TCRAP_Public/110725.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Monday, July 25, 2011, Vol. 14, No. 145

                            Headlines


A U S T R A L I A

FIREPOWER HOLDINGS: Former Chairman Banned For 20 Years
LIBERTY SERIES: S&P Gives 'BB' Rating on Class E SME Notes
RESIMAC BASTILLE: Moody's Assigns 'Ba2' Rating to Class E Notes
RESIMAC BASTILLE: S&P Gives 'BB' Rating on Class E RMBS
SMART 2011-2: Moody's Puts 'Ba2' Rating on AUD15.8MM Class E Notes

SUNENERGY GROUP: Court Appoints Ferrier Hodgson as Liquidator


C H I N A

CHINA INTELLIGENT: Shares Delisted from NYSE Amex
* CHINA: Government Denies Reports on SMEs Wave of Bankruptcies


H O N G  K O N G

FANCY JOY: Creditors' Proofs of Debt Due September 2
FOX-PITT KELTON: Creditors' Proofs of Debt Due August 29
GRAND SKY: Court to Hear Wind-Up Petition on August 24
INSIGHT TALENT: Creditors' Proofs of Debt Due August 22
JINHONG ENTERPRISES: Court to Hear Wind-Up Petition on September 7

MUTUAL FIT: Court to Hear Wind-Up Petition on September 7
NAN FUNG: Court to Hear Wind-Up Petition on August 31
PIONEER GLOBAL: Lam and Boswell Step Down as Liquidators
RINKE FAR EAST: Creditors' Proofs of Debt Due August 12
RIPRO FAR EAST: Creditors' Proofs of Debt Due August 12


I N D I A

DELUXE COLD: CRISIL Upgrades Rating on INR650MM Loan to CRISIL BB+
JAI DURGA: CRISIL Cuts Rating on INR24MM Term Loan to 'CRISIL BB'
K G PIPES: CRISIL Assigns 'CRISIL B+' Rating to INR100MM Loan
MANGAL PULSES: CRISIL Rates INR250MM Cash Credit at 'CRISIL BB+'
METAL TRADERS: CRISIL Raises Rating on INR140MM Loan to CRISIL BB+

MUSKAN OVERSEAS: CRISIL Rates INR10MM Cash Credit at 'CRISIL D'
PARAGON APPAREL: CRISIL Revises Rating Outlook on Loan to Negative
RAJASTHAN TUBE: CRISIL Raises INR125MM Loan Rating to CRISIL BB-
S P SORTEX: CRISIL Rates INR20 Million Cash Credit at 'CRISIL B'
SAGAR BUSINESS: CRISIL Assigns 'CRISIL BB-' Rating to INR50MM Loan

SANGEET SYNTEX: CRISIL Assigns CRISIL BB- Rating to INR26.9MM Loan
SANIMO POLYMERS: CRISIL Puts 'CRISIL BB-' Rating on INR60.6MM Loan
SARGODHA OIL: CRISIL Rates INR250MM Cash Credit at 'CRISIL BB+'
SHRADHA AGENCIES: CRISIL Rates INR220MM Cash Credit at CRISIL BB-
SHREE BANKEY: CRISIL Puts 'CRISIL BB+' Rating on INR1.25BB Loan

SHREE BANKEY BEHARI: CRISIL Rates INR250MM Loan at 'CRISIL BB+'
SHREE NATHJEE: CRISIL Rates INR250MM Cash Credit at 'CRISIL BB+'
SINGLA JEWELLERS: CRISIL Rates INR150MM Cash Credit at CRISIL BB-
TIRUPATI BALAJI: CRISIL Assigns 'CRISIL B+' Rating to INR20MM Loan
WEST END: CRISIL Rates INR150MM Rupee Term Loan at 'CRISIL BB+'


J A P A N

JLOC 39: S&P Puts 'B-' Ratings on 2 Classes of Certs. on Watch Neg
L-JAC THREE: S&P Affirms Ratings on 6 Classes of Certs. at 'CCC'


N E W  Z E A L A N D

NZF MONEY: Parent Asks Trustee to Appoint Receiver
NZF MONEY: S&P Lowers Long-term Issuer Credit Rating to 'CC'
WAIPO DELTA: Goes Into Receivership, Owes NZ$1 Million
YARROWS BAKERS: Owner's Brother Seeks to Acquire Bakery
NEW ZEALAND WINE: Expects Up to NZ$1.3 Million Loss in June 2011


S R I  L A N K A

SRI LANKA TELECOM: S&P Affirms 'B+' Foreign Currency Corp. Rating
* SRI LANKA: Moody's Assigns (P)B1 Rating to Proposed Global Bond


                            - - - - -


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A U S T R A L I A
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FIREPOWER HOLDINGS: Former Chairman Banned For 20 Years
-------------------------------------------------------
Former Firepower group chairman Timothy Francis Johnston and
former Firepower financial adviser Quentin Ward have been banned
from managing companies for a combined total of 26 years,
following an application by the Australian Securities and
Investments Commission.

The ban was handed down by the Honourable Justice Gilmour in the
Federal Court in Perth on July 21, 2011.

Mr. Johnston has been disqualified from managing a corporation for
20 years while Mr. Ward has been disqualified for 6 years.

Messrs. Johnston and Ward were also ordered to pay ASIC's costs.

ASIC Chairman Greg Medcraft welcomed the court's decision and
endorsed the statement by Justice Gilmour that Mr. Johnston's
conduct 'is the kind of conduct which diminishes investor and
public confidence in commercial markets.'

Mr. Medcraft said the case highlighted the importance of investors
having all the information they need to reasonably make an
informed decision about a company.

"Where this does not occur as a result of the failings of
gatekeepers like directors and advisers then ASIC will not
hesitate to act," Mr. Medcraft said.

"We will continue to hold gatekeepers accountable -- to ensure
investors are confident and informed."

ASIC's application for the disqualification order, which was heard
last month, followed proceedings ASIC brought against various
parties associated with Firepower Holdings Group Ltd (Firepower
BVI), a company registered in the British Virgin Islands.

The proceedings related to offers for the sale of shares and the
distribution of application forms for offers for the sale of
shares in Firepower BVI to Australian investors between September
2005 and June 2006 which were in breach of section 727(1) of the
Corporations Act. No prospectus or disclosure document was lodged
with ASIC and provided to investors.

Mr. Johnston was an officer of two companies associated with
Firepower BVI, Green Triton Ltd and Firepower Investments Pty Ltd
at the time of the share offers.  Mr. Ward was a former financial
adviser and the sole director of Axis International Pty Ltd.

Background

On Feb. 8, 2011, the Federal Court declared that both
Mr. Ward and Axis on a number of occasions contravened section
727(1) of the Corporations Act by distributing application forms
for an offer for the sale of shares in Firepower BVI.

The Federal Court also found that each of Green Triton and
Firepower Investments contravened Section 727(1) of the
Corporations Act on a number of occasions in respect of the making
of offers for the sale of shares in Firepower BVI.

On the basis of these findings, ASIC sought disqualification
orders against Messrs. Ward and Johnston pursuant to Section 206E
of the Corporations Act.


                          About Firepower

Based in Perth, Australia, Firepower Holdings and Firepower
Operations are both Australian arms of Firepower Holdings Group, a
fuel technology company based in the British Virgin Islands.
According to WAtoday.com.au, Firepower has several high profile
investors, including former AFL star Wayne Carey and several
Adelaide Crows players.  It sponsored the Western Force rugby
union team, basketball side Sydney Kings and NRL team South
Sydney, which is owned by Russell Crowe and Peter Holmes.
The company, the WAtoday related, also sponsored Fremantle
Dockers star Matthew Pavlich and Force players Matt Giteau,
Cameron Shepherd and Ryan Cross.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2008, Firepower Holdings was placed into liquidation after
its chairman, Tim Johnston, failed to help in efforts to rescue
it, the Herald Sun said citing administrators Brent Kijurina and
Geoff McDonald of accountancy and insolvency firm Hall Chadwick.
It has 1,208 Australian shareholders who invested
between AUD80 million and AUD100 million.

The New South Wales Federal Court appointed Pitcher Partners Perth
managing partner Bryan Hughes as liquidator of Firepower
Operations, which owes creditors about AUD16 million.


LIBERTY SERIES: S&P Gives 'BB' Rating on Class E SME Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to the six classes of small-ticket commercial mortgage-
backed, floating-rate, pass-through notes to be issued by Liberty
Funding Pty Ltd. in respect of the Liberty Series 2011-1 SME.

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

    The two-tier structure of the transaction. The issuer will use
    the proceeds of the notes to purchase the notes to be issued
    by Secure Funding Pty Ltd in its capacity as trustee of the
    Liberty Series 2011-1 SME Trust (trust notes). The tenor of
    the notes will match the tenor of the trust notes;

    The credit risk of the underlying collateral pool;

    The note subordination provided for the class A1 notes, which
    is equal to at least 40.00% of the A$240 million notes to be
    issued; class A2 notes: 28.33%; class B notes: 21.25%; class C
    notes: 15.83%; class D notes: 11.46%; and class E notes:
    7.50%;

    The guarantee fee reserve account, which is equal to A$1.0
    million and externally funded from day one of the transaction.
    It also rebuilds via the trapping of future excess spread up
    to a maximum of AUD1.0 million. The maximum amount of excess
    spread that may be trapped in any one monthly period is equal
    to a maximum amount of 2.2% per annum (pre-tax);

    The liquidity reserve, which at close is equal to 2.5% of
    total notes outstanding. The liquidity reserve is also subject
    to a floor of the greater of 2.5% of the notes outstanding and
    AUD500,000. It will be funded from the initial issuance of
    notes. In addition, principal received from the underlying
    collateral pool can be used to pay interest and senior
    expenses; and

    The interest rate swap agreement with Westpac Banking Corp.
    (AA/Stable/A-1+), to hedge any receipts from fixed-rate
    mortgage loans against the floating-rate obligations of the
    trust.

Preliminary Ratings Assigned

Class     Rating     Amount (mil. AUD)
A1        AAA (sf)   144.0
A2        AAA (sf)    28.0
B         AA (sf)     17.0
C         A (sf)      13.0
D         BBB (sf)    10.5
E         BB (sf)      9.5
F         N.R.        18.0

N.R.--Not rated


RESIMAC BASTILLE: Moody's Assigns 'Ba2' Rating to Class E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned these definitive long-term
rating to notes issued by Perpetual Trustee Company Limited in its
capacity as trustee of RESIMAC Bastille Series Trust 2011-1NC.
The transaction is a securitization of a portfolio of Australian
non-conforming and limited documentation housing loans originated
by RESIMAC Limited.   The last rating action was on July 11, 2011,
when the provisional ratings were assigned.

Issuer: RESIMAC Bastille Series 2011-1NC

   -- AUD50M Class A-1 Notes, Definitive Rating Assigned Aaa (sf)

   -- AUD90M Class A-2 Notes, Definitive Rating Assigned Aaa (sf)

   -- AUD65M Class A-3 Notes, Definitive Rating Assigned Aaa (sf)

   -- AUD15M Class B Notes, Definitive Rating Assigned Aa1 (sf)

   -- AUD10M Class C Notes, Definitive Rating Assigned A2 (sf)

   -- AUD7.5M Class D Notes, Definitive Rating Assigned Baa2 (sf)

   -- AUD6M Class E Notes, Definitive Rating Assigned Ba2 (sf)

The subordinated AUD6.5 million Class F Notes are not rated by
Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to the
Class A-1, A-2, A-3, B, C, D and E Notes by the legal final
maturity.

The mortgage loan portfolio backing RESIMAC Bastille Series Trust
2011-1NC is comprised of non-conforming loans extended to
borrowers with clean credit history (67.7%) and prior credit
impairment (32.3%).  A large proportion of the pool (73.0%)
represents loans extended on a limited documentation basis.  The
issuer will issue eight classes of notes with the senior
Class A-1, Class A-2 and Class A-3 notes representing the senior
Aaa-rated portion of the transaction.

Ratings Rationale

The ratings take account of, among other factors:

- The subordination provided to the Class A Notes by the mezzanine
  and junior notes, which is in excess of the credit enhancement
  of 15.5% consistent with Moody's Aaa (sf) credit enhancement.
  Moody's expected loss for this transaction is 1.6%. The
  subordination strengthens ratings stability, should the pool
  experience losses above expectations.

- A liquidity facility -- equal to 2.5% of the outstanding amount
  of the notes, and which will be funded from the initial note
  issuance proceeds -- will provide liquidity support to the
  transaction. The reserve will amortize in line with the overall
  note balance, to a floor of AUD1.25 million.

- The experience of RESIMAC Limited in servicing residential
  mortgage portfolios. While this is RESIMAC's first non-
  conforming RMBS transaction, RESIMAC is a relatively routine
  issuer of prime RMBS completing 18 term transactions. This
  highlights RESIMAC's experience as a manager and servicer of
  securitized transactions.

The key transactional and pool features are:

- The notes will initially be repaid on a sequential basis.
  Following the satisfaction of a number of conditions, including
  subordination to all classes of notes has doubled, and absence
  of un-reimbursed charge offs, the Class B, Class C, Class D and
  Class E notes will be repaid on a pari passu basis. The Class F
  notes will not step down.

- The weighted average scheduled loan to value ratio of the pool
  is 71.7%.

- The pool is 18 months seasoned, which mitigates the risk of
  early payment default.

The principal methodology used in this rating was "Moody's MILAN
Methodology for Rating Australian RMBS", published in November
2009.

Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Medium/High, which is in line
with the Medium/High score assigned for the Australian
nonconforming RMBS sector.  Compared to the sector, RESIMAC
Bastille Series Trust 2011-1NC exhibits a greater potential for
rating changes with regards to Quality of Historical Data for
Issuer and Issuer Historical Performance Variability. This can be
explained by RESIMAC's relatively limited experience in the non-
conforming RMBS market, with RESIMAC first originating non-
conforming loans in 2008.  However due to RESIMAC's experience in
servicing residential mortgage portfolios, arrears for the non-
conforming portfolio consistently outperform Moody's market
average arrears.

The sector attracts higher volatility scores than Australian prime
RMBS (Low/Medium). This can be primarily attributed to limited
historical data available with the non-conforming sector first
appearing only in the late 1990's and early 2000's.  Similarly,
while the performance of Australian non-conforming RMBS
transaction has been to stable to date, the relatively small
number of transactions issued to date heightens the degree of
uncertainty with regard to future performance.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes.  The V Score has been assigned according to the report "V
Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of RESIMAC Bastille Series Trust 2011-1NC, the levels
of enhancement relative to those derived by Moody's, serve to
insulate the Class A-1 and Class A-2 notes from rating
variability. However, if the computed Aaa (sf) loss increases 1.3
times (i.e. to 20%), the class A-3 notes will face a one notch
downgrade to Aa1 (sf). Additionally, the Class B Notes face rating
variability. If the computed Aaa (sf) loss increases by 1.3 and
1.6 times (i.e. to 20% and 25%), the Aa1 (sf) ratings will be
downgraded to Aa2 (sf) and Aa3 (sf) respectively.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.


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

The ratings reflect:

    S&P's view of the credit risk of the underlying collateral
    portfolio at close;

    S&P's expectation that the various mechanisms to support
    liquidity within the transaction are sufficient under its
    stress assumptions to support timely payment of interest;

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

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

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

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

    The subordination provided to the relevant class of notes.

Ratings Assigned

Class    Rating     Amount (mil. AUD)
A-1      AAA (sf)   50.0
A-2      AAA (sf)   90.0
A-3      AAA (sf)   65.0
B        AA (sf)    15.0
C        A (sf)     10.0
D        BBB (sf)    7.5
E        BB (sf)     6.0
F        N.R. (sf)   6.5

N.R.--Not rated


SMART 2011-2: Moody's Puts 'Ba2' Rating on AUD15.8MM Class E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Trustee Company Limited in its capacity as
trustee of the SMART Series 2011-2US Trust.

Issuer: SMART Series 2011- 2 US Trust

   -- USD108.0 million Class A-1 Notes, Definitive Rating
      Assigned P-1 (sf)

   -- USD84.0 million Class A-2a Notes, Definitive Rating
      Assigned Aaa (sf)

   -- USD84.0 million Class A-2b Notes, Definitive Rating
      Assigned Aaa (sf)

   -- USD74.4 million Class A-3a Notes, Definitive Rating
      Assigned Aaa (sf)

   -- USD96.0 million Class A-3b Notes, Definitive Rating
      Assigned Aaa (sf)

   -- USD153.6 million Class A-4a Notes, Definitive Rating
      Assigned Aaa (sf)

   -- AUD14.243 million Class B Notes, Definitive Rating Assigned
      Aa2 (sf)

   -- AUD17.408million Class C Notes, Definitive Rating Assigned
      A2 (sf)

   -- AUD15.825 million Class D Notes, Definitive Rating Assigned
      Baa2 (sf)

   -- AUD15.825 million Class E Notes, Definitive Rating Assigned
      Ba2 (sf)

The AUD6.331 million Seller Notes are not rated by Moody's.

The Class A-1, Class A2a, Class A3a and Class A4a Notes are fixed
rate notes. All other classes of notes are floating rate.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to the
Class A-1, Class A-2a, Class A-2b, Class A-3a, Class A-3b and
Class A-4a Notes by the legal final maturity, and ultimate payment
of interest and principal with respect to other classes of rated
notes by the final legal maturity. The last rating action was on
July 13, 2011 when the provisional ratings were assigned.

The transaction is a securitization of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles, originated
by Macquarie Leasing Pty Limited ("Macquarie").

"This is the third Australian ABS transaction targeted at the US
market, following Macquarie's previous USD deals in July 2010 and
March 2011", says Treasa Boyle, Moody's lead analyst for the
transaction. "Whilst to date Macquarie has been the only
Australian ABS issuer to go to the US, CFAL issued a GBP deal in
June 2011, indicating that offshore markets are becoming more
important in the long-run", she adds.

Ratings Rationale

In broad terms SMART Series 2011-2US Trust replicates structures
seen in previous SMART transactions sponsored by Macquarie, and
closely follows the structure seen in SMART Series 2011-1US Trust.
Notable features of the transaction include the conservative
composition of the receivables pool backing the transaction, the
USD-denominated senior notes and the pro-rata principal repayment
profile.

The pool includes a relatively high percentage of novated leases
(54%). Moody's considers novated leases to have a lower level of
risk than other contract types and this is a positive feature of
the transaction. At the same time, the deal is exclusively backed
by motor vehicles, predominantly cars. Past non-US SMART
transactions and other Australian ABS transactions typically
include 10-15% of other equipment types. In Moody's opinion, motor
vehicles exhibit less pro-cyclical default patterns and, on
average, higher recovery rates. As a result, Moody's views the
SMART 2011-2US Trust pool as more conservatively structured than
peer portfolios.

In order to fund the purchase price of the portfolio, the Trust
has issued eleven classes of notes. The notes will be repaid on a
sequential basis in the initial stages (until the subordination
percentage increases from the initial 11.0% to 18.9%, and from
12.0% to 19.9% including the liquidity reserve) and during the
tail end of the transaction. At all other times, the structure
will follow a pro rata repayment profile. This principal paydown
structure is comparable to other structures in the Australian ABS
market in recent years.

The deal includes six senior, USD-denominated tranches. The Class
A-1 Notes are fast-pay money-market notes, rated P-1. The Class A
Notes will be repaid sequentially within the Class A Note
allocation. The ratings are based on the credit enhancement
provided by the subordinated notes and the liquidity reserve, in
total equal to 12% for the Class A Notes.

An unusual feature of the transaction is that the maturity dates
of the Class A Notes were set not with reference to the maturity
of the longest dated receivable but rather with reference to the
scheduled principal amortization profile (with a certain buffer to
allow for defaults and delinquencies). Moody's has accounted for
the possibility of losses and delinquencies during the term of the
Class A notes in its assessment of the likelihood of their
repayment and believes scheduled principal amortization to be
sufficient to repay the Class A Notes by the maturity dates in
full.

Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40.00%. These imply an expected (net) loss of
1.08%. Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 1.26% and 50-
55% respectively.

Volatility Assumption Scores And Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among other
factors, Moody's notes the availability of a substantial amount of
historical performance data in the Australian ABS market as well
as on an issuer-by-issuer basis.

Here, for instance, Moody's has been provided with detailed
vintage and individual default data for the 1998-2010 period. In
addition, Moody's observes that Australian auto ABS, and
specifically past SMART transactions, have to date been performing
stably. This allows Moody's to have a material degree of comfort
with regard to assumptions made in rating the SMART Series 2011-
2US Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the expected
loss and the Aaa credit enhancement - differed. The analysis
assumes that the deal has not aged.

Parameter Sensitivities only reflect the ratings impact of each
scenario from a quantitative/model-indicated standpoint.

In the case of SMART Series 2011-2US Trust, the Class A Notes
remain strongly investment grade and typically Aa when the default
rate rises to 3.60% (double of Moody's assumption of 1.80%).
Similarly, high investment grade ratings are maintained when the
base recovery rate is stressed from the assumed 40% to 20%
(holding other factors, including the assumed default rate of
1.80% constant). Where the default rate assumption doubles and the
recovery rate assumption halves, the rating drops to A2.

The principal methodology used in this rating was Moody's Approach
to Rating Australian Asset-Backed Securities published in July
2009.


SUNENERGY GROUP: Court Appoints Ferrier Hodgson as Liquidator
-------------------------------------------------------------
The Australian Securities and Investments Commission has obtained
orders to wind up two companies related to solar energy group,
SunEnergy, following concerns the companies and one of the
directors engaged in misleading and deceptive conduct.

The Federal Court in Adelaide appointed Martin Lewis, of Ferrier
Hodgson, as liquidator of ACN 124 647 909 Limited (formerly Sun
Energy Limited) and SunEnergy Asia Pacific Pty Limited.

The orders follow wind up proceedings initiated by ASIC on
June 23, 2011, over concerns that the companies were involved in
multiple contraventions of corporations legislation and were not
complying with their legal obligations.  ASIC also alleged the
companies were not being properly managed and that consequently,
investors' funds may be at risk.  This action is consistent with
ASIC's focus on ensuring companies and their officers meet
required standards and carry out their business in the best
interests of the company.

Mr. Lewis will be required to identify, collect and secure the
assets of the companies for the benefit of creditors.

On March 25, 2011, ASIC obtained declarations and orders in the
Federal Court in Adelaide that the companies and one of the
directors, John Ernest Price, had engaged in conduct that was
misleading or deceptive, or likely to mislead or deceive, as part
of a fundraising undertaken by the SunEnergy companies and
Mr. Price between May 2007 and October 2010.

On March 12, 2011, ASIC obtained summary judgment against ACN 124
647 909 Limited in the Victorian Magistrates' Court for failure to
provide financial reports for the financial years of 2008, 2009
and 2010.

Both companies were also the subject of a Federal Court Action,
finalized on March 24, 2011, in which ASIC obtained orders and
declarations that the companies and one of the directors of the
companies, John Ernest Price, had engaged in conduct that was
misleading or deceptive, or likely to mislead or deceive, as part
of a fundraising undertaken by the SunEnergy companies and
Mr. Price between May 2007 and October 2010.


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CHINA INTELLIGENT: Shares Delisted from NYSE Amex
-------------------------------------------------
The NYSE Amex notified the U.S. Securities and Exchange Commission
regarding the removal from listing or registration of China
Intelligent Lighting & Electronics, Inc.'s common stock on the
Exchange.

                 About China Intelligent Lighting

China Intelligent Lighting and Electronics, Inc. is a China-based
company that provides a full range of lighting solutions,
including the design, manufacture, sales and marketing of high-
quality LED and other lighting products for the household,
commercial and outdoor lighting industries in China and
internationally.  The Company currently offers over 1,000 products
that include LEDs, long life fluorescent lights, ceiling lights,
metal halide lights, super electric transformers, grille spot
lights, down lights, and recessed and framed lighting.

The Company's balance sheet at Sept. 30, 2010, showed
$42.20 million in total assets, $7.54 million in total
liabilities, all current, $34.65 million total stockholders'
equity.

As reported by the TCR on April 1, 2011, Faruqi & Faruqi, LLP, a
national law firm concentrating on investors rights, consumer
rights and enforcement of federal antitrust laws, is investigating
potential wrongdoing at China Intelligent Lighting and
Electronics, Inc.  Faruqi & Faruqi seeks to determine whether
China Intelligent Lighting has violated federal securities laws by
issuing false and misleading financial statements to its
shareholders, in particular in connection with its recent public
offering of its common stock.


* CHINA: Government Denies Reports on SMEs Wave of Bankruptcies
---------------------------------------------------------------
Xinhua News Agency reports that a Chinese government official said
that a supposed wave of bankruptcies that has swept China's small
businesses in recent time is not a matter of fact, and the central
government is mulling new policies to support these businesses.

"I can assure you it is not true that a large number of China's
small- and medium-sized enterprises (SMEs) are going bust," the
news agency quoted Zhu Hongren, chief engineer and spokesman for
the Ministry of Industry and Information Technology (MIIT), as
saying.

According to Xinhua, Mr. Zhu said that he has been doing field
research in areas where the bankruptcies have been reported,
including the city of Dongguan in south China's Guangdong
Province.

However, Mr. Zhu said several SMEs have faced difficulties such as
a lack of legal financing channels, excessive increases in raw
material prices and increased costs for labor and financing,
Xinhua says.

"It is simply natural that some enterprises might die and new ones
will appear.  This is a normal phenomenon that is determined by
the rules that govern market economies," Xinhua quoted Mr. Zhu as
saying.

For the sake of social stability, local governments at all levels
should provide support in accordance with laws, Mr. Zhu said.  The
State Council, or China's cabinet, is preparing for a conference
at which new support measures for SMEs will be deliberated,
Mr. Zhu added.


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


FANCY JOY: Creditors' Proofs of Debt Due September 2
----------------------------------------------------
Creditors of Fancy Joy Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Sept. 2,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Yeung Chi Wai
          12th Floor, Lucky Building
          39 Wellington Street
          Central, Hong Kong


FOX-PITT KELTON: Creditors' Proofs of Debt Due August 29
--------------------------------------------------------
Creditors of Fox-Pitt Kelton (Asia) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 29, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Sy Mei King
         36/F, Tower Two, Times Square
         1 Matheson Street
         Causeway Bay, Hong Kong


GRAND SKY: Court to Hear Wind-Up Petition on August 24
------------------------------------------------------
A petition to wind up the operations of Grand Sky (HK) Enterprise
Limited will be heard before the High Court of Hong Kong on
Aug. 24, 2011, at 9:30 a.m.

Profits World Enterprises Limited filed the petition against the
company on April 14, 2011.

The Petitioner's solicitors are:

          Messrs. Chank & Associates
          Unit 1904, 19th Floor
          Far East Finance Centre
          16 Harcourt Road
          Admiralty, Hong Kong


INSIGHT TALENT: Creditors' Proofs of Debt Due August 22
-------------------------------------------------------
Creditors of Insight Talent Club Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 22, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lam Tin Faat
          Unit 2105, 21/F, Exchange Tower
          33 Wang Chiu Road
          Kowloon Bay, Hong Kong


JINHONG ENTERPRISES: Court to Hear Wind-Up Petition on September 7
------------------------------------------------------------------
A petition to wind up the operations of Jinhong Enterprises
Limited will be heard before the High Court of Hong Kong on
Sept. 7, 2011, at 9:30 a.m.

Hong Kong Wahsheung Properties Limited filed the petition against
the company on July 5, 2011.

The Petitioner's solicitors are:

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


MUTUAL FIT: Court to Hear Wind-Up Petition on September 7
---------------------------------------------------------
A petition to wind up the operations of Mutual Fit Company Limited
will be heard before the High Court of Hong Kong on Sept. 7, 2011,
at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on July 6, 2011.

The Petitioner's solicitors are:

          Siao, Wen and Leung
          7th Floor
          Wing On Centre Building
          26 Des Voeux Road Central
          Hong Kong


NAN FUNG: Court to Hear Wind-Up Petition on August 31
-----------------------------------------------------
A petition to wind up the operations of Nan Fung Industrial
Building will be heard before the High Court of Hong Kong on
Aug. 31, 2011, at 9:30 a.m.

Crystal Marketing Limited filed the petition against the company
on June 23, 2011.

The Petitioner's solicitors are:

          Vincent T.K. Cheung, Yap & Co.
          Suite 1122, 11th Floor
          Central Building
          1-3 Pedder Street
          Central, Hong Kong


PIONEER GLOBAL: Lam and Boswell Step Down as Liquidators
--------------------------------------------------------
Mr. Rainier Hok Chung Lam and Mr. Anthony David Kenneth Boswell
stepped down as liquidators of Pioneer Global Investments (HK)
Limited on July 18, 2011.


RINKE FAR EAST: Creditors' Proofs of Debt Due August 12
------------------------------------------------------
Creditors of Rinke Far East Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 12, 2011, to be included in the company's dividend
distribution.

The liquidators may be reached at:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


RIPRO FAR EAST: Creditors' Proofs of Debt Due August 12
-------------------------------------------------------
Creditors of Ripro Far East Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 12, 2011, to be included in the company's dividend
distribution.

The liquidators may be reached at:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


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


DELUXE COLD: CRISIL Upgrades Rating on INR650MM Loan to CRISIL BB+
------------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Deluxe
Cold Storage and Food Processors Ltd, part of the SBB group, to
'CRISIL BB+/Stable' from 'CRISIL BB-/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR650 Million Cash Credit       CRISIL BB+/Stable (Upgraded
   (Enhanced from INR400 Million)      from 'CRISIL BB-/Stable')

The upgrade reflects improvement in the SBB group's business risk
profile and liquidity during 2010-11 (refers to financial year,
April 1 to March 31). The group's consolidated revenue doubled to
around INR25 billion in 2010-11 from around INR12 billion in 2009-
10, making it one of the largest traders of agro products.
Moreover, with the promoters infusing just under INR1.1 billion in
2010-11 by way of equity and unsecured loans, the group's
liquidity has improved further.  Additionally the SBB group's bank
limits have increased by INR1.5 billion during the past 10 months
ended May 2011.

The ratings reflect the SBB group's below-average financial risk
profile, marked by low profitability, high gearing, and weak debt
protection metrics, low-valued-added nature of products, exposure
to government regulations, and presence in the highly fragmented
and competitive agro products industry. These rating weaknesses
are partially offset by the SBB group's strong inventory and
debtor management policy, strong market position in processing and
trading of agro products, and the extensive industry experience of
its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shree Bankey Behari Exports Ltd, DCSPL,
proprietorship firm Telu Ram Amar Chand, Sargodha Oil Mills Pvt
Ltd, Gagan Pulses Pvt Ltd, Mangal Pulses Pvt Ltd, Shree Nathjee
Roller Flour Mills Ltd, and Shree Bankey Behari Food Processors
Ltd, hereby referred to as the SBB group. All the eight entities
are engaged in the agro business and there is operational and
financial linkage among them. Also, the entities are under a
common management.

Outlook: Stable

CRISIL believes that the SBB group will continue to benefit over
the medium term from its promoters' extensive industry experience
and established position in the wheat and gram processing
business. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals or large equity infusion by the
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overruns in the rice mill project or deterioration in
the SBB group's financial risk profile.

                         About the Group

The SBB group processes gram dal (chana dal), gram flour (besan),
wheat flour (maida), semolina (suji), and unrefined wheat flour
(atta). It also trades various agricultural commodities. The group
is promoted by Mr. Amar Chand Gupta. Currently, Mr. Amar Chand
Gupta looks after the overall management of the group and is
assisted by his two sons - Mr. Ram Lal Gupta and Mr. Raj Kumar
Gupta. The promoters have over 40 years of experience in the agri
business.

SBBEL was incorporated in June 1994 and processes raw gram dal to
produce gram flour (besan). It has 11 mills in Delhi and has
capacity to process about 700 tonnes of gram seed per day.

DCSPL, which was incorporated as a private limited company in
1984, was reconstituted as a closely held public limited company
in 1993. DCSPL processes wheat flour (maida) and its by-products,
such as semolina (suji), and unrefined wheat flour (atta). It has
capacity to process about 500 tonnes of wheat products per day.

Incorporated in 1998, TRAC is a proprietorship firm. It trades
agro products, such as wheat, gram, and flour.

Sargodha Oil, GPPL, MPPL, Shree Nathjee, and SBB Food trade
various agricultural commodities, such as wheat flour (maida and
atta), semolina (suji), gram flour (besan), pulses, and grains.
Shree Nathjee is setting up a 250-tonnes-per-day flour mill, which
is expected to be completed by mid-2011-12.

The SBB group reported a profit after tax (PAT) of INR65.6 million
on net sales of INR25.2 billion for 2010-11, as against a PAT of
INR32.7 million on net sales of INR12.2 billion for 2009-10.


JAI DURGA: CRISIL Cuts Rating on INR24MM Term Loan to 'CRISIL BB'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jai Durga Iron Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB+/Stable', while reaffirming the rating on the short-term
facilities at 'CRISIL A4+'.

   Facilities                    Ratings
   ----------                    -------
   INR24 Million Term Loan       CRISIL BB/Stable (Downgraded from
                                              'CRISIL BB+/Stable')

   INR67.5 Mil. Cash Credit      CRISIL BB/Stable (Downgraded from
                                                CRISIL BB+/Stable)

   INR26 Million Proposed LT     CRISIL BB/Stable(Downgraded from
         Bank Loan Facility                    CRISIL BB+/Stable)

   INR22.5 Mil. Bank Guarantee   CRISIL A4+(Reaffirmed)

The downgrade reflects weakening in JDIPL's business risk profile,
marked by decline in revenues in 2010-11 (refers to financial
year, April 1 to March 31) by an estimated 67% over 2009-10.  The
decline in revenues was due to a division in the management.
Consequently, the plant remained shut for 6 months during 2010-11.
JDIPL's revenues are expected to increase over the medium term;
however, on a standalone basis, the revenues will remain low at
around INR450 million-Rs.500 million,

The ratings continue to reflect JDIPL's promoter's extensive
experience in the sponge iron industry. This rating strength is
partially offset by the company's below-average financial risk
profile marked by weak debt protection metrics, and large working
capital requirements.

For arriving at its current ratings on JDIPL, CRISIL has
considered the standalone business and financial risk profiles of
JDIPL, unlike in its earlier rating exercise, wherein CRISIL had
combined JDIPL's business and financial risk profiles with that of
Sri Venkatesh Iron & Alloy (India) Ltd.  This is because the
directors of JDIPL and SVIAL split in March 2011, resulting in a
change in management of the two companies. Now, JDIPL and SVIAL
are being managed independently, and the two entities are unlikely
to provide any financial support to each other.

Outlook: Stable

CRISIL believes that JDIPL will continue to benefit over the
medium term from its promoters' extensive experience in the sponge
iron industry and its moderately integrated operations. The
outlook may be revised to 'Positive' if JDIPL's financial risk
profile improves significantly, most likely because of more-than-
expected cash accruals or equity infusion. Conversely, the outlook
may be revised to 'Negative' if the company undertakes a larger-
than-expected debt-funded capital expenditure programme, thereby
weakening its capital structure, or if its operating margin
declines because of low capacity utilisation.

                          About Jai Durga

JDIPL, incorporated in 2003, manufactures sponge iron and mild-
steel ingots. Its manufacturing unit is in Jhumri Teliya
(Jharkhand). The company began operations in 2003-04, and
currently has capacities of 60,000 tonnes per annum (tpa) and
42,000 tpa for production of sponge iron and ingots respectively.
Since the separation of management of JDIPL and SVIAL in March
2011, JDIPL is being managed by Mr. Krishna Kumar Agarwal and Mr.
Binod Kumar Bajaj.

For 2010-11, JDIPL is estimated to report, a profit after tax
(PAT) of INR4.8 million on net sales of INR151 million; for
2009-10, the company reported a loss of INR2.5 million on net
sales of INR451 million.


K G PIPES: CRISIL Assigns 'CRISIL B+' Rating to INR100MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of KG Pipes Pvt Ltd.

Facilities                           Ratings
----------                           -------
INR100 Million Cash Credit           CRISIL B+/Stable (Assigned)
INR15 Million Standby Line of Credit CRISIL B+/Stable (Assigned)
INR10 Million Bank Guarantee         CRISIL A4 (Assigned)
INR20 Million Letter of Credit       CRISIL A4 (Assigned)

The ratings reflect KGPL's modest financial risk profile, marked
by a small net worth and moderate debt protection metrics, and
susceptibility to volatility in prices of seamless pipes and
demand from end-user industries. These rating weaknesses are
partially offset by the benefits that KGPL derives from its
established relationships with its customers and its promoters'
extensive experience in the pipes and steel trading industry.

Outlook: Stable

CRISIL believes that KGPL will continue to benefit over the medium
term from its established relationships with its principal
suppliers and its promoters' extensive experience in the pipes and
steel trading business. The outlook may be revised to 'Positive'
if the company reports significant decline in its debtor and
inventory levels, and/or significantly improves its profitability
from the current levels while it maintains a healthy revenue
growth. Conversely, the outlook may be revised to 'Negative' if
KGPL's profitability deteriorates significantly putting pressure
on the company's debt protection metrics and/or the firm
undertakes a large, unexpected, debt-funded capital expenditure
programme over the medium term.

                           About KG Pipes

KGPL was set up in 2004-05 (refers to financial year, April 1 to
March 31) to acquire Imperial Enterprises (IE; a proprietorship
concern) set up in the 1970 by Mr. S P Gupta as a Kolkata (West
Bengal)-based trader of pipes, and hot-rolled (HR) coils and
sheets.  In 2005, KGPL acquired the business of IE and is
currently managed by Mrs. Krishna Gupta, wife of Mr. S P Gupta and
by Mr. Pradeep Kumar Singhal.  The company trades in mild steel
ESW black pipes, galvanized iron pipes, seamless pipes, and HR
coils and sheets.

For 2010-11, KGPL reported a provisional profit after tax (PAT) of
INR4.7 million on net sales of INR733 million, against a PAT of
INR4.4 million on net sales of INR654 million for 2009-10.


MANGAL PULSES: CRISIL Rates INR250MM Cash Credit at 'CRISIL BB+'
---------------------------------------------------------------
CRISIL has assigned a rating of 'CRISIL BB+/Stable' to the cash
credit facility of Mangal Pulses Pvt Ltd, part of the SBB group.

   Facilities                      Ratings
   ----------                      -------
   INR250 Million Cash Credit      CRISIL BB+/Stable (Assigned)

The assigned rating reflects improvement in the SBB group's
business risk profile and liquidity during 2010-11 (refers to
financial year, April 1 to March 31). The group's consolidated
revenue doubled to around INR25 billion in 2010-11 from around
INR12 billion in 2009-10, making it one of the largest traders of
agro products. Moreover, with the promoters infusing just under
INR1.1 billion in 2010-11 by way of equity and unsecured loans,
the group's liquidity has improved further. Additionally the SBB
group's bank limits have increased by INR1.5 billion during the
past 10 months ended May 2011.

The ratings reflect the SBB group's below-average financial risk
profile, marked by low profitability, high gearing, and weak debt
protection metrics, low-valued-added nature of products, exposure
to government regulations, and presence in the highly fragmented
and competitive agro products industry. These rating weaknesses
are partially offset by the SBB group's strong inventory and
debtor management policy, strong market position in processing and
trading of agro products, and the extensive industry experience of
its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shree Bankey Behari Exports Ltd, Deluxe
Cold Storage and Food Processors Ltd, proprietorship firm Telu Ram
Amar Chand, Sargodha Oil Mills Pvt Ltd, Gagan Pulses Pvt Ltd,
MPPL, Shree Nathjee Roller Flour Mills Ltd, and Shree Bankey
Behari Food Processors Pvt Ltd, hereby referred to as the SBB
group. All the eight entities are engaged in the agro business and
there is operational and financial linkage among them. Also, the
entities are under a common management.

Outlook: Stable

CRISIL believes that the SBB group will continue to benefit over
the medium term from its promoters' extensive industry experience
and established position in the wheat and gram processing
business. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals or large equity infusion by the
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overruns in the rice mill project or deterioration in
the SBB group's financial risk profile.

                         About the Group

The SBB group processes gram dal (chana dal), gram flour (besan),
wheat flour (maida), semolina (suji), and unrefined wheat flour
(atta). It also trades various agricultural commodities. The group
is promoted by Mr. Amar Chand Gupta. Currently, Mr. Amar Chand
Gupta looks after the overall management of the group and is
assisted by his two sons -- Mr. Ram Lal Gupta and Mr. Raj Kumar
Gupta. The promoters have over 40 years of experience in the agri
business.

SBBEL was incorporated in June 1994 and processes raw gram dal to
produce gram flour (besan). It has 11 mills in Delhi and has
capacity to process about 700 tonnes of gram seed per day.

DCSPL, which was incorporated as a private limited company in
1984, was reconstituted as a closely held public limited company
in 1993. DCSPL processes wheat flour (maida) and its by-products,
such as semolina (suji), and unrefined wheat flour (atta). It has
capacity to process about 500 tonnes of wheat products per day.

Incorporated in 1998, TRAC is a proprietorship firm. It trades
agro products, such as wheat, gram, and flour.

Sargodha Oil, GPPL, MPPL, Shree Nathjee, and SBB Food trade
various agricultural commodities, such as wheat flour (maida and
atta), semolina (suji), gram flour(besan), pulses, and grains.
Shree Nathjee is setting up a 250-tonnes-per-day flour mill, which
is expected to be completed by mid-2011-12.

The SBB group reported a profit after tax (PAT) of INR65.6 million
on net sales of INR25.2 billion for 2010-11, as against a PAT of
INR32.7 million on net sales of INR12.2 billion for 2009-10.


METAL TRADERS: CRISIL Raises Rating on INR140MM Loan to CRISIL BB+
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Metal
Traders (India) Pvt Ltd to 'CRISIL BB+/Stable/CRISIL A4+' from
'CRISIL BB-/Stable/ CRISIL A4'.

   Facilities                      Ratings
   ----------                      -------
   INR140.0 Million Cash Credit    CRISIL BB+/Stable (Upgraded
                                   from 'CRISIL BB-/Stable')

   Rs 200.0 Million Letter of      CRISIL A4+(Upgraded from
                       Credit      'CRISIL A4')

The rating upgrade is driven by substantial improvement in MTPL's
financial risk profile on account of its merger with a group
company - Metal Linkers International Ltd, adequate liquidity with
estimated cash accruals of INR70 million in 2011-12 (refers to
financial year, April 1 to March 31) vis-a-vis no debt obligations
over the medium term, stable business risk profile, backed by
established relationships with reputed vendors and diversity in
customer base.  The upgrade also reflects the company's efficient
working capital management, as reflected in its low gross current
asset (GCA) days in the range of 67 to 100 days over the past
three years.

The ratings reflect MTPL's healthy financial risk profile, marked
by low gearing and healthy debt protection metrics, the extensive
industry experience of its promoters' and the company's
association with reputed international and domestic suppliers.
These rating strengths are partially offset by MTPL's exposure to
pricing risk on inventories due to price volatility and to foreign
exchange (forex) rate fluctuations, weak operating margin, and
exposure to intense competition.

Outlook: Stable

CRISIL expects MTPL to maintain its established position in the
industry and its relationships with its suppliers. The outlook may
be revised to 'Positive' in case there is a significant and
sustained improvement in operating profitability, while
maintaining its capital structure. Conversely, the outlook may be
revised to 'Negative' if MTPL undertakes a large debt-funded
capital expenditure (capex) programme or faces stretched debtors,
thus exerting pressure on its liquidity

                       About Metal Traders

Set up in 1986 as a partnership firm by Mr. Rakesh Kumar Gupta,
Mr. Ajay Gupta, and Mr. Sanjay Gupta, MTIL (formerly, Metal
Traders) was reconstituted as a private limited company in 1992.
MTIL trades in various non-ferrous metals; it is the authorized
agent of Indian Smelting and Refining Company Ltd for copper,
brass, aluminum scrap, and ductile iron castings. Moreover, MTIL
is also an authorized agent of Vale Inco, Europe; MM Kembla,
Australia; and MSC, Malaysia, for nickel, copper rods, and tin
ingots, respectively. MTIL also purchases scrap from government
departments on tender basis.

MTPL reported a profit after tax (PAT) of INR39.9 million on net
sales of INR1858.6 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR9.4 million on net
sales of INR821.4 million for 2008-09.


MUSKAN OVERSEAS: CRISIL Rates INR10MM Cash Credit at 'CRISIL D'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Muskan Overseas Pvt Ltd.  The ratings reflect instances of
delay by MOPL in servicing its debt; the delays have been caused
by the company's weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR10 Million Cash Credit        CRISIL D (Assigned)
   INR10 Million Bank Guarantee     CRISIL D (Assigned)
   INR120 Million Packing Credit    CRISIL D (Assigned)

MOPL also has a weak financial risk profile, marked by high
gearing, weak debt protection metrics and small net worth,
working-capital-intensive operations, dependence on monsoon, and
exposure to adverse changes in government policies on rice. These
rating weaknesses are partially offset by MOPL's long-standing
presence and healthy growth prospects for the basmati rice
industry.

                      About Muskan Overseas

MOPL was set up as a partnership firm by Mr. Manish Gupta and his
brother, Mr. Dinesh Gupta. It was reconstituted as a private
limited company in April 2010. MOPL is engaged in the milling,
processing, and export of basmati rice. The company's plant in
Karnal (Haryana) has installed capacity of 50 tonnes per day; it
also has an in-house sortex facility. MOPL mainly processes 1121
variety of basmati rice and its by-products, such as broken rice,
husk, and bran for sale in the domestic market.

MOPL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR381.5 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.9 million on net
sales of INR287.4 million for 2008-09.


PARAGON APPAREL: CRISIL Revises Rating Outlook on Loan to Negative
------------------------------------------------------------------
CRISIL has revised its rating outlook on Paragon Apparel Pvt Ltd's
long-term bank facilities to 'Negative' from 'Stable', while
reaffirming the rating at 'CRISIL BB'; the rating on the short-
term facilities has been reaffirmed at 'CRISIL A4+'.  CRISIL has
also assigned its 'CRISIL A4+' rating to PAPL's INR70.0 million
packing credit limit.

   Facilities                     Ratings
   ----------                     -------
   INR65.3 Million Term Loan      CRISIL BB/Negative
                                  (Outlook Revised from 'Stable')

   INR4.7 Million Proposed LT     CRISILBB/Negative
           Bank Loan Facility     (Outlook Revised from 'Stable')

   INR90.0 Million Packing Credit CRISIL BB/Negative
                            Limit (Outlook Revised from 'Stable')

   INR70.0 Million Packing Credit CRISIL A4+ (Assigned)
                            Limit

   INR40.0 Million FDBP/FUBP      CRISIL A4+ (Reaffirmed)

   INR40.0 Million Import/Inland  CRISIL A4+
   Letter of Credit
   (Enhanced from INR20.0 Million)  

The outlook revision reflects CRISIL's belief that PAPL's
operating margin will remain under pressure because of volatility
in raw material prices. PAPL's gearing is expected to remain high
because of incremental working capital requirements. The outlook
revision factors in deterioration in PAPL's financial risk
profile, caused by lower-than-expected profitability and more-
than-expected working capital requirements in 2010-11 (refers to
financial year, April 1 to March 31).

The ratings continue to reflect PAPL's significant dependence on
the Adidas group for revenues, vulnerability to volatility in raw
material prices and foreign exchange rates, and weak financial
risk profile marked by high gearing, small net worth, and average
debt protection metrics. These rating weaknesses are partially
offset by PAPL's established relationships with key buyers, and
its promoters' experience in the readymade garment industry.

Outlook: Negative

CRISIL expects PAPL's financial risk profile to remain weak over
the near term, as PAPL's operating margin is expected to remain
under pressure because of volatility in raw material prices and
the company's limited bargaining power with customers; also,
gearing is expected to remain high because of incremental working
capital requirements. The rating may be downgraded if PAPL's sales
or profitability is lower than expected, or if the company
undertakes a larger-than-expected debt-funded capital expenditure
(capex) programme, thereby further weakening its capital
structure. Conversely, the outlook may be revised to 'Stable' if
PAPL improves its operating margin, thereby improving its capital
structure and debt protection metrics.

Update

PAPL's operating income is estimated to have increased to INR960
million in 2010-11 from INR630 million in 2009-10, driven by
increased demand from the Adidas group. Operating profitability is
estimated to have declined to about 5.9% in 2010-11 from 6.7% in
2009-10 because of increase in cotton yarn prices by around 50% in
2010-11. Gearing increased to 3.6 times as on March 31, 2011,
(against the expected level of 2.2 times) from 2 times on an
average in the previous two years because of debt-funded capex and
incremental working capital bank borrowings. Gearing is expected
to remain high at over 3.0 times over the medium term, as working
capital requirements are expected to increase with increase in
operating revenues of the company. Fund-based bank limits have
been enhanced to INR150 million in 2010-11 from INR30 million.

PAPL reported, on provisional basis, a profit after tax (PAT) of
INR17.5 million on net sales of INR886.7 million for 2010-11; it
reported a PAT of INR16.5 million on net sales of INR608 million
for 2009-10, against a PAT of INR11.4 million on net sales of
INR487 million for 2008-09.

                       About Paragon Apparel

PAPL, incorporated in 1996 and promoted by Mr. Roshan Baid,
manufactures readymade garments such as t-shirts, tops, shorts,
and track pants for men, women, and children. PAPL sells around
90% of its products to the Adidas group (including Reebok
International Ltd). PAPL caters to the spring and summer as well
as winter collection in knits segment. The company has a capacity
to manufacture 510,000 pieces per month. PAPL has two production
units in Noida, one with capacity to manufacture 150,000 pieces
per month, and the other, which commenced operations in
September 2009, with capacity to manufacture 360,000 pieces per
month.


RAJASTHAN TUBE: CRISIL Raises INR125MM Loan Rating to CRISIL BB-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Rajasthan Tube Manufacturing Company Ltd to 'CRISIL
BB-/Stable/CRISIL A4+' from 'CRISIL B/Stable/CRISIL A4'.

   Facilities                      Ratings
   ----------                      -------
   INR125.0 Million Cash Credit    CRISIL BB-/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   INR92.5 Million Letter of       CRISIL A4+ (Upgraded from
     Credit & Bank Guarantee                    'CRISIL A4')

The upgrade reflects Rajasthan Tube's steady business performance
over the past two years and its moderate capital structure. The
company's revenues increased to INR760 million in 2010-11 (refers
to financial year, April 1 to March 31) from around INR548 million
in 2008-09. Over the past two years, the company has also
maintained a steady operating margin of around 4%. The company has
sufficient capacities to support future growth, which negates need
for any capital expenditure (capex) programme, thereby ensuring
that its financial risk profile remains unaltered.

The ratings continue to reflect Rajasthan Tube's established track
record, and strong customer relationships. These strengths are
offset by its below-average financial risk profile, marked by
small net worth and weak debt protection metrics, small scale of
operations, and limited bargaining power.

Outlook: Stable

CRISIL believes that Rajasthan Tube will continue to benefit from
its established track record and customer relationships, over the
medium term. The outlook may be revised to 'Positive' if the
company is able to scale up its operations significantly while
improving its profitability, and without deterioration in its
capital structure. Conversely, the outlook will be revised to
'Negative' in there is any unprecedented stretch in its working
capital cycle, or if it undertakes a large, debt-funded capex
programme, thereby adversely affecting its financial risk profile.

                        About Rajasthan Tube

Promoted in 1985 by Mr. Harish Jain and his associates, Rajasthan
Tube manufactures electric-resistance welded pipes. The company's
plant in Jaipur (Rajasthan) has capacity to produce 45,000 tonnes
per annum of steel pipes and hot rolled steel sheets. The pipes
are mainly used in the irrigation sector for transportation of
water. The company generates nearly 80% of its revenues from
irrigation projects and the remainder from manufacturing company
sheds.

Rajasthan Tube is expected to report a profit after tax (PAT) of
INR7.4 million on net sales of INR757.5 million for 2010-11, as
against a PAT of INR7.0 million on net sales of INR699.1 million
for 2009-10.


S P SORTEX: CRISIL Rates INR20 Million Cash Credit at 'CRISIL B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of S P Sortex Rice Exports India Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR20.0 Million Cash Credit       CRISIL B/Stable (Assigned)
   INR48.7 Million Rupee Term Loan   CRISIL B/Stable (Assigned)

The rating reflects SPSR's high gearing, on account of its large,
debt-funded capital expenditure (capex) programme and large
working capital requirements, small scale of operations, and
susceptibility to raw material price volatility, the vagaries of
the monsoon, and fragmentation in the rice milling industry. These
rating weaknesses are partially offset by the extensive industry
experience of SPSR's promoters.

Outlook: Stable

CRISIL believes that SPSR's capital structure will remain weak
over the medium term because of the high debt-to-equity ratio of
its recent capex programme and incremental working requirements.
The outlook may be revised to 'Positive' in case of significant
improvement in its capital structure, driven by more-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' in case of delay in the increase in scale of its
operations, leading to less-than-expected revenues and cash
accruals.

                        About S P Sortex

SPSR was set up in 2010, promoted by the Aggarwal family of
Allahabad, Uttar Pradesh. The company processes non-basmati rice
(parimal variety) with milling capacity of 8 tonnes per hour. The
company's plant was commissioned in January 2011.


SAGAR BUSINESS: CRISIL Assigns 'CRISIL BB-' Rating to INR50MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Sagar Business Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR70 Million Proposed Cash     CRISIL BB-/Stable (Assigned)
                  Credit Limit

The ratings reflect SBPL's modest financial risk profile, marked
by low net worth, moderately high gearing and modest debt
protection metrics, large working capital requirements, exposure
to risks related to intense competition in the steel industry, and
limited bargaining power with its principals. These weaknesses are
partially offset by the experience of SBPL's promoters in the iron
and steel trading business.

Outlook: Stable

CRISIL believes that SBPL will continue to benefit from its
healthy relationships with its suppliers, increasing supplier
base, improving revenues and the extensive industry experience of
its promoters, over the medium term. CRISIL, however, also
believes that SBPL's financial risk profile will be constrained by
the company's high gearing and large working capital requirements.
The outlook may be revised to 'Positive' in case SBPL's financial
risk profile improves significantly, most likely because of equity
infusion by the promoters and better-than-expected revenues and
profitability. Conversely, the outlook may be revised to
'Negative' in case the company's profitability or revenues
decline, resulting in lower-than-expected cash accruals, or if it
undertakes any larger-than-expected debt-funded capital
expenditure (capex) programme, leading to deterioration of its
financial risk profile.

                       About Sagar Business

Incorporated in 1983, as a private limited company by the
Kishorepuria family, SBPL commenced trading operations in February
2009. It is in the business of steel, sponge iron and cement
distribution in Orissa and Bihar regions. The company is an
authorized exclusive project distributor for Tata Steel in Orissa
for its Tiscon brand thermo-mechanically treated (TMT) bars, for
Dharampal Premchand Ltd in North Bengal for GC rolls and GC coils,
and for Bihar Sponge Ltd in Bihar for sponge iron.

SBPL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR361.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.71 million on net
sales of INR251.3 million for 2009-10.


SANGEET SYNTEX: CRISIL Assigns CRISIL BB- Rating to INR26.9MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Sangeet Syntex Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR26.9 Million Term Loan       CRISIL BB-/Stable(Assigned)
   INR41.5 Million Cash Credit     CRISIL BB-/Stable(Assigned)
   INR129.5 Million Proposed LT    CRISIL BB-/Stable(Assigned)
            Bank Loan Facility
   INR2 Million Bank Guarantee     CRISIL A4+(Assigned)

The rating reflects SSL's weak financial risk profile, marked by
low net worth and high gearing, and the susceptibility of its
operating margins to volatility in input prices. These weaknesses
are partially offset by the extensive experience of SSL's
promoters in the textile industry.

Outlook: Stable

CRISIL believes that SSL's business risk profile will remain
stable over the medium term, backed by its promoters' experience
in the textile industry. The outlook may be revised to 'Positive'
in case of significant improvement in the company's operating
revenues and margin, coupled with substantial improvement in its
gearing and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' in case of significant decline in
revenues and margins or larger debt-funded capital expenditure
programme resulting in deterioration in gearing or debt protection
metrics, or in case of deterioration in its working capital cycle.

                       About Sangeet Syntex

SSL, established in 1980 as a private limited company, was
promoted by Mr. Shrawankumar Modi and his brother, Mr. Pawan Modi.
It became a deemed public company in 1997. SSL manufactures
polyester, cotton, and blended fabrics, which are used in ready
made garments. Its manufacturing facility in Silvassa (Dadra and
Nagar Haveli) has a capacity of 1200 tonnes of fabric per
annum.The company is actively managed by Mr. Shrawankumar Modi and
his son Mr. Rahul Modi.

SSL reported on provisional basis a profit after tax (PAT) of
INR8.8 million on net sales of INR234.9 million for 2010-11
(refers to financial year, April 1 to March 31), against a PAT of
INR 1.6 million on net sales of INR 149.1 million for 2009-10.


SANIMO POLYMERS: CRISIL Puts 'CRISIL BB-' Rating on INR60.6MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
Sanimo Polymers Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR60.6 Million Term Loan         CRISIL BB-/Stable (Assigned)
   INR117.5 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR6.5 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect SPPL's promoters' extensive experience in the
textile industry and the company's established customer
relationships. These rating strengths are partially offset by
SPPL's modest financial risk profile, marked by small net worth,
high gearing and modest debt protection metrics, and
susceptibility to intense competition in the textile industry and
to volatility in input prices.

Outlook: Stable

CRISIL believes that SPPL will maintain its business risk profile
over the medium term, supported by promoters' extensive industry
experience. The outlook may be revised to 'Positive' if SPPL
substantially increases its operating revenues and cash accruals,
and significantly improves its gearing and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
SPPL's profitability declines significantly, its debt protection
metrics or gearing weaken because of a larger-than-expected debt-
funded capital expenditure programme or a stretch in its working
capital cycle.

                       About Sanimo Polymers

SPPL was incorporated in 1986 and promoted by Mr. Suresh Shah. The
company manufactures grey and dyed polyester yarns, including
embroidery yarn, multi-coloured fancy yarn, jari yarn, and carpet
yarn. The company's manufacturing facility in Kim (Gujarat) has
yarn twisting capacity of 1440 tonnes per annum (tpa) and dyeing
capacity of 3720 tpa (includes 1440-tpa capacity acquired on
lease). The company is under process of expanding its in-house
dyeing capacity by 360 tpa.

SPPL sells its products under the Sargam brand. The products are
sold across India, primarily in Ludhiana and Amritsar (Punjab),
Surat (Gujarat), and Tirupur (Tamil Nadu). The company is actively
managed by Mr. Suresh Shah, his son, Mr. Tejas Shah, and daughter,
Ms. Tejal Shah.

SPPL reported, on provisional basis, revenues of around INR465
million for 2010-11 (refers to financial year, April 1 to
March 31). The company reported a profit after tax (PAT) of
INR5.1 million on net sales of INR318.2 million for 2009-10,
against a PAT of INR3.5 million on net sales of INR312.0 million
for 2008-09.


SARGODHA OIL: CRISIL Rates INR250MM Cash Credit at 'CRISIL BB+'
---------------------------------------------------------------
CRISIL has assigned a rating of 'CRISIL BB+/Stable' to the cash
credit facility of Sargodha Oil Mills Pvt Ltd, part of the SBB
group.

   Facilities                      Ratings
   ----------                      -------
   INR250 Million Cash Credit      CRISIL BB+/Stable (Assigned)

The assigned rating reflects improvement in the SBB group's
business risk profile and liquidity during 2010-11 (refers to
financial year, April 1 to March 31). The group's consolidated
revenue doubled to around INR25 billion in 2010-11 from around
INR12 billion in 2009-10, making it one of the largest traders of
agro products. Moreover, with the promoters infusing just under
INR1.1 billion in 2010-11 by way of equity and unsecured loans,
the group's liquidity has improved further. Additionally the SBB
group's bank limits have increased by INR1.5 billion during the
past 10 months ended May 2011.

The ratings reflect the SBB group's below-average financial risk
profile, marked by low profitability, high gearing, and weak debt
protection metrics, low-valued-added nature of products, exposure
to government regulations, and presence in the highly fragmented
and competitive agro products industry. These rating weaknesses
are partially offset by the SBB group's strong inventory and
debtor management policy, strong market position in processing and
trading of agro products, and the extensive industry experience of
its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shree Bankey Behari Exports Ltd, Deluxe
Cold Storage and Food Processors Ltd, proprietorship firm Telu Ram
Amar Chand, Sargodha Oil, Gagan Pulses Pvt Ltd, Mangal Pulses Pvt
Ltd, Shree Nathjee Roller Flour Mills Ltd, and Shree Bankey Behari
Food Processors Pvt Ltd, hereby referred to as the SBB group. All
the eight entities are engaged in the agro business and there is
operational and financial linkage among them. Also, the entities
are under a common management.

Outlook: Stable

CRISIL believes that the SBB group will continue to benefit over
the medium term from its promoters' extensive industry experience
and established position in the wheat and gram processing
business. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals or large equity infusion by the
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overruns in the rice mill project or deterioration in
the SBB group's financial risk profile.

                         About the Group

The SBB group processes gram dal (chana dal), gram flour (besan),
wheat flour (maida), semolina (suji), and unrefined wheat flour
(atta). It also trades various agricultural commodities. The group
is promoted by Mr. Amar Chand Gupta. Currently, Mr. Amar Chand
Gupta looks after the overall management of the group and is
assisted by his two sons -- Mr. Ram Lal Gupta and Mr. Raj Kumar
Gupta. The promoters have over 40 years of experience in the agri
business.

SBBEL was incorporated in June 1994 and processes raw gram dal to
produce gram flour (besan). It has 11 mills in Delhi and has
capacity to process about 700 tonnes of gram seed per day.

DCSPL, which was incorporated as a private limited company in
1984, was reconstituted as a closely held public limited company
in 1993. DCSPL processes wheat flour (maida) and its by-products,
such as semolina (suji), and unrefined wheat flour (atta). It has
capacity to process about 500 tonnes of wheat products per day.

Incorporated in 1998, TRAC is a proprietorship firm. It trades
agro products, such as wheat, gram, and flour.

Sargodha Oil, GPPL, MPPL, Shree Nathjee, and SBB Food trade
various agricultural commodities, such as wheat flour (maida and
atta), semolina (suji), gram flour (besan), pulses, and grains.
Shree Nathjee is setting up a 250-tonnes-per-day flour mill, which
is expected to be completed by mid-2011-12.

The SBB group reported a profit after tax (PAT) of INR65.6 million
on net sales of INR25.2 billion for 2010-11, as against a PAT of
INR32.7 million on net sales of INR12.2 billion for for 2009-10.


SHRADHA AGENCIES: CRISIL Rates INR220MM Cash Credit at CRISIL BB-
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shradha Agencies Pvt.
Ltd. continue to reflect SAPL's relatively low-risk business
model, wide distribution network, and its promoters' extensive
experience in selling fast-moving consumer goods.

   Facilities                      Ratings
   ----------                      -------
   INR220 Million Cash Credit      CRISIL BB-/Stable
   (Enhanced from INR150 Million)

These rating strengths are partially offset by SAPL's below-
average financial risk profile, marked by high gearing, small net
worth, and weak debt protection metrics, and large working capital
requirements.

Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the medium
term from its wide market reach and low-risk business model. The
outlook may be revised to 'Positive' if the company's
profitability improves considerably from current levels or if
equity infusion by promoters enhances its net worth, thereby
improving gearing and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if SAPL increases its
reliance on debt to fund its incremental working capital
requirements, thereby constraining its liquidity.

                     About Shradha Agencies

SAPL was set up in 1974 as a proprietorship firm that traded
cigarettes. It was reconstituted as a private limited company in
1995. SAPL is a stockist for many FMCG brands, including Procter
and Gamble, Nokia, Heinz, and Reynolds, and caters to various
districts of West Bengal. The company is managed by Mr. Rajeev
Arora and his son, Mr. Ankit Arora.

SAPL is estimated to report a profit after tax (PAT) of INR6.0
million on net sales of INR2.07 billion for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR3.5
million on net sales of INR1.55 billion for 2009-10.


SHREE BANKEY: CRISIL Puts 'CRISIL BB+' Rating on INR1.25BB Loan
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Shree
Bankey Behari Exports Ltd, part of the SBB group, to 'CRISIL
BB+/Stable' from 'CRISIL BB-/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR750 Million Proposed Cash     CRISIL BB+/Stable (Assigned)
                         Credit

   INR1250 Million Cash Credit      CRISIL BB+/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

The upgrade reflects improvement in the SBB group's business risk
profile and liquidity during 2010-11 (refers to financial year,
April 1 to March 31). The group's consolidated revenue doubled to
around INR25 billion in 2010-11 from around INR12 billion in 2009-
10, making it one of the largest traders of agro products.
Moreover, with the promoters infusing just under INR1.1 billion in
2010-11 by way of equity and unsecured loans, the group's
liquidity has improved further. Additionally the SBB group's bank
limits have increased by INR1.5 billion during the past 10 months
ended May 2011.

The ratings reflect the SBB group's below-average financial risk
profile, marked by low profitability, high gearing, and weak debt
protection metrics, low-valued-added nature of products, exposure
to government regulations, and presence in the highly fragmented
and competitive agro products industry. These rating weaknesses
are partially offset by the SBB group's strong inventory and
debtor management policy, strong market position in processing and
trading of agro products, and the extensive industry experience of
its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SBBEL, Deluxe Cold Storage and Food
Processors Ltd, proprietorship firm Telu Ram Amar Chand, Sargodha
Oil Mills Pvt Ltd, Gagan Pulses Pvt Ltd, Mangal Pulses Pvt Ltd,
Shree Nathjee Roller Flour Mills Ltd, and Shree Bankey Behari Food
Processors Ltd, hereby referred to as the SBB group. All the eight
entities are engaged in the agro business and there is operational
and financial linkage among them. Also, the entities are under a
common management.

Outlook: Stable

CRISIL believes that the SBB group will continue to benefit over
the medium term from its promoters' extensive industry experience
and established position in the wheat and gram processing
business. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals or large equity infusion by the
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overruns in the rice mill project or deterioration in
the SBB group's financial risk profile.

                        About the Group

The SBB group processes gram dal (chana dal), gram flour (besan),
wheat flour (maida), semolina (suji), and unrefined wheat flour
(atta). It also trades various agricultural commodities. The group
is promoted by Mr. Amar Chand Gupta. Currently, Mr. Amar Chand
Gupta looks after the overall management of the group and is
assisted by his two sons -- Mr. Ram Lal Gupta and Mr. Raj Kumar
Gupta. The promoters have over 40 years of experience in the agri
business.

SBBEL was incorporated in June 1994 and processes raw gram dal to
produce gram flour (besan). It has 11 mills in Delhi and has
capacity to process about 700 tonnes of gram seed per day.

DCSPL, which was incorporated as a private limited company in
1984, was reconstituted as a closely held public limited company
in 1993. DCSPL processes wheat flour (maida) and its by-products,
such as semolina (suji), and unrefined wheat flour (atta). It has
capacity to process about 500 tonnes of wheat products per day.

Incorporated in 1998, TRAC is a proprietorship firm. It trades
agro products, such as wheat, gram, and flour.

Sargodha Oil, GPPL, MPPL, Shree Nathjee, and SBB Food trade
various agricultural commodities, such as wheat flour (maida and
atta), semolina (suji), gram flour (besan), pulses, and grains.
Shree Nathjee is setting up a 250-tonnes-per-day flour mill, which
is expected to be completed by mid-2011-12.

The SBB group reported a profit after tax (PAT) of INR65.6 million
on net sales of INR25.2 billion for 2010-11, as against a PAT of
INR32.7 million on net sales of INR12.2 billion for 2009


SHREE BANKEY BEHARI: CRISIL Rates INR250MM Loan at 'CRISIL BB+'
---------------------------------------------------------------
CRISIL has assigned a rating of 'CRISIL BB+/Stable' to the cash
credit facility of Shree Bankey Behari Food Processors Pvt Ltd,
part of the SBB group.

   Facilities                      Ratings
   ----------                      -------
   INR250 Million Cash Credit      CRISIL BB+/Stable (Assigned)

The assigned rating reflects improvement in the SBB group's
business risk profile and liquidity during 2010-11 (refers to
financial year, April 1 to March 31). The group's consolidated
revenue doubled to around INR25 billion in 2010-11 from around
INR12 billion in 2009-10, making it one of the largest traders of
agro products. Moreover, with the promoters infusing just under
INR1.1 billion in 2010-11 by way of equity and unsecured loans,
the group's liquidity has improved further. Additionally the SBB
group's bank limits have increased by INR1.5 billion during the
past 10 months ended May 2011.

The ratings reflect the SBB group's below-average financial risk
profile, marked by low profitability, high gearing, and weak debt
protection metrics, low-valued-added nature of products, exposure
to government regulations, and presence in the highly fragmented
and competitive agro products industry. These rating weaknesses
are partially offset by the SBB group's strong inventory and
debtor management policy, strong market position in processing and
trading of agro products, and the extensive industry experience of
its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shree Bankey Behari Exports Ltd, Deluxe
Cold Storage and Food Processors Ltd, proprietorship firm Telu Ram
Amar Chand, Sargodha Oil Mills Pvt Ltd, Gagan Pulses Pvt Ltd,
Mangal Pulses Pvt Ltd, Shree Nathjee Roller Flour Mills Ltd, and
SBB Food, hereby referred to as the SBB group. All the eight
entities are engaged in the agro business and there is operational
and financial linkage among them. Also, the entities are under a
common management.

Outlook: Stable

CRISIL believes that the SBB group will continue to benefit over
the medium term from its promoters' extensive industry experience
and established position in the wheat and gram processing
business. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals or large equity infusion by the
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overruns in the rice mill project or deterioration in
the SBB group's financial risk profile.

                        About the Group

The SBB group processes gram dal (chana dal), gram flour (besan),
wheat flour (maida), semolina (suji), and unrefined wheat flour
(atta). It also trades various agricultural commodities. The group
is promoted by Mr. Amar Chand Gupta. Currently, Mr. Amar Chand
Gupta looks after the overall management of the group and is
assisted by his two sons - Mr. Ram Lal Gupta and Mr. Raj Kumar
Gupta. The promoters have over 40 years of experience in the agri
business.

SBBEL was incorporated in June 1994 and processes raw gram dal to
produce gram flour (besan). It has 11 mills in Delhi and has
capacity to process about 700 tonnes of gram seed per day.

DCSPL, which was incorporated as a private limited company in
1984, was reconstituted as a closely held public limited company
in 1993. DCSPL processes wheat flour (maida) and its by-products,
such as semolina (suji), and unrefined wheat flour (atta). It has
capacity to process about 500 tonnes of wheat products per day.

Incorporated in 1998, TRAC is a proprietorship firm. It trades
agro products, such as wheat, gram, and flour.

Sargodha Oil, GPPL, MPPL, Shree Nathjee, and SBB Food trade
various agricultural commodities, such as wheat flour (maida and
atta), semolina (suji), gram flour (besan), pulses, and grains.
Shree Nathjee is setting up a 250-tonnes-per-day flour mill, which
is expected to be completed by mid-2011-12.

The SBB group reported a profit after tax (PAT) of INR65.6 million
on net sales of INR25.2 billion for 2010-11, as against a PAT of
INR32.7 million on net sales of INR12.2 billion for 2009-10.


SHREE NATHJEE: CRISIL Rates INR250MM Cash Credit at 'CRISIL BB+'
----------------------------------------------------------------
CRISIL has assigned a rating of 'CRISIL BB+/Stable' to the cash
credit facility of Shree Nathjee Roller Flour Mills Ltd, part of
the SBB group.

   Facilities                      Ratings
   ----------                      -------
   INR250 Million Cash Credit      CRISIL BB+/Stable (Assigned)

The assigned rating reflects improvement in the SBB group's
business risk profile and liquidity during 2010-11 (refers to
financial year, April 1 to March 31). The group's consolidated
revenue doubled to around INR25 billion in 2010-11 from around
INR12 billion in 2009-10, making it one of the largest traders of
agro products. Moreover, with the promoters infusing just under
INR1.1 billion in 2010-11 by way of equity and unsecured loans,
the group's liquidity has improved further. Additionally the SBB
group's bank limits have increased by INR1.5 billion during the
past 10 months ended May 2011.

The ratings reflect the SBB group's below-average financial risk
profile, marked by low profitability, high gearing, and weak debt
protection metrics, low-valued-added nature of products, exposure
to government regulations, and presence in the highly fragmented
and competitive agro products industry. These rating weaknesses
are partially offset by the SBB group's strong inventory and
debtor management policy, strong market position in processing and
trading of agro products, and the extensive industry experience of
its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shree Bankey Behari Exports Ltd, Deluxe
Cold Storage and Food Processors Ltd, proprietorship firm Telu Ram
Amar Chand, Sargodha Oil Mills Pvt Ltd, Gagan Pulses Pvt Ltd,
Mangal Pulses Pvt Ltd, Shree Nathjee, and Shree Bankey Behari Food
Processors Pvt Ltd, hereby referred to as the SBB group.  All the
eight entities are engaged in the agro business and there is
operational and financial linkage among them. Also, the entities
are under a common management.

Outlook: Stable

CRISIL believes that the SBB group will continue to benefit over
the medium term from its promoters' extensive industry experience
and established position in the wheat and gram processing
business. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals or large equity infusion by the
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overruns in the rice mill project or deterioration in
the SBB group's financial risk profile.

                       About the Group

The SBB group processes gram dal (chana dal), gram flour (besan),
wheat flour (maida), semolina (suji), and unrefined wheat flour
(atta). It also trades various agricultural commodities. The group
is promoted by Mr. Amar Chand Gupta. Currently, Mr. Amar Chand
Gupta looks after the overall management of the group and is
assisted by his two sons - Mr. Ram Lal Gupta and Mr. Raj Kumar
Gupta. The promoters have over 40 years of experience in the agri
business.

SBBEL was incorporated in June 1994 and processes raw gram dal to
produce gram flour (besan). It has 11 mills in Delhi and has
capacity to process about 700 tonnes of gram seed per day.

DCSPL, which was incorporated as a private limited company in
1984, was reconstituted as a closely held public limited company
in 1993. DCSPL processes wheat flour (maida) and its by-products,
such as semolina (suji), and unrefined wheat flour (atta). It has
capacity to process about 500 tonnes of wheat products per day.

Incorporated in 1998, TRAC is a proprietorship firm. It trades
agro products, such as wheat, gram, and flour.

Sargodha Oil, GPPL, MPPL, Shree Nathjee, and SBB Food trade
various agricultural commodities, such as wheat flour (maida and
atta), semolina(suji), gram flour (besan), pulses, and grains.
Shree Nathjee is setting up a 250-tonnes-per-day flour mill, which
is expected to be completed by mid-2011-12.

The SBB group reported a profit after tax (PAT) of INR65.6 million
on net sales of INR25.2 billion for 2010-11, as against a PAT of
INR32.7 million on net sales of INR12.2 billion for 2009-10.


SINGLA JEWELLERS: CRISIL Rates INR150MM Cash Credit at CRISIL BB-
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of Singla Jewellers Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR150 Million Cash Credit      CRISIL BB-/Stable (Assigned)

The rating reflects Singla's healthy revenue growth and promoters'
extensive experience in the gold and diamond jewellery industry.
These rating strengths are partially offset by the company's weak
financial risk profile, marked by high gearing, small net worth,
and weak debt protection metrics, large working capital
requirements, susceptibility to volatility in gold prices, small
scale of operations in fragmented industry, and geographical
concentration in its revenue profile.

Outlook: Stable

CRISIL believes that Singla will continue to benefit from its
promoters' extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' in case of significant
improvement in the company's capital structure, more-than-expected
cash accruals, and improvement in its scale of operations.
Conversely, the outlook may be revised to 'Negative' in case of
sharp deterioration in its capital structure on account of larger
working capital requirements.

                     About Singla Jewellers

Singla is engaged in the retailing of gold and diamond jewellery
through its flagship 1800-square feet (sq ft) showroom at Karol
Bagh, Delhi. The company was set up in 1998 by Mr. Ram Niwas
Singla and his cousin, Mr. Ajay Gupta. It started another retail
showroom of about 2500 sq ft in Pitam Pura, Delhi in May 2011.
Singla gets jewellery manufactured on job work basis from external
artisans.


TIRUPATI BALAJI: CRISIL Assigns 'CRISIL B+' Rating to INR20MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Tirupati Balaji Foods Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR55 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR20 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR20 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect TBFP's weak financial risk profile, driven by
large working capital requirements and large capital expenditure
(capex) programme, small scale of operations in the fragmented
rice milling industry, and susceptibility to raw material price
volatility and vagaries of the monsoon. These rating weaknesses
are partially offset by the extensive experience of TBFP's
promoters in the rice milling industry.

Outlook: Stable

CRISIL believes that TBFP's capital structure will remain weak
over the medium term because of high debt-to-equity ratio of its
recent capex and large incremental working capital requirements.
The outlook may be revised to 'Positive' in case of improvement in
capital structure through equity infusion or significant
improvement in cash accruals. Conversely, the rating may be
revised to 'Negative' in case of more-than-expected deterioration
in capital structure on account of large working capital
requirements, leading to deterioration in its debt protection
metrics.

                    About Tirupati Balaji

TBFP was set up in 2007. The company is engaged in the processing
and sale of non-basmati rice (parimal variety) and rice, gram and
corn grits. The company was promoted by Aggarwal family of Raipur,
Chattisgarh.

TBFP reported a profit after tax (PAT) of INR3.8 million on net
sales of INR231 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR 3.4 million on net
sales of INR187 million for 2008-09.


WEST END: CRISIL Rates INR150MM Rupee Term Loan at 'CRISIL BB+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the rupee
term loan bank facility of West End Hotel Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR150 Million Rupee Term Loan     CRISIL BB+/Stable (Assigned)

The rating reflects WEH's small scale of operations, small net
worth, and susceptibility to intense industry competition and
cyclicality in the hospitality industry. These rating weaknesses
are partially offset by promoter's longstanding experience in the
hospitality sector and WEH's above-average debt-protection
metrics.

Outlook: Stable

CRISIL believes that WEH will continue to benefit from its
promoter's extensive industry experience and the growth in the
hospitality sector, over the medium term. The outlook may be
revised to 'Positive' if WEH is able to substantially improve its
average room revenues leading to improvement in revenue growth and
profitability. The outlook may be revised to 'Negative' if WEH's
profitability or operations decline significantly because of a
downturn in the industry or industry competition.

                          About West End

Incorporated in 1948, WEH is a four-star hotel property in Mumbai
(Maharashtra). The five-storey property has 80 rooms, a
restaurant, and three banquet halls. The small banquet hall has a
capacity to accommodate 40 people, whereas the large hall can
accommodate up to 600 people. WEH's revenues are largely
contributed by the room revenues (70%) followed by food and
beverages.

From 1949, the hotel was primarily managed by the second
generation of the Awatramani family on lease. In 2010-11 (refers
to financial year, April 1 to March 31), the promoters acquired
the property.

WEH reported a profit after tax (PAT) of INR22.6 million on net
sales of INR97 million for 2009-10, as against a PAT of INR27.8
million on net sales of INR10.5 million for 2008-09.


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


JLOC 39: S&P Puts 'B-' Ratings on 2 Classes of Certs. on Watch Neg
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on the class
A to D trust certificates issued on Dec. 21, 2007, under the JLOC
39 Trust Certificate (JLOC 39) transaction on CreditWatch with
negative implications.

Of the effectively 10 specified bonds issued by 10 obligors that
initially backed the trust certificates, only seven specified
bonds (the seven specified bonds originally represented about
64.1% of the total initial issuance amount of the trust
certificates) remain at this point.

"We lowered our assumption in December 2009 with regard to the
likely collection amount from the property backing one of the
transaction's specified bonds that remained at that time (the
specified bond, which is backed by a single office building in
Chuo Ward, Tokyo, originally represented about 38.5% of the total
initial issuance amount of the trust certificates), and also
lowered our assumptions in November 2010 with respect to the
likely collection amounts from the properties backing seven
specified bonds remaining then, and reviewed our ratings on the
trust certificates accordingly," S&P related.

"The underlying properties backing four of the seven specified
bonds currently remaining (the four specified bonds originally
represented about 55.4% of the total initial issuance amount of
the trust certificates) are underperforming relative to our
assumptions, which we revised downward in November 2010. We
intend to review our ratings on the class A to D trust
certificates placed on CreditWatch negative, after reassessing the
recovery prospects of these properties," S&P stated.

JLOC 39 is a multiborrower CMBS transaction. The trust
certificates were initially secured by effectively 10 specified
bonds (14 specified bonds and one loan) issued by 10 obligors. The
specified bonds and the loan were initially backed by 34 real
estate properties and real estate trust certificates. The
transaction was arranged by Morgan Stanley Japan Securities
Co. Ltd., and ORIX Asset Management & Loan Services Corp. acts as
the servicer for this transaction.

"The ratings reflect our opinion on the likelihood of the full and
timely payment of interest and the ultimate full repayment of
principal by the transaction's legal final maturity date in April
2014 for the class A certificates, and the full payment of
interest and repayment of principal by the legal final maturity
date for the class B to D certificates," S&P stated.

Ratings Placed On Creditwatch Negative

JLOC 39 Trust Certificate
JPY40.3 billion trust certificates due April 2014

Class   To                    From        Initial issue amount
Coupon type
A       AAA (sf)/Watch Neg    AAA (sf)    JPY28.8 billion


Floating
Rate

B       BBB- (sf)/Watch Neg   BBB- (sf)   JPY5.4 billion
Floating
Rate

C       B- (sf)/Watch Neg     B- (sf)     JPY3.9 billion
Floating
Rate

D       B- (sf)/Watch Neg     B- (sf)     JPY2.2 billion
Floating
rate


L-JAC THREE: S&P Affirms Ratings on 6 Classes of Certs. at 'CCC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
A trust certificates issued under the L-JAC Three Trust Beneficial
Interest transaction and kept it on CreditWatch with negative
implications, where it was placed on June 7, 2011.  "At the same
time, we placed our rating on class B on CreditWatch negative and
affirmed our ratings on classes C to I, and X-2 issued under the
same transaction," S&P said.

"Of the seven loans that initially backed the trust certificates,
only one loan remains (the loan originally represented about 30%
of the total initial issuance amount of the trust certificates),"
S&P related.

The rating actions on classes A and B are based on these:

    The extension of the loan's maturity date to September 2011
    from March 2011 has shortened the transaction's tail period
    (the duration between the loan's maturity date and the
    transaction's legal final maturity date in April 2013). "As
    such, we view that the likelihood of completion of redemption
    of the class A trust certificates by the transaction's legal
    final maturity date through recovery of the remaining loan was
    no longer commensurate with the rating on class A, and that
    uncertainty is growing over the completion of redemption of
    class B by the transaction's legal final maturity date, in
    light of the current rating level of that class," S&P related.

"We intend to review our ratings on classes A and B after
considering the progress of collection relating to the
aforementioned remaining loan," S&P said.

"Meanwhile, we affirmed our ratings on classes C to I at this
time, although we may review our ratings on these classes if the
current rent level for the property backing the transaction's
remaining loan is lowered in the future," S&P said.

L-JAC Three is a multiborrower commercial mortgage-backed
securities (CMBS) transaction that was initially backed by a pool
of seven nonrecourse loans that were secured by 17 real estate
properties. The transaction was arranged by Lehman Brothers Japan
Inc., and Capital Servicing Co. Ltd. acts as the servicer for this
transaction.

"The ratings reflect our opinion on the likelihood of the full and
timely payment of interest and the ultimate repayment of principal
by the transaction's legal final maturity date in April 2013 for
the class A to F-1 trust certificates, the full payment of
interest and ultimate repayment of principal by the legal final
maturity date for the class G-1 to I certificates, and the timely
payment of available interest for the interest-only (IO) class X-2
certificates," S&P related.

Rating Lowered, Kept On Creditwatch Negative

L-JAC Three Trust Beneficial Interest*
JPY70.889 billion floating-rate trust
certificates due April 2013

                                                Initial issue
Class   To                  From                   Amount
A       AA (sf)/Watch Neg   AAA (sf)/Watch Neg   JPY40.0 billion

Rating Placed On Creditwatch Negative
                                                Initial issue
Class   To                  From                   Amount
B       AA (sf)/Watch Neg   AA (sf)              JPY7.0 billion

Ratings Affirmed
Class     Rating       Initial issue amount
C         BB+ (sf)     JPY7.0 billion
D-1       CCC (sf)     JPY4.0 billion
E-1       CCC (sf)     JPY1.4 billion
F-1       CCC (sf)     JPY1.4 billion
G-1       CCC (sf)     JPY1.5 billion
H-1       CCC (sf)     JPY1.0 billion
I         CCC (sf)     JPY0.583 billion
X-2       AAA (sf)     JPY70.889 billion
                       (initial notional principal)

*Classes D-2, E-2, F-2, G-2, and H-2 have already been fully
redeemed.  "We withdrew our rating on the IO class X-1
certificates in August 2009," S&P said.


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


NZF MONEY: Parent Asks Trustee to Appoint Receiver
--------------------------------------------------
Otago Daily Times reports that NZF Group Ltd said directors of its
subsidiary, NZF Money Ltd, asked their trustee, Covenant Trustee
Co Ltd, on Friday to appoint a receiver.

Otago Daily relates NZF said that further announcements will be
made in due course.  NZF said the directors had explored various
options for a short-term funding solution.

"After giving the matter considerable thought and taking into
consideration developments over the last couple of days, the Board
of NZFML do not believe that such a short-term solution is in the
best interests of NZFML or its investors," NZF said in a statement
to the stock exchange, according Otago Daily.

Otago Daily notes that a Financial Markets Authority investigation
on Thursday prompted NZFML to pull its 2010 debt prospectus from
the market.

According to the report, FMA chief executive Sean Hughes said an
inspection of the documents and records of NZF Money revealed
"matters of concern" regarding its disclosures of asset quality
and liquidity.

"NZF agreed on July 18 to withdraw its prospectus and cease
issuing secured deposits under its current offer documents," Otago
Daily quotes Mr. Hughes as saying.

Mr. Hughes said the FMA's investigation, enabled by new powers of
notification and inspection conferred by the Securities and FMA
Acts, was continuing, Otago Daily adds.

The company told the NZX Thursday that while it withdrew the
prospectus with the intent of amending the document today or
tomorrow, advice from a borrower on delayed settlements meant
directors "have now decided not to proceed with the amendment,"
Otago Daily adds.

                          About NZF Money

NZF Money Limited, previously known as New Zealand Finance
Limited, has been in operation since 1997.  The company provides
financial services with its core activity being a diversified
range of services including; investment, lending, insurance and
mortgage broking.


NZF MONEY: S&P Lowers Long-term Issuer Credit Rating to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on New Zealand finance company NZF Money Ltd. to
'CC' from 'CCC-'.  "At the same time, we have affirmed our short-
term rating on NZF at 'C'.  The ratings remain on CreditWatch with
negative implications, where they were initially placed on
March 3, 2011," S&P said.

"The rating action reflects our view that unless NZF is able to
inject new funds into the business, the company will likely
default on its debt obligations next week," Standard & Poor's
credit analyst Nico De Lange said. "This anticipated liquidity
shortfall stems from news that a loan settlement relating to the
NZ$3.5 million sale of a property by an NZF borrower -- which
was earmarked to repay an NZF loan -- will not settle as
anticipated under an unconditional sale contract. This event has
also resulted in NZF announcing that it has withdrawn its
debenture prospectus from the market."

Cash balances available to NZF are, at this stage, insufficient to
meet debenture maturities scheduled for next week. "The potential
for a liquidity shortfall was highlighted in our research update
published on May 9, 2011. At that time, we commented that NZF's
liquidity position remained delicately placed and that NZF may run
short of cash in calendar 2011 if the company failed to progress
the repayment of past-due loans," S&P related.

Mr. De Lange added: "We will lower the issuer credit ratings on
NZF to 'D' if the company fails to meet any of its creditor
obligations. The ratings are likely to remain at 'CC' and 'C', and
remain on CreditWatch with negative implications, even if NZF
successfully raises sufficient funds to meet its obligations over
the next few weeks while it works on longer term options to secure
funds to meet its liquidity needs and restore its business
viability."


WAIPO DELTA: Goes Into Receivership, Owes NZ$1 Million
------------------------------------------------------
Waikato Times reports that Waipa Delta has been placed into
receivership with its former owner owing family members almost
NZ$1 million.

The replica paddleboat sailed off to Auckland in 2009 after an
ongoing stoush between owner Mark Goudie and Hamilton City
Council, according to Waikato Times.  However, since ferrying
passengers around the Waitemata Harbour, Mr. Goudie said his poor
health and hands-off management had contributed to the business'
demise.

Waikato Times discloses that Mr. Goudie said the two companies
involved in owning and operating the venture owed family investors
NZ$700,000, bank loans of NZ$280,000 and his home's mortgage.
"The original owners will also feel extremely let down.  They put
the initial money into it and then I put one million into
refurbishing it and I am going to end up with nothing," Waikato
Times quoted Mr. Goudie as saying.

Waikato Times relays that Mr. Goudie said it was "not a broken
boat" and turnover last year was NZ$1.2 million. The boat was
offered for sale last year for NZ$980,000.

Mr. Goudie questioned whether moving the operation to Auckland had
been beneficial but ultimately felt the city's councilors had
pushed him into a corner by not assisting in maritime compliance,
Waikato Times discloses.

Waikato Times notes that Corporate Finance receiver Justin Bosley
said both companies owed an estimated NZ$1.2 million to secured
and unsecured creditors and 13 staff would lose their jobs.  The
boat has ceased operating and is now for sale by negotiation,
Waikato Times cites.


YARROWS BAKERS: Owner's Brother Seeks to Acquire Bakery
-------------------------------------------------------
Taranaki Daily News reports that Yarrows (The Bakers) Limited
receiver Andrew Bethell, of BDO Spicers in Auckland, confirmed
that John Yarrow, the brother of Yarrows (The Bakers)'s owner Paul
Yarrow, is one of several parties interested in buying the
struggling bakery.

As reported in the Troubled Company Reporter Asia-Pacific on
June 2, 2011, Radio New Zealand News said that Yarrows Bakers has
been placed in receivership with accountants BDO as receivers.
Radio New Zealand noted that the company has been on the market
for some time and sale talks are continuing.  The report said that
receiver Brian Mayo Smith of BDO said the company will continue to
operate until a buyer is found.

Taranaki Daily News notes that John Yarrow sold his share of the
company to Paul Yarrow for NZ$45 million in 2005.

Taranaki Daily News recalls that the brothers took over before
their father died but could not agree on the best way of running
the business and John Yarrow agreed to sell his share.  Taranaki
Daily News relates that the buyout went to court in 2009.

Paul Yarrow was seeking more than NZ$10 million in damages from
John Yarrow, saying he had paid his brother too much for his
share, Taranaki Daily News says.

Paul Yarrow claimed the company's financial performance was
misrepresented in the negotiations for the buyout, Taranaki Daily
News notes.

The case was settled out of court and the High Court judge
overseeing the case suppressed all details, Taranaki Daily News
says.

Founded in 1923, Yarrows (The Bakers) Limited is one of the last
independent bakeries in New Zealand.  It began exporting in the
late 1970s and in 1996, won the contract for the Subway sandwich
chain throughout Australasia.  It produces 30,000 frozen dough
rolls a week for Subway in New Zealand, Australia, and parts of
Asia.


NEW ZEALAND WINE: Expects Up to NZ$1.3 Million Loss in June 2011
----------------------------------------------------------------
BusinessDay.co.nz reports that an oversupply of New Zealand wine
blended with high levels of bulk wine sales, a strong dollar and
tough competition has hit the NZ Wine Company's bottom line.

The company, according to BusinessDay.co.nz, said it expects an
underlying loss before revaluations and income tax for the
June 2011 year of up to NZ$1.3 million.

BusinessDay.co.nz relates that NZWC chairman Alton Jamieson said
the company was now focused on a restructuring and recovery plan
for the 2012 year.

According to BusinessDay.co.nz, NZWC's wine sales volumes for the
full June 2011 year were 7% lower than the year before at 174,000
cases and revenue was expected to be 14% lower at NZ$11.3 million.

NZWC's 66% interest in Lineage Imports LLC, a Californian
import/distribution business also cost NZWC, BusinessDay.co.nz
discloses.  Lineage had incurred start-up and operating costs that
would result in a net earnings loss at the end of June and NZWC's
share of that loss was expected to be up to NZ$300,000.

NZWC's New Zealand IFRS fair value adjustments had not yet been
finalized but were expected to increase the company's full year
net loss after tax, BusinessDay.co.nz adds.

As reported in the Troubled Company Reporter-Asia Pacific on
June 29, 2011, BusinessDay.co.nz said The New Zealand Wine Company
wants bankers to hold an independent review of its finances and
business model, after a significant breach of its loan terms.  The
company, which owns brands including Grove Mill and Sanctuary,
warned the NZX on June 27 that it would be in breach of its loan
agreement with ANZ, which stipulates that its underlying earnings
must be at least 1.3 times its interest costs.  NZWC, which had
revenues of more than NZ$13 million last year, said it would miss
the condition by a "significant" margin.  BusinessDay.co.nz said
ANZ has waived the breach on the condition of an independent
review of its forecasts and business model.  However, if the bank
is not satisfied it could call in its loan facilities.

The New Zealand Wine Company Limited (NZE:NWC) --
http://www.nzwineco.co.nz/-- is an integrated wine company
producing table wines operating wholly within the New Zealand wine
industry.  The Company grows grapes to use in the production of
wine.  NZWC's vineyards are located in Marlborough, New Zealand.
As of June 30, 2010, the Company held approximately 292,000 grape
vines planted on approximately 122 hectares of land owned or
leased by NZWC.  As of June 30, 2010, 112 hectares are in
commercial production.  Its brands include Grove Mill, Sanctuary
and Frog Haven.  The company exports its products in the
United Kingdom, the United States and Australia.


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


SRI LANKA TELECOM: S&P Affirms 'B+' Foreign Currency Corp. Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on the
long-term foreign currency corporate credit rating on Sri Lanka
Telecom PLC to positive from stable, and affirmed the 'B+' rating.
At the same time, Standard & Poor's affirmed the 'BB-' long-term
local currency corporate credit rating on the company.  The
outlook on this rating is stable.

"We revised the outlook on the long-term foreign currency rating
on SLT to reflect the outlook revision on the long-term foreign
currency sovereign credit rating on Sri Lanka (foreign currency
B+/Positive/B; local currency BB-/Stable/B). We also affirmed all
ratings on SLT to reflect our rating action on the sovereign," S&P
related.

"SLT's stand-alone credit profile of 'bb' reflects the country and
macroeconomic risks of Sri Lanka, the company's significant
capital expenditure plans, and the intense competition in the
domestic telecom market," said Standard & Poor's credit analyst
Mehul Sukkawala. "SLT's strong cash flow protection measures and
strong market position temper these weaknesses."

"Based on our criteria for rating government-related entities, we
see a low likelihood of extraordinary government support to SLT.
This is based on our assessment of the company's limited
importance to, and limited link with, the Sri Lankan government,"
S&P stated.

The stable outlook on the local currency rating and positive
outlook on the foreign currency rating on SLT reflect the outlooks
on the sovereign ratings.

"We could raise the local currency rating on SLT if we raise the
local currency sovereign credit rating on Sri Lanka. Similarly, we
could raise the foreign currency rating on SLT if we raise our T&C
assessment of Sri Lanka," S&P related.

"Conversely, we could lower the local currency rating on SLT if:
(1) the company's operating performance significantly deteriorates
because of competition or regulatory changes; or (2) we lower the
local currency sovereign credit rating. Similarly, we may revise
the outlook on the foreign currency rating to stable if the
outlook on the foreign currency sovereign credit rating is revised
to stable," S&P said.


* SRI LANKA: Moody's Assigns (P)B1 Rating to Proposed Global Bond
-----------------------------------------------------------------
Moody's has assigned a provisional foreign currency rating of
(P)B1 with a positive outlook to the government of Sri Lanka's
proposed U.S. dollar-denominated global bond.

Ratings Rationale

Moody's Investors Service changed the outlook on Sri Lanka's B1
foreign currency sovereign rating to positive from stable on 18
July 2011.

The key drivers for the decision were: 1) an increasingly evident
peace dividend reflected in greater macroeconomic and financial
stability; 2) a policy orientation of fiscal reform and economic
growth, supported by a successful IMF program; 3) an improving
external payments position; and 4) a reduction in political event
risk following the end of the civil war in 2009.

Moody's also identified rating constraints. The main challenge
facing the government is the reduction of its large debt overhang
and the consequently large debt servicing costs. However, Sri
Lanka is well-placed to grow out of its debt given its robust
outlook for economic growth. Another concern is the re-integration
of the Tamil minority in the war-torn northeast region. Although
there has been notable progress, Moody's considers that the
process of political reconciliation is at an early stage. As such,
Moody's assessment of event risk remains somewhat elevated, but at
a moderate level in Moody's global bond methodology framework.

Future rating triggers include continued deficit reduction as
targeted by the government coupled with the containment of
inflation amidst sustained high rates of growth. In other words, a
longer track record in effective policy management by the
government would be viewed as credit positive.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


                             *********

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.

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