TCRAP_Public/110801.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, August 1, 2011, Vol. 14, No. 150

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: ASIC Approves to Debt-For-Equity Swap
REWIND ENERGY: Appoints Meadley BRI as Liquidator
LIBERTY FUNDING: S&P Rates Class E Pass-through Notes at 'BB(sf)'


C H I N A

LONKING HOLDINGS: Moody's Assigns 'Ba3' Corporate Family Rating


H O N G  K O N G

C & Y BUSINESS: Members' Final Meeting Set for August 31
CYPRESS LIMITED: Members' Final Meeting Set for August 29
DUNHILL LIMITED: Yeung and Moyes Step Down as Liquidators
GREAT OBJECTIVE: Commences Wind-Up Proceedings
GWEN CONSTRUCTION: Annual Meetings Set for August 16

HK BORDER: Creditors' Proofs of Debt Due August 29
HK COLD: Creditors' Proofs of Debt Due August 30
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
MAGNUM CAPITAL: Placed Under Voluntary Wind-Up Proceedings
MAGNUM LEISURE: Placed Under Voluntary Wind-Up Proceedings

MAGNUM MANAGEMENT: Placed Under Voluntary Wind-Up Proceedings


I N D I A

ANAND ENTERPRISE: CRISIL Rates INR80MM Cash Credit at 'CRISIL B'
BALLARPUR INDUSTRIES: Fitch Assigns 'BB-' Long-Term Currency IDR
BALLARPUR INTERNATIONAL: S&P Gives 'BB-' Corporate Credit Rating
BETHANY HOSPITAL: CRISIL Assigns 'CRISIL D' Rating to INR72MM Loan
BOMMIDALA SREERAM: CRISIL Reaffirms CRISIL BB INR55MM Loan Rating

CACHE FURNITURE: CRISIL Assigns CRISIL B Rating to INR20MM LT Loan
CHEMITECH ENGINEERS: CRISIL Rates INR40MM Cash Credit at CRISIL B+
COLOR COPI: CRISIL Upgrades Rating on INR150MM Loan to 'CRISIL BB'
GADHIA SOLAR: CRISIL Rates INR50MM Cash Credit at 'CRISIL BB+'
H M M Coaches: CRISIL Rates INR99MM Term Loan at 'CRISIL D'

HARITHA FERTILISERS: CRISIL Rates INR200MM Cash Credit at CRISIL C
HARYANA RICE: CRISIL Places CRISIL B Rating on INR95MM Cash Credit
JAS ORCHID: CRISIL Cuts Rating on INR320MM Term Loan to 'CRISIL D'
MALLIKARJUNA PARBOILED: CRISIL Rates INR13MM LT Loan at CRISIL B+
MASTECH TECHNOLOGIES: CRISIL Rates INR56.8MM LT Loan at 'CRISIL D'

NALANDA MANAGEMENT: CRISIL Rates INR79MM Term Loan at 'CRISIL D'
NEELKANTH RUBBER: CRISIL Places 'CRISIL B' Rating on INR51MM Loan
NEXUS ELECTRO: CRISIL Cuts Rating on INR200MM Loan to 'CRISIL B+'
ORTEL COMMUNICATIONS: CRISIL Rates INR100MM Overdraft at CRISIL BB
PRAKASH CHEMICALS: CRISIL Puts 'CRISIL BB+' Rating on INR22MM Loan

RUCHITA GOLD: CRISIL Assigns CRISIL BB- Rating to INR300MM LT Loan
SHRI BALAJI: CRISIL Rates INR70 Million Cash Credit at 'CRISIL B+'
SINDU BUILDING: CRISIL Places 'CRISIL BB' Rating on INR64.5MM Loan
TEXOOL LTD: CRISIL Assigns 'CRISIL BB-' Rating to INR8MM Bank Loan
VARSHA PRINTING: CRISIL Assigns CRISIL BB Rating to INR22.5MM Loan


J A P A N

J-CORE 14: Moody's Changes Ratings for 8 Classes of Certificates
TOKYO ELECTRIC: Japan's Lower House Approves Compensation Bill
TOKYO ELECTRIC: Panel Hires Experts For Asset Valuation


N E W  Z E A L A N D

BLACKMORE TRUST: Creditor Places Firm Into Liquidation


S R I  L A N K A

CEYLEASE FINANCIAL: Fitch Places 'BB+(lka)' Rating on RWE
* SRI LANKA: Moody's Assigns Definitive 'B1' Rating to Global Bond


T A I W A N

E. SUN SECURITIES: Fitch Affirms 'C/D' Individual Rating
HORIZON SECURITIES: Fitch Revises Rating Outlook to Negative



                            - - - - -


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


CENTRO PROPERTIES: ASIC Approves to Debt-For-Equity Swap
--------------------------------------------------------
The Sydney Morning Herald reports that another potential major
obstacle to the recapitalization of Centro Properties shopping
centre empire has been cleared, with the Australian Securities and
Investments Commission agreeing in principle that the debt-for-
equity swap that begins the process can go ahead.

SMH discloses that the swap will see senior lenders to the group's
master company, Centro Properties, exchange debts totalling about
$3.1 billion for new equity in Centro Properties, which currently
has negative equity of about $1 billion after pulling in about
$600 million from the sale of its US assets to the Blackstone
private equity group.

According to SMH, securities issued in the debt-for-equity swap
will swamp Centro's existing shareholders, who are in a group
including class action litigants and junior creditors that are
being offered $100 million in total as a deal lubricant.

After the swap is done, SMH notes, Centro Properties and its
financially stronger, 51% owned and listed affiliate, Centro
Retail, will seek shareholder approval for a merger of their
shopping centre portfolios, along with portfolios owned by
unlisted Centro group satellites, chief among them Centro
Australia Wholesale Fund (CAWF) and Direct Property Fund (DPF).

October is the target month for the meetings, and a mid-December
rollover date for Centro Property's debt looms as the absolute
deadline for a Centro rescue, according to SMH.

According to the report, a request for a waiver had been in front
of ASIC for several weeks, raising concerns that it would not be
granted.  But it is understood that the regulator has now agreed
that the debt-for-equity swap is crucial to the Centro rescue
plan, and can be implemented, SMH states.

The plan to rehabilitate Centro, says SMH, is highly complex and
still being nailed down, but the ASIC waiver will lock in stage
one of the plan, and an implementation agreement between the
various parties to the rescue is expected to be signed and
announced either late last week or early this week.

SMH relates that the focus will then shift to the second stage,
the transfer of properties owned and co-owned by Centro
Properties, Centro Retail and the unlisted funds into a new,
listed vehicle, and the role played by hedge funds that have
recently bought into Centro Retail will be crucial.

Centro decided in November 2010 to put all of its assets on the
block after having received approval to refinance the next round
of debt.  The sale of the assets comes almost three years to the
day that Centro's former chief executive, Andrew Scott, and the
board revealed the group did not have the funds needed to pay the
AU$4 billion of debt that was due in December 2007.  That resulted
in the shares of the company dropping in value by as much as 90%,
according to the Sydney Morning Herald.

In March 2011, The Australian related, Centro announced both the
sale of its U.S. shopping centres to U.S. private equity firm
Blackstone Group for US$9.4 billion (AU$8.9 billion), and a plan
to create a new Australian-only listed retail property trust by
amalgamating the Australian shopping centres held in a variety of
Centro funds.

                      About Centro Properties

Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.



REWIND ENERGY: Appoints Meadley BRI as Liquidator
-------------------------------------------------
SmartCompany reports that solar and wind energy firm Rewind Energy
appointed a liquidator on July 13, 2011, with a resolution for
winding up the company made on July 18, according to filings with
the Australian Securities and Investments Commission.

Duncan Meadley of Meadley BRI was appointed as liquidator.

SmartCompany says the liquidation of Rewind Energy comes after
several other solar and clean energy firms, including DCM Green,
First Growth Funds and Intelligent Solar, have collapsed, despite
demand for solar energy reaching an all-time high.

Industry sources said they expect more collapses over the coming
months, even though demand for solar and clean energy remains high
and the Federal Government is set to invest billions in new clean
energy projects as part of its innovation funds through the carbon
tax, according to SmartCompany.

SmartCompany relates that John Grimes, chief executive of the
Australian Solar Energy Society, said that while there are a
number of smaller reasons behind the decline in activity, the
primary reason is a lack of state government support, especially
in New South Wales, where the solar feed-in tariff was ultimately
scrapped.

Mr. Grimes, as cited by SmartCompany, said that while the industry
will continue to see more bankruptcies and collapses, in the long-
term it is a viable investment as demand for solar increases.

Rewind Energy Pty Ltd is a New South Wales-based solar and wind
energy provider.


LIBERTY FUNDING: S&P Rates Class E Pass-through Notes at 'BB(sf)'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the six
classes of small-ticket commercial mortgage-backed, floating-rate,
pass-through notes issued by Liberty Funding Pty Ltd. in respect
of the Liberty Series 2011-1 SME. The transaction is a
securitization of fully and partially amortizing, and interest-
only Australian-dollar, fixed- and floating-rate loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties.

The ratings reflect S&P's view of:

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

    The credit risk of the underlying collateral pool;

    The note subordination provided for the class A1 notes, which
    is equal to at least 40.00% of the AUD240 million notes
    issued; class A2 notes: 28.33%; class B notes: 21.25%; class C
    notes: 15.83%; class D notes: 11.46%; and class E notes:
    7.50%;

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

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

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

Ratings Assigned
Class     Rating       Amount (mil. AUD)
A1        AAA (sf)     144.0
A2        AAA (sf)      28.0
B         AA (sf)       17.0
C         A (sf)        13.0
D         BBB (sf)      10.5
E         BB (sf)        9.5
F         N.R.          18.0
N.R.--Not rated


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


LONKING HOLDINGS: Moody's Assigns 'Ba3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 corporate
family rating to Lonking Holdings Limited and a definitive Ba3
senior unsecured rating to its US$350 million, 8.5%, 5-year notes.
The rating outlook is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation confirms the
provisional (P)Ba3 corporate family and bond ratings assigned on
May 13, 2011 for the company's then proposed bond issuance. The
issuance has now been completed in line with Moody's expectation.

The bond proceeds will be used for refinancing debts, capital
investments and general corporate purposes.

The principal methodology used in rating Lonking was the "Global
Heavy Manufacturing Rating Methodology" published in November
2009.

Lonking Holdings Limited is one of the leading manufacturers of
construction machinery in China focusing mainly on the production
of wheel loaders, excavators, road rollers and forklifts. The
revenue from wheel loaders accounted for 69% of its total revenue
in 2010. Lonking is also one of the top four suppliers of wheel
loaders in China. Listed on the Hong Kong Stock Exchange in 2005,
Lonking is 55.08% controlled by founder and chairman, Li Xin Yan,
and his wife.


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


C & Y BUSINESS: Members' Final Meeting Set for August 31
--------------------------------------------------------
Members of C & Y Business Services Limited will hold their final
general meeting on Aug. 31, 2011, at 11:00 a.m., at 22K, Goldfield
Industrial Building, 144-150 Tai Lin Pai Road, Kwai Chung, New
Territories, in Hong Kong.

At the meeting, Wong Tat Chi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CYPRESS LIMITED: Members' Final Meeting Set for August 29
---------------------------------------------------------
Members of Cypress Limited will hold their final meeting on
Aug. 29, 2011, at 10:00 a.m., at 8th Floor, Gloucester Tower, The
Landmark, at 15 Queen's Road Central, in Hong Kong.

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


DUNHILL LIMITED: Yeung and Moyes Step Down as Liquidators
---------------------------------------------------------
Betty Yuen Yeung and Paul David Stuart Moyes stepped down as
liquidators of Dunhill Limited on July 18, 2011.


GREAT OBJECTIVE: Commences Wind-Up Proceedings
----------------------------------------------
Members of Great Objective Limited, on July 18, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


GWEN CONSTRUCTION: Annual Meetings Set for August 16
----------------------------------------------------
Contributories and creditors of Gwen Construction Engineering
Company Limited will hold their annual meetings on Aug. 16, 2011,
at 10:00 a.m., and 10:30 a.m., respectively at 1401 China
Insurance Group Building, at 141 Des Voeux Road Central, in Hong
Kong.

At the meeting, William Nicholas Giles, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HK BORDER: Creditors' Proofs of Debt Due August 29
--------------------------------------------------
Creditors of Hong Kong Border Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 29, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 20, 2011.

The company's liquidator is:

         Seto Sau Kuen Christine
         Room 1509 C C Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


HK COLD: Creditors' Proofs of Debt Due August 30
------------------------------------------------
Creditors of Hong Kong Cold Storage Merchants Association Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Aug. 30, 2011, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 19, 2011.

The company's liquidator is:

         Lam Ying Sui
         Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced on July 22 that
investigation of over 99% of a total of 21,813 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 15,327 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,609 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,547 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 925 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 743 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 182 cases; and

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

Investigation work is underway for the remaining 127 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?768d

                     About Lehman Brothers

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

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

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

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

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

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

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

               International Operations Collapse

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

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

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


MAGNUM CAPITAL: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on July 15, 2011,
creditors of Magnum Capital Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y Ho
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


MAGNUM LEISURE: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on July 15, 2011,
creditors of Magnum Leisure Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y Ho
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


MAGNUM MANAGEMENT: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on July 15, 2011,
creditors of Magnum Management Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y Ho
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


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


ANAND ENTERPRISE: CRISIL Rates INR80MM Cash Credit at 'CRISIL B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Anand Enterprise.

   Facilities                   Ratings
   ----------                   -------
   INR80 Million Cash Credit    CRISIL B/Stable (Assigned)

The rating reflects Anand's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, small scale of
operations in the intensely competitive cotton industry,
vulnerability to changes in kapas prices and susceptibility to
adverse changes in government policy on cotton. These rating
weaknesses are partially offset by the extensive industry
experience of Anand's promoters.

Outlook: Stable

CRISIL believes that Anand will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' in case of infusion of capital
leading to improvement in Anand's capital structure, or
improvement in the company's scale of operations and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of larger-than-expected debt by Anand because
of incremental working capital requirements or debt-funded capital
expenditure.

                       About Anand Enterprise

Incorporated in 2005 by its promoters Mr. Ramesh Kaneria and
Mr. Ramesh Changela, Anand is engaged in the ginning and pressing
of raw cotton (kapas) to make cotton bales.  The firm sells the
cotton bales to various traders and the cotton seed is sold to
various oil mills in the vicinity of the plant.  Anand has a
manufacturing facility at Rajkot (Gujarat) with capacity of 200
cotton bales per day.

Anand is estimated to have incurred a loss of INR3.7 million on
net sales of INR371.5 million for 2010-11 (refers to financial
year, April 1 to March 31), against a book profit of INR0.7
million on net sales of INR339.7 million for 2009-10.


BALLARPUR INDUSTRIES: Fitch Assigns 'BB-' Long-Term Currency IDR
----------------------------------------------------------------
Fitch Ratings has assigned Ballarpur Graphic Paper Holdings B.V.
and its India-based parent Ballarpur Industries Limited (BILT,
79.5% shareholding) a Long-Term Foreign Currency Issuer Default
Rating (IDR) of 'BB-'.  The Outlook on both the IDRs is Stable.

BIGPH's ratings reflect its strong operational and strategic
linkages with BILT ('Fitch AA-(ind)/Stable') on the back of their
similar business profiles and a common management team. The
ratings are based on a consolidated view of BILT's business and
financial profiles. BIGPH contributed 76% to BILT's overall
revenue and 73% to its EBITDA in the financial year ended June 30,
2010 (FY10). BIGPH holds 75% of BILT's assets comprising high-
value added paper plants at its step-down subsidiary BILT Graphic
Paper Products Limited (BGPPL, 'Fitch AA-(ind)/Stable') and the
Malaysian operations via another step-down subsidiary Sabah Forest
Industries (SFI).

The ratings further reflect BILT's leadership position in the
Indian and Malaysian writing and printing paper segments, large
distribution network to cater to the fragmented paper market and
its vertically integrated business model from wood to pulping,
chemicals and captive power.

Fitch notes that despite robust (consolidated) revenue growth over
FY07-9MFY11 (nine months ended March 31, 2011), BILT's EBITDA
margins (consolidated) showed a downward trend to 19.7% in 9MFY11
from 25.1% in FY07. In 9MFY11, margins suffered from high pulp
costs and lowest pulp integration (57%) in the last four years on
account of ramp up of additional paper capacities at Ballarpur and
Bhigwan while additional pulp capacities are being set up.

Fitch believes that BILT's cost structure would improve after the
successful completion of its backward integration into hardwood
pulp, which will generate significant savings over market pulp
costs. Additional cost savings will be driven by the company's
increasing reliance on own wood from its Malaysian plantation, the
pulp from which would be brought to India from September 2011.
This coupled with an increase in its scale of production should
lead to EBITDA margin expansion. However, this would be subject to
the projected capacity utilization and industry risk of
overcapacity.

Further, the company has aggressive capacity expansion plans of
USD695 million (committed USD129 million; non-committed USD566
million) at BIGPH over FY12-FY15, comprising 170,000 tonnes per
year (tpy) of additional pulp capacity and 685,000 tpy of
additional paper/paperboard capacity. Further, non-committed
discretionary capex (USD566 million) is to be funded by proceeds
from listing of BIGPH and internal accruals. Consequently, Fitch
expects BILT's free cash flow to remain negative in the expansion
mode.

BIGPH plans to raise hybrid perpetual bonds to fund capex and
reduce debt. Fitch expects to provide an equity credit of 50% to
the perpetual bonds under its "Treatment of Hybrids in Corporate
and REIT Credit Analysis" criteria.

Positive rating guidelines include consolidated net financial
leverage (net debt/EBITDA) sustained at levels below 3x coupled
with a significant increase in scale and earnings. Conversely,
consolidated net debt/EBITDA ratio exceeding 4.5x till end-FY12 is
seen as a negative rating guideline. However, Fitch expects BILT
to deleverage with the expected completion of ongoing capex by
FY12, and therefore net debt/EBITDA ratio of higher than 4x in
FY13 and beyond may potentially lead to a rating downgrade.

BILT, part of Avantha Group, has one production facility in
Malaysia and six facilities in India, of which Ballarpur, Bhigwan
and Kamalapuram units are under BGPPL.  In 9MFY11, BILT registered
consolidated revenues (unaudited) of INR33.1 billion, EBITDA of
INR6.5 billion and net income of INR1.7 billion.  Its estimated
net debt/EBITDA ratio is 4.1x for FY11 (unaudited).


BALLARPUR INTERNATIONAL: S&P Gives 'BB-' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Ballarpur International Graphic Paper
Holdings B.V.  The outlook is stable.

"The rating on BIGPH reflects the company's sizable capital
expenditure (capex) and negative free operating cash flow, its
exposure to volatility in pulp and paper prices, and intense
competition in the domestic paper market," said Standard & Poor's
credit analyst Suzanne Smith. "BIGPH's dominant domestic market
position and healthy growth prospects temper these weaknesses."

"We assess BIGPH as a core subsidiary of Ballarpur Industries Ltd.
(BILT; BB-/Stable/--). BIGPH accounts for more than 70% of BILT's
consolidated revenues, assets, and EBITDA. We anticipate that BILT
will retain majority ownership of and management control over
BIGPH. We have therefore equalized the rating on BIGPH with that
on BILT," S&P related.

"BIGPH's financial risk profile is aggressive, in our view. We
estimate the company's ratio of debt to total capital at about 50%
and its ratio of adjusted debt to EBITDA at about 4x for the
fiscal year ending June 2012," S&P said.

"We estimate its capex to be more than $700 million over the next
three to four years. We believe that the company will fund its
capex in fiscal 2012 via a proposed perpetual capital issue and
internal accruals. In later years, the company is likely to fund
capex with a mix of internal accruals, a possible equity issuance,
and debt," S&P related.

"We consider BIGPH's proposed hybrid issue to have intermediate
equity content," said Ms. Smith. "This means we would treat 50% of
the principal amount of the issue as equity and the rest as debt
while calculating the company's financial ratios."

"We assume the issue won't exceed 15% of total capitalization.
Standard & Poor's does not rate the proposed issue. Nevertheless,
according to our criteria on hybrid securities, 'intermediate'
equity instruments that are subordinated to senior obligations and
include some form of payment deferral clause are typically rated
up to three notches below our issuer rating," S&P said.

"We expect BIGPH's revenues to grow modestly over two to three
years, its EBITDA margins are likely to be stable at about 20%. We
believe the company's limited pricing flexibility due to intense
competition will offset the benefits of backward integration due
to increased pulp capacity," S&P related.

BIGPH's sizable paper production base, recognized brand name, and
strong distribution network support its favorable market position
in India. The company is also a dominant manufacturer of writing
and printing paper in Malaysia based on volumes.

"We believe BIGPH and BILT have adequate liquidity. The company
intends to spend more on capex in fiscal 2013-2014, but this is
discretionary and would require funding sources that the company
has not yet identified," S&P stated.


BETHANY HOSPITAL: CRISIL Assigns 'CRISIL D' Rating to INR72MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Bethany Hospital.  The rating reflects instances of
delay by Bethany in servicing its debt obligations.

   Facilities                    Ratings
   ----------                    -------
   INR72 Million Term Loan       CRISIL D (Assigned)
   INR4 Million Cash Credit      CRISIL D (Assigned)
   INR2.2 Million Proposed LT    CRISIL D (Assigned)
           Bank Loan Facility

Bethany is also exposed to competition from other large hospitals
in Shillong (Meghalaya). Also, small scale of operation and
revenue and geographic concentration towards market of Shillong
are key rating factors. This rating weakness is partially offset
by benefits that Bethany derives from the established track record
of the promoters in the hospital business.

                     About Bethany Hospital

Initially set up as Bethany Medical Center in Shillong in the year
1992 by Dr. John L Sailo Rynthathiang, BMC was rechristened as
Bethany Hospital (Bethany) in the year 2002. The hospital was
initially set up with 94 beds and has recently been expanded to
175 beds.

Bethany offers services in the fields of medicine, obstetrics,
gynecology, ophthalmology, dental, radiology, pathology and
surgery. Bethany has visiting consultants for oncology and
neurology departments. It also has association with Max hospital
in Delhi, doctors of which visit Bethany frequently for
operations.

Bethany undertook expansion plan in 2008 to increase the bed size
and improve the infrastructure facilities. The management raised
term debt of INR31.5 million from State Bank of India (SBI) for
this purpose. However, over the course of construction, from
initial estimate of developing 20,000 sft, the project size was
increased and hospital was developing around 40,000 sft. The
project was revised to include state-of-the-art modular and semi-
modular operation theaters, Magnetic resonance imaging (MRI)
machine and other equipments. The project cost was re-estimated at
INR125 million and additional fund of INR46.4 million crores was
tied up with SBI. The project was commissioned in March 2011 with
few pending works like interior designing of ICU and minor
furniture works.

Bethany reported a profit after tax (PAT) of INR9.3 million on
sales of INR69.5 million for 2010-11, against a PAT of INR8.3
million on sales of INR62 million for 2009-10.


BOMMIDALA SREERAM: CRISIL Reaffirms CRISIL BB INR55MM Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Bommidala Sreeram Agro
Traders Pvt Ltd continue to reflect BSAT's moderate financial risk
profile marked by low gearing and adequate liquidity.  This rating
strength is partially offset by BSAT's limited track record in
cottonseed oil business, volatile revenues, and time and cost
overrun in commencing operations at its cottonseed oil
manufacturing unit leading to low revenues.

   Facilities                       Ratings
   ----------                       -------
   INR55.0 Million Long-Term Loan   CRISIL BB/Stable (Reaffirmed)
   INR180.0 Million Cash Credit     CRISIL BB/Stable (Reaffirmed)
   INR35.0 Million Proposed LT      CRISIL BB/Stable (Reaffirmed)
            Bank Loan Facility

Outlook: Stable

CRISIL believes that BSAT will maintain its financial risk
profile, marked by low gearing and adequate liquidity, over the
medium term. The outlook may be revised to 'Positive' if BSAT's
operating profit increases substantially, most likely driven by
stable growth in revenues and commencement, and stabilization, of
operations at the enhanced capacities in its cottonseed oil
manufacturing unit without further delay. Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile deteriorates, most likely because of delays in
stabilization of operations at the enhanced capacities or larger-
than-expected debt-funded capital expenditure.

                       About Bommidala Sreeram

BSAT, a part of the Bommidala group, was established in 1996 after
the division of assets in the Bommidala family of Guntur (Andhra
Pradesh). The company manufactures and processes cottonseed oil
and its by-products. It also generates revenues by leasing out its
properties in Chennai and Hyderabad. The company discontinued with
its tobacco seed oil business in 2006-07 (refers to financial
year, April 1 to March 31).

BSAT reported a profit after tax (PAT) of INR1.8 million on net
sales of INR72.5 million for 2009-10, against a PAT of INR1.1
million on net sales of INR141.9 million for the previous year.


CACHE FURNITURE: CRISIL Assigns CRISIL B Rating to INR20MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Cache Furniture Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR180 Million Cash Credit       CRISIL B/Stable(Assigned)
   INR35 Million Standby Line of    CRISIL B/Stable(Assigned)
                          Credit
   INR20 Million Long Term Loan     CRISIL B/Stable(Assigned)
   INR70 Million Letter of Credit   CRISIL A4(Assigned)

The ratings reflect CFL's weak financial risk profile driven by
large working capital requirements and debt-funded capital
expenditure (capex), and susceptibility to risks related to
stabilization of the proposed expansion of its retail operations
and competition in the furniture segment. These rating weaknesses
are partially offset by the extensive industry experience of CFL's
promoters in the furniture retail segment.

Outlook: Stable

CRISIL believes that CFL will continue to benefit from the
extensive experience of its promoters in the furniture retail
business, over the medium term. However, CFL's financial risk
profile will remain constrained by its large working capital
requirements and large proposed debt-funded capital expenditure
(capex) programme. The outlook may be revised to 'Positive' if
CFL's financial risk profile improves significantly; there is
sustained growth in operations and profitability, and its proposed
expansion of retail operations successfully stabilize. Conversely,
the outlook may be revised to 'Negative' if CFL generates less-
than-expected cash accruals or contracts larger-than-expected debt
to fund its capex programme, thus, further deteriorating its
financial risk profile.

                       About Cache Furniture

CFL was incorporated in January 2008, and is promoted by
Mr. Ranbeer Singh Gandhi. CFL is in the furniture retail segment,
and is based in Andhra Pradesh. In 2004-05 (refers to financial
year, April 1 to March 31), CFL's management set up Cache, a
partnership firm. Till 2007-08, Cache operated three furniture
showrooms. In January 2008, Cache was reconstituted as a company,
CFL. The company has about 18 retail stores, mostly in Andhra
Pradesh.  The company proposes to set up another 82 retail stores
by the end of 2013-14.

CFL reported a profit after tax (PAT) of INR1.7 million on net
sales of INR227.3 million for 2009-10, as against a PAT of INR1.3
million on net sales of INR164.2 million for 2008-09.


CHEMITECH ENGINEERS: CRISIL Rates INR40MM Cash Credit at CRISIL B+
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Chemitech Engineers Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR40 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR88.5 Million Proposed LT      CRISIL B+/Stable (Assigned)
            Bank Loan Facility
   INR60 Million Letter of Credit   CRISIL A4 (Assigned)
   INR60 Million Bank Guarantee     CRISIL A4 (Assigned)
   INR1.5 Million Bill Purchase     CRISIL A4 (Assigned)

The ratings reflect CEPL's weak financial risk profile, marked by
highly leveraged capital structure, and weak debt protection
metrics, large working capital requirements, and risk emanating
from geographic concentration. These rating weaknesses are
partially offset by CEPL's established market position, promoters'
extensive industry experience, diversified revenue profile, and
moderate risk management policies, marked by low inventory and
large customer base.

Outlook: Stable

CRISIL believes that CEPL will continue to benefit from its
promoters' extensive industry experience and established relations
with suppliers and customers, over the medium term. However, its
financial risk profile is expected to remain weak, marked by
highly leveraged capital structure, and large debt-funded working
capital requirements. The outlook may be revised to 'Positive' if
CEPL scales up its operations while maintaining its operating
profitability along with an improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if CEPL's
profitability weakens, most likely because of intense competition,
or in case CEPL's working capital management deteriorates further.

                     About Chemitech Engineers

CEPL was set up in 1988 as a partnership firm and reconstituted as
a private limited company in 1997. It is promoted by Mr. D L
Gupta, a chemical engineer. CEPL trades chemicals and undertakes
civil construction in the National Capital Region, particularly
construction of water pumping stations for the Delhi Jal Board,
National Buildings Construction Corporation Ltd, and Public Health
Department.

CEPL's product portfolio includes toluene, xylene, deg, isopropyl,
ethyl acetate, and industrial chemicals, which it procures from
Reliance Industries Ltd (RIL, rated 'CRISIL AAA/Stable/ CRISIL
A1+'), Deepak Fertilizers and Petrochemicals Corporation Ltd,
Henkel India Ltd, U-flex Ltd, and IOL Chemicals and
Pharmaceuticals Ltd.

CEPL is estimated to report a profit after tax (PAT) of Rs 3.5 on
net sales of Rs 570 million for 2010-11 (refers to financial year,
April 1 to March 31); it has reported a PAT INR3.2 million on net
sales of INR499 million for 2009-10, as against a PAT of INR5
million on net sales of INR700 million for 2008-09.


COLOR COPI: CRISIL Upgrades Rating on INR150MM Loan to 'CRISIL BB'
------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Color Copi Ltd to 'CRISIL BB/Stable' from 'CRISIL B+/Stable'.

   Facilities                          Ratings
   ----------                          -------
   INR150.0 Million Rupee Term Loan    CRISIL BB/Stable (Upgraded
                                         from 'CRISIL B+/Stable')

   INR150.0 Million Cash Credit        CRISIL BB/Stable (Upgraded
                                         from 'CRISIL B+/Stable')

The upgrade reflects improvement in CCL's business risk profile,
supported by significant increase in its scale of operations while
sustaining its profitability margins. CCL's revenues increased to
INR918.89 million in 2010-11 (refers to financial year, April 1 to
March 31) from INR395.87 million in 2009-10, registering a growth
of more than 125 per cent. The increase in CCL's revenues is
driven by the strong demand in the managed printing services and
solutions (MPSS) segment, which contributed around INR410 million
in 2010-11 as against INR180 million in 2009-10. CCL has sustained
its operating margin at an estimated 36 per cent during the past
two years, supported by increasing contribution from the higher-
margin MPSS segment. The rating upgrade also factors in
improvement in the company's receivables, supported by stronger
collection efforts by CCL. The debtors reduced to 69 days of sales
as on March 31, 2011, from 131 days as on March 31, 2010.

The ratings reflect CCL's strong financial risk profile, marked by
healthy net worth and debt protection metrics, and its established
market position in the MPSS segment. These rating strengths are
partially offset by CCL's aggressive debt-funded growth plans and
large working capital requirements.

Outlook: Stable

CRISIL believes that CCL will continue to benefit over the medium
term from the strong demand in the MPSS segment. The outlook may
be revised to 'Positive' if the company significantly increases
its scale of operations, while sustaining its profitability and
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if CCL's cash accruals from the planned
capital expenditure programme are lower-than-expected leading to
weakening in its financial risk profile or in case delay in
realization of debtors impacts its liquidity.

                         About Color Copi

CCL was set up as a proprietorship concern, Color Copi (India)
Services, in 2001 by Mrs. Kamala Gupta. Her son, Mr. Sanjeev
Gupta, later joined the firm as chief executive officer. CCIS was
reconstituted as a private limited company and acquired its
present name on April 1, 2009. CCL initially traded printers and
other computer hardware and sold them to various corporate
organizations in India. In 2004, the company started providing
end-to-end printing services, such as installing the printer at
the customer's premises, undertaking maintenance of printers, and
replacing cartridges. In 2008, CCL started providing 'per page
printing' services to customers. The company derives almost 50 per
cent of its revenues from end-to-end printing services and the
balance from its trading activities. The company started sales of
ink cartridges under its own brand in the retail market in
2010-11.

CCL reported a profit after tax (PAT) of INR81.73 million on net
sales of INR918.83 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR22.81 million on net
sales of INR395.84 million for 2009-10.


GADHIA SOLAR: CRISIL Rates INR50MM Cash Credit at 'CRISIL BB+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings on
the bank facilities of Gadhia Solar Energy Systems Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         CRISIL BB+/Stable (Assigned)
   INR100 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect GSESPL's strong financial risk profile, marked
by low gearing and healthy debt protection metrics. This rating
strength is partially offset by GSESPL's working capital intensive
nature of operations & susceptibility of its revenue profile to
the regulatory framework governing solar power sector.

Outlook: Stable

CRISIL believes that GSESPL will continue to benefit over the
medium term from its healthy order book and established position
in the solar power industry. The outlook may be revised to
'positive' if the company successfully scales up its operations
while maintaining its profitability, capital structure & debt
protection metrics. Conversely the outlook may be revised to
'negative' if GSESPL suffers delays in execution of the projects
or faces stretches in receivables thereby affecting its operating
performance & debt protection indicators.

                         About Gadhia Solar

GSESPL a private limited company incorporated in 1993 is engaged
in manufacturing solar parabolic concentrators & undertaking
turnkey solar thermal power projects. GSESPL was promoted by
Gadhia family. During 2007-08, Mr. Badal Shah, the current
Managing Director of GSESPL acquired controlling stake in this
company through his Cyprus based investment company Zero Energy
Ltd. The company's registered office is at Valsad, Gujarat.

GSESPL reported a profit after tax (PAT) of INR7.5 million on net
sales of INR74.3 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.6 million on net
sales of INR46.7 million for 2008-09.


H M M Coaches: CRISIL Rates INR99MM Term Loan at 'CRISIL D'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of H M M Coaches Ltd.  The rating reflects instances of delay by
HMM in servicing its debt; the delays have been caused by the
company's weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR99 Million Term Loan            CRISIL D (Assigned)
   INR115 Million Cash Credit         CRISIL D (Assigned)
   INR80 Million Proposed Term Loan   CRISIL D (Assigned)
   INR36 Million Bank Guarantee       CRISIL D (Assigned)

HMM also has a weak financial risk profile, marked by small net
worth, moderate gearing, and weak debt protection metrics, and
small scale of operations. These weaknesses are partially offset
by the extensive industry experience of HMM's promoters in
commercial vehicle body fabrication business.

Incorporated in 1997, HMM fabricates vehicle bodies, mainly buses,
and assembles car-carrier trailers. The company is promoted by the
Goel family of Haryana and has two units in Ambala (Haryana) and
Khopoli (Maharashtra). HMM undertakes bus body fabrication
primarily for Tata Motors Ltd and car-carrier trailers for the
approved transporters of Maruti Suzuki India Ltd.

HMM reported a net loss of INR4 million on net sales of INR832
million for 2009-10 (refers to financial year, April 1 to
March 31), as against a profit after tax of INR20 million on net
sales of INR682 million for 2008-09.


HARITHA FERTILISERS: CRISIL Rates INR200MM Cash Credit at CRISIL C
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the cash credit
facility of Haritha Fertilisers Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR200 Million Cash Credit      CRISIL C (Assigned)

The ratings reflect HFL's weak liquidity. This has resulted in the
company delaying servicing of its term debt (not rated by CRISIL).
The ratings also reflect HFL's exposure to risks related to
limited track record, susceptibility to regulated nature of
India's complex fertilizer industry, and vagaries of monsoon,
leading to volatility in sales and profitability. These rating
weaknesses are partially offset by HFL's locational advantage and
improving operating efficiencies.

HFL was incorporated in 2006. It manufactures nitrogen-
phosphorous-potassium (NPK) mixture fertilizers. The company is
promoted by Mr. Gangi Reddy and his family members. It has total
installed capacity of 500 tonnes per day for manufacturing NPK
mixture fertilizer. HFL sells its fertilizers under the Nandi
brand, primarily in Andhra Pradesh. Also, the promoter's and there
relatives are engaged in similar line of business through their
sister concerns Agri Green Fertilizers and Chemicals Private
Limited, Maheshwari Fertilizers and Balaji Fertilizers.


HARYANA RICE: CRISIL Places CRISIL B Rating on INR95MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Haryana Rice Mills.

   Facilities                    Ratings
   ----------                    -------
   INR95 Million Cash Credit     CRISIL B/Stable (Assigned)
   INR35 Million Proposed Cash   CRISIL B/Stable (Assigned)
                 Credit Limit

The rating reflects HRM's large working capital requirements,
leading to weak financial risk profile, and small scale of
operations. The rating also reflect the vulnerability of the
firm's margin to volatility in raw material prices, its high
dependence on monsoon, and exposure to risks related to adverse
regulatory changes. These rating weaknesses are partially offset
by HRM's long-standing presence in, and healthy growth prospects
for, the basmati rice industry.

Outlook: Stable

CRISIL believes that HRM's financial risk profile will remain weak
over the medium term because of its large working capital
requirements. The outlook may be revised to 'Positive' in case of
more-than-expected cash accruals or if the firm's capital
structure improves substantially. Conversely, the outlook may be
revised to 'Negative' if HRM's capital structure deteriorates
further, or in case of pressure on the firm's profitability
because of a steep decline in the prices of rice.

                        About Haryana Rice

Set up in 1985 as a partnership firm by the Lal family of Haryana,
HRM is engaged in milling and sorting of basmati rice. The
partners started the firm's operations by undertaking milling
activity for government authorities. In 2008-09 (refers to
financial year, April 1 to March 31), the firm entered into
private milling of basmati rice. HRM has a rice milling facility
in Karnal (Haryana) with installed capacity of 5 tonnes per hour.

HRM reported a profit after tax (PAT) of INR0.4 million on net
sales of INR194.4 million for 2009-10, as against a PAT of INR0.3
million on net sales of INR84.3 million for 2008-09.


JAS ORCHID: CRISIL Cuts Rating on INR320MM Term Loan to 'CRISIL D'
------------------------------------------------------------------
CRISIL has downgraded its rating on Jas Orchid Resorts Private
Limited's bank facilities to 'CRISIL D' from 'CRISIL B+/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR320 Million Rupee Term Loan     CRISIL D (Downgraded from
                                            'CRISIL B+/Stable')

The downgrade reflects the delay by JAS in servicing its term debt
obligations; the company had not paid its installment due on
May 15, 2011 as on July 11, 2011. The delay was driven by
inadequate cash accruals, because its hotel had not commenced
commercial operations as scheduled and there was absence of timely
funding support from its promoters.

The rating also reflects JAS's exposure to risks related to
project implementation and revenue generation. However, the hotel
has an operational and management (O&M) contract with
Intercontinental Hotels Group under the Holiday Inn brand.

                        About Jas Orchid

JAS was incorporated in 2004 by Mr. Sanjeev Pinjha, Mr. Jaspal
Singh, and Mr. Jagdeep Singh to set up a hotel at Amritsar
(Punjab). The hotel is located near District Shopping Centre,
Amritsar, and is under construction. The company has an
operational and management agreement with Intercontinental Hotel
Group, Singapore, for the management of the 5-star hotel under the
Holiday Inn brand. The seven-storey hotel will have 137 rooms, a
swimming pool, a banquet hall, conference rooms, and other
amenities.

The hotel, which was originally supposed to be operational by
April 2010 has been delayed by eighteen months and is expected to
commence operations by last week of September 2011. There has been
no cost over-run and the total cost of the project is estimated to
be around INR529 million; around 65 per cent of the cost has been
funded by debt.


MALLIKARJUNA PARBOILED: CRISIL Rates INR13MM LT Loan at CRISIL B+
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Mallikarjuna Parboiled Binny Rice Mill.

   Facilities                      Ratings
   ----------                      -------
   INR37.5 Million Cash Credit     CRISIL B+/Stable (Assigned)
   INR13 Million Long-Term Loan    CRISIL B+/Stable (Assigned)
   INR2.5 Million Standby Line     CRISIL B+/Stable (Assigned)
                     of Credit
   INR15 Million Pledge Loan       CRISIL B+/Stable (Assigned)

The rating reflects MPBRM's average financial risk profile; marked
by weak debt protection metrics; modest scale of operations,
exposure to risks related to intense competition in the paddy
processing industry. These rating weaknesses are partially offset
by MPBRM's largely assured offtake from the Food Corporation of
India (FCI) and MPBRM's promoters' experience in the rice milling
business

Outlook: Stable

CRISIL believes that MPBRM will maintain its moderate business
risk profile, on the back of the extensive industry experience of
its management, over the medium term. The outlook may be revised
to 'Positive' in case the firm's revenues and profitability
increase substantially leading to an improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the firm undertakes a larger-than-expected debt-funded capital
expenditure programme or in case of substantial withdrawal of
capital by MPBRM's partners, leading to deterioration in its
financial risk profile.

                     About Mallikarjuna Parboiled

Set up in 1990 as a partnership firm, MPBRM is engaged in milling
and processing of paddy into rice, rice bran, broken rice and
husk. It has an installed paddy milling capacity of 6 tonnes per
hour (tph). Its rice mill is located at Munugode village (Nalgonda
district, Andhra Pradesh). The firm is owned by Mr. Mr. K
Narayana, Mr. S Sudarshan and their family members.

MPBRM reported a profit after tax (PAT) of INR0.5 million on net
sales of INR205 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.5 million on net
sales of INR193 million for 2008-09.


MASTECH TECHNOLOGIES: CRISIL Rates INR56.8MM LT Loan at 'CRISIL D'
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Mastech Technologies Pvt Ltd.  The rating reflects delays by
MTPL in servicing its debt, on account of its weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR37 Million Cash Credit         CRISIL D (Assigned)
   INR56.8 Million Long-Term Loan    CRISIL D (Assigned)
   INR5 Million Bank Guarantee       CRISIL D (Assigned)

MTPL has a weak financial risk profile, marked by low net worth,
moderately high gearing and weak debt protection measures, its
scale of operations, in the fragmented fabricated structures
industry, is small, and has large working capital requirements.
The company, however, benefits, from the support it receives from
its promoters and parent company, and the healthy growth prospects
for the power and infrastructure industry.

                     About Mastech Technologies

Set in 2008, MTPL is promoted by Avaids Technovators Pvt Ltd,
Mr. Rajesh Piplani, Mr. Ashok Kaul, and Mr. Sanjay Chaudary. ATPL
owns 73.45 per cent of MTPL's shares. The Piplani and Kaul
families each own 50 per cent of ATPL's shares. MTPL manufactures
poles, high masts, and fabricated structures. Poles and high masts
are used primarily in power plants, refineries, and road
infrastructure, while fabricated structures are supplied to power
substations.

MTPL's customers include ATPL, Siemens, ABB Ltd amongst others.
MTPL has the capacity to manufacture 42,000 poles, and 9600
Galvanized Iron Sleevs per annum. MTPL has galvanization capacity
of 24,000 tonnes per annum. ATPL is involved in the manufacture of
aviation warning lights and turnkey execution of lighting projects
for power plants and yards. Aviation warning lights are installed
on high-rise buildings and electricity transmission towers to
alert low flying aircrafts to obstructions.

For 2010-11 (refers to financial year, April 1 to March 31), MTPL,
on provisional basis, reported a profit after tax (PAT) of INR0.7
million on net sales of INR180.1 million, against a loss of INR18
million on net sales of INR87.7 million for 2009-10.


NALANDA MANAGEMENT: CRISIL Rates INR79MM Term Loan at 'CRISIL D'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the rupee term loan
facility of Nalanda Management Institutes Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR79 Million Rupee Term Loan   CRISIL D (Assigned)

The rating reflects instances of delay by NMI in servicing its
debt; the delays have been caused by the company's weak liquidity.

NMI also has a weak financial risk profile, marked by small net
worth and high gearing, and susceptibility to adverse regulatory
changes. These weaknesses are partially offset by the extensive
experience of NMI's promoters in the education sector.

                     About Nalanda Management

NMI was originally established as Soham Educational Institutes Pvt
Ltd by Mr. Chetan Parikh and Prof. Dilip D Patel in 2007. The name
was changed in March 2009. The company plans to build and operate
education institutes in Mulund, Mumbai primarily offering the
Bachelor of Business Administration (BBA) course, and some other
courses, including Owner Management Program (OMP) for
entrepreneurs. The operations are expected to start in 2011-12.
Nalanda is part of the Mumbai -based Sohum group, which is engaged
in real estate development, manufacture of solar power plants, and
education.


NEELKANTH RUBBER: CRISIL Places 'CRISIL B' Rating on INR51MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Neelkanth Rubber Mills.

   Facilities                           Ratings
   ----------                           -------
   INR33.8 Million Cash Credit Limit    CRISIL B/Stable (Assigned)
   INR51.0 Million Term Loan            CRISIL B/Stable (Assigned)
   INR15.0 Million Packing Credit       CRISIL A4 (Assigned)
   INR37.5 Million Letter of Credit     CRISIL A4 (Assigned)
   INR22.5 Million Bank Guarantee       CRISIL A4 (Assigned)

The ratings reflect NRM's weak financial risk profile, marked by
average net worth, high gearing, and weak debt protection metrics,
large working capital requirements, and susceptibility to
cyclicality in the mining and capital goods industry. These rating
weaknesses are partially offset by NRM's established presence in
the rubber conveyor belts industry and promoter support in the
form of unsecured loans to meet debt obligations.

Outlook: Stable

CRISIL believes that Neelkanth Rubber Mills will maintain a stable
business risk profile, backed by its partners' extensive
experience in the conveyer belts industry and its diversified
customer profile. However, the firm's financial risk profile is
weak due to high dependence on its partners to meet its maturing
debt repayment obligations. The outlook may be revised to
'Positive' in case of an improvement in NRM's capital structure
and adequate cash accruals in meeting its debt repayments on time.
Conversely, the outlook may be revised to 'Negative' if the firm
contracts large debt to fund its capex or working capital
requirements, leading to weakening in its financial risk profile.

                      About Neelkanth Rubber

Incorporated in 1986, NRM manufactures rubber conveyor belts and
rubber sheets, which are used in various industries such as steel,
capital goods, power, and cement. The firm is promoted by its
current proprietor Mr. Satish Arora and his father, Mr. Ram
Prakash Arora. NRM is managed by Mr. Manav Arora, son of Mr.
Sathish Arora. The firm has two manufacturing facilities at
Jalandhar (Punjab).


NEXUS ELECTRO: CRISIL Cuts Rating on INR200MM Loan to 'CRISIL B+'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Nexus
Electro Steel Ltd to CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

   Facilities                        Ratings
   ----------                        -------
   INR100 Million Cash Credit        CRISIL B+/Stable (Downgraded
                                         from'CRISIL BB-/Stable')

   INR200 Million Long-Term Loan     CRISIL B+/Stable (Downgraded
                                         from'CRISIL BB-/Stable')

   INR50 Million Proposed Cash       CRISIL B+/Stable (Downgraded
                  Credit Limit           from'CRISIL BB-/Stable')

   INR285 Million Proposed LT Bank   CRISIL B+/Stable (Downgraded
                     Loan Facility      from 'CRISIL BB-/Stable')

   INR100 Million Proposed Letter    CRISIL A4 (Downgraded from
                        of Credit                 'CRISIL A4+')

   INR15 Million Bank Guarantee      CRISIL A4 (Downgraded from
                                                  'CRISIL A4+')

   INR250 Million Letter of Credit   CRISIL A4 (Downgraded from
                                                  'CRISIL A4+')

The downgrade reflects deterioration in NESL's business and
financial risk profiles, caused by NESL's weaker-than-expected
performance over the two-year period 2009-10 (refers to financial
year, April 1 to March 31) to 2010-11. NESL's performance took a
hit because of significant volatility in prices of its key raw
material, cold-rolled grain-oriented (CRGO) coils, and oversupply
situation in the international electrical laminations markets.
NESL's turnover declined to INR930 million in 2010-11 from INR1170
million in 2008-09. Furthermore, there has been an increase in the
company's working capital requirements, caused by increased
receivables and inventory days. This has resulted in increased
debt levels and interest charges, thereby weakening NESL's
profitability and debt repayment ability.

The ratings also reflect NESL's moderate business risk profile,
supported by promoter's experience in the electrical lamination
industry. These rating strengths are partially offset by NESL's
weak financial risk profile, and working-capital-intensive
operations in the electrical laminations industry.

Outlook: Stable

CRISIL believes that NESL will continue to benefit over the medium
term from the experience of its promoter in the electrical
laminations industry. The outlook may be revised to 'Positive' if
NESL improves its financial risk profile, most likely driven by
equity infusion or improved working capital management.
Conversely, the outlook may be revised to 'Negative' if NESL
contracts more-than-expected debt to fund its capital expenditure,
thereby weakening its capital structure, or if there is a decline
in the company's revenues and cash accruals over the medium term.

                        About Nexus Electro

NESL was incorporated as a private limited company in 1998 and
promoted by Mr. Ketan C Bagadia. The company was reconstituted as
a closely held public limited company in 2006. NESL manufactures
cut, winding, core and coil assembly laminations that are used in
distribution and power transformers, and generators. The company's
manufacturing facilities are in Pondicherry and Mumbai, with a
combined installed capacity of 6000 tonnes per annum.

For 2010-11, NESL reported, on provisional basis, a profit after
tax of INR18 million on net sales of INR930 million. For 2009-10,
NESL reported a net loss of INR10 million on net sales of INR960
million, as against a net loss of INR59 million on net sales of
INR1170 million for 2008-09.


ORTEL COMMUNICATIONS: CRISIL Rates INR100MM Overdraft at CRISIL BB
------------------------------------------------------------------
CRISIL has downgraded its rating on the term loan facility of
Ortel Communications Ltd to 'CRISIL BB/Stable' from 'BB+/Stable,
and assigned its 'CRISIL BB/Stable' rating to Ortel's overdraft
facility.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Overdraft         CRISIL BB/Stable (Assigned)

   INR1435.3 Million Term Loan
   (Enhanced from INR700 million)  CRISIL BB/Stable (Downgraded
                                      from 'CRISIL BB+/Stable')

The downgrade reflects deterioration in Ortel's financial risk
profile following the company's aggressive debt-funded capital
expenditure (capex) of INR630 million in 2010-11 (refers to
financial year, April 1 to March 31). Ortel's gearing increased to
an estimated 2.80 times as on March 31, 2011 from 1.36 times as on
March 31, 2010; this resulted in the weakening of the company's
debt protection metrics. Ortel's gearing and debt protection
metrics will remain under pressure, unless supported by equity
infusion, over the medium term.  The downgrade also reflects
CRISIL's belief that Ortel will continue to depend on refinancing
its debt that will mature over the medium term, as its capital-
intensive operations will continue to constrain its financial
flexibility during this period.

The rating continues to reflect Ortel's established market
position as a cable and data service provider in Orissa,
underpinned by its provision of last-mile connectivity, and its
efficient operations, supported by its integrated services. These
rating strengths are partially offset by Ortel's weak financial
risk profile, marked by constrained financial flexibility and
aggressively debt-funded capex plans.

Outlook: Stable

CRISIL believes that Ortel will continue to benefit over the
medium term from its established market positioning in Orissa and
will leverage its business strengths. However, Ortel's financial
risk profile will remain constrained by the company's large, debt-
funded capex. The outlook may be revised to 'Positive' if there is
more-than-expected and sustained improvement in Ortel's revenues
or profitability, supported by successful expansion of the
company's business in and outside Orissa, along with an equity
infusion in the company, leading to an improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of no fresh equity infusion in Ortel over the near term,
less-than-expected growth in its revenues or profitability, or if
the company undertakes a larger-than-expected, debt-funded capex
programme, thereby further weakening its financial risk profile.

                    About Ortel Communications

Ortel was incorporated as a private limited company in 1996. It
operates a fat-pipe broadband communications network in Orissa to
provide analogue and digital cable television (TV) services and
high-speed internet access. The company has a triple-play business
model, through which it provides multiple services (cable TV:
analogue/digital and data services) through delivery channels, and
benefits from its last-mile connectivity. Ortel markets its cable
TV service under the Ortel brand, and its data service under the
Ortel.net brand. It started its operations in Bhubaneswar,
Cuttack, and Paradip, after which it expanded to Rourkela and
Puri.

Ortel is part of the Panda group, a private sector group in
Orissa, which is the promoter of the IMFA group of companies, with
interests in smelters, power generation, and coal and chromite
mining. The Panda family and associates have a majority
shareholding of 74 per cent in Ortel; New Silk Route - PE
Mauritius owns around 14 per cent; the rest is owned by Medium &
Small Infrastructure Fund. Ortel is in the preliminary stages to
infuse fresh equity by way of an initial public offering and has
filed its prospectus.

For 2010-11, Ortel reported, on provisional basis, a net loss of
INR118.12 million on net sales of INR1001.69 million; it reported
a net loss of INR59.64 million on net sales of INR785.31 million
for 2009-10.


PRAKASH CHEMICALS: CRISIL Puts 'CRISIL BB+' Rating on INR22MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Prakash Chemicals International Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR22 Million Term Loan         CRISIL BB+/Stable (Assigned)

   INR30 Million Standby Line of   CRISIL A4+ (Assigned)
                          Credit

   INR150 Million Packing Credit   CRISIL A4+ (Assigned)

The ratings reflect PCIPL's average financial risk profile and
concentration of revenues in the African continent. These rating
weaknesses are partially offset by PCIPL's diversified revenue
base across various end user industries, established relations
with key customers, and sound risk management policies.

Outlook: Stable

CRISIL believes that PCIPL will continue to benefit from its
diversified end user base and comprehensive risk management
policies, over the medium term. The outlook may be revised to
'Positive' in case of higher-than-expected improvement in cash
accruals or fresh equity infusion, resulting in improvement in
capital structure. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected profitability or cash
accruals, leading to deterioration in the company's capital
structure or larger-than-expected debt-funded capex. Any adverse
development in relationships with key customers could also lead to
a revision in outlook to 'Negative'.

                    About Prakash Chemicals

PCIPL is a part of the Prakash group which was established in
1950. The Prakash group has presence in various industries such as
chemicals, polymers and pigments, software, stationery, and
telecommunications. The group is promoted by the Shah family from
Baroda.

PCIPL is engaged in chemical marketing and distribution, and is
entirely focused on the export markets. It exports chemicals and
allied products to more than 62 countries across the world, with a
strong presence in the African markets. PCIPL is one of the top
three merchant traders for chemicals in India. It is also a star
trading house in accordance with the conditions mentioned in the
Foreign Trade Policy and has been recognised by the CHEMEXCIL for
its standing in the export markets for several years in
succession.

PCIPL has provisionally reported a profit after tax (PAT) of INR
32 million on net sales of INR1.1 billion for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR20
million on net sales of INR 0.8 billion for 2009-10.


RUCHITA GOLD: CRISIL Assigns CRISIL BB- Rating to INR300MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Ruchita Gold Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR300.0 Million Cash Credit     CRISIL BB-/Stable (Assigned)
   INR300.0 Million Proposed LT     CRISIL BB-/Stable (Assigned)
             Bank Loan Facility

The rating reflects RGPL's weak financial risk profile, marked by
high gearing, small net worth, large working capital requirements
and vulnerability to volatility in gold prices. These rating
weaknesses are partially offset by the extensive experience of
RGPL's promoters in gold jewellery business.

Outlook: Stable

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

                       About Ruchita Gold

RGPL was incorporated in September 2010 by Mr. Jitendra Jain and
his brother, Mr. Kiran Jain. The company retails gold jewellery to
various wholesalers and showrooms in Mumbai and other parts of
Maharashtra. It gets the gold jewellery manufactured on job-work
basis. The Jain family has been engaged in the jewellery business
since the past 20 years thorough other group companies, such as
Saloni Jewellers Pvt Ltd.


SHRI BALAJI: CRISIL Rates INR70 Million Cash Credit at 'CRISIL B+'
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Shri Balaji Fibers.

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

The rating reflects SBF's weak financial risk profile, marked by
small net worth and leveraged capital structure and exposure to
risks related to unfavourable changes in government policy. These
rating weaknesses are partially offset by SBF's stable business
risk profile, marked by moderate growth.

Outlook: Stable

CRISIL believes that SBF will maintain its stable credit risk
profile over the medium term, on the back of satisfactory growth
prospect and no term loan repayment obligation. The outlook may be
revised to 'Positive' if SBF achieves greater-than-expected
revenue growth, while improving its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' in
case the firm undertakes any large debt-funded capital expenditure
(capex) programme or deterioration in working capital management,
resulting in material deterioration of the firm's debt protection
measures or its capital structure.

                         About Shri Balaji

SBF is a Wani (Maharashtra) based partnership firm established in
2008 and owned and managed by Mr. Madhusudan V Goyanka and his
family members. SBF is engaged in ginning and pressing of raw
cotton to make cotton bales.

SBF reported a profit after tax (PAT) of INR8.5 million on net
sales of INR390.4 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.5 million on net
sales of INR350.4 million for 2008-09.


SINDU BUILDING: CRISIL Places 'CRISIL BB' Rating on INR64.5MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facilities of Sindu Building Equipments Ltd, part of the
Sindu group.

   Facilities                       Ratings
   ----------                       -------
   INR64.5 Million Long-Term Loan   CRISIL BB/Stable (Assigned)
   INR2.3 Million Cash Credit       CRISIL BB/Stable (Assigned)

The rating reflects the Sindu group's above-average financial risk
profile, marked by a low gearing and robust debt protection
metrics, moderate fleet size, and the extensive industry
experience of the group's promoter in the construction equipment
rental industry. These rating strengths are partially offset by
the Sindu group's limited scale of operations, exposure to intense
industry competition, and customer concentrated revenue profile.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SBEL, Sneha Enterprises, and Sindu
Enterprises, collectively referred to as the Sindu group. This is
because these entities are under a common management, have
fungible cash flows, and derive considerable synergies from each
other. Furthermore, the promoter plans to merge these entities
over the medium term.

Outlook: Stable

CRISIL believes that the Sindu group will continue to benefit over
the medium term from its promoter's extensive industry experience,
its moderate fleet size, and its favorable demand from the
infrastructure sector. The outlook may be revised to 'Positive' if
the group scales up its operations significantly while it
maintains its profitability, or reduces its dependence on its key
customers, resulting in higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the Sindu
group undertakes a larger-than-expected, debt-funded capital
expenditure programme or if there is a decline in the company's
profitability, leading to weakening in its financial risk profile,
particularly its liquidity.

                         About the Group

Incorporated in 2008 as a private limited company by Mr. Ganesh,
SBEL, part of the Sindu group, provides construction equipment on
hire basis to engineering, procurement, and construction
contractors/construction entities. The promoter also owns two
other entities - Sindu Enterprises and Sneha Enterprises - which
provide construction equipment on hire basis. The group has a
fleet size of 103,795 centering sheets, 81,983 telescopic spans,
30,674 adjustable props, 59 material handling equipments, and
300,000 square feet of scaffolding.

The Sindu group's profit after tax (PAT) and net sales for 2010-11
(refers to financial year, April 1 to March 31) are estimated at
INR32 million and INR111 million respectively. The group reported
a PAT of INR29 million on net sales of INR85 million for 2009-10,
against a PAT of INR24 million on net sales of INR61 million for
2008-09.


TEXOOL LTD: CRISIL Assigns 'CRISIL BB-' Rating to INR8MM Bank Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Texool Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR8 Million Proposed Long-Term    CRISIL BB-/Stable (Assigned)
        Bank Loan Facility

   INR35 Million Bill Purchase-       CRISIL A4+ (Assigned)
         Discounting Facility

   INR10 Million Letter of Credit     CRISIL A4+ (Assigned)

   INR2 Million Bank Guarantee        CRISIL A4+ (Assigned)

   INR40 Million Packing Credit       CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of Texool's promoters
in the yarn industry. This rating strength is partially offset by
the company's small scale of operations, along with working-
capital-intensive operations and average financial risk profile,
marked by below-average debt protection metrics and moderately
high gearing.

Outlook: Stable

CRISIL believes that Texool will maintain its stable business risk
profile and continue to benefit from its track record, though its
financial risk profile will remain average, given its working-
capital-intensive operations. The outlook may be revised to
'Positive' if the company significantly increases its scale of
operations and profitability, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
its capital structure deteriorates or if there is any significant
pressure on its profitability.

                         About Texool Ltd

Established as a partnership firm in 1963, Texool was
reconstituted as a private limited company and subsequent to a
closely-held public limited company in 1995. With its head office
at Mumbai, the company is an export oriented unit (EOU) with a
facility in Kandla SEZ, Gujarat. The company operates under two
divisions namely, Texool Wastesavers and Texool Spinners, and
engages in manufacturing and sales of shoddy yarns and rendered
unserviceable used clothing. The company's operations are managed
by Mr. Surinder Sajdeh.

Texcool reported a profit after tax (PAT) of INR4.0 million on net
sales of INR179.2 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.2 million on net
sales of INR163.9 million for 2008-09.


VARSHA PRINTING: CRISIL Assigns CRISIL BB Rating to INR22.5MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Varsha Printing Inks Manufacturing Company.  The
ratings reflect the extensive experience of Varsha's promoters in
the printing ink industry.

   Facilities                      Ratings
   ----------                      -------
   INR47.5 Million Cash Credit     CRISIL BB/Stable (Assigned)
   INR22.5 Million Proposed LT     CRISIL BB/Stable (Assigned)
            Bank Loan Facility

This rating strength is partially offset by Varsha's below-average
financial risk profile, marked by low networth levels, large
working capital requirements, and susceptibility to volatility in
raw material prices.

Outlook: Stable

CRISIL believes that Varsha will maintain its business risk
profile over the medium term, backed by its established customer
relationships and promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations substantially while maintaining its
profitability or in case of a substantial increase in its net
worth, backed by equity infusion by promoters. Conversely, the
outlook may be revised to 'Negative' if Varsha's profitability
declines sharply, or if the firm's financial risk profile
deteriorates, driven by a large, debt-funded capital expenditure
programme or larger-than-expected working capital requirements.

                      About Varsha Printing

Varsha, set up as a proprietary concern in 1978, manufactures
various kinds of printing inks such as liquid or solvent inks,
offset or gravure inks, and flexographic inks, used in the
printing and packaging industries. The firm's manufacturing
facility, in Nagpur (Maharashtra), has a capacity of 2500 tonnes
per annum (tpa). The firm is promoted by the Patil family and its
operations are managed by Mr. D N Patil.

For 2010-11 (refers to financial year, April 1 to March 31),
Varsha is expected to report a profit after tax (PAT) of INR4.29
million on net sales of INR132.93 million, against a PAT of
INR4.09 million on net sales of INR115.20 million for 2009-10.


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


J-CORE 14: Moody's Changes Ratings for 8 Classes of Certificates
----------------------------------------------------------------
Moody's Japan K.K has changed ratings for eight classes of J-CORE
14 Trust Certificates and asset-backed loans.

Their final maturity will take place in November 2014.

Details follow:

Deal Name: J-CORE14 Trust

Class A Trust Certificate and Class A Loan, Downgraded to A1
(sf); previously, on June 16, 2011, Aa3 (sf) placed Under Review
for Possible Downgrade

Class B Trust Certificate, Downgraded to Baa2 (sf); previously,
on June 16, 2011, Baa1 (sf) placed Under Review for Possible
Downgrade

Class C Trust Certificate and Class C Loan, Downgraded to Ba3
(sf); previously, on June 16, 2011, Ba2 (sf) placed Under Review
for Possible Downgrade

Class D Trust Certificate, Downgraded to B3 (sf); previously, on
June 16, 2011, B1 (sf) placed Under Review for Possible Downgrade

Class E Trust Certificate, Downgraded to Caa2 (sf); previously,
on June 16, 2011, B2 (sf) placed Under Review for Possible
Downgrade

Class F Loan, Downgraded to Caa3 (sf); previously, on June 16,
2011, B3 (sf) placed Under Review for Possible Downgrade

Class: Class A through E and X Trust Certificates and Class A, C,
F Asset-Backed Loans

Issue Amount (initial): JPY33.7 billion

Dividend: Floating

Issue Date: April 30, 2008

Final Maturity Date: November 2014

Underlying Asset: Specified bond backed by a hotel

Originator: Deutche Bank AG Tokyo Branch

Arranger: Deutche Bank AG Tokyo Branch

J-CORE14 Trust, effected in April 2008, represents the
securitization of a specified bond.

The originator entrusted the specified bond to the asset trustee,
and received the Class A through F and X Trust Certificates. The
Trustee took out the Class A, C and F Loans from the originator
and used the proceeds to redeem the corresponding Trust
Certificates. These Trust Certificates and loans were sold through
the arranger to investors. The Trust Certificates and loans are
rated by Moody's.

Dividend distributions and interest on the rated Trust
Certificates and Loans will be paid out of the rental income from
the asset.

If an event of default, the property will be sold and the proceeds
will be used to pay down the principal.

Rating Rationale

The current rating action reflects the following factors:

J-CORE14 Trust is a single-asset/single-borrower CMBS deal
effected in April 2008. The collateral is a full-service hotel in
Tokyo.

In July, 2011, Moody's interviewed the asset manager on its
operating and refinancing strategies, as well as its disposal
efforts. This was in view of the specified bond's expected
maturity in 2012.

The performance of the property has quickly recovered, although
the performances of the rooms, restaurants and banquets declined
temporarily after the March 11 earthquake.

Moody's also confirmed, at a meeting with the asset manager, that
some wedding parties were postponed after the earthquake. But the
effect will be limited, as there are few cancellations or scale
reductions in the number of wedding parties.

Moody's considers that the wedding business is one of the strong
points of this property.

Moody's believes that the performance of the property is likely to
recover to Moody's estimate at the previous rating action in June,
2011 in the short term, given the speed of recovery overall and in
view of the contents of the meeting with the asset manager.

Therefore, in this rating action, Moody's has not changed its
assumptions for stable sales and stable net cash flow, as re-
assessed for the previous rating action.

On the other hand, as the hotel's cash flow volatility is high,
Moody's has taken into consideration this risk by changing its cap
rate, adding 100bps from its initial assumption.

As a result, Moody's has re-assessed its recovery assumption,
reducing it by approximately 39% from its initial assumption.

This rating action reflects Moody's concern over the likelihood of
collateral recovery in light of the re-assessed value. Moody's
also considers that the underlying property is a full service
hotel located in central Tokyo and has a high scarcity value.

Moody's will continue to monitor the performance of the property
and the asset manager's refinancing and disposition activities in
light of the specified bond's maturity.

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

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


TOKYO ELECTRIC: Japan's Lower House Approves Compensation Bill
--------------------------------------------------------------
Takashi Hirokawa at Bloomberg News reports that Japan's lower
house approved a bill for state support of Tokyo Electric Power
Co.'s compensation of those affected by the Fukushima nuclear
disaster, in part by asking shareholders to shoulder some of the
burden.

The legislation passed on July 28 creates a state-backed entity
to pay damages from the world's worst nuclear accident since
Chernobyl in 1986, Bloomberg says.  The bill goes to the Diet's
upper house for ratification, though it will become law if the
chamber takes no action within 30 days.

According to Bloomberg, language in the bill calling for "the
necessary cooperation from shareholders and other interested
parties," has sent shares in Tokyo Electric down, because of
concern investors may lose capital and lenders may have to forgive
some loans.

          Not Appropriate for TEPCO to Enter Bankruptcy

Separately, Bloomberg News reports that Japan's Trade Minister
Banri Kaied said it's not "appropriate" for TEPCO to enter
bankruptcy proceedings.  According to Bloomberg, Mr. Kaieda told
upper house lawmakers in Tokyo Thursday that TEPCO isn't expected
to become insolvent for now.  There are "various possibilities" in
dealing with the company in the future, he said.

                    Repays JPY70 Billion of Bonds

Meanwhile, TEPCO spokesman Takehiro Todoroki told Bloomberg News
that the company repaid JPY70 billion (US$899 million) of bonds
due on Thursday.  The debt was paid with cash on hand, he said.

                           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.


TOKYO ELECTRIC: Panel Hires Experts For Asset Valuation
-------------------------------------------------------
Kyodo News reports that a third-party panel to check the financial
standing of Tokyo Electric Power Co. agreed on Thursday to
identify assets the utility should sell so that it can raise money
to cover massive compensation payouts stemming from the nuclear
crisis.

The news agency relates that the panel also decided to focus on
four more areas in its investigation that would last through
September, such as ways to correct the utility's high-cost
structure and studying the country's cost-plus pricing system of
electricity which some critics say is leading to higher
electricity bills than other countries.

"If there have been something like sacred areas or aspects (in the
current system) that supervisory authorities had not been able to
properly check . . . we must thoroughly look into them," panel
head Kazuhiko Shimokobe, a lawyer, told a press conference after
panel members with financial expertise met for the third time in
Tokyo, according to Kyodo.

For asset evaluation, Kyodo notes, the panel has sealed contracts
with three companies -- accounting firm Deloitte Touche Tohmatsu
LLC, U.S. consulting firm Boston Consulting Group, and law firm
Nishimura & Asahi.  The companies were selected through
competitive bidding.

According to the report, the outcome of the companies' evaluation
will be conveyed to the panel, which plans to compile a report by
the end of September.

Kyodo notes that to help the utility known as TEPCO meet its
compensation payments for the country's worst nuclear plant crisis
that may total trillions of yen, the Japanese government plans to
offer financial assistance through the creation of an entity that
can receive government funds and contributions from other
utilities.

But at the same time, TEPCO's assets and finances will be put
under strict scrutiny to avoid as much as possible passing the
cost of compensation payments on to the public in the form of a
rise in electricity charges, or through use of tax revenues, Kyodo
adds.

                           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.


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


BLACKMORE TRUST: Creditor Places Firm Into Liquidation
------------------------------------------------------
BusinessDesk reports that property developer David Blackmore's
Blackmore Trust Ltd., which owns and manages Wellington's James
Smith's Corner, has been put into liquidation.

Citing the first liquidator's report, BusinessDesk discloses that
the company will continue to operate under the liquidation, which
was forced by one of Blackmore Trust's creditors.  Three of
Mr. Blackmore's luxury cars were also used as security, the report
notes.

BusinessDesk says the cars cited are a 1997 Dodge Ram, a 2003
Mercedes-Benz, and a 1970 Mercedes-Benz, which are owned by the
Bentley Trust.  Blackmore Trust took out a loan on the 1970
Mercedes from local porn magnate Steve Crow in March of this year.

Mr. Blackmore, according to BusinessDesk, is known for his
collection of personalized number plates, including SATAN, DEVIL,
EVIL, WITCH and BLZBUB, which have been on souped up cars sporting
the 'Team Satan' label.

Blackmore Trust holds land and buildings on Wellington's Cuba
Street, and receives income from the partially tenanted building,
though no dollar value was put on the assets.

"We have been advised that the company failed due to a combination
of factors including the loss of tenant income due to the
reconfiguration of the building and the general economic downturn
of the property market," BusinessDesk quotes Jeremy Morely and
John Fisk as saying in their report.  "We have not yet sighted the
most recent financial statements for the company, although we have
received some financial information regarding the company's
operations."

BusinessDesk reports that Blackmore Trust's future came into
question when Wellington-based lender St Laurence Ltd. collapsed
last year, though Blackmore rejected claims that would scupper the
NZ$3 million redevelopment of James Smith's Corner.

St Laurence and ANZ National Bank Ltd. hold claims over all of
Blackmore Trust's assets, while Marac Finance Ltd. has security
over the Dodge, and GE Finance and Insurance Ltd. can make a call
on the 2003 Mercedes, BusinessDesk discloses.

Inland Revenue has also indicated it will file a claim for
outstanding GST and PAYE tax, BusinessDesk adds.

                 Number One Properties' Liquidation

Blackmore Trust's failure adds to Blackmore's woes, after he was
forced to put his Number One Properties Ltd. into liquidation
after FM Custodians Ltd., which is acting for the NZ Mortgage
Income Trust Group, took possession of 66 Surrey Cres. in
Auckland's Grey Lynn.

FM Custodians is trying to claw back some of the $5.4 million owed
in outstanding loans, interest and penalties. FM Custodians is
also named as a creditor of Blackmore Trust.

Number One Properties' liquidator, Steven Khov and Damien Grant of
Waterstone Insolvency, is working with FM Custodians to sell the
properties, and expects a claim from the IRD for outstanding
taxes, according to its first report.

The company's assets and liabilities were unknown at the time of
the report, though ANZ National Bank, St Laurence, and First
Mortgage Trust were named as creditors.


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


CEYLEASE FINANCIAL: Fitch Places 'BB+(lka)' Rating on RWE
---------------------------------------------------------
Fitch Ratings Lanka has placed Ceylease Financial Services Ltd's
National Long-Term 'BB+(lka)' rating on Rating Watch Evolving
(RWE).

The rating action follows Merchant Bank of Sri Lanka Plc's
announcement on May 4, 2011, that the Central Bank of Sri Lanka
has provided "in-principle approval" for the issue of a
specialized banking license to MBSL. The license is subject to a
merger between CFSL (55%-owned by Bank of Ceylon (BOC;
'AA(lka)'/Positive) group), MBSL (effective ownership of 72% by
BOC group), Merchant Credit of Sri Lanka Ltd ('BBB(lka)'/RWE,
effective ownership of 86% by BOC group) and MBSL Savings Bank Ltd
(effective ownership of 49% by BOC group).

The RWE reflects uncertainty regarding the modalities and
resolution of the intended merger, the expectation of BOC's
support to, and the credit profile of, the merged entity.
Retention of the merged entity within the BOC group and an
increase in BOC's effective shareholding may lead to a rating
upgrade. Conversely, a decrease in BOC's effective shareholding
through, for example, a divestment of the merged entity and
disassociation with the BOC franchise may lead to a downgrade.

Fitch believes that this potential merger would consolidate and
simplify BOC's group structure and considers it likely that BOC
maintains majority ownership in and hence continues to support the
merged entity. That said Fitch considers that it is a possibility
that BOC may reduce its ownership stake in the merged entity or
that integration between BOC and the merged entity may reduce
following the merger.

CFSL's rating reflects its association with its main shareholder,
state-owned BOC, in terms of the latter's shareholding of 55% and
representation on CFSL's board, and could be affected by a change
in circumstances that would warrant a review of Fitch's opinion on
the expectations of support from BOC.

CFSL is a small specialized leasing company (SLC), which was
founded in 1996 by BOC and the Phoenix Group. In 2009, the Phoenix
Group divested its stake to 27.5%, in favor of Prime Lands Pvt
Ltd, a local real-estate development agency, which now owns 17.5%
of CFS. CFSL's total assets amounted to LKR1.5bn at FYE10. The
company operates via two outlets.


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

Ratings Rationale

Moody's definitive rating for these debt obligations confirms the
provisional rating assigned on 21 July 2011. The rating rationale
was set out in a press release published on the same day.

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

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

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

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

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2009.


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


E. SUN SECURITIES: Fitch Affirms 'C/D' Individual Rating
--------------------------------------------------------
Fitch Ratings has affirmed Taiwan's E.Sun Securities Corporation's
(ESS, a wholly-owned subsidiary of E.Sun Financial Holding
Company, ESFHC) National Ratings at Long-Term 'A(twn)' with Stable
Outlook and Short-Term 'F1(twn)'.

The agency has also affirmed ESS's Individual Rating at 'C/D' and
Support Rating at '2' and simultaneously withdrawn them.  The
ratings were withdrawn as they are no longer considered by Fitch
to be relevant to the agency's rating coverage.

The National Ratings of ESS are driven by obligatory support from
its parent, ESFHC. Despite its small scale and the earnings
volatility typically inherent in securities industry, ESS showed
less volatile profitability and greater balance sheet prudence
than its similarly-rated peers, and has gradually benefited from
its expanding franchise.

ESS will continue to focus on growing its core earnings while
remaining conservative in proprietary trading and prudent in risk
control. Leveraging on cross-selling to its affiliated bank's
(E.Sun Bank or ESB, flagship subsidiary of the group) larger
customer base and own network expansion, its market share for
securities brokerage and margin loans rose to 1.27% and 1.4% at
end-Q111, respectively, from 0.74% and 1.2% at end-2008. The
company's prudent risk management is manifested by its subdued
market risk appetite and minimal default in its margin loan
portfolio.

The Stable Outlook reflects the group's renewed earnings momentum
post-crisis, ESB's comparably favorable asset quality and
continuing strong parental support. The ratings may benefit from a
sustainable improvement of the group's risk-adjusted earnings.
Conversely, significant deterioration in the group's asset quality
and capital position arising from aggressive growth could put
downward pressure on ESS's Long-term Rating.

ESFHC posted 34% and 103% yoy growth in consolidated net income in
Q111 and 2010, mainly attributed to the substantial improvement in
ESB's core earnings. The holding parent's leverage remains
moderate with a double leverage ratio of 109.95% at end-Q111. ESB
reported consistently below 1% non performing loan ratio
throughout the downturn during 2008-2009 (i.e. 0.31% at end-Q111).
Fitch views its Tier 1 ratio of 8.55% at end-2010 as adequate
against its reasonably conservative risk profile.

ESS is a mid-sized brokerage firm with 1.27% of Taiwan's market at
end-March 2011. The company, accounting for 0.7% of ESFHC's
consolidated assets at end-March 2011, is part of the group's
integrated financial service platform offered to its customers.
ESFHC is a mid-sized and bank-centric financial holding company in
Taiwan which mainly provides banking and securities brokerage
service, through its fully-owned subsidiaries, ESB and ESS.


HORIZON SECURITIES: Fitch Revises Rating Outlook to Negative
------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on the National Long-
term Rating of Horizon Securities Co., Ltd to Negative from
Stable. The agency has simultaneously affirmed HSC'S National
Long-term rating at 'BBB+(twn)' and National Short-term Rating at
'F2(twn)'.

At the same time, Fitch has affirmed HSC's Individual Rating at
'D' and its Support Rating at '5', and withdrawn them as these
ratings are no longer considered by Fitch to be relevant to the
agency's coverage.

The Negative Outlook reflects Fitch's concerns that HSC has a less
competitive brokerage franchise and its reliance on proprietary
trading for profits to cover its operating costs. Fitch views this
strategy as an unsustainable business model which would over time
weaken its capital positions. HSC's ratings could be downgraded if
earnings deteriorate further, likely due to trading losses and its
still modest brokerage fee base, or lack of progress in franchise
building enough to achieve a sustained business structure.

HSC reported a net loss of TWD19.5 million or -0.5% of equity in
Q111, if losses booked directly to equity on available-for-sale
securities were to be included. The latest operating losses in
2010 and Q111 highlight its weakness in brokerage franchise, and
constrained fee base.

Meanwhile, Fitch notes HSC's adequate liquidity and reasonable
balance sheet integrity (capital adequacy ratio of 239% at end-
Q111, above the 150% regulatory minimum). Successful disposal of
its valuable headquarters building in a prime district of Taipei
will notably enhance its balance sheet strengths. It remains to be
seen if the additional capital resources can be better deployed to
generate a long-term sustainable business franchise.

HSC is a small-sized securities firm, accounting for 1.0% of the
local stock brokerage market share. Mercuries group (an
established local conglomerate with its core business in the
consumer industry) is the largest shareholder, with a 16% stake
and two of the seven board seats. HSC is managed by a professional
management team, who together holds a 9% ownership of HSC and
three board seats. HSC also has two independent directors on its
board.


                             *********

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 ***