TCRAP_Public/110720.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, July 20, 2011, Vol. 14, No. 142

                            Headlines


A U S T R A L I A

BATHURST ST PATRICK: Sporting Club Future In Limbo
FIRST GROWTH: Goes Into Administration on Failure to Secure Funds
OPES PRIME: Two Former Directors Plead Guilty to ASIC Charges
WESTPOINT GROUP: Liquidator Seeks Court Orders on Funds Allocation


C H I N A

AGRISOLAR SOLUTIONS: HKCMCPA Company Raises Going Concern Doubt
GITI TIRE: Moody's Reviews Caa1 Debt Rating For Possible Downgrade


H O N G  K O N G

FINTEK ELECTRONIC: Creditors' Proofs of Debt Due August 15
FRONT MASTER: Members' Final Meeting Set for August 16
HERO HOUSING: Members' Final Meeting Set for August 15
INDIAN RESOURCES: Members' Final Meeting Set for August 17
INTERBEST PROPERTIES: Final Meetings Set for August 25

LEHMAN BROTHERS: HKMA, et al., Ink Deal On Notes Buyout
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
MANHATTAN MORTGAGE: Creditors' Proofs of Debt Due August 15
MODERN BILLIARD: Creditors' Proofs of Debt Due August 15
NB HANTCHY: Members' Final Meeting Set for August 20

NEW LEVEL: Seng and Lo Step Down as Liquidators
PEDDERSON INVESTMENT: Members' Final Meeting Set for August 18
PERFECT SMART: Members' Final Meeting Set for August 15
RAAS VIETNAM: Members' Final Meeting Set for August 16
STANDARD CHARTERED: Creditors' Proofs of Debt Due August 15

STANDARD CHARTERED CUSTODY: Creditors' Proofs of Debt Due Aug. 15
SUPREME WIND: Members' Final Meeting Set for August 15
UL INTERNATIONAL: Creditors' Proofs of Debt Due July 29


I N D I A

AIR INDIA: To Get INR1,200cr Equity Infusion From the Government
BHARGAVA BHUSHAN: CRISIL Places 'CRISIL B+' Rating on INR30MM Loan
GEODESIC TECHNIQUES: ICRA Rates INR73.8cr Bank Loans at '[ICRA]BB'
GTL INFRA: Fitch Downgrades National LT Rating to 'BB+(ind)'
INDIAN OIL: Moody's Assigns '(P)Baa3' to US Dollar Bond Issuance

INFOSPECTRUM INDIA: CRISIL Withdraws 'CRISIL BB+' Rating on Loans
L R N FINANCE: CRISIL Rates INR250MM Debentures at 'CRISIL BB-'
MULTI-FLEX LAMI-PRINT: CRISIL Raises Rating on INR508MM Loan to B
NIBHI INDUSTRIES: CRISIL Rates INR287.5MM LT Loan at 'CRISIL BB-'
NITIN CASTINGS: Fitch Puts 'BB(ind)' Rating on INR94MM Bank Limits

R.S. FASTENERS: ICRA Rates INR51.5cr Bank Loans at '[ICRA]BB-'
RELIABLE SPACES: ICRA Reaffirms '[ICRA] BB' Rating on INR85cr Loan
SVS MOOKAMBIKA: Fitch Assigns 'BB(ind)' National LongTerm Rating
SHIVALAYA CONSTRUCTION: CRISIL Cuts Rating on INR75MM Cash Credit
SIMOLA VITRIFIED: CRISIL Puts 'CRISIL B+' Rating on INR159MM Loan

SPECTRA ISP: Fitch Assigns 'B+(ind)' National Long-Term Rating
TUBEKNIT FASHIONS: ICRA Cuts Rating on INR2.3cr Loan to '[ICRA]D'
VISITOR GARMENTS: ICRA Places '[ICRA]BB+' Rating on INR0.27cr Loan


J A P A N

J-CORE 15: Moody's Reviews Loan Ratings For Possible Downgrade
TAKEFUJI CORP: Administrator May Take Legal Suit to Recover Funds


M A L A Y S I A

HAISAN RESOURCES: EON Bank Withdraws Writ of Summons
NGIU KEE: Faces Delisting for Failure to Submit Revamp Plan
SATANG HOLDINGS: Impian Hydrographic Demands MYR182,232 Payment


N E W  Z E A L A N D

* NEW ZEALAND: Wine Glut Sparks More Mortgagee Sale


P H I L I P P I N E S

FEC RESOURCES: Posts C$3.2 Million Net Loss in 2010


S I N G A P O R E

HFF PTE: Court to Hear Wind-Up Petition on July 22
INTER-ORIENT MARINE: Creditors' Proofs of Debt Due August 16
ITO INDUSTRIES: Creditors' Proofs of Debt Due August 13
LANDMARK CHEMICALS: Creditors' Proofs of Debt Due July 29
MICROTRONICS ASSOCIATES: Creditors' Proofs of Debt Due July 29

ORIENTAL GLOBAL: Court Enters Wind-Up Order
SL SHIPPING: Court Enters Wind-Up Order
SLC PRIVATE: Creditors' Proofs of Debt Due August 15
TAI SAY: Court Enters Wind-Up Order
UNICORN KING: Creditors Get 0.15003% Recovery on Claims


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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BATHURST ST PATRICK: Sporting Club Future In Limbo
--------------------------------------------------
Brian Wood at Western Advocate reports that the technicalities of
a business going into liquidation has the immediate future of the
Bathurst St Patrick's Sporting Club in limbo.

It is expected the protocols needed to deal with the club's
situation now won't be known until early next week, Western
Advocate relates.

According to Western Advocate, the St Pat's Club, which opened at
Kelso in 1990, had been losing money for years and owed more than
AUD730,000 to debtors, including AUD148,000 to the taxation
department.

Western Advocate relates that an initial meeting of members on
July 11 failed to resolve the issue, although it did result in the
club's board of directors resigning.  They were acting on legal
advice as to their liability in regards to the club's woes, the
report notes.

Another emergency meeting on July 7 moved to place the club in
liquidation with the likely scenario being a realization of the
asset to satisfy creditors, Western Advocate says.

Former St Pat's Club manager Vince Melton, whose role was wound up
on July 11, said he had been given advice that indicated the
meetings which had been called hadn't been done "strictly by the
book" because no board was in place at the time.

"At that last meeting on July 7, members took the stance that,
depending on legal advice, the club would move to go into
liquidation," Western Advocate quotes Mr. Melton as saying. "We
are now waiting for instructions from the solicitors and are
hopeful of receiving that advice early next week. That will let
everyone know where we are headed, but until then we are in
limbo."

Mr. Melton said the club is still closed, and has no board nor
manager.


FIRST GROWTH: Goes Into Administration on Failure to Secure Funds
-----------------------------------------------------------------
Climate Spectator reports that First Growth Funds collapsed on
Monday after failing to secure a deal for additional funds.

First Growth was placed into administration by its major lender,
Noble Investments Superannuation Fund, according to Climate
Spectator.  The administrator is Michael Basedow of Pitcher
Partners.

First Growth was listed on the main board from 2001 and had
previously been known as m2m, an IT specialist that became
interested in carbon credits after Carbon Planet proposed to use
it as a vehicle for a backdoor listing in 2009, Climate Spectator
notes.  First Growth had huge ambitions for its business,
predicting in 2009 that it would generate earnings before interest
of $3.9 million by the end of 2010 from a series of carbon
abatement projects across the region, Climate Spectator relates.

Just last month, First Growth related that a joint venture with
Greencollar Group, referred to as First Growth Forests, had
commenced the world's first program to develop forestry carbon
projects for the whole of a province in West Papua in Indonesia,
Climate Spectator relates.

First Growth tapped Noble Investments and placed certain shares
with other prospective investors as it sought funds to
commercialize its carbon business assets, Climate Spectator
relays.  However, just last week, the firm said it was seeking to
defer principal repayments to "better align to expected
operational receipts and to issue further equity to support
increased investment in its carbon business project portfolio."

Adelaide-based First Growth Funds is a listed Australian company
that specialized in developing forestry carbon credit projects in
South East Asia and the Pacific.


OPES PRIME: Two Former Directors Plead Guilty to ASIC Charges
-------------------------------------------------------------
The Australian Securities and Investments Commission said that
former directors of Opes Prime Stockbroking Ltd, Lirim (Laurie)
Emini and Anthony Blumberg, pleaded guilty in the Supreme Court of
Victoria on Monday to charges brought by ASIC.

Mr. Emini, 48, of Templestowe, Victoria, pleaded guilty to:

   -- two charges of dishonestly using his position as a
      director of Leveraged Capital Pty Ltd with the intention
      of gaining an advantage for Riqueza Holdings Limited or
      himself contrary to s.184(2)(a) Corporations Act 2001; and

   -- one charge of recklessly failing to exercise his powers
      and discharge his duties as a director of OPSL contrary
      to s.184(1)(a) Corporations Act.

Mr. Blumberg, 44, of Moorabbin, Victoria, pleaded guilty to:

   -- one charge of using his position dishonestly with the
      intention of gaining an advantage for himself or someone
      else contrary to s.184(2)(a) Corporations Act.

The plea hearing for Messrs. Emini and Blumberg continued Tuesday.

The case against Mr. Julian Smith, 48, of Blackheath, New South
Wales, who was also a director of OPSL and Leveraged Capital, has
been adjourned for trial in the Supreme Court on April 11, 2012.

Background

OPSL collapsed on March 27, 2008, when administrators Ferrier
Hodgson were appointed.  Ferrier Hodgson were appointed as
liquidators on Oct. 15, 2008.  In addition to the criminal
investigation undertaken by ASIC following the collapse of OPSL on
March 27, 2008, ASIC's investigation into OPSL has also considered
how any return available to OPSL creditors might be maximized.

ASIC entered into a formal mediation process with the OPSL
liquidators, ANZ Bank and Merrill Lynch to consider a commercial
resolution to claims by ASIC and the administrators.

On March 6, 2009, ASIC announced that that it would provide the
necessary releases to allow a settlement offer to be put to OPSL
creditors.  Following a meeting of creditors on Aug. 4, 2009, the
Federal Court approved the Schemes of Arrangement.  These schemes
are expected to deliver a sum of AUD253 million to creditors.
Dividends exceeding 37 cents have been paid by the scheme
administrators.

                          About Opes Prime

Opes Prime Group Ltd was an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducted business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.

Sal Algeri and Chris Campbell from the Deloitte Corporate
Reorganization Group were appointed by a secured creditor, ANZ
Banking Group Ltd., as Receivers and Managers of Opes Prime Group
Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and
Hawkswood Investments Pty Ltd.

The TCR-AP reported on Oct. 17, 2008, that Opes Prime's creditors
voted on Oct. 15, 2008, to liquidate Opes Prime Stockbroking
Limited.  According to the Australian Associated Press, the
decision of the creditors will allow the liquidator to pursue
claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.

About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of
Opes -- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a
pool of nearly AUD1.6 billion in shares soon after the Opes
collapse, in a bid to recover money owed to them by Opes, the AAP
said.

Opes Prime owed clients about AUD585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on Sept. 22, 2008, the AAP
noted citing Ferrier Hodgson.


WESTPOINT GROUP: Liquidator Seeks Court Orders on Funds Allocation
------------------------------------------------------------------
Kate Kachor at InvestorDaily reports that Ferrier Hodgson, the
liquidator of Westpoint group subsidiary North Sydney Finance, has
sought court advice in relation to the allocation of settlement
monies recovered by the Australian Securities and Investments
Commission on behalf of investors.

In a letter to NSF creditors and noteholders dated July 11, 2011,
Ferrier Hodgson representative, Martin Jones, said an application
had been lodged with the Federal Court of Australia in Melbourne
on July 5, InvestorDaily relates.

The application, according to InvestorDaily, sought orders and
directions regarding the allocation of settlement sums secured by
ASIC in its actions against former Westpoint company auditors and
directors.

The application will be heard before the court on August 30.

"If the application is successful, I will be in a position to call
a third dividend to creditors and noteholders on NSF,"
InvestorDaily quotes Mr. Jones as saying.  "I anticipate that the
court will give directions and make orders reasonably shortly
after the hearing."

Mr. Jones, as cited by InvestorDaily, said in view of this, he
anticipates Ferrier Hodgson may be in a position to distribute the
ASIC proceeds, as directed by the court, to NSF creditors and
noteholders in early November this year.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2011, the Australian Securities and Investments Commission
said it reached agreements to settle the actions it has conducted
on behalf of the Westpoint Group of companies against certain
directors of the companies and KPMG.

The investors in Westpoint-related financial products had total
capital invested of AU$388 million outstanding as at January 2006
when the group collapsed.  ASIC said the settlement of these
actions will result in an additional recovery for the benefit of
investors through the liquidation process of up to an additional
AU$67.45 million.

The settlement will bring to an end the current Federal Court
proceedings, which are being conducted by ASIC in the names of
nine of the Westpoint mezzanine companies.  The nine Westpoint
mezzanine companies are:

          * Ann Street Mezzanine Pty Ltd
          * Bayshore Mezzanine Pty Ltd
          * Bayview Heritage Mezzanine Pty Ltd
          * Market Street Mezzanine Ltd
          * Market Street Mezzanine No. 2 Pty Ltd
          * Mount Street Mezzanine Pty Ltd
          * North Sydney Finance Limited
          * York Street Mezzanine Pty Ltd
          * Cinema City Mezzanine Pty Ltd

                     About Westpoint Group

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

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

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


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C H I N A
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AGRISOLAR SOLUTIONS: HKCMCPA Company Raises Going Concern Doubt
---------------------------------------------------------------
AgriSolar Solutions, Inc., filed last week its annual report on
Form 10-K for the fiscal year ended March 31, 2011.

HKCMCPA Company Limited, in Hong Kong, expressed substantial doubt
about AgriSolar Solutions' ability to continue as a going concern.
The independent auditors noted that the Company has suffered from
negative operating cash flows and accumulated deficit.

The Company reported net income of US$214,554 on US$9.9 million of
revenue for fiscal 2011, compared with a net loss of US$921,995 on
US$4.6 million of revenue for fiscal 2010.

The Company's balance sheet at March 31, 2011, showed
US$11.09 million in total assets, US$5.94 million in total
liabilities, and stockholders' equity of US$5.15 million.

A copy of the Form 10-K is available at http://is.gd/YUKQom

Denver, Colorado-based AgriSolar Solutions, Inc., through its
operating affiliate, Shenzhen Fuwaysun Technology Company Limited,
a Peoples Republic of China corporation, is engaged primarily in
the development, production and sale of solar products, including
a solar insect killer and other products designed for agricultural
and commercial use.  Its manufacturing facility is located in
Shenzhen, PRC, and a substantial majority of its current sales and
business operations are in China.


GITI TIRE: Moody's Reviews Caa1 Debt Rating For Possible Downgrade
------------------------------------------------------------------
Moody's Investors Service has put GITI Tire Pte Ltd's B3 corporate
family rating and its Caa1 senior secured debt rating on review
for possible downgrade.

"The review for possible downgrade reflects Moody's concern that
GITI Tire has not yet finalized refinancing for its USD200 million
senior secured notes, and which will become due on 26 January,
2012, or some 6 months from now," says Jiming Zou, a Moody's
Analyst.

"The company's liquidity position could be severely impacted if it
cannot complete the refinancing, especially given the tightening
environment in China for bank credit, and the consequent
difficulty in accessing funds," says Mr. Zou.

"Additionally, there may be a financial impairment to GITI Tire's
49.7% interest in Gajah Tunggal TbK(B3, rating under review for
possible downgrade), which has been alleged to have breached its
dividend distribution covenant, and which could lead to an event
of default," says Mr. Zou.

In its review, Moody's will focus on GITI Tire's ability to secure
funding for the repayment of the USD notes.

In addition, Moody's will monitor the resolution of Gajah
Tunggal's alleged breach of covenant and its potential impact on
GITI Tire.

The principal methodology used in rating Giti Tire was the Global
Auto Supplier Industry, published January 2009.

GITI Tire Pte Ltd is the largest tire manufacturer in China.  It
is a private company, ultimately owned by the Liem family, which
has a Singaporean-Indonesian background.  GITI also owns 49.7% in
PT Gajah Tunggal TBK, an Indonesian tire producer.


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


FINTEK ELECTRONIC: Creditors' Proofs of Debt Due August 15
-----------------------------------------------------------
Creditors of Fintek Electronic 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 13, 2011.

The company's liquidator is:

         Yiu Kwong Man
         Rooms 1501-03
         Far East Consortium Building
         121 Des Voeux Road
         Central, Hong Kong


FRONT MASTER: Members' Final Meeting Set for August 16
------------------------------------------------------
Members of Front Master Development Limited will hold their final
general meeting on Aug. 16, 2011, at 10:00 a.m., at 34th Floor,
Shui On Centre, 6-8 Harbour Road, Wanchai, in Hong Kong.

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


HERO HOUSING: Members' Final Meeting Set for August 15
------------------------------------------------------
Members of Hero Housing Limited will hold their final general
meeting on Aug. 15, 2011, at 3:00 p.m., at Suite No. A, 11th
Floor, Ritz Plaza, at 122 Austin Road, Tsimshatsui, in Kowloon,
Hong Kong.

At the meeting, Sung Mi Yin, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


INDIAN RESOURCES: Members' Final Meeting Set for August 17
----------------------------------------------------------
Members of Indian Resources Group Limited will hold their final
general meeting on Aug. 17, 2011, at 11:30 a.m., at 6th Floor, St.
John's Building, 33 Garden Road, Central, in Hong Kong.

At the meeting, Eliza Suk Ying Wu, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


INTERBEST PROPERTIES: Final Meetings Set for August 25
------------------------------------------------------
Members and creditors of Interbest Properties Limited will hold
their final meetings on Aug. 25, 2011, at 3:00 p.m., and 3:30
p.m., respectively at Rooms 903-908, 9/F., Kai Tak Commercial
Building, 317-319 Des Voeux Road Central, in Hong Kong.

At the meeting, Leung Shu Yin William and Kam Yuk Ting, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


LEHMAN BROTHERS: HKMA, et al., Ink Deal On Notes Buyout
-------------------------------------------------------
The Securities and Futures Commission (SFC) and the Hong Kong
Monetary Authority (HKMA) announced this month that an agreement
has been reached with Citibank (Hong Kong) Limited in relation to
its distribution of market-linked notes (MLNs) and equity-linked
notes (ELNs) issued by Lehman Brothers between March 2007 and June
2008.

Without admitting any liability, Citibank HK has agreed to make a
repurchase offer to eligible customers holding outstanding LB
Notes distributed by Citibank HK at a price equal to 80% of the
total value of each eligible customer's investment in the Notes.

The total value of Citibank HK's repurchase offer is estimated to
be about HK$1.06 billion, covering about 92% of Citibank HK
customers holding outstanding LB Notes.

The offer price will exclude the amount of coupon already paid to
eligible customers but include an additional amount representing
the interest that would have been earned if the amount invested in
LB Notes had been invested with Citibank HK on a fixed term
deposit.

Although Citibank HK's written guidelines to staff in relation to
the sale of securities were comparatively sound and provided a
foundation for compliance with key regulatory requirements, the
SFC had a number of concerns regarding the bank's implementation
and supervision of those guidelines and associated procedures and
controls which posed risks that regulatory requirements would not
be met.

Specifically, the SFC had concerns in the following areas:

    * the adequacy of disclosure of credit risk of Lehman
      Brothers to customers;

    * the sufficiency of the assessment of customers' experience
      and some customers' level of tolerance to risk for LB
      Notes, including risk profiling procedures before the
      purchase of LB Notes; and

    * the overall monitoring of the sale process of LB Notes.

Under the repurchase scheme, Citibank HK will also pay top-up
payments to those customers of outstanding LB Notes with whom
Citibank HK has already entered into settlement agreements but
would otherwise have been eligible to receive a repurchase offer
to the extent that such payments are needed to ensure those
customers are treated in the same way as other customers
participating in the repurchase scheme.

In entering into this agreement under section 201 of the
Securities and Futures Ordinance, the SFC has taken into account
these factors:

    * Citibank HK's comparatively sound and detailed written
      guidelines and procedures in respect of risk disclosure
      and suitability assessment;

    * LB Notes were less complex than credit-linked notes;

    * There is no distributable collateral for the LB Notes.  As
      such, there is less chance for LB Notes customers to
      receive any substantial payment or dividend in the Lehman
      Brothers bankruptcy proceedings;

    * The repurchase scheme will enable the great majority of LB
      Notes customers to receive a reasonable portion of what
      they invested without the costs and risks of separate
      legal proceedings;

    * This outcome could not have been achieved through formal
      disciplinary action by the SFC against Citibank HK and/or
      its staff, even if such action was successful; and

    * The agreement will bring the matter to an appropriate end
      for the benefit of Citibank HK and those customers who
      participate in the repurchase scheme.

"While sound internal guidelines dealing with what is required and
expected in the sale of investment products is an essential
compliance tool for intermediaries, adequate guidelines alone are
not sufficient.  Good controls and supervision together with sound
experience and judgment are needed to ensure recommended
investment products are suitable for customers," SFC Acting Chief
Executive Officer Alexa Lam said.

"This outcome is a demonstrably good one for affected customers
and brings the matter to an appropriate conclusion," she added.

Mr. Arthur Yuen, Deputy Chief Executive of the HKMA, said, "The
HKMA welcomes the resolution.  The HKMA believes that this
resolution is a reasonable and practical one and is in the
interests of investors and in the public interest.  Eligible
customers are encouraged to consider the offers positively."

In view of the repurchase scheme, the SFC will not impose
disciplinary sanctions against Citibank HK and its current or
former officers or employees in relation to the distribution of LB
Notes, save for any acts of dishonesty, fraud, deception or
conduct that is criminal in nature.

The HKMA has also informed Citibank HK that it does not intend to
take any enforcement action against their executive officers and
relevant individuals in connection with the sale of LB Notes to
customers who have accepted the repurchase offers or the top-up
payments under the repurchase scheme, except for any acts of
dishonesty, fraud, deception or conduct that is criminal in
nature.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant to
the provisions of the Securities Investor Protection Act (Case No.
08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority announced that investigation of
over 99% of a total of 21,814 Lehman-Brothers-related complaint
cases received has been completed.  These include:

    * 14,383 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,602 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,722 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,529 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 747 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 782 cases; and

    * 446 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

    Investigation work is underway for the remaining 130 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?766e

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant to
the provisions of the Securities Investor Protection Act (Case No.
08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MANHATTAN MORTGAGE: Creditors' Proofs of Debt Due August 15
-----------------------------------------------------------
Creditors of Manhattan Mortgage Company 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 4, 2011.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


MODERN BILLIARD: Creditors' Proofs of Debt Due August 15
--------------------------------------------------------
Creditors of Modern Billiard Club 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:

         Sung Mi Yin
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


NB HANTCHY: Members' Final Meeting Set for August 20
-----------------------------------------------------
Members of NB Hantchy International Company Limited will hold
their final meeting on Aug. 20, 2011, at 11:30 a.m., at 17th
Floor, Shun Kwong Commercial Building, No. 8 Des Voeux Road West,
Sheung Wan, in Hong Kong.

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


NEW LEVEL: Seng and Lo Step Down as Liquidators
-----------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
New Level Limited on July 1, 2011.


PEDDERSON INVESTMENT: Members' Final Meeting Set for August 18
--------------------------------------------------------------
Members of Pedderson Investment Company Limited will hold their
final meeting on Aug. 18, 2011, at 10:00 a.m., at 22/F, Infinitus
Plaza, at 199 Des Voeux Road Central, in Hong Kong.

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


PERFECT SMART: Members' Final Meeting Set for August 15
-------------------------------------------------------
Members of Perfect Smart Limited will hold their final meeting on
Aug. 15, 2011, at 3:00 p.m., at Suite No. A, 11th Floor, Ritz
Plaza, 122 Austin Road, Tsimshatsui, in Kowloon, Hong Kong.

At the meeting, Sung Mi Yin, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


RAAS VIETNAM: Members' Final Meeting Set for August 16
------------------------------------------------------
Members of Raas Vietnam Limited will hold their final general
meeting on Aug. 16, 2011, at 10:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

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


STANDARD CHARTERED: Creditors' Proofs of Debt Due August 15
-----------------------------------------------------------
Creditors of Standard Chartered Asia 2 (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 4, 2011.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


STANDARD CHARTERED CUSTODY: Creditors' Proofs of Debt Due Aug. 15
------------------------------------------------------------------
Creditors of Standard Chartered Custody (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 4, 2011.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


SUPREME WIND: Members' Final Meeting Set for August 15
------------------------------------------------------
Members of Supreme Wind Limited will hold their final meeting on
Aug. 15, 2011, at 10:00 a.m., at 8th Floor, Gloucester Tower, The
Landmark, 15 Queen's Road Central, in Hong Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


UL INTERNATIONAL: Creditors' Proofs of Debt Due July 29
-------------------------------------------------------
Creditors of UL International Services 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:

         Patrick Cowley
         Paul Mitchell
         27th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


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


AIR INDIA: To Get INR1,200cr Equity Infusion From the Government
----------------------------------------------------------------
The Economic Times reports that India's Group of Ministers (GoM)
on Monday approved in-principle additional equity infusion of
INR1,200 crore for Air India.  The GoM also approved a payment of
INR532 crore for operating VVIP and rescue flights, the report
says.

The Economic Times relates that the GoM headed by Finance Minister
Pranab Mukherjee had a meeting and discussed finance issues
confronting the ailing carrier, which has massive cumulative loss
and debt burden of about INR67,000 crore.

Civil Aviation Minister Vayalar Ravi told reporters the GoM will
meet again next week to discuss other finance issues, according to
The Economic Times.

Mr. Jadhav said the GoM also asked the finance committee to
prepare a note on Air India's turnaround plan.

Prime Minister Manmohan Singh recently said he would ask Mukherjee
as the head of GoM to take "expeditious decisions" to revamp the
airline, the report adds.

                           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.


BHARGAVA BHUSHAN: CRISIL Places 'CRISIL B+' Rating on INR30MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Bhargava Bhushan Press.

   Facilities                      Ratings
   ----------                      -------
   INR75 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR30 Million Proposed LT       CRISIL B+/Stable (Assigned)
          Bank Loan Facility
   INR70 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect BBP's weak financial risk profile, marked by
low net worth, high gearing and weak debt protection metrics, and
small scale of operations in a fragmented industry. These
weaknesses are partially offset by the extensive industry
experience of BBP's promoters.

Outlook: Stable

CRISIL believes that Bhargava Bhushan Press's scale of operations
will remain small over the medium term. The outlook may be revised
to 'Positive' if the company significantly increases its scale of
operations and profitability, resulting in an increase in cash
accruals. Conversely, the outlook may be revised to 'Negative' if
BBP's sales and profitability decline, or liquidity deteriorates
sharply, because of the company's large working capital
requirements or any debt-funded capital expenditure.

                       About Bhargava Bhushan

BBP, initially started off as a publication house for Sanskrit and
astrology books. Currently, it is engaged in the printing of text
books for various state government agencies and also in publishing
bilingual dictionaries. The firm also has a book depot Bhargava
Bhushan Depot (BBD) which sells books published by BBP. Post BBP's
inception in 1889, the promoters ventured into the printing
business from 1935 and started printing bilingual dictionaries
(English to Hindi and Hindi to English). Post 1965, it ventured in
mass printing of textbooks for the government agencies. The firm's
business is managed by the third and fourth generation of the
Bhargava family. The firm has two fully integrated units in
Varanasi that are capable of executing pre-printing work, printing
and binding. The units print 2.5 lakh books per day (assumed book
size of 160 pages) at a printing speed of 36,000 sheets per hour.

BBP reported a profit after tax (PAT) of INR1.7 million on net
sales of INR191.1 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.6 million on net
sales of INR224.2 million for 2008-09.


GEODESIC TECHNIQUES: ICRA Rates INR73.8cr Bank Loans at '[ICRA]BB'
------------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR73.8 Cr fund based limits (enhanced from INR36.0 Cr) and
INR41.0 Cr non fund based limits (enhanced from INR40.0 Cr) of
Geodesic Techniques Private Limited.  ICRA has also assigned a
short term rating of '[ICRA]A4' to the INR38.2 Cr fund based
limits ( enhanced from 0 Cr) and INR26.0 Cr non-fund based limits
( enhanced from INR6 Cr) of the company.

The outlook on the long term rating is stable. The assigned
ratings are constrained by the high working capital intensity of
the business which has resulted in tightening of liquidity and
increase in borrowing level of the company. The ratings are also
constrained by the high project concentration risk with Mumbai
International Airport Limited (MIAL) Project accounting for 63% of
the unexecuted orders on hand and by the moderation in margins of
the company due to the relatively lower profit margins of the MIAL
Project.  Moreover, Geodesic's moderate scale of operations
continue to remain a constraining factor for the assigned ratings.
The ratings, however, continue to favorably factor in Geodesic's
long track record in prefabricated steel construction business,
its strong design and execution capability and its professional
management.

Geodesic, set up by Mr. Srinidhi Anantharaman in 1986, is mainly
into prefabricated steel construction. Initially the company was
primarily focused on space frames based structures. However in
FY2005, Geodesic broadened its portfolio from just space frame
based construction activity to include several types of
prefabricated steel structures and steel buildings.  During
FY2010, Geodesic posted a PAT of INR4.7 crore on an Operating
Income of INR106.6 crore.


GTL INFRA: Fitch Downgrades National LT Rating to 'BB+(ind)'
------------------------------------------------------------
Fitch Ratings has downgraded India-based GTL Infrastructure
Limited's National Long-Term rating to 'BB+(ind)' from 'BBB-(ind)'
and simultaneously placed it on Rating Watch Negative (RWN). The
agency has also downgraded GIL's various bank loans:

   -- INR37,250m long-term loans/facilities: downgraded to
      'BB+(ind)' from 'BBB-(ind)'; on RWN

   -- INR750m non-fund based working capital limits: downgraded to
      'BB+(ind)'/'F4(ind)' from 'BBB-(ind)'/'F3(ind)'; on RWN

The downgrade reflects Fitch's belief that GIL is facing liquidity
constraints due to slower-than-expected tenancy ramp up on account
of regulatory uncertainty in the domestic telecom industry and
that its credit profile has deteriorated. The ratings also reflect
the company's increased interest expenses and delays in equity
infusion which was scheduled for the financial year ended
March 31, 2011 (FY11).

Fitch has sought information from GIL on the present status of its
liquidity position and an update on its business and financial
data, the RWN will be resolved on the receipt of this information.
The RWN will also be resolved in case the agency has enough public
information based on which a rating action can be taken. However,
if GIL is unable to furnish information or Fitch does not have
sufficient public information by end-August 2011, the agency will
assess whether the rating needs to be migrated to the "Non-
Monitored" category.


INDIAN OIL: Moody's Assigns '(P)Baa3' to US Dollar Bond Issuance
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Baa3
senior unsecured foreign currency debt rating to the proposed USD
notes to be issued by Indian Oil Corp Ltd.  The outlook on the
rating is stable.

The bond proceeds will be used to fund ongoing domestic projects.

The provisional rating is based on a review of documentation as at
July 4, 2011.  Moody's expects to affirm the bond rating and
remove it from provisional status upon the closing of the proposed
bond issuance and review of the final terms.

Ratings Rationale

"IOC's Baa3 rating is underpinned by its leading position in the
domestic oil refining and marketing sector, adequate financial and
liquidity profile, and strong support from the Indian Government,"
says Philipp Lotter, a Moody's Senior Vice President, adding,
"These strengths are partially offset by IOC's exposure to an
uncertain regulatory environment."

IOC's Baa3 rating combines its stand-alone credit profile, or
Baseline Credit Assessment ("BCA"), of Ba1 and a one-notch uplift
under the Joint-Default Analysis ("JDA") Methodology for
Government-Related Issuers due to the Indian government's 78.92%
ownership in IOC.

IOC's profitability and cash flow generation are impacted by
India's oil subsidy-sharing scheme, which remains "ad-hoc" and the
company's inability to fully pass through increases in cost of
controlled products like diesel & cooking fuels to consumers.

"However, we note that the Indian government has a demonstrated
track record of adequately compensating IOC for under-recoveries
and ensuring that the company achieves a reasonable level of
profitability, and it is our expectation that this support will
continue despite its "ad hoc" nature", adds Mr. Lotter. "In fact,
for FY2011, IOC has borne under 10% of its gross under-recovery of
INR431.1 billion, which is in line with our expectations".

Moody's also acknowledges the recent positive steps taken by the
Indian government, including deregulation of gasoline prices,
rationalization of duties, and price increases for controlled
products like diesel and cooking fuels. Although these efforts
work towards reducing the oil subsidy burden, nonetheless, IOC's
profitability and cash flow remain exposed to an uncertain
regulatory environment. In this context, further deregulation of
retail fuel prices and the implementation of a more transparent
and predictable subsidy-sharing mechanism will be a credit
positive for IOC.

IOC has an adequate liquidity profile, supported mainly by ongoing
cash subsidies from the Indian government, the company's
significant stock of oil bonds and strong access to the domestic
banking sector. Moody's further expects the company to use part of
its stock of oil bonds to partially fund its capex plan, so that
financial leverage will only increase modestly from current
levels. Therefore, the company's financial profile is expected to
remain adequately positioned within the current rating.

Moody's rates IOC's notes at the same level as the company's
issuer rating. Although, as at March 2011, secured debt comprised
37% of total debt, the proportion of secured debt to total assets
is more manageable at around 12%; hence, the ratings do not factor
in legal subordination.

The senior unsecured rating of Baa3 is based on Moody's
expectation that the company's overall debt structure will be
managed such that secured debt as a proportion of total assets
will remain near the current level over the medium term. The
rating on the notes could be notched down from the issuer rating
if secured debt as a percentage of total consolidated assets
increases beyond 15% consistently.

The stable outlook reflects Moody's expectation that IOC's credit
metrics will remain within the parameters for the current rating.
IOC's rating is more likely to change as a result of changes in
the Indian government's foreign currency debt rating.

Positive pressure on the rating could develop if (1) a sustained
change in the oil subsidy scheme improves the stability and
predictability of the company's earnings and cash flows; and (2)
the company maintains a conservative financial profile as
reflected by RCF/Debt above 20-25% and EBIT/Interest above 4.0-
6.0x on a consistent basis.

Downward pressure on the rating could build in the event that
RCF/Debt falls below 10-15% and EBIT/interest falls below 1.5-2.0x
on a sustained basis. In addition, downward pressure could develop
if IOC's liquidity deteriorates as a result of difficulties in
monetizing its stock of oil bonds or receipt of cash subsidies. At
Baa3, IOC's rating is at the same level as the Indian government's
foreign currency debt rating; a downgrade of the government's
rating will lead to an automatic downgrade of the rating on IOC.

Furthermore, a partial sell-down of the government's majority
ownership could prompt a review of IOC's rating if the sale was
part of a broader trend that evidenced a change in the company's
strategic importance to the government and economy. Such a
development would impact the support level implied in the JDA
rating of Baa3.

The principal methodology used in rating Indian Oil Corporation
Ltd was the Global Refining and Marketing Rating Methodology
published in December 2009. Other Factors used in this rating are
described in Government-Related Issuers Methodology published in
July 2010.

Indian Oil Corporation Ltd, headquartered in New Delhi, is a
leading downstream company, specializing in oil refining,
marketing, distribution and retailing of petroleum products.
Through its 10 refineries with a combined capacity of 1.2 million
bbl/day, IOC is the largest oil downstream company in India with a
market share of around 35% of domestic refining capacity. Listed
on the Indian stock exchange, IOC is 78.92% owned by the Indian
government.


INFOSPECTRUM INDIA: CRISIL Withdraws 'CRISIL BB+' Rating on Loans
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank guarantee (BG)
facility of Infospectrum India Pvt Ltd at 'CRISIL A4+'; the rating
has also been placed under 'Notice of Withdrawal', on IIPL's
request and in light of the no objection letter received from the
concerned banker; this is in line with CRISIL's policy on
withdrawal of ratings.  The BG facility is fully covered with
equal amount of cash deposited with the bank by IIPL.

  Facilities                      Ratings
  ----------                      -------
  INR40 Million Cash Credit       CRISIL BB+ /Stable (Withdrawn)

  INR42.9 Million Rupee Term Loan CRISIL BB+ /Stable (Withdrawn)

  INR36.1 Million Proposed LT     CRISIL BB+ /Stable (Withdrawn)
          Bank Loan Facility

  INR1 Million Bank Guarantee     CRISIL A4+ (Placed under
                                  'Notice of Withdrawal')

CRISIL has also withdrawn its rating on the long-term bank
facilities of IIPL as the company has repaid all its bank loans
(except the BG facility).

Incorporated in 2000 as Concretio India Pvt Ltd, IIPL's name was
changed to the current one in September 2003. Persistent Systems
Limited acquired substantial part of IIPL's business (excluding
school software segment) in the month of March of 2011. IIPL was
engaged in outsourced product development projects catering to
numerous product development entities in the US and Europe that
operate in the fields of marine logistics, science, and
engineering. IIPL has also developed an enterprise resource
planning product, Quick School, for management of academic
institutions.


L R N FINANCE: CRISIL Rates INR250MM Debentures at 'CRISIL BB-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the non-
convertible debentures of L R N Finance Ltd (LRN Finance; part of
the Pincon group).

   Facilities                       Ratings
   ----------                       -------
   INR250 Million Non-Convertible   CRISIL BB-/Stable (Assigned)
          Debentures

The rating reflects the benefit that LRN Finance derives from the
Pincon group's brand and good market position in eastern India,
and LRN Finance's adequate capitalization.  These rating strengths
are partially offset by LRN Finance's inadequate track record in
the financial services industry, susceptibility to intense
competition in the business segments in which the company proposes
to operate and to execution risks associated with new businesses
planned by the company.

LRN Finance benefits from the brand image of the Pincon group,
which is engaged in manufacturing and distributing fast-moving
consumer goods (FMCG) products and liquor; the group is also into
real estate development. The Pincon group's well-established
operations in eastern India will enable LRN Finance to tap the
group's customer network to develop potential customers for its
financing businesses. CRISIL also believes the Pincon group's
brand image will enable LRN Finance to competitively raise
resources, compared to a standalone non-banking finance company
(NBFC) with limited track record of operations. In addition, LRN
Finance's capitalization is adequate for its current scale of
operations; its net worth was INR133 million as on March 31, 2011.
Furthermore, the company has flexibility to bring in additional
capital from its group entities or its promoters.

However, LRN Finance's track record in the financial services
industry is very short; the company had completed only one year of
operations under its new management as on March 31, 2011.
Moreover, LRN Finance's group entities also lack experience in the
financial services industry. LRN Finance's current loan portfolio
(Rs.143 million as on March 31, 2011) is primarily towards
providing bridge financing for heavy machinery and bill
discounting. However, the company has aggressive plans to enter
the tractor financing and gold financing business over the medium
term. CRISIL believes these segments are highly competitive, with
the presence of well established players; LRN Finance's ability to
profitably scale up its operations in these proposed business
segments is yet to be demonstrated. The company also plans to
expand its market share in eastern India from its current
operations in Salem (Tamil Nadu), leveraging the Pincon group's
brand position in the region. CRISIL believes that LRN Finance's
expansion plans will expose the company to considerable execution
risks associated with its proposed businesses. LRN Finance's
ability to establish a track record and maintain healthy asset
quality in its proposed business segments will have a bearing on
the rating.

Outlook: Stable

CRISIL believes that LRN Finance will maintain its adequate
capitalization and benefit from the Pincon group's brand image and
market position in eastern India. The outlook may be revised to
'Positive' if LRN Finance scales up its operations substantially,
while maintaining healthy asset quality and profitability.
Conversely, the outlook may be revised to 'Negative' if LRN
Finance's asset quality and earnings profile significantly weaken,
leading to weakening in its capitalization, or if the company is
unable to effectively execute its business plans.

                            About LRN Finance

LRN Finance was acquired by Mr. Monoranjan Roy on March 31, 2010,
to start operations in the financial sector. The company was
earlier run by Mr. Shanmugan Sundaresan in Salem, who was running
down his business. The company's operations are primarily in
Salem. LRN Finance is now part of the Pincon group, which has been
in business for the past 16 years in eastern India. In addition to
LRN Finance, the group comprises Greenage Food Products Ltd,
Sarang Viniyog Ltd, Pincon Developers Ltd, and Bengal Pincon
Housing Infrastructure Ltd. LRN Finance's outstanding loans of
INR143 million are all towards bridge financing for heavy
machinery and bill discounting. The company sources its bridge
financing business through the Pincon group's network and offers
loans for a period of six months in this segment. The company
plans to expand its operations in eastern India by starting
tractor financing and gold financing over the medium term.

For 2010-11 (refers to financial year, April 1 to March 31), LRN
Finance reported a profit after tax (PAT) of INR31 million on a
total income of INR197 million.


MULTI-FLEX LAMI-PRINT: CRISIL Raises Rating on INR508MM Loan to B
-----------------------------------------------------------------
CRISIL has upgraded its rating on the cash credit facility of
Multi-Flex Lami-Print Ltd to 'CRISIL B/Stable' from 'CRISIL
B-/Negative', while reaffirming the rating on its letter of credit
facility at 'CRISIL A4'.

   Facilities                       Ratings
   ----------                       -------
   INR508.0 Million Cash Credit     CRISIL B/Stable (Upgraded from
   (Enhanced from INR287.2 Mil.)             'CRISIL B-/Negative')

   INR167.0 Mil. Letter of Credit   CRISIL A4 (Reaffirmed)
   (Reduced from INR229.0 Million)

The rating upgrade reflects reduced pressure on Multi-Flex's
liquidity, as the company got its term loans from Clear Water
Capital Partners (India) Pvt Ltd (Clear Water; shareholder in
Multi-Flex) refinanced and regularized.  As per the terms of the
regularization, Multi-Flex has cleared all interest arrears and is
to repay the entire loan (approximately INR319 million outstanding
as on May 31, 2011) by September 2014 in monthly installments that
has commenced from April 2011 onwards. Its cash accruals over the
medium term, estimated to range between INR100 million and
INR120 million per annum, are expected to be adequate to cover its
annually maturing debt obligations. The upgrade also factors in
the marked improvement in the company's performance in 2010-11 on
the back of healthy orders from its key customers. Although Multi-
Flex's revenue growth over the medium term is expected to remain
muted, its cash accruals are expected to remain healthy, as the
company is utilizing its capacities optimally and has no immediate
capital expenditure (capex) plan.

The ratings reflect Multi-Flex's below-average financial risk
profile, customer concentration, and susceptibility to intense
competition in the domestic flexible packaging industry. These
rating weaknesses are partially offset by the benefits that Multi-
Flex derives from its promoters' industry experience and its
established relationships with key customers.

Outlook: Stable

CRISIL believes that Multi-Flex will maintain its business and
financial risk profiles, supported by its established contacts
with customers and suppliers, and steady cash accruals from
operations, over the medium term. The outlook may be revised to
'Positive' if Multi-Flex significantly improves its capital
structure, primarily through fresh equity infusion, or its
profitability. Conversely, the outlook may be revised to
'Negative' if the company scales down its operations, if its
profitability declines, or if it undertakes a large, debt-funded
capex, thereby weakening its capital structure.

                         About Multi-Flex

Multi-Flex was incorporated in March 1991. It manufactures and
sells packaging laminates to fast-moving consumer goods,
pesticide, and agricultural chemical companies. Multi-Flex's
customers include leading companies, such as Hindustan Unilever
Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+' ), ITC Ltd (rated
'CRISIL AAA/Stable/CRISIL A1+'), Dabur India Ltd (rated 'CRISIL
AAA/Stable/CRISIL A1+'), Monsanto India Ltd, and United Phosphorus
Ltd.

Multi-Flex has two manufacturing facilities in Mahad
(Maharashtra). The capacities were expanded in 2008-09 (refers to
financial year, April 1 to March 31), resulting in installed
laminates capacity of 14,400 tonnes per annum (tpa) and polythene
film capacity of 8520 tpa.

For 2010-11, Multi-Flex reported, on provisional basis, a profit
after tax of INR29.7 million on net sales of INR1.6 billion; it
reported a net profit of INR10.0 million on net sales of
INR1.3 billion for the preceding year.


NIBHI INDUSTRIES: CRISIL Rates INR287.5MM LT Loan at 'CRISIL BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of NIBHI Industries Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR82.5 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR287.5 Million Long-Term Loan   CRISIL BB-/Stable (Assigned)
   INR20 Million Bank Guarantee      CRISIL A4+ (Assigned)
   INR40 Million Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of NIPL's management
in the asbestos cement (AC) roofing industry. This rating strength
is partially offset by the start-up nature of NIPL's operations
leading to below average financial risk profile, vulnerability of
its operating margin to volatility in input prices and intense
competition in the AC roofing industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NIPL and its 100 per cent subsidiary,
Sigri Roofings Pvt Ltd.  NIPL has also given a corporate guarantee
for the debt contracted by SRPL.

Outlook: Stable

CRISIL believes that NIPL will continue to benefit over the medium
term from the extensive industry experience of its management. The
outlook may be revised to 'Positive' if the company stabilizes its
upcoming capacities sooner than expected and significantly scales
up its operations, resulting in greater-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there are delays in stabilization of its operations, resulting in
lower-than-expected cash accruals, or if NIPL undertakes a large
debt-funded capital expenditure programme, or there are cost or
time overruns in the ongoing Sri Lankan project, or in case of
adverse government regulation on the use of asbestos.

                       About NIBHI Industries

NIPL was incorporated in March 2009 by Mr. S A Bhimaraja to
manufacture AC roofing sheets under the brand, Elephant. NIPL is
setting up three manufacturing facilities in Madhya Pradesh, Bihar
and Tamil Nadu each with installed capacity of 1, 00,000 tonnes
per annum.  The company's units in Madhya Pradesh and Bihar began
commercial operations in November 2010 and May 2011, respectively.
The company plans to set up the unit in Tamil Nadu over the next
two year, post the stabilization of the operations of the other
units.

SRPL, is incorporated in Sri Lanka in 2010 to set up a 1, 00,000
tonnes per annum capacity AC roofing sheet facility. It is
currently under the project stage and is likely to start
commercial production by September 2011.

NIPL has recorded provisional losses of INR20 million on net sales
of INR60 million during FY 2010-11, being the first year of
operation.


NITIN CASTINGS: Fitch Puts 'BB(ind)' Rating on INR94MM Bank Limits
------------------------------------------------------------------
Fitch Ratings has assigned India's Nitin Castings Limited a
National Long-Term rating of 'BB(ind)' with Stable Outlook. Fitch
has also assigned ratings to NCL's bank loans:

   -- INR94m fund-based cash credit limits: 'BB(ind)'; and

   -- INR115m non-fund based limits: 'F4(ind)'.

The ratings reflect NCL's comfortable credit and liquidity
position as well as its long-standing relationships with its
customers. In the financial year ended March 31, 2010 (FY10), the
company's operating EBITDA to finance charges was 15.5x (FY09:
2.3x) and its financial leverage (total adjusted net
debt/operating EBITDAR) was 3.95x (FY09: 7.93x). The ratings also
draw comfort from NCL's four-decade long experience in the
castings business and its experienced management. Further, Fitch
notes that the company has received an INR200m order from L&T for
the latter's super critical thermal power plant, which will
improve NCL's plant utilization levels and consequently its
profitability.

The ratings are constrained by the highly competitive and
fragmented nature of the Indian casting industry, and consequently
its volatile profit margins. Fitch notes that NCL mitigates
volatility in raw material prices by booking 80% of the raw
material when an order is received. Further, the company has
entered into agreements with its major customers to pass on any
significant rise in raw material prices to its customers.

The ratings are further constrained due to the USD4.08 million
corporate guarantee extended by NCL to Arrow Point Technology (a
group company). However, the amount outstanding under the
corporate guarantee as of FYE11 was USD2.83 million.

A negative rating guideline would be a sustained deterioration in
NCL's adjusted leverage to above 5.0x. Conversely, a positive
rating action may result from an improvement in the company's
operating margin and a reduction in its debt, which would result
in a fall in its adjusted leverage to below 3.0x.

As per NCL's FY11 provisional figures, its revenues declined to
INR510.3 million (FY10: INR651.3 million) and operating EBITDAR to
INR41.5 million (FY10: INR69.4 million) due to a marginal drop in
sales volume to 1208.7MT in FY11 (FY10: 1320.4MT) and its sales
price/MT deteriorating to INR0.41 million in FY11 (FY10: INR0.48
million).

Started in 1964, NCL is a flagship company of Kedia Group. It
manufactures centrifugal casting products at its 1,700 MT facility
at Thane, Maharashtra, India. The castings have diverse
applications in industries such as fertilizers, petrochemicals,
steel plants and sponge iron plants. It has also set up a 1.25 MW
capacity windmill at Dhulia district in Maharashtra.


R.S. FASTENERS: ICRA Rates INR51.5cr Bank Loans at '[ICRA]BB-'
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to INR51.50 crores Fund
Based bank limits of R.S. Fasteners.  The outlook on the long term
rating is stable.

The rating factors in the long operating history of the firm;
experience of its promoters in the business of manufacturing
fasteners and its reputed customer profile. The rating is however
constrained by RSF's weak financial profile as reflected by its
low profitability, average return indicators and low debt coverage
indicators. The rating is also constrained by its high gearing
levels (stood at 9.2 times as on March 31, 2011) following the
capital expenditure largely funded through promoter's unsecured
loans, however ICRA draws comfort from the management's stated
intention and undertaking given to banks for retaining these funds
in the company. The capital expenditure programme was undertaken
to expand the production capacities, while the benefits of capital
expenditure are reflected in significant growth in revenues over
the years; the same has also resulted in increasing working
capital requirements leading to constrained cash flows and
consistently high working capital limits utilization. While
assigning the rating, ICRA also takes note of RSF's vulnerability
to adverse raw material price movements and high competitive
pressures in the fasteners industry arising out of low entry
barriers as well as fragmented nature of the industry.

                        About R.S. Fasteners

R.S. Fasteners was established in 1980 as a small scale unit under
auto ancillary segment and is in the business of manufacturing
fasteners for automobiles, tractors, heavy engineering equipments,
chemical industry etc. It was initially established as a sole
proprietorship concern and subsequently the constitution was
changed to partnership concern in 2002. The firm was started by
Mr. Ramesh Maheshwari in 1980 and currently the operations are
being handled by his three sons who are also the partners in the
firm holding equal share. RSF is engaged in manufacturing of
various types of cold forged low and high tensile industrial nuts
well suited for all applications in automobile, electronic,
engineering and construction industries along with their
respective ancillaries, however the major contributor to the
company's revenues have been from the automobiles industry. The
clients of the company include Mahindra & Mahindra (M&M), Tata
Motors, Force Motors Limited, Toyota, BOSCH- Germany, ZF
Steerings, Sona Group, JBM Group etc. RSF has obtained ISO/TS
16949:2002 certification and is equipped with latest machinery and
tools.

Recent Results

In FY10, the company reported a net profit of INR0.95 crore on a
turnover of INR57.60 crore. Further, as per the provisional
numbers for FY11, RSF reported a profit after tax (PAT) of INR1.79
crore on a turnover of INR124.77 crore.


RELIABLE SPACES: ICRA Reaffirms '[ICRA] BB' Rating on INR85cr Loan
------------------------------------------------------------------
ICRA has re-affirmed the long-term rating of '[ICRA] BB' assigned
to the INR85 crore bank lines of Reliable Spaces Private Limited.
The long-term rating has been assigned a stable outlook.

The rating reaffirmation reflects the attractive location of
RSPL's property -- Reliable Plaza -- in Navi Mumbai and the
reputed client profile; 64% of property leased to Sify
Technologies for a 29 year period with a lock-in till May 2013.
Further, significant investments made by the lessees towards fit-
outs at the property mitigates vacancy risks for RSPL.  RSPL also
has other assets at its disposal -- including land at Ambernath --
which serve as a source of cash flow for the company. ICRA notes
that RSPL has not assumed any additional debt and consequently,
its debt coverage metrics have witnessed an improvement in FY 11.
The rating is however constrained by the low cover of monthly
lease rentals over monthly debt servicing obligations and the risk
of further reduction in the same in case a particular lessee --
Baker Hughes -- vacates the property.  Being a Lease Rental
Discounting (LRD) loan availed by securitizing rentals from
occupants of the property, any delays by lessees in remitting
monthly lease rentals in a timely manner can impact RSPL's ability
to timely fulfill its debt servicing obligations. ICRA also notes
the high group indebtedness levels and the significant inter-group
transactions.

Reliable Spaces Pvt Ltd, earlier Reliable Fashions Pvt. Ltd.,
develops and leases out property to corporate customers. Prior to
FY 09, RFPL had two lines of business: exports of readymade
garments and real-estate development.  With increasing focus on
its real-estate business, RFPL rechristened itself as RSPL in
February 2009 and following an organizational restructuring, the
garments division was demerged into a separate entity called
Reliable Clothing Pvt Ltd effective April 1, 2009.  While the
fixed assets pertaining to the garments division were transferred
to RCPL as part of the demerger, the liabilities including the
outstanding balances of the rated working capital facilities were
retained in RSPL.


SVS MOOKAMBIKA: Fitch Assigns 'BB(ind)' National LongTerm Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's SVS Mookambika Constructions
Private Limited (SVS) a National Long-Term rating of 'BB(ind)'.
The Outlook is Stable. The agency has also assigned ratings to
SVS's bank facilities:

   -- INR55m fund-based working capital limits:
      'BB(ind)'/'F4(ind)';

   -- INR5m fund based working capital limits (adhoc):
      'BB(ind)'/'F4(ind)';

   -- INR23.4m term loan: 'BB(ind)'; and

   -- INR100m non-fund based limits: 'F4(ind)'.

SVS's ratings reflect its small scale of operations, sound order
book position, moderate net financial leverage (adjusted net
debt/EBITDA) and its comfortable interest cover. As per the
company's provisional figures for the financial year ended
March 31, 2011 (FY11), its order book was 2.0x of FY11 revenues
(FY10:2.2x), with net financial leverage of 2.2x (FY10: 1.4x) and
interest cover of 5.4x (FY10:7.5x). The ratings are constrained by
SVS's geographical and customer concentration, and its relatively
high gearing (adjusted gross debt/equity) of 1.5x (FY10: 1.0x).

The rating may be revised upward if SVS's adjusted net debt/EBITDA
falls below 1.5x on a sustained basis. Conversely, a sustained
increase in its adjusted net debt/EBITDA to above 3.5x may result
in a negative rating action.

SVS was incorporated in 2009 to take over the partnership firm --
Sri Mookambika Construction. It is a closely held company,
headquartered in Vizianagaram. It undertakes road development and
maintenance contracts floated by the Andhra Pradesh and Orissa
governments and other state corporations.  As per SVS's
provisional and unaudited figures for FY11, its revenue was
INR406.8 million (FY10: INR356.6 million), operating EBITDA was
INR54.5 million (FY10: INR31.5 million).


SHIVALAYA CONSTRUCTION: CRISIL Cuts Rating on INR75MM Cash Credit
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shivalaya Construction Company Pvt Ltd to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL BB/Negative/CRISIL A4+'.

   Facilities                      Ratings
   ----------                      -------
   INR75 Million Cash Credit       CRISIL B-/Stable
                                   (Downgraded from
                                   'CRISIL BB/Negative')

   INR450 Million Bank Guarantee   CRISIL A4
                                   (Downgraded from
                                   'CRISIL A4+')

The downgrade reflects deterioration in SCPL's liquidity; the
company's cash credit accounts were overdrawn occasionally over
the six months ended May 2011. SCPL's liquidity remains weak given
that its cash accruals are expected to be just sufficient to meet
its debt obligations over 2011-12 (refers to financial year,
April 1 to March 31). Further, the company has to repay the
temporary short-term loans of INR30 million availed from HDFC bank
by July 2011 from its cash credit account, which will further
pressure SCPL's liquidity.

The ratings reflect SCPL's aggressive capital expenditure plans,
limited revenue diversity, segmental concentration in revenue
profile, and exposure to risks related to intense competition in
the construction industry. These rating weaknesses are partially
offset by SCPL's healthy order book and established track record.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from the experience of its promoters and its established
track record in the road construction industry. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's liquidity resulting either from enhancement of its
limits or significant reduction in its working capital
requirements or infusion of funds by the promoters. Conversely,
the outlook may be revised to 'Negative' if the company's
liquidity is adversely impacted due to deterioration in its
profitability or working capital management, or if constrained
liquidity impacting its debt repayments.

                   About Shivalaya Construction

Set up as a partnership concern in 1991, SCPL was reconstituted as
a private limited company in 1997. It was involved in the
construction of buildings till 1995, and thereafter, entered the
road construction business. SCPL is presently involved in civil
construction and primarily undertakes construction, upgrade, and
maintenance of roads, including state highways and rural roads.

SCPL is estimated to provisionally report a profit after tax (PAT)
of INR63 million on net sales of INR1.1 billion for 2010-11, as
against a PAT of INR60 million on net sales of INR1.4 billion for
2009-10.


SIMOLA VITRIFIED: CRISIL Puts 'CRISIL B+' Rating on INR159MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL P4' ratings to
the bank facilities of Simola Vitrified Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit        CRISIL B+/ Stable (Assigned)
   INR159 Million Rupee Term Loan   CRISIL B+/ Stable (Assigned)
   INR12.5 Million Proposed Long    CRISIL B+/ Stable (Assigned)
         Term Bank Loan Facility
   INR10 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect SVPL's leveraged capital structure, small net
worth, and exposure to risks related to offtake because of the
ongoing large capacity additions in the vitrified tiles industry.
These rating weaknesses are partially offset by SVPL's strategic
location, support from community, and the extensive experience of
the company's promoters in the trade of ceramic tiles (which has
helped SVPL to achieve offtake tie-ups).

Outlook: Stable

CRISIL believes that SVPL will benefit over the medium term from
the advantageous location of its facility in Morbi (Gujarat) and
its promoters' experience in the tiles industry. The outlook may
be revised to 'Positive' if SVPL's stabilizes its operations on
time and reports better-than-expected revenue growth and
profitability. Conversely, the outlook may be revised to
'Negative' if the company achieves lower-than-expected revenues
and profitability or undertakes a large, debt-funded capital
expenditure programme leading to the deterioration of its debt
protection metrics.

                       About Simola Vitrified

SVPL was incorporated on March 18, 2010. The company is setting up
a facility to manufacture vitrified tiles at its facility in Morbi
(Gujarat), which has capacity of 48,700 tonnes per annum. The
company began trial production from June 15, 2011; commercial
production is expected to start in July 2011. SVPL would mainly
manufacture tiles with dimensions of 24x24 inches and 32x32
inches. The cost of the project involving the setting up of this
facility is INR293.8 million, which has been funded by a term loan
of INR159 million, unsecured loans of INR34.8 million extended by
the promoters, and equity funding of INR100 million. This
translates into a debt-equity ratio of 1.9 times.


SPECTRA ISP: Fitch Assigns 'B+(ind)' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned India's Spectra ISP Networks Private
Limited a National Long-Term rating of 'B+(ind)'. The Outlook is
Stable.  The agency has also assigned Spectra ISP's INR200 million
long-term loans a rating of 'B+(ind)'.

Spectra ISP's ratings reflect growth opportunities available in
the Indian broadband sector, which has a low penetration with a
broadband subscriber base of 12 million at end-April 2011 as per
Telecom Regulatory Authority of India. The company has Wi-Fi based
broadband coverage in over 50,000 units; however, the current
utilization rate is low with over 2,300 subscribers only. Fitch
notes that an increase in the Spectra ISP's subscriber base will
be a key driver for its revenue growth and margin improvement. The
ratings also benefit from the fact that the company uses optical
fibre cable (OFC) network owned by a group company -- Citycom
Networks Pvt. Ltd, thus reducing its dependence on external OFC
network.

The ratings are constrained by Fitch's view that mobile broadband
will outgrow wired broadband services in the medium to long term.
Indian telecommunication companies that were awarded 3G spectrum
in the auction held in June 2010 are rolling out 3G services.
Also, the sector may face competition in the medium term when
broadband wireless access winners launch their services, which is
expected to happen by 2013-2014.

The ratings are also constrained by Spectra ISP's weak historical
operating performance. In FY10 (financial year ended March 31,
2010), it reported an EBITDA loss of INR56m on revenues of
INR372m. However, as per its provisional unaudited figures for
FY11, the company operating revenues improved to INR426m and
EBITDA losses reduced to INR4m. The agency expects Spectra ISP to
generate EBITDA profit in FY12.

The ratings are also constrained by the company's small scale of
operations compared to other established internet service
providers (ISP) in the country. Fitch notes that Spectra ISP needs
regular capital expenditures to grow, which would also increase
its working capital requirements. Therefore, the agency expects
the company's free cash flows to remain negative over the short to
medium term. As a result, its coverage ratios and financial
leverage (adjusted net debt/EBITDAR) are expected to remain
strained over the same period.

Positive rating guidelines include an improvement in Spectra ISP's
EBITDA net interest coverage from an improvement in its operations
and/or equity infusions. A negative rating action may result from
lower-than-expected profits and a large debt-funded capital
expenditure by the company, leading to deterioration of its EBITDA
net interest coverage ratio.

Spectra ISP acquired ISP operations of Spectranet -- a division of
Punj Lloyd Limited (PLL) -- in 2008. However, it continues to
operate services under the name of Spectranet.  As part of its
deal with PLL, Spectranet's OFC network was transferred to Citycom
Networks Pvt. Ltd, which is also owned by the promoters of Spectra
ISP.


TUBEKNIT FASHIONS: ICRA Cuts Rating on INR2.3cr Loan to '[ICRA]D'
-----------------------------------------------------------------
ICRA has downgraded the ratings on INR2.30 crore term loan
facilities, INR42.50 crore fund based facilities and INR6.25 crore
non-fund based facilities of Tubeknit Fashions Limited from
'LB'/A5 to '[ICRA]D'.

The downgrade in rating reflects the Company's continued delays in
servicing the principal and interest payments on term loans owing
to liquidity constraints. The performance of the company has
suffered in the last two years owing to realization pressures
arising out of demand slowdown from international markets and
margin pressure on account of derivative losses. Additionally, the
closure of dyeing facilities in Tirupur (Tamil Nadu) had impacted
the performance of the Company in 2010-11 and first quarter of
2011-12.

Promoted in 1985, by first generation entrepreneurs, Mr. P
Parthasarathy and Mr. Palaniswamy under the name Tubetex Exports,
TKFL was mainly undertaking dyeing of yarns and grey fabric on a
conversion basis for other garment units in Tirupur. The firm
diversified into the manufacture and export of knitted garments in
1990. Following the exit of Mr. Palaniswamy, one of the partners
in 1995, the firm was fully owned and managed by Mr. Parthasarathy
and his wife, Ms. Maheshwari. Tubetex Exports was converted to a
private limited company in 1996 and later to a public limited
company in 1999. Currently TKFL has four factories located in and
around Tirupur and has capacities along the entire textile value
chain except for spinning. TKFL has positioned itself as a high
style garments manufacturer operating in low volume and relatively
high margin segment.

For the fiscal 2009-10, the Company reported an operating profit
of INR11.5 crore on an operating income of INR104.9 crore as
compared to an operating profit of INR8.9 crore on an operating
income INR111.9 during 2008-09.


VISITOR GARMENTS: ICRA Places '[ICRA]BB+' Rating on INR0.27cr Loan
------------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to the INR0.27 crore term
loan facilities of M/s. Visitor Garments.  The outlook on the
[ICRA]BB+ rating is stable.  ICRA has also assigned '[ICRA]A4+'
rating to the INR8.73 crore fund based facilities of the firm.

The ratings consider the experience of promoters in garment
exports for about 23 years and the long-standing business
relationship with Primark, a large clothing retailer in the
United Kingdom, which is expected to support business volumes. The
ratings are however constrained by the firm's limited bargaining
power with its largest customer, arising from its presence in the
low-margin nightwear segment and competition from low-cost
countries, its small scale of operations which restrict scale
economics and financial flexibility, high leverage and relatively
thin cash accruals. While revenues/margins are likely to be
impacted by the slow pace of economic recovery in the firm's key
markets and closure of dyeing units proximate to its manufacturing
facility, high single customer concentration enhances the risk of
order volatility on revenue growth.

M/s. Visitor Garments is a Tirupur-based partnership firm,
established by Mr. M. Muthukrishnan in 1988. The firm is primarily
engaged in the manufacture and export of women's night wear to
Primark (in the United Kingdom, Ireland and Spain). The firm
outsources a part of its production to entities in and around
Tirupur. The firm also has a knitting facility, wherein it
undertakes job work in order to optimize capacities. The firm has
a wind mill in Rameshwaram (Tamilnadu) with 225 KW capacity, which
was installed in January 2005.

Recent Results

The firm reported net profit of INR1.0 crore on operating income
of INR26.4 crore during 2010-11 (according to unaudited results)
against net profit of INR0.5 crore on operating income of
INR27.8 crore during 2009-10.


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


J-CORE 15: Moody's Reviews Loan Ratings For Possible Downgrade
--------------------------------------------------------------
Moody's Japan K.K has placed 10 classes of J-CORE 15 Trust
Certificates and asset-backed loans on review for possible
downgrade.

Their final maturity will take place in July 2013.

Deal Names: J-CORE15

Class A-1 Trust Certificate and Class A-1 Loan, Aaa (sf) placed
under review for possible downgrade; previously, on July 14, 2008,
definitive rating assigned at Aaa (sf)

Class A-2 Trust Certificate and Class A-2 Loan, Aa3 (sf) placed
under review for possible downgrade; previously, on June 4, 2010,
downgraded to Aa3 (sf) from Aaa (sf)

Class B Trust Certificate, Baa2 (sf) placed under review for
possible downgrade; previously, on June 4, 2010, downgraded to
Baa2 (sf) from Aa2 (sf)

Class D Loan, B1 (sf) placed under review for possible downgrade;
previously, on June 4, 2010, downgraded to B1 (sf) from Baa2 (sf)

Class E Trust Certificate, B2 (sf) placed under review for
possible downgrade; previously, on June 4, 2010, downgraded to B2
(sf) from Baa3 (sf)

Class F Trust Certificate and Class F Loan, B3 (sf) placed under
review for possible downgrade; previously, on June 4, 2010,
downgraded to B3 (sf) from Ba1 (sf)

Class X Trust Certificate, Aaa (sf) placed under review for
possible downgrade; previously, on July 14, 2008, definitive
rating assigned at Aaa (sf)

J-CORE 15 is a single-asset/single-borrower CMBS deal, effected in
July 2008. The property is former Shinsei Bank HQ Building,
located in Chiyoda-ku, Tokyo.

The last rating action in June 2010 reflected Moody's concerns
about the lower likelihood of collateral recovery, in light of
their re-assessed value.

In its last rating action, Moody's viewed positively and
incorporated the existence of various refinancing and disposition
strategies to redeem the specified bond, as the underlying
property is a Class A office building in central Tokyo location
and there is a large cash reserve.

In its review, Moody's considers it is necessary to re-assess its
recovery assumptions for the property.

It is also necessary to reconfirm the exit strategy for the
specified bond after the expected maturity. This is because the
expected maturity in July, 2011 has passed.

Moody's will then decide whether to confirm or downgrade the
ratings.

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


TAKEFUJI CORP: Administrator May Take Legal Suit to Recover Funds
-----------------------------------------------------------------
Michiyo Nakamoto at The Financial Times reports that Takefuji
Corp.'s administrator said the lender could pay foreign
bondholders and other creditors as much as 23% of what they are
owed if Takefuji is able to recover the more than JPY240 billion
in funds it is seeking from third parties.

Eiichi Obata, court-appointed administrator to Takefuji, said on
Friday that he was prepared to take legal action to recover
JPY13 billion in dividend payments made to former directors,
JPY200 billion through a tax rebate it is claiming from the
government, and JPYY29 billion in a continuing lawsuit against
Merrill Lynch.

Mr. Obata, as cited by the FT, said creditors would receive a
minimum of 4%t and a maximum of 23%, depending on how much he is
able to recover.

The FT relates that Mr. Obata said he was confident of recovering
at least some of the claims, adding that "if the payments are not
made voluntarily, then it will lead to lawsuits."

As reported in the Troubled Company Reporter-Asia Pacific on
July 19, 2011, Dow Jones Newswires said Takefuji'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.  Takefuji's administrator
hopes to have the rehabilitation plan approved between late
October and early November.

Based on current cash in hand, Dow Jones disclosed, 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 noted 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 added.

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.


===============
M A L A Y S I A
===============


HAISAN RESOURCES: EON Bank Withdraws Writ of Summons
----------------------------------------------------
Haisan Resources Berhad disclosed in a regulatory filing that EON
Bank Berhad on July 18, 2011, withdrew its Writ of Summons and
Statement of Claim filed in the Kuala Lumpur High Court.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 21, 2010, Haisan Resources Berhad on Sept. 15, 2010,
received a Writ of Summons and Statement of Claim from Messrs.
Shearn Delamore & Co., on behalf of EON Bank Berhad, claiming
payment of a MYR3.75 million overdraft facility.

                       About Haisan Resources

Based in Malaysia, Haisan Resources Berhad --
http://www.haisan.com/-- is principally engaged in the investment
holding and provision of management services to subsidiaries.  The
Company operates in three business segments. Its engineering
segment is engaged in the refrigeration, civil, mechanical,
electrical, general engineering works and construction, trading of
refrigerating equipment, spare parts, hot dip metal galvanizing
and electroplating. The temperature controlled logistics/
warehousing segment is engaged in the temperature-controlled
logistics services, handling, value added processing, refrigerated
transportation and distribution services, leasing of cold rooms,
bonded and general warehousing services. Its ice manufacturing
segment is engaged in the manufacturing and marketing of tube ice.
The Company's other segment is engaged in the investment holding,
provision of information technology maintenance and support
services.

Haisan Resources Berhad has been considered a PN17 Company as the
external auditors of the Company, Messrs. BDO had expressed a
modified opinion with emphasis of matter on going concern in the
Company's Audited Financial Statements for financial year ended
December 31, 2009.  Based on its quarterly report for the period
ended March 31, 2010, the Company's shareholders' equity is less
than 50% of its issued and paid-up capital.


NGIU KEE: Faces Delisting for Failure to Submit Revamp Plan
-----------------------------------------------------------
Ngiu Kee Corporation Berhad has failed to submit its
regularization plan to the Securities Commission or Bursa Malaysia
Securities Berhad for approval within the timeframe stipulated
under paragraph 8.04(3)(a)(i) of Bursa Securities Main Market
Listing Requirements.

Pursuant to paragraph 8.04(5) of the Main Market LR:

   (a) the trading in the securities of the Company will be
       suspended with effect from July 21, 2011; and

   (b) the securities of the Company will be de-listed on
       July 25, 2011, unless an appeal is submitted to Bursa
       Securities on or before July 20, 2011.  Any appeal
       submitted after the Appeal Timeframe will not be
       considered by Bursa Securities.

In the event the Company submits an appeal to Bursa Securities
within the Appeal Timeframe, the removal of the securities of the
Company from the Official List of Bursa Securities on July 25,
2011, will be deferred pending the decision on the Company's
appeal.

With respect to the securities of the Company which are currently
deposited with Bursa Malaysia Depository Sdn Bhd, the securities
may remain deposited with Bursa Depository notwithstanding the de-
listing of the securities from the Official List of Bursa
Securities.  It is not mandatory for the securities of a company
which has been de-listed to be withdrawn from Bursa Depository.

Alternatively, shareholders of the Company who intend to hold
their securities in the form of physical certificates, can
withdraw these securities from their Central Depository System
(CDS) accounts maintained with Bursa Depository at anytime after
the securities of the Company have been de-listed from the
Official List of Bursa Securities.

Upon the de-listing of the Company, the Company will continue to
exist but as an unlisted entity.  The Company is still able to
continue its operations and business and proceed with its
corporate restructuring and its shareholders can still be rewarded
by the Company's performance. However, the shareholders will be
holding shares which are no longer quoted and traded on Bursa
Securities.

                           About Ngiu Kee

Ngiu Kee Corporation (M) Berhad (NKC) is a Malaysia-based company.
The Company is an investment holding company with its subsidiary
companies involved in the operation of supermarkets and
departmental stores in East Malaysia.  The Company's subsidiaries
include Ngiu Kee Sdn. Bhd., which is engaged in investment
holding, and operating a supermarket and departmental store;
B.I.G. Store Sdn. Bhd., which is engaged in investment holding;
Pacific-Ngiu Kee Sdn. Bhd., which is engaged in operating a
supermarket and departmental store; Ngiu Kee (Sibu) Sdn. Bhd.,
which is engaged in operating a supermarket and departmental
store; Ngiu Kee (Wisma Saberkas)Sdn. Bhd., which is engaged in
operating a supermarket and departmental store; Ngiu Kee (Sarikei)
Sdn. Bhd., which is engaged in operating a supermarket and
departmental store and Ngiu Kee (Mukah) Sdn. Bhd., which is
engaged in operating a supermarket and departmental store.

                           *     *     *

Ngiu Kee Corporation (M) Berhad has been classified as a Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, NKCB has
triggered one of the prescribed criteria under paragraph 2.1(f).
The company's subsidiary has defaulted in its loan payment and is
unable to provide a solvency declaration to the exchange.


SATANG HOLDINGS: Impian Hydrographic Demands MYR182,232 Payment
---------------------------------------------------------------
Satang Environmental Sdn Bhd, an ultimate wholly owned subsidiary
of Satang Holdings Berhad, on July 14, 2011, received a Summons
and Statement of Claim from Messrs. Lawrence Teh & Co., the
solicitor of Impian Hydrographic Sdn Bhd.

Impian demands payment of MYR182,232 for services provided to SESB
with interest calculated at 8% p.a. from the date of filing until
full settlement of the amount claimed by the Plaintiff.

The Summons will not have any additional financial and operational
impact on the Group.

Satang will seek the necessary legal advice from its solicitors
with regards to the claim and will instruct its solicitors to
defend the said claim.

                       About Satang Holdings

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and,
Satang Environmental Sdn. Bhd.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, Satang Holdings Berhad triggered Paragraph 2.1 of
the Amended Practice Note 17/2005 as its independent auditor,
Anuarul Azizan Chew & Co., concluded in its Audit Investigative
Reports that out of the MYR39.27 million alleged overstated
revenue of the company, MYR35.43 million represents invalid sales
which should not be recorded in the books for the financial year
ended Sept. 30, 2007.


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


* NEW ZEALAND: Wine Glut Sparks More Mortgagee Sale
---------------------------------------------------
The Dominion Post reports that the dire state of the wine industry
in New Zealand has been underlined with the mortgagee sale of two
Clansman vineyards in Wairarapa and Marlborough.

Clansman Vineyards, according to The Dominion Post, is the latest
of many vineyards to be put up for forced sales as the industry
struggles with a wine glut and low grape prices which have tipped
many wine companies into receivership or liquidation.

The Dominion Post discloses that Clansman Vineyards, directed by
Neville McLeod of Upper Hutt and Elaine McLeod of Blenheim, had
nearly 50 hectares planted in vines.

About half was on their 50-hectare Wairarapa property, 6 kms.
south of Martinborough, and was planted in pinot noir and
sauvignon, the report notes.

The Dominion Post relates that Bayleys agent Lindsay Watts said
there was another 13.5ha of plantable land and offered a good
opportunity to buy a vineyard with potential for development.

The property had a 2009 rating valuation of NZ$1.75 million.

According to the report, Ms. Watts said well established vineyards
with good infrastructure were selling for between NZ$75,000 and
NZ$100,000 per hectare, half the price of four years ago.

Similar falls in value per hectare had been recorded in
Marlborough, said Bayleys viticulture specialist John Hoare, who
is selling the Clansman vineyard in the Awatere Valley, The
Dominion Post relates.

"The return for grapes is half what it used to be and it's putting
a lot of pressure on," The Dominion Post quotes Mr. Hoare as
saying.

He estimated about 10% of the 20,000 hectares of grapes in
Marlborough were on the market, the report notes.


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


FEC RESOURCES: Posts C$3.2 Million Net Loss in 2010
---------------------------------------------------
FEC Resources Inc. filed on July 15, 2011, its annual report on
Form 20-F for the fiscal year ended Dec. 31, 2010.

The Company reported a net loss of C$3.2 million for 2010,
compared with a net loss of C$1.2 million for 2009.  The Company
did not generate any revenue for 2010 and 2009.

The Company's balance sheet at Dec. 31, 2011, showed C$2.6 million
in total assets, C$386,740 in total liabilities, all current, and
stockholders' equity of C$2.2 million.

"We have experienced significant operating losses and cash
outflows from operations in the years ended Dec. 31, 2010, 2009
and 2008, and have no producing properties.  Our ability to
continue as a 'going concern' is dependent on achieving profitable
operations and upon obtaining additional financing.  The outcome
of these matters cannot be predicted at this time," the Company
related.

A copy of the Form 20-F is available at http://is.gd/8Erp0q

Prior to May 18, 2005, FEC Resources Inc. owned 66 2/3% of Forum
Exploration, Inc. ("FEI") a Philippine-based oil and gas company.
On May 18, 2005, the Company sold its interest in FEI to Forum
Energy Plc ("FEP") for shares of FEP and cash.  The Company
currently holds 25.63% of the issued and outstanding capital of
FEP, and in addition it holds a 35% interest in Metalore Mining
Corporation ("MMC"), a Philippine-based company that holds the
rights to a 64 hectare license which has been abandoned.  The
Company also owns a 40% interest in MPSA 148, a gold exploration
project, through Lascogon Mining Corporation in the Philippines.

The Company is engaged in the acquisition, exploration, and, when
warranted, development of natural resource and mineral properties.
Although it currently is not the operator with respect to
interests it holds, it is actively seeking projects where its
involvement would be more than management and advisory.  The
Company is currently focused on the development of one (1) mineral
license in the Philippines.  The license is held by Lascogon
Mining Corporation which was acquired from Philex Gold Philippines
Inc., a subsidiary of Philex Mining Corporation, its largest
shareholder.

The Company's head office is located at 46 Royal Ridge Rise NW,
Calgary, Alberta T3G 4V2.


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


HFF PTE: Court to Hear Wind-Up Petition on July 22
--------------------------------------------------
A petition to wind up the operations of HFF Pte Limited will be
heard before the High Court of Singapore on July 22, 2011, at
10:00 a.m.

Riverside Property Pte Ltd filed the petition against the company
on June 30, 2011.

The Petitioner's solicitors are:

          Messrs A. Ang, Seah & Hoe
          141 Market Street #06-01
          International Factors Building
          Singapore 048944


INTER-ORIENT MARINE: Creditors' Proofs of Debt Due August 16
------------------------------------------------------------
Creditors of Inter-Orient Marine Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
on or before Aug. 16, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Thia Kok Wah
         c/o M/s Wee Hui Pheng & Co.
         1 Coleman Street #06-10
         The Adelphi
         Singapore 179803


ITO INDUSTRIES: Creditors' Proofs of Debt Due August 13
-------------------------------------------------------
Creditors of ITO Industries (S) Pte Ltd, 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 liquidator is:

         Lau Chin Huat
         C/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


LANDMARK CHEMICALS: Creditors' Proofs of Debt Due July 29
--------------------------------------------------------
Creditors of Landmark Chemicals (Far East) 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


MICROTRONICS ASSOCIATES: Creditors' Proofs of Debt Due July 29
--------------------------------------------------------------
Creditors of Microtronics Associates 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


ORIENTAL GLOBAL: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on July 1, 2011, to
wind up the operations of Oriental Global Shipping Pte. Ltd.

Gold Matrix Resources Pte 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


SL SHIPPING: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on July 8, 2011, to
wind up the operations of SL Shipping Pte Ltd.

Marklink Shipping Co Ltd filed the petition against the company.

The company's liquidator is:

         The Insolvency & Public Trustees' Office
         Official Receiver
         Lim Yew Jin
         45 Maxwell Road #06-01
         The URA Centre (East Wing)
         Singapore 069118


SLC PRIVATE: Creditors' Proofs of Debt Due August 15
----------------------------------------------------
Creditors of SLC Private Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt on or
before Aug. 15, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

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


TAI SAY: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on July 1, 2011, to
wind up the operations of Tai Say Import & Export Private Limited.

Effendy Tjoeng filed the petition against the company.

The company's liquidators are:

         Mr. Yin Kum Choy
         Mr. R.S. Ramasamy
         c/o Adept Public Accounting Corporation
         138 Cecil Street
         #06-01 Cecil Court
         Singapore 069538


UNICORN KING: Creditors Get 0.15003% Recovery on Claims
-------------------------------------------------------
Unicorn King Industries Pte Ltd declared the first and final
dividend on June 21, 2011.

The company paid 0.15003% to the received claims.

The company's liquidator is:

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


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


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


July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***