TCRAP_Public/110708.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

             Friday, July 8, 2011, Vol. 14, No. 134

                            Headlines



A U S T R A L I A

IMPALA TRUST: S&P Gives 'BB' Rating on Class E Pass-through Notes
INTELLIGENT SOLAR: Receives Notice of Default on Convertible Note
RAPTIS GROUP: Vows to Bring Back Company Under Shareholder Control
RESIMAC BASTILLE: S&P Gives 'BB' Rating on Class E Notes
YORK CAPITAL: ASIC Obtains Orders to Wind Up Firm


C H I N A

INTIME DEPARTMENT: Fitch Assigns 'BB' Issuer Default Rating
POWERLONG REAL: S&P Affirms 'B+' Long-Term CCR; Outlook Stable
* Moody's Cites Greater Scale of Problem Loans to Chinese Banks


H O N G  K O N G

HOPEFUL FURNITURE: Court to Hear Wind-Up Petition on July 20
HUGE BEST: Court Enters Wind-Up Order
J & E MANUFACTURING: Ying and Lok Appointed as Liquidators
KINGDOM WAY: Court Enters Wind-Up Order
KIN SUN: Ying and Lok Appointed as Liquidators

NUXD (HONG KONG): Court Enters Wind-Up Order
PACIFIC EAST: Court Enters Wind-Up Order
PACIFIC YORK: Court Enters Wind-Up Order
PALMERSTON LIMITED: Court Enters Wind-Up Order
SHING LEE: Court Enters Wind-Up Order

SINOSUN CREATION: Court to Hear Wind-Up Petition on August 10
SKY WINNING: Court to Hear Wind-Up Petition on August 17
SUNVILLE INVESTMENT: Creditors Get HK$200/Share Recovery on Claims
TCL PILING: Court Enters Wind-Up Order
THOUSAND PORT: Court Enters Wind-Up Order

TIM WONG: Court Enters Wind-Up Order
TURBO RICH: Court Enters Wind-Up Order
WAYCON INTERNATIONAL: Court Enters Wind-Up Order
WO FUNG: Court Enters Wind-Up Order
WT DESIGN: Court Enters Wind-Up Order

XIJIANG DEVELOPMENT: Court Enters Wind-Up Order


I N D I A

BANSAL BROTHERS: CRISIL Assigns 'BB' Rating to INR50MM Cash Credit
BANSAL MARINE: CRISIL Assigns 'BB' Rating to INR2MM Long-Term Loan
BRITEX ENGINEERING: CRISIL Places 'B' Rating on INR10.3MM LT Loan
ECONOMIC TRADERS: CRISIL Places 'P4' Rating on INR70MM Bank Credit
EMMKAE TRADING: CRISIL Puts 'P4' Rating on INR60MM Bill Purchase

FORTUNE INVESTORS: CRISIL Rates INR99 Million LT Bank Loan at 'BB'
GLR REAL: CRISIL Reaffirms 'BB-' Rating on INR79.5MM LT Bank Loan
GURDASPUR OVERSEAS: CRISIL Assigns 'B+' Rating to INR246MM Loan
HEMANT SURGICAL: CRISIL Places 'BB-' Rating on INR40MM Cash Credit
J S EXIM: CRISIL Rates INR304.5 Million Long-Term Loan at 'B'

JAGADHATRI VYAPAAR: CRISIL Rates INR135MM Letter of Credit at 'P4'
JINDAL INDIA: Fitch Rates INR23.7BB Sr. Bank Loans at 'BB+(ind)'
K. R. FERRO: CRISIL Assigns 'B' Rating to INR120MM Long-Term Loan
KULGAON BADLAPUR: Fitch Affirms National LT Rating at 'BB+(ind)'
LEATHER TECH: CRISIL Assigns 'B' Rating to INR1-Mil. Cash Credit

LITTLE BEE: CRISIL Reaffirms 'BB+' Rating on INR8.5MM Term Loan
MAHALAXMI DHATU: CRISIL Assigns 'B+' Rating to INR10MM LT Loan
MANRAJ ENTERPRISES: CRISIL Assigns 'BB-' Rating to INR25MM Loan
MAYUR SEEDS: CRISIL Assigns 'B-' Rating to INR40MM Cash Credit
METAL SCOPE: CRISIL Assigns 'BB+' Rating to INR35MM Cash Credit

NUTRAPLUS PRODUCTS: CRISIL Assigns 'BB+' Rating to INR52MM Loan
OM SAI: CRISIL Reaffirms 'B+' Rating on INR210MM Cash Credit
PAL ENTERPRISES: CRISIL Puts 'P4+' Rating on INR40M Packing Credit
PATEL MOTORS: CRISIL Places 'B' Rating on INR180-Mil. Cash Credit
PURI CONSTRUCTIONS: CRISIL Upgrades Rating on INR950M Loan to 'BB'

R. SURESH: CRISIL Assigns 'P4' Rating to INR71 Million Bank Credit
RAMVIJAY COTTON: CRISIL Rates INR90 Million Cash Credit at 'B+'
S. B. OVERSEAS: CRISIL Assigns 'C' Rating to INR50MM Cash Credit
SATYAM ISPAT: CRISIL Upgrades Rating on INR125MM LT Loan to 'B'
SHRI KHATU: CRISIL Reaffirms 'BB+' Rating on INR83.8MM Cash Credit

STARLINE CARS: CRISIL Rates INR120 Million Cash Credit at 'BB'
SWAMI PALANI: CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit


I N D O N E S I A

GAJAH TUNGGAL: S&P Puts 'B' Sr. Secured Debt Rating on Neg. Watch


J A P A N

ORIX-NRL TRUST 15: Moody's Puts B2 Rating for Possible Downgrade
ORIX-NRL TRUST 18: Moody's Puts B1 Rating for Possible Downgrade
TOKYO ELECTRIC: Nippon Life May Give More Loans to Tepco


K O R E A

HYNIX SEMICONDUCTOR: STX Group May Bid For Hynix Stake


N E W  Z E A L A N D

FELTEX CARPET: Liquidator Reveals ANZ's NZ$15.6-Million Shortfall


T A I W A N

PROMOS TECHNOLOGIES: Plans to Cut Capital by 85%; Sell New Shares


T H A I L A N D

THANACHART BANK: Fitch Assigns 'BB+' Support Rating Floor


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


IMPALA TRUST: S&P Gives 'BB' Rating on Class E Pass-through Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to the five classes of auto, equipment and practice loan-
backed, floating-rate, pass-through notes to be issued by
Perpetual Trustee Co. Ltd. as trustee of IMPALA Trust No. 1 - Sub
Series 2011-1. The transaction is a securitization of fully and
partially amortizing Australian-dollar, fixed-rate auto and
equipment-backed finance leases, commercial hire purchase
agreements, goods mortgages, as well as practice loans offered to
health and accounting industry participants.

The preliminary ratings reflect S&P's view of:

    The creation of a new special-purpose sub-series, coupled with
    the transaction's legal structure. The entity, IMPALA Trust
    No. 1 - Sub Series 2011-1, meets Standard & Poor's special-
    purpose entity criteria.

    The credit support for each class of notes, which is provided
    in the form of subordination comprising 8.71% provided at 'AAA
    (sf)', 6.66% provided at 'AA (sf)', 5.17% provided at 'A
    (sf)', 4.00% provided at 'BBB (sf)', and 2.70% provided at 'BB
    (sf)'.

    Liquidity support equal to AUD2.187 million, which is 1.0% of
    the initial invested amount of the notes. Subject to a floor
    amount of A$1.09 million, liquidity will be funded from note
    issuance at closing, and will be held in the liquidity
    account. Principal collections may also be used to meet short-
    term liquidity demands. A class of notes cannot draw down
    liquidity or principal if there is a charge-off against that
    class of notes.

    The condition that all contractual payments, including the
    residual or balloon payments, are an obligation of the
    borrower. As a result, the issuer is not exposed to any market
    value risk associated with the sale of the autos and equipment
    (on performing loans), which is a risk that may be associated
    with other products such as operating leases.

    The benefit of a fixed-to-floating interest rate swap to be
    provided by Australia and New Zealand Banking Group Ltd.
    (AA/Stable/A-1+), to hedge the mismatch between the fixed-rate
    interest and rental payments on the receivables, and the
    floating-rate coupon payable on the notes.

Preliminary Ratings Assigned

Class      Rating     Amount (mil. AUD)
A          AAA (sf)     196.1
B          AA (sf)        4.4
C          A (sf)         3.2
D          BBB (sf)       2.5
E          BB (sf)        2.8
Seller     N.R.           5.8


N.R.--Not rated


INTELLIGENT SOLAR: Receives Notice of Default on Convertible Note
-----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that Intelligent Solar
Limited said Wednesday that it would be requesting a trading halt
after receiving a notice of default from Beath Investment
Services, the trustee acting on behalf of several convertible note
holders.

SmartCompany relates that the company said it is talking to its
finance providers, is discussing the matter with BIS, and is set
to "review alternative capital raising prospects".

According to SmartCompany, the news came days after new figures
showed that a large number of solar panels installed in New South
Wales are faulty, where only 20% of 658 households surveyed had
correctly installed panels, with 18.5% containing major faults.

New South Wales installers said a lack of government support and
the new audit figures are creating a pessimistic atmosphere that
is causing people to stay away from solar, SmartCompany says.

"The industry is in massive trouble right now," SmartCompany
quotes Carbon Management Solutions co-founder Amber Ferguson as
saying.

"We haven't sold a system in NSW in three months.  We are coming
to work every day and are hearing about other companies that are
going under.  We're extremely frustrated," Ms. Ferguson said.

Ms. Ferguson told SmartCompany the lack of government support is
having a negative impact on the firm, which ranked first in last
year's Smart5.

Based in Sydney, Australia, Intelligent Solar Limited is a
wholesale airconditioning supplier and developer of innovative
solar hot water technology.


RAPTIS GROUP: Vows to Bring Back Company Under Shareholder Control
------------------------------------------------------------------
Anthony Marx at The Courier-Mail reports that failed Gold Coast
developer Jim Raptis is aiming to get back into the property game
two years after his building empire, Raptis Group, crashed with
AUD1 billion in debts.

According to The Courier-Mail, Mr. Raptis said this week he was
working to return money to creditors as he continued to wage legal
proceedings against the Australian Taxation Office and planned to
launch a court challenge against a major financier.

The Courier-Mail relates that Raptis Group vowed to "return the
company to operational status" and bring the company back under
shareholder control.

"In anticipation of the group's reinstatement, the group is
researching development opportunities to be in a position to
commence projects in a cost-effective time frame," The Courier-
Mail cited Raptis as noting in a statement to the Australian
Securities Exchange.

Raptis Group, as cited by The Courier-Mail, said its subsidiary
Rapcivic Contractors would be able to return 14 cents to 16 cents
on the dollar to unsecured creditors owed about AUD12 million, up
from earlier forecasts of 10 cents to 14 cents.

The Courier-Mail notes that Raptis Group is fighting the ATO over
its assessment that Rapcivic owed $29 million in back taxes.  The
debt has been cut to $11 million but Raptis has appealed to the
Full Bench of the Federal Court to have the whole amount struck
out.

Last March, The Courier-Mail recalls, Mr. Raptis announced plans
to sue Capital Finance Australia over a disputed fixed and
floating charge.

Mr. Raptis confirmed this week that a lawsuit was being prepared
against Capital for unspecified actions which allegedly cost his
group between AUD450 million and AUD500 million in damages.

Capital had loaned more than AUD200 million for the development of
Raptis Group's AUD700 million Southport Central unit project.

                       About Raptis Group

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

                          *     *     *

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

Raptis Group has more than 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AUD940 million, Mr. Silvia said.  Raptis Group,
according to The Australian, has more than AUD1 billion in total
liabilities.

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

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


RESIMAC BASTILLE: S&P Gives 'BB' Rating on Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to the seven classes of non-conforming and subprime
residential mortgage-backed securities (RMBS) to be issued by
Perpetual Trustee Company Ltd. as trustee for RESIMAC Bastille
Trust - RESIMAC Series 2011-1NC.

The preliminary ratings reflect:

    "Our view of the credit risk of the underlying collateral
    portfolio at close," S&P stated.

    "Our expectation that the various mechanisms to support
    liquidity within the transaction are sufficient under our
    stress assumptions to support timely payment of interest," S&P
    said.

    The composition of the portfolio, which consists entirely of
    variable-rate mortgages with no ability for the borrower to
    convert to fixed rate.

    The ability of the trustee to fund redraws only if there are
    sufficient principal collections.

    The availability of a retention amount built from excess
    spread, which will be applied monthly to repay the most
    subordinated rated note at that time. An equal amount of
    unrated class F notes will be issued at this time to maintain
    the level of credit support available to the rated notes.

    The condition that a minimum margin will be maintained on the
    assets.

    The subordination provided to the relevant class of notes.

Preliminary Ratings Assigned

Class     Rating      Amount (mil. AUD)
A-1       AAA (sf)    40.0
A-2       AAA (sf)    72.0
A-3       AAA (sf)    52.0
B         AA (sf)     12.0
C         A (sf)       8.0
D         BBB (sf)     6.0
E         BB (sf)      4.8
F         N.R.         5.2

N.R.--Not rated


YORK CAPITAL: ASIC Obtains Orders to Wind Up Firm
-------------------------------------------------
The Australian Securities and Investments Commission has obtained
orders in the Federal Court of Australia to wind up York Capital
Limited following the company's failure to lodge its financial
reports and hold annual general meetings for the past three years.

On June 29, 2011, the Federal Court of Australia ordered that York
be wound up and appointed Mr. Paul Burness of Worrells as
liquidator.

The Court's orders follow an ASIC investigation into York's
failure to prepare and lodge audited financial reports and
director's reports and hold annual general meetings from June 30,
2008, to date.

York also failed to appoint the statutory minimum of three
directors and comply with a court order dated June 9, 2009, which
required financial accounts be lodged with ASIC within 28 days.

York Capital Limited offers short term loans secured by registered
first or second ranking fixed and floating charge and/or secured
by first or second mortgage over real property.


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


INTIME DEPARTMENT: Fitch Assigns 'BB' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has assigned China-based department stores operator,
Intime Department Stores (Group) Limited, Long-Term Foreign-
Currency and Local Currency Issuer Default Ratings (IDR) of 'BB'
respectively. The Outlook is Stable.  The agency has also assigned
Intime a local currency senior unsecured rating of 'BB' and its
proposed offshore CNY senior unsecured notes an expected 'BB(exp)'
rating. The final rating of the proposed notes is contingent upon
the receipt of documents conforming to information already
received.

"Intime's ratings reflect its concessionaire-based retail model,
which removes some of the risks often associated with the retail
industry such as inventory risk, and its regional dominance in
Zhejiang province," said Alan Chan, Associate Director in Fitch's
Asia-Pacific Corporates team. "However, the ratings are
constrained by its aggressive debt-funded expansion plans which
carry certain execution risk and will suppress credit metrics over
the next two to three years."

Intime derives the majority of its income from commissions paid by
concessionaires that conduct sales in its large, urban, department
stores. The commission comprises both fixed and variable
components, with the latter calculated as a percentage of gross
sales. Under this model, concessionaires -- approximately 250-350
per store -- bear all inventory risks and most of the sales
staffing costs. Promotion costs are shared by Intime and its
concessionaires.

This model means that Intime's business is more akin to that of
retail property owners/operators than to typical retailers' in
most developed markets, though with some key differences. The
usual tenor of a concession is six to 12 months, far shorter than
a typical lease in a retail mall. This risk is mitigated by the
fact that Intime currently has strong bargaining power over its
concessionaires given the large number of concessionaires vying to
operate in its stores. In addition, while concessionaires are
typically local distribution agents of national and international
brands with potentially weaker financial profiles, Intime's
counterparty credit risks are limited as it collects all sales
proceeds and nets off its commissions before handing the cash over
to the concessionaires. This also means that Intime operates with
a negative working capital cycle.

Intime's ratings are also supported by its dominant market
position in Zhejiang, one of the wealthiest provinces in China
with GDP per capita about 60% higher than the national average.
Intime has established stores in strategic locations in key cities
like Hangzhou and Ningbo, with average same store sales growth of
15% over the last three years.

Intime's ratings are constrained by its aggressive debt-funded
capex plan, which is expected to double its gross floor area over
a three-year period beginning 2011. This will weaken its credit
metrics as new stores take considerable time to generate strong
cash flows. Fitch expects Intime's funds from operations (FFO)
fixed charge coverage to deteriorate to under 3.0x during the peak
of the capex cycle from around 4.8x at end-2010. Given the high
rentals requested by property owners, Intime plans to increase the
proportion of owned stores in its portfolio, meaning the capital
intensity of its business will increase. In addition, some of this
growth will be tier-3 and tier-4 cities, some outside its core
Zhejiang market, exposing the company to certain execution risk.

The Stable Outlook reflects Fitch's expectation that Intime's debt
increase will be balanced by the growth in its operating cash
flows over the next 12-24 months. The agency may consider negative
rating action if Intime loses its dominant market position in
Zhejiang province, deviates from its existing concession model
and/or its FFO fixed charge coverage is sustained below 2.75x.
Positive rating action is not envisaged until Intime significantly
increases its operating scale without eroding profitability,
generates positive free cash flow and achieves FFO fixed charge
coverage above 3.5x on a sustained basis.

While Fitch has assigned a local currency rating to the proposed
notes, the agency notes that the flow of CNY from onshore to
offshore may be subject to future Chinese government restrictions
which, however, are not foreseeable in the near term.

The proposed funding structure involves the bond proceeds being
transferred to onshore operating subsidiaries via both shareholder
loans and equity injections. Fitch notes that the government
approvals required are different for the payment of interest and
repayment of principal under these two mechanisms. Fitch considers
the process of repatriating CNY offshore to repay the principal
amount transferred via shareholder loans as being more certain
than equity injections under current restrictions.

In assessing the recovery prospects of an offshore bond for a
company which derives the majority of its revenue from mainland
China, Fitch assumes that all onshore debt is paid in priority to
offshore debt. Fitch assumes that there is a willingness by the
issuer to not prefer any set of creditors, but bases its recovery
calculations for offshore debt instruments on available funds
after onshore debt repayments.


POWERLONG REAL: S&P Affirms 'B+' Long-Term CCR; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on China-based property developer
Powerlong Real Estate Holdings Ltd. The outlook is stable. "We
also affirmed the Greater China credit scale rating on the company
at 'cnBB'. At the same time, we lowered the issue rating on the
company's U.S. dollar and Chinese renminbi notes to 'B' from 'B+',
and the Greater China credit scale rating to 'cnBB-' from 'cnBB',"
S&P related.

"We affirmed the rating on Powerlong because we believe the
company has steady execution and it will generate satisfactory
property sales to offset the increase in borrowings to fund
expansion," said Standard & Poor's credit analyst Christopher Lee.
"Nevertheless, Powerlong's credit ratios for 2011 will weaken. In
our base-case scenario, we expect the company to maintain a debt-
to-EBITDA ratio of 4x-5x in 2011 compared with less than 3x in
2010."

"We believe Powerlong will generate a good level of property sales
even though we expect the property market correction to deepen.
This is because the company has a somewhat diversified and
competitive product mix of residential and commercial property,
and policy tightening is not likely to significantly affect the
commercial property sector. Nevertheless, Powerlong's expansion
plan is aggressive and has significant execution risks, in our
view. The company's residual related-party transactions also
remain a rating weakness. However, historically low land costs
allow Powerlong to price competitively, generate good cash flows,
and achieve above-average credit ratios compared with its 'B+'-
rated peers. In addition, we believe the company's liquidity
will remain adequate in 2011, with sources of liquidity likely to
exceed its uses by more than 15%," S&P stated.

"The issue rating is one notch lower than the corporate credit
rating to reflect our opinion that offshore noteholders would be
materially disadvantaged, compared with onshore creditors, in the
event of a default. In our view, Powerlong's ratio of priority
borrowings to total assets will remain above our notching
threshold of 15% for speculative-grade debt for the next two
years," S&P related.

"The stable outlook reflects our expectation that Powerlong will
maintain sufficient liquidity while pursuing a high-growth
strategy and expansion. We expect its rental income to steadily
increase, but the coverage of its gross interest expenses will
remain limited in 2011," S&P noted.

"We may raise the rating if Powerlong maintains above-average
credit ratios compared with its 'B+'-rated peers while pursuing
its high-growth strategy; and the company's corporate governance
improves, which we believe could happen if it continues to reduce
related-party transactions. For example, Powerlong's related-party
transactions could significantly decline if rental income from
related parties is substantially lower than 15% of the total
rental income and the company completes all outstanding
acquisitions of related-party properties according to the agreed
terms," S&P said.

"We may consider lowering the rating if: (1) Powerlong deviates
from its strategy and invests in non-core businesses; (2) the
company's expansion and land acquisitions are more aggressive than
we expected; or (3) its property sales are significantly weaker
than we expected, such that its debt-to-EBITDA ratio is more than
5x," S&P added.


* Moody's Cites Greater Scale of Problem Loans to Chinese Banks
---------------------------------------------------------------
Moody's Investors Service says that the potential scale of the
problem loans at Chinese banks may be closer to its stress case
than its base case, according to an assessment that the rating
agency conducted following the release of new data by China's
National Audit Office (NAO).

When considering the apparent absence of a clear master plan to
deal with this issue, Moody's also views the credit outlook for
the Chinese banking system as potentially turning to negative.
"We assume that the majority of loans to local governments are of
good quality, but based on our assessment of the loan
classifications and risk characteristics, as provided by the NAO
and other Chinese agencies, we conclude that the banks' exposure
to local government borrowers is greater than we anticipated,"
says Yvonne Zhang, a Moody's Vice President and one of the authors
of the report.

Of the RMB10.7 trillion (about US$1.6 trillion) of local
government debt examined by the Chinese audit agency,
RMB8.5 trillion (US$1.3 trillion) was funded by banks. However,
Moody's has identified another potential RMB 3.5 trillion ($540
billion) of such loans that the Chinese auditors did not discuss
in their report.

"When cross-examining the findings by the June 27 NAO report -- in
conjunction with reports from Chinese banking regulators -- we
find that the Chinese audit agency could be understating banks'
exposures to local governments by as much as RMB 3.5 trillion,"
says Ms. Zhang.

"Since these loans to local governments are not covered by the NAO
report, this means they are not considered by the audit agency as
real claims on local governments. This indicates that these loans
are most likely poorly documented and may pose the greatest risk
of delinquency," the analyst adds.

Moody's report estimates that the Chinese banking system's
economic non-performing loans could reach between 8% and 12% of
total loans, compared to 5% to 8% in the rating agency's base
case, and 10% to 18% in its stress case.

In the report, the rating agency examines various scenarios as to
how banks could tackle problem loans, including some where the
government provides assistance, but Moody's generally expects the
Chinese authorities to implement gradual discipline.  This would
involve the authorities leaving the banks manage a portion of the
problem loans on their own.

The report is entitled, Growing Size of Local Government Debt
Burden Challenges Chinese Banks.


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


HOPEFUL FURNITURE: Court to Hear Wind-Up Petition on July 20
------------------------------------------------------------
A petition to wind up the operations of Hopeful Furniture Limited
will be heard before the High Court of Hong Kong on July 20, 2011,
at 9:30 a.m.

Tony Au & Partners filed the petition against the company on
May 18, 2011.

The Petitioner's solicitors are:

          Er Nest Li & Co
          Unit A, 5th Floor
          CTS House
          78-83 Connaught Road
          Central, Hong Kong


HUGE BEST: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on June 22, 2011, to
wind up the operations of Huge Best International Limited.

The official receiver is Teresa S W Wong.


J & E MANUFACTURING: Ying and Lok Appointed as Liquidators
----------------------------------------------------------
Lo Ka Ying and Leung Ka Lok said in notice dated July 1, 2011,
they have been appointed by the High Court of Hong Kong as
liquidators of J & E Manufacturing Limited on March 1, 2011.

The liquidators may be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Room 1307, Tower 1
         Lippo Centre, 89 Queensway
         Admiralty, Hong Kong


KINGDOM WAY: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on June 10, 2011, to
wind up the operations of Kingdom Way Industrial Limited.

The company's liquidator is Yuen Tsz Chun Frank.


KIN SUN: Ying and Lok Appointed as Liquidators
----------------------------------------------
Lo Ka Ying and Leung Ka Lok said in notice dated July 1, 2011,
they have been appointed by the High Court of Hong Kong as
liquidators of Kin Sun Property (H.K.) Company Limited (formerly
known as Kin Sun Dial Industries Company Limited) on June 10,
2009.

The liquidators may be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Room 1307, Tower 1
         Lippo Centre, 89 Queensway
         Admiralty, Hong Kong


NUXD (HONG KONG): Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on May 31, 2010, to
wind up the operations of NuXD (Hong Kong) Limited.

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


PACIFIC EAST: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on June 15, 2011, to
wind up the operations of Pacific East International Limited.

The official receiver is E T O'Connell.


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

The official receiver is E T O'Connell.


PALMERSTON LIMITED: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on July 7, 2010, to
wind up the operations of Palmerston Limited.

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


SHING LEE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Oct. 14, 2010, to
wind up the operations of Shing Lee Engineering Limited.

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


SINOSUN CREATION: Court to Hear Wind-Up Petition on August 10
-------------------------------------------------------------
A petition to wind up the operations of Sinosun Creation Limited
will be heard before the High Court of Hong Kong on Aug. 10, 2011,
at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on June 8, 2011.

The Petitioner's solicitors are:

          Siao, Weng and Leung
          7th Floor, Wing On Central Building
          26 Des Veoux Road Central
          Hong Kong


SKY WINNING: Court to Hear Wind-Up Petition on August 17
--------------------------------------------------------
A petition to wind up the operations of Sky Winning International
Limited will be heard before the High Court of Hong Kong on
Aug. 17, 2011, at 9:30 a.m.

Grace Ace Limited filed the petition against the company on
June 10, 2011.

The Petitioner's solicitors are:

          Gallant Y.T. Ho & Co.
          5th Floor, Jardine House
          No. 1 Connaught Place
          Hong Kong


SUNVILLE INVESTMENT: Creditors Get HK$200/Share Recovery on Claims
------------------------------------------------------------------
Sunville Investment Company Limited, which is in liquidation, paid
second interim return of capital to its creditors on June 30,
2011.

The company paid HK$200 per share.

The company's liquidators are:

         Kong Chi How, Johnson
         Lo Siu Ki
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


TCL PILING: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on June 15, 2011, to
wind up the operations of TCL Piling Specialist Limited.

The official receiver is E T O'Connell.


THOUSAND PORT: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on March 12, 2010, to
wind up the operations of Thousand Port Limited.

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


TIM WONG: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on July 20, 2010, to
wind up the operations of Tim Wong Restaurant Limited.

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


TURBO RICH: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Jan. 3, 2011, to
wind up the operations of Turbo Rich Development Limited.

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


WAYCON INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Jan. 27, 2010, to
wind up the operations of Waycon International Limited.

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


WO FUNG: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on May 3, 2010, to
wind up the operations of Wo Fung Transportation Co. Limited.

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


WT DESIGN: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Jan. 3, 2011, to
wind up the operations of WT Design Consultants Limited.

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


XIJIANG DEVELOPMENT: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on July 14, 2010, to
wind up the operations of Xijiang Development Company Limited.

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


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


BANSAL BROTHERS: CRISIL Assigns 'BB' Rating to INR50MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the long-term bank
facilities of Bansal Brothers.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        BB/Stable (Assigned)
   INR10 Million Proposed LT Bank   BB/Stable (Assigned)
                    Loan Facility

The rating reflects BB's exposure to risks related to intense
competition in the highly fragmented iron and steel industry, low
operating margin, working-capital-intensive operations, and a weak
financial risk profile, marked by a small net worth, moderate
gearing, and weak debt protection metrics and small scale of
operations. These rating weaknesses are partially offset by the
extensive experience of BB's management in trading and
manufacturing iron and steel products.

Outlook: Stable

CRISIL believes that BB will continue to benefit from its strong
relationships with its suppliers, improving revenues, and
extensive industry experience of its partners, over the medium
term. The outlook may be revised to 'Positive' if BB improves its
financial risk profile significantly, most likely because of
equity infusion by the partners and better-than-expected revenues
and profitability. Conversely, the outlook may be revised to
'Negative' if the firm's profitability or revenues decline,
resulting in lower-than-expected cash accruals, or the firm
undertakes any large-than-expected debt-funded capital expenditure
programme.

                        About Bansal Brothers

Incorporated in 1960 as a partnership firm by Mr. D R Bansal, BB
trades and manufactures iron and steel products and ferro alloys,
respectively. The firm is a trader in mild steel scrap, plates,
and structurals and has established relationships with its
customers. The firm has a manufacturing capacity of 250 tonnes per
month (tpm) of ferro alloys in Chhattisgarh. BB plans to increase
the capacity to 500 tpm with minor de-bottlenecking in 2012-13
(refers to financial year, April 1 to March 31).

BB reported a profit after tax (PAT) of INR6.7 million on net
sales of INR306.5 million for 2009-10, as against a PAT of
INR5.7 million on net sales of INR376.9 million for 2008-09.


BANSAL MARINE: CRISIL Assigns 'BB' Rating to INR2MM Long-Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Bansal Marine (S.B.) (BMSB, part of the Bansal
group).

   Facilities                        Ratings
   ----------                        -------
   INR2 Million Long-Term Loan       BB/Stable (Assigned)
   INR200 Million Letter of Credit   P4+ (Assigned)

The ratings reflect the Bansal group's modest financial risk
profile marked by a low net worth and risks associated with
susceptibility of its operating performance to volatility in iron
and steel prices coupled with the risks emanating from the
regulatory framework for the ship breaking industry. These rating
weaknesses are partially offset by the extensive industry
experience of Bansal group's promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BMSB and Agrasen Shipbreakers Pvt Ltd
(ASPL). This is because the two entities, together referred to as
the Bansal group, are under a common management and have
significant operational and financial linkages.

Outlook: Stable

CRISIL believes that the Bansal group will continue to benefit
over the medium term from the extensive experience of the
promoters in the ship breaking industry. The outlook may be
revised to 'Positive' if the group reports higher-than-expected
growth in revenues and earnings while maintaining its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if it suffers a significant deterioration in its
profitability margins or working capital cycle thereby weakening
its financial risk profile and liquidity.

                          About the Group

The Bansal group undertakes ship-breaking activity and supplies
reconditioning equipment through its entities, ASPL and BMSB. It
owns two ship-breaking plots -- one in Alang (Gujarat) measuring
1350 square metres (sq m), and the other in Sachana (Gujarat)
measuring 2250 sq m. The group recycled ships totalling around
around 24,000 tonnes of steel in 2010-11.

Apart from ship-breaking, the group also supplies centrifuges used
for separation of fuels in ships and other places. The Bansal
group refurbishes old equipment obtained during recycling and
sells them to reconditioning companies based in Europe and the
USA. The management have now hived off this division into a
separate company, Bansal Separators and Spares Pvt Ltd.

BMSB reported a profit after tax (PAT) of INR5.2 million on net
sales of INR262.9 million for 2010-11 (provisional figures, refers
to financial year, April 1 to March 31), as against a PAT of
INR2.5 million on net sales of INR236.7 million for 2008-09.


BRITEX ENGINEERING: CRISIL Places 'B' Rating on INR10.3MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Britex Engineering Works.

   Facilities                            Ratings
   ----------                            -------
   INR40 Million Cash Credit             B/Stable (Assigned)
   INR10.3 Million Long-Term Loan        B/Stable (Assigned)
   INR15.9 Million Proposed Long-Term
                   Bank Loan Facility    B/Stable (Assigned)
   INR2.3 Million Overdraft Facility     P4 (Assigned)
   INR21.5 Million Letter of Credit      P4 (Assigned)

The ratings reflect Britex's small scale of operations, customer
concentration in its revenue profile, and its large working
capital requirements. These weaknesses are partially offset by the
extensive experience of Britex's promoters in the manufacture of
flanges and its above-average financial risk profile, marked by
moderate gearing and debt protection metrics.

Outlook: Stable

CRISIL believes that Britex will benefit from the extensive
industry experience of its promoters and maintain its above-
average financial risk profile, over the medium term. The outlook
may be revised to 'Positive' if Britex is able to generate demand
for its new products and significantly increase capacity
utilization. Conversely, the outlook may be revised to 'Negative'
if the firm is unable to increase its sales or if it undertakes an
additional large, debt-funded capital expenditure programme,
adversely impacting its financial risk profile.

                       About Britex Engineering

Britex was established in 1973 by Mr. Yogesh Kadakia, his two
brothers and his brother-in-law to manufacture pipe flanges.  The
firm manufactures forged flanges and other generalized pipe
fitting components, which find use in various industries,
including petrochemicals, oil, fertilizers, and infrastructure.
The firm's plant in Navi Mumbai has a capacity of 300 tonnes per
month.


ECONOMIC TRADERS: CRISIL Places 'P4' Rating on INR70MM Bank Credit
------------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the short-term bank
facilities of Economic Traders (Gujarat) Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR70 Million Export Packing Credit   P4 (Assigned)
   INR3 Million Bank Guarantee           P4 (Assigned)
   INR7 Million Letter of Credit         P4 (Assigned)

The rating reflects ETGPL's small scale of operations, exposure to
intense industry competition, and high geographical and customer
concentration in revenue profile. The rating also reflects ETGPL's
high exposure to non-related investments through group entities.
These rating weaknesses are partially offset by the extensive
experience of ETGPL's promoters in the diesel engine and pumpset
segment

Incorporated in 1972, ETGPL exports, and trades in, diesel engine,
pump sets, spares, and engineering equipment used in the
agricultural (agro) sector and various agro commodities. The
promoters, Mr. Indulal Vora and Mr. Manharlala Vora, entered the
business through a partnership firm in 1961. The company derives
about 80%  of its total revenues from Africa.

ETGPL reported a net profit of INR6.4 million on net sales of
INR182 million for 2010-11 (refers to financial year, April 1 to
March 31), against a net profit of INR8.9 million on net sales of
INR162 million for 2009-10.


EMMKAE TRADING: CRISIL Puts 'P4' Rating on INR60MM Bill Purchase
----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of
Emmkae Trading Corporation Pvt Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR60 Million Foreign Bill Purchase       P4 (Assigned)
   INR120 Million Foreign Bill Discounting   P4 (Assigned)

The rating reflects ETPL's large working capital requirements
marked by high outstanding receivables, and limited track record
of operations. These rating weaknesses are partially offset by the
company's satisfactory debt protection metrics, led by above-
average interest coverage ratio.

Incorporated in 2006 as Amansi Arts Pvt Ltd, ETPL got its current
name in 2009. It trades in mouth fresheners and embroidered
fabrics. The company is based in Mumbai (Maharashtra) and has its
embroidery facility in Surat (Gujarat). It is owned and managed by
Mr. Mahesh Mangukiya and his brother, Mr. Dhanji Mangukiya.

ETPL reported a profit after tax (PAT) of INR18.2 million on net
sales of INR1457 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR15 million on net sales
of INR97 million for 2008-09


FORTUNE INVESTORS: CRISIL Rates INR99 Million LT Bank Loan at 'BB'
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the proposed long-
term bank loan facilities of Fortune Investors & Traders Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR99.0 Million Proposed LT     BB/Stable (Assigned)
            Bank Loan Facility

The rating reflects FITL's heavy dependence on primary operational
cash flows and susceptibility to inherent risks in the real estate
industry. These rating weaknesses are partially offset by the
strategic location of FITL's commercial property, supported by a
healthy demand for office space.

Outlook: Stable

CRISIL believes that FITL will continue to benefit over the medium
term, backed by the strategic location of its commercial property.
The outlook may be revised to 'Positive' if the company increases
its scale of operations and diversifies its revenue profile
without deteriorating its capital structure. Conversely, the
outlook may be revised to 'Negative' in case of unexpected
termination of existing leases, or if the company's undertakes
aggressive debt-funded projects or extends support to weaker
entities in the group, thereby negatively impacting its debt
servicing ability.

                       About Fortune Investors

FITL, set up by the late Mr. M D Almal, invests in land and
properties. It is currently renting out commercial real estate
space at a prime location in Kolkata (West Bengal); the property,
which is on the second floor and part of the ground floor, is
spread across 12,500 square feet (sq ft). FITL is currently being
managed by Mr. Rahul Almal and Mr. Atul Almal, grandsons of Mr. M
D Almal.

Prior to 2008-09 (refers to financial year, April 1 to March 31),
FITL had a combined space of 22,300 sq ft, out of which 9800 sq ft
was demerged into a separate company, Techprop Construction Pvt
Ltd, which is owned by a family member of the promoters. FITL
currently receives a gross rental of around INR12 million per
month from its tenants.


GLR REAL: CRISIL Reaffirms 'BB-' Rating on INR79.5MM LT Bank Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of GLR Real Estate Pvt Ltd
continue to reflect GLR's exposure to implementation risks
associated with its ongoing project -- Gulmohar City and
geographical and project concentration in its revenue profile.
These rating weaknesses are partially offset by timely completion
and saleability of Phase 1 of Gulmohar City project.


   Facilities                     Ratings
   ----------                     -------
   INR70.5 Million Cash Credit    BB-/Stable (Reaffirmed)
   INR79.5 Million Proposed LT    BB-/Stable (Reaffirmed)
            Bank Loan Facility

Outlook: Stable

CRISIL believes that GLR's financial risk profile will remain
stable over the medium term, supported by timely completion of
Phase 1 and expected timely cash inflows from the Phase 2 of the
ongoing Gulmohar City project. The outlook may be revised to
'Positive' in case of improvement in the saleability of the
project leading to higher selling price and accretion to reserves.
Conversely, the outlook may be revised to 'Negative' if there is
substantial decline in GLR's cash accruals because of reduced
demand in the real estate sector in Gwalior, or if GLR contracts
sizeable debt to launch subsequent phases of Gulmohar City
project, thereby weakening its capital structure and debt
protection metrics.

                          About GLR Real

GLR Real Estate Pvt. Ltd. is the flagship company of Neoteric
group. Currently, GLR is developing a large housing project-
Gulmohar City. The project is located in the city of Gwalior,
Madhaya Pradesh and due to the brisk development in the locality,
the area is now referred to as 'new city centre'. A number of
government offices such as High court and collector's office are
being developed in the proximity. The company is currently
executing the second phase of its Gulmohar City project, which
comprises 144 units (flats and row houses) with cost estimated at
INR250 million. The company completed the Phase 1 of the project
with total cost of INR450 million and about 90 percent of the same
has been sold.

For 2010-11, GLR, on a provisional basis, reported a profit after
tax (PAT) INR55 million on net sales of INR265 million, against a
PAT of INR36 million on net sales of INR170 million for 2009-10.


GURDASPUR OVERSEAS: CRISIL Assigns 'B+' Rating to INR246MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Gurdaspur Overseas Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR246 Million Term Loan         B+/Stable (Assigned)
   INR157.5 Million Cash Credit     B+/Stable (Assigned)
   INR40 Million Bill Discounting   P4 (Assigned)

The ratings reflect GOL's exposure to risks associated with the
greenfield nature of its project, unfavorable changes in
government policies, vulnerability to volatility in raw material
prices, and erratic monsoons. These rating weaknesses are
partially offset by the extensive experience of GOL's promoters in
the rice milling industry.

Outlook: Stable

CRISIL believes that GOL will benefit from the extensive
experience of its promoters in the rice business and healthy
growth prospects of the rice industry. The outlook may be revised
to 'Positive' on timely completion of project within budgeted cost
with significant ramp-up in sales and profitability. Conversely,
the outlook may be revised to 'Negative' if there are any
significant delays in project completion, cost overrun, or lower-
than-expected ramp-up in sales and profitability.

                     About Gurdaspur Overseas

Incorporated in September 2009, GOL is currently setting up
integrated basmati rice milling plant and a co-generation plant in
Gurdaspur (Punjab). The project is being set up under the
Government of Punjab's Agri Mega Project scheme. The rice mill
will have installed capacity of 15 tonnes per hour while the
cogeneration plant will have 1 megawatt capacity. The company
plans to process Pusa 1121 variety of basmati rice. GOL plans to
cater primarily to the export market.

The company has been promoted by Mr. Bal Krishan Mittal and his
family. The Mittal family has been in the rice processing business
for more than three decades. Apart from GOL, the Mittal group has
three other entities - Vaishno Rice Mill, Gurdaspur Solvex Pvt
Ltd, and The Mittal Udhyog Samiti.


HEMANT SURGICAL: CRISIL Places 'BB-' Rating on INR40MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Hemant Surgical Industries Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR40 Million Cash Credit          BB-/Stable (Assigned)
   INR4 Million Proposed Long-Term    BB-/Stable (Assigned)
                Bank Loan Facility
   INR85 Million Letter of Credit     P4+ (Assigned)
   INR1 Million Bank Guarantee        P4+ (Assigned)

The ratings reflects HSIL's below-average financial risk profile,
marked by high total outside liabilities to total net worth ratio
and small net worth, and modest scale of operations. These
weaknesses are partially offset by HSIL's relatively minimal
exposure to inventory and foreign exchange risks.

Outlook: Stable

CRISIL believes that HSIL will benefit over the medium term from
its established relationship with JMS Company Ltd and its stable
cash accruals. The outlook may be revised to 'Positive' if the
company significantly increases its scale of operations and its
profitability, without material deterioration of its capital
structure. Conversely, the outlook may be revised to 'Negative' if
the company undertakes a larger-than-expected debt-funded capital
expenditure programme or its working capital requirements increase
significantly, leading to deterioration in its debt protection
metrics or capital structure.

                       About Hemant Surgical

HSIL, established as a proprietorship firm by Mr. Hanskumar Shamji
Shah in 1983, was reconstituted as a closely held public limited
company in 1989. It markets and distributes medical equipment and
disposables. Around 85% of its revenues are generated from the
sales of disposable products of JMS, while around 10% is derived
from the sale of dialysis machines of Germany-based B Braun
Melsungen AG. The company also manufactures nebulisers and
haemodialysis solutions.

HSIL reported a profit after tax (PAT) of INR5 million on net
sales of INR198 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR4 million on net sales
of INR186 million for 2008-09.


J S EXIM: CRISIL Rates INR304.5 Million Long-Term Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the long-term loan
facility of J S Exim Private Limited.

   Facilities                         Ratings
   ----------                         -------
   INR304.5 Million Long-Term Loan    B/Stable (Assigned)

The rating reflects JSE's weak financial risk profile, marked by a
small net worth, a high gearing, and weak debt protection metrics,
small scale of operations, and a high customer concentration in
revenue profile. These rating weaknesses are partially offset by
the company's revenue visibility because of its long-term lease
contract and the advantage that it enjoys because of its
property's prime location.

Outlook: Stable

CRISIL believes that JSE's financial risk profile will remain weak
over the medium term on account of its weak capital structure. The
outlook may be revised to 'Positive' if JSE's capital structure
improves significantly on the back of significant equity infusion
by the promoters or through higher-than-expected cash accruals
generated by leasing unoccupied properties. Conversely, the
outlook may be revised to 'Negative' in case of pressure on the
company's liquidity driven by lower-than-expected cash accruals
because of unexpected termination of the company's existing leases
or if JSE faces any repayment obligations because of high
unsecured borrowings.

                        About J S Exim

Set up in 2007 by Mr. Mahesh Jain, JSE in the businesses of
leasing out residential and commercial property. It commenced
operations in January 2009 by acquiring a fully constructed
commercial building from Unitech Hospitality Services Pvt Ltd, at
a cost of INR540 million (almost entirely funded through debt).
The building is situated in Sector 45 Greenwoods City in Gurgaon
(Haryana) and has a total area of 135,000 square feet. The
building comprises seven floors, measuring 19,301 square feet
each, and 134 parking lots. The building has been has been leased
out to a single tenant, HSBC Electronic Data Processing India Ltd
(HSBC), for 15 years till 2024. JSE also owns a residential
property in Mumbai (Maharashtra) and a commercial space in
New Delhi; however, both these properties are not under any lease
agreements.

JSE's profit after tax (PAT) is estimated at INR40.7 million on a
net income of INR131.6 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR8.1 million on net
sales of INR72.7 million for 2009-10.


JAGADHATRI VYAPAAR: CRISIL Rates INR135MM Letter of Credit at 'P4'
------------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the letter of credit
facility of Jagadhatri Vyapaar Pvt Ltd (JVPL, part of the
Jagadhatri group).

   Facilities                        Ratings
   ----------                        -------
   INR135 Million Letter of Credit   P4 (Assigned)

The rating reflects the Jagadhatri group's working-capital-
intensive operations and susceptibility of operating margin to
volatility in jute prices. These rating weaknesses are partially
offset by the Jagadhatri group's moderate revenue visibility.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JVPL and SB Overseas Ltd, together
referred to as the Jagadhatri group. This is because both the
entities are engaged in the same line of business and have a
common management.

The Jagadhatri group is part of the Sarda group based in Kolkata
(West Bengal). The group trades raw jute. The group is currently
being managed by Mr. Ghanshyam Sarda. The group procures raw jute
from a number of traders based in north and south Bengal against
usance letter of credit. The Jagadhatri group supplies raw jute to
the manufacturers of finished jute.

The Jagadhatri group reported a profit after tax (PAT) of INR1.25
million on net sales of INR1441.9 million for 2009-10, as against
a PAT of INR2.99 million on net sales of INR737.4 million for
2008-09.


JINDAL INDIA: Fitch Rates INR23.7BB Sr. Bank Loans at 'BB+(ind)'
----------------------------------------------------------------
Fitch Ratings has assigned Jindal India Thermal Power Ltd's Phase
III INR23,700m long-term senior bank loans a 'BB+(ind)' rating.
The Outlook is Stable. Simultaneously, Fitch has affirmed JITPL's
other bank loans:

   -- Phase I INR21,490m long-term senior bank loans: 'BB+(ind)';
      Outlook Stable;

   -- Phase II INR23,220m long-term senior bank loans: 'BB+(ind)';
      Outlook Stable; and

   -- Phase I INR1430m long-term subordinated bank loans:
      'BB(ind)'; Outlook Stable.

The ratings are constrained mainly by the existence of significant
construction and project completion risks, the residual coal
supply risks and the exposure to market power prices. The ratings
are also constrained by lack of sponsor's track record in the
construction and operation of thermal power projects and the
multi-contract nature of the construction arrangements.

Fitch expects some commissioning delays (commercial operations
date (COD) for phase I: March 31, 2012), given the boiler turbine
generator (BTG) supplier's -- BHEL ('AAA(ind)'/Stable) --
overflowing order book and impending monsoons. The lenders'
independent engineer has stated that construction is behind
schedule. That said, the agency notes that about 90% of the supply
and service contracts have already been awarded, and additional
resources have been mobilized to expedite construction activities.
While the entire land required for the main plant is in
possession, Fitch will continue to monitor construction progress.

JITPL is in negotiation with BHEL for BTG supply and service
package for phase III on similar lines with the other two phases.
While about 300 acres of land is yet to be acquired for allied
project activities of phase III, given its COD (September 30,
2013), Fitch does not see this as a major risk at this stage.

While phase I and phase II will use blended coal from the
government-offered linkage (2.66m tonnes per annum (tpa)) and
captive coal mines in 30:70 and 70:30 ratios, respectively,
signing the fuel supply agreement (FSA) with the government-owned
Coal India Ltd is a critical requirement to project commissioning.
Further, land for the coal mine 'Mandakini Coal Co Ltd', jointly
allocated to JITPL, Monnet Power Company Ltd and Tata Power
Company Ltd, has not been fully acquired. It is expected to serve
the entire fuel requirement of phase III. The company expects the
FSA to be signed six months before the COD of phase I and to
complete the land acquisition of mines by that time. That said,
even if the land acquisition process is delayed, the government
linkage of 2.66 mtpa should be sufficient for phase I project
requirements.

Sponsor has injected INR5.18 billion as equity out of an estimated
INR18.24 billion into the project, and the management has
confirmed the availability of INR3 billion through borrowings at
the holding company level. The remainder is expected to come from
liquid investments (INR6 billion) in various unlisted group
companies and internal accruals (INR4.06 billion) from two of the
listed group companies. However, Fitch will monitor timely equity
injection.

At this time, the project is exposed significantly to merchant
power price risk. Given India's growing power deficit situation,
Fitch believes that power price risk is modest in the short-to-
medium term, though tariffs may correct in the longer-term. JITPL
has a power off-take agreement with Tata Power Trading Company
Limited (TPTCL, 'BBB+(ind)'/Stable) initially at market prices for
80% of the capacity for phase I and II. TPTCL has entered into a
fixed-price sale arrangement with West Bengal State Electricity
Board for 200MW and the balance is in various stages of
negotiation.  As these contracts are agreed, the project benefits
from the fixed prices, thus reducing merchant risk. Similar
arrangements are reportedly being finalized for phase III as well.

Structurally, while the lenders of all the phases have an equal
charge on all assets and project cash flows, the bank loans for
the three phases have separate escrow accounts, ensuring
segregation of cash flows available for debt service. Fitch notes
the management's intention of merging these escrow accounts in
consultation with the lenders once all three phases are
operational.

Promoted by the BC Jindal group, JITPL is implementing a coal-
based thermal power project in three phases of 600MW each in
Derang village, Angul District, Orissa. The first two phases are
under construction and being implemented at a cost of INR28,650
million and INR30,960 million, respectively. The company has
achieved financial closure for phase III and the company expects
to commence construction shortly. Phase III is being implemented
at a cost of INR31,600 million.


K. R. FERRO: CRISIL Assigns 'B' Rating to INR120MM Long-Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of K. R. Ferro Alloys Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR120 Million Long-Term Loan      B/Stable (Assigned)
   INR80 Million Proposed Long-Term   B/Stable (Assigned)
                 Bank Loan Facility

The rating reflects KRF's exposure to risks related to the
implementation and stabilization of its upcoming ferro alloy
manufacturing unit, and susceptibility to intense industry
competition and to volatility in steel prices. These rating
weaknesses are partially offset by the experience of KRF's
promoters in the ferro alloy industry.

Outlook: Stable

CRISIL believes that KRF will commence its ferro alloy unit
without any cost or time overrun, backed by its promoters'
industry experience. The outlook may be revised to 'Positive' if
KRF reports a sustained increase in its scale of operations and
profitability, after successful stabilization of its operations.
Conversely, the outlook may be revised to 'Negative' if KRF faces
a time or cost overrun in the implementation of its project,
resulting in smaller cash accruals, thereby adversely affecting
its debt servicing ability, or if the company undertakes more-
than-expected debt to fund its working capital requirements.

                        About K. R. Ferro

Incorporated in 1995 as Karthik Securities Pvt Ltd by Mr. B
Gopala, KRF got its current name in May 2008. It is currently
setting up a ferro alloy manufacturing unit, with two arc
furnaces, to manufacture high-carbon ferro manganese and silico
manganese. The expected cost of the project is around INR180
million, which is being funded by a term debt of INR120 million
and equity infusion by promoters for the rest. The project is
expected to commence commercial operations in July 2013.


KULGAON BADLAPUR: Fitch Affirms National LT Rating at 'BB+(ind)'
----------------------------------------------------------------
Fitch Ratings has affirmed Kulgaon Badlapur Municipal Council's
National Long-Term rating at 'BB+(ind)'.  The Outlook is Stable.

The rating reflects KBMC's consistent revenue surplus but from
limited sources. The council depends heavily on the state and
central governments for its assigned revenue and grants. Though
the council has been consistently posting a revenue surplus,
increasing debt burden may result in deterioration of its debt
coverage ratios.

KBMC's infrastructure is underdeveloped, including the road and
railway network. The council is currently executing two projects
to improve the infrastructure of the city; railway over bridge and
underground drainage system. Of this, the latter is the only
project being executed under the Jawaharlal Nehru Urban Renewal
Mission scheme. At end-December 2010, only 3.4% of the project was
completed, and the completion date has been extended from
March 2011 to August 2012. The revised project cost is estimated
to be 64.4% higher than the approved project cost.

Fitch notes that s delay in re-assessment of properties falling
due in FY09 and FY10 resulted in a considerable decline in KBMC's
property tax collection efficiency. Further unlike other
corporations, the council did not experience a very significant
hike in the establishment expenditure during FY09 and FY10 due to
the fact that it started paying revised salaries to its employees
in line with the recommendations of the Sixth Central Pay
Commission from June 2010. Hence, the impact of the Pay Commission
will be reflected in the financials of FY11 and FY12.

KBMC is a small-sized town on the periphery of Mumbai with a
population of 1,75,516 (2011 census). It is governed by The
Maharashtra Municipal Council, Nagar Panchayat and Industrial
Township Act, 1965.


LEATHER TECH: CRISIL Assigns 'B' Rating to INR1-Mil. Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Leather Tech.

   Facilities                         Ratings
   ----------                         -------
   INR1 Million Cash Credit           B/Stable (Assigned)
   INR16.5 Million Bill Discounting   P4 (Assigned)
   INR30 Million Letter of Credit     P4 (Assigned)
   INR62.5 Million Packing Credit     P4 (Assigned)

The ratings reflect LT's large working capital requirements and
capital withdrawals by partners, leading to weak financial risk
profile, marked by small net worth, high gearing, and weak debt
protection metrics, small scale of operations in highly fragmented
and intensely competitive leather industry, and the vulnerability
of its operating margin to volatility in raw material prices and
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of LT's partners in
manufacturing leather garments and the firm's established customer
relationships.

Outlook: Stable

CRISIL believes that LT's financial risk profile, particularly its
liquidity, will remain weak, and its scale of operations small,
over the medium term. The outlook may be revised to 'Positive' in
case of significant improvement in LT's scale of operations and
profitability, leading to more-than-expected cash accruals, or in
case its capital structure improves on account of capital infusion
by partners. Conversely, the outlook may be revised to 'Negative'
in case the firm's financial risk profile, particularly its
liquidity, deteriorates because of more-than-expected working
capital requirements or less-than-expected cash accruals.

                         About Leather Tech

Set up in 1991 as a partnership firm by three brothers, Mr. Jasbir
Singh Kapoor, Mr. Surbir Singh Kapoor, and Mr. Amarjeet Singh
Kapoor, LT manufactures leather garments, such as leather jackets,
coats, and shirts. It mainly exports to wholesale importers in
European countries, who in turn sell them to large retail and
fashion houses. LT's manufacturing unit is based in New Delhi and
has capacity to manufacture around 8000 garments per month.

LT is expected to report a profit before tax (PBT) of INR14
million on an operating income of INR223 million for 2010-11
(refers to financial year, April 1 to March 31), against a PBT
of INR14 million on an operating income of INR249 million for
2008-09.


LITTLE BEE: CRISIL Reaffirms 'BB+' Rating on INR8.5MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Little Bee Impex
continue to reflect LBI's weak financial risk profile marked by
small net worth and high gearing. This rating weakness is
partially offset by LBI's strong business risk profile marked by
established market position in the honey industry and its healthy
clientele.

   Facilities                         Ratings
   ----------                         -------
   INR8.5 Million Term Loan           BB+/Stable (Reaffirmed)
   (Reduced from INR27.5 Million)

   INR200.0 Million Working Capital   BB+/Stable (Assigned)
   Term Loan

   INR400.0 Million Export Packing    P4+
   Credit (Enhanced from INR260 Mil.)

Outlook: Stable

CRISIL believes that LBI's financial risk profile will remain weak
over the medium term, as its debt level is expected to rise
because of its proposed debt-funded capital expenditure (capex)
and increased working capital requirements. LBI's business risk
profile, however, will continue to be supported over the medium
term by its established market position and healthy clientele. The
outlook may be revised to 'Positive' in case of better working
capital management or more-than-expected increase in LBI's cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case the firm undertakes larger-than-expected debt-funded capex
programme, leading to deterioration in its debt protection metrics
or if there is stretch in debtors due to aggressive acquisition of
new custmers.

                         About Little Bee

LBI was formed as a partnership firm in 2003. It is engaged in
bee-keeping and extracting, processing, and exporting honey. The
firm is an export-oriented unit and mainly exports to the US and
the Middle East. Prior to the ban on import of Indian honey by
Europe (which was imposed in October 2010), exports to Europe used
to account for close to 40% of LBI's sales. The firm has a
manufacturing facility in Ludhiana (Punjab) and procures
unprocessed honey through its network of more than 6,000 bee-
keepers (80% of the annual requirements) and 50,000 captive
beehives (20% ). The firm plans to increase its number of captive
beehives to 1, 00,000 by March 2012. LBI has three partners:
Mr. Shahzada Singh Kapoor (40% share in of profits), Mrs.
Sarabpreet Kaur (20%) and Mrs. Parwinder Kaur (40%). The firm is a
part of a well-diversified group that includes Kashmir Apiaries
Pvt Ltd (supplier of honey in the domestic market), M/s Kashmir
Apiaries Exports (exporter of honey in bulk quantities), M/s Lee
Bee Foods (manufacturer of jams and pickles), and M/s Little Bee
Products (manufactures chips).

LBI reported a profit before tax (PBT) of INR136.47 million on net
sales of INR1037 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR143.4 million on net
sales of INR998 million for 2009-10.


MAHALAXMI DHATU: CRISIL Assigns 'B+' Rating to INR10MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Mahalakshmi Dhatu Udyog Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR90 Million Cash Credit        B+/Stable (Assigned)
   INR10 Million Long-Term Loan     B+/Stable (Assigned)
   INR120 Million Proposed L-T      B+/Stable (Assigned)
     Bank Loan Facility

The rating reflects the project risks associated with MDUL's
proposed capacity expansion, the modest scale of the company's
operations, and working-capital-intensive operations. These rating
weaknesses are partially offset by the benefits that MDU derives
from its promoters' experience in the structural steel component
business, and the strong demand outlook from the end-user
industries of structural steel components.

Outlook: Stable

CRISIL believes that MDU will maintain a stable business risk
profile over the medium term on the back of a strong demand
outlook for end-user industries and promoters' extensive
experience in the structural steel components industry. The
outlook may be revised to 'Positive' if MDU's capacity utilisation
improves translating into an improvement in its scale of
operations, margins, and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if MDU is unable to improve
the scale of its operations or faces a cost or time overrun in
implementing its proposed capex, thereby deteriorating its debt
protection metrics.

                       About Mahalakshmi Dhatu

MDU, incorporated on February 28, 1995, manufactures structural
steel items such as window sections, angles, and high-tension
towers. The company has a manufacturing unit at Hingne in Nagpur
(Maharashtra), with capacity to process 40,000 tonnes of steel per
annum. The business belongs to the Rathi family of Nagpur and is
managed by Mr. Krishna Rathi and his father, Mr. Nandlal Rathi.

MDU has also envisaged a 60 metric tonnes per annum rolling unit.
The estimated cost of project is around INR150 million and is
expected to be funded in proportion of 75:25 debt-equity ratio.
The funding for the project is expected to be tied up by July 2011
and the unit is expected to be operational by June 2012.

MDU reported (provisional numbers) a profit after tax (PAT) of
INR2.5 million on net sales of INR353 million for 2010-11 (refers
to financial year, April 1 to March 31), against a PAT of INR11
million on net sales of INR521.5 million for 2009-10.


MANRAJ ENTERPRISES: CRISIL Assigns 'BB-' Rating to INR25MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Manraj Enterprises.

   Facilities                       Ratings
   ----------                       -------
   INR25 Million Cash Credit        BB-/Stable (Assigned)
   INR30 Million Bank Guarantee     P4+ (Assigned)
   INR25 Million Packing Credit     P4+ (Assigned)

The ratings reflect ME's weak financial risk profile, marked by a
small net worth, weak debt protection metrics and low
profitability, and vulnerability to volatility in gold prices and
in foreign exchange rates. These rating weaknesses are partially
offset by the extensive industry experience of ME's promoters and
the firm's continuously increasing revenues.

ME had unsecured loans of INR29.5 million as on March 31, 2011.
For arriving at its ratings, CRISIL has treated these unsecured
loans provided by the promoters and their family members as
neither debt nor equity, as these loans are interest-free, and are
subordinated to the bank debt.

Outlook: Stable

CRISIL believes that ME will continue to benefit over the medium
term from its promoters' extensive experience in the jewellery
trading business. The outlook may be revised to 'Positive' in case
of substantial improvement in ME's scale of operations and
profitability, leading to better-than-expected cash accruals, or
in case the firm establishes robust risk management policies.
Conversely, the outlook may be revised to 'Negative' in case ME's
liquidity is constrained by larger-than-expected working capital
requirements resulting in the deterioration of its capital
structure.

                    About Manraj Enterprises

Set up in 2008 by Mr. V N Gupta in New Delhi, ME is mainly engaged
in wholesale trading of gold jewellery such as bracelets, chains,
necklaces, pendants, rings, tops, bangles and antique ghoogri
sets. The firm has also started exporting the same in 2010-11
(refers to financial year, April 1 to March 31); exports
contributed to 10% of the firm's revenues during that year. ME's
promoters plan to set up a retail jewellery showroom in Pitampura
(New Delhi) in 2011-12.

ME's profit after tax (PAT) is estimated at INR3.74 million on net
sales of INR1087.3 million for 2010-11 (refers to financial year,
April 1 to March 31). The firm reported a PAT of INR2.20 million
on net sales of INR787.8 million for 2009-10.


MAYUR SEEDS: CRISIL Assigns 'B-' Rating to INR40MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Mayur Seeds & Agritech.

   Facilities                     Ratings
   ----------                     -------
   INR40 Million Cash Credit      B-/Stable (Assigned)
   INR90 Million Bank Guarantee   P4 (Assigned)

The ratings reflect MSA's weak financial risk profile, marked by a
high gearing, weak debt protection metrics and a small net worth,
working-capital-intensive operations, and exposure to risks
related to the firm's expansion project, to intense competition in
the seeds industry, and to high dependence on the monsoon. These
rating weaknesses are partially offset by MSA's long track record
in the seeds industry.

Outlook: Stable

CRISIL believes that MSA will maintain its business risk profile
over the medium term on the back of its longstanding presence in
the seeds industry. However, MSA's financial risk profile is
expected to remain constrained by the firm's debt-funded expansion
plans for the medium term. The outlook may be revised to
'Positive' if MSA scales up its operations without significant
deterioration in its financial risk profile and earlier-than-
expected stabilisation of its capacities. Conversely, the outlook
may be revised to 'Negative' if MSA's financial risk profile
deteriorates, most likely because of debt-funded capital
expenditure, or decline in liquidity because of incremental
working capital requirements.

                         About Mayur Seeds

Set up by Mr. Jagdish Chandra Khandelwal as a proprietorship firm
in 2002, MSA was reconstituted as a partnership concern in 2004
after Mr. Rajesh Khandelwal joined in as partner. MSA processes
breeder seeds, mainly wheat and soybean, into certified seeds. The
firm markets them under its brand, Mayur, and also processes them
for state government agencies. About 50% of MSA's sales are made
to government agencies through tenders, and the rest to dealers
and farmers.

MSA's book profit is estimated at INR1.2 million on net sales of
INR170.0 million for 2010-11 (refers to financial year, April 1 to
March 31), against a book profit of INR0.7 million on net sales of
INR162.1 million for 2009-10.


METAL SCOPE: CRISIL Assigns 'BB+' Rating to INR35MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Metal Scope (India) Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR35 Million Cash Credit        BB+/Stable (Assigned)

   INR78.9 Million Proposed LT      BB+/Stable (Assigned)
   Bank Loan Facility

   INR55 Million Letter of Credit   P4+ (Assigned)
   & Bank Guarantee

The ratings reflect Metal Scope's exposure to risks associated
with being a small-sized regional player in a competitive segment,
modest net worth, and vulnerability to volatility in raw material
prices, and to economic downturns. These rating weaknesses are
partially offset by the related industry experience of Metal
Scope's management, and the company's in-house technical
expertise, established customer relationships, and presence in a
growing industry.

Outlook: Stable

CRISIL believes that Metal Scope will continue to benefit over the
medium term from its management's industry experience and its
presence in a growing industry. The outlook could be revised to
'Positive' in case the company substantially scales up its
operations while it maintains its current profitability and
capital structure. The outlook may be revised to 'Negative' if
Metal Scope reports deterioration in its profitability, stretch in
working capital cycle, or if it undertakes any unanticipated
large, debt-funded capital expenditure.

                        About Metal Scope

Metal Scope was incorporated in October 2006 in Pondicherry to
manufacture and erect pre-fabricated buildings. The company is
promoted by Ms. S. Malliga, her mother Ms. V. Thaiyal Nayagi, and
her daughter Ms. S. Krithiga. However, the promoters are not
actively involved in the company's operations, and it is managed
by Mr. V. Santhanam, Ms. Malliga's husband. Mr. Santhanam has also
been managing other associate concerns, which manufacture
scientific doors, unplasticised windows, and fabrication of
rolling shutters, doors, and windows, since 1981. Metal Scope has
a fabrication capacity of 3600 tonnes per annum.

For 2010-11 (refers to financial year, April 1 to March 31), Metal
Scope has reported on a provisional basis, a net profit of INR12.1
million on net revenues of INR313.2 million, against a net profit
of INR11.0 million on net revenues of INR206.8 million reported in
the preceding year.


NUTRAPLUS PRODUCTS: CRISIL Assigns 'BB+' Rating to INR52MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank loan
facilities of Nutraplus Products (India) Limited.

   Facilities                    Ratings
   ----------                    -------
   INR52 Million Term Loan       BB+/Stable (Assigned)
   INR45 Million Cash Credit     BB+/Stable (Assigned)
   INR123 Million Proposed LT    BB+/Stable (Assigned)
           Bank Loan Facility

The rating reflects the Nutraplus's modest scale of operations,
customer concentrated revenue profile and susceptibility of
operating margins to volatile raw material prices. These
weaknesses are partially off-set by Nutraplus's above-average
financial risk profile marked by low gearing and above-average
debt protection metrics and its established track record in the
industry.

Outlook: Stable

CRISIL expects Nutraplus will maintain its credit risk profile
backed by its above-average debt protection metrics and its long
and established track record. The outlook may be revised to
'Positive' in case the company increases its existing scale of
operations to more than CRISIL's expectations, while it maintains
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case there is a significant time or cost overruns
in the commissioning of the ongoing project or significant decline
in the profitability margins.

                       About Nutraplus Products

Nutraplus is engaged in manufacturing of bulk drug intermediates
that has application in manufacturing of formulation of analgesic
(painkiller) and anti-rheumatic drugs. In addition, it also
undertakes contract manufacturing for two pharmaceutical
companies. The company was incorporated as private limited company
in 1990 and started its operations in 1994. The company came up
with public issue and was converted to a public limited company in
1995. The present product portfolio of the company includes Meta
Bromo Anisole (MBA), Nimesulide (NS) and N bromosuccinimide.
Nutraplus has plans to increase the installed capacity for NS from
100 tonnes per annum (tpa) to 480 tpa, for MBA from 600 tpa to 900
tpa and forward integrate by establishing facilities for tramadol
production (uses MBA as raw material). The project is expected to
be started from September and is likely to be completed by March
2012.

Nutraplus is estimated to report a profit after tax (PAT) of
INR27 million on net sales of INR343 million for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of
INR7 million on net sales of INR123 million for 2009-10.


OM SAI: CRISIL Reaffirms 'B+' Rating on INR210MM Cash Credit
------------------------------------------------------------
The rating continues to reflect Om Sai Motors Pvt Ltd's weak
financial risk profile, marked by a small net worth and a high
ratio of total outside liabilities to tangible net worth
(TOL/TNW), and exposure to risks related to low bargaining power
with the principal, Tata Motors Ltd (TML; rated 'AA-/Stable/P1+'
by CRISIL).  These weaknesses are partially offset by Om Sai'
established market position as a dealer in TML's passenger
vehicles.

   Facilities                       Ratings
   ----------                       -------
   INR210 Million Cash Credit       B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Om Sai will maintain its stable business risk
profile over the medium term, supported by its longstanding
relationship with TML and its established market position. The
outlook may be revised to 'Positive' if Om Sai's financial risk
profile improves, most likely driven by better inventory
management or sustained improvement in profitability, and increase
in net worth. Conversely the outlook may be revised to 'Negative'
if the company contracts large quantum of debt for capital
expenditure (capex), or in case resorts to more-than-expected
working capital borrowings, thereby weakening its liquidity.

Update

During 2010-11 (refers to financial year, April 1 to March 31), Om
Sai's performance has been in line with CRISIL expectations. For
2010-11, Om Sai reported revenues of INR1.69 billion (10% year-on-
year increase) and an operating margin of 2.6%; reduced sell of
Nano, during the year, was made up by sales of other models,
including Indica, Indigo, and Safari. Om Sai sold about 5500
vehicles in 2010-11, against 6000 in the previous year. The
company's working capital intensity remained high, in line with
the industry average. The company maintains an average inventory
of over two months, including the vehicles for display, at its
showroom, broker's outlets, and warehouse. Om Sai also has
receivables of 15-20 days against vehicles sold through Tata Motor
Finance Ltd, which together with high inventory leads to
significant dependence on debt, indicated by its high TOL/TNW
ratio of 4.25 times as on March 31, 2011. Despite increase in cash
credit limit to INR250 million from INR210 million its average
bank limit utilisation remains close to 100%.  The company's cash
accruals are expected to be about INR8 million in 2011-12, which
would be sufficient to meet its debt obligation of INR1.3 million
during the year

During 2010-11, Om Sai cancelled its plans of opening a new
showroom at Andheri (Mumbai) as TML showed its inclination for a
new showroom in Vasai-Palghar (Mumbai) region. Hence, in current
financial year, Om Sai plans to open a showroom in Vasai-Palghar,
at an expected outlay of INR30 million.

Om Sai reported, on provisional basis, a profit after tax (PAT) of
INR5.7 million on an operating income of INR1688 million for
2010-11; it reported a PAT of INR4.7 million on an operating
income of INR1536 million for 2009-10.

                           About Om Sai

Om Sai was established in 1994 as a proprietorship firm by
Mr. Gangadhar Shetty and was incorporated in 2000.  The company
initially ran a workshop for TML, and in 2001 was appointed as an
authorised dealer in TML's vehicles. Om Sai's operates primarily
in Mumbai, it has a showroom at Kandivali, an outlet at Borivali, a
service station at Charkop, and one warehouse each at Borivili and
Vasai.


PAL ENTERPRISES: CRISIL Puts 'P4+' Rating on INR40M Packing Credit
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the short-term bank
facilities of Pal Enterprises.

   Facilities                        Ratings
   ----------                        -------
   INR35 Million Bill Discounting    P4+ (Assigned)

   INR40 Million Packing Credit      P4+ (Assigned)

   INR15 Million Proposed Bill       P4+ (Assigned)
   Discounting Facility

   INR25 Million Proposed Letter     P4+ (Assigned)
   of Credit

   INR10 Million Proposed Packing    P4+ (Assigned)
   Credit

   INR25 Million Letter of Credit    P4+ (Assigned)

The rating reflects Pal's geographic and customer concentration,
modest scale of operations, susceptibility to intense industry
competition, and average financial risk profile, marked by a small
net worth and average gearing on account of large capital
withdrawals by the partners. These rating weaknesses are partially
offset by the benefits that Pal derives from its promoters'
extensive experience in the leather garments export business and
its established customer relations.

Set up in 1989 by Mr. Amreek Singh Kapoor, PAL manufactures and
exports leather garments to Germany, France, Portugal, Spain, and
other European countries. The firm's established customer base
includes some of the prominent names in fashion industry such as
Adamex SA, France, and JCC Ledermoden Vertriebs, Germany etc.
Pal's New Delhi facility has capacity to manufacture approx.
250,000 garments per annum. The firm outsource leather tanning
operations from outside tanneries (some of which work exclusively
for the firm).

PAL is estimated to report a profit after tax (PAT) of INR24.1
million on net sales of INR397.5 million for 2010-11 (refers to
financial year, April 1 to March 31). It reported a PAT of INR28.3
million on net sales of INR507.4 million for 2009-10.


PATEL MOTORS: CRISIL Places 'B' Rating on INR180-Mil. Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Patel Motors (Indore) Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR180.0 Million Cash Credit      B/Stable (Assigned)
   INR50.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect PMPL's modest financial risk profile marked by
highly levered capital structure and small net worth, its low
bargaining power with its principals, Maruti Suzuki India Ltd,
Eicher Motors Limited, and Tractors and Farm Equipment Ltd,
coupled with susceptibility to intense competition in automotive
dealership market. These rating weaknesses are partially offset by
PMPL's promoter's extensive experience and its established
position in the passenger and commercial automobile dealership
market in Madhya Pradesh, and its diversified product portfolio
with dealerships of passenger and commercial vehicles as well as
tractor and farm equipment.

Outlook: Stable

CRISIL believes that PMPL will maintain its moderate business risk
profile over the medium term, supported by its established
relationships with its principals and promoters' industry
experience. The outlook may be revised to 'Positive' if PMPL's
operating profitability improves, resulting in an improvement in
its capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if there is a significant
decline in the company's sales volumes or operating margin,
resulting in significant deterioration in its debt protection
metrics.

                        About Patel Motors

PMPL commenced operations as a partnership firm in 1983 and was
founded by Mr. Ballabh Bhai Patel. It initially was a dealer in
vehicles of TAFE in Indore.  The firm was reconstituted as a
private limited company in 1993.  PMPL became a dealer in vehicles
of Eicher in 1995 and of MSIL for Indore in 1997.

PMPL currently deals in vehicles of its three principals, TAFE,
Eicher and MSIL. The company also deals in automobile spare parts
and accessories and has workshops attached to all its showrooms.
All the showrooms/extension counters are located in Madhya
Pradesh. PMPL owns all the showrooms, while the smaller extension
counters are on lease.

For 2009-10, the company reported a PAT of INR9.6 million on net
sales of INR2.24 billion, against a PAT of INR6.6 million on net
sales of INR1.89 billion for 2008-09.


PURI CONSTRUCTIONS: CRISIL Upgrades Rating on INR950M Loan to 'BB'
------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Puri Constructions Pvt Ltd (PCPL; part of the Puri Constructions
group) to 'BB/Stable' from 'BB-/Stable' while reaffirming the
rating on the short-term bank facility at 'P4+'.

   Facilities                           Ratings
   ----------                           -------
   INR950 Million Proposed Term Loan    BB/Stable (Upgraded from
                                                   'BB-/Stable')

   INR250 Million Letter of Credit      P4+ (Reaffirmed)
   and Bank Guarantee

The upgrade reflects the Puri Constructions group's improved
liquidity, which has enabled it to prepay the INR500-million term
loan it contracted to fund its real estate projects. The group's
liquidity is expected to remain adequate over the medium term,
supported by moderate customer advances for the group's ongoing
real estate projects. The upgrade also factors in the group's
track record of contracting small quantum of debt for its real
estate projects.

The ratings continue to reflect the Puri Constructions group's
limited track record in real estate projects and geographical
concentration. These rating weaknesses are partially offset by the
improvement in the group's financial risk profile because of cash
inflows from its Palm Springs, Palm Plaza and Pranayam projects.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PCPL and PCPL's subsidiaries - Mad
Entertainment Network Ltd, A R Fisheries Pvt Ltd, and Florentine
Estates of India Ltd - collectively referred to as the Puri
Constructions group. This is because the entities operate under a
common management, and have operational linkages, including
fungible funds, with each other.

Outlook: Stable

CRISIL believes that the Puri Constructions group's operating
income will improve with completion of its ongoing projects over
the medium term. The outlook may be revised to 'Positive' if the
group strengthens its market position by significantly increasing
its scale of operations and improving its profitability, thereby
generating more-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' if there is an adverse impact
on the saleability of the group's upcoming real estate projects,
or if delays in receipt of customer advances lead to delays in
completion of the projects, causing its liquidity to deteriorate.

                     About Puri Constructions

Founded in 1971 by Mr. Mohinder Puri, PCPL was primarily engaged
in construction activity; some of the prominent projects
implemented by the company include The Bharat Bhawan and the new
Vidhan Sabha Bhawan (Bhopal), The Hall of Nations and Industries,
Pragati Maidan (New Delhi), and The Clarks Hotel (Jaipur). In
1997, the company began focusing on the residential real estate
segment. PCPL's first residential project, Palm Springs, in
collaboration with Emaar MGF, is expected to be completed in 2012.
PCPL's upcoming residential projects (undertaken independently) in
Faridabad (Haryana) are Pranayam, Pratham and VIP Floors.

Around 75%  of PCPL's first independent residential real estate
project, Pranayam (launched in 2008), is complete and the company
plans to handover the possession of its completed towers by
November 2011. Total cost of the project is around INR3.50
billion, the majority of which was funded through customer
advances; the INR500-million loan contracted for this project has
been prepaid from the advances received.

VIP Floors, a residential project, was launched by PCPL in 2009.
The company has almost fully sold this project. The total cost of
the project was around INR1.20 billion. The company did not
contract any loan to fund the project, owing to adequate customer
advances.

PCPL launched another residential project, Pratham, in 2010, and
has sold nearly 87% of the project till date. The project is
expected to be completed by 2013-14 (refers to financial year,
April 1 to March 31). The company has not contracted any loan for
funding this project owing to adequate customer advances.

The Puri Constructions group reported a profit after tax of
INR3.1 billion (includes profit of INR3.0 billion from the Palm
Spring and Palm Plaza projects treated as non-operating income) on
net sales of INR1.30 billion for 2009-10, against a net loss of
INR35.1 million on net sales of INR997 million for 2008-09.


R. SURESH: CRISIL Assigns 'P4' Rating to INR71 Million Bank Credit
------------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of R.
Suresh & Co.

   Facilities                             Ratings
   ----------                             -------
   INR71 Million Export Packing Credit    P4 (Assigned)
   INR114 Million Post Shipment Credit    P4 (Assigned)

The rating reflects RS's below-average financial risk profile and
modest scale of operations. These rating weaknesses are partially
offset by the extensive experience of the RS's promoters in the
diamond industry.

Set up as a partnership concern in 1976 by the Mumbai
(Maharashtra)-based Shah family, RS trades in polished and rough
diamonds. The firm mainly exports these diamonds to Hong Kong,
South Korea, Japan, and the US. RS is being managed by three
partners: Mr. Suresh C Shah, Mr. Praful Morakhiya, and Mr. Amit
Shah. The firm mainly deals in small, round, fine quality diamonds
weighing up to 2 carats.

RS reported a profit after tax (PAT) of INR3.9 million on net
sales of INR503 million for 2010-11 (refers to financial year,
April 1 to March 31) (provisional figures), against a PAT of
INR9.7 million on net sales of INR783.3 million for 2009-10.


RAMVIJAY COTTON: CRISIL Rates INR90 Million Cash Credit at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Ramvijay Cotton Mills Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR90 Million Cash Credit       B+/Stable (Assigned)

The rating reflects Ramvijay's weak financial risk profile, marked
by a high gearing and weak debt protection metrics, small scale of
operations in the intensely competitive cotton industry, and
susceptibility to adverse changes in government policy on cotton.
These rating weaknesses are partially offset by the extensive
industry experience of Ramvijay's promoter.

Outlook: Stable

CRISIL believes that Ramvijay will continue to benefit over the
medium term from its promoter's experience in the industry. The
outlook may be revised to 'Positive' in case of infusion of
capital leading to improvement in its capital structure, or
improvement in the scale of its operations and improvement in debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case Ramvijay contracts a larger-than-expected
quantum of debt to fund incremental working capital requirements
or debt-funded capital expenditure.

                     About Ramvijay Cotton

Incorporated in 2006-07 (refers to financial year, April 1 to
March 31) and promoted by Mr. Shaileshkumar Sangani, Ramvijay
commenced production in 2008. The company is engaged in the
ginning and pressing of raw cotton (kapas) to make cotton bales.
In addition, Ramvijay has a seed crushing unit where cotton oil is
extracted from cotton seeds. The firm sells the cotton bales to
various traders and the cotton oil to various oil dealers in the
vicinity of the plant. Ramvijay has a manufacturing facility at
Rajkot (Gujarat), with capacity of 225 cotton bales per day and
oil crushing capacity of 4000 kilograms per day.

Ramvijay's profit after tax (PAT) is estimated at INR0.4 million
on net sales of INR521.6 million for 2010-11, against a PAT of
INR0.1 million on net sales of INR289.8 million for 2009-10.


S. B. OVERSEAS: CRISIL Assigns 'C' Rating to INR50MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
S. B. Overseas Ltd (SBOL, part of the Jagadhatri group).  The
ratings reflect delays by SBOL in servicing its vehicle debt (not
rated by CRISIL).

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         C (Assigned)
   INR100 Million Letter of Credit   P4 (Assigned)

The ratings reflect the Jagadhatri group's working-capital-
intensive operations and susceptibility of operating margins to
volatility in jute prices. These rating weaknesses are partially
offset by the Jagadhatri group's moderate revenue visibility.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SBOL and Jagadhatri Vyapaar Pvt Ltd
(JVPL), together referred to as the Jagadhatri group. This is
because both the entities are engaged in the same line of business
and have a common management.

The Jagadhatri group is part of the Sarda group based in Kolkata
(West Bengal). The group trades raw jute. The group is currently
being managed by Mr. Ghanshyam Sarda. The group procures raw jute
from a number of traders based in north and south Bengal against
usance letter of credit. The Jagadhatri group supplies raw jute to
the manufacturers of finished jute.

The Jagadhatri group reported a profit after tax (PAT) of INR1.25
million on net sales of INR1441.9 million for 2009-10, as against
a PAT of INR2.99 million on net sales of INR737.4 million for
2008-09.


SATYAM ISPAT: CRISIL Upgrades Rating on INR125MM LT Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Satyam
Ispat (NE) Ltd to 'B/Stable/P4' from 'D/P5'.

   Facilities                        Ratings
   ----------                        -------
   INR125 Million Long-Term Loan     B/Stable (Upgraded from 'D')
   INR170 Million Cash Credit        B/Stable (Upgraded from 'D')
   INR100 Million Letter of Credit   P4 (Upgraded from 'P5')

The ratings reflect SINEL's large working capital requirements,
and limited pricing flexibility, on account of intense competition
in the steel industry. These weaknesses are partially offset by
SINEL's average business risk profile, supported by integrated
nature of its operations.

Outlook: Stable

CRISIL believes that SINEL will maintain its credit risk profile
over the medium term, supported by the integrated nature of its
operations. The outlook may be revised to 'Positive' in case of
significant improvement in SINEL's financial risk profile,
particularly its liquidity, driven by more-than-expected increase
in revenues and profitability or equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' in case the
company achieves less-than-expected revenues or operating margin,
or in case it undertakes a further large, debt-funded capital
expenditure (capex) programme, leading to deterioration in the
overall financial risk profile of the company.

                        About Satyam Ispat

Incorporated in 2005, SINEL, part of the Satyam Group of
Industries, is a private limited company. SINEL commenced
commercial operations in April 2007. It manufactures thermo-
mechanically treated (TMT) bars, which it sells under its Satyam
Super TMT brand. The company has an integrated steel plant with
capacity to manufacture 67,200 tonnes per annum (tpa) of TMT, and
74,400 tpa of mild steel billets.

The company has a capex plan to expand its billet and TMT
production capacities to 148,400 tpa and 127,200 tpa,
respectively, from 74,400 tpa and 67,200 tpa. The project is
expected to cost around INR200 million, which will be funded in a
debt-to-equity ratio of 3:1. SINEL has applied for the loan, but
it is yet to be sanctioned. The project has commenced and is
expected to be completed by July 2012.

SINEL reported a profit after tax (PAT) of INR24.61 million on net
sales of INR1,056.91 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR13.80 million
on net sales of INR720.16 million for 2008-09.


SHRI KHATU: CRISIL Reaffirms 'BB+' Rating on INR83.8MM Cash Credit
------------------------------------------------------------------
CRISIL has reaffirmed its 'BB+/Stable/P4+' ratings to the bank
facilities of Shri Khatu Shyam Alloys Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR83.8 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR12.0 Million Bank Guarantee    P4+ (Reaffirmed)

The ratings continue to reflect SKSAPL's modest scale of
operations, vulnerability to cyclicality in the steel industry,
and limited product profile and track record in production of
thermo-mechanically treated (TMT) bars. These rating weaknesses
are partially offset by the expected improvement in SKSAPL's
financial risk profile over the medium term.

Outlook: Stable

CRISIL believes that SKSAPL will maintain its financial risk
profile, backed by its moderate cash accruals and debt protection
indicators, over the medium term. The outlook may be revised to
'Positive' if SKSAPL is able to generate higher than expected
revenues and operating margins, or if there is an improvement in
the capital structure of the company on the back of equity
infusion by the promoters. Conversely, the outlook may be revised
to 'Negative' if lower-than-expected capacity utilization or
volatility in raw material prices leads to deterioration in the
company's profitability, and consequently, its debt protection
metrics.

SKSAPL reported (on a provisional basis) a net profit of INR2.0
million on net sales of INR1.2 billion for 2010-11, against a
profit after tax (PAT) of INR19 million on net sales of INR1.1
billion for 2009-10.

Update

The revenues of the company are estimated to grow by 10% to around
INR1.3 billion in 2010-11 (refers to financial year, April 1 to
March 31) mainly driven by increase in realization. The operating
margins declined to around 2.0% in 2010-11 from 4.4% in the
previous year. However, the company has prepaid all its term debt
obligations and does not have any term loan as on March 31, 2011.
The company continues to effectively manage its working capital
cycle, thereby resulting in low bank limit utilization of around
30% over the last twelve months ended March 2011. The financial
risk profile of the company is also supported by the continuous
infusion of funds by the promoters in the form of unsecured loans,
which stood at around INR75 million as on March 31, 2011.

                        About Shri Khatu

Established in 2004 as a partnership firm, Shri Khatu Shyam
Industries, by Mr. Ramavtar Agarwal and his family, SKSAPL was
renamed and converted as a private limited company in Nov 2009.
SKSAPL initially produced mild steel (MS) ingots, and forward
integrated into the production of TMT bars in 2008-09. The
company's manufacturing unit in Silvassa has rolling capacity of
60,000 tonnes per annum (tpa); the company's ingot manufacturing
capacity of 20,000 tpa can cater to about 33% of its rolling
requirement.


STARLINE CARS: CRISIL Rates INR120 Million Cash Credit at 'BB'
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of Starline Cars Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR120.0 Million Cash Credit     BB/Stable (Assigned)

The rating reflects Starline's weak financial risk profile, marked
by high total outside liabilities to tangible net worth (TOL/TNW)
ratio and susceptibility to intense competition in the automobile
dealership business. These rating weaknesses are partially offset
by Starline's established market position in the automobile
dealership business in Mehsana (Gujarat), and promoters' extensive
industry experience.

Outlook: Stable

CRISIL believes that Starline will continue to benefit over the
medium term from its established position in the passenger car
dealership business. However, its financial risk profile is
expected to remain constrained by high TOL/TNW and weak interest
coverage ratios. The outlook may be revised to 'Positive' in case
Starline's operating profitability or capital structure improves,
leading to improvement in the company's debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if Starline's
revenues get adversely impacted by the industry competition or if
the company's capital structure deteriorates further because of
larger-than-expected, debt-funded capital expenditure or
deterioration in working capital cycle.

                        About Starline Cars

Starline, incorporated in 1998, is an authorized automobile dealer
of Maruti Suzuki India Ltd (MSIL, rated 'AAA/Stable/P1+' by
CRISIL) at Mehsana. Starline has an authorised showroom and a
service centre at Mehsana. In addition, the company has three
sales and service outlets at Palanpur, Patan, and Vijapur in
Mehsana. The company is opening up a fourth sales and service
outlet at Kadi in Mehsana district. The outlet at Kadi is being
made at an estimated cost of INR10 million and is funded through
internal accruals and unsecured loans from promoters; the outlet
is expected to commence operations from July 2011.

Starline's profit after tax (PAT) is estimated at INR7.4 million
on net sales of INR892.0 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR1.9 million on net
sales of INR593.9 million for 2009-10.


SWAMI PALANI: CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/ P4+' ratings to the bank
facilities of Swami Palani Andavar Spinners (India) Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         BB-/Stable (Assigned)
   INR58.4 Million Long-Term Loan    BB-/Stable (Assigned)
   INR15 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect SPAL's below-average financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, its small scale of operations, and its exposure to risks
related to volatility in prices and availability of raw materials.
These weaknesses are partially offset by the extensive experience
of SPAL's promoters in the textile industry.

Outlook: Stable

CRISIL believes that SPAL will continue to benefit over the medium
term from its promoters' industry experience in the cotton yarn
business. The outlook may be revised to 'Positive' if SPAL scales
up its operations and improves its capital structure, while
maintaining profitability. Conversely, the outlook may be revised
to 'Negative' if SPAL undertakes a larger-than-expected, debt-
funded capital expenditure programme, or reports decline in
profitability, leading to deterioration in its financial risk
profile.

                        About Swami Palani

Set up in 1996, SPAL manufactures cotton yarn, primarily in the
count range of 20s to 42s. Its facility in Erode (Tamil Nadu) has
26,000 spindles. The promoter director, Mr. R Kitusamy, has been
in similar lines of business over the past 25 years. The company
has wind mills power generation capacity of around 1.125 megawatts
as on March 31, 2011.

SPAL's net sales for 2010-11 (refers to financial year, April 1 to
March 31) are estimated at INR234 million. SPAL reported a PAT of
INR0.40 million on net sales of INR146 million for 2009-10, as
against a PAT of INR1 million on net sales of INR143 million for
2008-09


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


GAJAH TUNGGAL: S&P Puts 'B' Sr. Secured Debt Rating on Neg. Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on Indonesia-based tire manufacturer PT
Gajah Tunggal Tbk. on CreditWatch with negative implications. "We
also placed our 'B' issue rating on the company's senior secured
notes on CreditWatch with negative implications," S&P said.

"We placed the ratings on Gajah Tunggal on CreditWatch to reflect
the risk that the company's liquidity could significantly weaken
if its recent dividend payment constitutes a covenant breach under
the terms of its 2009 restructured bonds. On June 30, 2011, Gajah
Tunggal paid Indonesian rupiah (IDR) 41.8 billion in dividends out
of its 2010 profits. The company made the payment before July 21,
2011, the date on which the interest rate on the restructured
bonds will increase to 6% from 5%," S&P related.

"We need more clarity on whether such action constitutes a
covenant breach," said Standard & Poor's credit analyst Xavier
Jean. "The covenants of Gajah Tunggal's restructured bonds
restrict the company from making dividend payments under a number
of circumstances, including before the interest step-up date. But
the covenants also indicate that Gajah Tunggal may pay dividends
before the interest step-up date if the Indonesian law requires
the company to do so before that date."

Gajah Tunggal does not consider the dividend payment as a covenant
breach and has indicated that it will issue a formal response to
its bondholders.

"We believe litigation risks from holders of the restructured
bonds could arise if the dividend payment constitutes a covenant
breach. An accelerated repayment of the principal of the
restructured bond would severely impair Gajah Tunggal's liquidity
and heighten the risk of default, in our opinion. The face value
of the bond at about US$435 million (including $10 million in
contractual amortization to be repaid on or before July 21, 2011)
is significantly larger than the company's cash and cash
equivalents of about $130 million as of March 31, 2011," S&P
stated.

"However, we believe Gajah Tunggal's liquidity is adequate to
service the partial principal amortization of about IDR85 billion
and the coupon of the 2009 restructured bond in July 2011, given
the company's cash balance of IDR466 billion as of March 31,
2011," S&P noted.

The rating on Gajah Tunggal reflects the company's highly
leveraged financial risk profile, its exposure to a cyclical and
volatile industry, and its limited financial flexibility. Gajah
Tunggal's competitive cost position and leading share in the
Indonesian tire market temper these weaknesses.

"We aim to resolve the CreditWatch in the next three months, or
sooner, when we have greater clarity on whether the dividend
payment before the step-up date constitutes a covenant breach, and
on the likelihood of bondholder litigation," S&P said.

"We may lower the rating on Gajah Tunggal by multiple notches if
the dividend distribution constitutes a covenant breach.
Conversely, we may affirm the rating and remove it from
CreditWatch if the dividend payment does not constitute a covenant
breach," S&P stated.


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


ORIX-NRL TRUST 15: Moody's Puts B2 Rating for Possible Downgrade
----------------------------------------------------------------
Moody's Japan K.K has placed the ratings for the Class A through E
and X Trust Certificates issued by ORIX-NRL Trust 15 on review for
possible downgrade.

The final maturity of the trust certificates will take place in
June 2014.

Details follow:

  Class A, Aa2 (sf) Placed Under Review for Possible Downgrade;
  previously on Jul 28, 2010 Downgraded to Aa2 (sf) from Aaa (sf)

  Class B, A3 (sf) Placed Under Review for Possible Downgrade;
  previously on Jul 28, 2010 Downgraded to A3 (sf) from Aa3 (sf)

  Class C, Ba1 (sf) Placed Under Review for Possible Downgrade;
  previously on Jul 28, 2010 Downgraded to Ba1 (sf) from Baa1
  (sf)

  Class D, B2 (sf) Placed Under Review for Possible Downgrade;
  previously on Jul 28, 2010 Downgraded to B2 (sf) from Ba1 (sf)

  Class E, Caa1 (sf) Placed Under Review for Possible Downgrade;
  previously on Jul 28, 2010 Downgraded to Caa1 (sf) from Ba2
  (sf)

  Class X, Aa2 (sf) Placed Under Review for Possible Downgrade;
  previously on Jul 28, 2010 Downgraded to Aa2 (sf) from Aaa (sf)

ORIX-NRL Trust 15, effected in September 2007, represents the
securitization of seven non-recourse loans and three specified
bonds. The transaction is now secured by four non-recourse loans
and two specified bonds, and one non-recourse loan and one
specified bond have been under special servicing.

The current review reflects the following factors:

(1) With the two specially serviced loans, it is highly likely
     that recovery from the loans will be lower than Moody's
     recovery assumptions at the last rating action (July 2010).

(2) Moody's need to confirm the performance of the underlying
     properties for other remaining performing loans.

In its analysis of the Class A through E and X trust certificates,
Moody's will confirm the special servicer's plans as well as the
occupancy rates and cash flow of the properties. Moody's will
decide on the ratings after reviewing its recovery assumptions for
the properties.

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


ORIX-NRL TRUST 18: Moody's Puts B1 Rating for Possible Downgrade
----------------------------------------------------------------
Moody's Japan K.K has placed the ratings for the Class A through E
and X Trust Certificates issued by ORIX-NRL Trust 18 on review for
possible downgrade.

The final maturity of the trust certificates will take place in
September 2014.

Details follow:

Class A, Aa3 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 30, 2010 Downgraded to Aa3 (sf) from Aaa (sf)

Class B, Baa3 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 30, 2010 Downgraded to Baa3 (sf) from Aa3(sf)

Class C, B1 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 30, 2010 Downgraded to B1 (sf) from Baa1 (sf)

Class D, B2 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 30, 2010 Downgraded to B2 (sf) from Ba1 (sf)

Class E, B3 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 30, 2010 Downgraded to B3 (sf) from Ba2 (sf)

Class X, Aa3 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 30, 2010 Downgraded to Aa3 (sf) from Aaa (sf)

ORIX-NRL Trust 18, effected in March 2008, represents the
securitization of two non-recourse loans and two specified bonds.
The transaction is now a single-borrower/single-asset deal,
secured by one specified bond, which is backed by a full-serviced
hotel in the Kansai region.

The current review is promoted by Moody's concerns over the
property's performance. Moody's considers it highly likely that
the property's profitability will fall below Moody's previous
assumptions in June 2010. Thus, in its review, Moody's will re-
assess its estimates for net cash flow and the property's value.

Moody's plans to interview the asset manager on its operating and
refinancing strategies, as well as its disposal activities, in
light of the specified bond's maturity in August 2012.

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


TOKYO ELECTRIC: Nippon Life May Give More Loans to Tepco
--------------------------------------------------------
Kyodo News reports that Nippon Life Insurance Co. senior official
said the insurer will decide whether to provide Tokyo Electric
Power Co. with additional loans whenever a specific request is
made.

"We have so far received no such request," Kyodo quotes Managing
Executive Officer Kazuo Kobayashi as saying at an annual meeting
of the company's policyholders.

Kyodo notes that TEPCO may be required to raise massive funds to
pay compensation to companies and individuals who suffered losses
caused by the release of radioactive materials at the Fukushima
nuclear power facility.

Nippon Life holds around 3.3% of TEPCO shares and has provided the
utility with huge loans, Kyodo discloses.

According to Kyodo, Senior Managing Executive Officer Takeshi
Furuichi told the same meeting the life insurer has invested in
Tepco from a long-term point of view, suggesting the life insurer
doesn't plan to sell its stake in the immediate future.

As well as Nippon Life, Kyodo adds, Meiji Yasuda Life Insurance
Co. and Sumitomo Life Insurance Co. also held policyholders
meetings Tuesday.

A Meiji Yasuda executive said the company could use reserves to
cover any loss on its Tepco shareholdings even if the utility is
subjected to bankruptcy protection, Kyodo relates.

                            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.


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


HYNIX SEMICONDUCTOR: STX Group May Bid For Hynix Stake
------------------------------------------------------
Bloomberg News reports that STX Group, owner of the world's third-
largest marine-engine maker, said it may team up with a Middle
Eastern sovereign wealth fund to bid for a stake in Hynix
Semiconductor Inc.

The group said STX is "highly likely" to submit a bid before
Friday's deadline set by shareholders including Korea Exchange
Bank, Bloomberg says.  It wouldn't need to borrow to pay for a
stake of about 15%, according to Vice Chairman Lee Jong Chul, who
didn't identify STX's potential Mideast partner.

"We are always looking for opportunities to grow and we believe
this deal could help STX reduce the group's dependency on shipping
and shipbuilding," Bloomberg quotes Mr. Lee as saying.  "We plan
to make a rational offer if we decide to bid."

The decision, says Bloomberg, breathes life back into a sale that
appeared on the verge of collapsing for the fourth time in two
years when Hyundai Heavy Industries Co. ruled out a bid.

Dow Jones Newswires said creditors have been trying for years to
sell their shares in Hynix, which they took control of in 2001
following several debt-for-equity swaps after the chip maker
nearly collapsed due to weak market conditions.

The creditors, which include banks such as Korea Exchange Bank,
Woori Bank and Shinhan Bank as well as state-run Korea Finance
Corp., collectively hold about 15%, or 88.4 million shares, in the
chip maker.  Based on Hynix's current stock price, the stake is
valued at KRW2.4 trillion (US$2.3 billion), Dow Jones disclosed.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 26, 2010, Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Korea-based
Hynix Semiconductor Inc. to positive from stable, reflecting its
improving financial risk profile.  At the same time, Standard &
Poor's affirmed the 'B+' long-term corporate credit rating on
Hynix.  In addition, S&P raised the ratings on Hynix's senior
unsecured bonds to 'B+' from 'B', reflecting its opinion that the
potential for recovery in the event of default has improved.


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


FELTEX CARPET: Liquidator Reveals ANZ's NZ$15.6-Million Shortfall
-----------------------------------------------------------------
Interest.co.nz reports that the ANZ Bank is likely to lose $15.6
million as a result of Feltex Carpet's receivership, according to
liquidator McDonald Vague's ninth report.

ANZ, which pulled the plug on Feltex in September 2006 after
running out of patience with the carpet maker's management and
appointed McGrathNicol as receiver, was owed AUD119.5 million,
plus accruing interest and charges, at the time of receivership.

A total of AUD49.2 million was recovered for the bank in
New Zealand and AUD67.4 million in Australia in the period to
September 21 last year.

Since then, McDonald Vague said, ANZ has been repaid a further
AUD350,000 which is likely to be the last money it gets from funds
held by McGrathNicol.

"We have calculated based on information provided by the Bank that
it will be owed after all realizations NZ$15.6 million,"
Interest.co.nz quotes McDonald Vague as saying.  "We do not expect
there to be any surplus funds from the conclusion of the
receivership for the liquidation."

At the date its report was prepared, McDonald Vague said claims
from 614 unsecured creditors, including $5.72 million worth from
trade creditors and $8.2 million worth from employees, had been
received, Interest.co.nz relates.

On top of that, Interest.co.nz notes, 166 Feltex shareholders
lodged claims, as unsecured creditors, worth $6.3 million.

Interest.co.nz discloses that most of the shareholder claims came
from investors who bought shares at $1.70 each in Feltex's
$254 million June 2004 initial public offering.  By the time the
company was tipped into receivership, the share price had
collapsed to just 3 cents each, the report notes.

                      About Feltex Carpets

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

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

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

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


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


PROMOS TECHNOLOGIES: Plans to Cut Capital by 85%; Sell New Shares
-----------------------------------------------------------------
The Taipei Times reports that ProMOS Technologies Inc's board has
approved a share restructuring package, which would include an
85% cut in the number of the chipmakers' shares as well as the
sale of NT$3.5 billion new shares.

The radical move is aimed at repaying the financially-troubled PC
DRAM maker's towering debts and to facilitate the introduction of
a strategic technology partner, The Taipei Times says.

The Taipei Times relates that ProMOS said in a filing with the
Taiwan Stock Exchange that the company plans to sell 2 billion new
shares to a strategic investor through a rights issue or private
placement.  The price has not been set yet.

To pay back bank loans, says Taipei Times, ProMOS also plans to
offer 1.5 billion new shares to its creditor banks led by Bank of
Taiwan.

If the creditor banks were to subscribe to the total offering,
they would own a stake of nearly 40% in ProMOS, holding 3.88
billion shares after the completion of the restructuring package,
the report notes.

The latest capital reduction plan would reduce the chipmaker's
capital to NT$3.82 billion, The Taipei Times discloses.

The Taipei Times adds that the number of shares in ProMOS would
also decrease 85% to 382 million.  It would be the firm's second
capital reduction program after a 65% downsize last year.

According to the report, the decision came after the company's
creditor banks agreed last week to prevent an immediate default by
slashing the interest rate on NT$57 billion (US$1.98 billion) in
syndicated loans to just 0.1% from 3.5%.

"We know there is bumpy road ahead, but we have to find a way out.
The capital reduction and new share offerings will help restore
ProMOS' financial structure to a healthy level," ProMOS
spokesperson Ben Tseng told Taipei Times by telephone.

However, ProMOS has no plans to seek protection from insolvency by
filing a restructuring plan, chief financial executive Jessie Peng
told a media briefing on Wednesday, the report relates.

"We hope this package will solicit support from our creditors and
a future strategic partner," Ms. Tseng said.

The company is scheduled to hold an extraordinary shareholders'
meeting on Aug. 26 to approve the financial restructuring program,
according to The Taipei Times.

ProMOS continued operating in the red for the 16th consecutive
quarter, posting net loss of NT$4.26 billion in the first quarter
of 2011, DIGITIMES reported.

ProMOS Technologies Inc. -- http://www.promos.com.tw-- is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access memories
(SDRAMs), as well as the related import and export businesses.
The Company provides 64 megabytes (Mb), 128 Mb and 256Mb SDRAMs,
128Mb, 256Mb and 512Mb double data rate (DDR) SDRAMs and others.


===============
T H A I L A N D
===============


THANACHART BANK: Fitch Assigns 'BB+' Support Rating Floor
---------------------------------------------------------
Fitch Ratings has assigned Thanachart Bank Public Company Limited
a Long-Term Foreign Currency Issuer Default Rating of 'BBB-' with
Stable Outlook.  The agency has also assigned a Support Rating
Floor of 'BB+'.  At the same time, Fitch has affirmed holding
company and 51% shareholder Thanachart Capital Public Company
Limited's ratings.

TBANK's ratings reflect its standalone financial strength and its
increased systematic importance, after its acquisition of Siam
City Bank Public Company Limited (SCIB; 'BBB-'/Stable) in mid-2010
improved its loan and deposit franchise. Further, SCIB's
corporates and small- to medium-sized enterprise loan book helps
reduce TBANK's sector concentration risk, taking the latter's auto
hire purchase to 41% of total loans at end-March 2011 from over
70% pre-acquisition.

TBANK reported a 224% yoy increase in consolidated net profit in
2010 and a 24.3% gain in Q111 mostly due to the consolidation of
SCIB's results. TBANK's auto hire purchase loans also grew
strongly in 2010 (up 13.4% yoy) and Q111 (up 5.3%), backed by high
car sales volumes in the domestic market as a result of the
economic recovery since mid-2010. Net interest margin, taking into
account deposit insurance cost, declined to 3.2% in Q111 from 3.9%
in Q110 on account of higher funding cost following interest rate
hikes, while the bank's auto hire purchase loan rate has remained
fixed. Key profitability metrics measured by return on average
assets and return on average equity were 1.04% and 12.44% in Q111,
which are comparable to peers.

TBANK's asset quality remains a key risk particularly following
the consolidation of SCIB's weaker quality loan portfolio. The
combined gross non-performing loans (NPLs) of TBANK and SCIB
increased to THB38.8bn (6.3% of total loans) at end-March 2011
from THB8.4bn (2.9%) pre-acquisition. Special mention loans also
rose sharply to THB35.4bn at end-March 2011 from THB19bn pre-
acquisition. With loan loss provision being maintained at a stable
level, reserves coverage (loan loss reserve to NPLs) weakened to
69% at end-March 2011, below the average of about 90% for Thai
banks, indicating a risk of higher provisioning.

TBANK's funding profile has improved, with the stronger deposit
franchise of SCIB. Including bills of exchange, its loan to
deposit ratio was 94.3% at end-March 2011, in line with the
average of 91% for the six major Thai banks. TBANK's liquid assets
(cash, interbank, and investment) to deposits and short-term
funding (interbank and bills of exchange) ratio stood at about 30%
at end-March 2011, similar to most peers. Its capital position
strengthened to Tier 1 captial 11.4% and total capital 14.4% at
end-March 2011, following the capital-raising exercise of
THB35.8 billion in 2010 to support the SCIB acquisition. While the
planned deduction of goodwill of THB18.7 billion (incurred from
SCIB's acquisition) in Q410 will reduce the bank's Tier 1, the
ratio should remain at least 10%, well above the minimum
regulatory requirement.

The Stable Outlook reflects TBANK's improved overall performance
as well as adequate funding, liquidity and capital position.
Increased ownership and support by 49% major shareholder Bank of
Nova Scotia (BNS: 'AA-'/Stable) or sustained improvement in asset
quality and profitability may lead to positive rating action.
Meanwhile, substantial deterioration in asset quality and capital
may negatively impact the ratings.

TCAP is rated one notch lower than TBANK due to its structural
subordination as a holding company, double leverage ratio and its
interest of just 50.9% in the latter. On a standalone basis, TCAP
continued to wind down its loan portfolio to THB1.4bn at end-March
2011 (end-2010: THB1.6 billion; end-2009: THB4.1 billion).
Unconsolidated net profit in 2010 and Q111 declined due to an
absence of large investment gains and lower interest income.
TCAP's double leverage, while stable, remained high at 112% at
end-March 2011, compared with about 50% prior to SCIB's
acquisition. However, Fitch expects leverage to remain stable over
the next two to three years given no plans to make additional
acquisitions or to raise equity. TCAP's equity to assets remained
strong at 67.2% at end-March 2011 (end-2010: 66.2%).

TBANK is the main operating entity within the Thanachart Group.

Thanachart Bank Public Company Limited

   -- Long-Term Foreign Currency Issuer Default Rating assigned at
      'BBB-'; Outlook Stable

   -- Short-Term Foreign Currency Issuer Default Rating assigned
      at 'F3'

   -- Support Rating Floor assigned at 'BB+'

   -- Long-Term National Rating affirmed at 'A+(tha)'; Outlook
      Stable

   -- Short-Term National Rating affirmed at 'F1+(tha)'

   -- Support Rating affirmed at '3'

   -- Individual Rating affirmed at 'C/D'

Thanachart Capital Public Company Limited

   -- Long-Term National Rating affirmed at 'A(tha)'; Outlook
      Stable

   -- Short-Term National Rating affirmed at 'F1(tha)'

   -- Support Rating affirmed at '5'

   -- Long-Term National Rating of senior unsecured debentures
      affirmed at 'A(tha)'


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company                Ticker       (US$MM)           (US$MM)
  -------                ------        ------      ------------


AUSTRALIA

ARASOR INTERNATI           ARR          19.21           -26.51
ARTURUS CAPITAL            AKW          12.27            -0.43
ARTURUS CAPITA-N           AKWN         12.27            -0.43
ASTON RESOURCES            AZT         469.54            -7.49
AUSTAR UNITED              AUN         679.40          -250.96
AUSTRALIAN ZI-PP           AZCCA        77.74            -2.57
AUSTRALIAN ZIRC            AZC          77.74            -2.57
AUTRON CORP LTD            AAT          32.50           -13.46
AUTRON CORP LTD            AAT          32.50           -13.46
BCD RESOURCES OP           BCO          27.90           -79.33
BCD RESOURCES-PP           BCOCC        27.90           -79.33
BECTON PROPERTY            BEC         369.83           -26.80
BIRON APPAREL LT           BIC          19.71            -2.22
CENTRO PROPERTIE           CNP       15,483.4          -349.73
CHEMEQ LTD                 CMQ          25.19           -24.25
COMPASS HOTEL GR           CXH          88.33            -1.08
JAMES HARDIE-CDI           JHX       1,971.80          -450.10
JAMES HARDIE NV            JHXCC     1,971.80          -450.10
MACQUARIE ATLAS            MQA       1,894.75          -230.50
MAVERICK DRILLIN           MAD          24.66            -1.30
MISSION NEWENER            MBT          20.38           -44.05
NATURAL FUEL LTD           NFL          19.38          -121.51
NEXTDC LTD                 NXT          17.46            -0.14
ORION GOLD NL              ORN          11.60           -10.91
POWERLAN LTD               PWR          28.30            -3.64
REDBANK ENERGY L           AEJ       3,564.36          -383.39
RIVERCITY MOTORW           RCY         386.88          -809.14
SCIGEN LTD-CUFS            SIE          65.56           -38.80
SHELL VILLAGES A           SVC          13.47            -1.66
STIRLING RESOURC           SRE          31.19            -0.62
TAKORADI LTD               TKG          13.99            -0.41
VERTICON GROUP             VGP          10.08           -29.12
VIEW RESOURCES L           VRE          12.47           -31.06
YANGHAO INTERNAT           YHL          44.32           -54.68


CHINA

BAOCHENG INVESTM           600892       30.32            -4.51
CHENGDE DALU -B            200160       29.42            -3.92
CHENGDU UNION-A            693          34.23           -11.72
CHINA FASHION              CFH          10.11            -0.76
CHINA KEJIAN-A             35           95.09          -182.83
CONTEL CORP LTD            CTEL         59.31           -46.86
CONTEL CORP-RT             CTELR        59.31           -46.86
DONGGUAN FANGD-A           600656       34.84           -41.32
DONGXIN ELECTR-A           600691       15.96           -19.92
GUANGDONG ORIE-A           600988       12.78            -5.53
GUANGDONG SUNR-A           30          111.22             0.00
GUANGDONG SUNR-B           200030      111.22             0.00
GUANGXIA YINCH-A           557          19.01           -42.85
HEBEI BAOSHUO -A           600155      132.22          -401.91
HEBEI JINNIU C-A           600722      246.19           -48.05
HUASU HOLDINGS-A           509          90.78            -4.91
HUNAN ANPLAS CO            156          45.29           -45.53
JILIN PHARMACE-A           545          35.52            -6.20
JINCHENG PAPER-A           820         212.09          -116.17
MUDAN AUTOMOBI-H           8188         29.41            -1.38
QINGDAO YELLOW             600579      219.72            -6.53
SHANG BROAD-A              600608       50.03            -9.23
SHANG HONGSHENG            600817       15.87          -286.48
SHANXI LEAD IN-A           673          23.94            -0.60
SHENZ CHINA BI-A           17           20.97          -266.50
SHENZ CHINA BI-B           200017       20.97          -266.50
SHENZ INTL ENT-A           56          233.81           -22.28
SHENZ INTL ENT-B           200056      233.81           -22.28
SHENZHEN DAWNC-A           863          26.00          -157.48
SHENZHEN KONDA-A           48          116.99            -7.20
SHENZHEN ZERO-A            7            42.69            -5.05
SHIJIAZHUANG D-A           958         227.37           -68.82
SICHUAN DIRECT-A           757          95.94          -166.82
SICHUAN GOLDEN             600678      209.26           -82.69
TAIYUAN TIANLO-A           600234       52.85           -27.82
TIANJIN MARINE             600751      114.38           -61.31
TIANJIN MARINE-B           900938      114.38           -61.31
TOPSUN SCIENCE-A           600771      171.85          -115.05
WUHAN BOILER-B             200770      272.46          -141.76
WUHAN GUOYAO-A             600421       11.05           -27.01
WUHAN LINUO SOLA           600885      107.30            -0.72
XIAMEN OVERSEA-A           600870      225.63          -137.22
YANBIAN SHIXIA-A           600462      204.34           -11.55
YANTAI YUANCHE-A           600766       67.22            -5.72
YUEYANG HENGLI-A           622          38.46           -19.46
YUNNAN MALONG-A            600792      133.04           -61.60
ZHANGJIAJIE TO-A           430          31.65            -3.43


HONG KONG

ASIA TELEMEDIA L           376          16.62            -5.37
BUILDMORE INTL             108          16.19           -50.25
CHINA HEALTHCARE           673          44.13            -4.49
CHINA OCEAN SHIP           651         454.18           -13.94
CHINA PACKAGING            572          18.18           -16.83
CMMB VISION HOLD           471          37.41           -10.99
COSMO INTL 1000            120          83.56           -37.93
DORE HOLDINGS LT           628          25.44            -5.34
EGANAGOLDPFEIL             48          557.89          -132.86
FULBOND HLDGS              1041        117.50            -6.87
GUOJIN RESOURCES           630          18.21           -17.00
MELCOLOT LTD               8198         56.90           -46.99
MITSUMARU EAST K           2358         30.04           -15.37
NGAI LIK INDL              332          22.70            -9.69
PALADIN LTD                495         149.78           -11.62
PCCW LTD                   8         6,192.51           -78.22
PROVIEW INTL HLD           334         314.87          -294.85
SINO RESOURCES G           223          10.01           -41.90
SMART UNION GP             2700         32.14           -40.01
TACK HSIN HLDG             611          27.70           -53.62
TONIC IND HLDGS            978          67.67           -37.85


INDONESIA

ARPENI PRATAMA             APOL        666.87           -31.20
ASIA PACIFIC               POLY        485.51          -861.80
ERATEX DJAJA               ERTX         11.72           -23.99
HANSON INTERNATI           MYRX         15.31           -12.34
HANSON INT-PREF            MYRXP        15.31           -12.34
JAKARTA KYOEI ST           JKSW         32.30           -42.35
MITRA INTERNATIO           MIRA        970.13          -256.04
MITRA RAJASA-RTS           MIRA-R2     970.13          -256.04
MULIA INDUSTRIND           MLIA        504.77           -54.04
PANASIA FILAMENT           PAFI         37.96           -15.94
PANCA WIRATAMA             PWSI         31.51           -39.11
SMARTFREN TELECO           FREN        499.34           -13.31
SURABAYA AGUNG             SAIP        248.01           -94.93
TOKO GUNUNG AGUN           TKGA         11.65            -0.30
UNITEX TBK                 UNTX         18.22           -17.81


INDIA
                                         0.00             0.00
ALPS INDUS LTD             ALPI        292.76           -12.44
AMIT SPINNING              AMSP         20.43            -1.96
ARTSON ENGR                ART          23.87            -0.60
ASHAPURA MINECHE           ASMN        191.87           -68.03
ASHIMA LTD                 ASHM         63.23           -48.94
ATV PROJECTS               ATV          60.46           -55.04
BALAJI DISTILLER           BLD          66.32           -25.40
BELLARY STEELS             BSAL        451.68          -108.50
BHAGHEERATHA ENG           BGEL         22.65           -28.20
CAMBRIDGE SOLUTI           CAMB        149.58           -56.66
CANTABIL RETAIL            CANT         55.23            -8.54
CFL CAPITAL FIN            CEATF        15.35           -46.89
COMPUTERSKILL              CPS          14.90            -7.56
CORE HEALTHCARE            CPAR        185.36          -241.91
DCM FINANCIAL SE           DCMFS        17.10            -9.46
DFL INFRASTRUCTU           DLFI         42.74            -6.49
DIGJAM LTD                 DGJM         99.41           -22.59
DUNCANS INDUS              DAI         133.65          -205.38
FIBERWEB INDIA             FWB          12.23           -16.21
GANESH BENZOPLST           GBP          48.95           -22.44
GEM SPINNERS LTD           GEMS         16.44            -1.53
GLOBAL BOARDS              GLB          14.98            -7.51
GSL INDIA LTD              GSL          29.86           -42.42
HARYANA STEEL              HYSA         10.83            -5.91
HENKEL INDIA LTD           HNKL        102.05           -10.24
HIMACHAL FUTURIS           HMFC        406.63          -210.98
HINDUSTAN PHOTO            HPHT         74.44        -1,519.11
HINDUSTAN SYNTEX           HSYN         15.20            -3.81
HMT LTD                    HMT         142.67          -386.80
ICDS                       ICDS         13.30            -6.17
INTEGRAT FINANCE           IFC          49.83           -51.32
JAYKAY ENTERPRIS           JEL          13.51            -3.03
JCT ELECTRONICS            JCTE        122.54           -50.00
JD ORGOCHEM LTD            JDO          10.46            -1.60
JENSON & NIC LTD           JN           17.91           -84.78
JIK INDUS LTD              KFS          20.63            -5.62
JOG ENGINEERING            VMJ          50.08           -10.08
KALYANPUR CEMENT           KCEM         33.31           -30.53
KERALA AYURVEDA            KRAP         13.99            -1.18
KIDUJA INDIA               KDJ          17.15            -2.28
KINGFISHER AIR             KAIR      1,883.62          -661.89
KINGFISHER A-SLB           KAIR/S    1,883.62          -661.89
KITPLY INDS LTD            KIT          48.42           -24.51
LLOYDS FINANCE             LYDF         21.65           -11.39
LLOYDS STEEL IND           LYDS        510.00           -48.98
LML LTD                    LML          65.26           -56.77
MAHA RASHTRA APE           MHAC         24.13           -14.27
MILLENNIUM BEER            MLB          52.23            -5.22
MILTON PLASTICS            MILT         18.65           -52.29
MTZ POLYFILMS LT           TBE          31.94            -2.57
NICCO CORP LTD             NICC         75.56            -6.49
NICCO UCO ALLIAN           NICU         32.23           -71.91
NK INDUS LTD               NKI          49.04            -4.95
NUCHEM LTD                 NUC          24.72            -1.60
ORIENT PRESS LTD           OP           16.70            -0.09
PANCHMAHAL STEEL           PMS          51.02            -0.33
PARASRAMPUR SYN            PPS          99.06          -307.14
PAREKH PLATINUM            PKPL         61.08           -88.85
PEACOCK INDS LTD           PCOK         11.40           -14.40
PIRAMAL LIFE SC            PLSL         45.82           -32.69
QUADRANT TELEVEN           QDTV        188.57          -116.81
RAJ AGRO MILLS             RAM          10.21            -0.61
RATHI ISPAT LTD            RTIS         44.56            -3.93
REMI METALS GUJA           RMM         102.64            -5.29
RENOWNED AUTO PR           RAP          14.12            -1.25
ROLLATAINERS LTD           RLT          22.97           -22.24
ROYAL CUSHION              RCVP         20.62           -75.53
SCOOTERS INDIA             SCTR         18.63            -6.88
SEN PET INDIA LT           SPEN         12.99           -25.24
SHAH ALLOYS LTD            SA          212.81            -9.74
SHALIMAR WIRES             SWRI         24.87           -51.77
SHAMKEN COTSYN             SHC          23.13            -6.17
SHAMKEN MULTIFAB           SHM          60.55           -13.26
SHAMKEN SPINNERS           SSP          42.18           -16.76
SHREE GANESH FOR           SGFO         44.50            -2.89
SHREE RAMA MULTI           SRMT         64.03           -44.99
SIDDHARTHA TUBES           SDT          76.98           -12.45
SOUTHERN PETROCH           SPET      1,584.27            -4.80
SQL STAR INTL              SQL          11.69            -1.14
STI INDIA LTD              STIB         30.87           -10.59
TAMILNADU TELE             TNT          12.82            -5.15
TATA TELESERVICE           TTLS      1,311.30          -138.25
TATA TELE-SLB              TTLS/S    1,311.30          -138.25
TRIUMPH INTL               OXIF         58.46           -14.18
TRIVENI GLASS              TRSG         24.55            -8.57
TUTICORIN ALKALI           TACF         14.15           -11.20
UNIFLEX CABLES             UFC          45.05            -0.90
UNIFLEX CABLES             UFCZ         45.05            -0.90
UNIMERS INDIA LT           HDU          18.08            -5.86
UNITED BREWERIES           UB        2,652.00          -242.53
UNIWORTH LTD               WW          161.65          -143.41
USHA INDIA LTD             USHA         12.06           -54.51
VENTURA TEXTILES           VRTL         15.19            -0.99
VENUS SUGAR LTD            VS           11.06            -1.08
WIRE AND WIRELES           WNW         115.34           -34.49


JAPAN

ARRK CORP                  7873      1,221.45           -37.80
C&I HOLDINGS               9609         32.82           -39.23
CROWD GATE CO              2140         11.63            -4.29
KFE JAPAN CO LTD           3061         17.86            -2.27
L CREATE CO LTD            3247         42.34            -9.15
LCA HOLDINGS COR           4798         55.65            -3.28
NIS GROUP CO LTD           8571        477.70           -75.44
PROPERST CO LTD            3236        305.90          -330.20
SHIOMI HOLDINGS            2414        201.19           -33.62
S-POOL INC                 2471         18.11            -0.41
STRAWBERRY CORP            3429         14.17            -4.48


KOREA

AJU MEDIA SOL-PF           44775        13.82            -1.25
DAISHIN INFO               20180       740.50          -158.45
KUKDONG CORP               5320         53.07            -1.85
KUMHO INDUS-PFD            2995      5,837.32          -967.28
KUMHO INDUSTRIAL           2990      5,837.32          -967.28
ORICOM INC                 10470        82.65           -40.04
SAMT CO LTD                31330       200.83          -152.09
SEOUL MUTL SAVIN           16560       874.79           -34.13
SUNGJEE CONSTRUC           5980        114.91           -83.19
TONG YANG MAGIC            23020       355.15           -25.77
YOUILENSYS CORP            38720       166.70           -12.34


MALAYSIA

BANENG HOLDINGS            BANE         50.30            -3.48
HAISAN RESOURCES           HRB          64.66            -0.15
HO HUP CONSTR CO           HO           67.48            -8.90
JPK HOLDINGS BHD           JPK          20.34            -0.50
LUSTER INDUSTRIE           LSTI         22.93            -3.18
MITHRIL BHD                MITH         29.69            -0.27
NGIU KEE CO-BHD            NKC          14.81           -12.42
TRACOMA HOLDINGS           TRAH         57.09           -24.60
VTI VINTAGE BHD            VTI          15.71            -1.28


PHILIPPINES

CYBER BAY CORP             CYBR         14.16           -92.96
EAST ASIA POWER            PWR          31.58          -185.31
FIL ESTATE CORP            FC           40.29           -14.05
FILSYN CORP A              FYN          23.37           -11.33
FILSYN CORP. B             FYNB         23.37           -11.33
GOTESCO LAND-A             GO           21.76           -19.21
GOTESCO LAND-B             GOB          21.76           -19.21
PICOP RESOURCES            PCP         105.66           -23.33
STENIEL MFG                STN          20.43           -15.89
UNIWIDE HOLDINGS           UW           50.36           -57.19
VICTORIAS MILL             VMC         164.26           -18.20


SINGAPORE

ADV SYSTEMS AUTO           ASA          18.93           -11.69
ADVANCE SCT LTD            ASCT         25.29           -10.05
HL GLOBAL ENTERP           HLGE         93.13           -13.57
JAPAN LAND LTD             JAL         203.24           -14.68
LINDETEVES-JACOB           LJ           20.64            -6.07
NEW LAKESIDE               NLH          19.34            -5.25
SUNMOON FOOD COM           SMOON        17.25           -15.34
TT INTERNATIONAL           TTI         266.39           -59.41


THAILAND

ABICO HLDGS-F              ABICO/F      15.28            -4.40
ABICO HOLDINGS             ABICO        15.28            -4.40
ABICO HOLD-NVDR            ABICO-R      15.28            -4.40
ASCON CONSTR-NVD           ASCON-R      59.78            -3.37
ASCON CONSTRUCT            ASCON        59.78            -3.37
ASCON CONSTRU-FO           ASCON/F      59.78            -3.37
BANGKOK RUBBER             BRC          97.98           -81.80
BANGKOK RUBBER-F           BRC/F        97.98           -81.80
BANGKOK RUB-NVDR           BRC-R        97.98           -81.80
CALIFORNIA W-NVD           CAWOW-R      36.95            -7.36
CALIFORNIA WO-FO           CAWOW/F      36.95            -7.36
CALIFORNIA WOW X           CAWOW        36.95            -7.36
CIRCUIT ELEC PCL           CIRKIT       16.79           -96.30
CIRCUIT ELEC-FRN           CIRKIT/F     16.79           -96.30
CIRCUIT ELE-NVDR           CIRKIT-R     16.79           -96.30
DATAMAT PCL                DTM          12.69            -6.13
DATAMAT PCL-NVDR           DTM-R        12.69            -6.13
DATAMAT PLC-F              DTM/F        12.69            -6.13
ITV PCL                    ITV          37.14          -110.85
ITV PCL-FOREIGN            ITV/F        37.14          -110.85
ITV PCL-NVDR               ITV-R        37.14          -110.85
K-TECH CONSTRUCT           KTECH        38.87           -46.47
K-TECH CONSTRUCT           KTECH/F      38.87           -46.47
K-TECH CONTRU-R            KTECH-R      38.87           -46.47
KUANG PEI SAN              POMPUI       17.70           -12.74
KUANG PEI SAN-F            POMPUI/F     17.70           -12.74
KUANG PEI-NVDR             POMPUI-R     17.70           -12.74
PATKOL PCL                 PATKL        52.89           -30.64
PATKOL PCL-FORGN           PATKL/F      52.89           -30.64
PATKOL PCL-NVDR            PATKL-R      52.89           -30.64
PICNIC CORP-NVDR           PICNI-R     101.18          -175.61
PICNIC CORPORATI           PICNI       101.18          -175.61
PICNIC CORPORATI           PICNI/F     101.18          -175.61
PONGSAAP PCL               PSAAP/F      24.61           -10.99
PONGSAAP PCL               PSAAP        24.61           -10.99
PONGSAAP PCL-NVD           PSAAP-R      24.61           -10.99
SAHAMITR PRESS-F           SMPC/F       21.99            -4.01
SAHAMITR PRESSUR           SMPC         21.99            -4.01
SAHAMITR PR-NVDR           SMPC-R       21.99            -4.01
SUNWOOD INDS PCL           SUN          19.86           -13.03
SUNWOOD INDS-F             SUN/F        19.86           -13.03
SUNWOOD INDS-NVD           SUN-R        19.86           -13.03
THAI-DENMARK PCL           DMARK        15.72           -10.10
THAI-DENMARK-F             DMARK/F      15.72           -10.10
THAI-DENMARK-NVD           DMARK-R      15.72           -10.10
THAI-GERMAN PR-F           TGPRO/F      55.31            -8.54
THAI-GERMAN PRO            TGPRO        55.31            -8.54
THAI-GERMAN-NVDR           TGPRO-R      55.31            -8.54
TRANG SEAFOOD              TRS          13.90            -3.59
TRANG SEAFOOD-F            TRS/F        13.90            -3.59
TRANG SFD-NVDR             TRS-R        13.90            -3.59
TT&T PCL                   TTNT        656.18          -194.61
TT&T PCL-NVDR              TTNT-R      656.18          -194.61
TT&T PUBLIC CO-F           TTNT/F      656.18          -194.61


TAIWAN

CHIEN TAI CEMENT           1107        214.12           -49.02
HELIX TECH-EC              2479T        23.39           -24.12
HELIX TECH-EC IS           2479U        23.39           -24.12
HELIX TECHNOL-EC           2479S        23.39           -24.12
TAIWAN KOL-E CRT           1606U       507.21          -147.14
TAIWAN KOLIN-EN            1606V       507.21          -147.14
TAIWAN KOLIN-ENT           1606W       507.21          -147.14
VERTEX PREC-ENTL           5318T        42.24            -5.08
VERTEX PRECISION           5318         42.24            -5.08


                             *********

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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