TCRAP_Public/110719.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

              Tuesday, July 19, 2011, Vol. 14, No. 141

                            Headlines



A U S T R A L I A

AUSTEXX: Receivers to Take Control of Spencer Street Property
INTELLIGENT SOLAR: Collapses; Blames Government Insulation Scheme


C H I N A

INTIME DEPARTMENT: Fitch Gives CNY1-Bil. Bonds Final 'BB' Rating
SINO-FOREST CORPORATION: Fitch Withdraws 'BB-' Senior Debt Rating


H O N G  K O N G

1S LIMITED: Members' Final Meeting Set for August 15
ATWL & ASSOCIATES: Creditors' Proofs of Debt Due August 2
CHI CHEUNG: Placed Under Voluntary Wind-Up Proceedings
COBALT MANUFACTURING: Lo and Wong Step Down as Liquidators
DEEPER LIMITED: Final Meetings Set for August 19

SENGWOO INDUSTRIAL: Creditors' Proofs of Debt Due July 29
SHELL TREASURY: Chiu and Har Step Down as Liquidators
SWISS EMOTIONS: Creditors' Proofs of Debt Due August 15
T.K. ENTERPRISES: Lai and Haughey Step Down as Liquidators
TECHDURA LIMITED: Zoltan Peter Szabo Steps Down as Liquidator

TRI RUSS: Creditors' Proofs of Debt Due August 15
WELLA HK: Lam and Boswell Step Down as Liquidators


I N D I A

AIR INDIA: Aviation Ministry to Seek INR42,000cr Gov't. Bailout
AIR INDIA: AAI Mulls Bonds Issuance Against INR700cr Dues
AKSH TECHNOLOGIES: ICRA Reaffirms 'BB' Rating on INR15.85cr Loan
ATR CARS: ICRA Assigns '[ICRA]B+' Rating to INR31.20cr Bank Limits
CHENNIAPPA YARN: CRISIL Cuts Rating on INR132MM Loan to 'CRISIL B'

CONCEPT CLOTHING: ICRA Assigns '[ICRA]BB' Rating to INR4.81cr Loan
CONCEPT IMAGES: ICRA Reaffirms '[ICRA]BB+' Rating on INR5cr Loan
DIAMOND SOLVEX: CRISIL Assigns 'CRISIL B+' Rating to INR24MM Loan
GOPAL SNACKS: CRISIL Rates INR115.5MM Term Loan at 'CRISIL BB'
GTL LIMITED: May Opt For Corporate Debt Restructuring

HARERAM COTTON: CRISIL Assigns 'CRISIL B' Rating to INR19.2MM Loan
ILEX DEVELOPERS: Fitch Assigns 'B+(ind)' National LT Rating
M K ROY: ICRA Upgrades Rating on INR0.23cr Term Loan to [ICRA]BB-
MADURAI MUNICIPAL: Fitch Migrates Rating to Non Monitored Category
NAGEEN PRAKASHAN: ICRA Assigns '[ICRA]B+' Rating to INR5.1cr Loan

PALAI JYOTI: ICRA Downgrades Rating on INR20cr Loan to '[ICRA]D'
PHTHALO COLOURS: ICRA Rates INR13cr Long-Term Loan at '[ICRA]D'
PRAKASH IMPEX: CRISIL Rates INR2.7MM LT Loan at 'CRISIL BB-'
SEQUEL PHARMA: CRISIL Rates INR30MM Cash Credit at 'CRISIL D'
SUGNA METALS: ICRA Assigns '[ICRA]BB+' Rating to INR30cr Loan

TAJSHREE MOTORS: ICRA Assigns 'LBB-' Rating to INR6cr Bank Loan
VEHLNA STEELS: CRISIL Rates INR24.3MM Term Loan at 'CRISIL B'
VIDYUTH CONTROL: ICRA Assigns '[ICRA]BB' Rating to INR2.55cr Loan
WHITE GOLD: ICRA Assigns '[ICRA]B+' Rating to INR10cr Cash Credit


J A P A N

TAKEFUJI CORP: Aims to Repay 3.3% of Claims Under Revival Plan


N E W  Z E A L A N D

79 MANNERS: Two Failed Firms Owe NZ$50 Million to Creditors
BRIDGECORP LTD: Investors to Get Less Than 10 Cents in the Dollar
CENTURY CITY: Bankruptcy Bid Against Owner Put on Hold
NATIONAL FINANCE: Ex-Director Admits Receiving Docs From SFO


S I N G A P O R E

AGRIPRODUCE & TRADING: Creditors' Proofs of Debt Due July 29
AMBASSADOR TOURS: Creditors Get 1.84025% Recovery on Claims
BEXCOM SOUTHEAST: Creditors' Proofs of Debt Due August 1
BIAN SENG: Creditors Get 24.19% Recovery on Claims
CARD CENTRE: Fitch Affirms BBsf Rating on SGD8.7MM C Certificates

CHESNEY REAL: Court Enters Wind-Up Order
DANO INT'L: Court to Hear Judicial Management Bid on July 21
FASHION STREET: Court to Hear Wind-Up Petition on July 29
FM CONTRACTING: Creditors' Proofs of Debt Due August 13
GIBBOUS HOLDINGS: Court Enters Wind-Up Order

GREAT WORLD: Court Enters Wind-Up Order
TELEPOINT DISTRIBUTION: Creditors Get 100% Recovery on Claims


X X X X X X X X

* BOND PRICING: For the Week July 11 to July 15, 2011


                            - - - - -


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


AUSTEXX: Receivers to Take Control of Spencer Street Property
-------------------------------------------------------------
The Sydney Morning Herald reports that Austexx, one-time owners of
the Direct Factory Outlet shopping centre in Sydney, is again in
crisis with receivers called in to take control of its Spencer
Street property in Melbourne over a debt of up to AU$360 million.

In another hammer blow for the troubled group, the financier BOS
International appointed Craig Shepard and Leanne Chesser of
KordaMentha receivers over two companies that own the struggling
shopping centre above Southern Cross station, according to The
Herald.

Spencer Street is the third shopping centre in the Austexx group
to go into receivership in a little over a month, with Torquay
Central in Victoria and Flinders Plaza in Townsville, falling to
bankers last month, the report recalls.

The Herald notes that the receivership represents another blow to
any hopes Austexx's owners, including David Goldberger, David
Wieland and the head of the Australian Competition and Consumer
Commission, Graeme Samuel, might have had of recovery from a
NZ$1 billion debt crisis in August.

That crisis, which opened a bitter split among the trio, forced
the sale of DFO South Wharf, DFO Essendon and DFO Moorabbin and
the DFO Homebush to Colonial First State, the report notes.

As a result of that deal, Austexx cannot use the DFO brand in
Victoria, The Herald says.

KordaMentha said in a statement it would be "business as usual"
for Spencer Street while in receivership, The Herald adds.


INTELLIGENT SOLAR: Collapses; Blames Government Insulation Scheme
-----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that Intelligent Solar
Ltd said that it had appointed administrators after having
sustained heavy losses due to ramping up production for the
Australian Government's insulation program.

SmartCompany relates that the collapse comes just weeks after
three major insulation manufacturing firms said they would be
seeking AUD50 million in compensation from the Australian
Government after the scheme was cancelled two years early.

The appointment of an administrator also comes just weeks after
Intelligent Solar announced to the market it received a notice of
default from a trustee acting on behalf of convertible note
holders, SmartCompany says.

According to SmartCompany, administrator Manfred Holzman of
Holzman Associates said the company is best known in the market as
the insulation and air conditioning provider Cool or Cosy, which
then later changed its name to Intelligent Solar.  As well as
making and installing insulation, Intelligent Solar also owns
solar hot water technology.

SmartCompany notes that Intelligent Solar said in a statement the
company had been manufacturing and installing insulation for over
25 years when the Government's program prompted a ramp-up in
production.

ISL stated it suffered substantial losses and write-downs as a
result of the Federal Government's policy change.  With the market
for insulation products dramatically reduced, ISL entered into
discussions with various companies in relation to possible merger
opportunities.  Those discussions stopped in 2010 and ISL went
ahead with a share purchase plan, but only raised a minimal amount
of money.  Short-term funding arrangements were also exhausted,
leading to the appointment of administrators, SmartCompany adds.

Mr. Holzman, as cited by SmartCompany, said the appointment
occurred late last week, so he hasn't had time to start a proper
investigation.  He however said ISL will be seeking expressions of
interest for its solar division.

                       About Intelligent Solar

Based in Queensland, Australia, Intelligent Solar Ltd (ASX:ISL) --
http://www.coolorcosy.com.au/--formerly known as Cool or Cosy
Limited (Cosy), is engaged in the sale and installation of air-
conditioning products to the residential, wholesale and
construction markets, and manufacture and installation of
environmentally friendly insulation products.


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


INTIME DEPARTMENT: Fitch Gives CNY1-Bil. Bonds Final 'BB' Rating
----------------------------------------------------------------
Fitch Ratings has assigned Intime Department Store (Group) Company
Limited's ('BB'/Stable) offshore CNY1 billion 4.65% guaranteed
bonds due 2014 a final rating of 'BB'.

This follows the receipt of documents conforming to information
already received.  The final rating is in line with the expected
rating assigned on July 3, 2011.


SINO-FOREST CORPORATION: Fitch Withdraws 'BB-' Senior Debt Rating
-----------------------------------------------------------------
Fitch Ratings has withdrawn Sino-Forest Corporation's Foreign
Currency Issuer Default Rating and senior unsecured debt rating of
'BB-'. The ratings were on Negative Watch at the point of
withdrawal. Fitch has withdrawn the ratings as it is unable to
obtain sufficient information to maintain them.

Since placing Sino-Forest on Negative Watch on June 20, 2011,
Fitch had requested from the company a more frequent and regular
update of its offshore cash balances, as well as updates on
management's progress/intentions with regard to the future
onshore/offshore structure of the business. Fitch viewed this
information as critical to monitoring the position of Sino-Forest
offshore creditors, particularly given that under the current
business structure offshore obligors are unable to directly access
the company's onshore cash flows.

Management has informed Fitch that the company is unwilling to
provide any further information until the Committee of Independent
Board Members - which was formed to investigate the allegations
made by Muddy Waters LLC - publishes its findings. The company has
not provided a date for the publication. Fitch does not consider
these actions commensurate with being able to maintain the rating
for investors.

Fitch will no longer provide ratings or analytical coverage of
this issuer.

Fitch has also concluded a review of Chinese credits for
governance stresses, initiated following the spate of recent
allegations in the sector. The review has concluded that its
current ratings of other corporates in the PRC currently
incorporate principal concerns surrounding local governance, set
against global peers, but highlights areas where weaknesses in
individual companies can still hinder market access under stress
conditions.


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


1S LIMITED: Members' Final Meeting Set for August 15
----------------------------------------------------
Members of 1S Limited will hold their final general meeting on
Aug. 15, 2011, at 10:00 a.m., at 16-F, Tak Shing House, Theatre
Centre, 20 Des Voeux Road, Central, in Hong Kong.

At the meeting, Chung Cheuk Kwan, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


ATWL & ASSOCIATES: Creditors' Proofs of Debt Due August 2
---------------------------------------------------------
Creditors of ATWL & Associates (International) Limited, which is
in liquidation, are required to file their proofs of debt by
Aug. 2, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Siu Hung
         Rooms 1909-10, Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


CHI CHEUNG: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on July 6, 2011,
creditors of Chi Cheung Finance Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Ng Tze Kin
         Yuen Shu Tong
         Unit 301, 3/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


COBALT MANUFACTURING: Lo and Wong Step Down as Liquidators
----------------------------------------------------------
Lo Wing Hung and Wong Kam Wah stepped down as liquidators of
Cobalt Manufacturing Limited on July 6, 2011.


DEEPER LIMITED: Final Meetings Set for August 19
------------------------------------------------
Members and creditors of Deeper Limited will hold their final
meetings on Aug. 19, 2011, at 9:30 a.m., and 10:00 a.m.,
respectively at Unit D, 12/F., Seabright Plaza, 9-23 Shell Street,
North Point, in Hong Kong.

At the meeting, Ng Kim Ming, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


SENGWOO INDUSTRIAL: Creditors' Proofs of Debt Due July 29
---------------------------------------------------------
Creditors of Sengwoo Industrial Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 29, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ng Kit Ying Zelinda
         Liou Kun Chiu Eddie
         36/F., Tower Two
         Times Square, 1 Matheson Street
         Causeway Bay
         Hong Kong


SHELL TREASURY: Chiu and Har Step Down as Liquidators
-----------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Shell Treasury Hong Kong Limited on July 6, 2011.


SWISS EMOTIONS: Creditors' Proofs of Debt Due August 15
-------------------------------------------------------
Creditors of Swiss Emotions Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 15, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 5, 2011.

The company's liquidator is:

         James Anthony Frank Wadham
         23rd Floor, Tung Hip Commercial Building
         244 Des Voeux Road
         Central, Hong Kong


T.K. ENTERPRISES: Lai and Haughey Step Down as Liquidators
----------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of T.K. Enterprises Limited on July 5, 2011.


TECHDURA LIMITED: Zoltan Peter Szabo Steps Down as Liquidator
-------------------------------------------------------------
Zoltan Peter Szabo stepped down as liquidator of Techdura Limited
on July 5, 2011.


TRI RUSS: Creditors' Proofs of Debt Due August 15
-------------------------------------------------
Creditors of Tri Russ International (Hong Kong) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Aug. 15, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 8, 2011.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


WELLA HK: Lam and Boswell Step Down as Liquidators
--------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Wella Hong Kong Limited on July 4, 2011.


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


AIR INDIA: Aviation Ministry to Seek INR42,000cr Gov't. Bailout
---------------------------------------------------------------
The Times of India reports that India's civil aviation ministry is
set to pitch for a INR42,000 crore government bailout for Air
India.

According to the report, the ministry, which is being blamed for
turning the Maharaja sick due to a merger of Indian Airlines and
Air India, is going to tell the group of ministers this week that
the national carrier will need INR42,000 crore over the next eight
to nine years and over 130 more planes on lease.

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising the company's fleet
strength to as many as 275 planes from 148 in five years.  Air
India Chairman and Managing Director Arvind Jadhav said the new
100-page turnaround plan for 2010-14, which ruled out any job cuts
or wage reductions, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


AIR INDIA: AAI Mulls Bonds Issuance Against INR700cr Dues
---------------------------------------------------------
The Times of India reports that state-run Airports Authority of
India (AAI) is planning to ask Air India to issue it secure
redeemable debentures against the dues of more than INR700 crore.

Unlike private airports who issue threats of putting airlines like
Kingfisher and Air India on cash-and-carry to make them pay up,
The Times of India relates, AAI decided to adopt the debenture
route after the aviation ministry made it clear it would not allow
the authority to take any step that may hasten the critically ill
Maharaja's demise.

"At least this way, we will get interest on our dues and the
pressure to get the principle amount will reduce somewhat on Air
India.  We will send this proposal to board soon.  Air India has
dues of INR733 crore and this is constantly increasing.  The
carrier's monthly bill is INR35 crore and they pay us only
INR20 to INR25 crore, so there's no question of getting past dues
or even clearing current ones in full," The Times of India quotes
a senior official as saying.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising the company's fleet
strength to as many as 275 planes from 148 in five years.  Air
India Chairman and Managing Director Arvind Jadhav said the new
100-page turnaround plan for 2010-14, which ruled out any job cuts
or wage reductions, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


AKSH TECHNOLOGIES: ICRA Reaffirms 'BB' Rating on INR15.85cr Loan
----------------------------------------------------------------
ICRA has re-affirmed the Long Term Rating assigned to the
INR15.85 crore (earlier INR14.85 crore) fund based bank facilities
of Aksh Technologies Limited at '[ICRA]BB'.  The outlook on the
assigned rating is Stable.  ICRA has also reaffirmed the short
term rating assigned to the INR27.00 crore (earlier INR45.70
crore) Non-Fund based bank facilities of ATL at [ICRA]A4.

The rating re-affirmation takes into account ATL's long track
record of operations in the cables industry, its integrated
operations with the company involved in production of key raw
materials like optical fiber and fiber reinforced plastic rods as
well.  Apart from these, ICRA has noted the steps taken by ATL's
management to rationalize its cost structure and diversify its
client base. While re-affirming the ratings, ICRA took cognizance
of the positive demand outlook of the optical fiber cable
industry. However, the ratings were constrained by the significant
decline in ATL's operating income given the slow order inflow
during the year, which coupled with high fixed costs has put
pressure on its profitability. The company has reported net loss
of INR2.77 crore in FY 2011 as against net profit of INR0.72 crore
over the same period last year.

The ratings also take into account the competitive nature of the
domestic optical fiber cable industry, susceptibility of ATL's
profits to adverse movement in raw material prices and foreign
exchange rates and its moderate debt protection indicators as
reflected by gearing of 1.06 times as on March 31, 2011, and Net
Cash Accruals/Total Debt (NCA/TD) of 9% in FY 2011. While
assigning the ratings, ICRA has also noted the likely foreign
currency convertible bonds' redemption pressure in ATL's holding
company, Aksh Optifiber Limited (AOL), which may put pressure on
ATL's cash flows. However, since the bonds have been exchanged
with new bonds having longer maturity, the risk is mitigated to a
large extent.

Aksh Technologies Limited is a wholly owned subsidiary of Aksh
Optifibre Limited.  ATL became operational on April 1, 2009,
post-transfer of manufacturing division of AOL to its books.  At
present, ATL is involved in manufacturing optical fiber cables
(with an installed capacity of 125,560 cable km (ckm) p.a.) and
its key raw materials namely optic fibres [installed capacity of
16,00,000 fibre km (fkm) p.a.] and Fibre Reinforced Plastic (FRP)
rods (installed capacity of 6,00,000 km. p.a.). The manufacturing
units for the company are located in Bhiwadi District (Rajasthan)
and Ringus (Rajasthan).


ATR CARS: ICRA Assigns '[ICRA]B+' Rating to INR31.20cr Bank Limits
------------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to
INR31.20 crore fund based and non fund based limits of ATR Cars
Private Limited.  The assigned rating takes into account the thin
profit margins of ATRCPL, which is inherent in the automotive
dealership business; and limited financial flexibility on account
of stretched cash flows. The ratings also take into account the
company's moderate scale of operations, weak financial profile
characterized by high gearing of 4.03 as on March 31, 2011, modest
coverage ratios and high competitive intensity in vehicle
dealership business.  However, the rating draws comfort from
promoters experience in automotive dealership business, growth in
demand for cars of Volkswagen India Private Limited (VW) cars in
India, support from VW in form of promotional expenses and
interest free credit period and the exclusive dealership of VW for
5 years in the regions of its operations.

ATRCPL, incorporated in 2009 by Mr. A.T Rayudu with ATR
Warehousing Private Limited as a majority stakeholder, is an
authorized dealer of VW in passenger cars based in Visakhapatnam.
ATRCPL is engaged in sales and service of vehicles along with sale
of spare parts, has showrooms and service centres at
Visakhapatnam, Vijayawada and Nellore; with a new one coming up in
Rajahmundry.  All the five models; compact cars-Beetle and Polo,
sedans-Vento, Passat and Jetta of VW, are available at the
showrooms.  The major catchment areas for ATRCPL are
Visakhapatnam, Vijayawada, Nellore, Chitoor, Kuddapah, Ananthapur,
Prakasham, East Godavari, West Godavari, Srikakulam and
Vijayanagaram districts of Andhra Pradesh.

Recent Results

As per provisional numbers for FY11, ATRCPL reported operating
income of INR55.29 crore and Operating margin of INR2.40 crore.


CHENNIAPPA YARN: CRISIL Cuts Rating on INR132MM Loan to 'CRISIL B'
------------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Chenniappa Yarn Spinners (P) Ltd to 'CRISIL B/Stable' from
'CRISIL B+/Stable', while reaffirming its rating on the company's
short-term bank facilities at 'CRISIL A4'.

   Facilities                         Ratings
   ----------                         -------
   INR132 Million Long-Term Loan      CRISIL B/Stable (Downgraded
                                         from 'CRISIL B+/Stable')

   INR120 Million Cash Credit         CRISIL B/Stable (Downgraded
                                          from 'CRISIL B+/Stable')

   INR20 Million Standby Line of      CRISIL B/Stable (Downgraded
                 Credit               from 'CRISIL B+/Stable')

   INR40 Million Letter of Credit     CRISIL A4 (Reaffirmed)

   INR10 Million Bank Guarantee       CRISIL A4 (Reaffirmed)

The downgrade reflects deterioration in Chenniappa's liquidity,
driven by the company's large working capital requirements. The
downgrade also factors in CRISIL's belief that Chenniappa's sales
growth and profitability will be subdued because of the prevalent
slowdown in the textiles industry.

The ratings reflect Chenniappa's weak financial risk profile,
marked by high gearing, and exposure to risks related to
volatility in cotton prices and to intense competition in the
textiles industry. These rating weaknesses are partially offset by
the benefits that Chenniappa derives from its promoters' extensive
experience and its healthy operating efficiencies.

Outlook: Stable

CRISIL believes that Chenniappa will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in Chenniappa's liquidity and capital structure
together with sustained profitability. Conversely, the outlook may
be revised to 'Negative' if the company reports deterioration in
its revenues and margins, and undertakes a large, debt-funded
capital expenditure programme.

                      About Chenniappa Yarn

Promoted by Mr. C Subramaniam, Chenniappa manufactures hosiery
cotton yarn. The company is based in Tirupur (Tamil Nadu), with an
installed capacity of 16,800 spindles and 15 knitting machines.

For 2010-11, (refers to financial year, April 1 to March 31),
Chenniappa is estimated to post a profit after tax (PAT) of INR30
million on net sales of INR 620 million, against a reported PAT of
INR27.8 million on net sales of INR397.8 million for the previous
year.


CONCEPT CLOTHING: ICRA Assigns '[ICRA]BB' Rating to INR4.81cr Loan
------------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR4.81 crore long term
fund based facilities of Concept Clothing.  The outlook on the
long term rating is Stable.  ICRA has also assigned an '[ICRA]A4'
rating to INR10.19 crore short term fund based facilities of
Concept Clothing.

The assigned ratings take into account the steady growth in sales
in the past despite the weak demand in the export markets, the
established relationship with the customers, which have resulted
in repeat orders and the active involvement of the promoters who
have more than two decades of experience in the garmenting
industry. Though the operating profit margin improved in FY 2010-
11, it has remained on a lower side which coupled with high
gearing and steady revenue growth has resulted in stretched cash
flows as reflected in consistently high working capital limit
utilization and modest debt coverage indicators.  The presence
across diversified markets in Europe, South America and North
America helps mitigate the impact of regional disturbances to a
certain extent, especially given the weak demand outlook in major
export markets of Europe and North America which together
accounted for 46% of the total sales in FY 2010-11.  Moreover, the
presence across both the hemispheres prevents seasonality in sales
resulting in optimum capacity utilization throughout the year. The
partnership nature of the business coupled with modest scale of
operations limits the financial flexibility, benefits arising out
of economies of scale and the bargaining power with the customers
and suppliers.  ICRA notes that the garment exporters in the
country are vulnerable to the fluctuations in exchange rates, raw
material prices and intense competition in export markets from
other domestic and international suppliers. Though the apparel
exports have grown at a healthy rate during the three months of FY
2011-12, the uncertain demand conditions in major markets could
have an impact on the sales and profitability of the sector
including that of Concept Clothing.

Going forward, the company's ability to retain its biggest
customer which accounted for 43% of the total sales in FY 2010-11
and 32% of the total sales in FY 2009-10, its ability to improve
the cash flows by improving the operating profitability, timely
enhancement of the working capital limits and the change in
constitution of the company to a limited company which shall
improve the financial flexibility, will remain key rating
sensitivities.

Concept Clothing is a partnership firm which was incorporated in
March 2006 and is engaged in the manufacturing and export of woven
garments for women and girls. The firm started its operations in
June 2006 with one manufacturing unit in Gurgaon (Haryana) and
presently has three manufacturing units in Gurgaon with a total
installed capacity of manufacturing -36 lac garment pieces per
annum.


CONCEPT IMAGES: ICRA Reaffirms '[ICRA]BB+' Rating on INR5cr Loan
----------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB+' rating to the INR5.00 crore
long term fund based bank limits of Concept Images Private
Limited.  The outlook on the long term rating is stable.  ICRA has
also re-affirmed the '[ICRA]A4+' rating to the INR4.00 crore short
term fund based bank limits and INR6.00 crore short term non-fund
based bank limits of CIPL.

The reaffirmations of ratings take into consideration the
experience of the promoters in the jewellery business, the
company's established client base that provides repeat business
and its moderate gearing of 0.79 time as on March 31, 2011.  The
ratings, however, consider the vulnerability of the margins to the
volatility in the gold prices and foreign exchange rate
fluctuations as well as CIPL's high client concentration risks.
The ratings also factors in CIPL's weak financial profile
characterized by nominal profits and low cash accruals, leading to
weak coverage indicators.

Incorporated in 1988 as Concept Construction Pvt. Ltd., CIPL was
engaged in real estate and construction activities. The company
entered the business of film production in 1995, and subsequently
changed its name to Concept Images Pvt. Ltd. However, in 1998, the
company exited both the film and construction industries and
changed its focus to jewellery manufacturing. Currently CIPL is
involved in manufacturing of gold, diamond, alloy, and semi-
precious stone studded jewellery and articles, with gold items
contributing to over 99% of its total revenues. The company
specializes in the production of hand-made ornaments through job
works, and sells its products directly to institutional buyers in
India, UAE, USA and South East Asia.

Recent Results

The company has reported a net profit of INR0.12 crore
(provisional) on an operating income of INR57.96 crore
(provisional) during 2010-11 as compared to a net profit of
INR0.09 crore on an operating income of INR52.05 crore during
2009-10.


DIAMOND SOLVEX: CRISIL Assigns 'CRISIL B+' Rating to INR24MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Diamond Solvex Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR24 Million Term Loan         CRISIL B+/Stable (Assigned)

   INR115 Million Cash Credit      CRISIL B+/Stable (Assigned)

   INR9 Million Proposed Cash      CRISIL B+/Stable (Assigned)
                 Credit Limit

   INR5.2 Million Proposed Long    CRISIL B+/Stable (Assigned)
        Term Bank Loan Facility

   INR6.8-Mil. Overdraft Facility  CRISIL B+/Stable (Assigned)

The rating reflects DSPL's weak financial risk profile, driven by
large working capital requirements, small scale of operations, low
operating margin, and susceptibility to volatility in raw material
prices and to erratic rainfall. These rating weaknesses are
partially offset by the extensive experience of DSPL's promoters
in extraction of rice bran oil.

For arriving at its rating, CRISIL has treated DSPL's unsecured
loans of INR17.7 million outstanding as on March 31, 2011,
extended by the promoters and other affiliates, as quasi equity;
any interest thereof on these loans would be retained in the
business. Moreover, DSPL has provided an undertaking for non-
withdrawal, or replacement by equity, of these loans.

Outlook: Stable

CRISIL believes that DSPL's financial risk profile will remain
constrained by its large debt-funded expansion, over the medium
term. The outlook may be revised to 'Positive' if DSPL completes
its capacity within budgeted cost and without delays, and
significantly ramps up revenues and cash accruals from the same.
Conversely, the outlook may be revised to 'Negative' if there is
more-than-expected deterioration in the company's capital
structure or pressure on its profitability.

                        About Diamond Solvex

Incorporated by the Jain family, DSPL primarily extracts rice bran
oil. The company has two extraction units, with extraction
capacity of 200 tonnes per day (tpd) and about 160 tpd. DSPL sells
rice bran oil as well as de-oiled cake, which is a by-product in
the oil extraction process. The company also extracts sunflower
oil, but only for three months of the year on selective basis.
During 2010-11 (refers to financial year, April 1 to March 31),
rice bran oil accounted for around 50% of the company's revenues,
while sunflower oil accounted for 17% and de-oiled cakes accounted
for the rest.


GOPAL SNACKS: CRISIL Rates INR115.5MM Term Loan at 'CRISIL BB'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Gopal Snacks Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR7.5 Mil. Cash Credit Facility    CRISIL BB/Stable (Assigned)
   INR115.5 Mil. Term Loan Facility    CRISIL BB/Stable (Assigned)

The rating reflects the extensive experience of Gopal's promoters
in the food industry and its strong brand image in the lower-and-
middle income customer segment. These strengths are partially
offset by small scale of operations, susceptibility to intense
market competition, geographical concentration, and weak financial
risk profile marked by moderate debt protection metrics and high
gearing.

Outlook: Stable

CRISIL believes that Gopal will maintain its business risk profile
over the medium term, supported by promoters' experience in the
food industry and strong brand image. The outlook may be revised
to 'Positive' in case of improvement in Gopal's operating margin
resulting in improvement in its debt protection metrics, and
diversification of its geographic spread. Conversely, the outlook
may be revised to 'Negative' if the company's operating margin or
product off-take declines, or if the company's capital structure
weakens because of stretch in working capital cycle or larger-
than-expected debt-funded capital expenditure (capex).

                         About Gopal Snacks

Gopal was incorporated in 2009 in Rajkot (Gujarat). The company is
engaged in manufacturing ready-to-eat packaged snacks and food
pellets, mainly various Gujarati snacks. Mr. Bipin Hadvani and his
family had started this business in 1991 as Gopal Gruh Udyog.
Gopal sells its products in packages of 50 grams, 140 grams, and
500 grams to its exclusive dealers across Saurashtra (Gujarat) and
southern Gujarat.

Gopal reported a net profit of INR7.4 million on net sales of
INR197.7 million for 2009-10 (refers to financial year, April 1 to
March 31), against a book profit of INR0.3 million on net sales of
INR40.1 million for 2008-09 (figures are consolidated with that of
the erstwhile Gopal Gruh Udyog). Gopal reported, on provisional
basis, sales of INR664.9 million for 2010-11.


GTL LIMITED: May Opt For Corporate Debt Restructuring
-----------------------------------------------------
Abhijit Lele at Business Standard reports that GTL Limited is
likely to head for corporate debt restructuring (CDR) forum to
rework its debt payment obligations.  Business Standard relates
sources said the proposed restructuring is likely to see an equity
infusion of INR2,000 crore.

Although no final decision was taken, GTL's lenders are preparing
the grounds to consider a proposal for a financial restructuring
through CDR, Business Standard notes citing banking industry
sources.

According to the report, a senior executive of a Mumbai-based
public sector bank said the company was facing financial
challenges and discussions with lenders are underway for a
comprehensive CDR package.  Another public sector bank official
confirmed the development saying "they are preparing to go for a
CDR," Business Standard adds.

A GTL spokesperson, however, told Business Standard: "No final
decision has been taken and no report has been finalized.  So it
is premature for us to comment on the same."

Since mid-June, Business Standard reports, the two listed group
companies GTL Limited and GTL Infrastructure had been facing a
bloodbath in the stock markets resulting in the companies shaving
off close to INR3,819 crore in their combined market cap.  On
June 20, Business Standard recounts, GTL Infrastructure had
plummeted 62%, the second highest fall in a single day in over a
decade for the BSE-500 stock after the Satyam crash.

To soothe the nerves of its investors and lenders, both companies
had roped in SBI Capital Market Ltd -- the investment banking arm
of State Bank of India -- as advisor to rejig its debt obligations
and review business.  SBI Caps is expected to submit its report by
July-end.

Based in based in Mumbai, India, GTL Limited (BOM:500160) --
http://www.gtllimited.com/-- is a Network Services Company that
serves the Network Life-Cycle requirements of Telecom Service
Providers and Technology Providers (OEMs), globally.  As of
March 31, 2010, GTL had presence in 46 countries and had rolled
out networks for more than 70 cellular operators.


HARERAM COTTON: CRISIL Assigns 'CRISIL B' Rating to INR19.2MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Hareram Cotton Industries.

   Facilities                          Ratings
   ----------                          -------
   INR200 Million Cash Credit          CRISIL B/Stable (Assigned)
   INR19.2 Million Rupee Term Loan     CRISIL B/Stable (Assigned)
   INR0.8 Million Proposed Long-Term   CRISIL B/Stable (Assigned)
                  Bank Loan Facility

The rating reflects HCI's moderate financial risk profile marked
by modest net worth, high gearing, and weak debt protection
metrics and susceptibility to regulatory changes. These rating
weaknesses are partially offset by the extensive industry
experience of HCI's promoters.

Outlook: Stable

CRISIL believes that HCI will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. The outlook may be revised to 'Positive' in case of
significant improvement in HCI's revenues, profitability, and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of significant deterioration in operating
cycle, profitability or debt protection metrics.

                       About Hareram Cotton

HCI is a proprietorship firm engaged in cotton ginning &
production of cotton oil and cotton cakes. HCI was set up in 1999
by Mr. Ramdas Hirode. The firm's manufacturing facilities are
located on a 12-acre plot land at Pandhurna in Madhya Pradesh.

HCI reported a profit after tax (PAT) of INR3.3 million on net
sales of INR455.6 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.2 million on net
sales of INR220.8 million for 2008-09.


ILEX DEVELOPERS: Fitch Assigns 'B+(ind)' National LT Rating
-----------------------------------------------------------
Fitch Ratings has assigned India's Ilex Developers and Resorts
Limited a National Long-term rating of 'B+(ind)' with a Stable
Outlook.  The agency has also assigned IDRL's INR300 million
long-term loans a National Long-term 'B+(ind)' rating.

The ratings reflect the strength of its core hotel project VITS
Bhubaneswar (VITS), based on the branding, technical assistance
and management of as well as marketing collaboration with its
parent and promoter Kamat Group. Fitch expects IDRL's operating
cash flows to be sufficient to service its debt; its debt service
coverage ratio was 1.1x as of the financial year ended March 2011.
VITS is a 4-star hotel which has been in operation in phase I (39
out of 100 rooms) since August 2010 and caters mostly to corporate
clients. The rest of the project -- 31 rooms in phase II and 30 in
phase III are expected to be completed by September 2012.

The ratings are constrained by the company's limited scale of
operations.  At present, Hotel New Marion (average room rate of
INR3,000) is the closest competitor to VITS (INR4,500) in
Bhubaneswar.

Positive rating guidelines include timely implementation of VITS
without any cost and time overruns, with a sustained increase in
IDRL's revenues and profitability. Negative rating guidelines
include any cost and/or time overruns that may result in a
sustained deterioration in IDRL's average debt service coverage
ratio to below 1.25x.

Incorporated in 2009 VITS is a JV between Kamat Hotels India
Limited (KHIL), Plaza Hotels Pvt Ltd (PHPL) and Venketesh Hotels
Pvt Ltd (VHPL) with equal shareholding of 33%. Kamat Group has
established hotel brands such as The Orchid (5-star), VITS
(4-star), Gadh Hotels and Lotus Resorts. VITS is strategically
located (2 km from the city railway station & 5 km from the city
airport).  For FY11, the company reported revenues of
INR10.7 million and an EBIDTA of INR0.3 million.


M K ROY: ICRA Upgrades Rating on INR0.23cr Term Loan to [ICRA]BB-
-----------------------------------------------------------------
ICRA has revised upwards the long term rating assigned to the
INR0.23 crore term loan and INR4.40 crore fund based bank
facilities of M K Roy & Bros Projects Private Limited from 'LB+'
to '[ICRA]BB-'.  The outlook assigned on the long term rating is
stable.  ICRA has also reaffirmed the '[ICRA]A4' rating to the
INR4.00 crore non fund based bank facilities of MKRPL completely
interchangeable between short and long term, for which ICRA has
assigned an '[ICRA]BB-' rating.

The upward revision in the long-term rating reflects the company's
timely payments of debt servicing obligations in the recent
months.  The ratings also factor in the long experience of the
promoters in the business of fabrication and erection of high
pressure stainless steel tanks and pipelines used for the storage
and transportation of petrochemical products and MKRPL's
established customer base, which includes large public sector
undertakings (PSUs), thereby reducing counter party risks. MKRPL
is protected against the volatility in raw material prices to a
large extent as a major portion of the raw material is supplied by
the customers.  The ratings are, however, constrained by MKRPL's
small scale of current operations, high working capital intensive
nature of its operations because of a long receivable cycle
impacting liquidity, and the competitive nature of the industry
with a tender based contract awarding system followed by PSUs,
which keep the profitability of players including MKRPL at a
moderate level. ICRA notes that MKRPL is exposed to significant
customer concentration risks and has limited bargaining power
against its larger and stronger customers.

MKRPL was incorporated in 1983 by Mr. M. K. Roy as a
proprietorship firm under the name of 'M K Roy & Bros'. In 1994,
the company was converted into a partnership firm. Subsequently in
2000, the firm was converted into a private limited company and
the name was changed to 'M K Roy & Bros Projects Private Limited'.
The company is primarily engaged in the design, fabrication and
erection of high pressure stainless steel tanks and pipelines used
for the storage and transportation of petrochemical products.


MADURAI MUNICIPAL: Fitch Migrates Rating to Non Monitored Category
------------------------------------------------------------------
Fitch Ratings has migrated India-based Madurai Municipal Waste
Processing Company Ltd's long-term rupee denominated project bank
loans aggregating INR232.6 million -- rated 'D(ind)' -- to the
"Non-Monitored" category.  This rating will now appear as
'D(ind)nm' on Fitch's website.

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

Fitch downgraded the ratings of MMWPCL from 'BB(ind)' to 'D(ind)'
on July 30, 2010, following default on its payment obligations to
a lender bank.


NAGEEN PRAKASHAN: ICRA Assigns '[ICRA]B+' Rating to INR5.1cr Loan
-----------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating for the INR5.1 crore bank
facilities of Nageen Prakashan Private Limited.  ICRA has also
assigned '[ICRA]A4' rating for the INR0.2 crore non-fund based
bank facilities of NPPL.

The ratings consider NPPL's long track record of operations,
experience of the promoters in the book publishing business, and
the leadership position of some of the company's titles in their
respective segment. Recently the company also started in-house
printing of its books, which has enabled it to improve its scale
of operations as well as operating margins. The ratings are
however constrained by NPPL's modest scale of operations and weak
financial risk profile with high gearing and thin cash flows.
Although the company's financial leverage has come down gradually,
it continues to be high at 2.5x (as on March 31, 2011) given
limited accruals. The company is also exposed to competition from
large numbers of book publishing houses present in Uttar Pradesh
and Uttaranchal market, from where it derives most of its
revenues. Further, being focused on text books aligned to school
syllabi can lead to some seasonality in the company's sales during
the course of the year.

Nageen Prakashan Private Limited was founded by Mr. Nageen Chand
Jain in 1969 and is engaged in the publishing of text books for
UP, Uttaranchal, ICSE, CBSE and other boards. This is a family
owned business with Mr. Mohit Jain as the current Managing
Director.

NPPL is one of the well known publishing houses in Meerut and has
recently installed a printing press near the city. The company's
books are published under the following brands/series- Nootan,
Vatsal and Nageen and Alankar.


PALAI JYOTI: ICRA Downgrades Rating on INR20cr Loan to '[ICRA]D'
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR20.00
crore term loan facility of Palai Jyoti Banquet Private Limited to
'[ICRA]D' from 'LB+'.

The rating revision reflects on going delays by the company in
debt servicing on account of stretched liquidity profile arising
from slow initial response to banquet operations.  The financial
profile is stretched with stretched capital structure owing to
leveraged asset purchase and losses in the initial two years of
operation leading to erosion of net worth.  Nonetheless, ICRA also
notes the banquet halls owned by the company are conveniently
located with a capacity to host events having high attendance.

Palai Jyoti Banquet Private Limited is a joint venture between the
promoters of Palai Group and Jyoti Caterers with each having a
stake of 50%. Palai Group has presence across Garment Retail,
Value Retail, Construction, Banquet Halls, and Power; whereas
Jyoti Caterers have been present in the catering business since
over 50 years offering catering services for pure vegetarian food
across a variety of Indian and Global cuisines.  The company
offers banqueting services for marriages, parties, etc through
their two banquet halls spread over a premise of 25,000 sq. ft. in
Kohinoor City Mall, Kurla. The larger of the two halls is spread
over 15,000 sq. ft. with a provision for accommodation of up to
1,500 guests. The second banquet hall is spread over 5,000 sq. ft.
with a capacity of up to 500 guests.

Recent Results

For the twelve months ending March 31, 2011, PJB reported loss of
INR5.1 crore on an operating income of INR0.5 crore as compared to
a loss of INR0.3 crore on an operating income of INR0.0 crore for
the twelve months ending March 31, 2009.


PHTHALO COLOURS: ICRA Rates INR13cr Long-Term Loan at '[ICRA]D'
---------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR13.0 crores
(reduced from INR21.55 crores) long-term fund based/ term loan
facility of Phthalo Colours and Chemicals (I) Limited from 'LB' to
'[ICRA]D'.  ICRA has also revised the short-term rating assigned
to INR10.0 crores (reduced from INR13.4 crores) short-term fund
based facility of PCCIL from 'A4' to '[ICRA]D'.

The rating revision reflects continuing irregularities in debt
servicing by the company; its' weak capital structure with
negative net worth, weak coverage indicators and stretched
liquidity position as reflected in weak cash flow position and
high limit utilization. The ratings continue to reflect the
vulnerability of the company's profitability to raw material price
volatility and currency fluctuations to the extent it remains
unhedged.  However, the ratings favorably consider the improvement
in the profitability margins during FY 11 with the change in the
pricing policy and demand-supply mismatch in the domestic market
leading to better realizations.  The ratings continue to consider
the long track record of the company in the business of
manufacturing CPC Blue, diversified revenue base after forward
integration into pigments and dyes manufacturing, strong customer
profile comprising established dye manufacturers and locational
advantage by virtue of proximity to ports & raw material sources.

Phthalo Colours and Chemicals (India) Limited was incorporated in
1992 and commenced operations from 1993 onwards. It started by
setting up a manufacturing plant at Vapi, Gujarat to produce
Copper Phthalocynine Crude Blue with an installed capacity of 600
MTPA. It gradually increased its installed capacity of
manufacturing CPC Blue, which currently stands at 6600 MTPA.
Unit II, acquired from Jaysynth Dyestuff (India) Limited,
currently has facility to manufacture Pigment Green 7 (installed
capacity of 1440 MTPA), Pigment Alpha Blue 15;0 (1440 MTPA) and
Reactive Blue Dyes (600 MTPA). The products of the company are
sold and marketed under the brand name of "RANGDAY". PCCIL belongs
to the Nanavati group which started its business in 1926 by
setting up Nanavati & Co. Pvt. Ltd. The group has a total turnover
of around INR150 Cr. and gross assets exceeding INR50 Cr.

Recent Results

For the year FY 10, the company reported an operating income of
INR100.72 crores and net loss of INR4.08 crores. For the year
FY 11, the company reported an operating income of INR125.14
crores and profit before tax of INR3.02 crores (provisional).


PRAKASH IMPEX: CRISIL Rates INR2.7MM LT Loan at 'CRISIL BB-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/ CRISIL A4+' ratings to
the bank facilities of Prakash Impex.

   Facilities                          Ratings
   ----------                          -------
   INR2.7 Million Long-Term Loan       CRISIL BB-/Stable(Assigned)
   INR60 Mil. Foreign Bill Discounting CRISIL A4+ (Assigned)
   INR30 Million Letter of Credit      CRISIL A4+ (Assigned)
   INR67.3 Million Packing Credit      CRISIL A4+ (Assigned)

The ratings reflect the PI group's promoter's extensive experience
in the leather industry and the group's backward-integrated
operations. These rating strengths are partially offset by the
group's below- average financial risk profile marked by moderate
debt protection measures, working-capital-intensive operations,
exposure to risks related to revenue concentration, and
susceptibility to volatility in foreign exchange rates.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PI, Sri Chamundi Leathers, and Prakash
Overseas (POS). This is because the companies, collectively
referred to as the PI group, have common management and fungible
cash flows. SCL's operations are backward integration of the
group's primary operations.

Outlook: Stable

CRISIL believes that the PI group will maintain its moderate
business risk profile over the medium term, supported by its
improving profitability as a result of backward integration of
operations. The outlook may be revised to 'Positive' if the group
increases its scale of operations and profitability, while
maintaining its capital structure. Conversely, the outlook may be
revised to 'Negative' if the group's realizations and revenues are
less than expected, or its capital structure weakens, most likely
because of larger-than-expected debt-funded capital expenditure.

                          About the Group

PI was set up as a partnership firm in 1995 by Mr. Prakash, Mr. N
Venkataramana, and Mr. S Pavan Kumar. The firm is based in Chennai
(Tamil Nadu). PI exports suede leather garments for men and women
(contributes to 60% of its total revenues) and finished good
leather. It exports to Italy, Germany, Spain, Turkey, and Russia.

The PI reported, on provisional basis, a profit after tax (PAT) of
INR4.2 million on net sales of INR308.7 million for 2010-11
(refers to financial year, April 1 to March 31); the group
reported a PAT of INR2.9 million on net sales of INR 335.4 million
for 2009-10


SEQUEL PHARMA: CRISIL Rates INR30MM Cash Credit at 'CRISIL D'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Sequel Pharmaceuticals (India) Pvt Ltd.  The rating reflects
persistent delays by SPI in servicing its debt; the delays have
been caused by the company's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR30 Million Cash Credit         CRISIL D (Assigned)
   INR80 Million Long-Term Loan      CRISIL D (Assigned)
   INR10 Million Letter of Credit    CRISIL D (Assigned)

SPI also has a weak financial risk profile, marked by small net
worth, high gearing, and weak debt protection metrics. These
weaknesses are partially offset by the extensive experience of
SPI's promoters in the pharmaceuticals industry.

                   About Sequel Pharmaceuticals

SPI promoted by Mr. Mohan Kadam and Dr. Santosh Joshi is into
manufacture of active pharmaceutical ingredients and bulk drugs.
The company's major products includes Telmisratan, Ramipril,
Tamsolusin and Lamotrigine. The company's clientele base includes
companies such as Glenmark Pharmaceuticals Limited (CRISIL
A+/Stable/CRISIL A1), US Vitamins Limited. SPI has forayed into
formulations business from current financial year 2011-12. The
company's administrative office is in Navi Mumbai (Maharashtra).
SPI's manufacturing facility is at Ambernath (Maharashtra).

SPI reported a profit after tax (PAT) of INR12.0 million on net
sales of INR230.2 million (provisional figure) for 2010-11 (refers
to financial year, April 1 to March 31), as against a net loss of
INR(2.4) million on net sales of INR144.8 million for 2009-10.


SUGNA METALS: ICRA Assigns '[ICRA]BB+' Rating to INR30cr Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to INR30.00
crore fund based facilities and INR2.00 crore non fund based
facilities of Sugna Metals Private Limited.  The outlook on the
long term rating is stable.

The rating favorably factors in the significant experience of the
promoters in the steel business which helped the company to attain
high revenue growth. Despite rapid growth, SMPL has managed to
keep its working capital intensity low by controlling its debtor
days and maintaining relatively low levels of inventory as
compared to its peers. The rating also takes comfort from the fact
that the commissioning of rerolling plant will boost the future
operating margins of the company on account of greater value
addition through forward integration. The rating is however
constrained on account of the cyclicality of the steel industry,
which makes cash flows and profits volatile and limits the ability
of the company to pass on the increase in raw material costs to
its customers in a highly competitive and fragmented business
environment.  The rating is also constrained by the highly debt
funded forward integration of the company which would result in
high interest expenses and weak coverage indicators in the medium
term.

Sugna Metals Private Limited was incorporated in the year 2006 as
a private limited company to manufacture M.S. Billets and rolled
steel products. The company has setup a 200Metric Ton per day MS
Billet manufacturing facility at Narayanpur village, about 110Km
from Hyderabad.  The commercial operations of the plant began in
December, 2008. The company is in the process of setting up a
forward integrated steel rolling plant to manufacture wire rods
and TMT bars from MS Billets and the unit will have an installed
capacity of 200Metric tons per day. The rerolling plant is
expected to commence operations by end of October, 2011.

Recent Results

In FY 2011, as per the provisional accounts, SMPL reported an
operating income of INR115.3 crore and net profit of INR2.39 crore
as against an operating income of INR69.4 crore and net profit of
INR0.58 crore in FY 2010.


TAJSHREE MOTORS: ICRA Assigns 'LBB-' Rating to INR6cr Bank Loan
---------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR6.00 Crore fund based
facilities of Tajshree Motors Pvt. Ltd.  The outlook assigned on
the long term rating is "stable".

The assigned rating takes into account TMPL's position as the only
authorized dealer of IYMPL, in Vidarbha region of Nagpur (except
Akola and Chandrapur districts).  Although at present revenues are
largely derived from sales of Yamaha vehicles, the company has
recently foray into dealership of four wheelers which is expected
aid growth and revenue diversification. The rating is, however,
constrained by TMPL's modest scale of operations, relatively weak
profit margins as is typical of a vehicle dealership business and
stretched liquidity position. The company has a highly leveraged
capital structure and weak coverage indicators, intense
competition among the dealers in regard to discounts offered to
the customers is likely to keep margins under pressure.

Incorporated in 2008 TMPL is an authorized dealer of vehicles and
spares of IYMPL. The company is part of the Tajshree group which
has presence in the dealership and construction business.

Recent Results

During the year 2009-10, the company reported a net profit of
INR0.25.crore on an operating income of INR16.32 Crore. As per the
provisional financials for the year ended March 31, 2011, company
reported a net profit of INR0.28 Crore on an operating income of
INR26.89.Crore.


VEHLNA STEELS: CRISIL Rates INR24.3MM Term Loan at 'CRISIL B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Vehlna Steels and Alloys Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR41.5 Million Cash Credit      CRISIL B/Stable (Assigned)
   INR24.3 Million Term Loan        CRISIL B/Stable (Assigned)
   INR0.5 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect VSAPL's weak financial risk profile, marked by
small net worth and weak debt protection metrics, large working
capital requirements, small scale of operations in the intensely
competitive and fragmented steel industry, and susceptibility to
volatility in raw material prices. These rating weaknesses are
partially offset by VSAPL's promoters' extensive experience in the
steel industry and the financial support the company gets from its
promoters.

Outlook: Stable

CRISIL believes that VSAPL's liquidity will remain constrained
over the medium term, as the company's cash accruals are expected
to tightly match its maturing debt obligations; however, liquidity
will be supported by regular equity infusion by the promoters. The
outlook may be revised to 'Positive' if VSAPL scales up its
operations significantly, resulting in more-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the company's revenues and profitability come under pressure, or
its capital structure weakens because of a large, debt-funded
capital expenditure programme undertaken by the company.

                        About Vehlna Steels

VSAPL was promoted in 2000 by the brothers, Mr. Vinesh Jain and
Mr. Yogesh Jain, to manufacture mild steel (MS) ingots. In 2009-10
(refers to financial year, April 1 to March 31) and 2010-11, the
company started manufacturing long steel products, such as MS flat
bars and channels and angles. The company's manufacturing facility
is in Muzaffarnagar (Uttar Pradesh [UP]) and has capacity of
16,000 tonnes per annum (tpa) for ingots (used for captive
consumption) and 7725 tpa for long steel products.

VSAPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR228 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.1 million on net
sales of INR253 million for 2008-09.


VIDYUTH CONTROL: ICRA Assigns '[ICRA]BB' Rating to INR2.55cr Loan
-----------------------------------------------------------------
ICRA has assigned '[ICRA]BB' and '[ICRA]A4' ratings to the
INR2.55 crores long term fund based limits and INR3.7 Crores short
term/long term non-fund based limits of Vidyuth Control Systems
Pvt Ltd.

The ratings reflect the experience and technical capabilities of
Vidyuth Control Systems Pvt Ltd in manufacturing of instrument
transformers, adequate order book (in relation to the scale of
operations) and the favorable financial profile of the company as
reflected by the low gearing and moderate coverage indicators. The
rating is however constrained by the non-diversified product
portfolio with 100% dependence on instrument transformers and high
working capital needs of the company.  VCSPL is exposed to
geographical concentration with almost 45-50% of the sales coming
from Andhra Pradesh and rest coming from Karnataka and Tamil Nadu
among others. The customer portfolio of VCSPL is moderately
diversified with the top 5 customers accounting for 30-35% of the
sales in FY11.  The company operates in a highly competitive
business with presence of large number of organized and
unorganized players and it is highly susceptible to fluctuations
in raw material prices, primarily of CRGO Steel, copper and
transformer oil.  High raw material prices have impacted the
operating margins for the company in FY2011.  The company reported
operating margins of 7.1% in FY 2010-11 as compared to 9% in FY
2009-10.  Ratings of the company are also constrained by smaller
scale of operations when compared to other players in the industry
and high vulnerability to slowdown of reforms & investments in
power sector. Nonetheless, the present order book indicates an
adequate growth visibility for current financial year.

Incorporated in 1999, Vidyuth Control Systems Pvt Ltd is engaged
in manufacturing of instrument transformers. Mr. A.Ch
Venkateshwara Rao, Managing Director and Mr. A. Sarath Babu,
Executive Director are the key management personnel of the
company.

Recent Results

During the financial year ending March 2011, the company recorded
net profits of INR0.43 crores on a turnover of INR19.41 crores as
against net profit of INR0.41 crores on turnover of INR15.54
crores during FY 2009-10.


WHITE GOLD: ICRA Assigns '[ICRA]B+' Rating to INR10cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR10.00 crore cash
credit facility of White Gold Cotton Industry.

The rating is constrained by the weak financial profile of the
firm characterized by low profitability due to inherently low
value additive nature of the business and stressed capital
structure leading to weak coverage indicators. The rating also
takes into account the vulnerability of profitability to
fluctuations in raw material prices as well as exposure to
regulatory risk with regards to Minimum Support Price for raw
cotton fixed by the Government of India. While assigning the
rating ICRA has also factored in the legal status of WGCI as a
partnership firm, including the risks of withdrawal of capital by
the partners.  The rating, however, favorably considers the
experience of the promoters in cotton trading and the favorable
location of the firm which gives it easy access to quality raw
cotton.

Incorporated in October 2007, White Gold Cotton Industries
commenced its operations in FY 2009. The firm is promoted by
Mr. Hitesh Gajera, Mr. Ram Sakaria and their family members.  The
firm is engaged in the ginning & pressing of raw cotton to produce
cotton bales and cotton seeds. Earlier the partners of the firm
were involved in trading of cotton bales. WGCI has an associate
proprietorship firm 'Heerubai Enterprise' which is engaged in the
trading of cotton bales & cotton seeds. Recent Results For the
year ended March 31, 2011, WGCI reported an operating income of
INR49.18 crore and profit after tax of INR0.41 crore (provisional
numbers).


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


TAKEFUJI CORP: Aims to Repay 3.3% of Claims Under Revival Plan
--------------------------------------------------------------
Atsuko Fukase at Dow Jones Newswires reports that Takefuji Corp.'s
court-appointed administrator said the company submitted its
rehabilitation plan to the Tokyo District Court on Friday.

Under the plan, Takefuji will be rebuilt through a spin-off, with
one entity being run by A&P Financial Co. under the Takefuji brand
and the other entity to be used for repaying the claims of
Takefuji's borrowers and then liquidated, according to Dow Jones.

Dow Jones says Takefuji's administrator hopes to have the
rehabilitation plan approved between late October and early
November.

Based on current cash in hand, Dow Jones discloses, the failed
consumer lender plans to pay at least 3.3% (or approximately
JPY50 billion) of claims from customers demanding refunds on
excessive loan interest charges.  Dow Jones notes that the
percentage for distribution to creditors may be boosted if
Takefuji can claw back some of the billions of dollars it paid out
in taxes, dividends and other payments before its bankruptcy or
sell some of its real estate.

The repayments are to be made within a year of the rehabilitation
plan's approval by the court, Dow Jones adds.

According to Dow Jones, A&P said it aims to turn around Takefuji
by reallocating branches and streamlining its work force.

Dow Jones relates that Yoon Choi, chairman of A&P, said he aims to
expand business in China and other parts of Asia using Takefuji
Corp.'s know-how and data base, while also taking on the challenge
Japan's consumer finance industry amid a tough business
environment and tighter regulations.

"I have studied the Japanese consumer finance industry
sufficiently and we can use our experience to turn around
Takefuji," Dow Jones quotes Mr. Choi as saying at a news
conference Friday.

Takefuji filed a bankruptcy petition with the Tokyo District Court
on Sept. 28, 2010, with debts of JPY433.6 billion.  Bloomberg has
said the company has become the biggest casualty of Japan's four-
year crackdown on coercive lending practices by consumer finance
companies.  The lender is seeking to restructure as borrower
claims of overpaid interest are estimated to exceed JPY1 trillion.

In April this year, Takefuji agreed to be acquired by South
Korea's A&P Financial Co.  The company had earlier decided to give
A&P preferential negotiating rights in becoming the sponsor for
its rehabilitation, the Troubled Company Reporter-Asia Pacific
reported on April 13, 2011, citing the Mainichi Daily News.

                           About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.


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


79 MANNERS: Two Failed Firms Owe NZ$50 Million to Creditors
-----------------------------------------------------------
BusinessDesk reports that Maison Property Holdings and 79 Manners
Street Ltd, the two failed companies belonging to Wellington
property developer Terry Serepisos, have more than NZ$50 million
of debt on their books, according to receivers.

BusinessDesk relates that PricewaterhouseCoopers' John Fisk and
Richard Longman said in their first reports on each entity that
the two firms owe creditors about NZ$50.8 million.

According to BusinessDesk, Equitable Property Holdings called in
the receivers in May, and is owed NZ$14.4 million from both
entities, and First Mortgage Trust is owed NZ$1 million by Maison.

Failed lender South Canterbury Finance faces the brunt with
lower-ranked loans of some NZ$27 million to 79 Manners St, while
ASB Bank is owed NZ$5.4 million and ANZ National Bank has
NZ$3 million outstanding from the same company, BusinessDesk
discloses.

Mr. Longman told BusinessDesk the NZ$27 million loan from SCF was
not originally lent against the Maison and 79 Manners St
properties, but because they were used as collateral, the
obligation was recognized in the reports.

BusinessDesk relates that Mr. Serepisos said the debts to SCF and
ASB had been "substantially reduced" since the receivership.

The receivers report said some car parks at 70 Tory St were carved
out by the receivers after 79 Manners St entered into a sale and
purchase agreement relating to the Century City Hotel, which is
located at 70-78 Tory St, according to BusinessDesk.

"The proceeds of this sale will be applied to the secured
creditors over this asset with no funds available to the
receivership," the receivers said in their report.

"To ensure that the receivership did not affect the company's
ability to complete the sale, EML (Equitable Mortgages Ltd)
partially revoked their appointment of receivers over this
specific asset only."

The building, says BusinessDesk, changed hands last week after it
was offered as security on a loan from rival developer Mark
Dunajtschik, and he has since put the property up for sale.

The receivers aren't optimistic about the prospects for recovery,
saying in both cases it is unlikely there will be any proceeds
left over for unsecured creditors, BusinessDesk adds.

As reported in the Troubled Company Reporter-Asia Pacific on
May 27, 2011, NZ Herald Online said 79 Manners Street Ltd was put
into receivership on May 19.  John Fisk and Richard Longman of
PricewaterhouseCoopers are handling the receivership.  The company
is owned by Century City Trust Ltd, which is owned by Terry
Serepisos, Wellington property developer and Wellington Phoenix
football club owner.  Maison Property Holdings Ltd, another
company owned by Mr. Serepisos, was also placed in receivership on
May 19.  Mr. Fisk and Mr. Longman are also handling the
receivership.  The receivers were appointed by frozen lender
Equitable Mortgages.


BRIDGECORP LTD: Investors to Get Less Than 10 Cents in the Dollar
-----------------------------------------------------------------
Interest.co.nz reports that Bridgecorp Ltd's more than 14,000
secured debenture holders will finally get some money back four
years after the property financier run by Rod Petricevic collapsed
owing them about NZ$459 million.

Bridgecorp receiver, PricewaterhouseCoopers partner Colin McCloy,
said that based on funds held and anticipated receipts, an interim
dividend of between 3 cents and 3.5 cents in the dollar will be
paid to secure debenture investors in the week starting August 15,
according to Interest.co.nz,

Interest.co.nz relates that Mr. McCloy said the payment was
possible because matters with the Inland Revenue Department had
been resolved.

"Unfortunately, whilst we continue to vigorously pursue all
possible avenues of recovery, we remain of the view that total
recoveries to secured debenture holders will be less than ten
cents in the dollar," Interest.co.nz quotes Mr. McCloy as saying.

                        About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.  Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 1,800 debenture holders, which liquidators estimate to
approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


CENTURY CITY: Bankruptcy Bid Against Owner Put on Hold
------------------------------------------------------
BusinessDesk reports that Wellington property developer Terry
Serepisos got another reprieve as a personal bankruptcy bid was
put on hold for another month, while attempts to liquidate two of
his companies were also shelved.

According to the report, FM Custodians agreed to adjourn its bid
to bankrupt Mr. Serepisos until August 15, counsel told the High
Court in Wellington on Monday.

The bid adjournment was designed to let them try to reach a deal,
and was backed by South Canterbury Finance, which filed notice to
join the action as a supporting creditor, BusinessDesk says.

BusinessDesk relates that Associate Judge David Gendall granted
the adjournment, which also included a bid for a summary judgment
against Mr. Serepisos from Davidson Armstrong & Campbell Nominee
Co.

Judge Gendall, according to BusinessDesk, said the adjournment
would also give the creditors time to assess the value of Mr.
Serepisos' assets, which he was unsure as to whether they would be
sufficient to meet the outstanding debt.

BusinessDesk notes that FM Custodians is acting for the frozen
Canterbury Mortgage Trust and trying to claw back the remaining
NZ$5 million owed on some NZ$6.8 million of loans personally
guaranteed by Mr. Serepisos.

Meanwhile, BusinessDesk reports, Peck Consultants withdrew its
application to liquidate Mr. Serepisos' Century City Ventures
after the debt was settled, while Monvie Apartments Body Corp. No.
3006020 also withdrew its action against Century City Courtenay
Ltd.  Neither party pursued costs, the report notes.


NATIONAL FINANCE: Ex-Director Admits Receiving Docs From SFO
------------------------------------------------------------
The National Business Review reports that ex-National Finance 2000
managing director Allan Ludlow did receive correct information
from the Serious Fraud Office over the charges they laid against
him contrary to what he earlier claimed.

Mr. Ludlow earlier accused the SFO of trying to "ambush" him by
"slipping in" a new charge in his fraud case, NBR recalls.

But when questioned as part of his High Court trial on seven SFO
charges last week, NBR relates, Mr. Ludlow admitted that he did
receive documents from the SFO but didn't realize what they were.

According to NBR, the Financial Markets Authority's case against
the company's former directors is scheduled to go to trial in
August in the High Court at Auckland.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 6, 2008, the Companies Office filed criminal charges in
Auckland District Court against National Finance 2000 Ltd
directors Trevor Allan Ludlow, Anthony David Banbrook and Carol
Anne Braithwaite.  The national enforcement unit of the Companies
Office alleged the directors failed to disclose material
transactions between National Finance 2000 and related parties.
The directors also face charges under the Securities Act
1978 for stating that they had made proper and adequate
provisioning for bad debts and that loans were secured by general
security agreements when this was not the case.

                       About National Finance

National Finance 2000 is the first major finance company to
collapse in recent years and has re-ignited fears of a wider rout
in a sector weighed down by debt after several years of strong
economic growth.

National Finance's managing director, Allan Ludlow, shouldered
the blame for the company's collapse, but assured that he will
work closely with the receivers appointed by Covenant Trustee
Company -- John Waller and Colin McCloy of PricewaterhouseCoopers
-- to get the maximum amount of money back for investors.

The receivers estimate that around NZ$24 million is owed to
members of the public and that the likely recovery for secured
investors will be about 47% to 48% of their investments.
Subordinated investors and other unsecured creditors are unlikely
to recover anything from the receivership.


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


AGRIPRODUCE & TRADING: Creditors' Proofs of Debt Due July 29
------------------------------------------------------------
Creditors of Agriproduce & Trading (Singapore) Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt on or before July 29, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


AMBASSADOR TOURS: Creditors Get 1.84025% Recovery on Claims
------------------------------------------------------------
Ambassador Tours & Travel Pte Ltd declared the first and final
dividend on June 24, 2011.

The company paid 1.84025% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


BEXCOM SOUTHEAST: Creditors' Proofs of Debt Due August 1
--------------------------------------------------------
Creditors of Bexcom Southeast Asia Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
on or before Aug. 1, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

         Ong Yew Huat
         Seshadri Rajagopalan
         One Raffles Quay,
         North Tower, Level 18,
         Singapore 048583


BIAN SENG: Creditors Get 24.19% Recovery on Claims
---------------------------------------------------
Bian Seng Construction Pte Ltd declared the first and final
dividend on June 6, 2011.

The company paid 24.19% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


CARD CENTRE: Fitch Affirms BBsf Rating on SGD8.7MM C Certificates
-----------------------------------------------------------------
Fitch Ratings has affirmed Card Centre Asset Purchase Company Pte.
Ltd.'s working capital facility (WCF) and its four certificates.
The transaction is an asset-backed securitisation backed by
Singaporean credit card receivables originated by Diners Club
(Singapore) Private Limited.

The rating actions are:

   -- SGD10m WCF due September 2011 affirmed at 'A-sf', Outlook
      Stable

   -- SGD20.9m class A1 certificates due March 2014 affirmed at
      'A-sf', Outlook Stable, Loss Severity Rating 'LS2'

   -- SGD105m class A2 certificates due March 2014 affirmed at
      'A-sf', Outlook Stable, Loss Severity Rating 'LS2'

   -- SGD10.3m class B certificates due March 2014 affirmed at
      'BBBsf', Outlook Stable, Loss Severity Rating 'LS5'

   -- SGD8.7m class C certificates due March 2014 affirmed at
      'BBsf', Outlook Stable, Loss Severity Rating 'LS5'

The affirmations reflect the transaction's stable portfolio
performance with key performance parameters well within both
Fitch's base case assumptions and the transaction's triggers. The
three-month average delinquency ratio and three-month average
default rate were at 0.72% and 0.6% respectively in May 2011, well
below the transaction's respective triggers of 3% and 1.7%.

Fitch notes that the transaction is exposed to interest rate risk
since all certificates except for class A2, are floating-rate and
are not hedged, whereas the underlying assets are fixed-rate.
Fitch has applied interest rate stresses in line with the agency's
interest rate stress criteria in the cash flow analysis of the
transaction.


CHESNEY REAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on July 1, 2011, to
wind up the operations of Chesney Real Estate Group Llp.

India International Insurance Pte Ltd filed the petition against
the company.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


DANO INT'L: Court to Hear Judicial Management Bid on July 21
------------------------------------------------------------
A summons to place Dano International Pte Ltd under judicial
management will be heard before the High Court of Singapore on
July 21, 2011, at 10:00 a.m.

Goh Boon Kok, of M/s Goh Boon Kok & Co has been nominated as the
judicial manager.

The Petitioner's solicitors are:

          Eldan Law LLP
          1 Coleman Street #06-03
          The Adelphi
          Singapore 179803


FASHION STREET: Court to Hear Wind-Up Petition on July 29
---------------------------------------------------------
A petition to wind up the operations of Fashion Street (S) Pte Ltd
will be heard before the High Court of Singapore on July 29, 2011,
at 10:00 a.m.

GE Furniture & Construction Pte Ltd filed the petition against the
company on July 5, 2011.

The Petitioner's solicitors are:

          Messrs Raj Kumar & Rama
          133 New Bridge Road #16-07
          Chinatown Point
          Singapore 059413


FM CONTRACTING: Creditors' Proofs of Debt Due August 13
-------------------------------------------------------
Creditors of FM Contracting Services Private Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt on or before Aug. 13, 2011, to be included in the
company's dividend distribution.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


GIBBOUS HOLDINGS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 1, 2011, to
wind up the operations of Gibbous Holdings Pte Ltd.

Challenger World Limited filed the petition against the company.

The company's liquidators are:

         Messrs Chia Soo Hien and
         Leow Quek Shiong
         BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


GREAT WORLD: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on July 8, 2011, to
wind up the operations of Great World Pte Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


TELEPOINT DISTRIBUTION: Creditors Get 100% Recovery on Claims
-------------------------------------------------------------
Telepoint Distribution Pte Ltd will declare the first and final
dividend on July 20, 2011.

The company will pay 100% to the received claims.

The company's liquidators are:

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


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


* BOND PRICING: For the Week July 11 to July 15, 2011
-----------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.01
AINSWORTH GAME           8.00    12/31/2011   AUD       1.25
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
CENTAUR MINING          11.00    12/01/2007   USD       0.50
CHINA CENTURY           12.00    09/30/2012   AUD       0.88
DIVERSA LTD             11.00    09/30/2014   AUD       0.12
EXPORT FIN & INS         0.50    12/16/2019   NZD      65.31
EXPORT FIN & INS         0.50    06/15/2020   AUD      63.14
EXPORT FIN & INS         0.50    06/15/2020   NZD      63.54
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.65
NEW S WALES TREA         1.00    09/02/2019   AUD      69.48
NEW S WALES TREA         0.50    09/14/2022   AUD      57.00
NEW S WALES TREA         0.50    10/07/2022   AUD      56.53
NEW S WALES TREA         0.50    10/28/2022   AUD      56.30
NEW S WALES TREA         0.50    11/18/2022   AUD      55.62
NEW S WALES TREA         0.50    12/16/2022   AUD      55.28
NEW S WALES TREA         0.50    02/02/2023   AUD      54.73
NEW S WALES TREA         0.50    03/30/2023   AUD      53.68
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      72.26
RESOLUTE MINING         12.00    12/31/2012   AUD       1.30
SUNCORP METWAY           6.75    10/06/2026   AUD      72.01
TREAS CORP VICT          0.50    08/25/2022   AUD      57.56
TREAS CORP VICT          0.50    11/12/2030   AUD      55.77
TREAS CORP VICT          0.50    11/12/2030   AUD      38.86


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      62.90


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      49.75


  INDIA
  -----

PUNJAB INFRA DB          0.40    10/15/2024   INR      25.81
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.42
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.29
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.42
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.74
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.24
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.90
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.70
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.62
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.65


  JAPAN
  -----

AIFUL CORP               1.63    11/22/2012   JPY      59.00
AIFUL CORP               1.74    05/28/2013   JPY      51.06
AIFUL CORP               1.99    10/19/2015   JPY      38.01
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      61.07
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      58.96
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         2.34    09/29/2028   JPY      74.14
TOKYO ELEC POWER         2.40    11/28/2029   JPY      74.50
TOKYO ELEC POWER         2.20    02/27/2029   JPY      74.18
TOKYO ELEC POWER         2.11    12/10/2029   JPY      67.58
TOKYO ELEC POWER         1.95    07/29/2030   JPY      67.74
TOKYO ELEC POWER         2.36    05/28/2040   JPY      64.98


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.53
CRESENDO CORP B          3.75    01/11/2016   MYR       1.25
DUTALAND BHD             6.00    04/11/2013   MYR       0.35
DUTALAND BHD             6.00    04/11/2013   MYR       0.67
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.59
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.49
ENCORP BHD               6.00    02/17/2016   MYR       0.90
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.02
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.94
MITHRIL BHD              3.00    04/05/2012   MYR       0.47
NAM FATT CORP            2.00    06/24/2011   MYR       0.03
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.25
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.32
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.41
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.86
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.79
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.90
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       2.01
WAH SEONG CORP           3.00    05/21/2012   MYR       2.51
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.31
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.63


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      72.55
DORCHESTER PACIF         5.00    06/30/2013   NZD      73.63
GENESIS POWER            8.50    07/15/2041   NZD       8.32
INFRATIL LTD             8.50    09/15/2013   NZD       7.35
INFRATIL LTD             8.50    11/15/2015   NZD       9.00
INFRATIL LTD             4.97    12/29/2049   NZD      63.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.26
NEW ZEALAND POST         7.50    11/15/2039   NZD      63.59
NZF GROUP                6.00    03/15/2016   NZD      22.75
SKY NETWORK TV           4.01    10/16/2016   NZD       7.16
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.15
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.75
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      38.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.97
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.99
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.00
SENGKANG MALL            8.00    11/20/2012   SGD       0.45
UNITED ENG LTD           1.00    03/03/2014   SGD       1.51
WBL CORPORATION          2.50    06/10/2014   SGD       1.30


SOUTH KOREA
-----------

DAEYEONG SAVING          7.95    07/29/2015   KRW      70.11
EPIVALLEY CO LTD         3.00    01/14/2014   KRW      74.20
GOLDEN BRIDGE            8.50    04/15/2015   KEW      69.42
GREAT KD 1ST ABS        15.00    08/19/2014   KRW      28.96
GRKABS 2ND ABS          10.00    09/29/2014   KRW      30.02
HOPE KOD 1ST ABS         8.02    06/30/2012   KRW      31.80
HOPE KOD 2ND ABS        15.00    08/21/2012   KRW      36.87
HOPE KOD 3RD ABS        15.00    09/30/2012   KRW      30.43
HOPE KOD 4TH ABS        15.00    12/29/2012   KRW      32.67
HOPE KOD 6TH ABS        15.00    03/10/2013   KRW      33.88
IBK 17TH ABS            20.00    12/29/2012   KRW       9.36
IBK 17TH ABS            25.00    12/29/2012   KRW      61.74
KB 13TH ABS             25.00    07/02/2012   KRW      63.93
KB 14TH ABS             23.00    01/04/2013   KRW      56.04
KDB 6TH ABS             20.00    12/02/2019   KRW      73.57
KEB 17TH ABS            23.00    12/28/2011   KRW      55.74
KIRYUNG ELEC             3.00    12/10/2013   KRW      74.82
KOREA MUTUAL SAV         8.00                 KRW      69.44
NACF 18TH ABS           25.00    07/03/2011   KRW      43.05
SAM BU CONSTRUCT         8.70    10/15/2011   KRW      50.84
SCONAB 2ND ABS          10.00    09/29/2014   KRW      27.09
SEGYE TOUR CO            4.00    11/06/2012   KRW      72.75
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.55
SINBO 2ND ABS           15.00    08/26/2013   KRW      34.32
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.92
SINBO 4TH ABS           15.00    12/16/2013   KRW      30.44
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.87
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      29.49
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      27.85
SMART SAVINGS            8.00    01/17/2016   KRW      69.43
SOLOMON MUTUAL B         8.50    10/29/2014   KRW      60.14
TOMATO MUTUAL            8.50    08/12/2014   KRW      71.49


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       68.30


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       69.47


VIETNAM
--------

HCMC INVT FUND           9.25    08/10/2016   VND       11.70
VDB BOND                 8.40    09/13/2011   VND        9.70
VDB BOND                 8.40    01/15/2012   VND        9.50
VDB BOND                 8.40    01/22/2012   VND        9.50
VDB BOND                 8.10    01/26/2012   VND        9.50
VDB BOND                 8.60    09/13/2016   VND        9.50


                             *********

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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