TCRAP_Public/110630.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

            Thursday, June 30, 2011, Vol. 14, No. 128

                            Headlines

A U S T R A L I A

ALLIED BRANDS: Creditors Accept Blueknight's Last-Minute Offer
AQA OYSTERS: Voluntary Administration Process Completed
CENTRO PROPERTIES: Court Ruling Boosts Class Action Suit, IMF Says
CENTRO PROPERTIES: Completes Sale of U.S. Property
CMA PACK & LOGOCUPS: Goes Into Administration, Under Investigation


H O N G  K O N G

OPT INTERNATIONAL: Creditors' Proofs of Debt Due July 24
QI DEVELOPMENT: Members' Final General Meeting Set for July 26
SETWIN DEVELOPMENT: Members' Final Meeting Set for July 25
SWEET ESSENTIALS: Members' and Creditors' Meetings Set for July 27
SUNPOWER CORPORATION: Placed Under Voluntary Wind-Up Proceedings

TAI KONG: Members' Final Meeting Set for August 1
TCHIBO QUALITY: Commences Wind-Up Proceedings
TRI RUSS: Creditors' Meeting Set for July 5
UMP MEDICAL: Creditors' Proofs of Debt Due July 24
WO SANG: Creditors' Proofs of Debt Due July 24

WO SANG METAL: Creditors' Proofs of Debt Due July 24
WO SANG METAL SHOP: Creditors' Proofs of Debt Due July 24


I N D I A

ABG TIMBER: CRISIL Assigns 'B+' Rating to INR50-Mil. Cash Credit
ANUSHREE TEXTILES: CRISIL Rates INR140 Million Cash Credit at 'BB'
BAIRATHI SHOE: CRISIL Assigns 'BB' to INR45.5MM Rupee Term Loan
C. S. INFRACONSTRUCTION: CRISIL Rates INR77.8MM Term Loan at 'BB+'
INDUS TEQSITE: CRISIL Reaffirms 'BB' Rating on INR30MM Cash Credit

JANANI TOURS: CRISIL Rates INR120 Million Cash Credit at 'B+'
JSL ISPAT: CRISIL Rates INR98 Million Cash Credit at 'BB+'
KANCHAN GANGA: CRISIL Reaffirms 'B-' Rating on INR36.6MM LT Loan
LB FLOORING: CRISIL Assigns 'B-' Rating to INR20MM Cash Credit
MADRAS FERTILIZERS: Fitch Upgrades INR1.9BB Bank Loans to 'C(ind)'

NARAIN AND COMPANY: CRISIL Reaffirms 'B+' Rating on INR300MM Loan
RIDDHI SIDDHI: CRISIL Assigns 'B+' Rating to INR80MM Cash Credit
SIDDHI REFOILS: CRISIL Assigns 'B' Rating to INR310MM LT Loan
SLS MERCANTILE: CRISIL Reaffirms 'B+' Rating on INR80M Cash Credit
SMALL TILES: CRISIL Assigns 'B' Rating to INR60 Million Term Loan

SHREE AMRUTA: Gujarat High Court Allows Auction of Land
SUMAN CREATION: CRISIL Reaffirms 'P4' Rating on INR26.5MM Credit
UTKARSH INDUSTRIES: CRISIL Puts 'B' Rating on INR155MM Cash Credit
YASHO INDUSTRIES: CRISIL Puts 'BB+' Rating on INR200MM Cash Credit


J A P A N

HALLMARK TRUST: Moody's Reviews RMBS Deals for Possible Downgrade
L-JAC 8: S&P Lowers Rating on Class B Certificates to 'D'
TOKYO ELECTRIC: Government Mulls JPY230 Billion Aid for Tepco
UDMAC-J1: Fitch Downgrades Rating on Class D Notes to 'CCCsf'


K O R E A

DAEWOO ELECTRONICS: Creditors Junk Electrolux Demand for Price Cut


N E W  Z E A L A N D

AORANGI SECURITIES: Statutory Managers Ask Hubbards Pay Legal Fees
MANAWATU GREYHOUND: Faces Liquidation Over Unpaid Loans


P H I L I P P I N E S

NAPOCOR: Fitch Upgrades Rating on 2005 and 2006 Notes to 'BB+'


S I N G A P O R E

AIRASIA PTE: Creditors' Proofs of Debt Due July 25
AKEBONO-OKAYA (S): Members' Final Meeting Set for July 25
DEKA SINGAPORE: Creditors' Proofs of Debt Due July 20
DELIGHT DEVELOPMENT: Creditors' Proofs of Debt Due July 25
ELTICI CORPORATE: Court Enters Wind-Up Order

HAINAN ZHENLIN: Court Enters Wind-Up Order
LZ BUILDERS: Court Enters Wind-Up Order
MATRIC HOLDINGS: Creditors' Proofs of Debt Due July 25
MING-FENG (SINGAPORE): Creditors' Proofs of Debt Due July 25
RED VELVET: Court to Hear Wind-Up Petition on July 15
* Hilco Trading Establishes Hilcobid Office in Singapore


S R I  L A N K A

SINHAPUTHRA FINANCE: Fitch Affirms National LT Rating at 'B(lka)'


T A I W A N

BANKTAIWAN SECURITIES: Fitch Ratings Affirms Individual 'D' Rating


                            - - - - -


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


ALLIED BRANDS: Creditors Accept Blueknight's Last-Minute Offer
--------------------------------------------------------------
Nick Nichols at goldcoast.com.au reports that Allied Brands has
been spared liquidation after creditors voted on Tuesday to accept
a rescue proposal by Perth-based syndicate Blueknight Corporation.

According to the report, the last-minute reprieve comes on the
heels of company administrator Peter Dinoris, of Vincents
Chartered Accountants, virtually conceding earlier this month that
the former Baskin-Robbins franchisor was headed for the corporate
graveyard after creditors were unable to agree on a deed of
company arrangement.

The second meeting of creditors Tuesday accepted a last-minute
offer by Blueknight Corporation, which comprises a cash payout of
AU$415,000 for the company's debts of more than AU$20 million,
goldcoast.com.au says.

goldcoast.com.au relates that a little more than AU$62,000 will go
to eligible employees to satisfy their entitlements, while
AU$80,000 will be applied to investigate a potential lawsuit
against US fast-food giant Dunkin Brands over its decision last
year to withdraw Allied Brands' rights to distribute Baskin
Robbins in Australia.

Any proceeds from a successful legal claim will be shared by
creditors, including Westpac, which is facing a loss of more than
AU$12.5 million from Allied Brands, goldcoast.com.au notes.

goldcoast.com.au discloses that under the Blueknight proposal,
which is essentially similar to Trident Capital's offer, shares in
Allied Brands will be consolidated at a rate of one for every 15
held.

According to the report, Blueknight intends to relist the company
and undertake a name change, subject to shareholder approval.  It
also has announced plans for a capital raising, goldcoast.com.au
adds.

Blueknight also intends to continue with Allied Brands' existing
business operations, including Awesome Entertainment, the report
notes.

                       About Allied Brands

Allied Brands Limited (ASX:ABQ) -- http://www.alliedbrands.com.au/
-- is engaged in food and retail franchising in Australia.  The
Company operates in two segments: food and non food. The food
segment includes the sale of ice-cream, cookie-related products
and dry goods to franchisees, receipt of royalties and
construction of new stores and sale of coffee, general provision
of meals, and rental income earned on baking ovens. The non food
segment includes the receipt of royalties and rental income in
respect of furniture, fixtures homewares and equipment from
franchisees and other parties, and the sale of franchised areas
for the sale and servicing of water coolers, televisions and water
filters.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 28, 2010, Allied Brands Ltd. was placed in voluntary
administration on Oct. 27, 2010.  Peter Dinoris and Peter Biazos
of Vincents Chartered Accountants have been appointed as joint
administrators.  Allied Brands saw its Cookie Man chain placed in
liquidation in September and then in October 2010 lost the
Australian franchise rights to the Baskin-Robbins brand.  Villa &
Hut Holdings was placed into administration by Allied Brands in
November 2010.

Allied Brands's major lender, Westpac, also appointed receivers
and managers from McGrath Nicol to two Allied Brands subsidiaries:
Allied Brands Service and Allied Brands Finance.


AQA OYSTERS: Voluntary Administration Process Completed
-------------------------------------------------------
Kimberlee Meier at Port Lincoln Times reports that the AQA Oysters
Limited's voluntary administration process has now been completed,
more than seven months after the company first entered into
receivership.

According to the report, McGathNicol partner Rob Kirman, who
handled the receivership side of the process, said all sales of
the company have now been settled.

Port Lincoln Times relates that Mr. Kirman said throughout the
process all of the company's assets were realised and the process
will now move onto the next phase.

BDO Australia business recovery and insolvency partner George
Divitkos said a meeting was held with creditors in the last
fortnight to discuss the company's situation, the report says.

"At the creditor's meeting, a deed of company arrangement was
voted in favour for," Port Lincoln Times quotes Mr. Divitkos as
saying.  "Now we are in the process of returning finances to
creditors."

Port Lincoln Times adds that Mr. Divitkos said it will be another
two to three months before the returns are completed.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 3, 2010, Sam Davies and Rob Kirman of independent
restructuring and corporate advisory firm McGrathNicol were
appointed Receivers and Managers to AQA Oysters Limited.  The
appointment followed the decision of AOL's board of directors
to appoint Voluntary Administrators.

AQA Oysters Limited is Australia's largest Pacific Oyster
producer, operating five farms in the prime coastal waters of
Ceduna, Coffin Bay and Cowell in South Australia, and Pitt Water
and St Helens in Tasmania.  AOL's head office and processing
facility is based at Wingfield, South Australia.


CENTRO PROPERTIES: Court Ruling Boosts Class Action Suit, IMF Says
------------------------------------------------------------------
The Australian Associated Press reports that litigation funder IMF
said that a multi-million dollar class action against Centro
Properties Group will be boosted by a Federal Court decision
against the company's directors.

The AAP says IMF and law firm Maurice Blackburn are leading the
action on behalf of hundreds of investors seeking an estimated
$200 million in damages due to alleged deceptive conduct and
breaches of continuous disclosure obligations.

The allegations, says AAP, are levelled against Centro Properties
Group, Centro Retail Group, and their auditors,
PriceWaterhouseCoopers, and relate to conduct from August 2007 to
February 2008.

The AAP says the Federal Court this week found eight Centro
directors breached the Corporations Act by failing to properly
disclose the terms of billions of dollars worth of short-term debt
in 2006/07 annual reports.

IMF said on Tuesday that the decision provides further support for
those involved in the class action against Centro Properties,
Centro Retail and PricewaterhouseCoopers, AAP relates.

AAP notes that Maurice Blackburn also welcomed the Federal Court
ruling.

"The Federal Court decision reinforces the class action case,"
AAP quotes senior associate Martin Hyde as saying.

Hearings in the class action are due to begin in the Federal Court
in Melbourne in March next year, AAP adds.

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

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

                     About Centro Properties

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


CENTRO PROPERTIES: Completes Sale of U.S. Property
--------------------------------------------------
The Australian Associated Press reports that Centro Retail Trust
and Centro Properties Group have completed the sale of most of
their US properties to Blackstone Real Estate Partners.

The net proceeds after transaction costs to Centro Retail from the
sale are about US$514 million, most of which will be used to repay
debt, the news agency says.

Centro Properties, says AAP, will net US$650 million from the
sales of its US assets and services business, most of which also
will be used to reduce debt.

According to AAP, Centro Properties would retain seven US
properties for which it couldn't obtain approval for sale.
Blackstone had agreed to manage them in the interim and their
carrying value would be nil, AAP relates.

Centro Retail's gearing would decline to about 43% after the
repayments, putting the trust in a position to deal with its
Australian debt maturities later in 2011, AAP notes.

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

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

                     About Centro Properties

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


CMA PACK & LOGOCUPS: Goes Into Administration, Under Investigation
------------------------------------------------------------------
SmartCompany reports that CMA Pack & LogoCups.com.au has gone into
administration and is now in the hands of New South Wales
insolvency accounting firm SV Partners, which says it is
overseeing a full investigation of the company.

The business was advertised for sale in the Australian Financial
Review, according to SmartCompany.

The report notes that Joe Atkinson, associate director of SV
Partners, said the administrators are now investigating how the
company collapsed.

"The company does cups and runs for small volumes - local coffee
shops and so on.  We have appointed administrators at this point,
and they are determining the situation right now and will report
back to creditors," SmartCompany quoted Mr. Atkinson as saying.
"We haven't formed a view at this stage about the company, and
we're endeavoring to find out what happened," he added.

While SV Partners cannot specify what happened to LogoCups, it
says it has already identified a handful of potential buyers, the
report adds.

CMA Pack & LogoCups.com.au is a promotional paper cup
manufacturer.


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


OPT INTERNATIONAL: Creditors' Proofs of Debt Due July 24
--------------------------------------------------------
Creditors of OPT International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 24, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 15, 2011.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


QI DEVELOPMENT: Members' Final General Meeting Set for July 26
--------------------------------------------------------------
Members of QI Development Company Limited will hold their final
general meeting on July 26, 2011, at 9:30 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SETWIN DEVELOPMENT: Members' Final Meeting Set for July 25
----------------------------------------------------------
Members of Setwin Development Limited will hold their final
meeting on July 25, 2011, at 10:00 a.m., at Units 2304-06, 23/F.,
Riley House, 88 Lei Muk Road, Kwai Chung, in New Territories.

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


SWEET ESSENTIALS: Members' and Creditors' Meetings Set for July 27
------------------------------------------------------------------
Members and creditors of Sweet Essentials Limited will hold their
annual and final meetings on July 27, 2011, at 10:00 a.m., and
10:30 a.m., respectively at Room 203, Duke of Windsor Social
Service Building, No. 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Galaxy M L Chan, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SUNPOWER CORPORATION: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on June 20, 2011,
creditors of Sunpower Corporation Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Lam Chin Chiu
         Room 1501, 15th Floor
         Shanghai Industrial Investment Building
         48-62 Hennessy Road
         Wanchai, Hong Kong


TAI KONG: Members' Final Meeting Set for August 1
-------------------------------------------------
Members of Tai Kong Po Education Institute Limited will hold their
final meeting on Aug. 1, 2011, at 11:00 a.m., at Room 702-3 Yuen
Long Trade Centre, 99-109 Castle Peak Road, Yuen Long, in N.T.

At the meeting, To Siu Chiu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


TCHIBO QUALITY: Commences Wind-Up Proceedings
---------------------------------------------
Members of Tchibo Quality Services Hong Kong Limited, on June 16,
2011, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Isabelle Angeline Young
         John Chi Wai Wong
         21/F, Edinburgh Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


TRI RUSS: Creditors' Meeting Set for July 5
-------------------------------------------
Creditors of Tri Russ International (Hong Kong) Limited will hold
their meeting on July 5, 2011, at 11:00 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 251, 255A and 283 of
the Companies Ordinance.

The meeting will be held at Room 203, Duke of Windsor Social
Service Building, at 15 Hennessy Road, Wanchai, in Hong Kong.


UMP MEDICAL: Creditors' Proofs of Debt Due July 24
--------------------------------------------------
Creditors of UMP Medical Centre (Hong Kong East) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by July 24, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 15, 2011.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


WO SANG: Creditors' Proofs of Debt Due July 24
----------------------------------------------
Creditors of Wo Sang (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 24, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 15, 2011.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


WO SANG METAL: Creditors' Proofs of Debt Due July 24
----------------------------------------------------
Creditors of Wo Sang Metal Co. Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 24, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 15, 2011.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


WO SANG METAL SHOP: Creditors' Proofs of Debt Due July 24
---------------------------------------------------------
Creditors of Wo Sang Metal Shop Co. Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 24, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 15, 2011.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


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ABG TIMBER: CRISIL Assigns 'B+' Rating to INR50-Mil. Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of ABG Timber Products Pvt Ltd.

   Facilities                                 Ratings
   ----------                                 -------
   INR50 Million Cash Credit Facility         B+/Stable (Assigned)
   INR200 Million Letter of Credit Facility   P4 (Assigned)

The ratings reflect ATPPL's weak financial risk profile, marked by
moderate debt protection metrics and high total outside
liabilities by tangible networth (TOL/TNW) and exposure to
supplier concentration, and high inventory and foreign exchange
risks.  These rating weaknesses are partially offset by the
extensive experience of ATPPL's promoters in the timber trading
and saw mill business.

Outlook: Stable

CRISIL believes that ATPPL will benefit over the medium term from
stable revenue growth driven by its established clientele.
However, the company's financial risk profile is expected to
remain constrained by high TOL/TNW and weak interest coverage
ratios. The outlook may be revised to 'Positive' if there is
improvement in ATPPL's working capital management, leading to
better financial flexibility, along with increase in net worth.
Conversely, the outlook may be revised to 'Negative' if ATPPL's
financial risk profile deteriorates significantly because of large
borrowings for capital expenditure or working capital
requirements.

                         About ABG Timber

Incorporated in 2003, ATPPL processes, and trades in, timber.
Mr. Atul Garg had entered the business in December 2000 through a
proprietorship concern, which was later reconstituted as a private
limited company.  The company deals in a range of products
including teak wood, hard wood and soft wood, importing mainly
from Malaysia, Panama, Nigeria, Ghana, Ivory Coast, and New
Zealand, and selling in the domestic market mainly to wholesalers
and retailers.  The saw mill is at Gandhidham (Gujarat), with
capacity of about 3500 cubic feet per day, which the company has
decided to increase by 2.5 times in 2011-12 (refers to financial
year, April 1 to March 31).

ATPPL reported a net profit of INR1.0 million on net sales of
INR207.2 million for 2010-11, against a net profit of INR0.7
million on net sales of INR114.3 million for 2009-10.


ANUSHREE TEXTILES: CRISIL Rates INR140 Million Cash Credit at 'BB'
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of Anushree Textiles Pvt Ltd, part of the Anuj group.

   Facilities                      Ratings
   ----------                      -------
   INR140 Million Cash Credit      BB/Stable (Assigned)

The rating reflects the Anuj group's weak financial risk profile,
marked by weak debt protection metrics and pricing pressures owing
to intense competition in the readymade garment segment, and its
modest scale of operations. These weaknesses are partially offset
by the long-standing experience of the groups' promoters in the
readymade garment industry.

For arriving at this rating, CRISIL has combined the business and
financial risk profiles of ATPL with Anuj Textiles, Tirupati Arts
and Shree Kesari Nandan Printing Works, together referred to as
the Anuj group. This is because all these entities are under a
common management, are in similar line of business and have
fungible funds. Also, ATPL is the proprietor for AT, TA, and
SKNPP.

Outlook: Stable

CRISIL believes that the Anuj group will benefit over the medium
term from the long-standing experience of its promoters in the
readymade garment industry. The outlook may be revised to
'Positive' if the group registers significant and sustainable
revenue growth while improving its profitability and debt
protection indicators. Conversely, the outlook may be revised to
'Negative' in case the group's operating revenues or net cash
accruals decline significantly thereby resulting in deterioration
in the financial risk profile, or if the debt protection metrics
deteriorate further, or in case of deterioration in its cash
cycle.

                         About the Group

ATPL, incorporated in 2003 by Mr. Narendra Kumar Saraogi, designs
and sells cotton saris. The total sari printing capacity of the
group is around 26 million metres of cloth per annum. The group
outsources around 50% of its printing and designing work. The
group sells printed cotton saris through a network of more than
800 dealers across Andhra Pradesh, Karnataka, Orissa, Bihar and
Assam. The entities in the group are managed by Mr. Narendra Kumar
Saraogi and his son Mr. Robin Saraogi.

The Anuj group reported on provisional basis a consolidated profit
after tax (PAT) of INR28.2 million on net sales of INR904.9
million for 2010-11 (refers to financial year, April 1 to
March 31), against a consolidated PAT of INR5.09 million on net
sales of INR720.2 million for 2009-10.


BAIRATHI SHOE: CRISIL Assigns 'BB' to INR45.5MM Rupee Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Bairathi Shoe Company Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR45.5 Million Rupee Term Loan     BB/Stable (Assigned)
   INR74 Million Cash Credit           BB/Stable (Assigned)

The rating reflects BSCPL's average financial risk profile, marked
by high gearing, small net worth and above-average debt protection
measures, and small scale of operations.  These weaknesses are
partially offset by BSCPL's diversified product profile, and
established marketing network.

Outlook: Stable

CRISIL believes that BSCPL will maintain its credit risk profile
over the medium term backed by its diversified product profile,
established marketing network, and above-average debt protection
metrics. The outlook may be revised to 'Positive' in case of more-
than-expected profitability or in case of equity infusion by
promoters, leading to improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
more-than-expected increase in working capital requirements or if
the company undertakes any large, debt-funded capital expenditure
programme, leading to deterioration in its financial risk profile.

                         About Bairathi Shoe

Incorporated in 1980, BSCPL manufactures a wide variety of
footwear, including rubber, EVA (ethylene-vinyl acetate) and PVC
(polyvinyl chloride) footwear.  The company sells its products in
the domestic market under its Bairathi brand, through a network of
around 160 dealers.  The company's plant in Jaipur (Rajasthan) has
the capacity to manufacture 40,000 pairs of footwear per day.  It
also has an in-house facility to manufacture footwear soles.

Bairathi reported a profit after tax (PAT) of INR5.8 million on
net sales of INR670.7 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR2.8 million on net
sales of INR482.4 million for 2008-09.


C. S. INFRACONSTRUCTION: CRISIL Rates INR77.8MM Term Loan at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of C. S. Infraconstruction Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR77.8 Million Rupee Term Loan      BB+/Stable (Assigned)
   INR20 Million Overdraft Facility     BB+/Stable (Assigned)

The rating reflects the small scale of CSIL's operations in a
highly competitive construction industry, along with limited
revenue diversity, and the expected pressure on its financial
flexibility as reflected by high creditors owing to an increase in
its scale of operations. These weaknesses are partially offset by
CSIL's strong revenue visibility, backed by a healthy order book,
and established track record in road construction.

Outlook: Stable

CRISIL believes that CSIL will maintain its credit risk profile
over the medium term, backed by its healthy order book position
and above-average financial risk profile. The outlook may be
revised to 'Positive' in case CSIL sustains its order book
position and profitability, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative',
if the company fails to receive consistent orders, or its
financial risk profile deteriorates significantly because of
significant borrowings for capital expenditure (capex) and working
capital requirements.

                    About C. S. Infraconstruction

Mr. Uma Shanker Singh set up a partnership firm called
Chhatrashakti Construction Company in 2003 with a few of his
friends. The firm used to undertake small road construction
projects for local government bodies in Uttar Pradesh (UP). In
2005-06 (refers to financial year, April 1 to March 31), CSC
became a registered 'Class-A' contractor with Public Works
Department (PWD) UP. In November 2009, CSC was reconstituted as a
private limited company, CSIL, which now undertakes road
construction on a contract basis. It undertakes orders mainly by
participating in tenders floated by government institutions.

CSIL is estimated to report a profit after tax (PAT) of INR262
million on net sales of INR3.01 billion for 2010-11 (refers to
financial year, April 1 to March 31) against a PAT of INR 214
million on net sales of INR2.75 billion for 2009-10.


INDUS TEQSITE: CRISIL Reaffirms 'BB' Rating on INR30MM Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Indus Teqsite Pvt Ltd,
part of the Indus group, continue to reflect the susceptibility of
the Indus group's business risk profile to changes in the sourcing
policies of its key customers, and the group's working-capital-
intensive operations.

   Facilities                             Ratings
   ----------                             -------
   INR28 Million Standby Line of Credit   BB/Negative (Reaffirmed)

   INR30 Million Cash Credit              BB/Negative (Reaffirmed)

   INR193.5 Million Rupee Term Loan       BB/Negative (Reaffirmed)

   INR69.7 Million Proposed Long-Term     BB/Negative (Assigned)
                   Bank Loan Facility

   INR15 Mil. Bill Purchase-Discounting   BB/Negative (Assigned)
                   Facility

   INR115 Million Export Packing Credit   BB/Negative (Reaffirmed)

   INR25 Million Letter of credit & Bank  P4+ (Reaffirmed)
                   Guarantee

These rating weaknesses are, however, partially offset by the
benefits that the Indus group derives from its established track
record with the defence and other related departments and its
promoters' experience in the supply of indigenously developed
defence equipment to government organizations.

CRISIL has combined the business and financial risk profiles of
ITPL and its wholly owned subsidiary Data Patterns India Pvt Ltd.
This is because the two companies, together referred to as the
Indus group, have significant operational linkages with each other
and are under a common set of promoters. Moreover, both ITPL and
DPIL have extended corporate guarantees to each other's bank
facilities.

Outlook: Negative

CRISIL's negative outlook reflects strain on the Indus group's
liquidity in view of the limited cushion between the group's
current level of cash generations from operations vis--vis its
immediate debt servicing commitments, specifically the INR100
million optionally convertible debentures (OCD), falling due for
redemption by September 30, 2011. The company may have to
refinance or rollover the OCD, or arrange redemption through a mix
of internal accruals and external funds to avoid a potential
dilution of promoters' stake in the company. The ratings may be
downgraded in case of further deterioration of the group's cash
flows from operations coupled with absence of external funding
support, resulting in significant deterioration of its debt
servicing ability. Conversely, the outlook may be revised to
'Stable' in case of improvement in the group's liquidity because
of significantly higher-than-expected cash flow from operations or
exercise of the conversion option by the debenture holders or if
the promoters arrange to refinance this debenture issue through
equity infusion or debt of a longer tenure.

                          About the Group

ITPL, set up in 1998 by Mr. Rangarajan, a Chennai(Tamil Nadu)-
based technocrat and a first generation entrepreneur, is engaged
in the development and production of mission critical products and
instrumentation for the defence and aerospace Industry. DPIL
provides system integration services for the products manufactured
by ITPL.

The Indus group (ITPL and DPIL) designs, develops, and
manufactures electronic hardware; it also develops complementary
software applications for the electronic systems and subsystems
used by the defence and aerospace industry. Its key customers
include government organisations such as DRDO, Ministry of
Defence, Hindustan Aeronautics Ltd, and the armed forces (such as
the army, navy, and air force). The group's manufacturing
facilities are located at Siruseri Information Technology Park in
Tamil Nadu.

ITPL (standalone financials) reported a profit after tax (PAT) of
INR44.2 million on net sales of INR422.6 million for 2010-11
(refers to financial year, April 1 to March 31), against a PAT of
INR6.2 million on net sales of INR280.1 million for 2009-10.


JANANI TOURS: CRISIL Rates INR120 Million Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Janani Tours and Resorts Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR120.00 Million Cash Credit      B+/Stable (Assigned)

The rating reflects JTR's below-average financial risk profile
(marked by a high gearing), limited product diversity, and
geographically concentrated revenue profile. These rating
weaknesses are partially offset by the benefits that JTR derives
from its promoters' extensive experience in the car-rental
industry and its established customer relationships.

Outlook: Stable

CRISIL believes that JTR will continue to benefit over the medium
term from its promoters' industry extensive experience and its
established customer relationships. The outlook may be revised to
'Positive' if there is sustainable improvement in JTR's scale of
operations and margins, as a result of new contracts from
corporate clients or geographical diversification. Conversely, the
outlook may be revised to 'Negative' if the company undertakes any
larger-than-expected, debt-funded capital expenditure programme or
in case of a significant decline in margins, leading to further
deterioration in financial risk profile.

                          About Janani Tours

Set up as a proprietorship concern in 1992 by Mr. Jagadish Kotian,
Bengaluru (Karnataka)-based JTR was reconstituted as a private
limited company with its present name in 2000. JTR provides staff
transportation services to corporate customers on a retail basis,
and has a fleet of nearly 3000 vehicles with operations
concentrated in Bengaluru. The company has signed contracts with
nearly 40 companies, including Accenture India Pvt Ltd, JP Morgan
Chase & Co., and Wipro Ltd, among others.

JTR's profit after tax (PAT) and net sales for 2010-11 (refers to
financial year, April 1 to March 31) are estimated at INR33
million and INR814 million respectively. JTR reported a PAT of
INR6 million on net sales of INR631 million for 2009-10, against a
PAT of INR5 million on net sales of INR618 million for 2008-09.


JSL ISPAT: CRISIL Rates INR98 Million Cash Credit at 'BB+'
----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the cash credit
facility of JSL Ispat Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR98 Million Cash Credit        BB+/Stable (Assigned)

The rating reflects JSL's small scale of operations in the
fragmented steel industry and the vulnerability of its operating
margin to volatility in steel prices. These rating weaknesses are
partially offset by JSL's moderate financial risk profile, marked
by a moderate capital structure, absence of any capital
expenditure (capex) plans over the medium term, and moderate debt
protection metrics, and the company's long-standing presence in
the pipe trading industry.

Outlook: Stable

CRISIL believes that JSL will maintain its credit risk profile
over the medium term backed by its long-standing presence in the
pipe trading industry and moderate financial risk profile. The
outlook may be revised to 'Positive' if JSL significantly
increases its scale of operations and improves its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm's financial risk profile deteriorates due to increase in
working capital or if it undertakes a large, debt-funded capex
programme.

                           About JSL Ispat

JSL was incorporated in October 2005 by Mr. Satyanarayan Kokra.
The company trades in steel tubes and pipes. JSL acquired Modern
Tube and Company in April 2007, which was engaged in a similar
line of business. JSL's head office is in Delhi and the company
has one branch office each in Ghaziabad (Uttar Pradesh) and
Faridabad (Haryana). For stocking inventory, the company has six
warehouses, five of which are in Ghaziabad and one in Delhi.

JSL is expected to report a profit after tax (PAT) of INR1.4
million on net sales of INR734.0 million for 2010-11 (refers to
financial year, April 1 to March 31) against a PAT of INR1.0
million on net sales of INR718.0 million for 2009-10.


KANCHAN GANGA: CRISIL Reaffirms 'B-' Rating on INR36.6MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kanchan Ganga Seed
Company Pvt Ltd continue to reflect Kanchan's susceptibility to
erratic rainfall and to volatility in raw material prices,
working-capital-intensive operations, and weak financial risk
profile marked by a high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the benefits that
Kanchan derives from its promoters' industry experience, its
strong research base, and the healthy growth prospects in the seed
industry.

   Facilities                         Ratings
   ----------                         -------
   INR112.5 Million Overdraft         B-/Stable (Reaffirmed)
   INR36.6 Million Long-Term Loan     B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Kanchan will continue to benefit over the
medium term from its strong research base and its established
presence in the production of hybrid seeds. The outlook may be
revised to 'Positive' if there is a significant improvement in its
revenues and profitability, while strengthening its capital
structure by way of equity infusion and healthy working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of any significant decline in its revenues and
profitability attributed mainly because of loss of germination of
the seed, or any significant deterioration in its working capital
management leading to pressure on the company's financial risk
profile, particularly its liquidity.

Update
Kanchan's revenues are estimated to decline in 2010-11 (refers to
financial year, April 1 to March 31), to about INR200 million from
INR238 million in 2009-10. The decline in sales is mainly because
of huge amount of sales returns, driven by loss of germination of
the seeds supplied by the company. This resulted in an estimated
operating loss of about INR30 million. Considering the failures in
the truthfully labelled seeds (TLS), the management has adopted
cautious procedures while procuring of seeds from the
organisers/growers and adopted multiple testing of seeds in 2011-
12 to reduce the sales returns and potential losses. To strengthen
the capital structure, the management has infused funds of about
INR7.5 million in 2010-11.

On demand side, the declining stocks to consumption across the
global markets and increasing utilization of the maize (major
contributor to revenues of Kanchan at about 80%) by the end-user
industries (poultry industry, starch industry [starch derivatives
used in the textiles, pharmaceutical, confectionary, among others]
and ethanol producers) are likely to support the prices and demand
levels. CRISIL believes that Kanhan's revenues will increase over
the medium term, backed by the increasing demand for maize and
acreage for cultivation.

                       About Kanchan Ganga

Kanchan, a Hyderabad (Andhra Pradesh)-based company, was
incorporated in 1984 by Mr. Jivan Thakur, Mr. G Venkaiah, and
Dr. Vimal J Thakur. It processes and sells hybrid seeds such as
maize, jowar, bajra, tomato, and others. The company has about 36
hybrid varieties, and prime focus is on maize with about 25
varieties. About 80% of revenues are from maize seeds. The company
procures seeds through tie-ups with individual growers and
organisers in Karnataka and Andhra Pradesh. About 40% of revenues
are from supplies to government agencies of various states such as
Karnataka, Himachal Pradesh, Jammu & Kashmir, Bihar, and Andhra
Pradesh; the rest are open-market sales to various distributors
across these states.

Kanchan reported a loss after tax of INR107.8 million on net sales
of INR236.8 million for 2009-10, against a profit after tax of
INR2.0 million on net sales of INR282.3 million for 2007-08.  For
2011-12, the estimated revenues of Kanchan are about INR200
million.


LB FLOORING: CRISIL Assigns 'B-' Rating to INR20MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of LB Flooring Pvt. Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR20 Million Cash Credit         B-/Stable (Assigned)
   INR140 Million Letter of Credit   P4 (Assigned)

The ratings reflect LBF's modest scale of operations and moderate
financial risk profile. These rating weaknesses are partially
offset by the extensive industry experience of LBF's promoters.

Outlook: Stable

CRISIL believes that LBF will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. The outlook may be revised to 'Positive' if LBF successfully
scales up its operations, while maintaining profitability and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of significant deterioration in LBF's
profitability or debt protection metrics.

                           About LB Flooring

LBF, a private limited company incorporated in 2007, is engaged in
the business of import and trading of various flooring products.
LBF is part of the Laxmidas Brothers group, promoted by the
Panchmatia family of Nagpur. Presently, the company is managed by
Mr. Jaidev Panchmatia who has an experience of more than three
decades in the business. The company's registered office is at
Nagpur.

LBF reported a net loss of INR0.2 million on net sales of INR18
million for 2009-10 (refers to financial year, April 1 to March
31), as against a PAT of INR0.02 million on net sales of INR16
million for 2008-09.


MADRAS FERTILIZERS: Fitch Upgrades INR1.9BB Bank Loans to 'C(ind)'
------------------------------------------------------------------
Fitch Ratings has affirmed India-based Madras Fertilizers
Limited's National Long-Term rating at 'D(ind)'.  Simultaneously,
the agency has upgraded MFL's bank loans:

   -- INR1,914m fund-based working capital limits: upgraded to
      'C(ind)' from 'D(ind)' and affirmed at 'F5'; and

   -- INR300m non-fund based working capital limits: upgraded to
      'C(ind)' from 'D(ind)' and affirmed at 'F5'.

The affirmation continues to reflect the status of the company as
a "sick company" registered with the Board for Industrial and
Financial Reconstruction.  Also, the Debt Rehabilitation Scheme
(DRS) is yet to be approved by the Board. The bank loan ratings
have been upgraded as MFL has been regular in servicing its
working capital debt for the past 12 months.

Positive rating guidelines include MFL coming out of BIFR and the
DRS being implemented completely.

MFL is a Chennai-based public sector enterprise, engaged in the
manufacture of urea and NPK fertilizers, with manufacturing
facilities in Chennai. The government of India holds about 59.5 %
of the company.  For FY11 (financial year ended March 31, 2011),
MFL reported revenues of INR16,228.3 million (FY10: INR13,028.4
million), operating EBITDA of INR1,304.9 million (FY10: INR1,301.4
million) and a net income of INR1,698.6 million (FY10: INR68.9
million).


NARAIN AND COMPANY: CRISIL Reaffirms 'B+' Rating on INR300MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Narain and Company
continue to reflect NC's weak financial risk profile marked by
small net worth and large working capital requirements.

   Facilities                            Ratings
   ----------                            -------
   INR300.0 Million Cash Credit Limit    B+/Stable (Reaffirmed)
   INR300.0 Million Letter of Credit     P4 (Reaffirmed)

The rating also factors in susceptibility of NC's trading margins
to volatility in steel prices, given the firm's practice of
maintaining large inventory. These rating weaknesses are partially
offset by the benefits the firm derives from its management's
experience in the steel trading business.

Outlook: Stable

CRISIL believes that NC will maintain its business risk profile on
the back of its established relationships with supplier,
Visakhapatnam Steel Plant (Vizag Steel), and its key customers.
However, the firm's financial risk profile is expected to remain
weak because of its large working capital requirements and small
net worth. The outlook may be revised to 'Positive' if the firm's
financial risk profile, especially capital structure, strengthens.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the firm's profitability or capital structure, or
if the firm undertakes large debt-funded capital expenditure
(capex) programme, thereby adversely affecting its financial risk
profile.

Update
NC had an estimated operating income of about INR2.54 billion for
2010-11 (refers to financial year, April 1 to March 31), compared
to INR3.33 billion for the previous year. The firm's sales in
2009-10 were mainly inline with CRISIL's expectations. However,
operating income in 2010-11, was lower than the expectations
primarily on account of disrupted supplies from Vizag Steel during
the year. Operating margin, nevertheless, is estimated to have
improved to about 3.3% in 2010-11 against 2.1% in 2009-10, mainly
due to favorable movements in steel prices. Profit after tax (PAT)
margin in 2010-11 was in line with CRISIL's expectation. NC's
operating income is expected to improve to over INR3.0 billion per
year, with operating margin of about 2.0%, over the medium term.
The firm's working capital requirements were large on account of
more-than-expected debtor and inventory levels, debtors and
inventory were higher than expected as on March 31, 2011 because
of higher sales at the end of the year. NC funded its higher
debtors and inventory mainly through higher creditors and
unsecured loans from group entities (mainly Narain Steel and
Company), while its bank lines were utilised at 85% on an average
in 2010-11. As a result of high creditors and unsecured loans,
NC's ratio of total outside liabilities to tangible net worth was
higher than expected at about 10.4 times in 2010-11. The firm's
capex were inline with the expectations.

For 2009-10, NC reported a PAT of INR10.0 million on net sales of
INR3.3 billion, against a PAT of INR12.3 million on net sales of
INR2.8 billion for the previous year.

                      About Narain and Company

NC was established in 1980 by Mr. Narain Singla. It is one of the
group concerns owned by the Singla and Agarwal families of Punjab.
The firm trades in iron and steel long products, such as rounds,
billets, blooms, pig iron, wire rods, rebars, and structural and
special steel. The firm is an authorised stockist of, and trader
in, the products of Vizag Steel (an entity of Rashtriya Ispat
Nigam Ltd [RINL]). NC is the only stockist for RINL's products in
Punjab.


RIDDHI SIDDHI: CRISIL Assigns 'B+' Rating to INR80MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Riddhi Siddhi Cotton Ginning and Pressing Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR80 Million Cash Credit            B+/Stable (Assigned)
   INR11.7 Million Rupee Term Loan      B+/Stable (Assigned)
   INR70 Million Warehouse Financing    P4 (Assigned)

The ratings reflect RSCG's weak financial risk profile, marked by
high gearing and weak debt protection metrics, small scale of
operations in the highly fragmented cotton industry, and
susceptibility of its business risk profile and profitability to
changes in government policy on cotton. These rating weaknesses
are partially offset by the extensive industry experience of
RSCG's promoter.

Outlook: Stable
CRISIL believes that RSCG will benefit over the medium term from
its promoter's experience in the cotton industry. The outlook may
be revised to 'Positive' in case capital infusion by the promoter
improves the company's capital structure, scale of operations, and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' in case RSCG contracts higher-than-expected debt to
fund incremental working capital requirements or capital
expenditure.

                        About Riddhi Siddhi

RSCG is managed by Mr. Lavjibhai Patel, who took over the company
in 2007-08 (refers to financial year, April 1 to March 31). The
company is engaged in ginning and pressing of raw cotton (kapas)
to make cotton bales. The cotton seeds separated during the
ginning process are used to manufacture cotton oil. The company
sells the cotton bales to various traders while the cotton seeds
are sold to various oil mills in the plant's vicinity. The firm's
manufacturing facility in Rajkot (Gujarat) has capacity of 370
cotton bales per day.

RSCG reported a profit after tax (PAT) of INR0.4 million on net
sales of INR408.7 million for 2009-10, as against a PAT of INR1.0
million on net sales of INR402.0 million for 2008-09.


SIDDHI REFOILS: CRISIL Assigns 'B' Rating to INR310MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank loan
facilities of Siddhi Refoils & Industries Private Limited.

   Facilities                         Ratings
   ----------                         -------
   INR45 Million Cash Credit          B/Stable (Assigned)
   INR310 Million Long-Term Loan      B/Stable (Assigned)
   INR5 Million Bank Guarantee        P4 (Assigned)
   INR395 Million Letter of Credit    P4 (Assigned)

The ratings reflect SRIPL's exposure to risks associated with the
company's ongoing project. This rating weakness is partially
offset by the extensive experience of SRIPL's promoters in the
edible oil industry.

Outlook: Stable

CRISIL believes that SRIPL will continue to benefit from its
promoters' extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' in case SRIPL generates
significantly higher-than-expected revenues and cash accruals
while maintaining its capital structure. Conversely, the outlook
may be revised to 'Negative' in case it suffers substantial time
and cost overruns, or it faces challenges in attaining the optimal
level of utilisation, thereby straining its debt servicing
ability.

                        About Siddhi Refoils

SRIPL, incorporated in 2009, is promoted by Mr. Naval Kishore
Banka and Mr. Naval Kishore More. SRIPL is currently setting up a
palm oil refining facility at Vaishali, Bihar. The facility will
be spread over 10 acres and will be equipped with state-of-art
refining machinery. The refining facility is expected to start
operations by second half of financial year 2011-12, with refining
capacity of 75,000 tonnes per annum.

The promoters of SRIPL, also have other companies engaged in
trading of edible oil like Ganesh Multiplex Pvt Ltd (Crisil rated
'P4'), Siddhi Vinayak Industries Pvt Ltd (Crisil rated
B+/stable/P4), Jai Shree Balaji Fats & Oils Pvt Ltd (Crisil rated
'P4').


SLS MERCANTILE: CRISIL Reaffirms 'B+' Rating on INR80M Cash Credit
------------------------------------------------------------------
CRISIL's ratings on SLS Mercantile Pvt Ltd's bank facilities
continue to reflect SLS's weak financial risk profile, marked by
high gearing and weak debt protection measures. The ratings also
factors in its small scale of operations, and susceptibility to
volatility in steel prices and foreign exchange rates. These
rating weaknesses are partially offset by SLS's promoters'
experience in trading of iron and steel products.

   Facilities                          Ratings
   ----------                          -------
   INR80.00 Million Cash Credit        B+/Stable (Reaffirmed)
   INR20.00 Million Proposed LT        B+/Stable (Assigned)
             Bank Loan Facility
   INR30.00 Million Letter of Credit   P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SLS will continue to benefit from its
promoters' industry experience in trading of iron and steel
products. The outlook may be revised to 'Positive' if SLS's
capital structure improves, and its revenues and profitability
increase significantly, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SLS's sales and profitability declines, most likely because of
continued volatility in steel prices, or if the company undertakes
a large debt funded capital expenditure.

Update
SLS's sales in 2010-11 (refers to financial year, April 1 to March
31) have been substantially more than CRISIL's expectations, by
53%. This has been largely due to execution of the order from
Enmas GB Power Systems Projects Ltd (rated 'BB-/Negative/P4' by
CRISIL). Also, in 2010-11, SLS diversified into trading in mild-
steel scrap and billets, leading to a substantial increase in its
revenues. The operating margin, is in line with CRISIL's
expectations, however has remained low in the range of 1 to 2 %,
because of trading nature of operations. However, liquidity
remains adequate, with an increase in bank lines to INR80 million
from INR 60 million, with a utilisation of 55% on an average for
the 12 months ended February 28, 2011. Furthermore, SLS does not
have any term loan outstanding as on date. The company reported,
on provisional basis, a profit after tax (PAT) of INR1.3 million
on net sales of INR567.3 million for 2010-11; it reported a PAT of
INR0.8 million on net sales of INR361.2 million for 2009-10.

                         About the Company

SLS was established in October 2007 by Mr. Shankarlal Sonthalia
and his son, Mr. Praveen Sonthalia. The company trades in iron and
steel (long and flat products). The company carries out its
trading operations from Chennai. It buys iron and steel from the
local iron and steel manufacturers and sells to retailers and
wholesalers across India.


SMALL TILES: CRISIL Assigns 'B' Rating to INR60 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Small Tiles.

   Facilities                         Ratings
   ----------                         -------
   INR60 Million Term Loan            B/Stable (Assigned)
   INR20 Million Cash Credit          B/Stable (Assigned)
   INR8 Million Bank Guarantee        P4 (Assigned)

The ratings reflect Small Tiles' small track record of operations,
exposure to high competition in ceramic tiles industry and weak
financial risk profile, marked by high gearing and weak debt
protection metrics,. These rating weaknesses are partially offset
by the industry experience of Small Tiles' promoters.

Outlook: Stable

CRISIL believes that Small Tiles will benefit from its partners'
experience in the ceramics industry. CRISIL however, also believes
that Small Tiles' financial risk profile will be constrained due
to its weak debt protection measures. The outlook may be revised
to 'Positive' in case the firm ramps up its operations and reports
better-than-expected topline and profitability. Conversely, the
outlook may be revised to 'Negative' if Small tiles undertakes any
debt-funded capital expenditure (capex) programme or reports
lower-than-expected revenues or profits due to delay in project
implementation.

                          About the Firm

Set up in November 2010 as a partnership firm by three promoter
families, Small Tiles is in the process of setting up a non-
vitrified ceramic floor tile manufacturing unit. Small Tiles is
partnership firm with 18 partners belonging to three promoter
families of the Patel community: Kanjiyas and Patels, Adrojas and
Kothiyas, and Bavravas and Varmoras (used interchangeably). The
unit is being set up at a cost of about INR100.50 million in Morbi
with an installed capacity of 27,300 tonnes per annum (tpa). The
project is being funded with a term loan of INR60 million and
promoters' contribution in the form of partners' capital of INR35
million and unsecured loans of INR5.5 million. The unit is
expected to be operational by October 2011.


SHREE AMRUTA: Gujarat High Court Allows Auction of Land
-------------------------------------------------------
The Times of India reports that the Gujarat high court has
permitted auction of Shree Amruta Mills at Saraspur and kept the
base price at INR100 crore.  The total area for sale is
1,02,531 square metres, since 20,000 square metres will be
acquired by the civic body as per the norms for selling land of a
company in liquidation.

Amruta Mills, which is situated on a 1.22 lakh square metre plot,
went into liquidation in 1991, the report notes.  However, the
disputes regarding lease holding of the land kept the auction of
the property deferring for over a decade.  Finally, when legal
disputes got over, the Official Liquidator got the land valued
last year, which came to INR92 crore.

However, The Times of India notes, the OL report submitted to the
high court also stated that some of the parts of the mill's land
are encroached upon by adjoining property holders, apart from a
chawl of former employees.  After perusing the report last week,
justice Anant Dave ordered OL to invite prospective buyers of the
land by keeping the base price for auction at Rs 100 crore.  The
mill's land is divided in seven lots, out of them, four lots are
on sale, which are non-disputed.

According to The Times of India, the sealed cover from the bidders
will be opened in the high court on July 25 and if necessary
auction for the land will be held.  The OL has been asked to issue
a public notice to communicate to all creditors, members and
authorities, the report adds.


SUMAN CREATION: CRISIL Reaffirms 'P4' Rating on INR26.5MM Credit
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Suman Creation continues
to reflect Suman Creation's customer concentrated revenue profile,
and small scale of operations.  These rating weaknesses are
partially offset by Suman Creation's longstanding presence in the
textiles industry, and moderate financial risk profile marked by a
comfortable capital structure.

   Facilities                               Ratings
   ----------                               -------
   INR26.5 Million Export Packing Credit    P4 (Reaffirmed)
   INR47.5 Mil. Bill Purchase-Discounting
                     Facility               P4 (Reaffirmed)

Update
During 2010-11 (refers to financial year, April 1 to March 31),
Suman Creation's sales increased by 15% to INR271 million from
INR236 million in 2009-10 supported by higher realizations and by
the commissioning of the firm's third factory in Umbergaon
(Gujarat). To reduce seasonality in sales, Suman Creation has also
started manufacturing winter wear garments. As a result, the
firm's sales, which were earlier concentrated from January to May,
now also take place from September to December. Matalan, UK,
continues to remain the firm's largest customer and contributes
about 65% to its revenues. Suman Creation has also added new
customers, such as Fashion Division, Portugal, and Zeeman,
Germany, to its base over the past two years.

Suman Creation's operating profitability was impacted in 2010-11
as a result of firm cotton prices; it had to absorb increase in
raw material prices. Suman Creation's operating margin was at 6.1%
during the year, compared to the past years when its operating
margin was above 13%. Suman Creation's profit after tax (PAT)
margin was 1% compared to more than 5% in the past. Profitability
in 2010-11, however, was higher than that in 2009-10 when the
firm's operating margin was 4.9% and PAT was 0.1%.

Suman Creation completed its INR20-million capital expenditure
programme in 2010-11 whereby it set up a new factory in Umbergaon.
The firm's installed capacity is now 150,000 pieces per month. Its
gearing was 1.03 times as on March 31, 2011, compared to 1.8 times
as on March 31, 2010. The firm's net cash accruals of INR8.9
million during 2010-11 were adequate to meet its debt obligations
of INR2.1 million in the year. Suman Creation's bank lines were
utilised at an average of 78% for the 12 months ended March 31,
2011.

For 2009-10, Suman Creation reported a PAT of INR0.24 million on
net sales of INR236 million, against a PAT of INR14 million on net
sales of INR185 million for 2008-09. For 2010-11, the firm
provisionally reported a PAT of INR2.8 million on net sales of
INR271.3 million.

                        About Suman Creation

Suman Creation manufactures and exports ready-made garments. The
partnership firm, set up in 2007-08, acquired the business of a
proprietorship concern, which was set up by one of its partners,
Mr. Suman Jain, in 1980. Suman Creation's manufacturing facilities
are located in Dadra and Silvassa (Union Territory of Dadra and
Nagar Haveli).


UTKARSH INDUSTRIES: CRISIL Puts 'B' Rating on INR155MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Utkarsh Industries Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR155 Million Cash Credit           B/Stable (Assigned)
   INR100 Million Warehouse Receipts    B/Stable (Assigned)
   INR25 Million Letter of Credit       P4 (Assigned)

The ratings reflect UIPL's subdued financial risk profile, marked
by small net worth, high gearing, and weak debt protection
metrics, and susceptibility of margins to changes in regulatory
framework and to volatility in input prices. These rating
weaknesses are partially offset by the extensive experience of
UIPL's promoter in agro-based industry.

Outlook: Stable

CRISIL believes that UIPL will benefit from the extensive
experience of its promoter and its strong relationships with its
customers, over the medium term. The outlook may be revised to
'Positive' in case the company exhibits higher-than-expected
offtake for its products, which will improve its operating
revenues and profitability, capital structure, and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case UIPL undertakes larger-than-expected debt-funded capital
expenditure programme or stretches its working capital cycle,
thereby weakening its financial risk profile.

                      About Utkarsh Industries

Incorporated in 2008 by Mr. Sathyanarayana Rathi, UIPL
manufactures soya oil and de-oiled cake (DOC) for the domestic and
export markets. The company has rented a manufacturing facility in
Indore (Madhya Pradesh), which has capacity to process around 450
tonnes per day of soya seeds.

UIPL reported a profit after tax (PAT) of INR1.7 million on net
sales of INR1410 million for 2010-11 (provisional figures, refers
to financial year, April 1 to March 31), as against a PAT of
INR1.3 million on net sales of INR455.7 million for 2009-10.


YASHO INDUSTRIES: CRISIL Puts 'BB+' Rating on INR200MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Yasho Industries Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR200 Million Cash Credit           BB+/Stable (Assigned)
   INR200.8 Million Rupee Term Loan     BB+/Stable (Assigned)
   INR4.2 Million Proposed Long-Term    BB+/Stable (Assigned)
                  Bank Loan Facility
   INR120 Million Letter of Credit      P4+ (Assigned)
   INR5 Million Bank Guarantee          P4+ (Assigned)

The ratings reflect Yasho's average financial risk profile, marked
by high gearing, low net worth and average debt protection
metrics; small scale of operations, and exposure to risks related
to intense competition in the chemicals manufacturing industry.
These rating weaknesses are partially offset by Yasho's
established market position, the extensive industry experience of
its promoters, and the company's healthy operating efficiency
backed by product range, manufacturing capabilities and focus on
research and development (R&D).

Outlook: Stable

CRISIL believes that Yasho will continue to benefit from the
extensive industry experience of its promoters and established
relations with customers and suppliers, over the medium term. The
outlook may be revised to 'Positive' in case of significant equity
infusion by the promoters, while maintaining its growth in
operating income and profitability. Conversely, the outlook may be
revised to 'Negative' if Yasho's business risk profile weakens,
most likely because of significant decline in operating
profitability and/or loss of business volumes to competition. Any
larger-than-expected debt-funded capex would also have a negative
bias on the outlook.

                       About Yasho Industries

Yasho was set up by Mr. Vinod Harilal Jhaveri in 1992 as Vasu
Preservatives Pvt Ltd and commenced operations in 1993.
Subsequently, it was renamed Yasho in 1996. The company
manufactures and sells chemicals such as antioxidants used in
foods, rubber chemicals, aroma chemicals, and specialty chemicals.
Recently, the company commenced manufacturing lubes chemical. The
company is managed by the sons of Mr. Vinod H Jhaveri: Mr. Parag V
Jhaveri, Mr. Nilesh V Jhaveri, and Mr. Yayesh V Jhaveri.

Yasho has two manufacturing units at Vapi (Gujarat). The company
manufactures antioxidants for foods, aroma chemicals, and
specialty chemicals in Unit I, and rubber chemicals in Unit II
(which was set up in 2008-09). The company's operations have
various quality and safety certifications such as ISO 9001:2008,
HACCP, and FAMI QS, as well as food grade certifications such as
Halal and Kosher.

Yasho's profit after tax (PAT) and net sales are estimated at
INR41.4 million and INR1.1 billion respectively for 2010-11. The
company reported a net loss of INR4.7 million on net sales of
INR666.7 million for 2009-10.


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


HALLMARK TRUST: Moody's Reviews RMBS Deals for Possible Downgrade
-----------------------------------------------------------------
Moody's Japan K.K has placed the ratings of L-STaRS One Funding
Limited, L-STaRS Two Funding Limited, SBIM 2007-1 Investment
Purpose Condominium Loan Senior Beneficial Interests, and Hallmark
Trust Series 2008-1 under review for possible downgrade.

At the same time, it has placed the rating of Class N-1 of L-STaRS
One Funding Limited under review for possible upgrade.

L-STaRS One Funding Limited

  Class A, Aaa (sf) placed under review for possible downgrade;
  previously, on Nov. 29, 2006, assigned Aaa (sf)

  Class B, Aa2 (sf) placed under review for possible downgrade;
  previously, on Nov. 29, 2006, assigned Aa2 (sf)

  Class C, A2 (sf) placed under review for possible downgrade;
  previously, on Nov. 29, 2006, assigned A2 (sf)

  Class D, Baa1 (sf) placed under review for possible downgrade;
  previously, on Nov. 29, 2006, assigned Baa1 (sf)

  Class E, Ba1 (sf) placed under review for possible downgrade;
  previously, on Nov. 29, 2006, assigned Ba1 (sf)

  Class N-1, Baa1 (sf) placed under review for possible upgrade;
  previously, on Nov. 29, 2006, assigned Baa1 (sf)

  Class N-2, Baa3 (sf) placed under review for possible downgrade;
  previously, on Nov. 29, 2006, assigned Baa3 (sf)

L-STaRS Two Funding Limited

  Class A, Aaa (sf) placed under review for possible downgrade;
  previously, on Nov. 19, 2007, assigned Aaa (sf)

  Class B, Aa2 (sf) placed under review for possible downgrade;
  previously, on Nov. 19, 2007, assigned Aa2 (sf)

  Class C, A1 (sf) placed under review for possible downgrade;
  previously, on Nov. 19, 2007, assigned A1 (sf)

  Class D, Baa1 (sf) placed under review for possible downgrade;
  previously, on Nov. 19, 2007, assigned Baa1 (sf)

  Class N, Baa2 (sf) placed under review for possible downgrade;
  previously, on Nov. 19, 2007, assigned Baa2 (sf)

  SBIM 2007-1 Investment Purpose Condominium Loan Senior
  Beneficial Interests

  Class 2 Senior Beneficial Interests, Aa3 (sf) placed under
  review for possible downgrade; previously, on August 10, 2007,
  assigned Aa3 (sf)

Hallmark Trust Series 2008-1

  Class B Senior Beneficial Interests, Baa2 (sf) placed under
  review for possible downgrade; previously, on July 3, 2008,
  assigned Baa2 (sf)

The deals placed under review are backed mainly by investment-
purpose condominium loans.  As their underlying loan pools have
been performing worse than Moody's expected, the review of the
deals is for possible downgrade.

On the other hand, Class N-1 of L-STaRS One Funding Limited is
under review for possible upgrade, reflecting the fact that the
redemption of the tranche makes it more likely that the tranche
will be fully redeemed, despite the worse-than-expected
performance of the underlying loan pool.

Moody's will estimate the future performance of the underlying
loan pools, based on the information received from the servicers
of the deals and the analysis of the data on defaulted loans, and
then determine the ratings level.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating RMBS Transactions in Japan" published
on September 30, 2010, and available on www.moodys.co.jp.


L-JAC 8: S&P Lowers Rating on Class B Certificates to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its rating on the class B trust certificates issued under
the L-JAC 8 Trust Beneficial Interest transaction. The class A
trust certificates issued under the same transaction were fully
redeemed on the trust distribution date in February 2011.
"Meanwhile, we lowered the ratings on classes C to K to 'D (sf)'
on July 26, 2010, and withdrew the rating on the interest-only
(IO) class X trust certificates on April 23, 2010, following the
updates to our criteria for rating IO securities," S&P stated.

The rating action on class B reflects the fact that class B has
incurred an actual loss following the impairment of the principal
on the transaction's remaining loan.

L-JAC 8 Trust Beneficial Interest is a multiborrower commercial
mortgage-backed securities (CMBS) transaction that was originally
secured by two loans extended to two obligors. The loans were
initially backed by one real estate beneficial interest and one
real estate property. The transaction was arranged by Lehman
Brothers Japan Inc., and Premier Asset Management Co. acts as the
servicer for this transaction.

"The rating reflects our opinion on the likelihood of the full
payment of interest and ultimate repayment of principal for the
class B trust certificates by the transaction's legal final
maturity date in January 2013," S&P added.

Rating Lowered

L-JAC 8 Trust Beneficial Interest
JPY18.77 billion trust certificates due January 2013

Class   To       From      Initial issue amount   Coupon type

B       D (sf)   CC (sf)   JPY1.68 bil.           Floating rate


TOKYO ELECTRIC: Government Mulls JPY230 Billion Aid for Tepco
-------------------------------------------------------------
Kyoko Shimodoi and Toru Fujioka at Bloomberg News report that
Japan's government is considering about JPY230 billion in outlays
for aid to Tokyo Electric Power Co. and radiation monitoring in
its planned extra budget, according to a draft outline prepared by
the Finance Ministry.

Bloomberg says Prime Minister Naoto Kan's government has yet to
release details of the JPY2 trillion supplementary budget, which
will need parliamentary approval.  Officials will apply
JPY1.8 trillion in tax revenue left over from the last fiscal year
to help fund the package, according to the document, a copy of
which was obtained by Bloomberg News.

According to Bloomberg, the spending would be aimed at a nuclear
crisis that remains unresolved more than three months after
Japan's record earthquake and ensuing tsunami crippled Tokyo
Electric's Fukushima Dai-Ichi reactor north of Tokyo.  The
utility, which has seen almost $37 billion of its market value
erased, held its annual general meeting Tuesday.

Mr. Kan's Cabinet this month submitted legislation to create a
public entity to help the company, known as Tepco, pay reparations
for the worst nuclear crisis since Chernobyl, Bloomberg says.  The
budget, according to Bloomberg, will set aside JPY120 billion to
help with compensation for damage caused by the Dai-Ichi nuclear
reactor disaster.

                           About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years.  More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2011, Standard & Poor's Ratings Services lowered Tokyo
Electric Power Co. Inc.'s (TEPCO) long-term corporate credit
rating to 'B+' from 'BBB' and its short-term corporate credit
rating to 'B' from 'A- 2'.  At the same time, the long-term debt
rating on TEPCO was lowered to 'BB+' from 'BBB'.  All ratings
remain on CreditWatch with developing implications. "At the same
time, we lowered TEPCO's stand-alone credit profile (SACP) to
'ccc+' from 'bb-', and we lowered the likelihood that it will
receive extraordinary support from the government of Japan (AA-
/Negative/A-1+) to 'high' from 'very high'," S&P said.

"The rating downgrades reflect Standard & Poor's opinion that
uncertainty over the timeliness of any extraordinary government
support for TEPCO under the current political climate has further
exacerbated TEPCO's deteriorating SACP and TEPCO's worsening
financial position increases the likelihood, in our view, that its
lender banks could restructure its borrowings. Under Standard &
Poor's ratings criteria, any waiver of loans or distressed
restructuring, such as a lowering of interest rates on existing
loans, constitutes a form of default and would trigger a lowering
of the corporate credit ratings on TEPCO to 'SD'--Selective
Default," S&P explained.


UDMAC-J1: Fitch Downgrades Rating on Class D Notes to 'CCCsf'
-------------------------------------------------------------
Fitch Ratings has placed UDMAC-J1's class B and C trust
beneficiary interests (TBIs) due June 2013 on Rating Watch
Negative (RWN) and downgraded the class D TBIs. The transaction is
a Japanese multi-borrower type CMBS securitisation. The rating
actions are:

   -- JPY3.5bn* Class B TBIs 'Asf'; placed on RWN;

   -- JPY4.4bn* Class C TBIs 'BBsf' placed on RWN;

   -- JPY4.5bn* Class D TBIs downgraded to 'CCCsf' from 'Bsf';
      assigned a Recovery Rating of 'RR2';

   -- JPY1.5bn* Class E TBIs affirmed at 'CCCsf'; Recovery Rating
      of 'RR6';

   -- JPY1.4bn* Class F TBIs affirmed at 'CCsf'; Recovery Rating
      of 'RR6'; and

   -- JPY0.34bn* Class G TBIs affirmed at 'CCsf'; Recovery Rating
      of 'RR6'.

*as of June 24, 2011

The RWN on the class B and C TBIs reflects an increase in
uncertainty over the timing of full repayment of principal. This
is because the remaining underlying loan has seen its maturity
extended four times to date, from the original scheduled maturity
in end-March 2010 to end-June 2011, while there are now two years
to the legal final maturity. Full-scale collection activity
initiated by the lender has yet to commence; however, Fitch
believes that marketability of the three underlying collateral
properties is high.

Fitch will monitor closely the actions of the borrower and the
lender, namely, the trustee and controlling TBIs holders, and will
review the RWN status by end-December 2011.

The downgrade of the class D TBIs reflects Fitch's downward
revision of the value of all three remaining properties within the
portfolio after taking into account the weak recent cash flow
performance of the remaining properties.

Since the rating action in April 2010, six underlying loans have
been fully recovered after default, resulting in the class A TBIs
being redeemed in full and the partial redemption of the class B
TBIs at the September 2010 payment date.

At closing the transaction was a securitisation of the underlying
loans, which were extended to seven borrowers, and ultimately
secured by 40 commercial real estate properties. The transaction
is now backed by one loan secured by three properties.


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


DAEWOO ELECTRONICS: Creditors Junk Electrolux Demand for Price Cut
------------------------------------------------------------------
Reuters reports that creditors of Daewoo Electronics have rejected
a demand by Sweden's Electrolux to cut the sale price by above 5%
and will consider restarting the sale process, creditor sources
said, a move that puts the deal in jeopardy again.

"Lead creditor (Woori Bank) said in a letter to Electrolux that it
cannot accept the demand . . . and the only alternative is to
start off with a clean slate," a source told Reuters.

Reuters says years of attempts to sell the company, including the
latest $513 million deal with Iran's Entekhab Industrial Group,
have failed.

The source added that recent legal action by Entekhab is a burden
for creditors seeking to move sale talks with Electrolux ahead,
Reuters reports.

A holding company belonging to Entekhab filed for a court
injunction to prevent creditors from cancelling its takeover deal,
Reuters notes.

According to Reuters, the sources said reserve bidder Electrolux,
believed to have offered around KRW600 billion ($555.2 million) in
a race with Entekhab, told the creditors that it was willing to
start sale negotiations.  But it attached several conditions to
the offer, including a price cut and the separation of properties
belonging to Daewoo from the deal.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since
January 2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.


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


AORANGI SECURITIES: Statutory Managers Ask Hubbards Pay Legal Fees
------------------------------------------------------------------
BusinessDay.co.nz reports that the statutory managers of Allan and
Margaret (Jean) Hubbard have asked the Timaru couple to pay for
the costs of their own statutory management, which they're taking
legal action to get removed.

BusinessDay.co.nz says Grant Thornton's Trevor Thornton and
Richard Simpson were appointed a year ago by the government as
statutory managers to the Hubbards, their investment company
Aorangi Securities, Hubbard Management Funds and seven charitable
trusts.

According to the report, the Government has been picking up the
tab for Grant Thornton's substantial fees but the company has also
asked the court for a ruling on whether a portion of its fees --
$891,000 at March -- relating to the statutory management of Allan
and Margaret Hubbard as individuals be paid for out of their
personal assets.

The Hubbards have resisted the move, BusinessDay.co.nz notes.

BusinessDay.co.nz recalls that a court hearing was held in Timaru
late last month on the issue but a judgement is still awaited.

So far the Government has paid about NZ$2 million for the
statutory manager's costs but the Crown is expecting to be
reimbursed from any recoveries the statutory managers make from
Aorangi Securities, BusinessDay.co.nz says.

BusinessDay.co.nz discloses that Aorangi investors are owed
NZ$96 million.  BusinessDay.co.nz relates that the sixth statutory
manager's report said Aorangi's assets were estimated at between
NZ$87 million and NZ$97 million though that includes Hubbard's
pledge of NZ$50 million to NZ$60 million of his own assets which
could take several years to sell.

The couple, according to BusinessDay.co.nz, are also at odds with
the statutory managers over payment of their legal bills.

BusinessDay.co.nz relates that Hubbard's counsel, law firm Russell
McVeagh, is seeking certainty of payment before gearing up for
Allan Hubbard's defence on 50 fraud charges laid by the Serious
Fraud Office.

Further court action is thought likely if the issue isn't resolved
before the charges come before the Timaru District Court early
next month, BusinessDay.co.nz notes.

BusinessDay.co.nz recounts that Grant Thornton approved Russell
McVeagh representing the couple but then sought a ruling in
March on whether it had the power to pay the legal fees and
suggested the Hubbards apply for legal aid instead.
BusinessDay.co.nz says the law firm has so far received only
partial payment -- NZ$1 million of its NZ$2.5 million or so bill.

According to BusinessDay.co.nz, the court ruled that the statutory
managers were obliged to pay the fees "in whole, or in part'" from
the Hubbard's assets but appointed an independent lawyer to
supervise the fees.

That senior QC will need to decide on both an initial billing of
NZ$2 million as at March plus ongoing fees which are now likely to
escalate with the pending trial on the fraud charges and a
judicial review expected to be heard in early October aimed at
releasing the Hubbards from statutory management,
BusinessDay.co.nz adds.

                       About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated persons"
of those entities.  The seven charitable trusts included in the
statutory management are Te Tua, Otipua, Oxford, Regent, Morgan,
Benmore and Wai-iti.  Trevor Thornton and Richard Simpson of Grant
Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20, 2010.

The Troubled Company Reporter-Asia Pacific reported on May 12,
2011, that the Hubbards filed judicial review proceedings at the
Timaru High Court challenging the decision to place them into
statutory management and seeking orders that they be removed from
statutory management.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.


MANAWATU GREYHOUND: Faces Liquidation Over Unpaid Loans
-------------------------------------------------------
Manawatu Standard reports that the embattled Manawatu Greyhound
Racing Club is facing liquidation after it was ordered to repay a
loan to the sport's national body, which is hoping to get a new
club to manage races in Palmerston North.

In December 2008, Manawatu Standard recalls, the Manawatu club
signed an agreement with the national body to repay NZ$660,000
spent on building an all-weather track the year before.

The loan was to be repaid over 10 years, at an interest rate of 5%
a year, according to the report.  But after making the first
interest payment in 2009, money from the Manawatu club dried up.

Manawatu Standard relates that the national body issued a
statutory demand in January this year for NZ$766,947, which the
Manawatu club tried to overturn in the courts.

But Associate Judge David Gendall ruled in the national body's
favour after a hearing in the High Court at Palmerston North,
Manawatu Standard notes.

According to the report, Manawatu club secretary and president
Ashoka Pandey said the national body had reneged on the loan
agreement by giving money direct to the contractors, an argument
Associate Judge Gendall thought was "too cute."

"There seems no doubt to my mind from all the material before the
court that these payments represented a loan and at worst, the
defendant had an obligation to repay this loan within a reasonable
time after the demand was made," Manawatu Standard quotes
Mr. Pandey as saying.

Manawatu Standard adds that Greyhound Racing New Zealand general
manager Jim Leach confirmed that the organisation would seek to
wind up the Manawatu club if it could not pay the loan.

He also said the national body was considering taking disciplinary
action against Mr. Pandey.

The Manawatu club has until the end of the week to lodge an
appeal, but Mr. Pandey refused to say whether it would do so,
according to Manawatu Standard.

In April 2010 the Manawatu club was removed as an affiliate of the
national body, which took over dog races in Palmerston North.


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


NAPOCOR: Fitch Upgrades Rating on 2005 and 2006 Notes to 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded Philippines-based National Power
Corporation's (Napocor) 2005 and 2006 notes:

National Power Corporation 2005:

   -- USD300m floating rate notes due August 2011 upgraded to
      'BB+' from 'BB'; Outlook Stable;

National Power Corporation 2006:

   -- USD500m fixed rate notes due November 2016 upgraded to 'BB+'
      from 'BB'; Outlook Stable.

The rating actions follow the recent upgrade of the sovereign's
Long-Term Foreign Currency Issuer Default Rating to 'BB+' from
'BB', with a Stable Outlook. The ratings on the notes are credit-
linked to the sovereign's as both the notes are irrecoverably and
unconditionally guaranteed by the Republic of the Philippines.


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


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

The company commenced wind-up proceedings on June 20, 2011.

The company's liquidator is:

          Steven Tan Chee Chuan
          25 International Business Park
          #04-22/26 German Centre
          Singapore 609916


AKEBONO-OKAYA (S): Members' Final Meeting Set for July 25
----------------------------------------------------------
Members of Akebono-Okaya (S) Pte Ltd will hold their final meeting
on July 25, 2011, at 10:00 a.m., at 25 International Business Park
#04-22/26 German Centre, in Singapore 609916.

At the meeting, Steven Tan Chee Chuan and Douglas Tan Kay Yeow,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


DEKA SINGAPORE: Creditors' Proofs of Debt Due July 20
-----------------------------------------------------
Creditors of Deka Singapore B Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 20, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


DELIGHT DEVELOPMENT: Creditors' Proofs of Debt Due July 25
----------------------------------------------------------
Creditors of Delight Development Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 25, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Sim Guan Seng
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


ELTICI CORPORATE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on April 29, 2011, to
wind up Eltici Corporate Services Pte Ltd's operations.

Chan Seok Ying filed the petition against the company.

The company's liquidator is:

         Yiong Kok Kong
         c/o 1 Raffles Place
         #20-02 One Raffles Place


HAINAN ZHENLIN: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on May 6, 2011, to
wind up Hainan Zhenlin Industry Company Pte Ltd's operations.

Infinity Corporate Services Pte Ltd filed the petition against the
company.

The company's liquidator is:

         Tan Suah Pin
         c/o 133 New Bridge Road
         #25-03/08 Chinatown Point
         Singapore 059413


LZ BUILDERS: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on June 15, 2011, to
wind up LZ Builders Pte Ltd's operations.

Foo Ah Fook @ Ah Fook , formerly a sole-proprietor trading as
Lip Chin Engineering, filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


MATRIC HOLDINGS: Creditors' Proofs of Debt Due July 25
------------------------------------------------------
Creditors of Matric Holdings Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 25, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Sim Guan Seng
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


MING-FENG (SINGAPORE): Creditors' Proofs of Debt Due July 25
------------------------------------------------------------
Creditors of Ming-Feng (Singapore) Holdings Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 25, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Wee Hui Pheng
          1 Coleman Street
          #06-10, The Adelphi
          Singapore 179803


RED VELVET: Court to Hear Wind-Up Petition on July 15
-----------------------------------------------------
A petition to wind up the operations of Red Velvet Pte Ltd will be
heard before the High Court of Singapore on July 15, 2011, at
10:00 a.m.

Jack Investment Pte Ltd filed the petition against the company on
June 17, 2011.

The Petitioner's solicitors are:

          Bee See & Tay
          10 Anson Road #24-11
          International Plaza
          Singapore 079903


* Hilco Trading Establishes Hilcobid Office in Singapore
--------------------------------------------------------
Hilco Trading, LLC, announced on June 27, 2011, the opening of an
office in Singapore, its first to serve the Asia-Pacific and
greater China region.  Principal operations will center on
HilcoBid, the online auction and asset redeployment platform
launched by Hilco in North America earlier in 2011.  Hilco
Appraisal Services will also establish Asia-Pacific and greater
China operations in the new office.

Services will be provided under the guidance and direction of
Vincent Wee, a 30+ year industry veteran.  Mr. Wee was Managing
Director of EquipNet Asia Pacific and, prior thereto, president of
DoveBid Asia Pacific, the regional predecessor of GoIndustry
DoveBid.

Commenting on the new office, Mr. Wee said, "Hilco's entry into
Singapore is a game changer for companies with manufacturing
operations in the broader Asia-Pacific and greater China region.
To now have Hilco's experience and expertise, along with the new
HilcoBid platform, available in the region will benefit customers
greatly. I am proud to be part of the Hilco organization and look
forward to a long and productive relationship."

HilcoBid, a joint venture between Hilco Trading and Superbid
Brazil, is a 24/7/365 online redeployment and auction platform
created to help manufacturing companies manage and sell their
surplus capital assets, including machinery, equipment, real
estate, vehicle fleets, fixtures, raw materials and finished goods
inventory. HilcoBid was built on Superbid technology, which has
established itself as the first-choice for Global 2000 corporate
asset managers in Brazil, Argentina, Chile and other South
American countries. Annually, Superbid conducts in excess of 1,000
auctions. HilcoBid will deliver services to corporations in high-
technology, pharmaceuticals, automotive, food processing and other
capital equipment intensive manufacturing sectors.

Regularly, throughout business cycles, manufacturing facilities
within multi-location companies around the world replace
machinery, equipment, vehicles, aircraft and other capital assets
with new or redefined technology. Prior to selling said assets to
third parties, most companies first make them available to other
facilities within their enterprise through a redeployment program.
Assets are typically posted on an intranet or extranet site and if
claimed by a facility, an intra-company transfer occurs. Only
after assets go unclaimed does the company offer them for sale in
the open market. Assets can range in value from a few hundred
dollars to millions of dollars and can include anything from a
basic conveyor system to complete production lines to corporate
aircraft and real estate. As a fully-integrated asset redeployment
and online auction platform, HilcoBid enables a company to quickly
and seamlessly manage its entire redeployment and disposition
program.

Jeffrey B. Hecktman, Chairman and CEO of Hilco Trading, said of
the new Singapore office, "The opening of our first office on the
western side of the Pacific comes soon after the start-up of
operations in Brazil to serve South America. I am very
enthusiastic about the progress being made to advance our
strategic goal of becoming the premier global provider of asset
disposition and valuation services."

Rodrigo Santoro, CEO of Superbid Brazil, said, "Our world-class
technology is now positioned to address the under-served needs of
multi-national corporations with operations in the Asia-Pacific
and greater China region. HilcoBid will provide a fully-
integrated, one-stop-shop for best-in-class industrial asset
management and disposition services."

Joining HilcoBid in the new Singapore office is Hilco Appraisal
Services. The company will provide tangible and intangible asset
appraisals, enterprise valuations and valuations for accounting,
reporting, compliance and tax requirements. A Singapore-based
valuation team is being assembled and will be backed by more than
150 appraisers and analysts in Hilco Appraisal's U.S. and U.K.
offices. Annually, Hilco delivers more than 2,500 appraisals
worldwide covering all asset categories.

Thomas A. Greco, CEO Hilco Appraisal Services, called the new
office, "a milestone in the growth and evolution of our appraisal
platform." He added, "The Asia-Pacific and greater China region
has long needed a large, sophisticated valuation services provider
with a strong international pedigree and quality practitioners
having the ability to value assets in all categories. I am
confident the marketplace will come to rely upon us as a trusted
advisor."

Contact information for the new Singapore office:

     HilcoBid Asia Pacific Pte. Ltd.
     38B Mosque St.
     Singapore 059516
     Tel.: +65 62205080
     Fax : +65 62250015


================
S R I  L A N K A
================


SINHAPUTHRA FINANCE: Fitch Affirms National LT Rating at 'B(lka)'
-----------------------------------------------------------------
Fitch Ratings Lanka has affirmed Sinhaputhra Finance PLC's
National Long-Term rating at 'B(lka)'.  The Outlook is Negative.

The affirmation reflects the latest improvement in SFL's credit
risk management practices and the subsequent stabilisation in its
asset quality, although the latter still remains weaker than its
peers' average. The rating may face downward pressure if SFL fails
to prevent its asset quality and net non-performing loans
(NPL)/equity from weakening under the regulatory six-month
classification. The high proportion of NPLs will also constrain
the company's overall net interest margins (NIM) and reduce its
internal capital generation. In addition, any deterioration in
corporate governance performance at SFL would also lead to a
negative rating action.

Fitch notes that SFL's clientele are largely limited to the Kandy
district (Central province) and its surrounding areas, and consist
of the small and medium enterprise sector. Vehicle finance via
leases and hire purchase agreements accounted for half of SFL's
loan portfolio at end-March 2011 (FYE11), with the remainder
consisting primarily of loans (majority backed by property
mortgages) which has been the case over the last five years.
Incremental portfolio loan growth was 11% in FYE11 following a
contraction of 4% in FYE10.

Operationally, SFL's operating costs/average assets (historical
five-year average was 3.5% at FYE11) has been low relative to its
sector. This is partly due to better utilization of collection
centres within its network. Statutory liquidity ratios were
comfortable, while interest rate risks were managed by better
matching of interest bearing assets and liabilities.

The company's NIM continued to be well below the sector average at
FYE11, largely because a large proportion of the lending portfolio
was non-performing. SFL's NPLs over three months as a percentage
of loans spiked to 32% at FYE10 from 22% at FYE09. In early
January 2011, its restructured recovery and credit procedures
began to take effect with its three-month NPLs/loans declining to
27% at FYE11 (end-May 2011: 24%). SFL's advances in arrears over
six months (regulatory NPLs) followed a similar trend.

Established in 1978, SFL is a registered finance company. It was
listed on the Colombo Stock Exchange on June 2, 2010. However, its
current managing director, Ravana Wijeyeratne, continues to
maintain control, holding 52% of SFL's equity.


===========
T A I W A N
===========


BANKTAIWAN SECURITIES: Fitch Ratings Affirms Individual 'D' Rating
------------------------------------------------------------------
Fitch Ratings has affirmed BankTaiwan Securities' National Long-
term rating at 'AA+(twn)' with Stable Outlook and its National
Short-Term rating at 'F1+(twn)'. At the same time, Fitch has
affirmed BTS's Individual Rating at 'D' and Support Rating at '1'
and simultaneously withdrawn them.  The Support Rating and
Individual Rating have been withdrawn as these ratings are no
longer considered by Fitch to be relevant to its coverage.

Although BTS's ratings are driven by the obligatory support of its
parent company, Taiwan Financial Holdings (TFH), the strength of
such support is derived indirectly from the government's support
for TFH. The government's full ownership in TFH which includes
Taiwan's largest and systemically most important bank, Bank of
Taiwan (BOT; 'AAA(twn)'/Stable) suggests support from the
government for the group is extremely likely in case of need.

The likelihood of a downgrade to BTS's ratings is limited unless
there is a decline in the government's ability and/or propensity
to provide support as a result of privatisation of TFH, for
example.

Since BTS became a 100% subsidiary of TFH in January 2008, it has
focused on strengthening its local presence by growing its stock
brokerage market share. BTS is also seeking to improve its
underwriting activities by exploiting the large corporate client
base of BOT. Fitch believes this strategy will enhance BTS's
earning quality.

BTS reported a return on equity of 6% and 3.7% in Q111 and 2010
respectively. Cash brokerage commissions and interest income from
margin lending continue to generate the bulk of BTS's revenue. Its
earning outlook for 2011 is stable, supported by its cautious
trading strategy while its expanding brokerage business should
bring in a steady stream of income and support bottom-line
profitability. BTS has moderate risk appetite and prudently
manages its credit and market risk exposures. It has a reasonably
sound liquidity profile and robust capitalization, with a reported
capital adequacy ratio of 632% at end-Q111, substantially above
the statutory requirement of 150%.

BTS had a small brokerage market share of 1.12% in Q111.


                             *********

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

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

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


                            *********


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

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

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

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

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





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