TCRAP_Public/110728.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Thursday, July 28, 2011, Vol. 14, No. 148

                            Headlines



A U S T R A L I A

MATTRESS SUPERMARKET: Franchisor Placed In Liquidation
OCTAVIAR LIMITED: Court Overturns Ruling on Litigation Deal


C H I N A

CHINA LIANSU: Moody's Assigns 'Ba2' Rating to US$300MM Bonds


H O N G  K O N G

LIK SUN: Creditors' Proofs of Debt Due August 23
MERIT HONEST: Creditors' Proofs of Debt Due August 23
MING CHI: Creditors' Meeting Set for August 3
MING FUNG: Creditors' Proofs of Debt Due August 23
MING FUNG WATCH: Placed Under Voluntary Wind-Up Proceedings

MONEY TRANSFER: Creditors' Proofs of Debt Due August 23
PUGANG INTERNATIONAL: Creditors' Proofs of Debt Due August 12


I N D I A

APPLE ROLLING: CARE Rates INR16.26cr LT Bank Loan at 'CARE BB+'
CHARU OVERSEAS: CARE Assigns 'CARE BB' Rating to INR2.5cr LT Loan
CHIRIPAL POLY: CARE Rates INR85cr LT Bank Loans at 'CARE BB'
DEEPAK SPINNERS: CARE Assigns 'CARE BB+' Rating to INR74.75cr Loan
FIRST WINNER: CRISIL Cuts Rating on INR328MM LT Loan to CRISIL B+

FIRSTWINNER TEXTILES: CRISIL Cuts Cash Credit Rating to CRISIL B+
HARYANA FOILS: ICRA Assigns '[ICRA]B+' Rating to INR17.75cr Loan
HP TELECOM: CRISIL Rates INR50MM Cash Credit at 'CRISIL BB-'
INDUS TUBES: ICRA Puts '[ICRA] BB-' Rating on INR14cr Cash Credit
K G PIPES: CRISIL Rates INR100 Million Cash Credit at 'CRISIL B+'

MEENAKSHI ENERGY: Fitch Cuts Rating on INR550M Loans to 'BB(ind)'
MUSKAN OVERSEAS: CRISIL Assigns 'CRISIL D' Rating to INR10MM Loan
PAL TRADING: CRISIL Cuts Rating on INR70MM Loan to 'CRISIL B+'
PARAGON APPAREL: CRISIL Revises Rating Outlook to Negative
RAMPRASTHA BUILDERS: ICRA Rates INR25cr Bank Loan at '[ICRA] BB+'

RAMSHYAM TEXTILE: CRISIL Cuts Rating on INR50MM Loan to CRISIL B+
RIKOSH FASHIONS: CRISIL Cuts Rating on INR168.5MM Loan to CRISIL C
SAKET INFRAPROJECTS: ICRA Cuts Rating on INR15cr Loan to ICRA BB-
SINGLA JEWELLERS: CRISIL Rates INR150MM Cash Credit at CRISIL BB-
SRI BUCHIYYAMMA: ICRA Rates INR25cr Bank Limits at '[ICRA]B+'

SRI VEERA: ICRA Rates INR4.5cr Cash Credit at '[ICRA]B+'
SWASTIK TRADERS: CARE Assigns 'CARE BB' Rating to INR1.75cr Loan
TRUEVALUE ENGINEERING: ICRA Puts '[ICRA]BB' Rating on INR10cr Loan
VEDANTA RESOURCES: Moody's Confirms 'Ba1' Corporate Family Rating


J A P A N

B-CAP 2: Moody's Assigns Ratings to Certificates (CMBS)
L-JAC FIVE: S&P Lowers Rating on Class B Notes to 'B-'
SOFTBANK CORP: S&P Upgrades Corp. Credit & Debt Ratings From 'BB+'
TOKYO ELECTRIC: Mulls Selling Shares in Data Center Business


K O R E A

KOREA EXCHANGE: Union Demands Apology For "Excessive" Dividends


N E W  Z E A L A N D

ALLIED FARMERS: Unit Receives NZ$2.45MM Bridgecorp Loan Settlement
AVANTI FINANCE: S&P Affirms 'BB-/B' Counterparty Credit Ratings
BLUE STAR: Says "No" Vote on Restructure Would Mean Receivership
NATIONAL FINANCE: Former Director Found Guilty of Theft
NZF MONEY: S&P Lowers Local-Currency Issuer Credit Rating to 'D'

PIKE RIVER: ERA Reject Union's Bid to Boost Workers' Payments
UNITE SUPPORT: IRD Chases Firm for NZ$150,750 Unpaid Tax
ZION WILDLIFE: Rabobank Taps PricewaterhouseCoopers as Receiver


S I N G A P O R E

LOTUS BAKERIES: Creditors' Proofs of Debt Due August 19
NAGATA HATCH: Members' Final Meeting Set for August 18
PACIFIC COATINGS: Members' Final Meeting Set for August 18
PACIFIC HEALTH: Creditors' Proofs of Debt Due September 2
TRUE SPA: Court to Hear Wind-Up Petition August 5

TS DEVELOPMENT: Creditors' Proofs of Debt Due August 22


T A I W A N

PROMOS TECHNOLOGIES: Wins Creditors OK to Swap Debt for Equity


                            - - - - -


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


MATTRESS SUPERMARKET: Franchisor Placed In Liquidation
------------------------------------------------------
SmartCompany reports that TMS Franchising, the franchisor behind
mattress retailer The Mattress Superstore, has been placed in
liquidation, although the chain's stores in Queensland and
Victoria are still operating.

Geoffrey Handberg of Rodgers Reidy in Melbourne was appointed as
liquidator of Mattress Supermarket on July 13, SmartCompany says.

Five owner-operated Mattress Supermarkets in Australia are
existing, four in Queensland and one in Melbourne.  Two stores on
the Gold Coast and in Mornington, Victoria, are believed to have
been closed, SmartCompany points out.  Stores at Jindalee,
Windsor, Bundall and Capalaba in Queensland, plus Mentone in
Victoria, are separate trading entities and are continuing to
trade, according to the report.

One storeholder told SmartCompany it was "business as usual",
although the liquidation already had an effect on his business,
with customer concerns over lay-by arrangements.  The storeholder,
according to the report, said he has good relationships with
suppliers, but in the longer term, arrangements might change given
the tough market for small retailers.

A creditors' meeting for TMS Franchising is scheduled for
July 29.

                   About Mattress Supermarket

Based in Australia, The Mattress Supermarket Pty Ltd --
http://www.mattresssupermarket.com.au/-- retails mattresses.


OCTAVIAR LIMITED: Court Overturns Ruling on Litigation Deal
-----------------------------------------------------------
The Sydney Morning Herald reports that the liquidators of Octaviar
Limited have experienced a setback in their plans to sue one of
the company's creditors, Fortress Credit Corporation.

A federal court, according to SMH, overturned a litigation funding
agreement allowing the parent company, Octaviar Ltd, to use money
held by a subsidiary which carried out the group's treasury
functions, Octaviar Administration Pty Ltd.

Fortress Credit was not represented when Justice Margaret Stone
approved the funding agreement in February, and on Monday, three
appeals court judges set aside Ms. Justice Stone's ruling and sent
the matter back for further consideration, SMH relates.  Fortress
Credit is a secured creditor of the parent company, claiming AUD71
million.

The court was told the parent company had creditors claiming
AUD2.2 billion and "only [had] nominal assets," SMH relays.  The
treasury company holds cash of AUD121 million.  Both companies are
under the control of liquidators Katherine Barnet and William
Fletcher of accounting firm Bentleys Australia.

The liquidators, SMH recounts, obtained a AUD40 million freezing
order against Fortress Capital in the Queensland Supreme Court in
March, on the basis of a draft statement of claim to recover funds
paid to Fortress in the six months before Octaviar's 2008
collapse.

Fortress Credit is linked to a financier listed on the New York
Stock Exchange, Fortress Investment Group LLC, and in 2007, made
two loans which were guaranteed by Octaviar Ltd, according to SMH.

SMH notes that the funding agreement approved by Justice Stone
allowed the treasury company to share in any proceeds gained by
the parent company from the Queensland suit.

The report relates that Ms. Barnet and Mr. Fletcher gave evidence
they believed the agreement would be in the interests of creditors
of both companies.

About 71% of the treasury company's creditors have submitted
overlapping claims to the parent company, SMH discloses.

SMH adds that the appeal judges, Arthur Emmett, John Nicholas and
Alan Robertson, said it was possible the funding agreement could
benefit those creditors at the expense of the 29% who are solely
creditors of the treasury company.

                      About Octaviar Limited

Australian-based Octaviar Limited, formerly known as MFS Limited,
operated as an investment management business with a portfolio of
businesses and assets.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig and Nicholas
Harwood of Deloitte as Voluntary Administrators.  The directors of
three Octaviar subsidiaries, Octaviar Financial Services Pty Ltd,
Octaviar Investment Notes Limited and Octaviar Investment Bonds
Limited, also appointed Messrs. Greig and Harwood as Voluntary
Administrators.  Fortress Credit Corporation (Australia) II Pty
Ltd., one of Octaviar Limited's major creditors, also appointed
Stephen James Parbery and Anthony Milton Sims of PPB as receivers
and managers for Octaviar.

In December 2008, Octaviar's creditors voted for a deed of company
arrangement over two entities in the Octaviar group, Octaviar
Limited and Octaviar Administration Pty Limited.  The three other
companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Ltd into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement that has
been in place since December 2008, naming company administrators
John Greig and Nick Harwood at Deloitte, as provisional
liquidators.

Administrators and liquidators Greig and Harwood at Deloitte were
then replaced by Bentleys Corporate Recovery under court order.

According to The Age, creditors are yet to recover about
AUD2.5 billion from the Group, which was found to have
AUD1 billion in inter-company loans.


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


CHINA LIANSU: Moody's Assigns 'Ba2' Rating to US$300MM Bonds
------------------------------------------------------------
Moody's Investors Service has assigned definitive Ba2 senior
unsecured bond rating on the US$300 million, 7.875%, 5-year notes
issued by China Liansu Group Holdings Limited. The outlook on the
rating is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation confirms the
provisional bond rating assigned on April 26, 2011; as the bond
amount raised and the covenants stated in the Offering Memorandum
are in line with Moody's expectation.

The principal methodology used in rating China Liansu Group
Holdings Limited was the Global Building Materials Industry
Methodology published in July 2009.

Founded in 1996 and listed on the Hong Kong Stock Exchange in June
2010, China Liansu Group Holdings Limited is one of the largest
plastic pipes and pipe fittings manufacturers in China. It has 12
operational production facilities in nine provinces, with a design
annual production capacity of 1.15mtpa by the end of 2010.


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


LIK SUN: Creditors' Proofs of Debt Due August 23
------------------------------------------------
Creditors of Lik Sun Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 23, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 22, 2011.

The company's liquidator is:

         Ng Wai Yee
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


MERIT HONEST: Creditors' Proofs of Debt Due August 23
-----------------------------------------------------
Creditors of Merit Honest Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Aug. 23,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Ng Kam Chiu
         13A, Tak Lee Commercial Building
         113-117 Wanchai Road
         Wanchai, Hong Kong


MING CHI: Creditors' Meeting Set for August 3
---------------------------------------------
Creditors of Ming Chi Enterprise Company Limited will hold their
meeting on Aug. 3, 2011, at 9:30 a.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 103, Duke of Windsor Social
Service Building, at 15 Hennessy Road, Wan Chai, in Hong Kong.


MING FUNG: Creditors' Proofs of Debt Due August 23
--------------------------------------------------
Creditors of Ming Fung Watch Parts Factory No. 1 Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Aug. 23, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Tang Hoi Lung
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


MING FUNG WATCH: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on July 22, 2011,
creditors of Ming Fung Watch Parts Factory No. 2 Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Ching Kwong
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


MONEY TRANSFER: Creditors' Proofs of Debt Due August 23
-------------------------------------------------------
Creditors of Money Transfer Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 23, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Cheung Po Kwan
         20th Floor, Euro Trade Centre
         21-23 Des Voeux Road
         Central, Hong Kong


PUGANG INTERNATIONAL: Creditors' Proofs of Debt Due August 12
-------------------------------------------------------------
Creditors of Pugang International Development Company Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Aug. 12, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 12, 2011.

The company's liquidators are:

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


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


APPLE ROLLING: CARE Rates INR16.26cr LT Bank Loan at 'CARE BB+'
---------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Apple
Rolling Mills Ltd.

                                 Amount
   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities      16.26       'CARE BB+' Assigned

Key Rating Considerations

Rating Strengths        Rating Weaknesses   Key Rating Sensitivity
----------------        -----------------   ----------------------
Experienced Promoters    Inadequate power    Maintaining optimum
                         availability        capacity utilization
                         hampered operations
                         of ARML

Financial flexibility    Susceptibility of   Maintaining
exhibited by the         operating margins   profitability
promoters                to the commodity    while managing risk
                         price fluctuations  associated to
                                             fluctuation in the
                                             raw material prices

                         Unable to use its
                         backward integration
                         linkages due to high
                         transportation cost

                         Regionally concentrated
                         sales - High degree of
                         competition in the
                         local market

                         Financial risk profile
                         marked by thin
                         profitability along
                         with elongation in the
                         operating cycle

Apple Rolling Mills Ltd belongs to the 'Apple Group of Industries'
based in Delhi NCR.  ARML took over Chitrakoot Metals Ltd in 2009-
10 and subsequently the name of CML was changed to ARML in August
2009. ARML manufactures TMT bars from MS billets at its (plant
previously owned by CML) sole manufacturing facility located in
Tamil Nadu where it has an installed capacity of 72,000 metric
tonnes per annum (MTPA). ARML sells the TMT Bars in local market
with brand name of Apple Gold, while CML sold the TMT bars under
the brand name of Barnala Plus TMT.

AGOI has business presence in different sectors such as steel,
coal, construction, insurance and commodities through its group
companies.

As against a PAT of INR0.57 crore on a total operating income of
INR135.89 crore in FY09, ARML earned a PAT of INR0.74 crore on a
total operating income of INR84.87 crore during FY10.


CHARU OVERSEAS: CARE Assigns 'CARE BB' Rating to INR2.5cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB and CARE A4' rating to bank facilities of
Charu Overseas Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities     2.50         'CARE BB' Assigned
   Short-term Bank Facilities    6.00         'CARE A4' Assigned

Rating Rationale

The ratings assigned are constrained due to modest scale of
operations of COPL in a highly competitive and fragmented industry
with limited entry barriers, its weak financial risk profile
marked by low profitability margins and high overall gearing. The
ratings however draw comfort from experienced promoters,
consistent growth in turnover over the years and comfortable
working capital cycle.  Going forward, effective management of raw
material prices and increase in the scale of operations while
sustaining profitability margins shall be the key rating
sensitivities.

COPL is an importer & trader of Commodity Polymers, Engineering
Plastics, Chemicals, PVC Resin, Plasticizers, Co-axial Cable and
Power Cables, having its network within the area of Delhi, NCR &
U.P.

During FY10, COPL reported 11.1% growth in total income to INR27.1
crore with PBDILT and PAT margins at 1.81% and 0.66% respectively.
During FY11 (provisional), net sales of COPL increased by 84% to
INR49.6 cr with PAT of INR0.3 cr.


CHIRIPAL POLY: CARE Rates INR85cr LT Bank Loans at 'CARE BB'
------------------------------------------------------------
CARE assigns 'CARE BB' rating to bank facilities of Chiripal Poly
Films Ltd.

                                 Amount
   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities     85.00        'CARE BB' Assigned

Rating Rationale

The ratings are largely constrained by high implementation risk
associated with CPFL's green field project for manufacturing Bi-
axially Oriented Poly Propylene films and lack of promoters'
experience in the BOPP films industry. The ratings are further
constrained by high project debt & low net worth base, tough
competition from well established players and risk associated with
the volatility in prices of raw material which is petroleum
derivative.  These risks are partly mitigated by achievement of
financial closure and regulatory clearance for the project,
resourceful promoter group and high growth potential for BOPP
films industry in India. Successful commissioning of the project
without any significant time and cost overrun and consequent
stabilization of operations are the key rating sensitivities.

CPFL is a closely held company promoted by Chiripal Group of
Ahmedabad. CPFL is setting up a manufacturing unit for Bi-axially
Oriented PolyPropylene film at Bidaj village, Kheda district,
Gujarat. The scheduled date for commencement of commercial
production for the project is April 2012.  The Chiripal Group of
Ahmedabad has a wide experience in the field of manufacturing,
trading and exports of textile products.  Chiripal group consists
of other companies like Chiripal Industries Ltd. (Rated: CARE BB+/
CARE A4+) and Nandan Exim Ltd. (Rated: CARE B+/ CARE A4) and
Vishal Fabrics Pvt. Ltd. (Rated: CARE BB+/ CARE A4).


DEEPAK SPINNERS: CARE Assigns 'CARE BB+' Rating to INR74.75cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to bank facilities
of Deepak Spinners Ltd.

                                 Amount
   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities     74.75        'CARE BB+' Assigned
   Short-term Bank Facilities    12.00        'CARE A4+' Assigned

Rating Rationale

The ratings take into consideration the short track record of
profitability after continuous losses over the past few years and
high price volatility of the raw material. The ratings also take
into account the highly working capital intensive nature of the
operations and sensitivity of the textile sector with respect to
the government regulations. However, the ratings draw comfort from
the experienced management, long track record and moderate gearing
ratio.  Going forward, ability to scale up its operations, sustain
profitability margins and maintain a comfortable capital structure
would be the key rating sensitivities.

DSL, promoted by a Kolkata-based industrialist Mr. P.K. Daga in
1986 is engaged in the manufacturing of variety of Polyester,
Viscose and Acryclic Spun yarn, Grey and dyed in 100% as well as
blended form. DSL has two manufacturing facilities at Baddi,
Himachal Pradesh and Guna, Madhya Pradesh. The total installed
capacity as on March 31, 2011 stood at 57,504 Spindles.

DSL booked a net profit of INR6 crore on total income of INR253
crore in FY11 as against losses of INR11 crore on total income of
INR209 crore in FY10.


FIRST WINNER: CRISIL Cuts Rating on INR328MM LT Loan to CRISIL B+
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of First
Winner Lifestyle Ltd, part of First Winner group, to 'CRISIL
B+/Negative/CRISIL A4' from 'CRISIL BB/Negative/CRISIL A4+'.

   Facilities                       Ratings
   ----------                       -------
   INR328.0 Mil. Long-Term Loan     CRISIL B+/Negative (Downgraded
                                        from 'CRISIL BB/Negative')

   INR66.5 Million Cash Credit      CRISIL B+/Negative (Downgraded
                                        from 'CRISIL BB/Negative')

   INR7.5 Million Line of Credit    CRISIL B+/Negative (Downgraded
                                        from 'CRISIL BB/Negative')

   INR40.0 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 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.


FIRSTWINNER TEXTILES: CRISIL Cuts Cash Credit Rating to CRISIL B+
------------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Firstwinner Textiles (India) Pvt Ltd, part of First Winner group,
formerly known as Kassi Trading Company Private Limited, to
'CRISIL B+/Negative' from 'CRISIL BB/Negative'.

   Facilities                      Ratings
   ----------                      -------
   INR70.0 Million Cash Credit     CRISIL B+/Negative (Downgraded
                                       from 'CRISIL BB/Negative')

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 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.


HARYANA FOILS: ICRA Assigns '[ICRA]B+' Rating to INR17.75cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR17.75 crore fund
based limits of Haryana Foils Limited.  ICRA has also assigned
'[ICRA]A4' rating to the INR2.00 crore non-fund based facilities
of HFL.

The rating action takes into account the long track record of
company's operations and experience of promoters in this industry,
positive demand outlook for the product, long standing
relationships with suppliers and customers ensuring smooth
operations and consistent infusion of equity capital in the past.
However rating concerns emanate from the low entry barriers in the
segment resulting in the presence of a number of small and mid-
sized players which results in competition in the industry, low
pricing power because of the commoditized nature of product and
low value addition in operations. Further the capital structure of
the company is levered which coupled with low profitability has
resulted in weaker coverage indicators. Going forward the ability
of the company to draw strengths from its long track record of
operations and experienced promoter profile in improving its
profitability and managing its working capital intensity will
remain key rating drivers for the company.

Haryana Foils Limited, incorporated in 1989, is a public limited
company involved in manufacturing of Cold Rolled Mild Steel strips
(CR strips). It started as a partnership firm manufacturing brass
sheets in 1982 and started manufacturing of CR strips in 1987. The
capacity of the plant is 36000MT per annum (CR strips). The CR
strips are used extensively in automobile industry
(cycle/car/tractor parts), machinery & tool manufacturing,
electronic and hardware items. The company is supplying steel
through direct sales as well as through dealers to auto
ancillaries (among other companies) in Faridabad, Gurgaon and
Manesar. It is also involved in trading of CR strips.

Recent Results

As per the provisional for the financial year ending March 31,
2011, Haryana Foils Limited reported an operating income of
INR104.21 crore registering a yoy growth of 9.65% while the PAT
in FY 2011 was at INR0.31 crores.


HP TELECOM: CRISIL Rates INR50MM Cash Credit at 'CRISIL BB-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of HP Telecom India Pvt Ltd.

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

The rating reflects the longstanding experience of HP Telecom's
promoters in the mobile distribution business. This rating
strength is partially offset by the company's exposure to risks
related to supplier concentration and short track record of
operations.

Outlook: Stable

CRISIL believes that HP Telecom will maintain its credit profile
supported by the promoter's longstanding experience in the mobile
distribution business and principal's established market of mobile
phones in Ahmedabad region. The outlook may be revised to
'Positive' in case of sustained growth in HP Telecom's revenues
along with stable margins, leading to better-than-expected cash
generation or in case of efficient working capital management,
supporting the company's liquidity over the medium term. The
outlook may be revised to 'Negative' in case of a lower than
expected sales and profitability leading to weakening in financial
risk profile.

                          About HP Telecom

Incorporated in 2011 by Mr. Vijay Yadav, HP Telecom is engaged in
the distribution of Nokia handsets in Gujarat. Through the
exclusive distributorship received from Nokia, the company will
serve around 1000 outlets in Ahmedabad. The promoted are engaged
in handset distribution through other group companies such as HV
Connecting India Pvt Ltd for over 10 years. The group company has
a distributorship for Vapi and Valsad (both in Gujarat).

HP Telecom is expected to report revenues of INR900 million for
2009-10 (refers to financial year, April 1 to March 31).


INDUS TUBES: ICRA Puts '[ICRA] BB-' Rating on INR14cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA] BB-' to INR14.00
crore Cash Credit facility of Indus Tubes Limited.  ICRA has also
assigned '[ICRA] A4' rating to the INR16.00 crore Letter of
Credit/Bank Guarantees of ITL.  The outlook on the long-term
rating is stable.

The rating is constrained by low value addition of ITL's
operations, high competitive pressures arising out of low entry
barriers and vulnerability of its profitability to steel price
movement. The ratings also factor in the company's modest
profitability and low cash accruals which coupled with high
working capital intensity has lead to weak debt protection
metrics. However, the ratings favorably take into account ITL's
experienced management and long track record of operations in the
steel industry, and its continued ability to secure tender
contracts from government entities.

Indus Tubes Limited is the flagship company of the ITL Group. It
was established in 1987, and is promoted by four directors, each
of whom have 35-40 years experience in the Steel Industry and have
been associated with the company since its inception. ITL
manufacture steel tubes in mild steel and galvanized qualities in
sizes ranging from 15mm to 350mm, and is accredited with an ISO-
9001 certification. It's plant is located in village Chhaprola, in
Gautam Buddha Nagar (Ghaziabad), and is spread over 28000 square
meters. The tubes/pipes manufactured by the company are primarily
used for water supply and irrigation, and also find application in
making scaffoldings, Oil and Natural gas lines, sewage, conveyor
belts and deep water wells.

In FY 2011, the company reported gross sales of INR106.29 crore
and profit after tax of INR0.32 crore.



K G PIPES: CRISIL Rates INR100 Million Cash Credit at 'CRISIL B+'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of KG Pipes Pvt Ltd.

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

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

Outlook: Stable

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

                          About KG Pipes

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

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


MEENAKSHI ENERGY: Fitch Cuts Rating on INR550M Loans to 'BB(ind)'
-----------------------------------------------------------------
Fitch Ratings has downgraded India-based Meenakshi Energy Private
Ltd's Phase I INR10,050 million long-term senior bank loans to
'BB(ind)' from 'BB+(ind)'.  The Outlook is Negative.
Simultaneously, Fitch has assigned ratings to MEPL's additional
bank loans:

   -- Phase I INR550 million long-term senior bank loans:
      'BB(ind)'; Outlook Negative; and

   -- Phase II INR23,400 million long-term senior bank loans:
      'BB(ind)'; Outlook Negative.

In respect of the Phase I project, the ratings reflect Fitch's
concerns regarding MEPL's unhedged imported coal supply contracts
in a rising international coal price scenario, additional exposure
to volatile merchant power prices as a result of capacity
expansion, and slight delays in completion. The ratings are
constrained by the residual completion risk in conjunction with
the lack of sponsor's track record in construction and operation
of thermal power plants. However, this is partly mitigated by the
appointment of an experienced owner's advisor, Evonik Energy
services.

Key risks impacting the Phase II project debt include full
exposure to merchant power and the high cost of generation as
domestic coal is sought to be transported over large distances;
this would render the tariff more vulnerable to adverse movements
in the prices of power sold. Further, completion risk is viewed to
be high since the project has just commenced construction. Ability
of the sponsors to infuse equity in a timely manner will be one of
the crucial ingredients to ensure timely completion.

The Negative Outlook reflects continued uncertainty about fuel
prices in the absence of firm import arrangements and also
pressure on coverage ratios from a rising interest cost regime. If
some of these concerns are not resolved satisfactorily closer to
the COD of Phase I in December 2011, Fitch expects that there
could be a severe deterioration in MEPL's credit profile,
resulting in even a multi-notch downgrade.

Lenders of each of the two phases would have a charge on the
respective assets and cash flows of the project. Escrow accounts
are maintained separately for each phase, and the management and
the lenders of both the phases have no intention of merging or
creating a pari-passu charge on the assets of the other phase.
Accordingly, Fitch has separately evaluated the two phases, and
the ratings reflect the agency's stand-alone view of their
respective credit profiles.

Revenue risk for Phase I is partly mitigated by an offtake
arrangement with PTC India Ltd (PIL), for 64% of net energy
generated in exchange for a fixed conversion rate that would cover
non-fuel operations and maintenance costs. Coal will be supplied
to project site by PIL on a free -of-cost basis. The balance (36%)
will be generated using imported coal and sold as merchant power.
The entire energy generated from phase II (600MW) will be sold as
merchant power under an agreement with PIL, which is expected to
be tied up on a back-to-back basis with state electricity boards.
Phase II will use a mix of imported and domestic coal in the ratio
of 30:70. Fitch, however, notes that the company has a letter of
assurance from Mahanadi Coal Fields Ltd covering about 86% of the
domestic requirement and expects it to sign a fuel supply
agreement before the COD (Phase II: 31 August 2012).

MEPL, promoted by the Meenakshi group of Companies, is
implementing coal-based thermal power plants in two phases of
300MW (two units of 150MW each) and 600MW (two units of 300MW
each) in the coastal area of Thaminappatnam in the state of Andhra
Pradesh at a cost of INR14,280 million and INR31,200 million,
respectively. Phase I is about 75% complete and Phase II has
recently commenced construction. MEPL has increased the capacity
of Phase I from 270MW to 300MW.


MUSKAN OVERSEAS: CRISIL Assigns 'CRISIL D' Rating to INR10MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Muskan Overseas Pvt Ltd.

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

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

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

                        About Muskan Overseas

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

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


PAL TRADING: CRISIL Cuts Rating on INR70MM Loan to 'CRISIL B+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Pal
Trading Company Pvt Ltd, part of First Winner group, to 'CRISIL
B+/Negative/CRISIL A4' from 'CRISIL BB/Negative/CRISIL A4+'.

   Facilities                       Ratings
   ----------                       -------
   INR70.0 Million Cash Credit      CRISIL B+/Negative (Downgraded
                                        from 'CRISIL BB/Negative')

   INR29.9 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 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.


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

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

   INR4.7 Mil. Proposed Long-Term    CRISIL BB/Negative (Outlook
               Bank Loan Facility         Revised from 'Stable')

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

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

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

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

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

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

Outlook: Negative

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

Update

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

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

                        About Paragon Apparel

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


RAMPRASTHA BUILDERS: ICRA Rates INR25cr Bank Loan at '[ICRA] BB+'
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA] BB+' to the
INR25 crore bank term loan of Ramprastha Builders Private Limited.
The rating carries a stable outlook.

The rating action takes into account the established presence of
promoters in the real estate business and fully sold out status of
the ongoing project. The rating action has also taken into account
the low funding requirement for the project because the entire
land cost has already been incurred and the significant amount of
construction is complete. The rating is however constrained by the
fact that considerable amount of customer collections are pending
which if get delayed are likely to affect the debt servicing
ability of the company. The rating also takes into account the
risk that is inherent in the real estate business, of utilizing
cash flows from the ongoing project towards acquisition of
additional land bank, which may affect the credit profile of the
company adversely.

Ramprastha Builders Private Limited is a part of the Ramprastha
Group. The Group is a well established real estate developer based
out of National Capital Region (NCR). Ramprastha group has till
date completed 200 lac sq ft of development in last four decades.
The completed projects by the promoters comprising residential
township, Plotted colony, commercial development and group housing
are located in Ghaziabad, Gurgaon and New Delhi. RBPL was set up
29th April, 1980 and since inception it has executed various real
estate projects. Presently Ramprastha Group is developing
"Ramprastha Greens", an integrated township in Vaishali,
Ghaziabad, which is spread across the land area of 100 acres. Till
date out of 100 acres of land, 40.73 acres of land has already
been launched. In the residential space the group has already
launched three residential projects namely "Pearl heights",
"Emerald heights" and "Pearl court" till date. "Pearl heights"
with 84 flats and "Emerald heights" with 450 apartments are fully
occupied. "Pearl court" with 560 flats, spread over a land area of
9.86 acres is under construction and is expected to start handling
of possession from December 2011 onwards. The project is expected
to get completed by March, 2013. In FY 2010 the company reported a
net profit of INR1.10 Crore on an operating income of INR62.69
Crore.


RAMSHYAM TEXTILE: CRISIL Cuts Rating on INR50MM Loan to CRISIL B+
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ramshyam Textile Industries Ltd, part of First Winner group, to
'CRISIL B+/Negative/CRISIL A4' from 'CRISIL BB/Negative/CRISIL
A4+'.

   Facilities                       Ratings
   ----------                       -------
   INR59.8 Million Term Loan        CRISIL B+/Negative (Downgraded
                                        from 'CRISIL BB/Negative')

   INR50.0 Million Cash Credit      CRISIL B+/Negative (Downgraded
                                        from 'CRISIL BB/Negative')

   INR6.0 Million Standby Line      CRISIL B+/Negative (Downgraded
                     of Credit          from 'CRISIL BB/Negative')

   INR306.2 Million Proposed LT     CRISIL B+/Negative (Downgraded
             Bank Loan Facility         from 'CRISIL BB/Negative')

   INR20.0 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 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.


RIKOSH FASHIONS: CRISIL Cuts Rating on INR168.5MM Loan to CRISIL C
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Rikosh
Fashions Pvt Ltd, part of First Winner group, to 'CRISIL C/CRISIL
A4' from 'CRISIL BB/Negative/CRISIL A4+'.

   Facilities                       Ratings
   ----------                       -------
   INR168.5 Mil. Long-Term Loan     CRISIL C
                                    (Downgraded from
                                    CRISIL BB/Negative)

   INR50.0 Million Cash Credit      CRISIL C
                                    (Downgraded from
                                    CRISIL BB/Negative)

   INR20.0 Mil. Letter of Credit    CRISIL A4
                                    (Downgraded from
                                    CRISIL A4+)

The downgrade reflects instances of delay in the past by Rikosh in
servicing its term debt obligations and limited track record of
timely servicing of the term debt obligations; the delays have
been caused by the company's weak liquidity. The cash accruals of
the company in 2011-12 (refers to financial year, April 1 to March
31) are expected to remain insufficient to pay its term debt
obligations maturing in that year, and bank limits remaining fully
utilized, thereby constraining its financial flexibility.

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
above-average financial risk profile 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.

                          About the Group

Set up by Mr. Rinku Patodia and his wife, Mrs. Anita Patodia, in
2003, FWIL (group's flagship company) commenced operations by
trading in textile fabric. The company later established its own
manufacturing facility by installing 100 looms to undertake
weaving of fabric and commenced commercial production in March
2007. The company has been expanding its capacity over the last
four years,

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.


SAKET INFRAPROJECTS: ICRA Cuts Rating on INR15cr Loan to ICRA BB-
-----------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR15
crore bank lines of Saket Infraprojects Limited from 'LBB' to
'[ICRA]BB-'.  The outlook on the long term rating is stable.

The rating revision takes into account the de-growth in revenue
for FY 2011, stretched capital structure with a gearing of 2.1 x
as on
March 31, 2011 and huge increase in debtors resulting in increased
working capital requirement. The rating also factors in excessive
dependence on group companies for business and high geographical
concentration on account of all projects being concentrated in
Mumbai and suburbs. The rating however, draws comfort from the
long track record of the company in civil construction industry
and constant flow of orders from the group companies indicated by
a healthy order book of INR137.15 crore as on April 1, 2011.

SIL was established in 2006 to facilitate backward integration for
the group companies' viz. RPS Infraprojects Pvt. Ltd and PBA
Infrastructure Ltd. PBA and RPS control 50% each in SIL indirectly
through relatives and shareholders. The company is in the business
of manufacturing of ready mix concrete (RMC), asphalt, aggregate
and also development of roads, storm water drainages on sub-
contract basis. More than 65% of operating income during FY 2011
was contributed by the group companies. While operations of the
group companies are concentrated in Maharashtra, majority of the
projects to be executed by them in Mumbai and Navi Mumbai are sub-
contracted to SIL.

Based on provisional results, the company reported operating
income of INR75.5 crore and profit after tax of INR4.4 crore for
FY 2011.


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

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

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

Outlook: Stable

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

                       About Singla Jewellers

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


SRI BUCHIYYAMMA: ICRA Rates INR25cr Bank Limits at '[ICRA]B+'
-------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR25.00 crore fund based
limits of Sri Buchiyyamma Rice Mill.

The assigned rating is constrained by the weak financial profile
characterized by low profitability with operating and net profit
margin at 5.90% and 0.32% respectively during FY10 and weak
coverage indicators as reflected by OPBITDA/ Interest & Finance
Charges of 1.29 times and NCA/Total Debt of 8% in FY 10. Rice
milling is a working capital intensive business as the rice
millers have to stock enough paddy, by the end of each season as
the price and quality of paddy is better during the harvesting
season. However, SBRM procures paddy throughout the year which led
to moderate inventory days and hence working capital intensity is
moderate at 20% in FY 2010. The operating margins improved from
2.86% in FY 09 to 5.90% in FY 10 and net margins increased from
0.19% in FY 09 to 0.32% in FY10. The increase in OPM did not
translate into increase in NPM in FY 10, due to increase in
interest expenses. The gearing was moderate at 1.8 times as on
March 31, 2010.

Sri Buchiyyamma Rice Mill is a partnership firm established in the
year 1983 and is engaged in the milling of paddy. It produces raw
and boiled rice. It was promoted by Mr. K. Papa Reddy. The company
has its milling unit in Tossipudi, East Godavari district of
Andhra Pradesh. SBRM has a milling capacity of 43,200 MTPA of
paddy.


SRI VEERA: ICRA Rates INR4.5cr Cash Credit at '[ICRA]B+'
--------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR4.50 crore cash credit,
INR0.27 crore term loan and INR3.23 crore proposed limits of
Sri Veera Venkata Satyanarayana Rice Mill.  ICRA has also assigned
'[ICRA]A4' rating to INR7.00 crore commodity warehouse receipt
financing of VVSRM.

The assigned ratings are constrained by weak financial profile
characterized by low profitability with operating and net margins
at 3.48% and 0.98% respectively during FY 10 and moderate coverage
indicators as reflected by OPBITDA/ Interest & Finance Charges of
2.17 times and NCA/Total Debt of 23% in FY 10. Rice milling is a
working capital intensive business as the rice millers have to
stock enough paddy, by the end of each season as the price and
quality of paddy is better during the harvesting season. However,
VVSRM procures paddy throughout the year which led to moderate
inventory days and hence working capital intensity is moderate at
21% in FY 2010. The operating margin declined from 4.74% in FY 08
to 3.48% in FY10, due to increase in raw material prices and the
inability of the company to pass on the hike in raw material
prices. The gearing is low at 0.43 times as on March 31, 2010.

Sri Veera Venkata Satyanarayana Rice Mill is a partnership firm
established in the year 1999 and is engaged in the milling of
paddy and produces raw and boiled rice. It was promoted by Mr. S.
Konda Reddy and Mr. S. Srinivasa Reddy. The company has its
milling unit in Biccavolu - East Godavari district of Andhra
Pradesh with an installed capacity of 43,200 MTPA.


SWASTIK TRADERS: CARE Assigns 'CARE BB' Rating to INR1.75cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB and CARE A4' rating to bank facilities of
Swastik Traders.

                                 Amount
   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities     1.75         'CARE BB' Assigned
   Short-term Bank Facilities    4.50         'CARE A4' Assigned

Rating Rationale

The ratings assigned are constrained due to below-average
financial risk profile marked by low profitability margins and
high overall gearing, modest scale of operations in a highly
competitive industry with limited entry barriers and its
constitution as a partnership firm. The ratings however draw
comfort from experienced promoters, consistent growth in turnover
over the years and comfortable working capital cycle.

Going forward, effective management of raw material prices and
increase in scale of operations with sustenance in profitability
margins shall be the key rating sensitivities of ST.

ST is an importer & trader of Commodity Polymers, Engineering
Plastics, Chemicals, PVC Resin, Plasticizers, Co-axial Cable and
Power Cables, having its network within the area of Delhi, NCR &
U.P.

During FY10, ST reported 23.98% growth in total income to INR23.9
crore with PBDILT and PAT margins at 0.94% and 0.33% respectively.
During FY11 (provisional), the total operating income of ST stood
at INR48.0 crore with PAT of INR0.12 crore.


TRUEVALUE ENGINEERING: ICRA Puts '[ICRA]BB' Rating on INR10cr Loan
------------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR10.00 crore fund-
based bank facilities of Truevalue Engineering Private Limited.
The long-term rating has been assigned a 'stable' outlook.  ICRA
has also assigned an '[ICRA]A4' rating to the INR15.00 crore
non-fund based bank facilities of TEPL.

The assigned ratings take into account long experience of the
promoters in steel industry; TEPL's conservative capital structure
and a moderate return on capital employed and a significant growth
in turnover and profits of TEPL in 2010-11 following the sanction
of working capital facilities. The ratings are, however,
constrained by the thin profitability of TEPL as a result of high
raw material costs and aggressive pricing followed to strengthen
market presence; depressed coverage indicators due to low
profitability; intensely competitive nature of the steel trading
industry, which exerts further pricing pressures and cyclicality
inherent in the steel industry, which is likely to keep TEPL's
cash flows and profitability volatile.

Incorporated in 1999, TEPL is engaged in trading of flat steel
products like cold-rolled coils, galvanized steel, color coated
steel etc. The trading operations of TEPL gained momentum only
upon the sanction of its working capital facilities in 2010.
TEPL's registered office is located at Mumbai and its customer
base includes both end-users in the automotive and engineering
industries and trading houses.

Recent Results

In 2009-10, TEPL reported a profit after tax (PAT) of INR0.1 crore
on the back of net sales of INR33.2 crore. As per the provisional
results for the period 2010-11, TEPL reported a PAT of INR0.43
crore on the back of net sales of INR106.8 crore.


VEDANTA RESOURCES: Moody's Confirms 'Ba1' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has confirmed Vedanta Resources Plc's
Corporate Family Rating of Ba1 and Senior Unsecured Bond Rating of
Ba2.  At the same time, Moody's has changed the outlook on the
ratings to negative.

This rating action closes the review for downgrade initiated on
Aug. 17, 2010, after Vedanta announced the proposed acquisition of
a controlling stake (of up to 60%) in Cairn India Ltd. for
$9.6 billion or less.  On Dec. 21, 2010, and April 18, 2011,
Moody's announced the continuation of its review of Vedanta.

Although Moody's had indicated in its April announcement that a
downgrade was likely following the closing of the Cairn
transaction, Vedanta has since been able to reduce the purchase
price of CIL by some $625 million, while at the same time issuing
bonds of $1.65 billion and arranging a new $500 million term
facility, thus improving liquidity.  Furthermore, the continuing
buoyancy of commodity prices and Vedanta's ability to increase
output from existing operations will result in a lower than
expected increase in external net funding needs, when the
remaining 30% of CIL it seeks, is purchased. As a result, Moody's
has now ultimately decided to confirm Vedanta's ratings, albeit
with a negative outlook.

"We expect the acquisition of Cairn India to be completed within a
few weeks, with ONGC and Cairn agreeing on the royalty issue. To
the extent that Cairn has lowered the effective price and Vedanta
has now built up a 28.5% stake, the financial parameters of the
transaction should hold no surprises" says Alan Greene, a Moody's
Vice President
-- Senior Credit Officer.

"However, we have retained the negative outlook given Moody's
continuing and various concerns about the Group. The likely
timeframe of the negative outlook is an opportunity for Vedanta to
tackle some of these areas -- namely to beef up the Parent's
balance sheet, to bring to market much-heralded IPOs of two
subsidiaries, to work through some regulatory, environmental and
tax challenges in India and, of course, to bed-in the large Cairn
acquisition", adds Mr. Greene, also Moody's lead analyst for
Vedanta.

Moody's notes that the acquisition debt is being raised at the
Parent company level and the implications this has for
subordination within the Group, and the standalone credit quality
of the relatively thinly capitalized Parent. The lack of cash
profits generated by the Parent and Moody's concerns over the
mechanics of upstreaming dividends from the operating and
intermediate companies, represent subordination. As a result, the
rating of senior unsecured debt issued by, or guaranteed by, the
Parent is lower by one notch, relative to the CFR. The gap could
potentially widen, if there is any deterioration in the relative
strength of the Parent company balance sheet or the quality of its
earnings.

Moody's notes that mooted IPOs of its African copper business,
Konkola Copper Mines and of Sterlite Energy have not progressed.
Similarly, development of the aluminium business has been deferred
following difficulties sourcing bauxite domestically, although the
smelters' captive power units have been supporting Vedanta's
energy earnings.

Sesa Goa's recent purchase of a small, part-built steel works in
India represents another diversification which might mark the
start of another business vertical, that of integrated
steelmaking, that could require significant investment. In the
medium-term this purchase could help mitigate the tightening of
controls over its iron ore exports out of India.

Moody's notes that there is limited tolerance in the rating for
further debt-financed expansion plans or weakness within the
operating environment for commodities.

The outlook could be stabilized if Vedanta (1) successfully
integrates CIL, with evidence of a stable and sustainable
production and business profile; (2) the planned expansion
projects start generating the expected returns; (3) there is
evidence of a stable and sustainable business profile for the
company; and (4) the relatively weak capitalization of the Parent
is addressed. At this juncture, Moody's sees no upward pressure on
the rating as the outlook already reflects Moody's expectation of
some improvement in credit metrics as a mitigating factor for the
qualitative considerations outlined. On a consolidated basis,
Vedanta's credit metrics are strong and approaching those of
investment grade rated peers.

Conversely, the ratings could come under downward pressure if the
company (1) faces further challenges in the oil and gas operations
under CIL; (2) the Parent remains thinly capitalized with less
than expected dividends upstreaming from the core operating
subsidiaries; (3) undertakes further acquisitions, investments or
shareholder remuneration policies that include incremental debt;
or (4) it fails to satisfactorily execute its expansion projects.
Credit metrics that Moody's would consider for a ratings downgrade
include CFO (less dividends)/Adjusted Debt below 15%, Adjusted
Debt to EBITDA exceeding 3.5-4.0x, or EBIT interest coverage
declining to 3.5x or less on a sustained basis.

The principal methodology used in rating Vedanta is Rating
Methodology on Global Mining Industry published in May 2009.

Headquartered in London, UK, Vedanta Resources plc is a metals and
mining company focusing on integrated zinc, aluminum, copper, iron
ore mining and commercial power generation.  Its operations are
predominantly located in India.  It is listed on the London Stock
Exchange and is 62% owned by Volcan Investments Ltd.


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


B-CAP 2: Moody's Assigns Ratings to Certificates (CMBS)
-------------------------------------------------------
Moody's Japan K.K. has assigned ratings to B-CAP 2 Trust
Certificates, which are backed by a specified bond.

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

The complete rating actions are:

Deal Name: B-CAP 2 Trust Certificates

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

Class 1, JPY2.8 billion, Fixed, Aa1 (sf), 30.0%

Class 2, JPY0.6 billion, Fixed, A1 (sf), 15.0%

Class 3, JPY0.6 billion, Fixed, Baa2 (sf), 0.0%

Class X*2, JPY2 million, 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

B: Total amount of trust certificates (approximately JPY 4
billion)

* 2 Class X Trust Certificate represents the right to receive
  excess cash flow from the water fall at trust level.

Total Issuance Amount: approximately JPY 4 billion

Expected Dividend Payment: Quarterly

Closing Date: July 25, 2011

Expected Maturity Date: July 29, 2015

Legal Final Maturity Date: July 29, 2020

Underlying Bond: A specified bond amounting to JPY4 billion

Underlying Property: A portfolio of ten limited-service hotels

Originator/Arranger: Barclays Capital Japan Limited ("Barclays")

Trustee: DB Trust Company Limited Japan ("DB Trust")

Servicer: Shinsei Servicing Company ("Shinsei Servicer")

Rating Rationale

The issuer of Underlying Bond issued the bond, and Barclays -- as
arranger -- underwrote it. Barclays entrusted the bond and cash to
DB Trust. Barclays in return received the Classes 1 through 3 and
Class X Trust Certificates, and transferred the Trust Certificates
to investors.

Dividends on the Trust Certificates depend on interest payments on
the Underlying Bond.

The waterfall at the trust level is sequential.

Shinsei Servicer is in charge of servicing the Underlying Bond.

The transaction has a 5-year tail period between the expected
maturity and the legal final maturity of the Trust Certificates.

The subject deal is a single-borrower / multi-asset CMBS
transaction. The ratings are based mainly on 1) the quality of
Underlying Property; 2) the scheduled amortization and the fast-
pay mechanism; 3) the credit support provided by the
senior/subordinate structure as illustrated by the loan-to-value
(LTV) and level of stressed DSCR ; and 4) the legal and structural
integrity of the transaction.

Moody's estimated the credit support levels for each of the rated
classes based on Moody's net cash flow and value for the
Underlying Property. 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 Underlying Property

Class 1: Closing, 52.4%; Balloon*3, 42.0%

Class 2: Closing, 63.6%; Balloon, 53.3%

Class 3: Closing, 74.8%; Balloon, 64.5%

* 3 The Balloon LTV in each case is based on Moody's expected
  outstanding balances of the rated trust certificates expected
  maturity.

Moody's Stressed DSCR:

Moody's Stressed DSCR: Moody's Net Cash Flow / (Total amount of
the subject debt and senior to the debt -
a 6.5% Loan Constant).

Class 1: Closing, 2.48x; Balloon*4, 3.09x

Class 2: Closing, 2.04x; Balloon, 2.44x

Class 3: Closing, 1.73x; Balloon, 2.01x

* 4 The Balloon Stressed DSCR in each case is based on 1) Moody's
  expected outstanding balances of the rated trust certificates at
  expected maturity and 2) a 6.5% loan constant.

Moody's has examined the performance of the Servicer on existing
transactions and considers it sufficiently capable of servicing
the Underlying Bond, given its substantial experience in the
industry.

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

Moody's received a third party due diligence report on the cash
flow statements regarding the Underlying Property 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 Underlying Property (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
Aa1, Aa2 and A2 for the Class 1, A2, Baa1, and Ba1 for the Class
2, and Baa3, Ba2, and B2 for the Class 3.

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.


L-JAC FIVE: S&P Lowers Rating on Class B Notes to 'B-'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on class B
to 'B- (sf)' from 'B (sf)', and affirmed its 'BBB (sf)' rating on
class A and its 'B- (sf)' rating on class D-3 issued under the L-
JAC Five Trust Beneficial Interest (L-JAC Five) transaction, and
removed these three ratings from CreditWatch with negative
implications.  "At the same time, we lowered our ratings on
classes D-2 through G-2 to 'CC (sf)' from 'CCC (sf)', and affirmed
our 'CCC (sf)' ratings on the remaining eight tranches in this
transaction. On Aug. 17, 2010, we withdrew the rating on the
interest-only class X based on our revised criteria for rating
interest-only securities, published on April 15, 2010," S&P
related.

"Of the effectively 13 loans that initially backed the trust
certificates, four loans have been repaid, including two defaulted
loans that were fully recovered after our rating actions taken on
April 27, 2011. Eight of the remaining nine loans have defaulted.
So far, we have lowered our assumption with regard to the likely
collection amount from the properties backing the transaction's
remaining loans, as required, and have reviewed our ratings on the
trust certificates accordingly," S&P said.

"On April 27, 2011, we kept our ratings on classes A and B on
CreditWatch negative, as well as placed our rating on class D-3 on
CreditWatch negative. The CreditWatch placement was based on our
view that we might need to lower our assumptions again with
respect to the likely collection amounts from the underlying
properties of this transaction, given that the Great East Japan
Earthquake and ensuing tsunami that struck northeastern Japan on
March 11, 2011, caused damage to some of the collateral properties
backing the transaction's underlying loans, including such cases
as the cessation of operations at one of the properties. Since
then, we have confirmed through the servicer that some of the
underlying properties had already been sold and others had
incurred minor damage. Accordingly, we have concluded that the
earthquake and tsunami have a limited impact on our ratings on the
transaction," S&P related.

The downgrade of class B and affirmation of classes A and D-3 are
based on these factors:

    "We have lowered our assumption with respect to the likely
    collection amount from a retail property located in a regional
    area that backs one defaulted loan (the loan originally
    represented about 8% of the initial issuance amount of the
    trust certificates) to about 28% of our initial underwriting
    value from 40%, which we revised in April 2011 after
    considering the progress of collection procedures," S&P said.

    "We have lowered our assumption with regard to the likely
    collection amount from one loan that will mature in July 2012
    (the loan originally represented about 4% of the initial
    issuance amount of the trust certificates) to about 65% of our
    initial underwriting value, after considering the properties'
    current cash flows and the status of real estate deals
    involving similar asset types," S&P said.

    "Two defaulted loans (the loans originally represented about
    4% of the initial issuance amount of the trust certificates)
    were fully recovered after our rating actions on April 27,
    2011," S&P related.

    Credit enhancement levels for the senior classes improved due
    to the sale of all or a part of the underlying properties
    backing two defaulted loans (the loans originally represented
    about 28% of the initial issuance amount of the trust
    certificates), as well as the two defaulted loans that have
    since been fully recovered.

At the same time, Standard & Poor's lowered its ratings on classes
D-2 through G-2, because an effective loss was generated at the
loan level on one of the two defaulted loans of which the
underlying properties were sold (the loan originally represented
about 16% of the initial issuance amount of the trust
certificates). "We lowered the ratings on these classes because
the collected amount from the sale of the underlying properties
was less than the outstanding loan balance. Meanwhile, we affirmed
our ratings on classes C to J-1, as they had already been lowered
to 'CCC (sf)'," S&P related.

L-JAC Five is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
originally backed by 13 loans (effectively 13 loans), and the
loans were originally backed by 81 real estate properties and real
estate beneficial interests. Premier Asset Management Co.
acts as the servicer for this transaction.

"The ratings reflect our opinion on the likelihood of the full
payment of interest and the ultimate payment of principal on the
class A to J-1 trust certificates by the transaction's legal final
maturity date in August 2015," S&P said.

Rating Lowered, Removed From Creditwatch Negative
L-JAC Five Trust Beneficial Interest
JPY63.63 billion Floating-rate trust certificates
due August 2015
Class  To       From              Initial issue amount  Coupon
type
B      B- (sf)  B (sf)/Watch Neg  JPY7.2 bil.           Floating
rate

Ratings Affirmed, Removed From Creditwatch Negative
Class  To        From                Initial issue amt.  Coupon
type
A      BBB (sf)  BBB (sf)/Watch Neg  JPY41.5 bil.        Floating
rate
D-3    B- (sf)   B- (sf)/Watch Neg   JPY0.64 bil.        Floating
rate

Ratings Lowered
Class  To       From      Initial issue amount  Coupon type
D-2    CC (sf)  CCC (sf)  JPY1.75 bil.          Floating rate
E-2    CC (sf)  CCC (sf)  JPY0.8 bil.           Floating rate
F-2    CC (sf)  CCC (sf)  JPY0.58 bil.          Floating rate
G-2    CC (sf)  CCC (sf)  JPY0.4 bil.           Floating rate

Ratings Affirmed
Class   Rating     Initial issue amount   Coupon type
C       CCC (sf)   JPY6.1 bil.            Floating rate
D-1     CCC (sf)   JPY1.7 bil.            Floating rate
E-1     CCC (sf)   JPY0.5 bil.            Floating rate
F-1     CCC (sf)   JPY0.5 bil.            Floating rate
G-1     CCC (sf)   JPY0.5 bil.            Floating rate
H-1     CCC (sf)   JPY0.53 bil.           Floating rate
I-1     CCC (sf)   JPY0.56 bil.           Floating rate
J-1     CCC (sf)   JPY0.37 bil.           Floating rate


SOFTBANK CORP: S&P Upgrades Corp. Credit & Debt Ratings From 'BB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BBB-' from 'BB+' its
long-term corporate credit and debt ratings on Softbank Corp.  At
the same time, Standard & Poor's removed the ratings from
CreditWatch, where they were placed on May 18, 2011.  The outlook
on the long-term corporate credit rating is positive.  On July 22,
2011, Softbank executed a syndicated loan agreement with lender
banks to refinance the whole business securitization (WBS) of its
mobile business. "We believe that Softbank will complete the
refinancing by November 2011. We now fully incorporate the mobile
business into our analysis of Softbank, and, as a result, raised
the ratings reflecting the improvement in our assessment of
Softbank's financial risk profile," S&P related.

Softbank raised funds to acquire Softbank Mobile Corp. through a
WBS in 2006. Standard & Poor's recognizes that the cash flow from
the mobile phone business would be used for WBS repayments and the
mobile operation ahead of any other purpose. As a result, Softbank
Mobile's cash flow could not directly benefit the company as long
as the securitization exists. Nevertheless, Softbank intends to
repay the WBS of its mobile business with debt financed at the
holding-company level and cash flow from its mobile business.
After the completion of the refinancing, Softbank will then have
access to the cash flow from the mobile business, which generated
about two-thirds of consolidated EBITDA in fiscal 2010 (ended
March 31, 2011). "Based on the loan agreement on July 22, 2011, we
see a high likelihood that the company will complete the
refinancing of the WBS by November. Even though the completion of
the refinancing is several months away, we have incorporated
consolidated figures, including cash flow from the mobile
business, into our analysis of Softbank. As a result, our
assessment of Softbank's financial risk profile has improved to a
level appropriate for a 'BBB-' rating," S&P said.

Softbank has demonstrated strong operating performance, due in
large part to the strong profits of its mobile business. Standard
& Poor's is of the opinion that the company will continue to
maintain steady earnings in the next one to two years, backed by
skillful marketing and the speedy acquisition of new subscribers
using smartphones. "In addition, we believe it is likely to
increase profits in its fixed-line business through cost
reductions. Furthermore, its Internet business, Yahoo! JAPAN, is
able to maintain improved earnings due to strong brand recognition
and steady revenue from Internet advertising. Softbank faces
constraints on capacity as the volume of traffic on its network
rises because of an increase in subscribers and data-intensive
products and services. The company intends to increase capital
expenditure significantly in the next two years to resolve this
issue. After considering the details of Softbank's investment plan
and its ability to generate stable cash flow, Standard & Poor's
believes that this capital expenditure is unlikely to pressure the
company's financial standing. Its ratio of lease adjusted
consolidated debt to EBITDA stood at 2.9x in fiscal 2010, and we
expect the ratio to improve further. Softbank has made a public
commitment to become debt free on a net basis, by the company's
definition, by the end of fiscal 2014. Although we believe that
this goal will be difficult for the company to achieve on an
adjusted basis (which includes lease and other debt-like
obligations), we see the commitment as positive for Softbank's
creditworthiness because it is indicative of a more conservative
financial policy," according to S&P.

"Softbank is structured as a holding company, but we do not expect
the structural subordination of existing senior unsecured bonds to
cause any notching down of the ratings on them even after the
refinancing of the WBS is completed. After the refinancing,
priority liabilities at operating subsidiaries will decrease, and
the ratio of priority liabilities to total assets is likely to be
less than 20% -- our threshold for notching down the issue
ratings," S&P related.

"The positive outlook reflects our expectation that Softbank is
likely to achieve steady earnings growth in its mobile and other
businesses, backed by its skillful marketing, improving brand
recognition, and improvements to network capacity and quality. In
our opinion, the cash flow from the mobile business should allow
Softbank to cover its significant capital expenditures, and repay
debt, albeit gradually. We also believe the company will prudently
manage its growth strategy in telecommunications, Internet, and
other areas including its solar business, while improving its
financial standing, backed by its moderate financial policy. The
company is likely to increase retained earnings, backed by its
strong profitability, and thus we expect its cash flow measures
and capital structure to improve in the next few years," S&P said.

"We would consider raising the ratings if Softbank achieves a
sustained improvement in its financial profile by further reducing
debt, while maintaining competitiveness in subscriber acquisitions
and increasing average revenue per user (ARPU), as well as
improving its network capacity and quality. An upgrade would be
contingent on the company sustaining its total debt to EBITDA
below 2.5x, or its total debt to capital below 65%. We may
consider revising the outlook back to stable or lowering the
ratings if the competitive environment for the domestic
telecommunications industry deteriorates; the competitiveness and
profitability of the company's mobile and other segments
deteriorate significantly; or improvement in its financial
profile is delayed beyond our expectations or becomes increasingly
less likely due to, for example, increased capital expenditures,"
S&P said.


TOKYO ELECTRIC: Mulls Selling Shares in Data Center Business
------------------------------------------------------------
According to MarketWatch, the Nikkei, citing a draft plan,
reported that Tokyo Electric Power Co. is examining the sale of
its majority stake in its data center business and of around
JPY230 billion (US$2.95 billion) of shares in companies including
KDDI Corp.

The Nikkei said these asset sales are expected to bring in around
JPY400 billion for the firm, according MarketWatch.  TEPCO is also
mulling the sale of other assets, the Nikkei stated.

                             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
=========


KOREA EXCHANGE: Union Demands Apology For "Excessive" Dividends
---------------------------------------------------------------
The Korea Times reports that about 1,500 unionized workers of
Korea Exchange Bank blocked the lender's CEO Larry Klane from
entering the bank's building in downtown Seoul for the second day
Tuesday, demanding he apologize for "excessive" dividends.

In response, the report relates, Mr. Klane asked the union to
negotiate, pointing out that the two sides should act in the best
interest of its customers and other parties concerned.

According to The Korea Times, the KEB tussle comes at a time when
SC First Bank, another foreign-owned Korean bank, has been hit
hard by a strike, causing customers to withdraw their deposits and
one tenth of its branches to close due to a lack of manpower.

The KEB trade union said it will continue its blockade until its
demands are met, the report notes.

"We wlll not allow Mr. Klane enter his office until he responds
sincerely to our requests," The Korea Times quotes Mr. Kim
Bo-heon, spokesman of the KEB union, as saying.

The Korea Times relates that the union is demanding that
management:

   * apologize to the public and the employees for dividends paid
out
     to Lone Star Funds, the holder of a controlling stake in KEB;

   * stop paying additional dividends;

   * reserve one-time profits including sales of Hynix
     Semiconductor stocks;

   * set up mid- and long-term strategies for KEB; and

   * fire Paul Yoo from its board.

Mr. Yoo, according to The Korea Times, was arrested in court as a
flight risk during the trial for his alleged stock manipulation
aimed at lowering the purchasing price for KEB.  If Mr. Yoo's
conviction is confirmed by the Seoul High Court following the
Supreme Court's decision to overturn the not-guilty verdict, Lone
Star would see its majority stakeholder status nullified and have
to sell its share, The Korea Times notes.

Lone Star holds a 51% stake in KEB.  Mr. Yoo is a former chief of
Lone Star's Seoul office, and was arrested last week for allegedly
manipulating stock price of KEB's credit card subsidiary in 2003
making the lender merge at a lower-than-market price in 2004.

The bank said that it is currently talking with the union to
narrow the gap between the two parties, the report relays.

"Both the management and the union agree that it is most important
to protect customers' interest and maintain the competitiveness of
the business. We will spare no effort to resolve the stalemate as
soon as possible," the report quotes a KEB spokesman as saying.

KEB also proposed that the management and the labor union begin
negotiations to resolve the issue through dialogue, the report
adds.

                      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.


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


ALLIED FARMERS: Unit Receives NZ$2.45MM Bridgecorp Loan Settlement
------------------------------------------------------------------
Allied Farmers Limited said that its wholly owned subsidiary,
Allied Farmers Investments Limited, has received NZ$2.45 million
in relation to the full and final settlement of a loan made by
Hanover to Bridgecorp Limited (in Receivership).

The proceeds had been withheld due to claims by the Inland Revenue
Department against Bridgecorp, and while the dispute was been
resolved, the proceeds were being held in a solicitors trust
account. Following a lengthy process, in May 2011, judgment was
found in favor of Bridgecorp, and the Inland Revenue Department
withdrew its claim allowing the funds to be distributed.

The loan had been provisioned at nil by Allied Farmers.

"The Board is currently receiving updated valuations on Allied
Farmers Investment's loan assets and other assets, and whilst the
receipt of the Bridgecorp proceeds is pleasing, until the
assessment of the value of all assets is completed, the Board is
unable to form a view on the overall impact the receipt of these
proceeds will have on the year-end financial result," Allied said
in a statement to the stock exchange.

In accordance with Allied Farmers' loan arrangements, all of the
proceeds have been used to reduce Allied Farmer's indebtedness to
its secured lender, Allied Nationwide Finance Limited (in
Receivership).

                        About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
June 13, 2011, BusinessDesk said Allied Farmers Limited has gained
a nine-month reprieve on repaying a NZ$7.5 million loan to the
receivers of its failed Allied Nationwide Finance unit that was
due on July 1.  Allied Farmers entered into two loan agreements
with Allied Nationwide last year, converting its existing debt
factoring, credit enhancement and related party loan arrangements.
All of Allied Farmers' assets are secured by a general deed
covering the loans.


AVANTI FINANCE: S&P Affirms 'BB-/B' Counterparty Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
ratings on Avanti Finance Ltd. to positive from stable. "At the
same time, we affirmed the 'BB-/B' counterparty credit ratings on
Avanti," S&P said.

"The positive outlook reflects Standard & Poor's view that
Avanti's long-term counterparty credit rating could be raised by
one notch to 'BB' if the company can sustain its business and
financial profile as it executes its broad strategic ambition to
grow its receivables portfolio," said credit analyst Peter Sikora,
of the Financial Services Ratings group. "Avanti's ability to
sustain its business and financial profile this will become more
evident after our assessment of its financial results for the year
ending March 31, 2012 -- although such assessment could take
longer."

"Key to any rating upgrade will be ongoing evidence that Avanti is
able to effectively manage its margins and credit losses while
securing additional funding in both the debenture investor market
and from its bankers as it grows its balance sheet," continued Mr.
Sikora. "Specifically, Standard & Poor's is keen to observe and
understand that Avanti's credit risk profile will not materially
deteriorate, and its earnings and capital positions are not
materially weakened as a result of its planned stronger growth
ambitions to what it has targeted in the past. Additionally,
upward rating prospects would require evidence that this could be
done without a detrimental impact on the company's debenture
maturity profile, its debenture reinvestment experience, and the
favorable terms and available liquidity headroom in its bank
facility."

The counterparty credit ratings on Avanti reflect the company's
focus on higher-risk lending segments, which have higher loan
arrears and are more susceptible to credit losses when operating
conditions deteriorate or if underwriting standards or arrears
management is relaxed. The ratings also recognize Avanti's sound
and stable track record of operating performance, which has been
underpinned by Avanti's ability to generate good returns from
its receivables portfolio and effective asset-quality management.

Avanti's funding profile has benefitted from an improvement in its
bank facility, which has been increased by facility amount to
NZ$40 million, from NZ$30 million, and the maturity has been
expended from one year to two years (reviewed for extension to 24
months each year). The improvement in facility terms has increased
Avanti's funding flexibility and represents good evidence of
ongoing banker support. Continued evidence by Avanti of its
ability to satisfactorily source funding is important at the
current rating level and in the context of its high-growth
strategy.

The outlook would be revised back to stable if Avanti were unable
to sustain its financial profile while executing its measured
growth strategy. Downward rating pressure would result from a rate
of loan growth that suggested Avanti were loosening its
underwriting standards or changing its business focus such
that this contributed to an increase in its credit risk profile.


BLUE STAR: Says "No" Vote on Restructure Would Mean Receivership
----------------------------------------------------------------
The National Business Review reports that Blue Star Print Group's
board has reiterated that if proposed restructuring, including a
haircut for bondholders, is not accepted, banks will likely call
into receivership.

"If Bondholders reject the offer, it would likely result in a
complete loss of principal," the group's board warned in a
statement obtained by the news agency.  "The Board's expectation
is that, following a no vote, Blue Star's banks will immediately
move to protect their interests, likely through the appointment of
a receiver . . .  In this scenario, it is probable that there
would be no value recovery for Bondholders," the statement added.

A vote on the restructuring proposal has been set down for Aug.
10, at 10:30 a.m.

                          About Blue Star

Headquartered in Auckland, New Zealand, Blue Star Group (NZE: GLU)
-- http://www.bspg.co.nz/-- provides commercial printing and
complete outsourced print management solutions for large
corporates in Australia and New Zealand.  The company employs
approximately 1,200 staff within three divisions and a labels
business.


NATIONAL FINANCE: Former Director Found Guilty of Theft
-------------------------------------------------------
Trevor Allan Ludlow, the former director of National Finance 2000
Ltd., has been convicted in the Auckland District Court of seven
charges relating to theft by a person in a special relationship
and false accounting, following an investigation by the Serious
Fraud Office.

Mr. Ludlow was charged under sections 220 and 260 of the Crimes
Act. He had earlier pleaded guilty to one count of theft, and was
found guilty of the remaining six charges by Judge Bouchier on
July 26.

Mr. Ludlow, who represented himself throughout the trial, was
found to have breached the terms of the Trust Deed under which
National Finance operated, defrauding investors of an estimated
NZ$3.5 million.  This included approximately NZ$2.7 million of
unauthorized or unsecured advances made to his Payless Car group
of companies; as well as undisclosed related party transactions
totalling over NZ$800,000 to an audio company; a property in Fiji;
and land purchased for another company he owned.

SFO Acting Director, Simon McArley, said Trust Deeds play an
essential role in regulating the finance industry and that
apparent breaches of these requirements was a common element
across a number of companies being investigated by the SFO.

"This is a positive conclusion to what has been a complex
investigation. The SFO is committed to rebuilding investor
confidence in New Zealand's finance industry and this result
demonstrates that those guilty of misapplying investor funds will
be held to account," Mr. McArley said.

In November 2010, John Gray, the former accountant for National
Finance, pleaded guilty to theft by a person in a special
relationship and one charge of false accounting. Mr. Gray was
sentenced to a term of 18 months imprisonment, later reduced after
an appeal to nine months home detention.

Mr. Ludlow is expected to next appear in court on August 12.

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$24 million.


NZF MONEY: S&P Lowers Local-Currency Issuer Credit Rating to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its local-currency
issuer credit ratings on New Zealand finance company NZF Money
Ltd. to 'D/D' from 'CC/C'.

"The rating action follows NZF's announcement that its trustee,
Covenant Trustee Co. Ltd., has appointed a receiver at the request
of NZF's directors following NZF's inability to find a short-term
funding solution to inject new funds into the business," said
credit analyst Nico DeLange. "As a result of the appointment of a
receiver, NZF will be in default under NZF's debenture trust deed.
The directors' decision stems from NZF's inability to find a
short-term funding solution to inject new funds into the business
that would support NZF to meet its repayment obligations to its
secured debenture holders."


PIKE RIVER: ERA Reject Union's Bid to Boost Workers' Payments
-------------------------------------------------------------
BusinessDesk reports that a bid by the Engineering, Printing &
Manufacturing Union to boost the value of payments for workers
made redundant by Pike River Coal has failed.

Citing a determination released Tuesday, BusinessDesk says the
Employment Relations Authority in Christchurch last week rejected
a claim to include cash paid in lieu of the 14-day stand-down
period as preferential entitlements.

According to BusinessDesk, the union had wanted the stand-down
money given the same status as redundancy payments, which are
treated as preferential creditors.  Right now, BusinessDesk notes,
it is further down the creditor queue, giving the former workers
less chance of getting the money.

BusinessDesk notes that PricewaterhouseCoopers' John Fisk,
David Bridgman and Malcolm Hollis, the mine operator's receivers,
calculated a maximum NZ$18,700 redundancy pay-out to employees.

EMPU counsel Greg Lloyd claimed the payment in lieu of notice
wasn't part of the workers' contractual redundancy claim, and
should have been included in the pool of preferential payments,

BusinessDesk relates that ERA member Helen Doyle rejected the
union's claim in her July 20 determination, published on the
Department of Labour Web site Tuesday, saying the contract was
worded as such to keep separate a payment of salary in lieu of
notice and any additional entitlement to redundancy compensation.

"Although Mr. Lloyd urges a wider interpretation based on
dictionary meanings, I find such a meaning is not supported by the
words used and the clause read as a whole," BusinessDesk quotes
Ms. Doyle as saying.

Tim Clark, counsel for Pike River, told the ERA that including the
in lieu payment with redundancy would "lead to an absurd result"
and that the two concepts were entirely different notions which
was well understood in common law.

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine where
29 miners died in a series of explosions in November 2010, was
placed into receivership in December 2010.  New Zealand Oil & Gas,
the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
also owed another estimated NZ$10 million to NZ$15 million to
contractors, including some of the men who lost their lives in the
disaster.


UNITE SUPPORT: IRD Chases Firm for NZ$150,750 Unpaid Tax
--------------------------------------------------------
BusinessDesk reports that the Inland Revenue is chasing unionist
Matt McCarten's Unite Support Services for NZ$150,750 in unpaid
taxes after the department forced the company into liquidation
last month.

BusinessDesk, citing the first liquidator's report, says
Mr. McCarten's vehicle, which supplied administrative support
services to the youth-orientated union Unite, was put into
liquidation by a High Court order last month after the IRD pursued
it for "failure to provide for taxation."

BusinessDesk relates the liquidator's report said the Official
Assignee rated the prospect of a dividend as "unlikely," and is
looking into the company's possible interest in an Onehunga
building lease.

According to BusinessDesk, the liquidator will contact
Mr. McCarten to verify Unite Support Services' interest in the
building, which may have outstanding arrears owed on the lease.

IRD is seeking almost NZ$4,000 costs, NZ$97,000 in a preferential
claim and a further NZ$49,800 as an unsecured creditor with proof
of debt, BusinessDesk reports.

Former Alliance Party President McCarten, who has been recently
linked to Hone Harawira's Mana Party, is the sole director and
shareholder of Unite Support Services.


ZION WILDLIFE: Rabobank Taps PricewaterhouseCoopers as Receiver
----------------------------------------------------------------
stuff.co.nz reports that Rabobank has called in receivers from
PricewaterhouseCoopers to place the beleaguered Zion Wildlife
Gardens into receivership.

PWC partner and receiver Colin McCloy confirmed the move several
hours after park operator Patricia Busch went public with her
concerns that some of the Northland wildlife reserve's big cats
could be "put down" or relocated, according to stuff.co.nz.

"We are committed to doing the best we can for the welfare of the
wildlife.  As a result we are working closely with an independent
zoo expert, who is not related to any prior operator.  This is to
ensure the current welfare and containment standards of the
animals at Zion Wildlife Gardens are maintained," the report
quoted Mr. McCloy as saying.

stuff.co.nz notes that Mrs. Busch said her farm and all of her
land had been mortgaged in a bid to save the park.

The report discloses that Mrs. Busch said that the park's income
had been drastically reduced due to a series of incidents;
including the stopping of wildlife encounters, the tragic death of
big cat handler Dalu Mncube and ongoing litigation between her
son, Craig "Lion Man" Busch, herself and various companies.

Zion Wildlife Gardens is a famous park in New Zealand.


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


LOTUS BAKERIES: Creditors' Proofs of Debt Due August 19
-------------------------------------------------------
Creditors of Lotus Bakeries Asia Pacific Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by Aug. 19, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


NAGATA HATCH: Members' Final Meeting Set for August 18
------------------------------------------------------
Members of Nagata Hatch Covers Pte Ltd will hold their final
meeting on Aug. 18, 2011, at 10:30 a.m., at 25 International
Business Park, #04-22/26 German Centre, in Singapore
609916.

At the meeting, Steven Tan Chee Chuan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PACIFIC COATINGS: Members' Final Meeting Set for August 18
----------------------------------------------------------
Members of Pacific Coatings Pte Ltd will hold their final meeting
on Aug. 18, 2011, at 10:30 a.m., at 25 International Business
Park, #04-22/26 German Centre, in Singapore
609916.

At the meeting, Steven Tan Chee Chuan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PACIFIC HEALTH: Creditors' Proofs of Debt Due September 2
----------------------------------------------------------
Creditors of Pacific Health Therapies Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by Sept. 2, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Heng Lee Seng
         15 Hoe Chiang Road
         #12-02 Tower Fifteen
         Singapore 089316


TRUE SPA: Court to Hear Wind-Up Petition August 5
-------------------------------------------------
A petition to wind up the operations of True Spa Pte Ltd will be
heard before the High Court of Singapore on Aug. 5, 2011, at 10:00
a.m.

The Petitioner's solicitors are:

         M/s Salem Ibrahim & Partners
         79 Robinson Road
         #16-06, CPF Building
         Singapore 068897


TS DEVELOPMENT: Creditors' Proofs of Debt Due August 22
-------------------------------------------------------
Creditors of TS Development 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 liquidators are:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


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


PROMOS TECHNOLOGIES: Wins Creditors OK to Swap Debt for Equity
--------------------------------------------------------------
Ken Liu at the China Economic News Service reports that
representatives from over 30 creditor banks on Monday agreed in
principle to accept the deal of swapping half of the NT$57 billion
that ProMOS Technologies Inc. owes them for equity as part of
their bailout terms for the financially struggling DRAM maker.

The agreement makes ProMOS Taiwan's first DRAM maker bailed out on
the debt-for-equity term, the news agency says.

According to CENS, other conditions in the bailout include:

   * agreeing the company to increase capital to NT$15 billion
     (US$517 million) after cutting down capital to NT$5 billion
     (US$172 million) from NT$25.4 billion (US$875 million);

   * slashing the company's loan interest to 0.1% from 3.5% per
     annum in return for the company's promise to report to them
     on how it will use the capital saved from the cut; and

   * demanding that the company must set up new management team
     next year.

With these terms, the report notes, the creditor banks hope
ProMOS' debt issue would be settled by the end of this year at the
latest.

However, these initial agreements are subject to final approvals
at each bank's board of directors. Final results are expected to
be produced in early August.

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

Taipei Times has said the company risks being delisted from the
over-the-counter GRETAI Securities Market if it fails to reverse
net losses for the first half.  The data is due out next month.

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


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***