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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, July 27, 2011, Vol. 14, No. 147

                            Headlines



A U S T R A L I A

AXIA MODERN: In Liquidation; Owes Artists More Than AUD1 Million
BURRUP FERTILISERS: Bidding for Firm Ends, Yara Awaits Final Price
SMART SERIES: Fitch Rates AUD15.82MM Class E Notes at 'BBsf'
SONRAY CAPITAL: CEO Faces Jail Time, Pleads Guilty
VISTA MARIS: Receivers Put Coolangatta Development Site Up For Sale

* AUSTRALIA: Key Properties in Receivership


C H I N A

* CHINA: Fitch Affirms 'D/E', 'D' Individual Ratings on Banks


H O N G  K O N G

CHI CHEUNG: Kin and Yuen Step Down as Liquidators
DR. WONG: Placed Under Voluntary Wind-Up Proceedings
E. FAT: Placed Under Voluntary Wind-Up Proceedings
EDMOND DE: Wan and Fung Step Down as Liquidators
ELITE BUSINESS: Lui and Yuen Appointed as Liquidators

FAR EAST: Creditor' Meeting Set for July 30
GUANGSHUI CIVIL: Sutton and Chiong Step Down as Liquidators
HK DRAPERS: Members' Final Meeting Set for August 22


I N D I A

BALJEET SINGH: CRISIL Rates INR145MM Term Loan at 'CRISIL D'
ENKON PVT: CRISIL Assigns 'CRISIL BB-' Rating to INR15MM Term Loan
FIRST WINNER: CRISIL Cuts Rating on INR180MM Loan to 'CRISIL B+'
HERMAN PROPERTIES: CRISIL Places CRISIL B+ Rating on INR250MM Loan
HI-TECH SWEET: CRISIL Reaffirms 'CRISIL BB-' Rating on INR82MM Loan

JAJODIA EXPORTS: CRISIL Rates INR40MM Cash Credit at 'CRISIL B+'
K. G. CHAINS: CRISIL Rates INR250MM Cash Credit at 'CRISIL BB+'
MAHESH AGRO: Fitch Withdraws 'B-(ind)nm' National LT Rating
MANISH INT'L: CRISIL Assigns 'CRISIL B-' to INR7MM Term Loan
MURUDESHWAR CERAMICS: CRISIL Rates INR442.8MM Loan at 'CRISIL BB-'

P. K. AGRI: CRISIL Assigns 'CRISIL D' Rating to INR94.5MM Loan
PARAS POLY: CRISIL Puts 'CRISIL BB-' Rating on INR65MM Cash Credit
PHOTON ENERGY: CRISIL Places 'CRISIL BB' Rating on INR80MM Loan
PRESTIGE URBAN: CRISIL Rates INR350MM Cash Credit at 'CRISIL B'
PRITY TUBES: CRISIL Rates INR350MM Cash Credit at 'CRISIL BB'

RAJAN JEWELLERY: CRISIL Rates INR70MM Cash Credit at 'CRISIL B+'
RUDRANEE INFRASTRUCTURE: CRISIL Rates INR120MM Loan at 'CRISIL BB-'
SAGAR BUSINESS: CRISIL Assigns 'CRISIL BB-' Rating to INR5MM Loan
SAUDAGAR ENTERPRISES: CRISIL Reaffirms CRISIL D Rating on Loans
SHARU INDUSTRIES: CRISIL Puts 'CRISIL BB' Rating on INR40MM Loan

SHREE SITA: CRISIL Reaffirms 'CRISIL BB+' Rating on INR48MM Loan
SOLITAIRE TEXFAB: CRISIL Cuts Rating on INR40MM Loan to 'CRISIL B+'
SRI VENKATESH: CRISIL Cuts Rating on INR200MM Loan to 'CRISIL BB'
SURYA PELLE: CRISIL Rates INR100MM Cash Credit at 'CRISIL BB'
WEST END: CRISIL Rates INR150MM Rupee Term Loan at 'CRISIL BB+'


I N D O N E S I A

UNIFLORA PRIMA: S&P Withdraws 'B-' Long Term Corp. Credit Rating


J A P A N

CHELSEA ASSET: Moody's Downgrades Rating on Class F Cert. to 'Caa3'
MSP II: Moody's Assigns Ratings to Loan-Backed Transactions
SHINSEI TB: Fitch Rates JPY2.05BB Mezzanine BIs 3 at 'BBsf'
TOKYO ELECTRIC: Compensation Bill Seeks Shareholders' Cooperation


K O R E A

HYNIX SEMICON: Shareholders to Take Final Bids in Mid-September
KOREA EXCHANGE: Seoul Court Orders Arrest of Lone Star's Ex-Chief
KOREA EXCHANGE: Eximbank to Offload 6.25% Stake in KEB
KUMHO ASIANA: Kumho Industrial to Sell Shares in Daewo Eng'g.


N E W  Z E A L A N D

CENTURY CITY: Owner Loses Control of CBD Parking Property
HURLSTONE EARTHMOVING: 20 Jobs at Risk Following Receivership
SOUTH CANTERBURY: SFO Probes Ex-CEO "Golden Handshake" Deal


P H I L I P P I N E S

BANCO FILIPINO: PDIC Starts Releasing Last Batch of Payouts


S I N G A P O R E

ADMIRALTY INDUSTRIAL: Creditors' Proofs of Debt Due August 22
CBOT SINGAPORE: Creditors' Proofs of Debt Due August 18
GRANDIS EMS: Creditors' Proofs of Debt Due August 1
INTERNATIONAL ASSOCIATED: Creditors' Proofs of Debt Due August 22
JASON COMMUNICATIONS: Members' Final Meeting Set for August 26

LILLY SINGAPORE: Creditors' Proofs of Debt Due August 18


S R I  L A N K A

SRI LANKA TELECOM: Fitch Upgrades Issuer Default Rating to 'BB-'
* SRI LANKA: Fitch Rates Upcoming Global Bonds at 'BB-(exp)'


V I E T N A M

ASIA COMMERCIAL: Fitch Assigns 'B' Issuer Default Rating
JOINT-STOCK COMMERCIAL: Fitch Affirms, Withdraws Individual Rating
SAIGON THUONG: Fitch Assigns 'B' Issuer Default Rating
VIETNAM BANK: Fitch Assigns 'B' Issuer Default Rating
VIETNAM JOINT-STOCK: Fitch Assigns 'B' Issuer Default Rating


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


AXIA MODERN: In Liquidation; Owes Artists More Than AUD1 Million
----------------------------------------------------------------
brisbanetimes.com.au reports that Melbourne gallery Axia Modern Art
has gone into liquidation, owing artists, investors and
art-world specialists more than AUD1.5 million, with a meeting of
creditors held Monday.

The insolvency, says brisbanetimes.com.au, spells the end of a
shopfront gallery in High Street, Armadale, and Australian Art
Resources, a consultancy specializing in corporate art and public
sculpture commissions.  Well-known sculptors Dean Bowen and
Greg Johns are among the artists left with thousands of dollars
owed for the sale of artworks, the report discloses.

Citing documents released by the liquidator, brisbanetimes.com.au
notes that Axia director Victor Stafford and son Matthew, who
managed Australian Art Resources, are each claiming losses of
AUD250,000 plus outstanding wages of AUD2,000.  Other unsecured
creditors include Andrew Downe, from the North Shore Sydney suburb
of Mosman, owed AUD500,000, the Jewish Museum and the boutique
Tolarno Hotel in St Kilda.

According to brisbanetimes.com.au, Greg Johns, owed more than
AUD60,000, said it is the loss to the art world that is most acute.
"It's not just the financial aspect for me," the report quotes Mr.
Johns as saying.  "Matt's involvement in public sculpture in
Melbourne was highly beneficial."

But many other artists who had placed works on consignment are
angry, the report relates.

brisbanetimes.com.au relates that specialist accountant Tom
Lowenstein, of Lowenstein's Art Management, is acting for eight
artists among the creditors.  They have been reassured that
consigned works will be returned, but are unlikely to receive any
money once the business is wound up, brisbanetimes.com.au notes.


BURRUP FERTILISERS: Bidding for Firm Ends, Yara Awaits Final Price
------------------------------------------------------------------
Elisabeth Behrmann at Bloomberg News reports that PPB Advisory said
final bids for Burrup Fertilisers Pty was due on July 22.

Yara International ASA (YAR), which has the right to match any
offers, said it will first assess the price, according to
Bloomberg.

"There has been a huge amount of activity in the data room.  We
will take two to three weeks to analyze the bids," the report
quoted Ian Carson, a Melbourne-based partner at receiver PPB
Advisory, which is managing the sale, as saying.

PPB Advisory said in January it received more than 20 "serious
enquiries," Bloomberg recounts.

Yara International, which owns 35% of Burrup Fertilisers' parent,
Burrup Holdings Ltd., is studying taking full ownership, the Oslo-
based company said Feb. 15.

"We haven't put in a bid," Asle Skredderberget, a Yara spokesman,
told the news agency in a telephone interview.  "We're awaiting the
development of the process to see what the price will be," he
added.

Bloomberg, citing The Australian, notes that Burrup Fertilisers may
fetch AU$1 billion (US$1.1 billion).

Bloomberg relates that the potential bidders for the firm are
Incitec Pivot Ltd. (IPL), Australia's largest fertilizer maker, and
Orascom Construction Industries, Egypt's biggest publicly traded
builder.

Headquartered in Karratha in Western Australia, Burrup Fertilisers
Pty Ltd -- http://www.bfpl.com.au/-- is Australia's largest
ammonium producer.  The company has a production capacity of 850-
tonnes of liquid ammonia a year.

                             *     *     *

As reported in the Troubled Company Reporter on Dec. 20, 2010, The
Australian reports that Burrup Fertilisers Pty Ltd has been placed
into receivership with debts of about AU$800 million.  ANZ Bank on
Friday appointed PPB Advisory as receivers to Burrup Fertilisers.
The Australian related that ANZ has also appointed the same
receivers, PPB Advisory, over shares held by members of the Oswal
Group in related company Burrup Holdings.  The bank is alleging
"evidence of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian says.


SMART SERIES: Fitch Rates AUD15.82MM Class E Notes at 'BBsf'
------------------------------------------------------------
Fitch Ratings has assigned SMART Series 2011-2US Trust notes final
ratings.  The transaction is an asset-backed securitization backed
by automotive lease receivables originated by Macquarie Leasing Pty
Limited.

   -- USD108,000,000 Class A-1 notes: 'F1+sf';

   -- USD84,000,000 Class A-2a notes: 'AAAsf'; Outlook Stable;
      Loss Severity rating at 'LS1';

   -- USD84,000,000 Class A-2b notes: 'AAAsf'; Outlook Stable;
      Loss Severity rating at 'LS1';

   -- USD74,400,000 Class A-3a notes: 'AAAsf'; Outlook Stable;
      Loss Severity rating at 'LS1';

   -- USD96,000,000 Class A-3b notes: 'AAAsf'; Outlook Stable;
      Loss Severity rating at 'LS1';

   -- USD153,600,000 Class A-4a notes: 'AAAsf'; Outlook Stable;
      Loss Severity rating at 'LS1';

   -- AUD14,243,000 Class B notes: 'AAsf'; Outlook Stable; Loss
      Severity rating at 'LS3';

   -- AUD17,408,000 Class C notes: 'Asf'; Outlook Stable; Loss
      Severity rating at 'LS3';

   -- AUD15,825,000 Class D notes: 'BBBsf'; Outlook Stable; Loss
      Severity rating at 'LS3';

   -- AUD15,825,000 Class E notes: 'BBsf'; Outlook Stable; Loss
      Severity rating at 'LS3'; and

   -- AUD6,331,000 seller notes: 'not rated'.

The notes have been issued by Perpetual Trustee Company Limited as
trustee for SMART Series 2011-1US Trust. SMART Series 2011-2US
Trust is a legally distinct trust established pursuant to a master
trust and security trust deed.

At the cut-off date, the Macquarie Leasing's representative
collateral portfolio consisted of 18,010 automotive lease
receivables totalling approximately AUD633.0m, with an average size
of AUD35,148.  The pool comprises passenger and light commercial
vehicle lease receivables from Australian residents across the
country, consisting of amortizing principal and interest leases
with varying balloon amounts payable at maturity. The weighted
average balloon payment for the portfolio is 26.3% (percentage of
leases' original balance). The majority of leases consist of
novated contracts (54.1%), where the lease is novated to the
employer in salary packaging arrangements. Historical gross loss
rates by quarterly vintage on passenger vehicle leases originated
by Macquarie Leasing ranged between 0.6% and 1.5%, and from 0.5% to
4.0% for light commercial.

The Short-Term 'F1+sf' Rating assigned to the Class A-1 notes and
the Long-Term 'AAAsf' Rating with Stable Outlook assigned to the
Class A-2a, A-2b, A-3a, A-3b and A-4a notes, are based on: the
quality of the collateral; the 11.0% credit enhancement provided by
the subordinate Class B, C, D and E notes and the unrated seller
notes and excess spread; the liquidity reserve account sized at
1.0% of the aggregate invested amount of the notes at closing; the
interest rate swap arrangements the trustee has entered into with
Macquarie Bank Ltd ('A+'/Outlook Stable/'F1'); and Macquarie
Leasing Pty Ltd's lease underwriting and servicing capabilities.

The ratings assigned to the other classes of notes are based on all
the strengths supporting the Class A notes, excluding their credit
enhancement levels, but including the credit enhancement provided
by each class of notes' respective subordinate notes.

The expected 'AAA(EXP)sf' ratings assigned to the Class A-4b notes
were withdrawn as these notes were not issued.


SONRAY CAPITAL: CEO Faces Jail Time, Pleads Guilty
--------------------------------------------------
The Australian reports that the chief executive of finance firm
Sonray Capita, Scott Murray, is facing jail for stealing funds and
making fake account entries worth millions of dollars.

Scott Kenneth Murray, 33, pleaded guilty to 10 deception charges in
the Victorian Supreme Court on Monday after the broker collapsed in
June last year, owing clients AUD47 million, according to The
Australian.  The charges admitted to by Mr. Murray include six
counts of false accounting, two of theft, and one each of obtaining
financial advantage by deception and misleading an auditor.

The offences occurred between May 2007 and June last year while Mr.
Murray was chief executive, prosecutor Gregory Lyon SC said at the
pre-sentence hearing.

The Australian notes that most of the charges relate to Mr.
Murray's creation of account entries showing false deposits and
withdrawals totalling millions of dollars.  Mr. Murray has also
been alleged to have withdrawn AUD266,000 and paid it to himself or
his bank accounts.

According to The Australian, Mr. Lyon called the crimes a "serious
example of serious offending" deserving 5 to 6 1/2 years' jail,
with a minimum of 3 1/2 to 4 1/2 years.  He said the need to deter
others was a significant consideration in sentencing but said Mr.
Murray was entitled to a discount based on his co-operation and
early plea, The Australian adds.

                        About Sonray Capital

Based in Melbourne, Australia, Sonray Capital Markets --
http://www.sonray.com.au/-- specializes in online and advisory
services in global equities, global futures, global Contracts For
Difference (CFDs) and Margin Foreign Exchange.  The company has
operated since 2003 and employs about 70 people in offices in
Melbourne and on the Gold Coast.

In June 2010, Sonray Capital Markets Group appointed Ferrier
Hodgson partners George Georges and John Lindholm as voluntary
administrators.  Companies affected included Sonray Capital
Markets Pty Ltd, Sonray Capital Markets (Qld) Pty Ltd, Sonray
Capital Markets Nominees Pty Ltd, and Sonray Advisory Pty Ltd.
Ferrier Hodgson said the companies have ceased trading and the
approximately 3,000 client accounts have been suspended while the
administrators carry out an investigation into the circumstances
of the collapse.

In October 2010, the creditors of Sonray Capital Markets voted to
wind up the failed business, allowing the administrators to start
a mediation process.


VISTA MARIS: Receivers Put Coolangatta Development Site Up For Sale
-------------------------------------------------------------------
goldcoast.com.au reports that receivers have forced another Gold
Coast development site on the market, this time the 1,006 sqm site
at 60 Marine Pde, Coolangatta.  The site, which also bounds Dutton
St., has approval for a mixed-use 25-level tower.

According to goldcoast.com.au, the site is being sold by Vista
Maris, linked to Sydney man Dimitri Amargianitakis, who paid
AUD8.03 million for the property in March 2006.

The vacant site, which is being used as a carpark, will be offered
in an expressions-of-interest campaign that closes on August 2.

It is being marketed by Nick Corrie and Mark Witheriff of CB
Richard Ellis, goldcoast.com.au reports.

Vista Maris, says goldcoast.com.au, bought the site from a company
linked to Noel Holmes, which had held the property for 13 years
after buying it for AUD750,000.

Vista Maris Pty Ltd went into voluntary administration on May 11,
2011.


* AUSTRALIA: Key Properties in Receivership
-------------------------------------------
Tony Raggatt at Townsville Bulletin reports that many of
Townsville's key tourism and development properties are in
receivership and up for grabs.

Hotel M, the Ibis Hotel, and the Grand Mercure Apartments are just
a few of the properties which have been earmarked for sale,
according to Townsville Bulletin.  The report relates that agents
said the Palmer St hotel businesses are trading profitably but that
problems have occurred at an ownership level, which typically means
owners have been unable to meet payments on loans to the banks.

Townsville Bulletin discloses that receivers are also privately
saying that while receiverships in North Queensland have increased
significantly, many more are on the way, particularly for farming
businesses affected by the Federal Labor Government's decision to
ban live exports.

Townsville Bulletin notes that another big city property in
receivers' hands is Jarrod McCracken's Northtown, which could be
worth AU$25 million.

Agents said banks, unlike the 1990s recessions where they dropped
anything and everything, are much more considered in the approach;
have held back on foreclosing on many owners; and are encouraging
them to try to work through their difficulties, Townsville Bulletin
notes.



=========
C H I N A
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* CHINA: Fitch Affirms 'D/E', 'D' Individual Ratings on Banks
-------------------------------------------------------------
Fitch Ratings has assigned 11 Chinese banks Foreign Currency Issuer
Default Ratings (IDRs) and Support Rating Floors (SRFs).  It has
also upgraded another bank's IDR and revised up its SRF. The
Outlook on the IDRs is Stable. Fitch has further assigned a Short-
Term Foreign Currency IDR to another Chinese bank.

At the same time, the agency has assigned Viability Ratings (VRs)
to a total of 16 Chinese banks.

The assignment of IDRs for the Chinese banks coincides with the
introduction of VRs, which are intended to replace the Individual
Ratings over time. The frameworks for Viability Ratings and Support
Ratings are key components of the IDR aimed at enhancing
transparency.

The Long-term IDRs of all 16 Chinese commercial banks are
underpinned by expectations of state support, which Fitch believes
would be forthcoming to each bank in the event of stress, albeit
with varying degrees of timeliness and comprehensiveness. Fitch
expects China's five large state-owned commercial banks (SOCBs) to
receive the greatest amount of support due to their majority state
ownership and long track record of receiving central government
assistance, which is reflected in their '1' Support Ratings and
Long-term IDRs ranging from 'A' to 'A-'.

Smaller Chinese banks deemed by Fitch to be systemically important
and/or with minority government ownership -- ie, China Merchants
Bank, China CITIC Bank, and China Everbright Bank -- possess '2'
Support Ratings and have been assigned Long-term IDRs of 'BBB'. The
remainder of the Chinese commercial banks rated by Fitch are
considered to be less systemically important yet still of domestic
significance, and hence possess '3' Support Ratings and have been
assigned Long-term IDRs of 'BB+'. Taking into account Bank of
Shanghai's systemic importance relative to these other banks, Fitch
has upgraded the bank's Long-term IDR and SRF in line with similar
peers.

The agency's new Viability Rating scale for assessing the intrinsic
financial strength of banks is based on a wider, 20-notch scale
from 'aaa' to 'f', compared with the 10-notch Individual Rating
scale from 'A' to 'F'. The new scale provides enhanced granularity
regarding the standalone financial strength of a bank, as well as
greater clarity about the extent of uplift to the Long-term IDR
provided by expected government and/or institutional shareholder
support. Apart from the migration to a new scale, all other
elements of Fitch's rating methodology, processes and procedures
for assessing the intrinsic financial strength of banks remain
unchanged.

The VRs of China's 16 commercial banks range from 'bb' to 'b', with
the large SOCBs generally at the upper end of this range due to
their lower level of credit risk and strong deposit franchises. At
the same time, Fitch would expect the large SOCBs to benefit from a
flight to safety were China's banking sector to encounter serious
strains, given their implicit state guarantee and strong deposit
networks. Nonetheless, given their size, credit losses of SOCBs
could still be significant. Smaller Chinese banks with weaker
deposit franchises, more volatile balance sheets, and lower market
share have been assigned VRs ranging from 'b+' to 'b'.

Fitch has repeatedly highlighted risks to the medium-term asset
quality outlook for China's banking sector given the rapid growth
of credit since 2008, a large amount of which has been extended to
local government- and property-related borrowers, which have
questionable repayment capacity over the medium-term. This risk is
further underscored by elevated property prices in numerous Chinese
locales, and the banking sector's thin capital and burgeoning size.
At end-2010, China's banking sector was larger than the combined
size of the 42 other emerging market banking systems the agency
covers, as well as being the most thinly capitalized.

While these issues are already partially reflected in Chinese
banks' relatively low VRs, some VRs could come under downward
pressure if deterioration in asset quality threatening solvency or
liquidity/funding strains should reach the point of necessitating
significant and/or extraordinary government assistance. Similarly,
the banks' Long-term IDRs could be downgraded in the event of a
perceived deterioration in the ability or willingness of China's
central government to provide support to the banking sector.

The current ratings of China's 16 commercial banks are:

Industrial & Commercial Bank of China (ICBC):

   -- Short-Term Foreign-Currency IDR assigned at 'F1'

   -- Long-Term Foreign-Currency IDR affirmed at 'A'; Outlook
      Stable

   -- Viability Rating assigned at 'bb'

   -- Individual Rating affirmed at 'D'

   -- Support Rating affirmed at '1'

   -- Support Rating Floor affirmed at 'A'

Agricultural Bank of China (ABC):

   -- Long-term Foreign-Currency IDR assigned at 'A'; Outlook
      Stable

   -- Viability Rating assigned at 'b+'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '1'

   -- Support Rating Floor assigned at 'A'

China Construction Bank (CCB):

   -- Long-Term Foreign-Currency IDR: 'A'; Outlook Stable

   -- Short-Term Foreign-Currency IDR: 'F1'

   -- Viability Rating assigned at 'bb'

   -- Individual Rating: 'D'

   -- Support Rating: '1'

   -- Support Rating Floor: 'A'

Bank of China (BOC):

   -- Long-Term Foreign-Currency IDR: 'A'; Outlook Stable

   -- Short-Term Foreign-Currency IDR: 'F1'

   -- Viability Rating assigned at 'bb'

   -- Individual Rating: 'D'

   -- Support Rating: '1'

   -- Support Rating Floor: 'A'

Bank of Communications (BCOM):

   -- Long-Term Foreign-Currency IDR: 'A-'; Outlook Stable

   -- Short-Term Foreign-Currency IDR: 'F2'

   -- Viability Rating assigned at 'bb-'

   -- Individual Rating: 'D'

   -- Support Rating: '1'

   -- Support Rating Floor: 'A-'

China Merchants Bank (CMB):

   -- Long-Term Foreign-Currency IDR assigned at 'BBB'; Outlook
      Stable

   -- Viability Rating assigned at 'bb-'

   -- Individual Rating affirmed at 'D'

   -- Support Rating affirmed '2'

   -- Support Rating Floor assigned at 'BBB'

China CITIC Bank (CITIC):

   -- Long-Term Foreign-Currency IDR assigned at 'BBB'; Outlook
      Stable

   -- Viability Rating assigned at 'bb-'

   -- Individual Rating affirmed at 'D'

   -- Support Rating affirmed at '2'

   -- Support Rating Floor assigned at 'BBB'

China Everbright Bank (CEB):

   -- Long-Term Foreign-Currency IDR assigned at 'BBB'; Outlook
      Stable

   -- Viability Rating assigned at 'b+'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '2'

   -- Support Rating Floor assigned at 'BBB'

Shanghai Pudong Development Bank (SPDB):

   -- Long-Term Foreign-Currency IDR assigned at 'BB+'; Outlook
      Stable

   -- Viability Rating assigned at 'bb-'

   -- Individual Rating affirmed at 'D'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor assigned at 'BB+'

China Minsheng Banking Corporation (CMBC):

   -- Long-Term Foreign-Currency IDR assigned at 'BB+'; Outlook
      Stable

   -- Viability Rating assigned at 'bb-'

   -- Individual Rating affirmed at 'D'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor assigned at 'BB+'

Bank of Beijing (BOB):

   -- Long-Term Foreign-Currency IDR assigned at 'BB+'; Outlook
      Stable

   -- Viability Rating assigned at 'bb-'

   -- Individual Rating affirmed at 'D'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor assigned at 'BB+'

Bank of Shanghai (BOS):

   -- Long-Term Foreign-Currency IDR upgraded to 'BB+' from 'BB';
      Outlook Stable

   -- Short-Term Foreign-Currency IDR affirmed at 'B'

   -- Viability Rating assigned at 'bb-'

   -- Individual Rating affirmed at 'D'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor revised to 'BB+' from 'BB'

Industrial Bank (IND):

   -- Long-Term Foreign-Currency IDR assigned at 'BB+'; Outlook
      Stable

   -- Viability Rating assigned at 'b+'

   -- Individual Rating affirmed at 'D'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor assigned at 'BB+'

China Guangfa Bank Co., Ltd (GDB, previously Guangdong Development
Bank):

   -- Long-Term Foreign-Currency IDR assigned at 'BB+'; Outlook
      Stable

   -- Viability Rating assigned at 'b+'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor assigned at 'BB+'

Shenzhen Development Bank (SZDB):

   -- Long-Term Foreign-Currency IDR assigned at 'BB+'; Outlook
      Stable

   -- Viability Rating assigned at 'b+'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor assigned at 'BB+'

Hua Xia Bank (HXB):

   -- Long-Term Foreign-Currency IDR assigned at 'BB+'; Outlook
      Stable

   -- Viability Rating assigned at 'b'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '3'

   -- Support Rating Floor assigned at 'BB+'


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


CHI CHEUNG: Kin and Yuen Step Down as Liquidators
-------------------------------------------------
Ng Tze Kin and Yuen Shu Tong stepped down as liquidators of Chi
Cheung Finance Limited on July 6, 2011.


DR. WONG: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on July 22, 2011,
creditors of Dr. Wong Wing Hee Sacred Music Foundation Company
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Wan Choi Yam
         7/F, Chuang's Enterprises Building
         382 Lockhart Road
         Wanchai, Hong Kong


E. FAT: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------
At an extraordinary general meeting held on July 12, 2011,
creditors of E. Fat Investment Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Wong Leung Wai
         Room 2001-4, China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


EDMOND DE: Wan and Fung Step Down as Liquidators
------------------------------------------------
Dr. Terence Ho Yuen Wan and Henry Fung stepped down as liquidators
of Edmond De Rothschild Lippo Company Limited on July 11, 2011.


ELITE BUSINESS: Lui and Yuen Appointed as Liquidators
-----------------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun Frank on July 11, 2011, were
appointed as liquidators of Elite Business Machines Manufacturing
Company Limited.

The liquidators may be reached at:

         Kennic Lai Hang Lui
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


FAR EAST: Creditor' Meeting Set for July 30
-------------------------------------------
Members of Far East Refrigeration (Hong Kong) Limited will hold a
meeting on July 30, 2011, at 10:00 a.m., at 112 Lavender Street
#04-00, Far East Refrigeration Building, in Singapore 338728.


GUANGSHUI CIVIL: Sutton and Chiong Step Down as Liquidators
-----------------------------------------------------------
Roderick John Sutton and Desmond Chung Seng Chiong stepped down as
liquidators of Guangshui Civil Engineering Company Limited on
July 13, 2011.


HK DRAPERS: Members' Final Meeting Set for August 22
----------------------------------------------------
Members of The Hong Kong Drapers' Association Limited will hold
their final general meeting on Aug. 22, 2011, at Room 408, Summit
Insurance Building, 789 Nathan Road, in Kowloon, Hong Kong.

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


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


BALJEET SINGH: CRISIL Rates INR145MM Term Loan at 'CRISIL D'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan facility
of Baljeet Singh Education Society.

   Facilities                     Ratings
   ----------                     -------
   INR145 Million Term Loan       CRISIL D (Assigned)

The rating reflects instances of delay by BSES in servicing its
debt; the delays have been caused by the society's weak liquidity
primarily due to mismatch in cash flows.

BSES also has a weak financial risk profile, marked by weak debt
protection metrics, high gearing and low net worth, its
vulnerability to regulatory risks associated with educational
institutions, limited track record and exposure to risks related to
its start-up nature of operations. These weaknesses are partially
offset by the healthy growth in BSES's revenues due to ramp up in
operations and the healthy demand prospects for the education
sector.

                          About Baljeet Singh

Set up in 2007, BSES runs an institute called Global Institute of
Technology and Management, which offers engineering and management
courses. The institute, located in Gurgaon (Haryana), is approved
by All India Council for Technical Education, Directorate of
Technical Education, Government of Haryana, and is affiliated to
Maharshi Dayanand University, Rohtak (Haryana). It has a campus
sprawling over 18.5 acres of land with hostel facilities, a
library, transport, medical facilities, an auditorium, laboratories
and playgrounds. The institute offers degrees in five engineering
streams, along with graduate and post-graduate courses in
management.

BSES reported a loss of INR10.8 million on net sales of INR52.8
million for 2010-11 (refers to financial year, April 1 to
March 31) on provisional basis, as against a loss of INR20.5
million on net sales of INR18.6 million for 2009-10.


ENKON PVT: CRISIL Assigns 'CRISIL BB-' Rating to INR15MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-term
bank facilities of Enkon Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR15 Million Term Loan       CRISIL BB-/Stable (Assigned)
   INR50 Million Cash Credit     CRISIL BB-/Stable (Assigned)

The rating reflects extensive industry experience of EPL's
promoters and the company's established position in out-of-home
(OOH) advertising market in Kolkata (West Bengal).  These rating
strengths are partially offset by EPL's below-average financial
risk profile, marked by small net worth, moderate gearing and debt
protection metrics, and large working capital requirements, small
scale of operations in the highly competitive advertising industry,
and susceptibility to economic downturns.

Outlook: Stable

CRISIL believes that EPL will continue to benefit from its
promoters' extensive experience in the OOH advertising market in
Kolkata, over the medium term. The outlook may be revised to
'Positive' in case of an improvement in EPL's liquidity, driven by
better-than-expected working capital management or more-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' in case there is pressure on liquidity on account of
larger-than-expected incremental working capital requirements or
large debt-funded capital expenditure programme.

                       About Enkon Pvt

Incorporated in 2002, EPL is primarily engaged in OOH business. The
company operates in West Bengal, Orissa and Maharashtra. In 2010-11
(refers to financial year, April 1 to March 31), West Bengal
contributed about 90% of EPL's revenues, while Orissa and
Maharashtra contributed the rest. Under its OOH division, EPL is
present in the bill board, street furniture, light-emitting diode
(LED) display, and mall and multiplex advertisement segments. Bill
board segment contributes about 60% of the company's revenues,
street furniture segment contributes about 25%, LED display about
10%, and mall and multiplex advertisements about 5%.

EPL's profit after tax (PAT) and net sales are estimated at INR15.2
million and INR210.3 million respectively for 2010-11; it reported
a PAT of INR14.7 million on net sales of INR177.6 million for
2009-10.


FIRST WINNER: CRISIL Cuts Rating on INR180MM Loan to 'CRISIL B+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of First
Winner Industries Ltd, to 'CRISIL B+/Negative/CRISIL A4' from
'CRISIL BB/Negative/CRISIL A4+'.

   Facilities                       Ratings
   ----------                       -------
   INR180.0 Million Term Loan       CRISIL B+/Negative
                                    (Downgraded from 'CRISIL
                                    BB/Negative')

   INR65.0 Million Cash Credit      CRISIL B+/Negative
                                    (Downgraded from 'CRISIL
                                    BB/Negative')

   INR9.0 Million Standby Line      CRISIL B+/Negative
                     of Credit      (Downgraded from 'CRISIL
                                    BB/Negative')

   INR30.0 Mil. Letter of Credit    CRISIL A4
                                    (Downgraded from 'CRISIL A4+')

The downgrade reflects the group's weak liquidity with its cash
accruals in 2011-12 (refers to financial year, April 1 to
March 31) expected to tightly match its term debt obligations
maturing in that year, and bank limits remaining fully utilized.
The operating margin of the group continued to remain low at 3.2%
in 2010-11 with the group not utilizing the enhanced capacity for
manufacturing and continuing to derive 97% of its revenues from the
trading business, where margins are low.  The low operating margins
have resulted in depressed cash accruals of INR144 million in
2010-11 and its cash accruals in 2011-12 would tightly match the
term debt repayment obligations of INR190 million maturing in that
year. The low cash accruals and large working capital requirements
have resulted in the group's bank limits being fully utilized over
the last twelve months ended May 2011.

The rating reflects the First Winner group's depressed cash
accruals and large working capital requirements, leading to weak
liquidity, and the competitive and commoditized nature of the
industry. These weaknesses are partially offset by the group's
moderate gearing levels and its established market position in the
textile fabrics trading industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of FWIL, and FWIL's three wholly owned
subsidiaries ? Ramshyam Textile Industries Ltd and First Winner
Lifestyle Ltd and Pal Trading Company Pvt Ltd ? and three
associates, Rikosh Fashions Pvt Ltd, Solitaire Texfeb & Traders Pvt
Ltd and Firstwinner Textiles (India) Private Limited on account of
significant operational, management and financial synergies. These
entities collectively constitute the First Winner group.

Outlook: Negative

CRISIL believes that the First Winner group's liquidity would
remain weak over the medium term on the back of its depressed cash
accruals and large working capital requirements. The ratings may be
downgraded if the First Winner group's profitability declines from
the current levels thereby adversely affecting the debt servicing
ability of the group or if it undertakes any further large, debt-
funded capital expenditure programme or diversification, thereby
impacting its financial risk profile, Conversely, the outlook may
be revised to 'Stable' if the First Winner group's there is a
substantial improvement in its operation margins, while maintaining
its revenue growth or there is an improvement in group's working
capital management.

                          About the Group

Set up by Mr. Rinku Patodia and his wife, Mrs. Anita Patodia, the
First Winner group trades in textile fabrics and also undertakes
weaving of fabrics on a job-work basis. Mr. Patodia began broking
in fabrics in 1999, and started trading operations in 2003, through
FWIL. The group's manufacturing operations were set up under RTIL
in April 2005 with 48 looms. In 2006-07, 100 more looms were set up
under FWIL, and 48 new looms were set up under FWLL. FWIL raised
INR687.5 million through an initial public offering (IPO) in July
2008 to fund expansion of capacities in the weaving unit, set up an
apparel manufacturing unit, and prepay its existing term loans.
Currently, the group has an total installed capacity to manufacture
42.3 million meter grey fabrics per annum, which is currently
utilized for executing job work for fabric and garment
manufacturers. The group derives around 97% of its revenues from
trading of grey fabric.

The First Winner group, on a provisional basis, reported a profit
after tax (PAT) of INR76.7 million on net sales of INR11.1 billion
for 2010-11, against a reported PAT of INR56.0 million on net sales
of INR7.7 billion for 2009-10.


HERMAN PROPERTIES: CRISIL Places CRISIL B+ Rating on INR250MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Herman Properties Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR250 Million Term Loan           CRISIL B+/Stable (Assigned)
   INR50 Million Overdraft Facility   CRISIL B+/Stable (Assigned)

The ratings reflect HPL's significant dependence on real estate
demand and customer advances for timely completion of its ongoing
project and its susceptibility to risks related to the real estate
industry. These rating weaknesses are partially offset by HPL's
promoters' established track record in construction industry.

Outlook: Stable

CRISIL believes that HPL will scale up its operations gradually,
supported by its experienced promoters. The financial risk profile
of the company is expected to remain moderate, marked by moderate
gearing and weak debt protection metrics. The outlook may be
revised to 'Positive' in case HPL completes and markets its project
without time overrun or more-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
less-than-expected customer advances from the project, leading to
time and cost overrun in the project and deterioration in debt
servicing ability, or more-than-expected debt-funding of new
projects, leading to weakening in capital structure.

                     About Herman Properties

Incorporated in 1986, HPL is promoted and managed by Mr. K P S
Kukreja and Mr. J P S Kukreja. The company has constructed
residential, industrial, commercial complexes and schools, with a
total developed area of over 0.3 million square feet. It is
currently developing residential projects in Kurukshetra (Haryana)
and Punjabi Bagh (Delhi).

HPL reported a profit after tax (PAT) of INR7 million on net sales
of INR259 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a PAT of INR6 million on net sales of INR251
million for 2008-09.


HI-TECH SWEET: CRISIL Reaffirms 'CRISIL BB-' Rating on INR82MM Loan
-------------------------------------------------------------------
CRISIL's rating on the bank facilities of Hi-Tech Sweet Water
Technologies Pvt Ltd continue to reflect Hi-Tech's established
relationships with suppliers, and the benefits the company is
likely to derive from backward integration of its operations into
manufacturing reverse osmosis (RO) components. These strengths are
partially offset by Hi-Tech's sizeable debt, weak debt protection
metrics, small net worth, and exposure to risks inherent in the
trading business.

   Facilities                             Ratings
   ----------                             -------
   INR140.0 Million Cash Credit Limit     CRISIL BB-/Stable
                                          (Reaffirmed)

   INR82.0 Million Term Loan Facility     CRISIL BB-/Stable
                                          (Reaffirmed)

Outlook: Stable

CRISIL expects Hi-Tech's financial risk profile to remain weak
because of the company's highly leveraged capital structure; Hi-
Tech relies on debt for funding its incremental working capital
requirements, and has also funded its recent large capital
expenditure through debt. The outlook could be revised to
'Positive' if Hi-Tech reports higher-than-expected profitability
and revenue on the back of the in-house RO components manufacturing
plant, and efficient handling of working capital requirements,
leading to improvement in its financial risk profile. Conversely,
the outlook could be revised to 'Negative' if there are delays in
stabilization of operations of Hi-Tech's backward integration unit,
adversely affecting its liquidity, or if the company raises more
debt, thus adversely affecting its financial risk profile

Update

Hi-Tech's performance in 2009-10 was in line with CRISIL's
expectation. In 2009-10, Hi-Tech's net revenues increased by 57.6%
(year-on-year) to INR798 million and its profitability improved
marginally by 140 basis points (bps) to 6.5% (year-on-year).

For 2010-11, Hi-Tech's sales are estimated at INR1050 million, a
year-on-year growth of 32%. The growth in sales has been driven by
increase in capacity to manufacture RO components and RO membrane
assembly unit to meet incremental demand. Operating margin is
expected to improve slightly to around 7% for 2010-11.

Hi-Tech's working capital requirement increased during 2010-11
because of increase in debtor period to around 115 days from 60
days in 2009-10. Debtor level increased because of extended credit
period offered by the company to its distributors and customers due
to intense competition in the industry. Bank limit utilization was
around 81% on an average for the 12 months ended May 2011; bank
limit has been enhanced by INR110 million to INR250 million in
December 2010.

Hi-Tech's capex was INR180 million in 2009-10 and 2010-11, funded
through term loan of INR135 million, internal accruals and equity
infusion. The company's promoters have made equity infusion of
INR55 million in 2010-11.

Hi-Tech reported a profit after tax (PAT) of INR22.4 million on net
sales of INR794 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR8.6 million on net sales
of INR503 million for 2008-09.

                         About Hi-Tech Sweet

Hi-Tech was incorporated in 1999 and promoted by Mr. Vijay Sobhalal
Shah and Mr. Satish Dhanraj Agarwal. The company manufactures
commercial, domestic, and industrial RO-based water purification
systems. Its product profile includes water purification systems
ranging from a capacity of 10 litres per hour (lph) to 40 lph in
the domestic segment, and 40 lph to around 15,000 lph in the
industrial segment. The company also trades in imported RO
components, such as membranes, cartridges, and filters.


JAJODIA EXPORTS: CRISIL Rates INR40MM Cash Credit at 'CRISIL B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Jajodia Exports.

   Facilities                         Ratings
   ----------                         -------
   INR40.0 Million Cash Credit        CRISIL B+/Stable (Assigned)

   INR14.7 Mil. Proposed Long-Term    CRISIL B+/Stable (Assigned)
                Bank Loan Facility

   INR85.0 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect Jajodia Exports' weak financial risk profile,
marked by low net worth, high gearing and moderate debt protection
metrics, and its exposure to inventory and foreign exchange (forex)
rate fluctuations. These rating weaknesses are partially offset by
Jajodia Exports' moderate business risk profile, supported by its
established marketing network.

Outlook: Stable

CRISIL expects Jajodia Exports' credit risk profile to remain
stable over the medium term, backed by moderate revenue growth and
lack of any major term loan repayment obligation. The outlook may
be revised to 'Positive' in case of substantial capital infusion
and/or sustained improvement in the firm's operating profitability.
Conversely, the outlook may be revised to 'Negative' if the firm's
profitability declines significantly due to raw material price
volatility or stretching of working capital requirements or in case
any large debt-funded capital expenditure (capex) materially
impacts its debt protection metrics.

                      About Jajodia Exports

Jajodia Exports, a partnership firm set up in 1999 by Mr. Jagdish
Prashad Jajodia, trades in agriculture machinery (used for
irrigation purposes) imported from China, as well as trades and
exports pulses, fruits, vegetables, and coal. The firm's total
sales comprise selling of imported products in West Bengal and
Bihar (75%), trading of domestic products in India and exporting to
Bangladesh.


K. G. CHAINS: CRISIL Rates INR250MM Cash Credit at 'CRISIL BB+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the cash
credit facility of K.G. Chains Pvt Ltd.

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

   * Interchangeable with gold loan the extent of INR225 Million
     and letter of credit to the extent of INR100 Million.

The rating reflects KGC's modest financial risk profile, marked by
small net worth and weak debt protection metrics, and its exposure
to risks related to intense competition and geographic
concentration in its revenue profile. These weaknesses are
partially offset by KGC's established market position in the gold
jewellery business and its promoters' extensive industry
experience.

Outlook: Stable

CRISIL believes that KGC will continue to benefit from its
promoters' extensive experience in gold jewellery manufacturing and
trading, over the medium term. The outlook may be revised to
'Positive' if the company's financial risk profile improves
substantially, led by large equity infusion or significant increase
in profitability. Conversely, the outlook may be revised to
'Negative' if KGC's capital structure and liquidity deteriorate,
most likely because of incremental inventory.

                       About K.G. Chains

Incorporated in 2009, KGC is promoted by Mr. Kalpesh G Choksi and
Mr. Alpa Choki, and is based out of Ahmadabad (Gujarat). The Choksi
family has been in the gold jewellery business for more than 50
years. Mr. Kalpesh Choksi's father, two brothers and a sister are
also in the jewellery businesses, through separate entities.

In 2010-11, the company acquired a proprietary concern KG
Jewellers. KG Jewellers started operations in 1987 by trading in
gold ornaments and moved on to manufacture gold ornaments. The
manufacturing facility began operations in 2004 and has a capacity
to produce around 900 grams per day of gold ornaments in case of
big designs and around 500 grams per day in case of more intricate
designs. It sells to wholesalers and retailers in Gujarat. The
merged entity, KGC is expected to manufacture 90% of its sales at
its own manufacturing facility, which employs around 15 artisans
and two jewellery designers. The merged entity is expected to have
revenues of around INR1 billion in 2011-12.


MAHESH AGRO: Fitch Withdraws 'B-(ind)nm' National LT Rating
-----------------------------------------------------------
Fitch Ratings has withdrawn India-based Mahesh Agro Private
Limited's 'B-(ind)nm' National Long-Term rating.  Simultaneously,
the agency has withdrawn MAPL's bank loan ratings:

   -- Fund-based working capital limits of INR450m: 'B-
      (ind)nm'/'F4(ind)nm'; rating withdrawn; and

   -- Non-fund based working capital limits of INR300m:
      'F4(ind)nm'; rating withdrawn.

The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or analytical
coverage of MAPL.

Fitch migrated MAPL to the non-monitored category in January 2011.


MANISH INT'L: CRISIL Assigns 'CRISIL B-' to INR7MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
Manish International's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR7 Million Term Loan           CRISIL B-/Stable (Assigned)

   INR5.5 Million Standby Line      CRISIL A4 (Assigned)
                     of Credit

   INR35 Million Post Shipment      CRISIL A4 (Assigned)
                       Credit
   INR12.5 Million Packing Credit   CRISIL A4 (Assigned)

The ratings reflect MI's below-average financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, large working capital requirements, and exposure to risks
related to small scale of operations and intense competition in the
building hardware industry. These rating weaknesses are partially
offset by experience of MI's partners in the building hardware
industry, and its established relationships with customers.

Outlook: Stable

CRISIL believes that MI will continue to benefit from its
promoters' experience and established customer relationships. The
firm's financial risk profile will, however, remain weak and its
scale of operations will remain small over the medium term. The
outlook may be revised to 'Positive' if MI improves its liquidity
and financial risk profile driven by significant improvement in its
accruals. Conversely, the outlook may be revised to 'Negative' if
the firm's liquidity and financial risk profile deteriorates
further on account of large working capital requirements.

                  About Manish International

Set up in 1985 as a partnership firm by the Gaur family of Aligarh,
MI manufactures and exports building hardware. The firm's product
profile comprises of architectural hardware like door knobs,
handles, and door fittings with manufacturing facility in Aligarh
(Uttar Pradesh).

The firm exports mainly to the UK, Ireland, and Germany. The
promoter family also manages two proprietary concerns having
similar product lines, Manish Products and Manish Exports. MI has
extended support to the extent of INR8.44 million to these two
concerns (Rs.1.16 million to Manish Exports and INR7.28 million to
Manish Products).

MI reported a profit after tax (PAT) of INR4 million on net sales
of INR121 million for 2010-11 (refers to financial year, April 1 to
March 31), against a PAT of INR4 million on net sales of INR132
million for 2008-09.


MURUDESHWAR CERAMICS: CRISIL Rates INR442.8MM Loan at 'CRISIL BB-'
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Murudeshwar Ceramics Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR442.8 Million Cash Credit     CRISIL BB-/Stable (Assigned)
   INR329.2 Mil. Working Capital    CRISIL BB-/Stable (Assigned)
                    Demand Loan
   INR49.5 Million Bank Guarantee   CRISIL A4+ (Assigned)
   INR357 Million Letter of Credit  CRISIL A4+ (Assigned)

The ratings reflect the benefits that MCL derives from its
established market position in the ceramis and vitrified tiles
industry and its promoters' experience in the ceramic and vitrified
tiles industry. These ratings strengths are partially offset by
risks emanating from the intensely competitive environment in the
tiles industry and the high working capital intensity of MCL's
operations.

Outlook: Stable

CRISIL expects MCL to maintain a stable business profile on the
back of its established position in the ceramic and vitrified tiles
industry supported by the extension experience of its promoters.
The outlook may be revised to positive if MCC posts a significantly
higher than expected revenues and profitability, while improving
its working capital cycle and debt protection indicators. The
outlook will be revised to negative if MCL's liquidity further
deteriorates as indicated by an elongation of its working capital
cycle or deterioration in its debt servicing metrics.

                     About Murudeshwar Ceramics

Incorporated in 1983, MCL is a publicly listed company engaged in
the manufacture of glazed ceramic floor tiles, vitrified porcelain,
and natural granite slabs. The company is a part of the RN Shetty
group of companies, and has its registered office at Hubli
(Karnataka). MCL markets its products under the Naveen brand. Its
manufacturing facilities in Hubli and Karaikal (Puducherry) have a
total production capacity of 75,000 tonnes per annum.

MCL posted PAT (profit after tax) of INR53 million on revenues of
INR1723 million for 2010?11 (refers to financial year, April 1 to
March 31), against a net loss of INR153 million on revenues of
INR1299 million for 2009?10.


P. K. AGRI: CRISIL Assigns 'CRISIL D' Rating to INR94.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities of
P.K. Agri Link Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR94.5 Million Rupee Term Loan     CRISIL D (Assigned)
   INR88.6 Million Cash Credit         CRISIL D (Assigned)
   INR19 Million Proposed Long-Term    CRISIL D (Assigned)
                 Bank Loan Facility
   INR2.4 Million Bank Guarantee       CRISIL D (Assigned)

The ratings reflect instances of delay by PKA in servicing its
debt; the delays have been caused by the company's weak liquidity.

PKA also has a weak financial risk profile, marked by moderate
gearing and weak debt protection metrics, high working capital
requirements, and exposure to risks related to operating in the
highly fragmented edible oil industry. These rating weaknesses are
partially offset by the extensive experience of PKA's promoters in
the rice industry.

                          About P.K. Agri

PKA was incorporated in 2008 by Mr. Keshab Kumar Halder and his
father for undertaking solvent extraction plant (crude rice bran
oil) from the germ and inner husk of the rice. In 2010-11 (refers
to financial year, April 1 to March 31), the company undertook a
capital expenditure programme of INR157.5 million for setting up
its oil extraction plant with a production capacity of 250 tonnes
per day (tpd). The firm is expected to start commercial operations
in 2011-12. The promoters also have interests in other entities;
namely, Sri Jatadhari Rice Mill Pvt Ltd (SJRMPL) and P K Cereals
Pvt Ltd (PKCPL) both of which, are engaged in rice milling.


PARAS POLY: CRISIL Puts 'CRISIL BB-' Rating on INR65MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Paras Poly Fab Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR65 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR34.7 Million Long-Term Loan    CRISIL BB-/Stable (Assigned)
   INR7.8 Mil. Proposed Long-Term    CRISIL BB-/Stable (Assigned)
               Bank Loan Facility
   INR42.5 Mil. Letter of Credit     CRISIL A4+ (Assigned)

This rating reflects extensive experience of PPPL's promoters in
industry. This rating strength is partially offset by PPPL's weak
financial risk profile, marked by subdued debt protection metrics,
low net worth and a leveraged capital structure.

Outlook: Stable

CRISIL believes that PPPL will maintain its moderate business risk
profile, backed by end-user industry demand; however, the company's
credit risk profile is expected to remain constrained by its
propensity for large debt-funded capital expenditure (capex). The
outlook may be revised to 'Positive' in case PPPL substantially
increases its scale of operations, leading to improvement in its
revenues and margins, while maintaining its debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case the company's financial risk profile deteriorates, owing to
decline in revenues, margins, leading to deterioration in its
working capital cycle, or in case it undertakes any larger-than-
expected debt-funded capex programme.

                        About Paras Poly

PPPL, set up by Mr. Rajeev Diwakar in 2006, manufactures
polypropylene bags and high density polyethylene (HDPE) bags.
PPPL's products find application in fertilizers, chemicals cement
industry. The company has an installed capacity of 4800 tonnes per
annum (tpa) at its manufacturing unit in Pithampur (Madhya Pradesh
[MP]); it has a registered office at Indore (MP).

PPPL reported on provisional basis a profit after tax (PAT) of
INR4.4 million on net sales of INR295.2 million for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of INR2.9
million on net sales of INR206.3 million for 2009-10.


PHOTON ENERGY: CRISIL Places 'CRISIL BB' Rating on INR80MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Photon Energy Systems Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR80 Million Cash Credit      CRISIL BB/Stable (Assigned)
   INR2 Million Proposed LT       CRISIL BB/Stable (Assigned)
         Bank Loan Facility
   INR300 Mil. Letter of Credit   CRISIL A4+ (Assigned)
   INR215.7 Mil. Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect Photon's established position in the market,
buoyancy in demand for solar energy systems, and its above-average
financial risk profile, marked by healthy gearing and debt
protection metrics. These strengths are partially offset by
susceptibility of Photon's turnover and margins to volatility in
raw material prices and to increased competition in the solar
energy system industry, and the company's working-capital-intensive
operations.

Outlook: Stable

CRISIL believes that Photon will continue to benefit over the
medium term from its established market position and its promoters'
extensive experience in manufacturing solar energy systems. The
outlook may be revised to 'Positive' if Photon increases its
revenues substantially while maintaining its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if the company undertakes a larger-than-expected debt-
funded capital expenditure programme, or there is a significant
decline in the number of projects undertaken by Photon, or any
significant delay in their installations results in a decline in
the company's revenues and profitability, thereby adversely
impacting its financial risk profile.

                       About Photon Energy

Photon was incorporated in 1995 by Mr. N Purushottam Reddy and his
family members. The company manufactures and assembles solar energy
systems at its facility in Hyderabad (Andhra Pradesh). The company
sources its major inputs like solar cells, black sheets, and
silicon wafers from third parties. The company derives majority of
its revenue from manufacturing solar water heater systems,
supplying solar photovoltaic module panels, importing solar cells,
and undertaking Engineering, Procurement and Construction contract
for setting up solar energy systems.


PRESTIGE URBAN: CRISIL Rates INR350MM Cash Credit at 'CRISIL B'
---------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' rating to the cash credit
facility of Prestige Urban Infratech Pvt Ltd, part of the SAS
group.

   Facilities                      Ratings
   ----------                      -------
   INR350.0 Million Cash Credit    CRISIL B/Stable (Assigned)

The rating reflects the SAS group's weak financial risk profile
marked by high gearing and weak debt protection metrics, exposure
to implementation-related risks in its large-scale ongoing real
estate projects, and geographic and customer concentration. These
rating weaknesses are partially offset by the company's good
reputation in Lucknow (Uttar Pradesh) and healthy growth in its
construction contracting business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PUIPL with its parent company, SAS
Hotels and Properties Pvt Ltd, and two other subsidiaries of SHPPL,
SAS Properties Pvt Ltd and SAS Construction Pvt Ltd.  This is
because PUIPL, SHPPL, SPPL, and SCPL, collectively referred to as
the SAS group, are in the same line of business and have a common
management.

Outlook: Stable

CRISIL believes that the SAS group will continue to face pressures
because of its increasing exposure to large-scale projects, leading
to its high gearing. The outlook may be revised to 'Positive' if
the group completes and sells its ongoing residential and real
estate projects without considerable time or cost overrun, or if it
significantly ramps up its revenues from construction contracting
business with maintenance in operating margins. Conversely, the
outlook may be revised to 'Negative' if the SAS group's cash
accruals decline because of reduction in real estate demand, or if
the group funds new projects with more-than-expected debt,
resulting in further deterioration in its capital structure and
debt protection metrics.

                         About the Group

Incorporated in 2009 as a 100% subsidiary of SHPPL, PUIPL is
engaged in the construction contracting business. PUIPL carries out
projects in Lucknow, with Lucknow Development Authority (LDA) as
its major customer (the company is a class 'A' contractor for LDA).
The day-to-day operations of PUIPL are managed by Mr. Abdullah
Masood, Mr. Khaled Masood, and Mr. Sanjay Seth.

SHPPL, the flagship company of the SAS group, started business
operations in 1988 as a contractor for construction and repair of
buildings. Such construction contracting activities were carried in
the company till 1998 after which the group started developing real
estate projects on its own. SHPPL undertakes its projects under the
brand Shalimar. Various projects completed by the company in past,
include Shalimar Square, Shalimar Apartments, and Shalimar Court.

SCPL is engaged in real estate development activities, while SPPL
carries out lease rental business through various commercial
properties it had constructed a few years ago.

For 2009-10 (refers to financial year, April 1 to March 31), PUIPL
reported a profit after tax of INR22.8 million on net sales of
INR 576.5 million.


PRITY TUBES: CRISIL Rates INR350MM Cash Credit at 'CRISIL BB'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the cash
credit facility of Prity Tubes Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR350 Million Cash Credit     CRISIL BB/Stable (Assigned)

The rating reflects extensive experience of PTPL's promoters in the
electric-resistance-welded (ERW) pipe segment. The rating also
reflects PTPL's below average financial risk profile marked by low
operating profitability leading to weak debt protection measures
and its exposure to intense competition in the (ERW) pipe segment.

Outlook: Stable

CRISIL believes that PTPL will maintain a comfortable business risk
profile, backed by its comfortable market position and promoters'
extensive experience. The outlook may be revised to 'Positive' in
case of improvement in operating profitability, leading to better
cash accruals and debt protection measures. Conversely, the outlook
may be revised to 'Negative' in case the company's turnover
declines significantly impacting its revenues and profitability, or
if it undertakes any large, debt-funded capital expenditure
programme, thereby adversely impacting its capital structure.

                         About Prity Tubes

PTPL, an ISO 9001-2000 certified company, was incorporated in 1999,
promoted by Mr. Subhash Sharma. It initially had an installed
capacity to manufacture 4000 tonnes per annum (tpa) of mild steel
black ERW pipes and tubes in Kolkata. The company has since
augmented its production capacity to 94,000 tpa. PTPL sells its
products under the brand name 'Prity'. The company also trades in
steel pipe fittings. These pipes are used in various industries,
such as agriculture, engineering, construction and irrigation
systems.

PTPL is expected to report a profit after tax (PAT) of INR10.72
million on sales of INR3.73 billion for 2010-11, against a PAT of
INR6.11 million on sales of INR2.46 billion for 2009-10.


RAJAN JEWELLERY: CRISIL Rates INR70MM Cash Credit at 'CRISIL B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Rajan Jewellery.

   Facilities                     Ratings
   ----------                     -------
   INR70 Million Cash Credit      CRISIL B+/Stable (Assigned)

The rating reflects RJ's exposure to risks related to the
implementation and commercialisation of it ongoing project, and
small scale of operations in the intensely competitive gold
jewellery segment. These rating weaknesses are partially offset by
the extensive industry experience of RJ's partners, and the healthy
demand for gold jewellery in Kerala.

Outlook: Stable

CRISIL believes that RJ will benefit over the medium term from its
established position in the gold jewellery market in Tiruvalla
(Kerala). The outlook may be revised to 'Positive' if RJ reports
more-than-expected cash accruals, most likely because of sooner-
than-expected commissioning of its ongoing project resulting in
significant improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if RJ undertakes a larger-
than-expected, debt-funded capital expenditure programme, or if the
commercialization of its ongoing project gets delayed.

                      About Rajan Jewellery

Set up in 1933 and promoted by Mr. G Pradeep Kumar and family,
Rajan Jewellery is a gold jewellery retailer in Kerala. The firm
commenced operations from a 500-square-feet (sq ft) rented premise
in Tiruvalla. In October 2005, the firm constructed its own
showroom covering an area of 7000 sq ft in Tiruvalla and moved its
entire operations.

RJ is currently expending a capital of INR249 million, funded by a
debt-to-equity mix of 4:1 for setting up new jewellery and textile
showrooms in Ador (Kerala). The showroom is expected to become
operational by the end of 2011-12 (refers to financial year,
April 1 to March 31).

RJ reported a profit after tax (PAT) of INR20.7 million on net
sales of INR211.5 million for 2009-10, against a PAT of INR8.7
million on net sales of INR113.6 million for 2008-09.


RUDRANEE INFRASTRUCTURE: CRISIL Rates INR120MM Loan at 'CRISIL BB-'
-------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Rudranee Infrastructure Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR120 Million Term Loan         CRISIL BB-/Stable (Assigned)
   INR520 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR170 Million Bank Guarantee    CRISIL A4+ (Assigned)
   INR20 Mil. Proposed Short-Term   CRISIL A4+ (Assigned)
               Bank Loan Facility

The ratings reflect operational support that Rudranee is expected
to receive from its parent, Supreme Infrastructure India Ltd
(Supreme), Rudranee's established position in the infrastructure
industry, and its sizeable order book. These rating strengths are
partially offset by the Rudranee's modest financial risk profile
marked by moderate gearing and weak debt protection metrics, and
its working-capital-intensive operations.

Outlook: Stable

CRISIL believes that Rudranee will maintain its moderate business
risk profile over the medium term, supported by operational support
from Supreme. The outlook may be revised to 'Positive' if Rudranee
reports higher-than-expected revenue growth and maintains its
profitability, while efficiently managing its working capital.
Conversely, the outlook may be revised to 'Negative' if Rudranee
faces significant delays in delivering orders, or if its capital
structure weakens because of large, debt-funded capital expenditure
or more-than-expected increase in working capital borrowings.

                  About Rudranee Infrastructure

Set up in 1993 as a partnership firm, Rudranee was reconstituted as
a public limited company in 2007. On June 30, 2011, Supreme bought
51% of Rudranee's equity shares for INR180 million, thereby making
Rudranee its subsidiary. Rudranee executes projects in the roads,
irrigation, civil construction, and water management segments. The
company had an order book of INR7.50 billion as on May 31, 2011.

Rudranee reported a profit after tax (PAT) of INR27.60 million on
net sales of INR1.11 billion for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR38.02 million on net
sales of INR1.06 billion for 2008-09. The company's revenues for
2010-11 are estimated at INR1.27 billion.


SAGAR BUSINESS: CRISIL Assigns 'CRISIL BB-' Rating to INR5MM 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
authorised 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.


SAUDAGAR ENTERPRISES: CRISIL Reaffirms CRISIL D Rating on Loans
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on Saudagar Enterprises bank
facilities at 'CRISIL D'.

   Facilities                           Ratings
   ----------                           -------
   INR167.5 Million Long-Term Loan      CRISIL D (Reaffirmed)
   INR40.0 Million Overdraft Facility   CRISIL D (Reaffirmed)
   INR30.0 Mil. Pre-Shipment Packing    CRISIL D (Reaffirmed)
                              Credit
   INR20.0 Mil. Post-Shipment Credit    CRISIL D (Reaffirmed)

The reaffirmation of ratings reflects continued delays by Saudagar
in servicing its debt. The delay was driven by limited availability
of dyeing/processing units, which led to delay in completion of
orders leading to cash accruals being insufficient for debt
repayment.

                    About Saudagar Enterprises

Set up in 1977 by Mr. Ashraf Saudagar K Merchant, Saudagar
manufactures towels and hosiery garments for men, women, and
children, and exports these products to countries in the Middle
East. The proprietorship firm has integrated operations, with
facilities for knitting, stitching, printing, and manufacture of
cotton yarn.

Saudagar reported a profit after tax (PAT) of INR17.4 million on
net sales of INR379.8 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR7.4 million on net
sales of INR350.9 million for 2009-10.


SHARU INDUSTRIES: CRISIL Puts 'CRISIL BB' Rating on INR40MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank loan facilities of Sharu Industries Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR60 Million Cash Credit       CRISIL BB/Stable (Assigned)

   INR40 Million Proposed LT       CRISIL BB/Stable (Assigned)
          Bank Loan Facility

   INR80 Million Letter of Credit  CRISIL A4+ (Assigned)

The rating reflects SIP's small scale of operations in the domestic
secondary steel industry, and susceptibility to intense industry
competition, customer and end user industry concentration in
revenues. These rating weaknesses are partially offset by SIP's
moderate financial risk profile, marked by moderate ratio of total
outside liabilities to tangible net worth and comfortable debt
protection metrics.

Outlook: Stable

CRISIL believes that SIP's financial risk profile will remain
moderate over the medium term, marked by moderate capital structure
and debt protection metrics. However, SIP's business risk profile
will be constrained by the company's small scale of operations in
the intensely competitive steel industry, leading to low operating
margin. The outlook may be revised to 'Positive' if SIP scales up
its operations while improving operating margin. Conversely, the
outlook may be revised to 'Negative' if SIP's financial risk
profile weakens because of a decline in sales, or if the company
undertakes a larger-than-expected, debt-funded capital expenditure
programme.

                        About Sharu Industries

SIP was incorporated in 1999 by Mr. Naresh Jain. SIP manufactures
steel ingots, rounds, rectangular bars, and flats at its facilities
in Ludhiana (Punjab). It has a monthly capacity of 3000 tonnes of
ingots and 4000 tonnes of rounds/rectangular bars/flats.

SIP is expected to report a profit after tax (PAT) of INR8.4
million on net sales of INR786.6 million for 2010-11 (refers to
financial year, April 1 to March 31) against a PAT of INR6.0
million on net sales of INR559.0 million for 2009-10.


SHREE SITA: CRISIL Reaffirms 'CRISIL BB+' Rating on INR48MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Sita Refiners Pvt
Ltd continues to reflect SSRPL's moderate financial risk profile
marked by moderate gearing and debt protection metrics, promoters'
experience in the rice bran oil business, and easy access to raw
materials.

   Facilities                     Ratings
   ----------                     -------
   INR48 Million Term Loan        CRISIL BB+/Stable (Reaffirmed)
   INR40 Million Cash Credit      CRISIL BB+/Stable (Reaffirmed)

These rating strengths are partially offset by SSRPL's small scale
of operations in a highly fragmented and regulated industry, and
susceptibility to volatility in raw material prices and
availability of substitutes.

Outlook: Stable

CRISIL believes that SSRPL will continue to benefit from its
promoters' extensive experience in the rice bran oil business. The
outlook may be revised to 'Positive' in case there is a substantial
increase in the company's scale of operations, or an improvement in
its financial risk profile, especially financial flexibility, most
likely because of increase in net worth as a result of equity
infusion. Conversely, the outlook may be revised to 'Negative' in
case SSRPL's capital structure weakens because of larger-than-
expected debt-funded capital expenditure (capex).

Update

For 2010-11 (refers to financial year, April 1 to March 31),
SSRPL's operating income of about INR700 million was in line with
CRISIL's expectations. However, SSRPL's operating margin declined
because of increase in input prices. This was partially offset by
indefinite deferment of the debt-funded capex plans. Hence, SSRPL's
financial risk profile remained moderate.

For 2010-11, SSRPL reported, on provisional basis, a profit after
tax (PAT) of INR2.0 million on net sales of INR700 million; the
company reported a PAT of INR1.6 million on net sales of INR686.4
million for 2009-10.

                         About Shree Sita

SSRPL was incorporated in 2006 and promoted by the Agrawal family
of Durg (Chattishgarh). Currently, the company is managed by Mr.
Arun Agarwal and family. SSRPL is engaged in extracting and
refining rice bran oil. The company procures its requirement of
rice bran from mills located in nearby areas. Its plant has bran
processing capacity of 250 tonnes per day (tpd) and refining
capacity of 50 tpd. The company mainly sells its produce in
Chhatishgarh and the Vidarbha region of Maharashtra, apart from
Mumbai, Bengaluru, and Hyderabad. Apart from selling oil in the
retail market under the brand Hareli, SSRPL sells its products to
institutional buyers.


SOLITAIRE TEXFAB: CRISIL Cuts Rating on INR40MM Loan to 'CRISIL B+'
-------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Solitaire Texfab & Traders Private Limited, part of First Winner
group, to 'CRISIL B+/Negative/CRISIL A4' from 'CRISIL
BB/Negative/CRISIL A4+'.

   Facilities                      Ratings
   ----------                      -------
   INR40 Million Cash Credit       CRISIL B+/Negative (Downgraded
                                       from 'CRISIL BB/Negative')

   INR10 Mil. Letter of Credit     CRISIL A4 (Downgraded from
                                                'CRISIL A4+')

The downgrade reflects the group's weak liquidity with its cash
accruals in 2011-12 (refers to financial year, April 1 to March 31)
expected to tightly match its term debt obligations maturing in
that year, and bank limits remaining fully utilized. The operating
margin of the group continued to remain low at 3.2% in 2010-11 with
the group not utilizing the enhanced capacity for manufacturing and
continuing to derive 97% of its revenues from the trading business,
where margins are low. The low operating margins have resulted in
depressed cash accruals of INR144 million in 2010-11 and its cash
accruals in 2011-12 would tightly match the term debt repayment
obligations of INR190 million maturing in that year. The low cash
accruals and large working capital requirements have resulted in
the group's bank limits being fully utilised over the last twelve
months ended May 2011.

The rating reflects the First Winner group's depressed cash
accruals and large working capital requirements, leading to weak
liquidity, and the competitive and commoditized nature of the
industry. These weaknesses are partially offset by the group's
moderate gearing levels and its established market position in the
textile fabrics trading industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of First Winner Industries Ltd, and FWIL's
three wholly owned subsidiaries, Ramshyam Textile Industries Ltd
and First Winner Lifestyle Ltd and Pal Trading Company Pvt Ltd, and
three associates, Rikosh Fashions Pvt Ltd, Solitaire Texfeb &
Traders Pvt Ltd and Firstwinner Textiles (India) Private Limited on
account of significant operational, management and financial
synergies. These entities collectively constitute the First Winner
group.

Outlook: Negative

CRISIL believes that the First Winner group's liquidity would
remain weak over the medium term on the back of its depressed cash
accruals and large working capital requirements. The ratings may be
downgraded if the First Winner group's profitability declines from
the current levels thereby adversely affecting the debt servicing
ability of the group or if it undertakes any further large, debt-
funded capital expenditure programme or diversification, thereby
impacting its financial risk profile, Conversely, the outlook may
be revised to 'Stable' if the First Winner group's there is a
substantial improvement in its operation margins, while maintaining
its revenue growth or there is an improvement in group's working
capital management.

                         About the Group

Set up by Mr. Rinku Patodia and his wife, Mrs. Anita Patodia, the
First Winner group trades in textile fabrics and also undertakes
weaving of fabrics on a job-work basis. Mr. Patodia began broking
in fabrics in 1999, and started trading operations in 2003, through
FWIL. The group's manufacturing operations were set up under RTIL
in April 2005 with 48 looms. In 2006-07, 100 more looms were set up
under FWIL, and 48 new looms were set up under FWLL. FWIL raised
INR687.5 million through an initial public offering (IPO) in July
2008 to fund expansion of capacities in the weaving unit, set up an
apparel manufacturing unit, and prepay its existing term loans.
Currently, the group has an total installed capacity to manufacture
42.3 million meter grey fabrics per annum, which is currently
utilized for executing job work for fabric and garment
manufacturers. The group derives around 97% of its revenues from
trading of grey fabric.

The First Winner group, on a provisional basis, reported a profit
after tax (PAT) of INR76.7 million on net sales of INR11.1 billion
for 2010-11, against a reported PAT of INR56.0 million on net sales
of INR7.7 billion for 2009-10.


SRI VENKATESH: CRISIL Cuts Rating on INR200MM Loan to 'CRISIL BB'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Venkatesh Iron and Alloys (India) Ltd to 'CRISIL
BB/Negative' from 'CRISIL BB+/Stable', while reaffirming the rating
on the short-term facilities at 'CRISIL A4+'.

   Facilities                     Ratings
   ----------                     -------
   INR200 Million Term Loan       CRISIL BB/Negative (Downgraded
                                       from 'CRISIL BB+/Stable')

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

   INR20 Million Bank Guarantee   CRISIL A4+ (Reaffirmed)

The downgrade reflects weakening in SVIAL's business risk profile,
marked by decline in revenues in 2010-11 (refers to financial year,
April 1 to March 31) by an estimated 42% 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. SVIAL's
revenues are expected to increase over the medium term; however, on
a standalone basis, the revenues will remain low at around INR400
million - INR500 million.

The ratings continue to reflect SVIAL'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 SVIAL, CRISIL has considered
the standalone business and financial risk profiles of SVIAL,
unlike in its earlier rating exercise, wherein CRISIL had combined
SVIAL's business and financial risk profiles with that of Jai Durga
Iron Pvt Ltd (JDIPL). 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: Negative

CRISIL believes that SVIAL's liquidity will remain constrained by
its large working capital requirements. The ratings may be
downgraded if SVIAL continues to report less-than-expected cash
accruals over the medium term or if its promoters do not infuse
funds to help service its debt in a timely manner. Conversely, the
outlook may be revised to 'Stable' if SVIAL's profitability
improves significantly, thereby improving its liquidity and debt
protection metrics.

                      About Sri Venkatesh Iron

SVIAL was incorporated in 2000 and acquired in 2007 by the
promoters of JDIPL. SVIAL manufactures sponge iron. Its plant in
Lapanga, Bhadani nagar, Ramgarh (Jharkhand) has capacity to
manufacture 120,000 tonnes of sponge iron per annum. Since the
separation of management of JDIPL and SVIAL in March 2011, SVIAL is
being managed by Mr. Mahesh Periwal and Mr. Pradeep Kedia.

For 2010-11, SVIAL is estimated to report, a profit after tax (PAT)
of INR5.0 million on net sales of INR247 million; for 2009-10, the
company reported PAT of INR0.3 million on net sales of INR428
million.


SURYA PELLE: CRISIL Rates INR100MM Cash Credit at 'CRISIL BB'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facilities of Surya Pelle.

   Facilities                        Ratings
   ----------                        -------
   INR100 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR5 Million Proposed Long-Term   CRISIL BB/Stable (Assigned)
                Bank Loan Facility

The rating reflects the extensive experience of SP's promoters in
the leather speciality chemicals industry and its moderate
financial risk profile, marked by low gearing and healthy debt
protection metrics. These rating strengths are partially offset by
SP's working-capital-intensive operations, principal concentration
risk and exposure to intense competition in the fragmented
speciality leather chemicals market.

Outlook: Stable

CRISIL believes that SP will maintain its stable credit risk
profile over the medium term on back of the extensive industry
experience of its promoters in speciality leather chemicals and its
healthy capital structure. The outlook may be revised to
'Positive', in case the firm improves its receivables management
and scales up its operations and profitability on a sustainable
basis, while maintaining its capital structure. Conversely, the
outlook may be revised to 'Negative', in case of deterioration in
the firm's relationship with its principals, resulting in lower-
than-expected revenues or in case of significant bad debts or if
the firm undertakes a larger-than-expected debt-funded capital
expenditure (capex) programme or in case of significant capital
withdrawals by partners.

                     About Surya Pelle

SP is a partnership firm, set up by Mr. S K Sabapathy in 2001 for
dealing in imported leather chemicals. The firm is the exclusive
dealer of Trumpler Gmbh (Germany) for wet end process chemicals and
of Pielcolor SLU (Spain) for leather finishing chemicals. The firm
has been their agent since 2006 and have established relationships
with these players. The firm has its operational head office in
Vellore, Tamil nadu and has other branches in Chennai, Vaniyambadi,
Ranipet, Ambur, Kolkata and Kanpur. SP derives about 60% of its
revenues from wet end process chemicals and the remaining from
finished leather chemicals.

SP is estimated to report a profit after tax (PAT) of INR31 million
on net sales of INR418 million for 2010-11 (refers to financial
year April 1 to March 31), as against a PAT of INR18 million on net
sales of INR303 million for 2009-10.


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 Hotel

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.


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


UNIFLORA PRIMA: S&P Withdraws 'B-' Long Term Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Rating Services withdrew its 'B-' long-term
corporate credit rating on Indonesia-based cocoa processor PT
Uniflora Prima at the company's request.

"At the time of the withdrawal, the stable outlook on Uniflora
reflected our view that the company would maintain its good
competitive position in the Indonesian cocoa processing sector and
its cost advantage over peers," S&P said.

"We believed that Uniflora was unlikely to be upgraded in the next
12 months, given its significant customer and product
concentration, and the inherent cyclicality of the cocoa processing
industry. Nevertheless, we could have revised the outlook to
positive if: (1) Uniflora executed its expansion plan so that its
market position and cost competitiveness strengthened; or (2) the
company's management developed a substantially more established
operating record," S&P related.

"Conversely, we could have revised the outlook to negative or
lowered the rating if Uniflora's financial risk profile weakened,
such that EBITDA interest coverage fell below 1x. This could have
materialized if: (1) Uniflora lost a major customer or if demand
for intermediary cocoa products weakened more than we expected; (2)
Uniflora's liquidity weakened because its free operating cash flows
became negative; or (3) its proposed organic capital expenditure
plan was delayed," S&P added.


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


CHELSEA ASSET: Moody's Downgrades Rating on Class F Cert. to 'Caa3'
-------------------------------------------------------------------
Moody's Japan K.K. has changed ratings for five classes of Chelsea
Trust Class A-2 through Class G trust certificates.

Deal Names: Chelsea Trust Certificates and Chelsea Asset Specified
Loan

  Class A-2, Downgraded to A2 (sf) from Aaa (sf); previously on
  Nov 15, 2006 definitive rating assigned at Aaa (sf)

  Class B, Downgraded to Ba1 (sf) from Aa2 (sf); previously on
  Nov 15, 2006 definitive rating assigned at Aa2 (sf)

  Class C, Downgraded to B1 (sf) from A3 (sf); previously on
  Nov 19, 2010 downgraded to A3 (sf) from A2 (sf)

  Class F, Downgraded to Caa3 (sf) from B3 (sf); previously on
  Nov 19, 2010 downgraded to B3 (sf) from Ba3 (sf)

  Class G, Downgraded to Caa3 (sf) from B3 (sf); previously on
  Nov 19, 2010 downgraded to B3 (sf) from Ba3 (sf)

  Class: Class A-1 through G trust certificates and specified loan

Issue Amount (initial): JPY 20 billion

Dividend: Floating

Issue Date: Nov. 15, 2006

Final Maturity Date: September 2013

Underlying Asset: Specified bond backed by a office property

Originator: Mizuho Securities Co., Ltd.

Arranger: Mizuho Securities Co., Ltd.

The Chelsea trust certificates and specified loan, effected in
November 2006, represent the securitization of a high-rise office
building in Chuo-ku, Osaka.

The originator entrusted the specified bond to the asset trustee,
and received the Class A-1 through G trust certificates. And Mizuho
Securities Co., Ltd. originated the specified loan to sell to
investors. The trust certificates and specified loan are rated by
Moody's.

Tenant concentration is high. A single tenant occupies
approximately 65% of the total rentable area. In October 2010, the
tenant issued a press release (on its website) stating that it
planned to vacate the building in 2013.

Rating Rationale

The last rating action in November 2010 reflected Moody's concern
about the likelihood of collateral recovery, in light of the
asset's re-assessed value.

However, Moody's views the property as a Class A office building,
given its central Osaka location and high scarcity value.

The last rating action also took into account a variety of exit
strategies for redemption.

The rating action reflects 1) a fall in the probability of
refinancing -- and which Moody's had regarded as a strong point for
this deal in its last rating action -- as the expected maturity in
August, 2011 approaches, and 2) Moody's re-assessment of the
recovery assumption, which has declined by approximately 44%
compared with its initial assumption.

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

Moody's did not receive or take into account any third party due
diligence reports on the underlying assets or financial instruments
related to the monitoring of this transaction in the past six
months.


MSP II: Moody's Assigns Ratings to Loan-Backed Transactions
-----------------------------------------------------------
Moody's Japan K.K. has assigned ratings to MSP II.  This is a
transaction, which is backed by corporate loans collateralized by
real estate.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for ultimate payments of
dividends/interests and principal by the legal final maturity.

The complete rating actions are:

Deal Name: MSP II

Class, Amount, Dividend/Interest, Rating, Credit Support*1

Class A ABL, JPY 8.0 billion, Floating, A1 (sf), 74.7%

Class B Trust Certificate, JPY 2.8 billion, Floating, A3 (sf),
60.8%

Class B ABL*2, JPY 1.6 billion, Floating, A3 (sf), 60.8%

Class C Trust Certificate, JPY 1.59 billion, Floating, Baa3 (sf),
52.8%

Class C ABL*3, JPY 0.91 billion, Floating, Baa3 (sf), 52.8%

Class D Trust Certificate, JPY 6.15 billion, Floating, Ba3 (sf),
30.7%

Class D ABL*4, JPY 0.85 billion, Floating, Ba3 (sf), 30.7%

Class E Trust Certificate, JPY 2.43 billion, Floating, Non-Rated,
23.0%

Class F Trust Certificate, JPY 7.27 billion, Floating, Non-Rated,
0.0%

* 1 The formula used to calculate the credit support in place for
    this transaction:

    Credit support %: A / B, where

    A: Total principal amount of the debt subordinate to the rated
       trust certificates/ABLs

    B: Total amount of trust certificates/ABLs (JPY 31.6 billion)

* 2 The Class B ABL ranks pari passu with the Class B Trust
    Certificate.

* 3 The Class C ABL ranks pari passu with the Class C Trust
    Certificate.

* 4 The Class D ABL ranks pari passu with the Class D Trust
    Certificate.

Total Issuance Amount: JPY31.6 billion

Expected Dividend/Interest Payments: Quarterly

Closing Date: July 22, 2011

Legal Final Maturity Date: April 27, 2016

Original Asset: Corporate loans collateralized by real estate

Originator: Master Securitization Asset Corporation K.K.

Arranger: Mizuho Securities Co., Ltd. and ORIX Corporation

Rating Rationale

The Arrangers have arranged a fund-raising by using a trust to
issue trust certificates/ABLs to investors, and in which the
entrusted asset in the trust is a past due underlying non-recourse
loan. The waterfall at the loan's borrower level is fast-pay.

Dividends/Interests on the trust certificates/ABLs depend on a cash
flow from the loan. The waterfall at the trust level is sequential.
A servicer is in charge of servicing Original Asset.

The ratings are based mainly on 1) the quality of Original Asset,
the underlying loan and collateral property of Original Asset; 2)
the waterfalls at the borrower and trust levels; 3) the credit
support provided by the senior/subordinate structure as illustrated
by the loan-to-value (LTV); and 4) the legal and structural
integrity of the transaction.

The subject transaction is backed by corporate loans collateralized
by real estate. Moody's estimated the credit support levels for
each of the rated classes based on the Original Asset's collateral
property value, taking into consideration the historical
performances of the underlying loan and Original Asset and the
provided information regarding the collateral.

The following are Moody's LTVs and Stressed DSCRs for each rated
class. Moody's considers these numbers appropriate for each of the
ratings.

Moody's LTV:

Total amount of the subject classes and the classes senior to the
subject classes / Moody's Value for the collateral properties

Class A: Closing, 43.6%; Balloon, 39.4%

Class B: Closing, 59.4%; Balloon, 55.2%

Class C: Closing, 68.4%; Balloon, 64.1%

Class D: Closing, 93.5%; Balloon, 75.3%

The Balloon LTV in each case is based on the outstanding trust
certificates/ABLs balance at payment date of July 2014 as estimated
by Moody's. In contrast with redemption of classes A through C,
Class D will depend on more amortization during the term.

Moody's Stressed DSCR:

Expected interest payment revenue from Original Asset as of closing
date / (Total amount of the subject classes and the classes senior
to the subject classes ? a 6.5% loan constant)

Class A: Closing, 3.33x; Balloon, 3.90x

Class B: Closing, 2.15x; Balloon, 2.37x

Class C: Closing, 1.79x; Balloon, 1.94x

Class D: Closing, 1.22x; Balloon, 1.58x

The Balloon Stressed DSCR in each case is based on 1) the
outstanding trust certificates/ABLs balance at payment date of July
2014 as estimated by Moody's and 2) a 6.5% loan constant. In
contrast with redemption of classes A through C, Class D will
depend on more amortization during the term.

The SDSCRs are different from those in typical CMBS transactions
which are calculated with Moody's net cash flow for underlying
properties. Accordingly, Moody's puts more emphasis on LTV for
Moody's rating analysis on this transaction.

Moody's has examined the performance of the Servicer on existing
transactions, had an interview with Servicer on collection policy
of Original Asset for this transaction, and considers it
sufficiently capable of servicing Original Asset, given its
substantial experience in the industry.

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

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
in this transaction.

The V Score for this transaction is Medium, which is same as the
Medium V Score assigned to the Japanese Single Borrower CMBS
sector.

Moody's V scores provide a relative assessment of the quality of
available credit information and the potential variability of
various inputs in a rating determination. The V score ranks
transactions by the potential for significant rating changes owing
to uncertainty about the assumptions due to data quality,
historical performance, the level of disclosure, transaction
complexity, modelling, and the transaction governance that underlie
the ratings. V scores apply to the entire transaction, not to
individual tranches.

If Moody's provides a relative assessment by stressing Moody's
Value for the collateral property of Original Asset (to determine
Moody's Value, Moody's has tested three cases, by applying 5%, 15%,
or 25% value cuts respectively), the value cuts give rise to
changes in the model indicated Parameter Sensitivity from the
initial ratings to A1, A2 and Baa1 for the Class A, Baa1, Baa3, and
Ba3 for the Class B, Ba1, Ba3, and B3 for the Class C, and B1, B3,
and Caa3 for the Class D.

Parameter sensitivities are not intended to measure how the rating
might migrate over time; rather, they 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.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
parameter sensitivity analysis.

The rating implementation guidance, Moody's "Updated Report on V
Scores and Parameter Sensitivities for Structured Finance
Securities," published on September 30, 2010, and "V Scores and
Parameter Sensitivities in the Asian CMBS Sector," published on
September 30, 2010, are available on www.moodys.co.jp.


SHINSEI TB: Fitch Rates JPY2.05BB Mezzanine BIs 3 at 'BBsf'
-----------------------------------------------------------
Fitch Ratings has assigned Shinsei TB Fund 7976001's mezzanine
beneficial interests (BIs) 1, mezzanine BIs 2 and mezzanine BIs 3
(collectively, the mezzanine BIs) ratings:

   -- JPY7,340m mezzanine BIs 1 (subordination ratio* 32.8%):
      'Asf'; Outlook Stable; Loss Severity Rating 'LS3'

   -- JPY1,700m mezzanine BIs 2 (subordination ratio* 28.1%):
      'BBBsf'; Outlook Stable; Loss Severity Rating 'LS5'

   -- JPY2,050m mezzanine BIs 3 (subordination ratio* 22.5%):
      'BBsf'; Outlook Stable; Loss Severity Rating 'LS5'

The mezzanine BIs are backed by residential mortgage loans,
totaling JPY34.13bn as of end-May 2011, mostly collateralised by
investment properties in Japan. The ratings are based on Fitch's
assessment of the underlying collateral, available credit
enhancements, servicing capabilities and legal structure in the
transaction.

Since the mezzanine BIs do not bear trust dividends, Fitch's
ratings address ultimate payment of principal by legal final
maturity in accordance with the transaction documentation.

Fitch has used loan-by-loan information and historical data to
derive the agency's assumption of frequency of foreclosure (FOF) of
the underlying pool, which was determined through the interaction
of the three main variables. They are the borrower's ability to pay
as measured by debt-to-income ratio; the borrower's willingness to
pay as measured by loan-to-value ratio and the characteristics of
the borrowers and loan products.

With regard to the rating sensitivities to the frequency of
foreclosure assumptions, if the FOF assumption should be increased
by 15% for the mezzanine BIs, the model implies that the rating
would be downgraded by one notch each for the mezzanine BIs 1 and 2
and that there would be no rating impact on the mezzanine BIs 3. A
30% increase would result in the rating being downgraded by three
notches for the mezzanine BIs 1 and by two notches each for the
mezzanine BIs 2 and 3. These sensitivities only describe the model-
implied impact of a change in one of the input variables and they
should not be used as an indicator of possible future performance.

Out of the senior BIs and junior BIs based on the trust agreement
dated March 27, 2002 (fund 7976001) whose trustee is Shinsei Trust
& Banking Co., Ltd., the junior BIs were divided into the mezzanine
BIs 1, mezzanine BIs 2, mezzanine BIs 3 and new junior BIs by
entering into the amendment agreement dated July 20, 2011. Fitch
has not assigned its ratings on the senior BIs and the new junior
BIs. However, Fitch has rated the bonds backed by the senior BIs.

The closing date of the transaction is July 20, 2011 and the final
maturity date falls in December 2032.

*Subordination ratios are calculated by this formula, as of the
closing date:

Subordination ratio: 1-(A+B)/C

   A: Debt amount subject to be rated and any other debt amounts
      ranked equal to the rated debt

   B: Debt amount ranked senior to the rated debt

   C: Total balance of the BIs at closing


TOKYO ELECTRIC: Compensation Bill Seeks Shareholders' Cooperation
-----------------------------------------------------------------
Takashi Hirokawa at Bloomberg News reports that Tokyo Electric
Power Co. shareholders and related parties will be asked to help
compensate those affected by the Fukushima nuclear disaster,
according to a revised draft of legislation.

"To ensure that compensation for the damage caused by atomic energy
is carried out quickly and appropriately, the said nuclear power
operator shall ask for the necessary cooperation from shareholders
and other interested parties," according to the draft bill obtained
by Bloomberg News.

Bloomberg recalls that Japan's Chief Cabinet Secretary Yukio Edano
in May roiled bank stocks when he said "people won't support" using
taxpayer funds for the utility known as TEPCO unless banks waive
some loans made before the March earthquake and tsunami crippled
its Fukushima Dai-Ichi plant.  Two weeks later, he said he wasn't
requesting banks to forgive loans to TEPCO, Bloomberg relates.

"The wording can be viewed in a negative light," Bloomberg quotes
Daiwa Securities Capital Markets Co. analyst Toshiyasu Ohashi as
saying.  "We can no longer say with certainty that shareholders
won't be asked for a 100% decrease in capital or that lenders won't
be asked to modify the terms of their loans or waive some of them."

The bill, says Bloomberg, was being discussed in Japan's parliament
yesterday and is likely to be voted on this week.  The legislation
is needed to provide a legal framework to pay damages after the
disaster, according to Bloomberg.

                           About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years.  More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2011, Standard & Poor's Ratings Services lowered Tokyo
Electric Power Co. Inc.'s (TEPCO) long-term corporate credit
rating to 'B+' from 'BBB' and its short-term corporate credit
rating to 'B' from 'A- 2'.  At the same time, the long-term debt
rating on TEPCO was lowered to 'BB+' from 'BBB'.  All ratings
remain on CreditWatch with developing implications. "At the same
time, we lowered TEPCO's stand-alone credit profile (SACP) to
'ccc+' from 'bb-', and we lowered the likelihood that it will
receive extraordinary support from the government of Japan (AA-
/Negative/A-1+) to 'high' from 'very high'," S&P said.

"The rating downgrades reflect Standard & Poor's opinion that
uncertainty over the timeliness of any extraordinary government
support for TEPCO under the current political climate has further
exacerbated TEPCO's deteriorating SACP and TEPCO's worsening
financial position increases the likelihood, in our view, that its
lender banks could restructure its borrowings. Under Standard &
Poor's ratings criteria, any waiver of loans or distressed
restructuring, such as a lowering of interest rates on existing
loans, constitutes a form of default and would trigger a lowering
of the corporate credit ratings on TEPCO to 'SD'--Selective
Default," S&P explained.


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


HYNIX SEMICON: Shareholders to Take Final Bids in Mid-September
---------------------------------------------------------------
Reuters reports that Hynix Semiconductor Inc. shareholders will
take final bids for a controlling stake in the company in mid-
September.

According to Reuters, Korea Exchange Bank, a leading shareholder,
said that STX Corp and SK Telecom, which both submitted their
initial interest in a combined 15% stake, began six weeks of due
diligence from Monday.  KEB pledged the sale process would be "fair
and transparent," the news agency relates.

STX has said it plans to sell assets and team up with a Middle-East
based sovereign wealth fund to fund the takeover, noting it would
make a final decision after due diligence, Reuters notes.

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

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

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

                         *     *     *

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


KOREA EXCHANGE: Seoul Court Orders Arrest of Lone Star's Ex-Chief
-----------------------------------------------------------------
Bloomberg News reports that Lone Star Funds' former South Korea
chief was taken into custody on concern that he may flee as a court
battle threatening to derail the sale of its stake in Korea
Exchange Bank escalated with a constitutional challenge.

Seoul High Court judge Cho Kyung Ran ordered on July 20 that Paul
Yoo be detained while the former chief, Lone Star, and Korea
Exchange Bank are tried again on stock-price manipulation charges,
Bloomberg relates.

Seoul-based Korea Exchange Bank asked the court to determine
whether the law it was charged under is constitutional, Judge Cho
said, according to Bloomberg.

The developments, according to Bloomberg, may prolong legal
proceedings that are preventing regulators from approving Hana
Financial Group Inc.'s planned purchase of the lender from Lone
Star.  Hana and Lone Star this month agreed to extend the deadline
for the sale of the 51% stake until the end of November and lower
the purchase price by 6% to KRW4.4 trillion (US$4.2 billion), the
report discloses.

"The ongoing legal saga implies that Hana's deal may not get
regulatory approval this year," Lee Byung Gun, an analyst at Dongbu
Securities Co. in Seoul, told Bloomberg by telephone.  "Hana is
caught between a rock and a hard place, making investors ignore its
cheap valuations."

Korea Exchange Bank confirmed it asked the Seoul High Court to seek
the Constitutional Court's opinion in an e-mailed response to
Bloomberg News, without elaborating.

Hana Financial spokesman Lee Jung Dae told Bloomberg that Hana
Financial wants the court case to be resolved soon.

In November last year, Hana signed an agreement with Lone Star to
buy a controlling stake in KEB for KRW4.69 trillion.

Lone Star, a U.S.-based private-equity fund, has had a number of
setbacks in trying to exit from its US$1.3 billion investment in
KEB, which it bought in 2003, Dow Jones Newswires reported.

                      About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/-- established in
1967, is one of seven national banks in South Korea with over
300 domestic branches and 28 overseas networks, including
Canada, the United States, Panama and Germany, constituting the
most extensive global banking network of any Korean bank.  KEB
Futures -- http://www.kebf.com/-- is a clearing member of KOFEX
and is a subsidiary of Korea Exchange Bank, the official F/X
settlement bank for Korean Futures Exchange.

                          *     *     *

Korea Exchange Bank continues to carry Moody's Investors Service
"C-" Bank Financial Strength Rating.


KOREA EXCHANGE: Eximbank to Offload 6.25% Stake in KEB
------------------------------------------------------
Yonhap News reports that the state-run Export-Import Bank of Korea
(Eximbank) said Saturday that it has decided to use its right to
sell a minor stake in Korea Exchange Bank in a bid to maximize
profits.

The news agency relates that the so-called "tag-along" right is
given to minor shareholders as part of minority shareholder
protection to sell their shares at the same price when the major
stakeholder offloads its interest.

According to Yonhap, Eximbank's executive board decided in a Friday
meeting to use the right to offload the bank's 6.25% share in KEB,
which will bring the state-run bank about KRW220 billion (US$209.1
million) in net profits.

"We judged that we'd better use the tag-along right to offload the
stake at once due to complex legal issues surrounding the KEB
sale," Yonhap quotes an Eximbank official as saying.

                     About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/-- established in
1967, is one of seven national banks in South Korea with over
300 domestic branches and 28 overseas networks, including
Canada, the United States, Panama and Germany, constituting the
most extensive global banking network of any Korean bank.  KEB
Futures -- http://www.kebf.com/-- is a clearing member of KOFEX
and is a subsidiary of Korea Exchange Bank, the official F/X
settlement bank for Korean Futures Exchange.

                          *     *     *

Korea Exchange Bank continues to carry Moody's Investors Service
"C-" Bank Financial Strength Rating.


KUMHO ASIANA: Kumho Industrial to Sell Shares in Daewo Eng'g.
-------------------------------------------------------------
According to Reuters, IFR reported that Kumho Industrial Co is
offering its 20 million shares in Daewoo Engineering & Construction
to raise up to KRW273 billion (US$259.5 million).

Kumho is offering the shares at between Monday's closing price of
KRW13,650 and up to 7% discount of KRW12,700 a share, according to
a term sheet obtained by IFR, a Reuters affiliate.

Reuters notes that Kumho is offering the stock as part of liquidity
boosting measures after its parent Kumho Asiana group was put into
a creditors-led restructuring programme following a debt-fueled
acquisition spree.

Daewoo Securities and Woori Investment & Securities are joint
managers of the deal, Reuters notes.

As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana Group has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July 2009 decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  The creditors
decided on Dec. 30, 2009, to put two other ailing units -- Kumho
Industrial Co. and Kumho Tire Co. -- under a debt rescheduling
program.  Meanwhile, the group's other two units -- Korea Kumho
Petrochemical Co. and Asiana Airlines Inc. -- will have to improve
their financial health through rigorous self-restructuring efforts
as earlier agreed with creditors.  Kumho Asiana unveiled a
restructuring plan on January 5 that involves raising KRW1.3
trillion (US$1.1 billion) by selling off assets, while cutting
costs via a 20% reduction in executive positions and wages, Yonhap
News Agency reported.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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


CENTURY CITY: Owner Loses Control of CBD Parking Property
---------------------------------------------------------
Sunday Star Times reports that property developer and Wellington
Phoenix Football Club owner Terry Serepisos has lost another pillar
of his crumbling property empire as the new owner of a parking
building in central Wellington replaces Mr. Serepisos' Century City
group as the building's operator.

The report says the parking building at 70 Tory St in Wellington's
CBD and an adjacent hotel were both owned by Mr. Serepisos until
two weeks ago when they were acquired by fellow Wellington property
investor Mark Dunajtschik.

It is common for parking building owners to lease them to
specialist carpark operators, who run the business, but in the case
of the Tory St building, Mr. Serepisos's companies owned the
building and operated the parking business, giving Century City
group control over all the cash flow the building generated.

However, new owner Mr. Dunajtschik has replaced Century City as the
building's operator with an Australian parking company new to the
New Zealand market.  The contract to run the Tory St building will
be Secure Parking's second site in the country.

New Zealand general manager Ryan Hawken said the building was a
great property but that it had underperformed.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2010, the National Business Review said the Inland
Revenue Department applied to liquidate five of Mr. Serepisos'
companies in October 2010.  The debt claimed by the IRD is
understood to be about NZ$3.58 million, the Business Review said.
The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management and Century City Football, which owns the
Phoenix.


HURLSTONE EARTHMOVING: 20 Jobs at Risk Following Receivership
-------------------------------------------------------------
Hawke's Bay Today reports that about 20 jobs are in jeopardy in
Hawke's Bay with four related Taranaki companies going into
receivership.

As reported in the Troubled Company Reporter on July 18, 2011,
Peter Gothard and Ryan Eagle of Ferrier Hodgson were appointed
receivers and managers of Hurlstone Earthmoving Limited, Hayes
Earthmoving Services Limited, New Zealand Pollution Engineering
Limited and River Island Shingle Company Limited pursuant to the
provisions contained in a general security agreement granted by the
Companies in favor of GE Finance and Insurance.  Following an
assessment of the viability of the Companies' operations, the
receivers and managers decided to cease trading effective from July
13, 2011.

Hurlstone Earthmoving Limited -- http://www.hurlstone.co.nz/-- is
a New Zealand-based contracting company.  The company provides bulk
earthworks and land development; construction of pipelines, roads
and pavements; underground cabling; mobile crushing; land clearing;
quarry stripping and heavy transport services.


SOUTH CANTERBURY: SFO Probes Ex-CEO "Golden Handshake" Deal
-----------------------------------------------------------
The Timaru Herald reports that the Serious Fraud Office has looked
into what appears to be a golden handshake deal in which former
South Canterbury Finance chief executive Lachie McLeod had a
multimillion-dollar related-party loan written off.

According to the report, Mr. McLeod was lent NZ$15 million by SCF
to invest in company chairman Allan Hubbard's Southbury
Corporation, for which he received a million shares.  Those went
into Mr. McLeod's company, Dunvegan.

The Timaru Herald says the related-party loan was forgiven by
Mr. Hubbard and director Ed Sullivan when Mr. McLeod was forced out
of the company two years ago.

The payout agreement was reached on Nov. 26, 2009, the day
Mr. McLeod resigned publicly from SCF, the report says.  The deal
also acknowledged that neither Mr. McLeod nor his wife had any
liability for the debt relating to the share transfer. Mr. McLeod,
however, disputes that he was given anything, the report notes.

"Memos circulated at the time showed the Southbury share value
exceeded the non-recourse shareholder loan.  There was no cost to
South Canterbury Finance to transfer these shares from myself," the
report quotes Mr. McLeod as saying.  "I never received any funds or
benefits from the transfer of these shares."

According to the Timaru Herald, the National Business Review has
reported that the three independent directors at the time were
unaware of the deal until it was tabled at the board meeting in
December.  Mr. McLeod rejects this, the Timaru Herald relates.

The Timaru Herald says Mr. McLeod was loaned NZ$15 million in April
2008, at a low interest rate, with the idea that the annual
dividends would cover interest and capital over time until the loan
was repaid.

SCF ended up in receivership, making the shares worthless, the
report notes.

Had the deal not been struck as part of his departure package,
Mr. McLeod would have been liable for any debt through his company.
Other key personnel at SCF were also given deals but nowhere near
the size of Mr. McLeod's.

As well as having the loan written off, the report adds, Mr. McLeod
left with a NZ$550,000 payout and an agreement to sell close to
NZ$4 million in farm investments.

Serious Fraud Office spokeswoman Sarah Knowles said its
investigation into SCF was focusing on a small number of
transactions, mostly relating to transactions with related parties,
the Timaru Herald reports.

Ms. Knowles said that while it was not central to those
investigations, SFO was aware of and had reviewed the transaction
with Mr. McLeod, according to the report.

The SFO investigation remains on track to be completed by October,
the Timaru Herald adds.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


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


BANCO FILIPINO: PDIC Starts Releasing Last Batch of Payouts
-----------------------------------------------------------
The Daily Tribune reports that the Philippine Deposit Insurance
Corp. said it has started the conduct of the third batch of claims
settlement operations (CSO) for depositors of Banco Filipino
Savings and Mortgage Bank.  This covers the 18 remaining banking
units out of the bank's 62 banking units.

The report says PDIC earlier had completed the CSO for 37 of the
first and second batches of BF branches while CSO in seven
branches, including the bank's head office, is ongoing.

The third batch of CSO will be conducted in bank premises and
designated CSO sites, the Daily Tribune adds.

                       About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964, offers
full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.

Bangko Sentral ng Pilipinas closed Banco Filipino after the bank's
liabilities overwhelmed its assets by PHP8.4 billion, and then
filed charges against the bank's directors and officials.  BSP also
placed the bank under the receivership of the state-run Philippine
Deposit Insurance Corp. to provide immediate relief to the bank's
177,652 depositors.


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


ADMIRALTY INDUSTRIAL: Creditors' Proofs of Debt Due August 22
-------------------------------------------------------------
Creditors of Admiralty Industrial Park Pte Ltd, which is in
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 Ms Goo Li Ling.


CBOT SINGAPORE: Creditors' Proofs of Debt Due August 18
-------------------------------------------------------
Creditors of CBOT Singapore Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Aug. 18,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

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


GRANDIS EMS: Creditors' Proofs of Debt Due August 1
---------------------------------------------------
Creditors of Grandis EMS Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Aug. 1,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

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


INTERNATIONAL ASSOCIATED: Creditors' Proofs of Debt Due August 22
-----------------------------------------------------------------
Creditors of International Associated Company Private Limited,
which is in 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 liquidators are:

         Bob Yap Cheng Ghee
         Tay Puay Cheng
         Wong Pheng Cheong Martin
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


JASON COMMUNICATIONS: Members' Final Meeting Set for August 26
--------------------------------------------------------------
Members of Jason Communications Pte Ltd will hold their final
general meeting on Aug. 26, 2011, at 3:00 p.m., at 317 Outram Road
#02-47, in Singapore 169075.

At the meeting, Yiong Kok Kong, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


LILLY SINGAPORE: Creditors' Proofs of Debt Due August 18
--------------------------------------------------------
Creditors of Lilly Singapore Centre For Drug Discovery Pte Ltd,
which is in voluntary liquidation, are required to file their
proofs of debt by Aug. 18, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

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


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


SRI LANKA TELECOM: Fitch Upgrades Issuer Default Rating to 'BB-'
----------------------------------------------------------------
Fitch Ratings has upgraded Sri Lanka Telecom's Long-Term Foreign
Currency (LTFC) Issuer Default Rating (IDR) to 'BB-' from 'B+'.
Simultaneously, Fitch has affirmed its Long-Term Local Currency
(LTLC) IDR at 'BB-' and National Long-term rating at 'AAA(lka)'.
The Outlook is Stable.

The action follows Fitch's upgrade of Sri Lanka's sovereign LTFC
and LTLC IDRs to 'BB-' from 'B+', with a Stable Outlook.

SLT's Foreign- and Local-Currency IDRs are constrained by the
respective sovereign IDRs, and any future change in the sovereign
ratings will lead to a corresponding change in SLT's ratings. This
is primarily due to the government of Sri Lanka (GOSL) owning,
directly and indirectly, more than 51% of SLT. Also Fitch notes the
absence of any explicit shareholder arrangement between GOSL and
SLT's 44.9% shareholder -- Malaysia's Usaha Tegas -- that could
potentially dilute GOSL's influence over SLT's operations.

SLT's IDRs could also come under pressure if its net leverage
(defined as net adjusted debt/funds from operations) exceeds 2.5x
on a sustained basis. On the other hand, a substantial weakening of
the linkages between GOSL and SLT, including significant reduction
in GOSL's controlling stake, could result in SLT being rated at the
same level as its unconstrained credit profile, which is assessed
based on a number of factors including SLT's monopoly in Sri
Lanka's fixed line telecom market, its number two position in the
local mobile market, as well as its strong credit metrics.


* SRI LANKA: Fitch Rates Upcoming Global Bonds at 'BB-(exp)'
------------------------------------------------------------
Fitch Ratings has assigned Sri Lanka's' upcoming USD-denominated
global bonds due 2021 an expected 'BB-(exp)' rating.  The final
rating is contingent on the receipt of final documentation
conforming to information already received.

As the currency of settlement is specified as USD, the rating is in
line with Sri Lanka's Long-Term Foreign Currency Issuer Default
Rating (IDR) of 'BB-'. The sovereign's Long-Term Local Currency IDR
is also 'BB-'. The rating Outlooks are Stable.


=============
V I E T N A M
=============


ASIA COMMERCIAL: Fitch Assigns 'B' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has assigned four Vietnamese banks Long-Term Foreign-
Currency Issuer Default Ratings of 'B' with Stable Outlook.  The
agency has also assigned Viability Ratings to the banks.

The four banks are Vietnam Bank for Agriculture and Rural
Development, Vietnam Joint-Stock Commercial Bank for Industry and
Trade, Asia Commercial Bank and Saigon Thuong Tin Commercial Joint
Stock Bank.

At the same time, Fitch has assigned a Support Rating Floor of 'B'
to Agribank, and Vietinbank as well as a Support Rating Floor of
'No Floor' to ACB and Sacombank.  All of the banks' existing
ratings have been affirmed.

The assignment of IDRs for the Vietnamese banks coincides with the
introduction of Viability Ratings, which are intended to replace
the Individual Ratings over time. The frameworks for Viability
Ratings and Support Ratings are key components of the IDR aimed at
enhancing transparency.

The LTFC IDRs of ACB and Sacombank reflect their standalone credit
strength and management record but also the difficult operating
environment. In comparison, the standalone financial profiles of
Agribank and Vietinbank are assessed to be relatively weaker partly
due to their 'policy roles', but their LTFC IDRs benefit from
Fitch's expectation of state support given their systemic
importance to the domestic economy -- as reflected in their 'B'
Support Rating Floor.

A diminished propensity and/or ability of the government to provide
support in the event of need would be a rating negative for
Agribank and Vietinbank. However, such likelihood is low in view of
the banks' large deposit base and government majority ownership as
well as the Stable Outlook on the banks' LTFC IDRs and sovereign
ratings.

The Vietnamese banks' Viability/Individual Ratings reflect the
challenges of the operating environment, including some
transparency issues. Downward rating pressure could arise if
conditions became more difficult and volatile, in turn hampering
the banks' performance and credit profile. Vietnam's rapid growth
over the last four years with a credit/GDP ratio at 120% in 2010 is
unprecedented and high for an emerging economy like Vietnam which,
together with rising prices and interest rates, increases asset
quality risks. Given their low capital levels, the banks' loss
absorption capacity is weak and could benefit from fresh capital.
Liquidity is tight for most of these banks, particularly those
whose loans/deposits ratio exceeds 100%. Rising funding and credit
costs may also put pressure on earnings which, however, have
remained largely steady in H111.

Positively, the government has taken initiatives earlier this year,
including interest rate hikes to reduce inflation, a 20% cap on
loan growth for 2011 and the devaluation of Vietnamese dong against
the USD. The effectiveness of these initiatives remains to be seen
as they may impair borrowers' ability to service their payments,
although if the government's attempt to strike a balance between
price stability and economic growth is successful, they may help to
preserve the banks' credit profiles.

The list of ratings on Fitch-rated Vietnamese banks is:

Asia Commercial Bank

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'b'

   -- Support Rating Floor assigned at 'No Floor'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '5'

Saigon Thuong Tin Commercial Joint Stock Bank

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'b'

   -- Support Rating Floor assigned at 'No Floor'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '5'

Vietnam Bank for Agriculture and Rural Development

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'ccc'

   -- Support Rating Floor assigned at 'B'

   -- Individual Rating affirmed at 'E'

   -- Support Rating affirmed at '4'

Vietnam Joint-Stock Commercial Bank for Industry and Trade

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'b-'

   -- Support Rating Floor assigned at 'B'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '4'


JOINT-STOCK COMMERCIAL: Fitch Affirms, Withdraws Individual Rating
------------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Joint-Stock Commercial
Bank for Foreign Trade of Vietnam's Individual 'D/E' Rating and
Support'4' Rating.

The ratings have been withdrawn because Fitch no longer considers
these ratings to be relevant to its coverage. The agency will no
longer provide analytical coverage or ratings on the issuer.


SAIGON THUONG: Fitch Assigns 'B' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has assigned four Vietnamese banks Long-Term Foreign-
Currency Issuer Default Ratings of 'B' with Stable Outlook.  The
agency has also assigned Viability Ratings to the banks.

The four banks are Vietnam Bank for Agriculture and Rural
Development, Vietnam Joint-Stock Commercial Bank for Industry and
Trade, Asia Commercial Bank and Saigon Thuong Tin Commercial Joint
Stock Bank.

At the same time, Fitch has assigned a Support Rating Floor of 'B'
to Agribank, and Vietinbank as well as a Support Rating Floor of
'No Floor' to ACB and Sacombank.  All of the banks' existing
ratings have been affirmed.

The assignment of IDRs for the Vietnamese banks coincides with the
introduction of Viability Ratings which are intended to replace the
Individual Ratings over time. The frameworks for Viability Ratings
and Support Ratings are key components of the IDR aimed at
enhancing transparency.

The LTFC IDRs of ACB and Sacombank reflect their standalone credit
strength and management record but also the difficult operating
environment. In comparison, the standalone financial profiles of
Agribank and Vietinbank are assessed to be relatively weaker partly
due to their 'policy roles', but their LTFC IDRs benefit from
Fitch's expectation of state support given their systemic
importance to the domestic economy -- as reflected in their 'B'
Support Rating Floor.

A diminished propensity and/or ability of the government to provide
support in the event of need would be a rating negative for
Agribank and Vietinbank. However, such likelihood is low in view of
the banks' large deposit base and government majority ownership as
well as the Stable Outlook on the banks' LTFC IDRs and sovereign
ratings.

The Vietnamese banks' Viability/Individual Ratings reflect the
challenges of the operating environment, including some
transparency issues. Downward rating pressure could arise if
conditions became more difficult and volatile, in turn hampering
the banks' performance and credit profile. Vietnam's rapid growth
over the last four years with a credit/GDP ratio at 120% in 2010 is
unprecedented and high for an emerging economy like Vietnam which,
together with rising prices and interest rates, increases asset
quality risks. Given their low capital levels, the banks' loss
absorption capacity is weak and could benefit from fresh capital.
Liquidity is tight for most of these banks, particularly those
whose loans/deposits ratio exceeds 100%. Rising funding and credit
costs may also put pressure on earnings which, however, have
remained largely steady in H111.

Positively, the government has taken initiatives earlier this year,
including interest rate hikes to reduce inflation, a 20% cap on
loan growth for 2011 and the devaluation of Vietnamese dong against
the USD. The effectiveness of these initiatives remains to be seen
as they may impair borrowers' ability to service their payments,
although if the government's attempt to strike a balance between
price stability and economic growth is successful, they may help to
preserve the banks' credit profiles.

The list of ratings on Fitch-rated Vietnamese banks is:

Asia Commercial Bank

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'b'

   -- Support Rating Floor assigned at 'No Floor'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '5'

Saigon Thuong Tin Commercial Joint Stock Bank

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'b'

   -- Support Rating Floor assigned at 'No Floor'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '5'

Vietnam Bank for Agriculture and Rural Development

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'ccc'

   -- Support Rating Floor assigned at 'B'

   -- Individual Rating affirmed at 'E'

   -- Support Rating affirmed at '4'

Vietnam Joint-Stock Commercial Bank for Industry and Trade

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'b-'

   -- Support Rating Floor assigned at 'B'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '4'


VIETNAM BANK: Fitch Assigns 'B' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has assigned four Vietnamese banks Long-Term Foreign-
Currency Issuer Default Ratings of 'B' with Stable Outlook.  The
agency has also assigned Viability Ratings to the banks.

The four banks are Vietnam Bank for Agriculture and Rural
Development, Vietnam Joint-Stock Commercial Bank for Industry and
Trade, Asia Commercial Bank and Saigon Thuong Tin Commercial Joint
Stock Bank.

At the same time, Fitch has assigned a Support Rating Floor of 'B'
to Agribank, and Vietinbank as well as a Support Rating Floor of
'No Floor' to ACB and Sacombank.  All of the banks' existing
ratings have been affirmed.

The assignment of IDRs for the Vietnamese banks coincides with the
introduction of Viability Ratings which are intended to replace the
Individual Ratings over time. The frameworks for Viability Ratings
and Support Ratings are key components of the IDR aimed at
enhancing transparency.

The LTFC IDRs of ACB and Sacombank reflect their standalone credit
strength and management record but also the difficult operating
environment. In comparison, the standalone financial profiles of
Agribank and Vietinbank are assessed to be relatively weaker partly
due to their 'policy roles', but their LTFC IDRs benefit from
Fitch's expectation of state support given their systemic
importance to the domestic economy -- as reflected in their 'B'
Support Rating Floor.

A diminished propensity and/or ability of the government to provide
support in the event of need would be a rating negative for
Agribank and Vietinbank. However, such likelihood is low in view of
the banks' large deposit base and government majority ownership as
well as the Stable Outlook on the banks' LTFC IDRs and sovereign
ratings.

The Vietnamese banks' Viability/Individual Ratings reflect the
challenges of the operating environment, including some
transparency issues. Downward rating pressure could arise if
conditions became more difficult and volatile, in turn hampering
the banks' performance and credit profile. Vietnam's rapid growth
over the last four years with a credit/GDP ratio at 120% in 2010 is
unprecedented and high for an emerging economy like Vietnam which,
together with rising prices and interest rates, increases asset
quality risks. Given their low capital levels, the banks' loss
absorption capacity is weak and could benefit from fresh capital.
Liquidity is tight for most of these banks, particularly those
whose loans/deposits ratio exceeds 100%. Rising funding and credit
costs may also put pressure on earnings which, however, have
remained largely steady in H111.

Positively, the government has taken initiatives earlier this year,
including interest rate hikes to reduce inflation, a 20% cap on
loan growth for 2011 and the devaluation of Vietnamese dong against
the USD. The effectiveness of these initiatives remains to be seen
as they may impair borrowers' ability to service their payments,
although if the government's attempt to strike a balance between
price stability and economic growth is successful, they may help to
preserve the banks' credit profiles.

The list of ratings on Fitch-rated Vietnamese banks is:

Asia Commercial Bank

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'b'

   -- Support Rating Floor assigned at 'No Floor'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '5'

Saigon Thuong Tin Commercial Joint Stock Bank

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'b'

   -- Support Rating Floor assigned at 'No Floor'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '5'

Vietnam Bank for Agriculture and Rural Development

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'ccc'

   -- Support Rating Floor assigned at 'B'

   -- Individual Rating affirmed at 'E'

   -- Support Rating affirmed at '4'

Vietnam Joint-Stock Commercial Bank for Industry and Trade

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'b-'

   -- Support Rating Floor assigned at 'B'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '4'


VIETNAM JOINT-STOCK: Fitch Assigns 'B' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has assigned four Vietnamese banks Long-Term Foreign-
Currency Issuer Default Ratings of 'B' with Stable Outlook.  The
agency has also assigned Viability Ratings to the banks.

The four banks are Vietnam Bank for Agriculture and Rural
Development, Vietnam Joint-Stock Commercial Bank for Industry and
Trade, Asia Commercial Bank and Saigon Thuong Tin Commercial Joint
Stock Bank.

At the same time, Fitch has assigned a Support Rating Floor of 'B'
to Agribank, and Vietinbank as well as a Support Rating Floor of
'No Floor' to ACB and Sacombank.  All of the banks' existing
ratings have been affirmed.

The assignment of IDRs for the Vietnamese banks coincides with the
introduction of Viability Ratings which are intended to replace the
Individual Ratings over time. The frameworks for Viability Ratings
and Support Ratings are key components of the IDR aimed at
enhancing transparency.

The LTFC IDRs of ACB and Sacombank reflect their standalone credit
strength and management record but also the difficult operating
environment. In comparison, the standalone financial profiles of
Agribank and Vietinbank are assessed to be relatively weaker partly
due to their 'policy roles', but their LTFC IDRs benefit from
Fitch's expectation of state support given their systemic
importance to the domestic economy -- as reflected in their 'B'
Support Rating Floor.

A diminished propensity and/or ability of the government to provide
support in the event of need would be a rating negative for
Agribank and Vietinbank. However, such likelihood is low in view of
the banks' large deposit base and government majority ownership as
well as the Stable Outlook on the banks' LTFC IDRs and sovereign
ratings.

The Vietnamese banks' Viability/Individual Ratings reflect the
challenges of the operating environment, including some
transparency issues. Downward rating pressure could arise if
conditions became more difficult and volatile, in turn hampering
the banks' performance and credit profile. Vietnam's rapid growth
over the last four years with a credit/GDP ratio at 120% in 2010 is
unprecedented and high for an emerging economy like Vietnam which,
together with rising prices and interest rates, increases asset
quality risks. Given their low capital levels, the banks' loss
absorption capacity is weak and could benefit from fresh capital.
Liquidity is tight for most of these banks, particularly those
whose loans/deposits ratio exceeds 100%. Rising funding and credit
costs may also put pressure on earnings which, however, have
remained largely steady in H111.

Positively, the government has taken initiatives earlier this year,
including interest rate hikes to reduce inflation, a 20% cap on
loan growth for 2011 and the devaluation of Vietnamese dong against
the USD. The effectiveness of these initiatives remains to be seen
as they may impair borrowers' ability to service their payments,
although if the government's attempt to strike a balance between
price stability and economic growth is successful, they may help to
preserve the banks' credit profiles.

The list of ratings on Fitch-rated Vietnamese banks is:

Asia Commercial Bank

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'b'

   -- Support Rating Floor assigned at 'No Floor'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '5'

Saigon Thuong Tin Commercial Joint Stock Bank

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'b'

   -- Support Rating Floor assigned at 'No Floor'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '5'

Vietnam Bank for Agriculture and Rural Development

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'ccc'

   -- Support Rating Floor assigned at 'B'

   -- Individual Rating affirmed at 'E'

   -- Support Rating affirmed at '4'

Vietnam Joint-Stock Commercial Bank for Industry and Trade

   -- LTFC IDR assigned at 'B'; Outlook Stable

   -- STFC IDR assigned at 'B'

   -- Viability Rating assigned at 'b-'

   -- Support Rating Floor assigned at 'B'

   -- Individual Rating affirmed at 'D/E'

   -- Support Rating affirmed at '4'


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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