TCRAP_Public/110704.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

             Monday, July 4, 2011, Vol. 14, No. 130

                            Headlines


A U S T R A L I A

BIANCO CONSTRUCTION: In Receivership; 300 Aussie Jobs at Risk
SCRIBO GROUP: Set to Close Business; 50 Workers to Lose Jobs
WESTPOINT GROUP: ASIC Brings Criminal Charges Against Founder


C H I N A

SINO-FOREST CORP: S&P Lowers CCR to 'B+', On Watch Negative


H O N G  K O N G

ARDEN ADVERTISING: Court Enters Wind-Up Order
ASIA TELEMEDIA: Scheme Creditors Meeting Slated for July 21
AURORA ASSOCIATES: Court Enters Wind-Up Order
BIG WEALTH: Court Enters Wind-Up Order
BUSINESS & INDUSTRIAL: Court Enters Wind-Up Order

CREATIVE EYEWEAR: John Howard Batchelor Appointed as Liquidator
DNM CONNECTIONS: Court Enters Wind-Up Order
ELEGANT WEALTH: Court Enters Wind-Up Order
ES HOLDING: Court Enters Wind-Up Order
FORITE INDUSTRIES: Court Enters Wind-Up Order

GLOBAL MEDIA: Court Enters Wind-Up Order
GRANDE HOLDINGS: Sutton and Fok Appointed as Liquidators
GREYCELLS MANAGEMENT: Court Enters Wind-Up Order
INTELLIGENCE PROVIDER: Court Enters Wind-Up Order
JANIFAST LIMITED: Court Enters Wind-Up Order

JINRO (H.K.): Creditors' Proofs of Debt Due July 11
KARSEL DEVELOPMENT: Court Enters Wind-Up Order
K.Y. CATERING: Court Enters Wind-Up Order
LEHMAN BROTHERS ASIA: Creditors Get 100% Recovery on Claims
LET-WIN PLASTIC: Sutton and Fok Appointed as Liquidators


I N D I A

ALLIANCE FILAMENTS: CRISIL Assigns 'B-' Rating to INR300MM Loan
ALPINE DISTILLERIES: CRISIL Assigns 'BB-' Rating to INR85MM Loan
ANDHRA FERRO: CRISIL Raises Rating on INR150MM Term Loan to 'BB+'
AROMA REALTIES: CRISIL Assigns 'B' Rating to INR200MM Cash Credit
DAKE HOSPITAL: CRISIL Assigns 'B' Rating to INR112.2MM LT Loan

DYNA-K AUTOMOTIVE: CRISIL Reaffirms 'BB+' Rating on INR45MM Loan
KAFILA HOSPITALITY: CRISIL Rates INR139-Mil. Cash Credit at 'B+'
KURINJI SPINNING: CRISIL Reaffirms 'B' Rating on INR142MM LT Loan
MANAV NESVI: CRISIL Upgrades Rating on INR1.15BB Loan to 'BB-'
MODERN PREFAB: CRISIL Reaffirms 'BB-' Rating to INR43.2MM Loan

ORBIT AVIATION: CRISIL Rates INR280 Million Term Loan at 'BB'
PAN INTERNATIONAL: CRISIL Assigns 'P4+' Rating to INR8MM Credit
PRL PROJECTS: CRISIL Assigns 'D' Rating to INR31 Million Term Loan
PUSHPAK MARKTRADE: CRISIL Reaffirms 'B+' Rating on INR57.5M Credit
SHRAVAN ENGINEERING: CRISIL Rates INR5 Million Term Loan at 'BB-'

SIENA ENGINEERING: CRISIL Assigns 'BB+' Rating to INR42MM Credit
SPRINT EXPORTS: CRISIL Assigns 'BB-' Rating to INR65MM Term Loan
VICTRANS ENGINEERS: CRISIL Puts 'D' Rating on INR30MM Cash Credit


I N D O N E S I A

MEDCO ENERGI: S&P Affirms 'B' Corporate Credit Rating


J A P A N

TOKYO ELECTRIC: Cuts Borrowing Costs to Less Than 1%


N E W  Z E A L A N D

AORANGI SECURITIES: Investors Unsure Over Asset Sale Payout
EQUITY PARTNERS: Pyne Gould Proposes to Buy Epic's NZ%14MM Loan
PIKE RIVER: Receivers May Sell Mine Without Recovery Plan in Place
SOHO SQUARE: Receivers Sells Site to Progressive Enterprises
SOUTHERN TRAVEL: Expects to Post NZ$600,000 Net Loss This Year


                            - - - - -


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


BIANCO CONSTRUCTION: In Receivership; 300 Aussie Jobs at Risk
-------------------------------------------------------------
Ferrier Hodgson partners Bruce Carter and David Kidman have been
appointed Receivers and Managers over the well-known South
Australian businesses Bianco Construction Supplies and Bianco
Structural Steel which contract or employ over 300 people.

The appointment also extends to the entity that owns the new
purpose-built facilities at Gepps Cross, home to the BSS
headquarters, Ferrier Hodgson related in a statement.

The appointment of Receivers to these entities which have
external liabilities of approximately AU$60 million, followed
the director's appointment of Voluntary Administrators earlier
on June 30, 2011.

The companies in receivership are:

     -- Bianco Steel Supplies Pty Ltd;
     -- Bianco Properties Pty Ltd;
     -- Bianco Construction Supplies Pty Ltd;
     -- Bianco Trade Wholesalers Pty Ltd; and
     -- BBH Merchants Pty Ltd.

Mr. Kidman stressed that the other Bianco Group businesses, which
include Bianco Hire, Bianco Reinforcing and Bianco Precast
businesses, are not affected by the appointment and will continue
to operate independently.

"Our first step will be to conduct an urgent assessment of the
businesses," Mr. Kidman said.  "As much as possible, we want it to
be business as usual while we identify likely buyers for the
businesses and prime property, which we will be putting on the
market."

Mr. Kidman said that while it was too early to have a definite
understanding of the causes of the collapse, the business and
property were highly geared, with BSS incurring losses of at least
$16 million since moving to the new premises in 2007.  The
property value has also deteriorated in the aftermath of the
Global Financial Crisis.

"This is a fantastic new facility that appears to have been under-
utilized," Mr. Kidman said. "The business expanded into the
commercial and industrial construction market on lower margins
while facing significantly higher rent. It represents a tremendous
business opportunity for the right buyer."

Mr. Kidman said the 35-year-old construction supplies business had
annual turnover of about AU$60 million and had been profitable in
the past but was dragged down by the BSS-related debts.  He said
he expects strong interest in the business.

                          About Bianco Group

Based in Australian The Bianco Group -- http://www.bianco.com.au/
-- is one of the largest suppliers to the building, construction,
civil, government and mining industries


SCRIBO GROUP: Set to Close Business; 50 Workers to Lose Jobs
------------------------------------------------------------
Madeleine Heffernan at SmartCompany reports that independent book
distributor The Scribo Group is set to close, costing about 50
employees their jobs.

According to SmartCompany, Craig Davison, head of Gordon and Gotch
Australia, said the closure comes after an "exhaustive strategic
review of the Scribo business over the last six months" in which a
sale, downsizing or a closure were considered.

SmartCompany quotes Mr. Davison as saying that, "a number of
factors have contributed to the erosion of the traditional route
to market through physical distribution and we expect this to
continue to accelerate in the short to medium term."

These factors, according to SmartCompany, are: an increase in
offshore online sales, the closure of REDgroup, and increased
competition from international wholesalers on the back of the
strong Australian dollar.

"These significant changes to market conditions have impacted the
performance of The Scribo Group to the extent that the decision
has been made to close to business," Mr. Davison said.

"All publishers and retailers have been advised of this decision
and trading with both sectors will be finalized over coming
months."

                        About Scribo Group

The Scribo Group Pty Ltd -- http://www.scribo.com.au/--.engages
in the distribution of books in Australia.  It offers books on
art, design, lifestyle, children's titles, architecture,
photography, and literary fiction.  The company also provides
books on non-fiction in the areas of personal finance, motivation,
parenting, gardening, and crafts, as well as distributes music and
DVD publications.  It serves publishers from Australia, New
Zealand, the United States, the United Kingdom, Canada, Ireland,
Hong Kong, Singapore, Japan, India, Germany, Italy, Spain,
Holland, and France.  The company was founded in 2008 and is based
in Kilsyth South, Australia with additional offices in Sydney,
Melbourne, and Adelaide, Australia.


WESTPOINT GROUP: ASIC Brings Criminal Charges Against Founder
-------------------------------------------------------------
The Australian Securities and Investments Commission said that
Westpoint Group founder Norman Carey and chief financial
controller Graeme Rundle have been charged in the Magistrates
Court in Perth on two criminal charges each, brought by ASIC.

ASIC alleges Messrs. Carey and Rundle contravened sections
184(2)(a) and 601FD of the Corporations Act.

Specifically, ASIC alleges:

In January 2006, Messrs. Carey and Rundle breached their duties as
officers of Westpoint Management Limited and Westpoint Corporation
Pty Ltd.

These breaches occurred when they executed deeds extending the
time for Westpoint Corporation Pty Ltd to exercise an option to
purchase the Warnbro Fair Shopping Centre and adjoining land
(WFSC).  The breaches also involved transfer of the option to
purchase WFSC to Bowesco Pty Ltd; a Carey family trustee company.

If convicted, each alleged offence carries a maximum penalty of
five years' jail.

At the time of the alleged offences, Messrs. Carey and Rundle were
officers of Westpoint Management Limited, the responsible entity
for the managed investment scheme, Warnbro Fair Syndicate, which
owned the WFSC. They were also officers of Westpoint Corporation
Pty Ltd.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

The matter returns to court on July 15, 2011.

Background

Messrs. Carey and Rundle were charged in April 2011. However,
Court orders suppressed publication of the charges while
Mr. Rundle faced trial in Sydney for separate offences.

On June 24, 2011, a jury found Mr. Rundle guilty on two charges of
making false or misleading statements to a financial institution
in support of a AU$71 million credit facility application to fund
a Westpoint building of the Scots Church project in York Street,
Sydney.

Mr. Rundle will be sentenced in respect of the Scots Church
project in the District Court of NSW on Aug. 12, 2011.

                       About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property development
and owns or manages retail and commercial properties with a total
value of over AU$300 million.  The Group's troubles began in 2005
when the Australian Securities and Investments Commission
commenced investigations on 160 companies within the Westpoint
Group.  The ASIC's investigation led to ASIC initiating action in
late 2005 in the Federal Court of Australia against a number of
mezzanine companies in the Westpoint Group, including winding up
proceedings.  The ASIC contends that Westpoint projects are
suffering from significant shortfall of assets over liabilities so
that hundreds of investors are at serious risk of not receiving
repayment of their investments.  The ASIC also sought wind-up
orders after the Westpoint companies failed to comply with its
requirement to lodge accounts for certain financial years.  These
wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had applied
to wind up the company on grounds of insolvency.  The ASIC
believes that Westpoint Corporation is responsible for arranging,
managing and coordinating Westpoint Group's property projects as
well as holding money for other group companies.  The ASIC was
concerned that Westpoint Corporation was unable to pay its debts,
including its obligations under the guarantees given to the
mezzanine companies to make good expected shortfalls in the
repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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C H I N A
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SINO-FOREST CORP: S&P Lowers CCR to 'B+', On Watch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services downgrades long-term corporate
credit rating on Sino-Forest Corp. to 'B+' from 'BB'.  "At the
same time, we lowered the issue ratings on the company's
outstanding senior unsecured notes and convertible bonds to 'B+'
from 'BB'.  We also lowered the Greater China scale credit ratings
on Sino-Forest and its notes to 'cnBB' from 'cnBBB-'. We then
placed all of the ratings on CreditWatch with negative
implications," S&P said.

"We downgraded Sino-Forest to reflect our view that the company's
business faces significant challenges due to its inability to
collect cash from its China-based timber assets held by offshore
subsidiaries, and its sharply reduced access to capital markets
following allegations of fraud by Muddy Waters, a research
company," said Standard & Poor's credit analyst Frank Lu. "Sino-
Forest has relied on offshore external funding to grow and
refinance its borrowings."

"While the validity of the allegations is still unclear to us, the
ensuing scrutiny has highlighted management's weak disclosures,
particularly regarding its lack of access to operational cash and
revenue recognition. The company has also been slow in changing
its business model in China," Mr. Lu said.

"We believe even if Sino-Forest is cleared of the alleged
irregularities, investors' and lenders' confidence in the
company's management and its business model will be tarnished. As
a result, it will likely to continue to have limited access to
capital markets," S&P related.

"The downgrades also reflect our expectation that management will
be preoccupied with defending itself against fraud allegations and
our belief that it could take several years before the company
will be able to realize any major benefits from changing the way
it does business in China," S&P said.

"We placed the ratings on CreditWatch to reflect the possibility
of a further downgrade following a review of the company by
auditors PriceWaterhouseCoopers and the pace at which the company
spends its existing cash balance and addresses its business model
problems," S&P noted.

"At this stage, we believe there are uncertainties about the
feasibility, costs, and timetable associated with selling or
settling the large amount of timber assets in China that Sino-
Forest's offshore subsidiaries hold. Sino-Forest has access to
cash from the sales of its onshore subsidiaries, which the company
says hold about 43% of its total plantation areas under
management. However, we expect these sales are less likely to grow
substantially in the next two years because the timber may on
average not mature enough for harvesting within the next one to
two years," S&P stated.

The rating on Sino-Forest also reflects the execution risk
associated with the company's aggressive expansion and its
concentrated client base. Factors tempering these risks include
strong demand and the sustained shortage of domestic wood fiber
and timber supplies in China, and the company's geographically
diverse plantation resources.

"We expect the company's liquidity to be adequate for the
remainder of 2011. However, its liquidity position could be
substantially weakened if the company maintains higher capital
expenditure or incurs a higher level of payables than we expected,
or its contingent tax liabilities becomes due and payable," S&P
stated.

"In 2012, the company has no principal payments due on its foreign
currency denominated senior unsecured notes or convertible bonds.
We estimate interest expenses will be about $125 million for 2012.
In 2013, Sino-Forest will have $345 million convertible bonds due.
If the company cannot transform its business model to generate
sufficient accessible operating cash over the next two years, it
may not be able to repay or refinance the debt due in 2013, in
our view," S&P related.

"We aim to resolve the CreditWatch when the company's special
independent committee completes its investigations or if we
believe the company's liquidity will be weaker than our
expectation," Mr. Lu said. To resolve the CreditWatch, Standard &
Poor's will also review the company's liquidity, strategy and
financial forecasts in light of its limited access to capital
markets.

"According to our understanding of the independent committee's
intentions, the investigation will take two to three months to
complete and there will be limited information from the
independent committee during the investigation period. We are
likely to lower the rating on Sino-Forest by multiple notches
if any of the fraud allegations prove to be true or the company's
liquidity deteriorates sharply," S&P said.


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


ARDEN ADVERTISING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Jan. 26, 2011, to
wind up the operations of Arden Advertising and Decoration
Limited.

The company's liquidators are Tso Hei Sing and Lai Chi Kwong.


ASIA TELEMEDIA: Scheme Creditors Meeting Slated for July 21
-----------------------------------------------------------
Scheme creditors of Asia Telemedia Limited will hold a Scheme
Creditors' meeting on July 21, 2011, at 10:00 a.m., at the
Auditorium, Duke of Windsor Social Service Building, 15 Hennessy
Road, Wanchai, in Hong Kong.

The liquidators may be reached at:

         Edward Simon Middleton
         Patrick Cowley
         KMPG
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


AURORA ASSOCIATES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on June 15, 2011, to
wind up the operations of Aurora Associates Company Limited.

The official receiver is E T O'Connell.


BIG WEALTH: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on March 19, 2010, to
wind up the operations of Big Wealth Development Limited.

The company's liquidators are Tso Hei Sing and Lai Chi Kwong.


BUSINESS & INDUSTRIAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on Aug. 27, 2010, to
wind up the operations of Business & Industrial Trade Fairs
Limited.

The company's liquidators are Tso Hei Sing and Lai Chi Kwong.


CREATIVE EYEWEAR: John Howard Batchelor Appointed as Liquidator
---------------------------------------------------------------
John Howard Batchelor of FTI Consulting (Hong Kong) Limited on
June 10, 2011, was appointed as liquidator of Creative Eyewear
Ltd.

Roderick John Sutton and Desmond Chung Seng Chiong resigned as
joint and several liquidators of the company on June 10, 2011.


DNM CONNECTIONS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Aug. 27, 2010, to
wind up the operations of DNM Connections Company Limited.

The company's liquidators are Tso Hei Sing and Lai Chi Kwong.


ELEGANT WEALTH: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Jan. 28, 2010, to
wind up the operations of Elegant Wealth Industrial Limited.

The company's liquidators are Tso Hei Sing and Lai Chi Kwong.


ES HOLDING: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 14, 2010, to
wind up the operations of ES Holding Limited.

The company's liquidators are Tso Hei Sing and Lai Chi Kwong.


FORITE INDUSTRIES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on June 15, 2011, to
wind up the operations of Forite Industries Limited.

The official receiver is E T O'Connell.


GLOBAL MEDIA: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Jan. 27, 2010, to
wind up the operations of Global Media Entertainment (HK) Co.
Limited.

The company's liquidators are Tso Hei Sing and Lai Chi Kwong.


GRANDE HOLDINGS: Sutton and Fok Appointed as Liquidators
--------------------------------------------------------
Roderick John Sutton and Fok Hei Yu on May 31, 2011, were
appointed as liquidators of The Grande Holdings Limited.

The liquidators may be reached at:

         Roderick John Sutton
         Fok Hei Yu
         14th Floor
         The Hong Kong Club Building 3A
         Chater Road
         Central, Hong Kong


GREYCELLS MANAGEMENT: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Aug. 27, 2010, to
wind up the operations of Greycells Management Limited.

The company's liquidators are Tso Hei Sing and Lai Chi Kwong.


INTELLIGENCE PROVIDER: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on July 20, 2010, to
wind up the operations of Intelligence Provider Corporation
Limited.

The company's liquidators are Tso Hei Sing and Lai Chi Kwong.


JANIFAST LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Sept. 6, 2010, to
wind up the operations of Janifast Limited.

The company's liquidators are Tso Hei Sing and Lai Chi Kwong.


JINRO (H.K.): Creditors' Proofs of Debt Due July 11
---------------------------------------------------
Creditors of Jinro (H.K.) International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 11, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Neill Paul Poole
         David Giles Maund
         Alvarez & Marsal Asia Limited
         Rooms 1101-3, 11th Floor
         MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


KARSEL DEVELOPMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Aug. 13, 2010, to
wind up the operations of Karsel Development Limited.

The company's liquidators are Tso Hei Sing and Lai Chi Kwong.


K.Y. CATERING: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Aug. 30, 2010, to
wind up the operations of K.Y. Catering (Holdings) Limited.

The company's liquidators are Tso Hei Sing and Lai Chi Kwong.


LEHMAN BROTHERS ASIA: Creditors Get 100% Recovery on Claims
----------------------------------------------------------
Lehman Brothers Asia Holdings Limited, which is in liquidation,
will declare the first and final preferential and first and
interim ordinary dividend to its creditors today, July 4, 2011.

The company will pay 100% for preferential and 5% for ordinary
claims.

The company's liquidators are:

         Paul Brough
         Edward Middleton
         Patrick Cowley
         27th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


LET-WIN PLASTIC: Sutton and Fok Appointed as Liquidators
--------------------------------------------------------
Roderick John Sutton and Fok Hei Yu on May 5, 2011, were appointed
as liquidators of Let-Win Plastic Products Factory Limited.

The liquidators may be reached at:

         Roderick John Sutton
         Fok Hei Yu
         14th Floor
         The Hong Kong Club Building 3A
         Chater Road
         Central, Hong Kong


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I N D I A
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ALLIANCE FILAMENTS: CRISIL Assigns 'B-' Rating to INR300MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the bank facilities
of Alliance Filaments Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR150 Million Cash Credit Facility    B-/Stable (Assigned)
   INR300 Million Term Loan Facility      B-/Stable (Assigned)
   INR8 Million Proposed Long-Term Bank   B-/Stable (Assigned)
             Loan Facility

The rating reflects AFIL's small scale of operations in the
intensely competitive yarn industry, exposure risks related to
volatility in raw material prices, and expected below-average
financial risk profile in the near future, marked by a high
gearing and lower debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of AFIL'
promoters in the yarn industry.

Outlook: Stable

CRISIL believes that AFIL will increase its scale of operations on
the back of its promoters' experience in the yarn industry, over
the medium term. However, the company's financial risk profile is
expected to remain weak during this period, marked with a high
gearing and weak debt protection metrics, because of lower
accruals during the project stabilization phase. CRISIL also
believes that funding support from the promoters will enable AFIL
to service its debt in a timely manner. The outlook may be revised
to 'Positive' if the company stabilizes its operations earlier
than expected, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative', if
AFIL undertakes a larger-than-expected, debt-funded expansion plan
or its working capital management deteriorates, thereby
deteriorating its financial profile significantly.

                     About Alliance Filaments

Incorporated in 2009, AFIL is a 50:50 joint venture between the
Khodiyar group and the Ramdev group. The promoter groups, based at
Surat (Gujarat), have been operating in the yarn industry for more
than a decade. AFIL has set up a manufacturing facility of various
yarn products, mainly fully drawn yarn and partially oriented yarn
with an investment of INR550 million. The project has been funded
through debt of INR300 million and through equity in debt to
equity ratio of 0.55:1 for the rest. AFIL's manufacturing facility
at Surat has capacity of about 15,000 tonnes per annum; production
at the facility commenced in May 2011.


ALPINE DISTILLERIES: CRISIL Assigns 'BB-' Rating to INR85MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Alpine Distilleries Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR85 Million Term Loan          BB-/Stable (Assigned)
   INR1.5 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect ADPL's exposure to implementation- and demand-
related risks associated with its ongoing liquor bottling project
and to regulatory risks in the liquor industry. These rating
weaknesses are partially offset by ADPL's promoters' experience in
the liquor industry.

Outlook: Stable

CRISIL believes ADPL's will derive benefit from its promoters'
industry experience over the medium term. The outlook may be
revised to 'Positive' if ADPL generates more-than-expected
revenues and profits after stabilization of operations at its
bottling facility, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if ADPL's
cash accruals are lower than expectations, most likely because of
lower than expected capacity utilization, or if there is delay in
commencement of commercial operations from company's current
project, or if the company undertakes larger-than-expected debt-
funded capital expenditure (capex) programme, leading to
deterioration in its financial risk profile.

                     About Alpine Distilleries

ADPL is promoted by Mr. Debasis Mukherjee, his son Mr. Debraj
Mukherjee and Mr. Balbir Singh Malhotra. The company is currently
setting up a bottling unit for Indian-made foreign liquor, with
capacity of 0.1 million cases per month, in Hooghly (West Bengal).
The plant is expected to be operational from July 2011 onwards.
ADPL has license to expand the capacity up to 0.2 million cases
per month. The company will manufacture IMFL on job-work basis for
big brands in the liquor business.


ANDHRA FERRO: CRISIL Raises Rating on INR150MM Term Loan to 'BB+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Andhra Ferro Alloys Ltd to 'BB+/Stable' from 'BB/Stable', while
reaffirming its rating on the short-term facilities at 'P4+'.

   Facilities                        Ratings
   ----------                        -------
   INR150 Million Term Loan          BB+/Stable
                                     (Upgraded from 'BB/Stable')

   INR190 Million Cash Credit        BB+/Stable
                                     (Upgraded from 'BB/Stable')


   INR50 Million Bank Guarantee      P4+ (Reaffirmed)

   INR80 Million Letter of Credit    P4+ (Reaffirmed)

The upgrade has been driven by AFAL's better-than-expected
performance, leading to improvement in its business and financial
risk profiles. AFAL reported revenues of INR1.51 billion for 2010-
11 (refers to financial year, April 1 to March 31), which was a
healthy year-on-year growth of 31%.  The strong growth in revenues
was driven by healthy growth in domestic sales, on account of
more-than-expected offtake by its key customer, Rashtriya Ispat
Nigam Ltd.  The strong revenue growth, coupled with stable
operating margin at 8.34%, resulted in more-than-expected cash
accruals of INR89.4 million in 2010-11, as against INR50.8 million
in 2009-10. Also, the company was unable to undertake its large
capital expenditure (capex) programme in 2010-11. Larger-than-
expected cash accruals and deferred capex resulted in a robust
capital structure. The upgrade also reflects CRISIL belief that
AFAL's capital structure will remain moderate, with gearing of
less than 1.5 times, over the medium term, despite the company's
plan to undertake the expansion project in 2011-12 and 2012-13.

The ratings reflect AFAL's small scale of operations in the
intensely competitive ferroalloys industry, the expected pressure
on the company's financial risk profile because of its large
capital expenditure (capex) plans, and susceptibility of its
margins to volatility in raw material prices, foreign currency
exchange rates, and cyclicality in steel industry. The impact of
these rating weaknesses is mitigated by the industry experience of
AFAL's promoters, the company's established clientele, and its
recent entry into Indian market.

Outlook: Stable

CRISIL believes that AFAL will maintain its business risk profile
over the medium term, supported by its promoters' industry
experience and healthy growth in the domestic market. The outlook
may be revised to 'Positive' if AFAL completes its proposed
expansion project without cost or time overrun and prudently funds
the same. Conversely, the outlook may be revised to 'Negative' if
the company faces any significant time or cost overrun in its
project or undertakes a larger-than-expected capex, leading to
more-than-expected deterioration in its financial risk profile.

                         About Andhra Ferro

Set up in 1987, AFAL manufactures and sells high-carbon
ferroalloys and silico-manganese ferroalloys, which are primarily
used in production of variety of steels. AFAL has obtained ISO
9000:2001 certification, and has two plants near the port city of
Visakhapatnam (Andhra Pradesh), with a combined installed capacity
of 30,000 tonnes of high-carbon ferroalloy per annum. AFAL, apart
from selling its products to RINL's steel plant in Visakhapatnam,
exports to South Korea, Japan, China, and a few European
countries.

AFAL reported, on provisional basis, a profit after tax (PAT) of
INR74.4 million on net sales of INR1.51 billion for 2010-11; it
reported a PAT of INR38.3 million on net sales of INR1.15 billion
for 2009-10.


AROMA REALTIES: CRISIL Assigns 'B' Rating to INR200MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the cash credit
facility of Aroma Realties Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR200 Million Cash Credit      B/Stable (Assigned)

The rating reflects ARL's exposure to funding-, implementation-
and offtake-related risks associated with its ongoing project,
aggressive growth strategy, and vulnerability to inherent risks
and cyclicality in the real estate sector. These rating weaknesses
are partially offset by the extensive experience of ARL's
promoters in real estate development and its presence in the real
estate sector in north-central Gujarat.

Outlook: Stable

CRISIL believes that ARL will continue to benefit over the medium
term from its established regional presence and promoters'
experience in the real estate business. The outlook may be revised
to 'Positive' in case ARL's ongoing and future projects are
completed as per schedule, and it achieves better-than-expected
offtake, resulting in improvement in its debt servicing ability.
Conversely, the outlook may be revised to 'Negative' if response
to ARL's projects is significantly lower-than-expected, or in case
the company faces delays in execution of its ongoing and future
projects, leading to constrained liquidity and debt-servicing
ability.

                     About Aroma Realties

Incorporated in 2008, ARL undertakes construction of residential
and commercial projects. The company is based in Ahmedabad
(Gujarat) and is presently executing five projects - two in
Ahmedabad and one each in Bhildi, Deesa, and Bavla (all three in
Gujarat) - at a total project cost of INR850 million. One
residential project in Ahmedabad is in the advanced stage of
construction, while construction of the other four projects has
just begun. ARL is owned and managed by Mr. Mavjibhai Desai and
his family.

ARL reported, on provisional basis, a profit after tax (PAT) of
INR6.4 million on net sales of INR59 million for 2010-11 (refers
to financial year, April 1 to March 31). It reported a PAT of INR2
million on net sales of INR19.1 million for 2009-10, as against a
PAT of INR0.47 million on net sales of INR9.7 million for 2008-09.


DAKE HOSPITAL: CRISIL Assigns 'B' Rating to INR112.2MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the long-term bank
facilities of Dake Hospital Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR112.2 Million Long-Term Loan      B/Stable (Assigned)
   INR27.8 Million Proposed Long-Term   B/Stable (Assigned)
                   Bank Loan Facility

The rating reflects projects risks related to setup of a new
hospital. This rating weakness is partially offset by the
extensive experience of the promoters in the healthcare sector.

Outlook: Stable

CRISIL believes that DHPL's will benefit from the promoters
experience in the healthcare sector over the medium term. The
outlook may be revised to 'Positive' if the project is
operationalized as per schedule without any significant cost
overruns and generates significantly higher than expected revenues
and accruals while maintaining capital structure and debt
protection metrics at moderate levels. Conversely, the outlook may
be revised to 'Negative' in case of any significant delay in
commencement of operations, or post commissioning lower-than-
expected offtake leading to high gearing and weak debt protection
metrics.

                      About Dake Hospital

DHPL, incorporated in May 2010 by Dr. Mangesh Dake (Trauma
Surgeon) and his wife, Dr. Sangeeta Dake (Infertologist), is
setting up a 52 bed multi-speciality hospital at Panvel,
Maharashtra. Since 2005, the promoters have been engaged in
running a 20 bed nursing home at Uran, Maharashtra.

The total project cost is expected about INR150 million. The
construction has started from March 2011 and is expected to
complete by December 2011. The hospital is expected to
operationalise from January 2012.


DYNA-K AUTOMOTIVE: CRISIL Reaffirms 'BB+' Rating on INR45MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dyna-K Automotive
Stampings Pvt Ltd continue to reflect Dyna-K's small scale of
operations with customer concentrated revenue profile, working-
capital-intensive operations, and vulnerability to volatility in
raw material prices.

   Facilities                       Ratings
   ----------                       -------
   INR34.9 Million Term             BB+/Stable (Reaffirmed)
   INR45 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR5 Million Bank Guarantee      P4+ (Reaffirmed)
   INR15 Million Letter of Credit   P4+ (Reaffirmed)

These rating weaknesses are partially offset by Dyna-K's moderate
financial risk profile, marked by a small net worth, a low
gearing, and comfortable debt protection metrics, and extensive
experience of the company's promoters with established client
relationships.

Outlook: Stable

CRISIL believes that Dyna-K's business risk profile will remain
constrained by a small scale of operations and customer
concentrated revenue profile, over the medium term. The outlook
may be revised to 'Positive' in case of substantial improvement in
the company's scale of operations and profitability. The outlook
may be revised to 'Negative' in case of larger-than-expected,
debt-funded capital expenditure (capex), or delays in ramping up
of sales from the new facilities, leading to deterioration in
Dyna-K's financial risk profile.

Update
For 2010-11 (refers to financial year, April 1 to March 31), Dyna-
K recorded revenues of about INR308.6 million, a growth of about
51% over that in 2009-10, slightly higher than CRISIL's
expectations. The growth in revenues was primarily driven by
expansion of Dyna-K's capacities and continued demand from the
existing customers and addition of new customers such as Honeywell
Automation India Ltd and Benteler Automotive India Pvt Ltd.  In
2010-11, Dyna-K reported an operating margin of 9.7% for the year,
in line with CRISIL's expectations. Dyna-K's financial risk
profile remains moderate. Though Dyna-K's gearing deteriorated, it
was in line with CRISIL's expectations because of debt-funded
capex. The company's financial risk profile is expected to remain
moderate over the medium term, with no further debt-funded capex
plans for this period. However, Dyna-K's business risk profile
remains constrained by the company's small scale of operations,
with customer concentrated revenue profile, and susceptibility to
volatility in input prices.

Dyna-K reported (on a provisional basis) a profit after tax (PAT)
of INR14.7 million on net sales of INR308.6 million for 2010-11,
against a PAT of INR7.8 million on net sales of INR203.9 million
for 2009-10.

                    About Dyna-K Automotive

Incorporated in 1985, Dyna-K manufactures stamped steel components
for automotive applications. The company is promoted by Mr. C F
Dias and his family, with the Shah family as an investor.  Dyna-K
supplies stamped components used in brake systems to Bosch Chassis
Systems India Ltd and stamped engine components to companies of
Cummins Group as well as other auto-component manufacturers. The
sale to BCSIL forms around 45% of the company's revenues and that
to Cummins Group around 30%.  Dyna-K operates two manufacturing
units in Pune (Maharashtra).


KAFILA HOSPITALITY: CRISIL Rates INR139-Mil. Cash Credit at 'B+'
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Kafila Hospitality and Travels Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR139 Million Cash Credit      B+/Stable (Assigned)

The rating reflects KHT's weak financial risk profile, marked by a
small net worth, a high gearing, and weak debt protection metrics,
large working capital requirements, small scale of operations, and
susceptibility to economic downturns in the travel and tourism
industry. These rating weaknesses are partially offset by the
extensive experience of KHT's promoter in the travel and tourism
industry.

Outlook: Stable

CRISIL believes that KHT will continue to benefit over the medium
term from its promoter's extensive experience in the travel and
tourism industry.  The outlook may be revised to 'Positive' if KHT
significantly scales up its operations, while maintaining its
profitability, or improves its capital structure driven by capital
infusion by promoters. Conversely, the outlook may be revised to
'Negative' if KHT's liquidity deteriorates because of pressure on
the company's operating margin, or if the company has large,
incremental working capital requirements.

                     About Kafila Hospitality

Set up in 1984 as a partnership firm, KHT was reconstituted as a
private limited company in 2008. The company is promoted by Mr.
Pradeep Chadha, who has been operating in the travel and tourism
industry since 1984. The company is engaged in the business-to-
business model of airline ticketing and hotel booking (which
account for 98% of its revenues), and also runs a 27-room budget
hotel (2% of its revenues) in New Delhi. Domestic air ticketing
accounts for 92% of the revenues from the flight ticketing
business; the rest is from international air ticket booking. In
the near term, KHT plans to diversify into foreign exchange
trading.

KHT reported an estimated profit after tax (PAT) of INR5.7 million
on net sales of INR174.6 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR5.0 million on net
sales of INR217.7 million for 2009-10.


KURINJI SPINNING: CRISIL Reaffirms 'B' Rating on INR142MM LT Loan
-----------------------------------------------------------------
CRISIL's ratings on Kurinji Spinning Mills Pvt Ltd's bank
facilities continue to reflect Kurinji's below-average financial
risk profile, marked by high gearing and weak debt protection
metrics, and susceptibility to volatility in raw material prices
and power shortage. These rating weaknesses are partially offset
by Kurinji's promoters' experience in the textile industry.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit        B/Stable (Reaffirmed)
   INR142 Million Long Term Loan    B/Stable (Reaffirmed)
   INR25 Million Bank Guarantee     P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Kurinji will maintain its business risk
profile over the medium term, backed by its moderate operating
efficiency. The outlook may be revised to 'Positive' if the
company increases its revenues substantially, while sustaining its
profitability, or improvement in capital structure. The outlook
may be revised to 'Negative' if Kurinji's revenues and margins
decline sharply, or if the company contracts larger than expected
debt funded capital expenditure program, leading to deterioration
in its financial risk profile.

Update

Kurinji reported 96% growth in revenues for 2010-11 marginally
above CRISIL's expectations on account of earlier than expected
commissioning of the 7,200 spindles capacity coupled with higher
demand for cotton yarn during the year. The increase in revenues
was also on account of higher prices of cotton yarn (40s count)
which increased by 69% to INR260 per kg in March 2011 from INR154
per kg in March 2010. CRISIL expects the price of cotton

2011-12 being the first full year of operations, Kurinji is
expected to maintain its growth momentum. KSM's operating
profitability margins of 22.13% in 2010-11 was also marginally
higher than CRISIL's estimates on account of lower than expected
cost of raw material. In anticipation of higher prices of cotton,
the company had stocked close to 30% of the cotton requirement for
the year at lower cost in May and June 2010. The company does not
have any fixed inventory holding policy making it vulnerable to
volatility in the prices of cotton. KSM's operating margins have
hence remained volatile in the range of 9 to 22% over the past 3
years. Further, owing to the recent decline in the prices of
cotton the company's inventory of INR209 million as on March 31,
2011 is expected to result in pressure on margins. The risk is
partly mitigated as the company has forward cover on 50% of the
inventory exposure. In 2011-12, the company plans to set up a
windmill with a capacity of 850 KW. The cost for the same is
estimated to be INR56 million and is expected to be funded by a
debt-equity mix of 3:1. The debt-equity ratio of the company is
hence expected to remain high at close to 2 times in 2011-12.

                     About Kurinji Spinning

Incorporated in 2005 by Mr. T Ponnusamy, Mr. S Palanichamy, and
Mr. K Ganesan, Kurinji manufactures cotton yarn in counts ranging
from 20s to 40s. The company's manufacturing unit in Tirupur
(Tamil Nadu) has capacity of 19,200 spindles. It produces
different types of cotton yarn, including hosiery and weaving
yarn.

Kurinji reported an estimated profit after tax (PAT) of INR37
million on net sales of INR449.9 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR7.4
million on net sales of INR234.8 million for 2009-10.


MANAV NESVI: CRISIL Upgrades Rating on INR1.15BB Loan to 'BB-'
--------------------------------------------------------------
CRISIL has upgraded its rating on the term loan facilities of
Manav Nesvi Infrastructure Pvt Ltd to 'BB-/Stable' from
'B/Stable'.


   Facilities                           Ratings
   ----------                           -------
   INR1.15 Billion Rupee Term Loan      BB-/Stable
                                        (Upgraded from 'B/Stable')

   INR100 Million Proposed Long-Term    BB-/Stable
                  Bank Loan Facility    (Upgraded from 'B/Stable')

The upgrade reflects MNIPL's timely execution of its project and
prepayment of its term debt, besides healthy advance bookings.
Around 98% of the residential space and around 65% of the
commercial space have already been booked till date. A major part
of the project construction is already complete; a small portion
of the commercial space is yet to be constructed. Moreover, MNIPL
has prepaid INR332 million of its term debt obligations till date,
with a total term loan of only INR540 million being outstanding as
on date. The rating upgrade also reflects CRISIL's belief that
MNIPL will be able to completely book revenues for its residential
part (70%) of the project by 2011-12 (refers to financial year,
April 1 to March 31).

The rating continues to reflect MNIPL's exposure to risks related
to implementation and saleability of the commercial portion of the
project. These rating weaknesses are partially offset by the
established position of the Shree Balaji group, of which MNIPL is
a part, in the real estate sector in the Ahmedabad region.

Outlook: Stable

CRISIL believes that MNIPL will benefit over the medium term, as a
major part of its project has been already booked. The rating may
be upgraded if there is stronger-than-expected demand for the
commercial segment, while MNIPL reports healthy profitability.
Conversely, the outlook may be revised to 'Negative' in case of
any significant delay in project implementation or major cost
overrun, or if the demand for the unsold portion of the project
faces an unprecedented slowdown, or if the company undertakes a
large, debt-funded project putting stress on its cash flows from
the existing project.

                        About Manav Nesvi

Set up as part of the Shree Balaji group in 2007 (refers to
calendar year, January 1 to December 31) by Mr. Ashish Shah, MNIPL
is currently developing its first and only project, a residential-
cum-commercial project, in Sughad, on the outskirts of Ahmedabad
(Gujarat).

Over the past few years, the promoters have set up entities to
execute different projects. The flagship entity of the group was a
partnership firm named Shree Balaji Constructions, set up in 2005.
It has executed a residential project of 33 bungalows, with a
total saleable area of 166,000 square feet in Ahmedabad;
currently, the firm has no ongoing projects. The promoters
incorporated Manav Infrastructure Pvt Ltd (rated 'BB/Stable' by
CRISIL) in 2007; the company is currently executing three
residential projects (two in Ahmedabad and one in Mehsana [75
kilometers from Ahmedabad]) at a total project cost of around
INR1440 million. In 2010, the promoters incorporated Binita Nesvi
Infrastructure Pvt Ltd, which is currently developing three
commercial projects in Ahmedabad. However, these entities are
managed independently with no fungible cash flows among them.


MODERN PREFAB: CRISIL Reaffirms 'BB-' Rating to INR43.2MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Modern Prefab Systems
(P) Ltd continue to reflect Modern Prefab's weak financial risk
profile, marked by a high gearing and weak debt protection metrics
(despite improvement in both) and a small net worth, working-
capital-intensive operations, small scale of operations, and
vulnerability to volatility in raw material prices. These rating
weaknesses are partially offset by the experience of Modern
Prefab's promoters in the metal fabrication industry.

Outlook: Stable

CRISIL believes that Modern Prefab's financial risk profile will
remain weak over the medium term as its gearing is expected to
remain high because of its working-capital-intensive operations.
The outlook may be revised to 'Positive' if Modern Prefab improves
its financial risk profile, most likely by generating more-than-
expected cash accruals by increasing its scale of operations.
Conversely, the outlook may be revised to 'Negative' if Modern
Prefab's working capital management deteriorates, thereby
weakening its liquidity, or if the company undertakes a large,
debt-funded capital expenditure programme.

Update

For 2010-11 (refers to financial year, April 1 to March 31),
Modern Prefab has reported an operating income of INR734 million,
on a provisional basis, registering a growth of around 15% over
that in 2009-10. The company has an order book of around INR520
million, which is to be executed over the next 10 months. Modern
Prefab has registered itself with Kashmir House in New Delhi; this
helps the company to receive small orders directly from the Indian
Army without bidding for the same.

For 2011-12, Modern Prefab has capital expenditure plans of INR10
million to INR15 million towards maintenance of the current unit.
The company plans to fund this capex through term loan of INR10
million and the rest through internal accruals. CRISIL believes
that Modern Prefab's gearing will remain around 2.2 times over the
medium term because of the company's debt-funded capex plans and
large working capital requirements.

Modern Prefab's liquidity remains weak, marked by high bank limit
utilization of around 90% over the 12 months through March 2011,
because of large working capital requirements. Increase in the
debtor days and decline in the creditor days in 2010-11 led to
these large working capital requirements.

Modern Prefab reported, on a provisional basis, a profit after tax
(PAT) of INR20.2 million on net sales of INR734.0 million for
2010-11, against a PAT of INR3.9 million on net sales of INR640.0
million for 2009-10.

                        About Modern Prefab

Set up in 1996 by Mr. Subhash Kapoor as a partnership firm, Modern
Prefab was reconstituted as a private limited company in 1997. The
company manufactures prefabricated modular re-locatable shelters,
pre-engineered building roofing, wall cladding systems, heavy-duty
inter-locking concrete pavers, polyurethane foam panels, and other
building materials. Modern Prefab caters to the defence and
paramilitary forces, government institutions, and private players.
Currently, Mr. Aditya Kapoor (son of Mr. Subhash Kapoor) is
responsible for the overall management of the company, while Mr.
Subhash Kapoor is partially active in the business operations.
Modern Prefab's fabrication unit is in Manesar (Haryana).


ORBIT AVIATION: CRISIL Rates INR280 Million Term Loan at 'BB'
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the term loan
facility of Orbit Aviation Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR280 Million Term Loan          BB/Stable (Assigned)

The rating reflects OAPL's small scale of operations,
geographically concentrated revenue profile, losses incurred in
the aviation segment, and average financial risk profile marked by
a high gearing and a small net worth. These rating weaknesses are
partially offset by OAPL's improving operating efficiencies.

Outlook: Stable

CRISIL believes that OAPL will benefit from the healthy cash
accruals from its road transport business, over the medium term.
The outlook may be revised to 'Positive' if the company
substantially improves its revenues and profitability in the
aviation business, leading to higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
any pressure on OAPL's revenues and profitability from its
transport business or further delays in ramping up profitability
in the company's aviation business.

                        About Orbit Aviation

OAPL was incorporated in 2007-08 (refers to financial year,
April 1 to March 31) to operate chartered flights. It is a
subsidiary of Orbit Resorts Pvt Ltd (rated 'BB/Stable' by CRISIL).
The company bought its first aircraft, CJ200, in 2007-08 and
second aircraft, B200, in 2010-11. OAPL's B200 is a second-hand
aircraft and is currently being completely overhauled. On April 1,
2010, OAPL's promoters merged one of their partnership firms,
Orbit Transport, with the company. Orbit Transport operates a
fleet of buses in Punjab and provides public road transport
services. After this merger, OAPL operates in two segments -
aviation and road transport.


PAN INTERNATIONAL: CRISIL Assigns 'P4+' Rating to INR8MM Credit
---------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of Pan
International.

   Facilities                               Ratings
   ----------                               -------
   INR8 Million Export Packing Credit       P4+ (Assigned)

   INR5 Million Letter of Credit & Bank     P4+ (Assigned)
                Guarantee

   INR115 Million Bill Discounting Under    P4+ (Assigned)
                Letter of Credit

   INR82 Million Proposed Short-Term Bank   P4+ (Assigned)
                Loan Facility

The rating reflects PI's small scale of operations with limited
revenue growth, highly customer concentrated revenue profile, and
vulnerability to volatility in foreign exchange rates and in raw
material prices. These rating weaknesses are partially offset by
PI's above-average gearing and debt protection metrics and the
benefits that the firm derives from its partners' extensive
industry experience and its established relationships with its
customers.

                      About Pan International

PI is a partnership firm set up by Mr. H V Amin and Mr. Ketan
Vakharia in 1995. It manufactures precision machined components,
such as rotors, pivot sharp, valve sheet, closed rings, and other
products for the automobile and engineering industries. Its
products are mainly supplied to the export market. The firm has a
total manufacturing capacity of 330 tonnes per month at its three
units at Chakan (Pune, Maharashtra). The partners also operate two
other group companies Pan Autocomp Pvt Ltd and Kotestu Engineering
Pvt Ltd, which have forging and machining operations,
respectively.


PRL PROJECTS: CRISIL Assigns 'D' Rating to INR31 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
PRL Projects & Infrastructure Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR31.0 Million Term Loan           D (Assigned)
   INR60.0 Million Cash Credit         D (Assigned)
   INR300.0 Million Bank Guarantee     P5 (Assigned)
   INR209.0 Million Proposed Short-    P5 (Assigned)
           Term Bank Loan Facility

The ratings reflect delays in repayment of term loan by PRL. The
delays have been caused by PRL's weak liquidity. Liquidity is weak
mainly because of the company's working-capital-intensive
operations and delays in its ongoing construction project on
account of heavy rains during the year 2010-11 (refers to
financial year, April 1 to March 31)

PRL has a weak financial risk profile marked by small net worth,
moderate gearing and debt protection measures. However, the
company benefits from its established relationship with public
works department (PWD) of Rajasthan.

                       About PRL Projects

Incorporated in April 2005 in New Delhi, PRL is mainly into two
businesses: construction and build-operate-transfer (BOT)
projects. Construction division includes projects in road
construction awarded by PWD of Rajasthan, and BOT division
includes toll collection from the Bikaner bypass road. The day-to-
day operations of the company are managed by the promoter-
directors, Mr. Anand Garg and his younger brother Mr. Vijay Garg.

For 2009-10, PRL reported a profit after tax (PAT) of INR28.7
million on net sales of INR601.6 million, as against a PAT of
INR22.4 million on net sales of INR510.0 million for 2008-09.


PUSHPAK MARKTRADE: CRISIL Reaffirms 'B+' Rating on INR57.5M Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pushpak Marktrade
(India) Pvt Ltd continue to reflect Pushpak's moderate financial
risk profile, marked by small net worth and weak debt protection
metrics, and limited track record of operations. These rating
weaknesses are partially offset by Pushpak's well-diversified
clientele.

   Facilities                           Ratings
   ----------                           -------
   INR57.5 Million Cash Credit          B+/Stable (Reaffirmed)
   INR32.5 Million Letter of Credit     P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Pushpak will maintain its credit risk profile
over the medium term, backed by moderate revenue growth. The
outlook may be revised to 'Positive' if there is substantial
equity infusion or sustained improvement in Pushpak's operating
margin, resulting in improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if any large
debt-funded capital expenditure adversely affects Pushpak's debt
protection metrics, or if a significant increase in working
capital requirements weakens its liquidity.

Update

Pushpak's sales are estimated at INR545 million for 2010-11
(refers to financial year, April 1 to March 31); it reported net
sales of INR467.9 million in 2009-10. The management takes a call
on the commodities to be traded in a particular year based on
their assessment of demand for the commodities in that year. Sales
in 2010-11 were mostly from textile fabrics and scrap iron, while
in 2009-10, sales were from coal trading. However, Pushpak is
susceptible to default risk arising from delayed debtor payments
because of the constant changes in customer profile with a change
in the commodity. Although there is a change in the quantum of
commodity traded, Pushpak is likely to manage the operating
profitability at around 1.8% to 2% in 2010-11 similar to the
previous years. The operating profitability is expected to remain
at the similar level in the medium term also due to the volatility
emanating from commodity price fluctuations.

The company's working capital management is marked by moderate
inventory and debtor level. Although a large part of the
procurement is order backed, the company maintains an inventory of
50 days as it has to maintain inventory for multiple products. The
debtor days were as low as 15 days as on March 31, 2010, on
account of the cash discounts given to customers to accelerate the
debtor collection. However, in 2010-11, the company discontinued
the practice and the debtor days have increased to 30 days.

Pushpak reported, on provisional basis, a profit after tax (PAT)
of INR1.5 million on net sales of INR545 million million for 2010-
11; it reported a PAT of INR1.0 million on net sales of INR467.9
million for 2009-10.

                       About Pushpak Marktrade

Set up in 2004, by Mr. Arun Beswal, Pushpak trades multiple
products such as coal, textile fabrics, scrap iron, steel plates,
plastic granules, and stationery items. The products are sold to a
wide clientele that includes wholesalers, semi-wholesalers, and
commission agents, spread across Gujarat (coal), Rajasthan (scrap
iron and steel products), and Maharashtra (fabrics, plastic
granules).


SHRAVAN ENGINEERING: CRISIL Rates INR5 Million Term Loan at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Shravan Engineering Enterprises Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR5 Million Term Loan             BB-/Stable (Assigned)
   INR65 Million Cash Credit          BB-/Stable (Assigned)
   INR15 Million Proposed Long-Term   BB-/Stable (Assigned)
                 Bank Loan Facility
   INR1 Million Cheque Discounting    P4+ (Assigned)
   INR30 Million Letter of Credit     P4+ (Assigned)
   INR1.5 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect SEEPL's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
and large working capital requirements. These weaknesses are
partially offset by the extensive experience of SEEPL's promoters,
coupled with its established relationships with key customers and
suppliers.

Outlook: Stable

CRISIL believes that SEEPL's financial risk profile will remain
constrained by the company's large debt funded working capital
requirements and low cash accruals. The outlook may be revised to
'Positive' in case of significant improvement in the company's
financial risk profile, particularly liquidity, driven by an
improvement in working capital management or higher-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the company's liquidity,
most likely because of stretch in receivables or pressure on its
profitability.

                    About Shravan Engineering

SEEPL trades in and distributes air conditioning and refrigeration
gases (70% of total revenues), equipment, and components (30% of
total revenues). The company has dealership of four companies:
DuPont India and Chemplast Sanmar Ltd. for distribution of
refrigerants, and Emerson and Danfoss for air conditioning and
refrigeration equipments and spare parts. The company is a sole
distributor of DuPont refrigerants in South India and sole
distributor of Chemplast refrigerants in South India and
Maharashtra. It is a deemed manufacturer of DuPont refrigerants
with refilling plant located at Tamil Nadu, where it receives
refrigerants in large containers and repackages them into small
cylinders of different sizes. Around 40% of the company's income
is generated through deemed manufacturing activities. SEEPL has
branches located in Mumbai, Hyderabad, and Bengaluru, and around
35 dealers all over South India.

SEEPL is estimated to report a profit after tax (PAT) of
INR8.6 million on net sales of INR562.8 million for 2010-11, as
against a PAT of INR3.4 million on net sales of INR565.7 million
for 2009-10.


SIENA ENGINEERING: CRISIL Assigns 'BB+' Rating to INR42MM Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Siena Engineering Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR42 Million Cash Credit         BB+/Stable (Assigned)
   INR16 Million Rupee Term Loan     BB+/Stable (Assigned)
   INR21.9 Million Proposed LT       BB+/Stable (Assigned)
            Bank Loan Facility
   INR20 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect SEPL's small scale of operations, exposure to
customer concentration risks, and susceptibility of margins to
volatility in raw material prices. These rating weaknesses are
partially offset by SEPL's above-average financial risk profile,
marked by low gearing and strong debt protection metrics, and the
extensive experience of its promoter in manufacturing cast steel
components for Indian Railways.

Outlook: Stable

CRISIL believes that SEPL will maintain its comfortable capital
structure over the medium term; however, the scale of the
company's operations will remain small in the near term. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations and profitability, while
maintaining its comfortable capital structure. Conversely, the
outlook may be revised to 'Negative' if the capital structure
deteriorates significantly or if there is any significant pressure
on profitability.

                     About Siena Engineering

SEPL was incorporated in 1991 as Raneka Engineering Pvt Ltd and
started commercial production in 1993. It acquired its current
name in 2005-06 (refers to financial year, April 1 to March 31).
Based in Indore (Madhya Pradesh), SEPL manufactures cast steel
components and sub-assemblies for various zones of the Indian
Railways. The company gradually started manufacturing bogeys for
various wagon manufacturing companies, which presently account for
about half of the company's revenue. SEPL is managed by Mr. S K
Jain.

SEPL reported a profit after tax (PAT) of INR4.8 million on net
sales of INR213.4 million for 2009-10, as against a PAT of
INR1.4 million on net sales of INR156.0 million for 2008-09.


SPRINT EXPORTS: CRISIL Assigns 'BB-' Rating to INR65MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Sprint Exports Pvt Ltd.


   Facilities                               Ratings
   ----------                                -------
   INR65 Million Proposed Term Loan          BB-/Stable (Assigned)
   INR10 Million Standby Line of Credit      P4+ (Assigned)
   INR60 Million Export Packing Credit       P4+ (Assigned)
   INR12 Million Proposed Standby Line       P4+ (Assigned)
                             of Credit
   INR10 Million Proposed Letter of Credit   P4+ (Assigned)
   INR68 Million Proposed Packing Credit     P4+ (Assigned)

The ratings reflect SEPL's below-average financial risk profile,
marked by high gearing, small net worth, and weak debt protection
metrics, its susceptibility to volatility in raw material prices
and foreign exchange rates, and exposure to risks inherent in
seafood industry. These rating weaknesses are partially offset by
SEPL's established regional presence in the seafood export market
and its established customer relationships.

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its promoter's extensive experience in the seafood
industry and healthy demand for Indian shrimps in the global
market. The outlook may be revised to 'Positive' if the company's
business risk profile improves considerably owing to increased
scale of operations, improved margins, and healthy realizations.
Conversely, the outlook may be revised to 'Negative' if SEPL
undertakes large, debt-funded capital expenditure (capex)
programme, leading to weakening in its capital structure, or if
its volumes or margins decline substantially.

                      About Sprint Exports

Set up in 2003 in Vishakhapatnam (Andhra Pradesh), SEPL was
promoted by Mr. G Pawan Kumar. The company processes and exports
cultured shrimps mainly to the USA, which accounts for more than
80% of the company's topline. SEPL procures aquaculture shrimps
from farmers and agents, and, after processing them on job-work
basis, exports them to the Europe and the USA. The company is in
the process of acquiring and upgrading a 15-tonne-per-day
processing unit in Vishakhapatnam. The capex of INR100 million
will be funded by term loans of INR65 million, and the unit is
expected to be operational by September 2011.

SEPL is estimated to achieve a profit after tax (PAT) of
INR7 million on net sales of INR507 million for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of
INR3 million on net sales of INR401 million for 2009-10.


VICTRANS ENGINEERS: CRISIL Puts 'D' Rating on INR30MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Victrans Engineers.

   Facilities                           Ratings
   ----------                           -------
   INR30.0 Million Cash Credit          D (Assigned)
   INR41.2 Million Rupee Term Loan      D (Assigned)
   INR13.8 Million Proposed Long-Term   D (Assigned)
                   Bank Loan Facility
   INR21.0 Million Letter of Credit     P5 (Assigned)
   INR44.0 Million Bank Guarantee       P5 (Assigned)

The ratings reflect instances of delay by Victrans in servicing
its term loan; the delays have been caused by Victrans's weak
liquidity.

Victrans has a small scale of operations, a small net worth, and
is exposed to intense competition in the transformers industry.
Victrans, however, benefits from its promoters' extensive industry
experience and its moderate operating efficiency.

                        About Victrans Engineers

Victrans, a partnership firm set up in 1989, manufactures
instrument transformers (both current and potential transformers)
in the range of 11 kilovolts (kV) to 220 kV. The firm is promoted
by its two partners Mr. Swapan Kumar Dutta and his son, Mr. Saikat
Dutta. Victrans has three manufacturing units in Nagpur
(Maharashtra), with a total capacity to manufacture about 400
transformers (considering standard production of 132 kV
transformers per unit) per month.

Victrans reported a profit after tax (PAT) of INR12 million on net
sales of INR179 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR17 million on net sales
of INR174 million for 2008-09.


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


MEDCO ENERGI: S&P Affirms 'B' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on PT Medco Energi Internasional Tbk.  The
outlook remains negative. "At the same time, we affirmed the
'axB+' ASEAN scale rating on Medco," S&P said.

Standard & Poor's maintained the negative rating outlook to
reflect Medco's increased investment plans for extending its scope
and cost escalation.

"Higher investment cost has negated somewhat the benefits of
higher product prices and production," said Standard & Poor's
credit analyst Andrew Wong.

The rating on Medco reflects the company's exposure to hydrocarbon
price movements, its large investment requirements, and its
aggressive financial policy that relies on debt to fund growth.
Medco's favorable location and cost structure, good growth
potential in its development and exploration blocks, and some
insulation from currency instability and sovereign-debt risk
temper these weaknesses.

Medco's credit protection measures have improved with rising oil
prices. "Nevertheless, Medco's financial risk profile remains
aggressive, in our opinion. Medco's business risk profile has
improved but it remains weak in our view," S&P said.

"The negative outlook reflects our expectation that the company's
financial risk profile will weaken over the next 12 months and
execution risks from its major projects will continue. We expect
Medco's adjusted debt-to-EBITDA ratio to rise to about 4.5x in
2011-2012 because the company's major investments are
predominantly debt-funded and will not generate any cash flow
until 2013," S&P related.

S&P may lower the rating on Medco if the company's liquidity or
financial risk profile weakens further due to these factors:

    Delays at its major projects, resulting in higher-than-
    expected capital expenditure or a delay in cash flow
    contributions;

    Lower-than-expected production in existing fields; or

    A substantial fall in oil prices, resulting in the debt-to-
    EBITDA ratio rising to more than 4.5x on a sustained basis.

S&P may revise the outlook to stable if Medco's investment plans
continue to perform to its expectations, as measured by these:

    Commercialization of the Block A Gas Reserve development by
    the end of 2011;

    Timely progress in the Senoro-Toili Block toward production in
    2014;

    Medco's production levels improve to about 62 thousand barrels
    of oil equivalents per day (mboepd) by the end of 2011. Under
    this scenario and using Standard & Poor's current oil price
    assumptions, S&P expects the company's forecast-adjusted debt-
    to-EBITDA ratio to remain about 4.5x.


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


TOKYO ELECTRIC: Cuts Borrowing Costs to Less Than 1%
----------------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co. reduced the
average interest rate it pays on JPY3.4 trillion (US$42 billion)
of long-term loans to less than 1%t.

Bloomberg relates that TEPCO said in a securities filing it
reduced the average rate to 0.992 percent in the year ended
March 31 from 1.551 percent a year earlier.  The Tokyo-based
company more than doubled long-term loans, which it defined as
debt maturing in more than one year, from JPY1.6 trillion a
year earlier, Bloomberg says.

TEPCPO, says Bloomberg, received almost JPY2 trillion of emergency
loans from banks including Sumitomo Mitsui Banking Corp. after the
March 11 earthquake and tsunami knocked out cooling systems at its
Fukushima Dai-Ichi nuclear plant.  The loans left TEPCO with
JPY2.24 trillion of cash on hand, the most of any non-financial
Japanese company, at the end of March, according to data compiled
by Bloomberg.

"The banks must have given the company special rates, which helps
lower the financial burden," Bloomberg quotes Tomohiro Jikihara, a
Tokyo-based analyst at JPMorgan Chase & Co., as saying.  The
development isn't enough to entice investors to buy, because "the
news flow is predominantly negative and the total amount of
reparations is still unknown," he said.

The decline in average interest rate is due to the company having
paid off some of its more expensive loans, said Satoshi Watanabe,
a spokesman at TEPCO, according to Bloomberg.

TEPCO said about 60% of the company's loans mature in more than
five years, Bloomberg notes.  The company is paying an average
coupon of 1.98% on all its bonds, according to data compiled by
Bloomberg.  The average maturity on the JPY4.7 trillion of bonds
outstanding is five years, Bloomberg discloses.

The company owes Sumitomo Mitsui JPY769.5 billion, Mizuho
Corporate Bank Ltd. JPY581.8 billion, and Bank of Tokyo -
Mitsubishi UFJ Ltd. JPY349 billion, according to the securities
filing obtained by Bloomberg.

                           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.


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


AORANGI SECURITIES: Investors Unsure Over Asset Sale Payout
-----------------------------------------------------------
BusinessDay reports that the statutory managers of Allan Hubbard's
Aorangi Securities have sold one of that firm's dairy investments
for about NZ$11.5 million, but investors are unsure if all of that
will be used to pay Aorangi investors soon.

BusinessDay says Graham Carr, of Mt Peel in South Canterbury, is
one of the investors in Aorangi Securities and in Hubbard
Management Funds, both under the control of statutory managers
Grant Thornton, along with Mr. Hubbard and his wife, Jean.

According to the report, the statutory managers, Trevor Thornton
and Richard Simpson of Grant Thornton, told Aorangi investors some
time ago to expect a further 10 cents in the dollar at the end of
June, after receiving 3 cents last October.

"There seems to be some confusion over how much of the money is
going to investors, and how much is going to cover Allan's legal
fees," BusinessDay quotes Mr. Carr as saying, referring to about
NZ$11.5 million paid by shareholders in Deebury Pastoral
Partnership for Mr. Hubbard's 36%.  BusinessDay relates that
Mr. Carr is also one of the shareholders in Deebury Pastoral
Partnership, which owned three dairy farms on 804 hectares.  The
holding company for the three farms is Fernside Holdings.

The statutory managers, says BusinessDay, approached the
shareholders who had first right of refusal to buy Hubbard's
shares in the partnership.

BusinessDay relates that Mr. Carr said part of the reason was that
this was raising assets for Aorangi investors and this was a good
opportunity for them.

If the partnership shareholders did not buy out Mr. Hubbard, they
presumed the shares would be sold to others, BusinessDay says.

Mr. Carr said, as cited by BusinessDay, said the shares sale was
settled in April and the shareholders presumed the proceeds were
going to Aorangi investors.

                     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.


EQUITY PARTNERS: Pyne Gould Proposes to Buy Epic's NZ%14MM Loan
---------------------------------------------------------------
Jamie Gray at nzherald.co.nz reports that Pyne Gould Corp. has
thrown Equity Partners Infrastructure Co (Epic) a lifeline by
proposing to buy NZ$14 million of the struggling investment fund's
first ranking loan facilities from National Australia Bank.

According to the report, PGC has proposed that its participation
be made in two tranches, with the first of NZ$7.5 million to be
made once the terms of the participation have been agreed and the
participation agreement formally documented.

The second tranche of NZ$6.5 million, to be made by July 15, is
also subject to PGC obtaining a waiver from the NZX because Epic
and Torchlight -- an investor in Epic -- are related parties of
PGC, nzherald.co.nz says.

nzherald.co.nz says Epic is in the process of offloading all four
of its UK assets but the value of the NZ dollar is proving to be
one of a number of sticking points.  PGC said that if the proposed
lending arrangements are not concluded, this may result in Epic
being in breach of the NAB facility, nzherald.co.nz reports.

The related party issue arises through, among other things, PGC
being the owner of Epic's manager as well as the owner of
Torchlight's general partner, nzherald.co.nz discloses.

PGC, as cited by nzherald.co.nz, said although the participation
has not yet been agreed with NAB, it is expected that this will be
agreed within the next seven days.

PGC chairman Bryan Mogridge said its support would help Epic as it
moves to reduce debt and complete a restructuring, nzherald.co.nz
adds.

Infrastructure investor Equity Partners Infrastructure Company
No.1 Ltd. has about $155 million in assets and 1,900 shareholders.


PIKE RIVER: Receivers May Sell Mine Without Recovery Plan in Place
------------------------------------------------------------------
Hayden Donnell at nzherald.co.nz reports that Pike River receivers
said a high cash bid could still convince them to sell the mine
without a body recovery plan in place.

But New Zealand government sources said assessment of legal action
aimed at making the recovery a condition of sale for the mine is
"well advanced," the report says.

According to nzherald.co.nz, PricewaterhouseCoopers receivers last
week admitted they have no cash reserves to drill a tunnel around
a rock fall at Pike River to where the bodies of 29 men have laid
since an explosion in November.

The report relates that head receiver John Fisk on Friday refused
to rule out selling the mine to a buyer who did not plan a
recovery if they offered a "significant" amount more.

Mr. Fisk said the receivers had to consider their legal
obligations to obtain the best price for Pike River mine creditors
in any sale.

"We're mindful of our duty to creditors. If there's a significant
difference in price then we can't just ignore that,"
nzherald.co.nz quotes Mr. Fisk as saying.

Mr. Fisk, as cited by nzherald.co.nz, said a clause requiring a
body recovery operation was included in the recently-completed
draft sale agreement for the mine.

Most of the companies who had expressed interest in buying the
Pike River mine would want to carry out a body recovery operation,
Mr. Fisk said.

He did not anticipate negotiations over a body recovery being a
problem during the sale process, nzherald.co.nz adds.


                          About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine where
29 miners died in a series of explosions in November 2010, was
placed into receivership in December 2010.  New Zealand Oil & Gas,
the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
also owed another estimated NZ$10 million to NZ$15 million to
contractors, including some of the men who lost their lives in the
disaster.


SOHO SQUARE: Receivers Sells Site to Progressive Enterprises
------------------------------------------------------------
BusinessDay.co.nz reports that development plans for the
NZ$20 million Soho Square site in Auckland are still unknown,
despite its sale to Australian-owned supermarket behemoth
Progressive Enterprises.

Progressive Enterprises confirmed Thursday night it had entered
into an agreement with Soho Square receiver Grant Thornton to buy
the 1.33 hectare site in the suburb of Ponsonby, BusinessDay.co.nz
says.

Receiver Tim Downes said Thursday night, he was celebrating "by
doing more work", BusinessDay.co.nz relates.  He was "very pleased
to have sold Soho" and the sale price was a fair reflection of the
current market, the report adds.

It has been a drawn-out sale process for receiver Tim Downes,
Business.co.nz relates, with several false starts, including a
conditional deal falling through and High Court approval for a
NZ$20.5 million to Fortress going nowhere.

Progressive Enterprises general manager of property Adrian Walker
said his company was excited about the opportunity to develop the
site.

Progressive Enterprises wouldn't confirm how much it paid for the
site or what its plans were.

BusinessDay.co.nz notes the site was originally destined to become
a 32,000-plus square meter mixed-use development with shops,
apartments and offices.

The site was put on the market early this year after developer
Lane Kells's Soho-associated companies were put into receivership
in 2009, owing NZ$25 million to hedge fund Fortress and about
NZ$70 million to Strategic Finance, BusinessDay.co.nz discloses.


SOUTHERN TRAVEL: Expects to Post NZ$600,000 Net Loss This Year
--------------------------------------------------------------
BusinessDesk reports that Southern Travel Holdings said it expects
to report a loss of about NZ$600,000 for the year ending June 30,
due to the natural disasters in Christchurch, Japan and Queensland
in the March quarter.

The company said that is operating profit after tax but before
such items as income tax losses, foreign exchange variations and
impairment considerations which the company still has to review,
BusinessDesk relates.

According to the report, Southern Travel said it had been on
target to achieve a turnaround back to break even but the quakes
meant "reservations were wiped from the books and future prospects
appreciably diminished, necessitating a further and immediate
restructure of the entire inbound division."

Southern Travel reported a NZ$946,000 net loss for the year ended
June 2010, which followed a NZ$491,000 net loss in 2009,
BusinessDesk discloses.

BusinessDesk relates that the company said it is targeting a small
profit after tax but before foreign exchange variations for the
year ending June 2012.

"Achievement of this target will be a positive recovery from the
losses incurred over the past three exceptionally difficult
years."

                     About Southern Travel

Based in Auckland, New Zealand, Southern Travel Holdings --
http://www.southerntravelholdings.com/-- through its
subsidiaries, engages in inbound and outbound tourism business
primarily in New Zealand and Australia.  It offers tours and tour
related services, as well as GSA services.


                             *********

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.




                   *** End of Transmission ***