bank facilities of Gold Star
Jewellery Designs Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)     Ratings
   ----------                 -----------     -------
   Long-term Bank Facilities      37.50       CARE BB + Assigned
   Short-term Bank Facilities      -          Rating Withdrawn

Rating Rationale

The ratings are constrained by the closely-held nature of GSJDPL,
the small size of operations and long working capital cycle.
Further, the ratings also factor-in the intense competition from
various organized as well as unorganized players in the industry.
The ratings gather strength from the promoters' experience in the
Gems & Jewellery industry, group support in operations and
established relations with customers.  Ability of GSJDPL to
improve sales and profitability is the key rating sensitivity.

Gold Star Jewellery Designs Pvt. Ltd. was incorporated on May 14,
2004, as part of Gold Star group which was formed in the late
1960s promoted by Mr. Satish Shah. The company is engaged in
the manufacturing of diamond-studded gold jewellery and exporting
to USA, UK, UAE and other Asian countries.


JANPATH ESTATES: ICRA Assigns 'LBB-' Rating to INR14.5cr Term Loan
------------------------------------------------------------------
ICRA has assigned the long-term rating of 'LBB-' to the INR 14.50
crore1 term loans of Janpath Estates Private Limited.  The long
term ratings carry a Stable outlook.

The rating factors in the limited track record of JEPL in the real
estate sector; significant market risks on account of moderate
level of booking (-20% of the project) and collection achieved in
its first project - Janpath Dreamz.  The rating is also constraint
because of its relatively high gearing levels (1.82 times as on
March 31, 2010) and its moderate debt coverage indicators as
reflected by interest coverage of 2.24 times and NCA/Total Debt of
12.5% in 2009-10. ICRA has also noted that the company is yet to
receive some of the statutory approvals for the project.  The
rating, however, favorably factors in the low funding risk for the
project as the entire debt has been tied up and all costs incurred
till date has been funded either by promoters contribution or
debt. Moreover, ICRA draws comfort from the fully paid land bank
of the company; acquisition of which has been funded through
unsecured loans extended by promoters.

Incorporated in May 2004, Janpath Estate Private Limited has been
involved in carrying out purchase and development of real estate
etc. In the past the company was mainly involved in purchase of
land and selling it post land use conversion as well as
development. However, the company has recently launched its maiden
project by the name of 'Janpath Dreamz'.  The company is planning
to develop and sell villas constructed over a land parcel of about
9 acres.  The company is jointly promoted by the Goyal family and
Singal family. Mr. Vinay Singal and Mr. Mahesh Kumar Goyal are the
directors of the company.

Recent Results

In 2009-10, JEPL reported a net profit of INR5.46 crore on an
operating income of INR 20.38 crore as compared to a loss of
INR4.22 crore on an operating income of INR7.56 crore in 2008-09.


JAYBHARAT TEXTILES: CARE Revises Rating on INR239.56cr LT Loan
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Jaybharat Textiles & Real Estate Ltd.

                                 Amount
   Facilities                 (INR crore)     Ratings
   ----------                 -----------     -------
   Long-term Bank Facilities     239.56       'CARE BB+' Revised
                                              from CARE BBB
                                              [Credit Watch]

   Short-term Bank Facilities     10.00       'PR4+' Revised from
                                               PR3+ [Credit Watch]

Rating Rationale

The revision in the ratings factors in the deterioration in the
JTREL's financial risk profile characterized by decline in
profitability margins, high overall gearing and liquidity issues
faced by the company in the recent past due to non sanctioning of
additional funds in the wake of SEBI order.  Further, the ratings
are constrained by intense competition due to fragmented nature of
industry and volatility in cotton prices.  The rating continues to
derive strength from the experience of the promoters in the
textile business and vertically integrated operations along with
economies of scale.  Ability of JTREL to generate healthy returns,
improve overall financial risk profile and manage liquidity are
the key rating sensitivities.  The ratings continue to remain
under 'credit watch' with developing implications. The credit
watch is on account of likely development related to the SEBI
order issued against the company.

                      About Jaybharat Textiles

Jaybharat Textiles & Real Estate Limited was originally formed in
1985 as Classic Synthetic and Silks Ltd which was taken over by
Tayal group in 2001 and subsequently got renamed as Jaybharat
Textiles & Real Estate Limited.  The company, being part of the
Tayal group having interest in cotton textiles, real estate and
power is engaged in the business of spinning, knitting and
processing fabric.

For FY11, JTREL incurred loss of INR3.11 crore on total operating
income of INR611.88 crore.


LAMINA FOUNDRIES: CRISIL Assigns 'B' Rating to INR19.6MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Lamina Foundries Ltd (LFL; part of the Lamina
group).

   Facilities                          Ratings
   ----------                          -------
   INR63.10 Million Cash Credit        B/Stable (Assigned)

   INR19.60 Million Proposed Cash      B/Stable (Assigned)
                     Credit Limit

   INR41.70 Million Working Capital    B/Stable (Assigned)
                        Demand Loan

   INR1.20 Mil. Foreign Bill Purchase  P4 (Assigned)

   INR81.00 Million Letter of Credit   P4 (Assigned)
                    & Bank Guarantee

The ratings reflect Lamina group's weak financial risk profile,
marked by a high gearing and weak debt protection metrics,
exposure to risks related to volatility in raw material prices,
and large working capital requirements. The ratings also factor in
LFL's small net worth and customer concentrated revenue profile.
These rating weaknesses are partially offset by Lamina group's
established position in the automotive components and iron
castings segment, and established customer relationships.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of LFL, Lamina Suspension Products Ltd,
and Lamina International.  This because the three entities,
collectively referred to as the Lamina group, are under a common
management, have fungible cash flows, and derive considerable
operational and business synergies from each other.

Outlook: Stable

CRISIL believes that the Lamina group will continue to benefit
over the medium term from its established track record in the
automotive components sector and its long-standing relationships
with its customers. The outlook may be revised to 'Positive' if
the group improves its capital structure and reports better-than-
expected sales growth and improvement in its margins. Conversely,
the outlook may be revised to 'Negative' if the Lamina group's
liquidity deteriorates further, its revenue or margins decline
significantly, or if the group contracts more-than-expected debt
to fund its capital expenditure.

                          About the Group

The Lamina group was formed by Mr. N V Hegde, Mr. T R Shenoy, and
Mr. Guruprasad Adyanthaya. Set up in 1981, LFL is a subsidiary of
LSPL and is currently engaged in manufacture of iron castings such
as brake drums, motor bodies, flywheels, and valve bodies (at a
capacity of 19,200 tonnes per annum) for use in the automobile,
construction equipment, and compressor-manufacturing industries.
The company has been listed in Bangalore Stock Exchange and Madras
Stock Exchange. LFL is referred to BIFR at present.

LSPL was set up in Mangalore (Karnataka) as a private limited
company in 1976 and currently manufactures multi-leaf and
parabolic springs for use in the automobiles sector (at a capacity
of 14,500 tpa) which are used in the replacement market. In 1989,
the company began exporting its products to the US, the UK, Italy,
South Korea, and a few other countries.

Set up in 1992, LI acts as an export house of LSPL and LFL as it
purchases leaf springs from LSPL and brake drums from LFL and
exports the same to European countries.

The Lamina group's profit after tax (PAT) and net sales are
estimated at INR38 million and INR1.5 billion respectively for
2010-11 (refers to financial year, April 1 to March 31). The
Lamina group reported a profit after tax (PAT) of INR25 million on
net sales of INR1.1 billion for 2009-10, as against a PAT of INR11
million on net sales of INR1.2 billion for 2008-09.


LAXMI SOLVEX: ICRA Reaffirms 'LBB-' Rating on INR23cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the 'LBB-' rating outstanding on the INR23.00
crore term loans and the INR 120.00 crores fund based facilities
of Laxmi Solvex, a division of Laxmi Ventures (India) Limited.
ICRA has also reaffirmed the short term rating of 'A4' outstanding
on the INR50.00 crores non fund based bank limits of LS.  The
outlook on the long term ratings is stable.

In reaffirming the ratings, ICRA has taken a consolidated view of
Laxmi Ventures (India) Limited given that Laxmi Solvex is a
division of the former. The other significant division of LVIL is
the Hotel division consisting of one hotel property (Rama
International Hotel) in Aurangabad. The ratings reaffirmation
reflects the inherently low profit margins, the high competitive
intensity and fragmentation in the edible oils industry;
vulnerability of profitability of domestic players to import
threat, volatility in global edible oil prices and duty
differential; large proportion of sales being derived from low
margin trading business; vulnerability of profitability to
currency fluctuations; uncertainty due to struggle for control
among the members of the promoting family and the company's weak
financial profile as reflected in its high gearing levels.
However, ICRA takes note of the considerable experience of the
company promoters in the edible oils business; favorable prospects
for soya bean oil due to its easy availability in India and
competitive pricing compared to most other edible oils; location
advantage arising from its presence in the oil seed growing belt;
and the overall favourable demand prospects for soya bean oil
and soya de-oiled cake, the company's main products. The ratings
also reflect the positive outlook for the hotel division over the
medium term due to healthy rates of economic growth even as tie-up
with ITC Welcome Group imparts brand recognition, superior
management expertise and access to global reservation system.

                         About Laxmi Ventures

Laxmi Ventures (India) Limited was incorporated in 1980 in the
name of Laxmi Distributors Pvt.  Ltd. The company is promoted by
the Anil Agarwal and Sunil Agarwal families. The Anil Agarwal
family holds majority stake in LVIL while the Sunil Agarwal family
holds minority stake. The company initially took up the
distributorship of cigarettes for ITC Ltd. The company purchased
the Rama International hotel property at Auranagabad in 1984. In
1994 the company set up a Soya crushing plant and a refinery under
a new division called Laxmi Solvex at Dewas in the state of Madhya
Pradesh. Laxmi Solvex division manufactures and sells crude and
refined soya bean oil and de-oiled cake. The division is also
engaged in the trading of soya de-oiled cake, soya seed, maize,
etc.


OSCAR LEATHERS: CARE Assigns 'CARE BB+' Rating to INR7.33cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR 4+' ratings to the bank facilities
of Oscar Leathers Pvt Ltd.
                                     Amount
   Facilities                     (INR crore)   Ratings
   ----------                     -----------   -------
   Long-term Bank Facilities        7.33       'CARE BB+' Assigned
   Short-term Bank Facilities       1.00       'PR 4+' Assigned
   Long/Short Term Bank Facilities  6.75       'CARE BB+'/'PR 4+'
                                                Assigned

Rating Rationale

The ratings of Oscar Leathers Pvt. Ltd. are constrained mainly on
account of small scale of operations, weak financial profile
marked by high leverage, customer concentration risk and lack of
backward integration in the leather value chain.  The ratings,
however, favorably factor in support received from government in
the form of subsidy for capital expenditures, long-term
relationship with key customers and expected economies of scale
due to increase in capacity.  Ability to increase the scale of
operation by diversifying the product portfolio and expanding its
client base along with maintaining the margins with strict control
on cost are the key rating sensitivities.

OLPL was incorporated in 1995 and was initially promoted by
Mr. Sanjiv Gupta and Mrs. Sumit Kaur.  Later on Mr. Jasvinderpal
Singh Rana also joined the company as Director. OLPL is mainly
engaged in medium-scale job work for manufacturing leather
footwear for international brands. OLPL has recently expanded its
manufacturing facility at Lalru village near Chandigarh (Punjab),
at an estimated cost of INR9.10 crore. OLPL operates as an export-
oriented unit and receives subsidy from government for capital
expenditure undertaken.  OLPL has been a preferred supplier for
Tempe S.A (Spain) for the last three years. Though there are
no formal contracts for purchases, orders for the company are
consistently rising. Tempe S.A is one of the group companies of
Inditex Group which is one of the large multi-brand, multi-product
retailer for lifestyle products across Europe.  The promoters of
the company have over a decade of industry experience and adequate
knowledge to run its leather manufacturing unit. The promoters are
involved in daily business activities and share long-term
relations with key customers.


RAJAN OVERSEAS: CARE Assigns 'CARE BB+' to INR1.78cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR 4+' ratings to the bank facilities
of M/S. Rajan Overseas Inc.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities      1.78       'CARE BB+' Assigned
   Long-term/Short-term Bank      8.00       'CARE BB+ / PR 4+'
                  Facilities

Rating Rationale

The ratings of Rajan Overseas Inc (RaOI) are constrained mainly on
account of small scale of operations, the entity being a
partnership firm leading to a possible withdrawal of capital,
moderate financial risk profile and susceptibility to raw material
price fluctuations. The ratings are further constrained on account
of stiff competition from the unorganized sector and export client
concentration risk.  The ratings, however, favorably factor in the
experience and track record of the promoters of RaOI in
handicraft manufacturing and export business.  Ability to increase
the scale of operations through greater customer and geographical
diversification would remain the key rating sensitivities.

Background

M/s. Rajan Overseas Inc. a partnership firm established in 1996,
and promoted by brothers Mr. Rajan Agarwal and Mr Ranjan Agarwal.
RaOI undertakes the business of manufacturing and export of Indian
handicraft and decorative items made from metal and glassware. The
product portfolio for RaOI consist of Brass art-wares, Glass art-
wares, Aluminum art-wares and other items of Indian handicrafts.
Manufacturing base for RaOI is located in Moradabad (Uttar
Pradesh) which is developed as a cluster for handicraft
manufacturing in India.

Being a family-run business, all the key management positions in
firm are held by the family members of the Agarwal family. Both
the promoters are adequately qualified and have more than 15
years of experience in handling handicraft business.

During FY10, RaOI has reported total operating income of INR27.26
crore and PAT of INR0.71 crore as against total operating income
of INR30.25 crore and PAT of INR0.66 crore in FY09.


RANEKA INDUSTRIES: ICRA Suspends 'LBB' Rating on INR11.78cr Loan
----------------------------------------------------------------
ICRA has suspended 'LBB' rating with stable outlook assigned to
the INR11.78 crore fund based limits & 'A4' rating to the
INR2 crore short term non-fund based bank facilities of Raneka
Industries 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".


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
sugarcane 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.

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 December31,
2010, HSSK reported a PAT of INR0.6 cr on net sales of INR46.2cr.


SUPERGEMS (INDIA): CRISIL Reaffirms 'P4' Rating on INR250MM Credit
------------------------------------------------------------------
CRISIL's rating on the export post-shipment credit facility of
Supergems (India) Pvt Ltd continues to reflect SIPL's large
working capital requirements, and customer and supplier
concentration. These rating weaknesses are partially offset by the
strong support that SIPL gets from the Supergems group.

   Facilities                              Ratings
   ----------                              -------
   INR250-Mil. Export Post-Shipment Credit P4 (Reaffirmed)

SIPL (formerly, Fabdiam Impex Pvt Ltd) was promoted in 2000 by
Fabula Holdings, Mauritius. SIPL is part of the Supergems group,
which is promoted by Mr. Rajesh Mehta. SIPL manufactures and
trades in polished diamonds. Mr. Nikhil Shah, brother-in-law of
Mr. Rajesh Mehta, looks after the operations of the company. SIPL
mainly exports polished diamonds to Belgium.

SIPL reported a profit after tax of INR115.6 million on net sales
of INR1471.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR331.5 million on
net sales of INR1122.4 million for 2008-09.  The net loss that
SIPL incurred in 2008-09 was on account of losses booked on
foreign exchange rate differences and cancellation of forward
contracts.


VAIBHAV LAXMI: ICRA Reaffirms 'LBB+' Rating on INR29.96cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of 'LBB+' to the
INR29.96 Crore (enhanced from INR11.50 Crore) fund based bank
facilities of Vaibhav Laxmi Filaments Private Limited.  ICRA has
also assigned a short term rating of 'A4+' to the INR 6.00 Crore
non fund-based bank facilities of Vaibhav Laxmi Filaments Private
Limited.  The limits are rated on both the scales such that
overall limit does not exceed INR 30.96 Crore.  The outlook
assigned to the long term rating is "Stable".

The ratings factors in the company's established track record in
the textile business, it's diversified and established client base
and modest profitability and coverage indicators. The rating
continues to remain constrained by the company's modest scale of
operations and adverse capital structure; the ratings further
incorporate the execution and funding risk associated with the
debt funded capex plans of VLFPL which is likely to impinge on the
debt servicing capacity of the company in short term.

                      About Vaibhav Laxmi

Vaibhav Laxmi Filaments Private Limited is a private limited
company incorporated in year 1998.  VLFPL is engaged in
manufacturing of knitted grey fabric primarily used in T-Shirts,
Night wears & Sports wears with backward integration in
manufacturing of synthetic yarn (raw material for Knitted
Grey Fabric) since July 2009. VLFPL has its registered office in
Mumbai and manufacturing facility setup at Dadra Nagar Haveli
(Union Territory).  VLFPL has been supplying its products through
a network of agent in market.  There are about 40 agents in
Maharashtra, Gujarat, West Bengal, Delhi, Punjab and Southern
India.

Recent results:

Vaibhav Laxmi Filaments Pvt Ltd has reported a net profit of
INR0.44 Crore on an operating income of INR 27.35 Crore for the
year ending March 31, 2010, as per audited figures and a net
profit of INR0.55 Crore on an operating income of INR48.13 Crore
for the year ending March 31, 2011, as per unaudited figures.


VAIGHAI AGRO: ICRA Assigns 'LBB+' Rating to INR5cr Term Loan
------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR 5.0 crore term loans
and the INR12.0 crore long term fund based facilities of Vaighai
Agro Products Limited. ICRA has also assigned 'A4+' rating to the
INR1.0 crore short term fund based facilities and INR10.0 crore
short term non-fund based facilities of the Company. The outlook
on the long term rating is stable.

The assigned ratings consider Vaighai group's established
position in the rice bran processing industry, with the group
being one of the largest rice bran processors in India for the
last two years.  The ratings also reflect the favourable demand
prospects for RBO due to easy availability of the raw material
(Rice bran), increasing awareness of the significant health
benefits and economical pricing of RBO compared to most other
edible oil varieties except for palm oil. The ratings also draw
comfort from the moderate coverage indicators and low working
capital intensity of the Company.

The ratings are however constrained by thin profit margins,
attributed to the high competitive intensity in the edible oil
industry and relatively low value additions. The ratings also
factor in the high fragmentation in the edible oil industry
resulting in intense competition, threat from imports and
volatility associated with pricing due to linkage with
international edible oil prices. Apart from facing threat from
cheaper substitutes like palm oil, RBO, being derived from the
husk of rice, is also exposed to agro-climatic risks. The ratings
also consider the financial profile of the company, characterized
by moderately high capitalization indicators (with consolidated
gearing at 1.3x as on March 31, 2011 with deterioration in net
worth post VAPL's proposed merger with its subsidiary, Vaigai MBR
Agro Industries Private Limited (VMAIPL)).  While arriving at the
ratings, ICRA has considered the consolidated profile of Vaighai
group's rice bran processing capacities. ICRA has also taken into
account the impact of merger with its subsidiary VMAIPL (which is
currently in process; merger expected to be with retrospective
effect from Oct. 1, 2010).

                         About Vaighai Agro

Incorporated in February 2010, VAPL is engaged in the
manufacturing of crude RBO and De-oiled Rice Bran (DRB) through
the solvent extraction process. The Company has two manufacturing
units in Madurai and Tirunelveli districts of Tamil Nadu with a
combined capacity of 2,00,000 Tonnes per annum (TPA). With an
aggregate rice bran processing capacity of 3,20,000 TPA (including
a capacity of 1, 20,000 TPA at the Namakkal unit of VAPL's
subsidiary, VMAIPL), the group is one of the largest rice bran
processors in India. The Company is currently managed by Mr. N.
Neethi Raj, Mr. K. Pounraj and Mr. D. Gunasekar.


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


MEDIA NUSANTARA: S&P Raises LT Corporate Credit Rating to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Indonesia-based TV broadcaster PT Media Nusantara
Citra Tbk. to 'BB-' from 'B+'. The outlook is stable.  "We also
raised the issue rating on MNC's guaranteed US$142.7 million
senior secured notes due Sept. 12, 2011, to 'BB-' from 'B+'. The
notes were issued by MNC's wholly owned special purpose subsidiary
Media Nusantara Citra B.V.," S&P said

"We raised the rating on MNC to reflect our view that the company
can sustain the recent improvement in its financial performance.
In the 12 months ended March 31, 2011, MNC's revenues rose 23%
year over year, its EBITDA margin strengthened to 30.5% from
22.9%, and its cash flows recovered," said Standard & Poor's
credit analyst Manuel Guerena. "The improvement contrasts with our
previous expectation that the global financial crisis could have a
negative impact on the Indonesian advertising industry. MNC also
retained its market leadership in the local TV industry despite
competitive pressures."

"We expect MNC to be able to repay its $142.7 million notes due on
Sept. 12, 2011. The notes constitute nearly 80% of the company's
debt. We believe MNC has at least 50% of the notes' amount in cash
available for their repayment, out of a consolidated cash balance
equivalent to $211.6 million as of March 31, 2011. We expect MNC's
low leverage and its leading position in the local TV industry to
be instrumental in providing the company with access to funding
to repay the notes and for probable capital expenditure within its
core business," S&P said.

The rating on MNC reflects the company's dependence on its
flagship channel PT Rajawali Citra Televisi Indonesia (RCTI), its
exposure to business concentration in Indonesia, an intensely
competitive industry, and advertising budgets that are inherently
sensitive to the economic environment. MNC's good financial
performance and strengthening debt protection measures partly
offset the weaknesses.

"In our view, MNC's liquidity is less than adequate. On March 31,
2011, the company had consolidated cash and short-term investments
of Indonesian rupiah (IDR) 1.8 trillion (about US$211.6 million).
We expect the company's quarterly funds from operations to be at
least IDR100 billion," S&P said.

The company reported short-term debt maturities of IDR1.47
trillion (about US$169.3 million), including the notes. Because of
the debt maturities, the company's sources of liquidity are not
sufficient to cover its liquidity needs in the next 12 to 18
months. "Nevertheless, we expect MNC to be able to refinance its
debt, and therefore improve its liquidity position," S&P noted.

"The stable outlook reflects our expectation that MNC will
refinance its debt on time, maintain its leading market position
in Indonesia's TV broadcasting industry, and strengthen cash flow
generation relative to debt. The outlook also assumes that the
company will not be required to provide any type of support to
related parties," S&P said.

"We may raise the rating if MNC increases its cash flows from
other formats and channels other than RCTI, while maintaining
moderate financial ratios, smoothing the volatility in its cash
flows, and sustaining the debt-to-EBITDA ratio at less than 2x
over the next 12 to 18 months. This assumes that Standard & Poor's
has adequate clarity on ongoing legal proceedings, especially
those related to MNC-TV's ownership," S&P said.

"We could lower the rating if: (1) MNC loses its market leadership
prompting it to more aggressively promote its content; (2) the
company enters into non-operating transactions with related
entities; (3) its financial risk profile deteriorates due to
higher-than-anticipated debt; or (4) it carries out significant
mergers or acquisitions, especially in noncore businesses," S&P
added.


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


JLOC XXXI: Moody's Reviews Ratings of Notes for Possible Downgrade
------------------------------------------------------------------
Moody's Japan K.K has placed on review for possible downgrade the
ratings for the Class A through D and Class X Trust Certificates
issued by JLOC XXXI Trust. The final maturity of the Trust
Certificates will take place in February 2015.

Deal Name: JLOC XXXI Trust

  Class A, A3 (sf) Placed Under Review for Possible Downgrade;
  previously on Jul 5, 2010 Downgraded to A3 (sf) from Aaa (sf)

  Class B, Ba1 (sf) Placed Under Review for Possible Downgrade;
  previously on Jul 5, 2010 Downgraded to Ba1 (sf) from A1 (sf)

  Class C, B3 (sf) Placed Under Review for Possible Downgrade;
  previously on Jul 5, 2010 Downgraded to B3 (sf) from Baa3 (sf)

  Class D, Caa2 (sf) Placed Under Review for Possible Downgrade;
  previously on Jul 5, 2010 Downgraded to Caa2 (sf) from B2 (sf)

  Class X, A3 (sf) Placed Under Review for Possible Downgrade;
  previously on Jul 5, 2010 Downgraded to A3 (sf) from Aaa (sf)

JLOC XXXI, issued in August 2006, represents the securitization of
22 non-recourse loans.

Seventeen of the loans have been paid down or recovered, and the
transaction is currently secured by five loans, two of which are
under special servicing.

The review has been prompted by the need to apply higher stress on
recovery assumptions for future disposal prices, as the
performance of some of the properties on the remaining four loans
thus far has been below the expectations at the previous rating
actions, although the recovery of the loan under special servicing
since April 2010 has been well underway at levels which Moody's
had assumed.

In its review, Moody's will re-assess -- and add further stress to
-- its recovery assumptions for the properties, incorporating
their performances.

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, and available on
www.moodys.co.jp.


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


ALLIED FARMERS: ASB Bank Calls In Receivers to Fijian Resort
------------------------------------------------------------
Anne Gibson at nzherald.co.nz reports that Hanover Finance's loan
to Fijian resort Vatulele has proved disastrous for Allied Farmers
with ASB Bank calling in the receivers.

nzherald.co.nz says the multimillion-dollar loan on the resort, a
popular winter destination for New Zealanders and Australians, has
been in default for more than two years.  ASB, which lent to the
project, pulled the plug last week.

An Allied Farmers subsidiary is the second secured lender after
ASB, nzherald.co.nz notes.

According to nzherald.co.nz, the resort is continuing to operate
and advertise but Allied Farmers, which inherited the loan when it
bought the Hanover and United assets, might now have to write off
more than NZ$10 million.

Vatulele, southwest of the main island, is a 31 sq.km. island
whose only other inhabitants live in four villages on the northern
side.

"Allied Farmers advises that at this time it is not possible to
fully understand any further impact on the carrying value of the
loan arising from the appointment of receivers and managers until
the completion of the valuation currently underway for the
purposes of Allied Farmers' year-end financial reporting, and/or
the completion of any sales process that the receivers and
managers may chose to pursue," Allied said on Friday, according
nzherald.co.nz.

Allied's loan is secured by a second mortgage over the Vatulele
Island Resort and development land.

                         About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
June 13, 2011, BusinessDesk said Allied Farmers Limited has gained
a nine-month reprieve on repaying a NZ$7.5 million loan to the
receivers of its failed Allied Nationwide Finance unit that was
due on July 1.  Allied Farmers entered into two loan agreements
with Allied Nationwide last year, converting its existing debt
factoring, credit enhancement and related party loan arrangements.
All of Allied Farmers' assets are secured by a general deed
covering the loans.


FELTEX CARPET: Shareholder Class Suit to Proceed Upon Cost Posting
------------------------------------------------------------------
Marta Steeman at BusinessDay.co.nz reports that the class action
by shareholders of Feltex Carpets against directors and promoters
of a share offering will continue when NZ$200,000 is produced as
security for costs.

BusinessDay.co.nz says Justice French in the High Court released
her reserved judgment on three inter-connected applications that
included the plaintiff's request to lift a stay of proceedings.

The judgment was delayed by the February quake in Christchurch,
and an interim judgment was issued on March 9 stating the key
rulings but without reasons.  The latest installment, dated
June 8, provided those reasons, BusinessDay.co.nz relates.

BusinessDay.co.nz notes that included in the applications was the
defendants' requests to strike out certain aspects of the
plaintiff's amended statement of claims and their request for
security of costs.

According to BusinessDay.co.nz, Justice French ruled that the
plaintiff's application to lift the interim stay was granted
subject to plaintiff or Joint Action Funding Ltd making provisions
for security of costs of NZ$200,000.

Joint Action Funding is a company set up by merchant banker Tony
Gavigan, a driving force in the litigation. The judgment says his
approach to an Australian litigation funder, IMF, was
unsuccessful, BusinessDay.co.nz discloses.

BusinessDay.co.nz relates that Joint Action Funding said it had
NZ$250,000 for security of costs but not funding for the whole
case.  However, Mr. Gavigan said he was in "promising
negotiations" with solicitors in Melbourne, funders in London and
a New Zealand-based insurer.

Justice French, as cited by BusinessDay.co.nz, said the defendants
claimed Mr. Gavigan was unreliable and painted him as "something
of a maverick" but "I decided the preferable course of action was
to lift the stay and allow the claim to continue pending the
outcome of the negotiations with prospective funders".

The judgment said the plaintiff's evidence lacked precision but
the overall impression was that it would be unjust to prevent the
claim from continuing because the court was satisfied there were
serious questions to be tried, BusinessDay.co.nz adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 17, 2010, The New Zealand Herald said that about 100 more
Feltex Carpet shareholders have joined an 1,800-strong class
action against the business' former management in a bid to get
some of their money back.  The investors' lawyer, Christchurch-
based Austin Forbes, QC, said about 1,800 former Feltex
shareholders had signed up for the class action.  Feltex collapsed
in September 2006 after it was floated in May 2004, and these
proceedings are based on alleged breaches of its 2004 prospectus,
the NZ Herald noted.  The proceedings are filed under the name of
Eric Houghton, who is listed as the main plaintiff in the case.

                         About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.  The company also leads the way
in exports, with customers throughout South East Asia, Japan, the
United States, the Middle East and other key world markets.

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

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

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


IRONGATE PROPERTY: Southside Group Launches Bid for 10% of Bonds
----------------------------------------------------------------
Jamie Gray at nzherald.co.nz reports that Auckland-based property
developer Southside Group has launched a bid for 10% of the bonds
in Irongate Property at half the value they were trading at before
Irongate went into receivership on May 4.

Southside Group said in a letter to Irongate bondholders that it
was looking to gain a strategic stake of 10% to enable "meaningful
discussions with the Irongate receiver regarding the disposition
of assets," according to nzherald.co.nz.

The report notes that the company is offering to buy up to 10% of
NZDX-listed Irongate bonds at 30c in the dollar.

"The Southside offer also provides the opportunity for small bond
holders, many of whom have watched the sad outcome of a number of
recent property-related receiverships, to cash up their investment
quickly and move on," nzherald.co.nz quoted Southside Group
Director Chris Jones as saying.

Irongate was put in receivership by its trustee, Perpetual Trust,
shortly before NZ$45 million of its NZDX listed bonds matured and
were due for repayment on May 15, nzherald.co.nz recalls.

One of Irongate's receivers, Deloitte partner David Vance, said a
receivers' report is due out within the next fortnight, which
should give an idea of the bonds' value, nzherald.co.nz notes.  An
asset was sold just after receivers were appointed and two major
properties are for sale by tender concluding at the end of July,
nzherald.co.nz discloses.

Formerly called St Laurence Property & Finance, Irongate has 1545
investors with NZ$45 million worth of bonds.


PULSE UTILITIES: Buller Energy to Take 65% Stake in Pulse
---------------------------------------------------------
BusinessDesk reports that Buller Energy will take a controlling
stake of at least 65% in Pulse Utilities New Zealand, which said
it is suffering a "cash crisis".

The deal, which will require shareholder and Takeovers Panel
approvals, will see Buller swap debt for equity and participate in
a rights issue in a series of transactions that will cost Buller a
net NZ$3.42 million, BusinessDesk says.

According to BusinessDesk, the company announced a NZ$6.6 million
loss for the year to March 31 last week, but only revealed
yesterday it had been "reliant on the financial support of Buller
Electricity Ltd. for several months".

"This arrangement is not sustainable," said Pulse managing
director Dene Biddlecombe, who told shareholders to expect full
documentation and an independent expert's report within six to
eight weeks.

BusinessDesk discloses that Buller will capitalise NZ$1.12 million
of loans to Pulse at an issue price of 0.05 cents a share, and
will subscribe for $5 million of shares in a $7.5 million rights
issue at the same deeply discounted price to the share's last
traded price of 38 cents a share.

Buller, says BusinessDesk, will claw back $2.7 million in fees for
a $9 million guarantee that will allow Pulse to meet prudential
deposit obligations that it must pay to participate in the
wholesale electricity market.

According to BusinessDesk, the two year guarantee effectively
imposes an annual interest rate of 15% on Pulse on the aggregate
value of the guarantees, by issuing 54 million shares at
0.05 cents per share.

"Completing the capital-raising is essential to putting Pulse back
on a sound financial footing and allowing it to get through its
current cash crisis and achieve its potential," BusinessDesk
quotes Mr. Biddlecombe as saying.

Pulse has reported a NZ$7.05 million loss for the year to
March 31, 2010, compared to a loss of NZ$5.3 million in 2009.

                          About Pulse Utilities

Pulse Utilities New Zealand Limited (NZE:PLU) --
http://www.pulseutilities.com/-- is an independent electricity
retailer specializing in time-of-use Smart Metering.  The Company
is also engaged in data management from intelligent metering,
monitoring and control systems.  During the fiscal year ended
March 31, 2008, the Company commenced electricity retailing.  In
May 2009, the Company announced the purchase of the business and
assets of Energy Direct (EDL) from Dorchester Capital.  Pulse
Capital Limited is its subsidiary.


REDGROUP RETAIL: Pascoe Finalizes Purchase of Whitcoulls Chain
--------------------------------------------------------------
Nick Krause at BusinessDay.co.nz reports that the bookstore chain
Whitcoulls is officially back in New Zealand hands with a
settlement now finalized, the purchasers confirmed Tuesday.

According to the report, Anne and David Norman of Auckland bought
the Whitcoulls and Borders bookstores on May 26 for a confidential
sum from REDgroup Retail.

BusinessDay.co.nz notes that the purchase, through their company
James Pascoe (JPL), brings to an end weeks of negotiations with
the Australian administrators Ferrier Hodgson; as well as staff
and union talks in New Zealand.

The majority of Whitcoulls' 900 employees have been retained,
BusinessDay.co.nz says.

BusinessDay.co.nz notes that a condition of the purchase was the
transfer of the majority of the Whitcoulls leases to the JPL
Group.

Ian Draper, a former head of the group, has been confirmed to the
role of managing director of Whitcoulls, the report says.

The Whitcoulls Web site was also being updated as part of the new
ownership structure and was expected to be up Tuesday.

                       About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand, and Singapore in 2008.

                           *     *     *

REDgroup Retail Pty Ltd. on Feb. 17, 2011, named Steve Sherman,
John Melluish and John Lindholm of Ferrier Hodgson as voluntary
administrators.  The board appointed Steve Sherman, John Melluish
and Ryan Eagle as voluntary administrators of the group's
New Zealand business on the same day.  According to Bloomberg
News, the appointment comes less than a day after Borders Group
Inc. filed for bankruptcy in the U.S. and began taking bids for
200 stores.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd


WALTER PEAK: Liquidators Fail to Recover Any Cash
-------------------------------------------------
The Southland Times reports that liquidators have been unable to
recover any money following the failed multimillion-dollar Walter
Peak development.

Roderick Nielsen, his brother Greg and another director, Justin
Russell, of London, were behind several developments in
Queenstown, including the planned NZ$50million Walter Peak
project, according to The Southland Times.

The Southland Times notes that Rod Nielsen, who bought Walter Peak
land for NZ$10 million in 2006 and planned to build a luxury
lodge, homesteads and cottages, was adjudicated bankrupt in 2009.

The company is in liquidation and receivership.

The Southland Times says that the latest liquidators' report by
David Vance and Vivien Madsen-Ries, of Deloitte, said the
receivers obtained a ruling relating to the enforcement of a
previous sale and purchase agreement before the company went into
receivership in December 2008.

Mortgagee Strategic Nominees, also in receivership, was owed
NZ$20.6 million as the secured creditor but continued to fund
landscaping at Walter Peak, The Southland Times discloses.

The Southland Times says that liquidators received additional
claims of NZ$4.37 million from unsecured creditors and NZ$679,385
from preferential creditors.  The report relates that costs of
$9457 were incurred by the liquidators but no bill was sent.

The Southland Times adds that the company is in receivership with
PKF Corporate Recovery & Insolvency in Auckland.


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


SDMO ASIA: Creditors' Proofs of Debt Due July 18
------------------------------------------------
Creditors of SDMO Asia Pacific Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 18, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

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


S.G. GLOBAL: Court to Hear Wind-Up Petition July 1
--------------------------------------------------
A petition to wind up the operations of S.G. Global Holdings Pte
Ltd will be heard before the High Court of Singapore on
July 1, 2011, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on June 8,
2011.

The Petitioner's solicitors are:

         Rodyk & Davidson LLP
         80 Raffles Place
         #33-00 UOB Plaza 1
         Singapore 048624


SLG IMPEX: Creditors' Proofs of Debt Due July 4
------------------------------------------------
Creditors of SLG Impex International Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 4, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Chian Yeow Hang
          c/o Abacus Advisory Services Pte Ltd
          6001 Beach Road
          #09-09 Golden Mile Tower
          Singapore 199589


TEOW AIK: Creditors' Proofs of Debt Due July 1
----------------------------------------------
Creditors of Teow Aik Realty (S) Pte Ltd, which is in liquidation,
are required to file their proofs of debt by July 1, 2011, to be
included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


TWINS ENGINEERING: Court to Hear Wind-Up Petition July 1
--------------------------------------------------------
A petition to wind up the operations of Twins Engineering &
Trading Pte Ltd will be heard before the High Court of Singapore
on July 1, 2011, at 10:00 a.m.

Bh Marine & Offshore Engineering Pte Ltd filed the petition
against the company on May 27, 2011.

The Petitioner's solicitors are:

         Colin Ng & Partners Llp
         36 Carpenter Street
         Singapore 059915


WEE CHONG: Court to Hear Wind-Up Petition July 1
-------------------------------------------------
A petition to wind up the operations of Wee Chong Builders Pte Ltd
will be heard before the High Court of Singapore on July 1, 2011,
at 10:00 a.m.

The Comptroller of Goods and Services Tax filed the petition
against the company on June 9, 2011.

The Petitioner's solicitors are:

         Infinitus Law Corporation
         No. 77 Robinson Road
         #16-00 Robinson 77
         Singapore 068896


WILMAR HOLDINGS: Members' Final Meeting Set for July 18
-------------------------------------------------------
Members of Wilmar Holdings Pte Ltd will hold their final meeting
on July 18, 2011, at 11:00 a.m., at 56 Neil Road, Singapore
088830.

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


WYETH PHARMACEUTICALS: Creditors' Proofs of Debt Due July 18
------------------------------------------------------------
Creditors of Wyeth Pharmaceuticals (Singapore) Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt by July 18, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

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


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


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


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.


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

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

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

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

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





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