TCRAP_Public/110802.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

            Tuesday, August 2, 2011, Vol. 14, No. 151

                            Headlines



A U S T R A L I A

BETTINA LIANO: Creditors to Vote on Proposed DOCA on August 8
LIBERTY FUNDING: Fitch Affirms BBsf Rating on AUD3MM Class E Notes
METAL STORM: Firm Technology Cited as Component of Canadian SARP
METAL STORM: Proposes to Issue 92 Million Ordinary Shares
METAL STORM: To Meet With Noteholders Aug. 29 to Extend Notes

RETRAVISION GROUP: Townsville & Ayr Stores Go Into Administration


C H I N A

CHINA NETWORKS: Incurs US$670,527 Net Loss in 2010
FRANSHION PROPERTIES: Moody's Assigns Ba1 Rating to US$500MM Notes


H O N G  K O N G

GRANDE HOLDINGS: Case Transferred to California Central District
OPT INTERNATIONAL: Members' Final Meeting Set for August 29
PACIFIC FILMWORKS: Members' Final Meeting Set for August 29
PINE WELL: Creditors' Proofs of Debt Due August 30
RUPEE NAVIGATION: Members' Final Meeting Set for August 31

SHELL BITUMEN: Creditors' Proofs of Debt Due August 19
SHELL BITUMEN (XI'AN): Creditors' Proofs of Debt Due August 19
SOCOMEC SICON: Members' Final Meeting Set for August 29
SOEN TAK: Creditors' Proofs of Debt Due August 19
TAKE ONE: Placed Under Voluntary Wind-Up Proceedings

TOKYO BAKERY: Batchelor and Fok Appointed as Liquidators
TOKYO BAKERY & CAKE: Batchelor and Fok Appointed as Liquidators
UMP MEDICAL: Members' Final Meeting Set for August 29
WILLWAY INTERNATIONAL: Members' Final Meeting Set for August 29
WO SANG: Members' Final Meeting Set for August 29

WO SANG METAL: Members' Final Meeting Set for August 29
WO SANG METAL SHOP: Members' Final Meeting Set for August 29


I N D I A

AIR INDIA: Gets INR265cr Government Bail Out to Partially Pay Debt
BHARATH REDDY: CRISIL Rates INR50MM LongTerm Loan at 'CRISIL B+'
CALCUTTA SPRINGS: Fitch Rates INR196.5MM Loans at 'Fitch B-(ind)'
CHIRAL BIOSCIENCES: CRISIL Puts CRISIL B- Rating on INR48.3MM Loan
EASTERN SILK: CRISIL Cuts Rating on INR600MM Loan to 'CRISIL D'

GTL INFRA: Fitch Downgrades National LT Rating to 'Fitch C(ind)'
JK TIMBER: CRISIL Assigns CRISIL B+ Rating to INR15MM Cash Credit
KESHAVA EDUCATIONAL: CRISIL Rates INR56MM LT Loan at 'CRISIL BB+'
KESHAVA REDDY: CRISIL Rates INR35 Million LT Loan at 'CRISIL BB+'
MAKALU TRADING: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating

MITTAPALLI SPINNERS: CRISIL Rates INR400MM LT Loan at 'CRISIL B'
NAVIN TRADING: CRISIL Puts CRISIL B+ Rating on INR30MM Cash Credit
NIRMAL FIBRES: CRISIL Rates INR55MM Cash Credit at 'CRISIL BB+'
PAUL STRIPS: CRISIL Upgrades Rating on INR60.7MM Loan to CRISIL B+
PREM CONDUCTORS: CRISIL Assigns CRISIL BB- Rating to INR10MM Loan

RAIN CII: Moody's Assigns 'B2' Corporate Family Rating
ROLSON INDUSTRIES: CRISIL Cuts Rating on INR140MM Loan to CRISIL D
SAM BUILDCON: Fitch Rates INR22.5MM Term Loans at 'Fitch BB(ind)'
SAMTEX FASHIONS: Fitch Affirms Nat'l. LT Rating at 'Fitch BB(ind)'
SDL Auto: CRISIL Assigns CRISIL B+ Rating to INR100MM Cash Credit

SHANMUGA HAIR: CRISIL Places CRISIL BB- Rating on INR7.5MM LT Loan
SHREE BADRI: CRISIL Assigns CRISIL D Rating to INR51.7MM LT Loan
SRI SURYA: CRISIL Assigns 'CRISIL D' Rating to INR25MM LT Loan
WEST BENGAL: CRISIL Assigns CRISIL BB Rating to INR5MM LT Loan


I N D O N E S I A

P.T. INDOSAT: Fitch Revises IDR Outlook to Positive


J A P A N

MAZDA MOTOR: First Quarter Net Loss Widens to JPY25.54 Billion
PEGASUS FUNDING: Moody's Cuts Rating on Class A1 Loans to 'Caa3'
SUNSHINE TRUST: S&P Gives 'BB+' Ratings on 2 Classes of ABLs


K O R E A

KOREA LINE: Aims to Cut Debt, Sell Shares Under Revival Plan


N E W  Z E A L A N D

CENTURY CITY: Judge Grants NZ$2MM Debt Judgment Against Owner
LIGHTER QUAY: Westin Investors Hopeful About Future
RELISH HOSPITALITY: Spago Fresh Italian Restaurant in Liquidation
RMB TRUSTEE: Fitch Affirms NZ$19.6MM Floating Rate Notes at B-sf
SOUTH CANTERBURY: Receiver Sells Stake in Financial Synergy


S I N G A P O R E

5 FINGERS: Court Enters Wind-Up Order
ADVANCED MEDIA: Court to Hear Wind-Up Petition on August 12
CHUAN SOON: Creditors Get 11.44% Recovery on Claims
DESIGNPHASE PRIVATE: Court to Hear Wind-Up Petition on August 19
DGM SUPPORT: Creditors' Proofs of Debt Due August 29

ELECTRO-SYSTEMS IND: Court to Hear Wind-Up Petition on Aug. 5
EMERGING MARKETS: Creditors' Proofs of Debt Due August 30


T A I W A N

QUANTA COMPUTER: Fitch Affirms, Withdraws 'BB' IDRs


X X X X X X X X

* BOND PRICING: For the Week July 25 to July 29, 2011


                            - - - - -


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


BETTINA LIANO: Creditors to Vote on Proposed DOCA on August 8
-------------------------------------------------------------
Ragtrader reports that administrators for collapsed denim stalwart
Bettina Liano have confirmed industry speculation that a Deed of
Company Arrangement (DOCA) is currently being considered from the
director.

Director Bettina Liano issued the DOCA, a document which records
the terms of restructuring a company and completes the process of
a voluntary administration, to administrator Ferrier Hodgson,
according to Ragtrader.

Ragtrader notes that a DOCA is a compromise or arrangement
approved by creditors of the company, and in this instance, will
be voted upon at a second meeting of creditors on Aug. 8, 2011.

While administrators related at the first meeting of creditors
that no offers had been submitted to purchase the company, Ferrier
Hodgson told Ragtrader a number of interested parties have since
come forward.

                         About Bettina Liano

The Bettina Liano brand was established 28 years ago and trades in
Melbourne, Sydney and Perth through a chain of seven boutiques.
The brand is distributed through the rest of Australia, New
Zealand, Indonesia and Malaysia through more than 120 stockists.
The brand employs 90 people in Australia.

On July 8, 2011, John Lindholm and Brendan Richards of Ferrier
Hodgson were appointed joint and several voluntary administrators
of Bettina Liano Pty Ltd pursuant to section 436A of the
Corporations Act 2001 (the Act).


LIBERTY FUNDING: Fitch Affirms BBsf Rating on AUD3MM Class E Notes
------------------------------------------------------------------
Fitch Ratings has affirmed all classes of notes issued by Liberty
Funding Pty Ltd in respect of Liberty PRIME Series 2009-1, Liberty
PRIME Series 2009-2 and Liberty PRIME Series 2010-1.  The
transaction is a securitization of Australian prime residential
mortgages originated by Liberty Financial Pty Ltd.

The affirmation of the notes reflects Fitch's view that the
available credit enhancement is able to support the notes at their
current rating levels.  The credit quality and performance of the
loans in the collateral pools remain in line with the agency's
expectations.

"None of the three transactions have incurred any losses to date
and the transactions are well subordinated at each rating level.
Furthermore, reserve accounts funded through excess spread provide
additional credit enhancement to the transactions," said Kim Bui,
Analyst in Fitch's Structured Finance team.

All three transactions have experienced an increase in arrears
since late 2010. The 30+days arrears for May 2011 were 2.94%
(Liberty 2009-1), 2.96% (Liberty 2009-2) and 2.28% (Liberty
2010-1) of their respective outstanding collateral balance.
Nevertheless, this is mitigated by the more than adequate credit
support available.

Liberty 2009-1:

   -- AUD233.3m Class A3 affirmed at 'AAAsf'; Outlook Stable; Loss
      Severity Rating 'LS1'

   -- AUD37.8m Class AB affirmed at 'AAAsf'; Outlook Stable; Loss
      Severity Rating 'LS1'

   -- AUD8.4m Class B affirmed at 'AAsf'; Outlook Stable; Loss
      Severity Rating 'LS3'

   -- AUD8.4m Class C affirmed at 'Asf'; Outlook Stable; Loss
      Severity Rating 'LS3'

   -- AUD8.4m Class D affirmed at 'BBBsf'; Outlook Stable; Loss
      Severity Rating 'LS3'

   -- AUD3m Class E affirmed at 'BBsf'; Outlook Stable; Loss
      Severity Rating revised to 'LS3' from 'LS4'

   -- Class A2 was paid in full in October 2010.

Liberty 2009-2:

   -- AUD13.5m Class A2 affirmed at 'AAAsf'; Outlook Stable; Loss
      Severity Rating 'LS1'

   -- AUD58.5m Class A3 affirmed at 'AAAsf'; Outlook Stable; Loss
      Severity Rating 'LS1'

   -- AUD6.3m Class AB affirmed at 'AAAsf'; Outlook Stable; Loss
      Severity Rating 'LS2'

   -- AUD1.8m Class B affirmed at 'AAsf'; Outlook Stable; Loss
      Severity Rating 'LS3'

   -- AUD1.5m Class C affirmed at 'Asf'; Outlook Stable; Loss
      Severity Rating 'LS3'

   -- AUD0.9m Class D affirmed at 'BBBsf'; Outlook Stable; Loss
      Severity Rating 'LS4'

   -- AUD0.8m Class E affirmed at 'BBsf'; Outlook Stable; Loss
      Severity Rating 'LS4'

Liberty 2010-1:

   -- AUD54.3m Class A1 'AAAsf'; Outlook Stable; Loss Severity
      Rating 'LS1'

   -- AUD90m Class A2 'AAAsf; Outlook Stable; Loss Severity Rating
      'LS1'

   -- AUD10.4m Class AB 'AAAsf'; Outlook Stable; Loss Severity
      Rating 'LS1'

   -- AUD3.6m Class B 'AAsf'; Outlook Stable; Loss Severity Rating
     'LS2'

   -- AUD3.6m Class C 'Asf'; Outlook Stable; Loss Severity Rating
     'LS2'

   -- AUD3.4m Class D 'BBBsf'; Outlook Stable; Loss Severity
      Rating 'LS3'

   -- AUD1m Class E 'BBsf'; Outlook Stable; Loss Severity Rating
      'LS3'


METAL STORM: Firm Technology Cited as Component of Canadian SARP
----------------------------------------------------------------
Metal Storm Limited was advised that Defence Canada has published
material that identifies Metal Storm technology as a key component
of the Canadian Small Arms Replacement Program.

The Company has not been advised directly by Defence Canada of
this information, but in accordance with its continuous disclosure
obligations, the Company disclosed the published material to the
market as soon as it became aware of it.  The Company will be
seeking more information and will advise the market further
once it has received the published material.

The presentation, entitled "S&T Support to the Canadian Small Arms
Replacement Program," was published by Defence Research &
Development Canada to attendees at the NDIA International Infantry
& Joint Services Small Arms Symposium, Exhibition and Firing
Demonstration in Indianapolis, IN, USA from May 23-26, 2011.
The presentation identifies the Soldier Integrated Precision
Effects System (SIPES) Technology Demonstration Project, which is
labelled as being financed.

The presentation identifies five different concepts for the
physical layout of the SIPES Integrated Infantry Combat Weapon
(ICW).  On the same slide it states the following:

  "Secondary effects module (shotgun, programmable ammunition of
  different calibers), for all options based on Metal Storm
  technology"

The full presentation can be accessed for free at:

                        http://is.gd/nQsGGY

                        About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm Limited
is a defense technology company with offices in Australia and the
United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

As reported by the Troubled Company Reporter on July 25, 2011,
PricewaterhouseCoopers, in Brisbane, Australia, expressed
substantial doubt about Metal Storm's ability to continue as a
going concern.  The independent auditors noted that the Company
has suffered recurring losses from operations and has a net
capital deficiency.

The Company reported a net loss of AUD8.94 million on AUD3.35
million of revenue for 2010, compared with a net loss of
AUD11.31 million on AUD1.11 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
AUD2.15 million in total assets, AUD20.64 million in total
liabilities, all current, and an equity deficit of
AUD18.49 million.


METAL STORM: Proposes to Issue 92 Million Ordinary Shares
---------------------------------------------------------
In separate notices, Metal Storm Limited said it proposes to issue
ordinary shares pursuant to either a subscription agreement or an
equity line of credit facility agreement:

   (a) 40,000,000 ordinary shares;
   (b) 2,750,000 ordinary shares;
   (c) 21,750,000 ordinary shares;
   (d) 15,000,000 ordinary shares; and
   (e) 12,500,000 ordinary shares.

The Company relies on case 1 in section 708A (5) of the
Corporations Act 2001 (Act) in respect of the issue of the Shares.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm Limited
is a defense technology company with offices in Australia and the
United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

As reported by the Troubled Company Reporter on July 25, 2011,
PricewaterhouseCoopers, in Brisbane, Australia, expressed
substantial doubt about Metal Storm's ability to continue as a
going concern.  The independent auditors noted that the Company
has suffered recurring losses from operations and has a net
capital deficiency.

The Company reported a net loss of AUD8.94 million on
AUD3.35 million of revenue for 2010, compared with a net loss of
AUD11.31 million on AUD1.11 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
AUD2.15 million in total assets, AUD20.64 million in total
liabilities, all current, and an equity deficit of
AUD18.49 million.


METAL STORM: To Meet With Noteholders Aug. 29 to Extend Notes
-------------------------------------------------------------
Metal Storm Limited advises that it will hold a meeting of Note
Holders on Aug. 29, 2011, to vote on extending the maturity date
of its convertible notes by six months through March 1, 2012.

The Company continues to seek potential investors.  This work is
ongoing and based on current progress, the Company believes its
efforts will be successful.  However, it is too early in the
process for the timing or scale of such a transaction to be
ascertained with any certainty, the Company notes.

Considering the short time remaining before the convertible notes
mature and having consulted with the largest Note Holder, the
Company now seeks Note Holder approval to extend the maturity date
by six months.  The Board considers the length of the extension
does not unduly prejudice the interests of Note Holders and
believes that Note Holders will support the extension.

The maturity date extension, if approved, will provide the Company
with additional time to pursue a further capital raising.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm Limited
is a defense technology company with offices in Australia and the
United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

As reported by the Troubled Company Reporter on July 25, 2011,
PricewaterhouseCoopers, in Brisbane, Australia, expressed
substantial doubt about Metal Storm's ability to continue as a
going concern.  The independent auditors noted that the Company
has suffered recurring losses from operations and has a net
capital deficiency.

The Company reported a net loss of AUD8.94 million on
AUD3.35 million of revenue for 2010, compared with a net loss of
AUD11.31 million on AUD1.11 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
AUD2.15 million in total assets, AUD20.64 million in total
liabilities, all current, and an equity deficit of
AUD18.49 million.


RETRAVISION GROUP: Townsville & Ayr Stores Go Into Administration
-----------------------------------------------------------------
Claire Reilly at Current.com.au reports that Retravision group's
stores in Townsville and Ayr in Queensland, Australia, will close
their operations after falling into administration.  The John
Bradley Retravision shopfronts in Townsville and Ayr are wholly
owned by businessman John Bradley, who is also a member of the
Retravision group, according to Current.com.au.

Phillip Scarff, managing director of Retravision Northern Limited,
told Current.com.au in an interview that the stores were carrying
"unsustainable levels of debt," which was a problem given the
current retail climate.

"The combination of the electronics sector and retail generally
being pretty tough at the moment has probably impacted on this
business a little more than other businesses.  The sale of goods
to builders and commercial business in general is being affected
by the decline in housing starts, so that's also had an impact,"
Current.com.au quoted Mr. Scarff as saying.  "There's a more
general trend that consumers are saving more and they're reluctant
to spend a lot because of the uncertainties around interest rates
and the carbon tax and those types of things. That's playing
heavily on consumers' minds at the moment," he added.

Mr. Scarff reiterated that despite the store closures, Retravision
will look after the effected staff members and "customers won't be
left out of pocket or disadvantaged because of this process,"
Current.com.au discloses.

Retravision group operates stores at Townsville and Ayr, in
Queensland, Australia.


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


CHINA NETWORKS: Incurs US$670,527 Net Loss in 2010
--------------------------------------------------
China Networks International Holdings Ltd. filed with the U.S.
Securities and Exchange Commission its annual report on Form 20-F,
reporting a net loss of US$670,527 on US$3.75 million of net
revenue for the year ended Dec. 31, 2010, compared with net income
of US$2.44 million on US$4.21 million of net revenue during the
prior year.

The Company's balance sheet at Dec. 31, 2010, showed
US$48.92 million in total assets, US$23.92 million in total
liabilities, and US$24.99 million in total equity.

UHY Vocation HK CPA Limited, the auditor, stated that the
Company's incurrence of net loss, working capital deficit, and
dependence on borrowings from related parties raises substantial
doubt on the Company's ability to continue as a going concern.

A full-text copy of the Form 20-F is available for free at:

                        http://is.gd/zyxp2B

                        About China Networks

Headquartered in Beijing, China Networks International Holdings,
Limited, through China Networks Media Ltd., a British Virgin
Islands company, provides broadcast television advertising
services in the PRC, operating joint-venture partnerships with PRC
TV Stations in regional areas of the country.  The Company manages
these regional businesses through a series of joint ventures and
contractual arrangements to sell broadcast television advertising
time slots and so-called "soft" advertising opportunities to local
advertisers directly and through advertising agencies and brokers.


FRANSHION PROPERTIES: Moody's Assigns Ba1 Rating to US$500MM Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba1 senior
unsecured bond rating to the US$500 million, 6.75%, 10-year notes
issued by Franshion Development Limited and guaranteed by
Franshion Properties (China) Limited.  Franshion Development is a
wholly owned subsidiary of Franshion Properties (China) Limited.
The outlook on the rating is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation confirms the
provisional (P)Ba1 bond rating assigned on April 1, 2011, for the
company's then proposed bond issuance. The issuance has now been
completed in line with Moody's expectation.

The principal methodology used in rating Franshion Properties
(China) Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Listed on the Stock Exchange of Hong Kong in 2007, Franshion
Properties (China) Limited is a 62.87%-owned subsidiary of
Sinochem Hong Kong (Group) Company Limited, which in turn is 98%-
owned by Sinochem Group, a state-owned enterprise under State-
Owned Assets Supervision and Administration Commission.  Franshion
develops commercial and integrated properties in first- and major
second-tier cities in China.  As at Dec. 31, 2010, Franshion has a
land bank of approximately 2.3 million sq.m. of GFA.


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


GRANDE HOLDINGS: Case Transferred to California Central District
----------------------------------------------------------------
The Hon. Robert E. Gerber of the U.S. Bankruptcy Court For The
Southern District Of New York transferred to the U.S. Bankruptcy
Court for the Central District of California the Chapter 15 case
of The Grande Holdings Limited.

The transferee court is requested to hold a hearing on case
recognition at its earliest possible convenience.

Plaintiffs-Creditors Fred Kayne, Stephen Kayne, Milton T. Okun,
Rosemary Okun, Don Wohl, Glen Tobias, Ken Berg, Robert A.
Bronstein, Bronstein Family Trust, Bruce Burnam, Kathleen A.
Cohen, William Corbett, Cutler Family Trust of 1989, Martin
Goldfarb, M.D., Richard Gunther, James Harpel, Richard L. Milsner,
Joel Rumm, D.V.M., Victor Scaravilli, Tri S. Partners, Dreilander
Beteilingung Objekt D L F 93/14-Walter Fink-KG, a Limited
Partnership Formed under the Laws of Germany, and Zwolfte
Dreilander Beteililigung DLF 92/12-Walker Fink-KG, a Limited
Partnership formed under the laws of Germany, requested for the
transfer of venue.

The Plaintiffs-Creditors explained that venue in the Central
District of California would be consistent with both the interests
of justice and the convenience of the parties.  Many of the
Plaintiffs-Creditors, including the lead plaintiff, Fred Kayne,
reside in California. Plaintiffs-Creditors' long-time counsel,
Nagler & Associates, has its office in the area as well.

The Plaintiffs-Creditors also asked the Court to defer ruling on
the Provisional Liquidators' petition for recognition of foreign
main proceeding, until after it has ruled on the transfer venue
motion.

The Plaintiffs-Creditors are represented by:

         ROBINSON BROG LEINWAND, GREENE GENOVESE & GLUCK, P.C.
         Robert R. Leinwand, Esq.
         875 Third Avenue, 9th Floor
         New York, NY 10022
         Tel: (212) 603-6300

         NAGLER & ASSOCIATES
         Charles Avrith, Esq.
         David F. Berry, Esq.
         2300 South Sepulveda Blvd.
         Los Angeles, CA 90064-1911
         Tel: (310) 473-1200
         Fax: (310) 473-7144

                        About Grande Holdings

The Grande Holdings Limited is an investment holding company,
holding shares and equity interests in various groups of
companies.  The principal activities of Grande's subsidiaries
consist of distribution of household appliances and consumer
electronic products and licensing of trademarks.  Grande and its
subsidiary companies own three global brands -- Nakamichi, Akai
and Sansui -- which are recognized for their wide range of audio-
visual equipment, consumer electronics and digital products.  The
products are distributed through its global network spanning Asia,
Africa, Europe, Oceania, the Middle East and the Americas.

Grande Holdings was originally incorporated in the Cayman Islands
on Sept. 5, 1990, but was discontinued and resumed under the laws
of Bermuda.  Grande has been registered in Hong Kong under Part XI
of the Companies Ordinance, Chapter 32 of the Laws of Hong Kong,
and has its principal place of business at 12th Floor, The Grande
Building, 398-402 Kwun Tong Road, in Kowloon.

Fok Hei Yu and Roderick John Sutton, as provisional liquidators of
Grande Holdings, filed a petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 11-13119) on June 28,
2011, estimating $100 million to $500 million in assets and debts
for Grande.  The petitioners are represented by:

          Gerald C. Bender, Esq.
          Daniel S. Shamah, Esq.
          Jason A. Zimmerman, Esq.
          O'MELVENY & MYERS LLP
          7 Times Square
          New York, NY 10036
          Tel: (212) 326-2000
          Fax: (212) 326-2061
          E-mail: dshamah@omm.com
                  gbender@omm.com


OPT INTERNATIONAL: Members' Final Meeting Set for August 29
-----------------------------------------------------------
Members of OPT International Limited will hold their final general
meeting on Aug. 29, 2011, at 4:30 p.m., at 10/F, Allied Kajima
Building, at 138 Gloucester Road, in Wanchai, Hong Kong.

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


PACIFIC FILMWORKS: Members' Final Meeting Set for August 29
-----------------------------------------------------------
Members of Pacific FilmWorks Limited will hold their final general
meeting on Aug. 29, 2011, at 10:00 a.m., at 6/F, Greenwich Centre,
260 King's Road, North Point, in Hong Kong.

At the meeting, Yip Ka Yui, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


PINE WELL: Creditors' Proofs of Debt Due August 30
--------------------------------------------------
Creditors of Pine Well Trading (HK) 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's liquidator is:

         Law Yui Lun
         Room 502, 5/F
         Prosperous Building
         48-52 Des Voeux Road
         Central, Hong Kong


RUPEE NAVIGATION: Members' Final Meeting Set for August 31
----------------------------------------------------------
Members of Rupee Navigation Company Limited will hold their final
general meeting on Aug. 31, 2011, at 11:00 a.m., at Room 2105,
21/F, Office Tower, Langham Place, 8 Argyle Street, Mongkok,
Kowloon, in Hong Kong.

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


SHELL BITUMEN: Creditors' Proofs of Debt Due August 19
------------------------------------------------------
Creditors of Shell Bitumen (Foshan) Holding Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 19, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 18, 2011.

The company's liquidators are:

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


SHELL BITUMEN (XI'AN): Creditors' Proofs of Debt Due August 19
--------------------------------------------------------------
Creditors of Shell Bitumen (Xi'an) Holding Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 19, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 18, 2011.

The company's liquidators are:

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


SOCOMEC SICON: Members' Final Meeting Set for August 29
-------------------------------------------------------
Members of Socomec Sicon Hong Kong Limited will hold their final
meeting on Aug. 29, 2011, at 10:00 a.m., at Room 2005, CCT Telecom
Building, 11 Wo Shing Street, Fotan, Shatin, N.T., in Hong Kong.

At the meeting, Kan Ping Kee, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


SOEN TAK: Creditors' Proofs of Debt Due August 19
-------------------------------------------------
Creditors of Soen Tak Securities Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 19, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Chan Chun Shing
         Flat A, 1/F
         Hoi Shing Building
         141 Electric Road
         Hong Kong


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

The company's liquidator is:

         Leung Chi Wa Simon
         22nd Floor, Universal House
         229-230 Gloucester Road
         Causeway Bay, Hong Kong


TOKYO BAKERY: Batchelor and Fok Appointed as Liquidators
--------------------------------------------------------
John Howard Batchelor and Fok Hei Yu on July 20, 2011, were
appointed as liquidators of Tokyo Bakery Holdings Limited.

The liquidators may be reached at:

         John Howard Batchelor
         Fok Hei Yu
         14th Floor, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


TOKYO BAKERY & CAKE: Batchelor and Fok Appointed as Liquidators
---------------------------------------------------------------
John Howard Batchelor and Fok Hei Yu on July 20, 2011, were
appointed as liquidators of Tokyo Bakery & Cake Limited.

The liquidators may be reached at:

         John Howard Batchelor
         Fok Hei Yu
         14th Floor, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


UMP MEDICAL: Members' Final Meeting Set for August 29
-----------------------------------------------------
Members of UMP Medical Centre (Hong Kong East) Limited will hold
their final general meeting on Aug. 29, 2011, at 5:00 p.m., at
10/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, in
Hong Kong.

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


WILLWAY INTERNATIONAL: Members' Final Meeting Set for August 29
---------------------------------------------------------------
Members of Willway International Limited will hold their final
general meeting on Aug. 29, 2011, at 5:30 p.m., at 10/F, Allied
Kajima Building, at 138 Gloucester Road, in Wanchai, Hong Kong.

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


WO SANG: Members' Final Meeting Set for August 29
-------------------------------------------------
Members of Wo Sang (Hong Kong) Limited will hold their final
general meeting on Aug. 29, 2011, at 3:00 p.m., at 10/F, Allied
Kajima Building, at 138 Gloucester Road, in Wanchai, Hong Kong.

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


WO SANG METAL: Members' Final Meeting Set for August 29
-------------------------------------------------------
Members of Wo Sang Metal Co., Limited will hold their final
general meeting on Aug. 29, 2011, at 3:30 p.m., at 10/F, Allied
Kajima Building, at 138 Gloucester Road, in Wanchai, Hong Kong.

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


WO SANG METAL SHOP: Members' Final Meeting Set for August 29
------------------------------------------------------------
Members of Wo Sang Metal Shop Co. Limited will hold their final
general meeting on Aug. 29, 2011, at 4:00 p.m., at 10/F, Allied
Kajima Building, at 138 Gloucester Road, in Wanchai, Hong Kong.

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


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


AIR INDIA: Gets INR265cr Government Bail Out to Partially Pay Debt
------------------------------------------------------------------
The Press Trust of India reports that the Indian Government on
July 28 released INR265 crore to Air India to partially clear the
firm's interest burden to banks.

"Three days ahead of the bank declaring Air India's debt as non-
performing assets, the Finance Ministry today [July 28] released
the payment of Rs 265 crore, which will be paid to the banks by
tomorrow [July 29]," PTI quotes an Air India official as saying.

The cash-strapped national carrier has interest burden of
INR660 crore for the months of April to June, the news agency
discloses.

According to PTI, Air India has borrowed loans from a consortium
of 22 banks led by SBI.  Bank of Baroda, Punjab National Bank, and
Bank of India are the three biggest lenders of the airline.
Central Bank and HDFC are the other key lenders.  Air India,
according to PTI, has defaulted interest dues on the working
capital debt, which is INR22,100 crore.

The banks have given Air India a July 31 deadline to pay its
interest dues, the report notes.

If a company fails to pay installment on the principal and
interest for three consecutive months, lenders have the right to
classify the loan as a non-performing asset (NPA), PTI cites.

PTI relates that an Air India official said the amount would allow
the national carrier to make partial interest payment to the
banks.

                         About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising the company's fleet
strength to as many as 275 planes from 148 in five years.  Air
India Chairman and Managing Director Arvind Jadhav said the new
100-page turnaround plan for 2010-14, which ruled out any job cuts
or wage reductions, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


BHARATH REDDY: CRISIL Rates INR50MM LongTerm Loan at 'CRISIL B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
loan facility of Bharath Reddy Educational Society, which is part
of the Keshava Reddy group.

   Facilities                         Ratings
   ----------                         -------
   INR50.00 Million Long-Term Loan    CRISIL B+/Stable (Assigned)

The rating reflects BRES's weak financial risk profile, marked by
high gearing and weak debt protection metrics, small scale of
operations, and susceptibility to adverse regulatory changes;
moreover, the society's operations are limited to the school
segment.  These rating weaknesses are partially offset by the
Keshava Reddy group's established position in the primary and
secondary education segments, and promoter's extensive experience
in the education sector.

Outlook: Stable

CRISIL believes that BRES will continue to benefit over the medium
term from its promoters' extensive experience and the Keshava
Reddy group's established regional position in the primary and
secondary education segments. The outlook may be revised to
'Positive' if BRES generates significantly more-than-expected
operating revenues and cash accruals, leading to improvement in
its liquidity.  Conversely, the outlook may be revised to
'Negative' if the society undertakes a larger-than-expected, debt-
funded capital expenditure programme, extends more-than-expected
funding support to group entities, thereby weakening its
liquidity, or if its operations or revenues are adversely affected
by any adverse regulatory changes.

                       About the Society

BRES was formed by Mr. N Keshava Reddy and his family members. The
society, registered under the Societies Registration Act, 1860,
runs one school in Mahaboob Nagar district in Andhra Pradesh (AP).
The school is affiliated to AP State Board. The school offers
education through English medium from the first to the tenth
standard.  The society owns the school, with a 13-acre campus, and
offers facilities of residential and semi-residential
accommodation for the students; it also has day-scholar students.

BRES is part of the Keshava Reddy group of educational
institutions, offering primary and secondary education in AP.
Currently, the group manages 11 societies/entities which run 31
schools in 14 locations across AP, under the brand Keshava Reddy.
The group's institutes had about 60,000 students on its rolls as
on June 30, 2011.

2010-11 (refers to financial year, April 1 to March 31) was the
first year of operations for BRES; its revenues for 2010-11 are
estimated at INR27.0 million.


CALCUTTA SPRINGS: Fitch Rates INR196.5MM Loans at 'Fitch B-(ind)'
-----------------------------------------------------------------
Fitch Ratings has assigned India-based Calcutta Springs Limited a
National Long-Term Rating of 'Fitch B-(ind)' with Stable Outlook.
The agency has also assigned ratings to CSL's bank loans:

   -- INR196.5m long term loans: 'Fitch B-(ind)'

   -- INR85m fund-based loans: 'Fitch B-(ind)';

   -- INR200m non-fund based loans: 'Fitch A4(ind)'

The ratings reflect CSL's weak financial risk profile with a total
adjusted net debt/EBITDAR of 13x at FYE10 and liquidity stress due
to capex delays that resulted in over-utilization of its cash
credit account in the last few months.

Fitch expects a significant increase in revenues along with an
improvement in operating margins following the recent completion
of the Cast Manganese Steel (CMS) crossing in West Bengal.
However, liquidity position is expected to remain tight in the
short- to medium-term due to significant debt servicing
requirements of INR40 million per year.

Positive rating guidelines include improvement in net leverage to
below 8x along with sustained improvement in EBITDAR margins.
Negative rating guidelines include a sustained reduction in
EBITDAR margins along with significant deterioration in net
leverage from the current levels.

As per provisional numbers for the financial year ended March
2011, CSL reported net sales of INR740 million (FY10: INR592.4
million) improved EBITDAR margins above 5% (4.3%). The company's
free cash flow (FCF) was both negative at INR99.4 million in FY11
and INR235.4 million in FY10. Fitch expects FCF to stay negative
in FY12 mainly due to higher working capital requirements
resulting from expected increase in business volumes in FY12.

CSL is a Kolkata-based manufacturer of railway products for Indian
Railways with four production units -- three in West Bengal and
one in Orissa.


CHIRAL BIOSCIENCES: CRISIL Puts CRISIL B- Rating on INR48.3MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Chiral Biosciences Ltd.

Facilities                            Ratings
----------                            -------
INR48.3 Million Term Loan             CRISIL B-/Stable (Assigned)
INR80 Million Cash Credit             CRISIL B-/Stable (Assigned)
INR60 Mil. Proposed Cash Credit Limit CRISIL B-/Stable (Assigned)
INR61.7 Million Proposed Term Loan    CRISIL B-/Stable (Assigned)
INR60 Mil. Proposed Letter of Credit  CRISIL A4 (Assigned)
INR40 Million Letter of Credit        CRISIL A4 (Assigned)

The ratings reflect Chiral's below-average financial risk profile,
marked by weak liquidity, which is expected to weaken further on
account of the large, debt-funded capital expenditure programme,
and small scale of operations. The ratings also reflect the
company's large working capital requirements, customer
concentration in its revenue profile, and susceptibility to
volatility in raw material prices and intense competition. These
weaknesses are partially offset by the experience of Chiral's
promoters in the pharmaceutical industry.

Outlook: Stable

CRISIL believes that Chiral will maintain its business risk
profiles, backed by its strong customer relationships and expected
validation of new products. The outlook may be revised to
'Positive' in case of improvement in the company's liquidity,
either on account of improved working capital management or equity
infusion. The outlook may be revised to 'Negative' if there is any
significant stretch in the working capital cycle or a sharp
decline in profitability.

                       About Allied Fabrichem

Incorporated in 1995 as Allied Fabrichem Pvt Ltd, the company was
later renamed Chiral. Chiral was promoted by Mr. L Rameshwar
Reddy, a post graduate in industrial chemistry, with vast
experience in the chemical industry. Chiral was involved in
manufacturing of dyes and its intermediates. However, in 2003-04
(refers to financial year, April 1 to March 31), it shifted its
focus to pharmaceutical chemicals due increased competition from
Chinese products and increasingly stringent environmental norms in
the dye manufacturing industry.

Chiral manufactures and deals in advanced category of sartans and
anti retroviral products, aside from other intermediates. Its
products find application in production of active pharmaceutical
ingredients (APIs) for AIDS, hypertension, and diabetes.

Chiral, on provisional basis, reported a profit after tax (PAT) of
INR24.3 million on an operating income of INR415 million for
2010-11, as against a PAT of INR18.5 million on an operating
income of INR351 million for 2009-10.


EASTERN SILK: CRISIL Cuts Rating on INR600MM Loan to 'CRISIL D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Eastern
Silk Industries Ltd to 'CRISIL D' from 'CRISIL BB/Negative/CRISIL
A4+'.

   Facilities                        Ratings
   ----------                        -------
   INR600 Million Long-Term Loan     CRISIL D (Downgraded from
                                          'CRISIL BB/Negative')

   INR246 Million Proposed LT        CRISIL D (Downgraded from
           Bank Loan Facility             'CRISIL BB/Negative')

   INR869 Million Letter of          CRISIL D (Downgraded from
     Credit & Bank Guarantee                      'CRISIL A4+')

   INR3 Billion Packing Credit       CRISIL D (Downgraded from
                                                  'CRISIL A4+')

The rating downgrade reflects instances of delay by ESIL in
servicing its debt obligations; the delays are because of the
company's weak liquidity. The company has applied for
restructuring of its debt obligations, which are pending approval.

ESIL is also exposed to the risks of geographic concentration of
revenues and of foreign exchange (forex) exposure, is highly
dependent on raw material imports from China and has working-
capital-intensive operations. These rating weaknesses are
partially offset by ESIL's moderate financial risk profile, marked
by healthy net worth and low gearing and its position as an
established silk exporter with integrated processing capabilities.

                        About Eastern Silk

Set up in 1946, ESIL manufactures silk yarn, fabrics and made-ups,
home furnishings, fashion fabrics, handloom fabrics, double-width
fabrics, and embroidered fabrics. Over the years, the company has
bagged various awards from export promotion councils and is also
recognized as a Golden Star Trading House by the Government of
India (GoI).  In September 2010, ESIL commissioned a spinning unit
to manufacture blended fabric at its existing plant at Hobli
(Anekal, Bengaluru). The total capital outlay for the same has
been about INR800 million.

ESIL reported a profit after tax (PAT) of INR57.3 million on net
sales of INR5.4 billion for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR192.1 million on net
sales of INR5.1 billion for 2008-09.


GTL INFRA: Fitch Downgrades National LT Rating to 'Fitch C(ind)'
---------------------------------------------------------------
Fitch Ratings has downgraded India-based GTL Infrastructure
Limited's National Long-Term rating to 'Fitch C(ind)' from 'Fitch
BB+(ind)'.  Further, the ratings have been removed from Rating
Watch Negative (RWN).  The Short-Term rating on its facilities has
been affirmed at 'Fitch A4(ind)'. The agency has also downgraded
GIL's various bank loans:

   -- INR37,250m long-term loans/facilities: downgraded to 'Fitch
      C(ind)' from 'Fitch BB+(ind)'; and

   -- INR750m non-fund based working capital limits: downgraded to
      'Fitch C(ind)'/'Fitch A4(ind)' from 'Fitch BB+(ind)'/'Fitch
      A4(ind)'.

The rating action follows the filing of a statement by GIL at
Bombay Stock Exchange on July 21, 2011 that its board has approved
the draft debtors-creditors arrangement under the corporate debt
restructuring (CDR) scheme.

The downgrade reflects Fitch's treatment of GIL's potential CDR
with lenders as "coercive", in line with its criteria on treatment
of such CDRs. The agency believes that although GIL's CDR may be
technically voluntary, it reflects the difficulties the company is
facing in servicing its existing loans.

Fitch notes that once the restructuring is executed successfully,
GIL's ratings will be lowered to 'Fitch D(ind)' before being
raised to a rating level commensurate with its restructured credit
profile.


JK TIMBER: CRISIL Assigns CRISIL B+ Rating to INR15MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to
the bank facilities of JK Timber Impex Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR15 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR100 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect JKT's weak financial risk profile, marked by
weak debt protection metrics, high total outside liabilities to
tangible net worth ratio, small net worth, and low profitability
margins, and its working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive experience
of JKT's promoters in the timber trading and saw mill business and
its established regional presence in trading of timber.

Outlook: Stable

CRISIL believes that JKT will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its established customer relationships. The outlook may be revised
to 'Positive' if there is substantial equity infusion by the
promoters or sustained improvement in its profitability margins or
working capital management, leading to improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
larger-than-expected debt-funded capital expenditure materially
impacts JKT's debt protection metrics or if the company's
profitability declines due to volatility in raw material prices
and foreign exchange rates.

                         About JK Timber

Incorporated in 2004, JKT processes and trades timber. The company
primarily deals in hard wood and derives revenues mainly from
Andhra Pradesh (AP). JKT imports timber logs from dealers in Burma
and Africa and sells them to various wholesalers, distributors,
and large timber depots in and around AP. The saw mill is located
in Hyderabad (AP) and has capacity of about 2500 cubic feet per
day and a owned stock yard measuring 5.50 acres.

JKT's profit after tax (PAT) and net sales for 2010-11 (refers to
financial year, April 1 to March 31) are estimated at INR2 million
and INR259 million respectively. JKT reported a PAT of INR2
million on net sales of INR208 million for 2009-10, as against a
PAT of INR1 million on net sales of INR189 million for 2008-09.


KESHAVA EDUCATIONAL: CRISIL Rates INR56MM LT Loan at 'CRISIL BB+'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term loan facility of Keshava Educational Society, which is part
of Keshava Reddy group.

   Facilities                       Ratings
   ----------                       -------
   INR56.00 Million Long-Term Loan  CRISIL BB+/Stable (Assigned)

The rating reflects KES's above-average financial risk profile,
marked by healthy gearing and debt protection metrics, and the
benefits that that the society derives from the Keshava Reddy
group's established position in the primary and secondary
education segments and promoters' extensive experience in the
education sector. These rating strengths are partially offset by
KES's small scale of operations and susceptibility to adverse
regulatory changes; moreover, the society's operations are limited
to the school segment.

Outlook: Stable

CRISIL believes that KES will continue to benefit over the medium
term from its promoters' extensive experience; the society's
financial risk profile is expected to remain stable, supported by
healthy gearing. The outlook may be revised to 'Positive' if KES
generates significantly more-than-expected operating revenues and
cash accruals. Conversely, the outlook may be revised to
'Negative' if the society undertakes a larger-than-expected, debt-
funded capital expenditure programme, extends more-than-expected
funding support to its group entities, thereby weakening its
liquidity, or if its operations or revenues get adversely affected
by any adverse regulatory changes.

                         About the Society

KES was formed by Mr. N Keshava Reddy and his family members. The
society, registered under the Societies Registration Act, 1860,
runs 11 schools in the districts of Kurnool, Chittoor, and Kadapa
(Andhra Pradesh [AP]). The schools are affiliated to AP State
Board. The schools offer education in English medium from the
first to the tenth standard. The society owns four schools, and
rest are on leased premises. The schools have residential and
semi-residential facilities for students.

KES is part of the Keshava Reddy group of educational
institutions, offering primary and secondary education in AP.
Currently, the group manages 11 societies/entities which run 31
schools in 14 locations in AP under the brand, Keshava Reddy. The
group's institutes had about 60,000 students on its rolls as on
June 30, 2011.

KES reported a surplus (excess of income over expenditure) of
INR7.1 million on net revenues of INR60.3 million for 2009-10
(refers to financial year, April 1 to March 31), as against a
surplus of INR2.6 million on net revenues of INR34.8 million for
2008-09. For 2010-11, its net revenues are estimated at INR125.0
million.


KESHAVA REDDY: CRISIL Rates INR35 Million LT Loan at 'CRISIL BB+'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long
term loan facility of Keshava Reddy Educational Trust, which is
part of the Keshava Reddy group.

   Facilities                       Ratings
   ----------                       -------
   INR35 Million Long-Term Loan     CRISIL BB+/Stable (Assigned)

The rating reflects KRET's healthy financial risk profile, marked
by healthy gearing and debt protection metrics, and the benefits
that that the trust derives from its group's established position
in the primary and secondary education sector and promoters'
extensive experience in the education field. These rating
strengths are partially offset by KRET's small scale of operations
and exposure to regulatory risks; moreover, the trust's operations
are limited to the school segment.

Outlook: Stable

CRISIL believes that KRET will continue to benefit over the medium
term from its promoters' extensive experience and its healthy
financial risk profile. The outlook may be revised to 'Positive'
if the trust achieves significantly higher-than-expected operating
revenues and cash accruals. Conversely, the outlook may be revised
to 'Negative' in case of any larger-than-expected, debt-funded
capex, or any higher-than-expected support to other group entities
weakening its liquidity, or in case of any adverse changes in
regulatory framework, significantly impacting its operations or
performance.

KRET is a charitable trust set up by Mr. N Keshava Reddy and his
family members. The trust, registered under Societies Registration
Act, 1860, runs three schools in Anantapur district (Andhra
Pradesh [AP]). The schools are affiliated to AP State Board. The
schools offer education in English medium from standards I to X
and the schools are affiliated to AP State Board. The society owns
one school, with a 20-acre campus, and offers residential
accommodation for the students; the other two schools are on
leased premises and offers education in the day-scholar model.

KRET is part of Keshava Reddy Group of Educational Institutions,
offering primary and secondary education in AP. Currently, the
group manages 11 societies/entities which run 31 schools across 14
locations in AP under the brand name, Keshava Reddy. The group has
a total student base of about 60,000.

KRET reported a surplus (excess of income over expenditure) of
INR1.0 million on net revenues of INR32.2 million for 2009-10
(refers to financial year, April 1 to March 31), against a surplus
of INR6.0 million on net revenues of INR19.3 million for 2008-09.
For 2010-11, it is expected to report revenues of INR100.0
million.


MAKALU TRADING: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Makalu Trading Limited,
part of the Shrilekha group, continues to reflect the Shrilekha
group's less than adequate internal risk management systems,
customer concentration, and expected pressure on its financial
flexibility, given its promoters' sizeable equity capital
commitments for their proposed hospitality venture.  The impact of
these rating weaknesses is mitigated by the group's established
market position in the iron and steel trading business, and strong
relationships with suppliers and customers.

   Facilities                        Ratings
   ----------                        -------
   INR 400 Million Cash Credit       CRISIL BB/Stable (Reaffirmed)

   INR 2,350 Mil. Letter of Credit   CRISIL A4+
   (Enhanced from INR1600.0 Million)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Shrilekha Trading, Makalu Trading Ltd,
Ogardhani Exports Pvt Ltd, Dilshad Trading Company Pvt Ltd,
Superways Enterprises Pvt Ltd, and Subhkaran & Sons; these
entities are collectively referred to as the Shrilekha group. The
six entities are under a common management, and have cross-
holdings, common customers and suppliers, and sizeable intra-group
financial transactions.

Outlook: Stable

CRISIL believes that the Shrilekha group will continue to benefit
over the medium term from the established industry contacts of its
promoters and its good customer relationships. The outlook may be
revised to 'Positive' if the group's financial risk profile
improves significantly, most likely caused by improvement in
operating margin and fresh equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' if there is
deterioration in the company's financial risk profile, most likely
caused by decline in profitability, or unrelated diversifications
adversely affecting its trading business.

                          About the Group

The Shrilekha group was founded in 1981 by Mr. Vinod Jatia and his
brothers. The group primarily trades in iron and steel products,
such as hot- and cold-rolled coils, sheets, plates, sponge iron
lumps, and fines. The group has recently entered the hospitality
sector and is setting up a hotel in Pune (Maharashtra).

Makalu is a closely held public limited company; it was promoted
in 1981 and was the first iron-and-steel trading company promoted
by the Jatia family, which is the promoter of the Shrilekha group.
Makalu is the second largest trading company of the group.

For 2010-11 on a provisional basis, Makalu reported a profit after
tax (PAT) of INR60.5 million on net sales of INR5,856.9 million,
against a PAT of INR45.9 million on net sales of INR5,116.0
million for the previous year.

For 2010-11 (refers to financial year, April 1 to March 31),
Shrilekha group reported for, a profit after tax (PAT) of INR190.9
million on net sales of INR18.9 billion; it reported a PAT of
INR162.4 million on net sales of INR15.9 billion for the previous
year.


MITTAPALLI SPINNERS: CRISIL Rates INR400MM LT Loan at 'CRISIL B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Mittapalli Spinners Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR400 Million Long-Term Loan    CRISIL B/Stable (Assigned)
   INR10 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect MSL's susceptibility to implementation-related
risks in its ongoing project of setting up a cotton yarn
manufacturing unit, weak financial risk profile marked by high
gearing and weak debt protection metrics, and susceptibility of
MSL's margins to volatility in cotton and cotton yarn prices.
These rating weaknesses are partially offset by the benefits that
MSL derives from the entrepreneurial experience of its promoters
and its locational advantage.

Outlook: Stable

CRISIL believes that MSL will commence commercial production
without any significant time or cost overruns, supported by the
entrepreneurial experience of its promoters.  The outlook may be
revised to 'Positive' if MSL stabilizes operations at its upcoming
cotton yarn manufacturing unit earlier-than-expected, resulting in
more-than-expected cash accruals and consequent improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if MSL witnesses significant cost overrun in its
ongoing project, delay in stabilization of operations at the
upcoming unit resulting in lower-than-expected revenues and cash
accruals, or weakening in capital structure because of larger-
than-expected debt-funded capital expenditure (capex).

                       About Mittapalli Spinners

MSL, promoted by Mr. M V Koteswara Rao and family, is setting up a
unit for manufacturing cotton yarn of the 40's and 60's count,
with 24,480 spindles, in Narasaraopet, Guntur (Andhra Pradesh).
The project cost of INR769 million is to be funded through term
loan of INR408 million (of which around INR130 million has been
drawn till date), promoters' equity of INR211 million, and working
capital facility of INR150 million. The promoters have infused
equity of around INR135 million; the working capital facility is
expected to be sanctioned by October 2011. The unit is expected to
commence commercial production by October 2011.


NAVIN TRADING: CRISIL Puts CRISIL B+ Rating on INR30MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Navin Trading Company.

   Facilities                       Ratings
   ----------                       -------
   INR20 Million Proposed Cash      CRISIL B+/Stable (Assigned)
                  Credit Limit
   INR30 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR10 Million Bill Discounting   CRISIL A4 (Assigned)
   INR10 Million Proposed Bill      CRISIL A4 (Assigned)
         Discounting Facility

The ratings reflect Navin's weak financial risk profile, marked by
low profitability and high gearing, and small scale of operations
in the intensely competitive business of trading in agricultural
commodities. These rating weaknesses are partially offset by the
extensive experience of Navin's promoters in the trading industry.

Outlook: Stable

CRISIL believes that Navin will continue to benefit from its
promoters' experience and its established position in the spices
trading business. The outlook may be revised to 'Positive' if
there is a significant and sustainable improvement in the firms's
financial risk profile resulting from higher-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
Navin's revenues or profitability declines substantially because
of inadequate risk management practices, leading to deterioration
in the firm's debt protection metrics.

                       About Navin Trading

Set up as a partnership firm in 1979 by Mr. Mahendrakumar Jain at
Kochi (Kerala), Navin trades in spices and pulses such as pepper,
red chillies, and green moong. In 2009-10 (refers to financial
year, April 1 to March 31), it also started trading in rubber. The
firm procures spices and rubber from farmers and local traders and
sells it on commodity exchanges and to exporters. For 2010-11,
about 65% of its sales were through commodity exchanges. Navin's
promoters, through Jai Hind Traders, a partnership firm, also
trade in metals such as steel and aluminium.

Navin reported a net loss of INR2.5 million on net sales of
INR111.6 million for 2009-10, against a net loss of INR9.3 million
on net sales of INR303.8 million for 2008-09.


NIRMAL FIBRES: CRISIL Rates INR55MM Cash Credit at 'CRISIL BB+'
---------------------------------------------------------------
CRISIL has assigned 'CRISIL BB+/Stable/CRISIL A4+' ratings to the
bank facilities of Nirmal Fibres Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR55 Million Cash Credit          CRISIL BB+/Stable (Assigned)
   INR55 Million Bank Guarantee       CRISIL A4+ (Assigned)
   INR5 Million Letter of Credit      CRISIL A4+ (Assigned)
                Bill Discounting

The ratings reflect NFPL's healthy financial risk profile, marked
by a low gearing and strong debt protection metrics, and the
benefits that the company derives from its promoters' extensive
industry experience and its established relationships with its
customers and suppliers. These rating strengths are partially
offset by NFPL's small scale of operations, high customer and
supplier concentration in revenue profile, and exposure to intense
competition in the recycled polyester stapled fibres (RPSF)
industry.

As on March 31, 2010, NFPL's directors and shareholders have
extended INR25.2 million of unsecured, interest-free loans to the
company; as these loans will be retained in the business until the
bank loans are repaid, CRISIL has treated them as quasi-equity for
its rating analysis.

Outlook: Stable

CRISIL believes that NFPL will maintain its healthy financial risk
profile over the medium term, supported by the absence of large,
debt-funded capital expenditure (capex) plans, and will continue
to benefit from its promoters' extensive experience in the RPSF
industry. The outlook may be revised to 'Positive' in case NFPL
improves its scale of operations and profitability, and
efficiently manages its working capital. Conversely, the outlook
may be revised to 'Negative' in case there is pressure on the
company's liquidity, as a result of large incremental working
capital requirements or large, debt-funded capex.

                       About Nirmal Fibres

Set up in 1995, NFPL manufactures RPSF (comprises 45% of its
revenues) and polypropylene non-woven fabric (PPNF; 15% of its
revenues), which are used to make auto carpets and carry bags,
respectively. The company also trades in coal (40% of its
revenues). While NFPL has been manufacturing RPSF since its
inception, it forayed into coal trading in 2006-07 (refers to
financial year, April 1 to March 31) and began manufacturing PPNF
in 2009-10.

NFPL's RPSF manufacturing capacity is around 600 tonnes per month
(tpm). Its capacity to manufacture PPNF is about 125 tpm, which is
currently being expanded to 250 tpm. NFPL also trades in coal and
procures its entire coal requirements from Coal India Ltd by
participating in e-coal auction.

NFPL reported a profit after tax (PAT) of INR24.7 million on net
sales of INR688.0 million for 2009-10, against a PAT of INR8.5
million on net sales of INR564.9 million for 2008-09.


PAUL STRIPS: CRISIL Upgrades Rating on INR60.7MM Loan to CRISIL B+
------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Paul Strips and Tubes Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the company's short-
term bank facility at 'CRISIL A4'.

   Facilities                       Ratings
   ----------                       -------
   INR60.7 Million Term Loan        CRISIL B+/Stable (Upgraded
                                        from 'CRISIL B/Stable')

   INR50 Million Cash Credit        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   INR10 Million Bank Guarantee      CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in PSTPL's financial risk profile
marked by an improved gearing, estimated at 2.9 times as on March
31, 2011 as against 3.6 times as on March 31, 2010, and a
successful second full year of operations marked by improved sales
and operating margin. The upgrade also reflects CRISIL's belief
that PSTPL's business risk profile will improve over the medium
term backed by higher capacity utilization.

The ratings reflect PSTPL's weak financial risk profile, marked by
a high gearing and a small net worth, small scale of operations,
limited track record in the tubes and pipes industry, and
geographically concentrated revenue profile. These rating
weaknesses are, however, partially offset by the benefits that
PSTPL derives from its promoters' industry experience.

Outlook: Stable

CRISIL believes that PSTPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if PSTPL sustains its revenue growth
and operating margin, and improves its capital structure
significantly. Conversely, the outlook may be revised to
'Negative' if PSTPL reports lower-than-expected capacity
utilization or decline in profitability, or undertakes a large,
debt-funded capital expenditure programme.

                        About Paul Strips

Set up as a partnership firm by the Katyal family for automobile
financing, PSTPL was reconstituted as a private limited company in
1985. The company's automobile financing business became non-
operational in 2002 and the promoters set up a plant in Pune
(Maharashtra) to manufacture mild steel (MS) ingots, hot-rolled
(HR) strips, HR skelps, MS tubes, shapes and sections; the plant
commenced commercial operations in 2008-09 (refers to financial
year, April 1 to March 31). PSTPL has one unit of rolling mills,
and two casting and two tube manufacturing units, with total
installed capacity of 18000 tonnes per annum.

PSTPL reported a profit after tax (PAT) on a provisional basis of
INR4 million on net sales of INR296 million for 2009-10, against a
PAT of INR4 million on net sales of INR264 million in 2008-09.


PREM CONDUCTORS: CRISIL Assigns CRISIL BB- Rating to INR10MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Prem Conductors Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR10 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR10 Million Proposed Long-Term  CRISIL BB-/Stable (Assigned)
                 Bank Loan Facility
   INR60 Million Bank Guarantee      CRISIL A4+ (Assigned)
   INR40 Million Letter of Credit    CRISIL A4+ (Assigned)
   INR125 Mil.Proposed Short-Term    CRISIL A4+ (Assigned)
               Bank Loan Facility

The ratings reflect the Prem group's long and established track
record in the aluminium conductor industry, its conservative
capital structure, and moderate order book. These rating strengths
are partially offset by the group's working-capital-intensive
operations, weak debt protection metrics owing to its low
profitability, and exposure to intense competition in the cable
and conductors industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PCPL and Prem Udyog Pvt Ltd, together
referred to as the Prem group. This is because the companies have
common promoters and management, are in the same line of business,
and the management intends to merge them over the near term.

Outlook: Stable

CRISIL believes that the Prem group will continue to benefit from
its longstanding experience in the aluminium conductor industry.
The outlook may be revised to 'Positive' in case the group's
profitability is higher than expected, leading to improvement in
its debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case the group undertakes larger-than-
expected debt-funded capital expenditure (capex) programme or
there is a significant decline in its operating margin, leading to
further deterioration in the debt protection metrics of the group.

                         About the Group

PCPL was incorporated in 1963. It manufactures all aluminium alloy
conductors (AAAC), aluminium conductor steel reinforced (ACSR),
all aluminium conductor (AAC), and aluminium wire rods used as
overhead conductors. The company's product profile ranges from
single-line conductors to 400 kilovolt-(KV) conductors. PCPL is
promoted by Mr. Pooran Shah, Mr. Pradip G. Mehta and Mr. Shital
Nahar. PUPL is in the same line of business as PCPL and is managed
by the same promoters.  Around 90 of the Prem group's business
comes through tenders filed with state electricity boards.

PCPL's profit after tax (PAT) and net sales are estimated at
INR0.11 million and INR259 million for 2010-11 (refers to
financial year, April 1 to March 31); the company reported a PAT
of INR1.5 million on net sales of INR68 million for 2009-10.


RAIN CII: Moody's Assigns 'B2' Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating to Rain CII Carbon (Vizag) Limited.  The outlook is stable.

At the same time, Moody's has withdrawn the B2 corporate family
rating of Rain CII Carbon (India) Limited for reorganization
reasons and downgraded its senior secured bank credit facility
rating, on the assumption of the loan by RCCVL, to B2 from B1.
Both RCCIL's ratings were on review for possible downgrade. These
actions follow the company's multi-step, corporate restructuring
exercise, which involved transfer of its Calcined Petroleum Coke
(CPC) and energy businesses, including all existing liabilities,
to the newly formed entity, RCCVL.

Ratings Rationale

These rating actions conclude the review for downgrade initiated
on Nov. 15, 2010, when the US operations of Rain CII Carbon
announced a proposed bond issue. One of the conditions of the
issue would see Rain CII LLC withdraw from the senior secured
facility of RCCIL and be released from its guarantee to the RCCIL
facility.  Following the approval for the Scheme of Arrangement
granted by the High Court of Andhra Pradesh on 29th December 2010
and formally registered by the ultimate parent company on 10th
February 2011, the effective date for the business transfer became
backdated to 1st April 2010. The amended and restated secured loan
facility was executed on 13th June 2011.

As part of the restructuring, RCCVL is now a direct subsidiary of
the holding company for US CPC operations, namely CPC Holdings
USA, LLC.  The ultimate parent company, Rain Commodities Limited
has announced its intention to list CPCCUSA in due course.

"As a single site operation in India, and with no guarantees from
the US operating company, RCCVL now has a weaker credit profile
than in its past form. Furthermore, cyclicality in aluminium
demand and crude oil prices can present significant working
capital challenges", says Alan Greene, a Moody's Vice President -
Senior Credit Officer.

"The strong recovery in demand for aluminium since 2009 is
positive for CPC demand, although the margins earned by RCCVL also
reflect crude oil prices and the demand for the bottom of the
barrel", continues Greene, also Moody's Lead Analyst for RCCVL.

Moody's notes that output of primary aluminium in India (some 1.6
million tons in 2010) has not grown as rapidly as expansion rates
in other metal sectors due in part to limitations on power
availability and to environmental concerns, although government
plans are for 5 million tons per annum by 2015. The rating also
reflects RCCVL's own small power generation activities which have
improved the effective conversion margin achieved.

The rating also considers the company's position within CPCUSA and
the position CPCUSA has as a leading supplier of CPC (total CPCUSA
group capacity approximately 2.4 million metric tons, of which
RCCVL accounts for roughly 0.5 million metric tons) to the global
aluminum industry. Transfers from the US operations have been
received to support the balance sheet, while in 2010 RCC supplied
the bulk of RCCVL's raw material.

The B2 rating for the relatively small operations of RCCVL, also
benefits from the reduction in absolute debt levels at the Indian
entity from US$167 million in 2007 to US$103 million in March 2011
although the company's debt levels can spike up as a result of
draw-downs under its revolver facility.

The outlook is stable reflecting the reasonable supply-demand
balance in the primary aluminium industry and RCCVL's established
position in the Middle East and Asian CPC markets. Moody's expects
RCCVL to maintain adequate liquidity and generate free cash flows
sufficient to cover term debt repayments of about US$12.3 million
in 2011. The rating also assumes continued covenant compliance
management by RCCVL.

There is unlikely to be upward pressure on the rating due to
RCCVL's single-site operation, the cyclicality of end-user markets
and working capital related covenants in the bank facility.

The rating could be downgraded if business conditions deteriorated
sharply, impacting credit metrics. Ratios that could put pressure
on ratings, if reported on a sustained basis, include, i) free
cash flow/Adjusted debt of less than 4%; ii) debt/EBITDA of over
4.0x. Stress in the company's financial covenants could also
signal downward pressure on the rating.

The principal methodology used in rating Rain CII Carbon (Vizag)
Limited is "Rating Methodology: Global Chemical Industry,"
published in December 2009.

RCCVL, together with its sister company RCC, (corporate family
rating of B1, outlook stable), is the largest producer of calcined
coke ("CPC") in the world. The combined group is referred to as
CPCUSA, with RCC contributing about two-thirds of group revenue.

CPCUSA sells CPC mainly for the production of primary aluminum
and, to a lesser extent, for the production of titanium dioxide.
CPC is a critical raw material in the production of carbon anodes
used in aluminum smelting and consumes around 90% of global CPC
output.


ROLSON INDUSTRIES: CRISIL Cuts Rating on INR140MM Loan to CRISIL D
------------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Rolson
Industries (I) Ltd, part of the Rolson group, to 'CRISIL D' from
'CRISIL A4'.

   Facilities                            Ratings
   ----------                            -------
   INR140.00 Million Packing Credit      CRISIL D (Downgraded from
                                                      'CRISIL A4')

   INR140.00 Million Bills Discounting   CRISIL D (Downgraded from
                                                      'CRISIL A4')

The rating downgrade reflects instances of delay by RIIL in
meeting the interest obligations on its short-term bank
facilities; the delays have been caused by the company's weak
liquidity.

The Rolson group also has a weak financial risk profile, marked by
a high gearing and a small net worth, and is exposed to intense
competition in the textiles market; moreover, the group has
working-capital-intensive operations. The group, however, benefits
from its promoter's experience in the fabric manufacturing
business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of RIIL, Rolson International, and Rolson
Synthetics Ltd.  This is because these entities, collectively
referred to as the Rolson group, have a common management, and
intra-group strong operational and financial linkages. RIIL and
Rolson International are in the same line of business-weaving.
Rolson Synthetics is a processing unit which undertakes dyeing and
finishing work for the other two group entities, and also for
other entities on a job-work basis. About 50% of Rolson
Synthetics' sales are to the other group entities.

                         About the Group

Set up in October 2004 by Mr. Kewal Jain, RIIL (formerly, Rolson
Industries Ltd) manufactures polyester cotton and polyester
viscose suiting and shirting fabrics; the company's facilities are
at Tarapur (Maharashtra). RIIL acquired its current name in 2005.
About 35% of the weaving is done in-house, while the rest is
outsourced to leased units. The company has capacity to
manufacture 4.2 million meters per annum (mpa), and the leased
facilities have capacity of 7.8 million mpa. Processing, that is,
dyeing, chemical treatment, and finishing, is outsourced to Rolson
Synthetics. Rolson International, a group concern, is in the same
line of business as RIIL and was constituted in 1990.

RIIL's profit after tax (PAT) is estimated at INR6.7 million on
net sales of INR818 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR5 million on net sales
of INR592 million for 2009-10.


SAM BUILDCON: Fitch Rates INR22.5MM Term Loans at 'Fitch BB(ind)'
-----------------------------------------------------------------
Fitch Ratings has assigned India-based Sam Buildcon Limited a
National Long-Term rating of 'Fitch BB(ind)'.  The Outlook is
Stable.  The agency has also assigned ratings to SBCL's bank loan
facilities:

   -- INR22.5m term loans: 'Fitch BB(ind)';

   -- INR25m fund-based working capital limits: 'Fitch
      BB(ind)'/'Fitch A4(ind)'; and

   -- INR10m non-fund-based working capital limits: 'Fitch
      BB(ind)'/' Fitch A4(ind)'.

The ratings reflect SBCL's strong legal and operational linkages
with its parent company -- Samtex Fashions Limited (SFL, 'Fitch
BB'/Stable). In the financial year ended March 31, 2011 (FY11),
SFL extended a corporate guarantee of INR57.5m for the entire bank
loan facilities of SBCL. The ratings are based on the consolidated
profile of SFL that includes its subsidiary SSA International
Limited (SSA, 'Fitch BB(ind)'/Stable/'Fitch A4(ind)').

Fitch notes SBCL's limited operating history as the company began
operations only in January 2010, its small size of operations, and
its small revenue size (FY11: INR36 million (unaudited)). The
latter reflects the job-work income that SBCL derived from its
parent company, with no major outside orders in FY11. At present,
the order book size is INR40 million and comprises repeat orders
from a domestic retailer. SBCL's EBITDA is exposed to risk of
rising raw material prices and increasing wage costs.

SBCL was set up by SFL to cater more to the domestic textile
market and avail benefits of duty drawback and Duty Entitlement
Pass Book Scheme (DEPB). The benefits were not availed to the
parent company which has its facilities in a free trade zone in
India.

A positive rating guideline would be an upgrade SFL's ratings
coupled with its continued support to SBCL. A weakening of
linkages or support including withdrawal of the corporate
guarantee would be a negative rating guideline.

SBCL manufactures formal trousers for men with an annual capacity
of 420,000 garments per year. As per its provisional consolidated
FY11 numbers, the company reported revenues of INR7,455 million
(FY10: INR5,966 million), EBITDA of INR528 million (FY10:
INR436 million) and debt of INR3533 million (FY10: INR2,310
million).


SAMTEX FASHIONS: Fitch Affirms Nat'l. LT Rating at 'Fitch BB(ind)'
------------------------------------------------------------------
Fitch Ratings has affirmed India-based Samtex Fashions Limited's
National Long-Term rating at 'Fitch BB(ind).'  The Outlook is
Stable. The agency has also affirmed SFL's bank loan facilities:

   -- INR100.2m term loans (reduced from INR122.5m): 'Fitch
      BB(ind)';

   -- INR230m fund-based working capital limits: 'Fitch
      BB(ind)'/'Fitch A4(ind)';

   -- INR65m non-fund-based working capital limits: 'Fitch
      BB(ind)'/'Fitch A4(ind)'; and

   -- INR59m stand-by limits: 'Fitch BB(ind)'/'Fitch A4(ind)'.

SFL's ratings continue to reflect its strong linkages with its
wholly owned subsidiary SSA International Limited (SSA, 'Fitch
BB(ind)'/Stable/'Fitch A4(ind)'), in whose favor SFL extended
corporate guarantees of INR4,440 million in the financial year
ended March 31, 2011 (FY11). The ratings are based on SFL's
consolidated profile in line with Fitch's parent and subsidiary
rating linkage methodology. SFL's and SSA's relationship continues
to be assessed as that of a weak parent and a strong subsidiary,
respectively .

In FY09, SFL's revenues from the textile business were hit by the
economic slowdown in the US as almost entire sales are made to
that region. FY10 and FY11 were marked by marginal recovery in
revenues reflected in the 7% and 3% (unaudited standalone) sales
growth to INR578m and INR598m in the respective years, however its
sales still remains lower than the pre-recession level of INR654m
in FY08.

The ratings are constrained by SFL's consistent low margins in
both its textile and rice milling businesses. Fitch expects SFL's
standalone EBITDA margin to remain under pressure as the average
selling prices in the export market have been subdued by rupee
appreciation and competition with low-cost Asian textile peers on
one hand, and rising input and wage costs on the other. Net income
continues to be burdened with increasing interest cost. The
ratings are further constrained by SFL's high customer
concentration risk as it sells almost half of its production to a
single customer (Itochu Prominent USA LLC). The company mainly
manufactures formal clothing for men, lowering the element of
fashion risk.

The company has a track record of high financial leverage (net
debt/EBITDA) and gearing, both on a standalone and consolidated
basis. FY11 (provisional) consolidated financial leverage
increased to 6.5x (from 5.2x in FY10) due to higher-than-projected
borrowings by SSA. In its rice milling business, SSA faces
regulatory risk, adverse raw material price changes, low brand
recall and high working capital requirements. These risks are
partly offset by established operations and consistent growth in
revenues.

A positive rating guideline would be a sustained reduction in
consolidated financial leverage. Negative rating guidelines
include a sustained increase in consolidated financial leverage
led by weaker margins, debt-led capex or significantly higher-
than-projected working capital requirements.

SFL manufactures readymade garments, mainly trousers for men and
other garments such as jackets, coats and skirts for exports to
the US at its manufacturing facility at Noida Export Processing
Zone in Uttar Pradesh.

As per its provisional consolidated FY11 figures, SFL revenues
were INR7,455 million (FY10 : INR5,966 million), EBITDA of INR528
million (FY10 : INR436m) and debt of INR3,533 million (FY10:
INR2,310 million).


SDL Auto: CRISIL Assigns CRISIL B+ Rating to INR100MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SDL Auto Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR75 Million Letter of Credit   CRISIL A4 (Assigned)
   INR290 Million Bill Purchase-    CRISIL A4 (Assigned)
             Discounting Facility

The ratings reflect SDL's weak financial risk profile and
liquidity, marked by a leveraged capital structure, average debt
protection metrics, and a small net worth, and large working
capital requirements. These rating weaknesses are partially offset
by SDL's healthy position in the sheet metal components segment of
the automotive (auto) industry, and strong revenue growth backed
by the promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that SDL's financial risk profile, particularly
its liquidity, will remain weak over the medium term, because of
large incremental working capital requirements. The outlook may be
revised to 'Positive' if SDL significantly improves its capital
structure and liquidity, most likely through equity infusion or
improvement in accruals, while efficiently managing its
incremental working capital requirements. Conversely, the outlook
may be revised to 'Negative' in case of any unexpected pressure on
SDL's revenues and profitability, leading to less-than-expected
cash accruals, or in case of a larger-than-expected, debt-funded
capital expenditure or incremental working capital requirements.

                           About SDL Auto

Incorporated in 1991 and promoted by Mr. Hardeep Singh Banga and
Mr. Satinder Singh Banga, SDL manufactures various sheet metal
auto components, including car seat frames, exhaust system
components for cars and large commercial vehicles, car door
sashes, and engine heat shield components at its unit in Sikri
(Haryana). SDL is a tier II supplier that supplies to tier I auto
component manufacturers, who, in turn, supply to original
equipment manufacturers. SDL initially manufactured car seat
frames for Maruti Suzuki India Ltd, but now supplies only to tier
I auto component manufacturers. Over the past four years, SDL has
also started exporting components of exhaust system to tier I auto
component manufacturers.

SDL's profit after tax (PAT) and net sales are estimated at
INR25.7 million INR1409.6 million respectively for 2010-11 (refers
to financial year, April 1 to March 31); it reported a PAT of
INR18.2 million on net sales of INR951.9 million for 2009-10.


SHANMUGA HAIR: CRISIL Places CRISIL BB- Rating on INR7.5MM LT Loan
------------------------------------------------------------------
CRISIL BB-' and 'CRISIL A4+' ratings for Shanmuga Hair Products
India's bank facilities

   Facilities                         Ratings
   ----------                         -------
   INR7.5 Million Long-Term Loan      CRISIL BB-/Stable (Assigned)
   INR50.0 Million Packing Credit     CRISIL A4+ (Assigned)

CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Shanmuga Hair Products India Pvt Ltd.

The ratings reflect the benefits that SHPL derives from its
promoters' long track record in the hair processing business and
its established relationships with its customers. These rating
strengths are partially offset by SHPL's weak financial risk
profile (marked by a small net worth), limited scale of
operations, exposure to intense industry competition, and customer
concentrated revenue profile.

Outlook: Stable

CRISIL believes that SHPL will benefit over the medium term from
the increasing demand for human hair and its established
relationships with its customers. The outlook may be revised to
'Positive' if the company scales up its operations, leading to
significant increase in its revenues and improvement in its
profitability, resulting in higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if SHPL's
revenues or margins decline significantly, or in case the company
undertakes a large, debt-funded capital expenditure programme,
thereby deteriorating its financial risk profile.

                         About Shanmuga Hair

Set up in 2007 by Mr. Murali Krishna in Chennai (Tamil Nadu), SHPL
processes and conditions human hair. The company's entire sales
are exported to Latin America, Europe, and the US, mainly to wig
manufacturers or clients involved in the hair weaving business.

For 2010-11 (refers to financial year, April 1 to March 31), SHPL
posted provisional profit after tax (PAT) of INR1 million on net
sales of INR171 million, against a PAT of INR0.4 million on net
sales of INR128 million for 2009-10.


SHREE BADRI: CRISIL Assigns CRISIL D Rating to INR51.7MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Shree Badri Kedar Papers Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR60 Million Cash Credit          CRISIL D (Assigned)
   INR51.7 Million Long Term Loan     CRISIL D (Assigned)
   INR30 Million Letter of Credit     CRISIL D (Assigned)

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

SBKPPL also has a small scale of operations that are susceptible
to industrial cycles and has working-capital-intensive operations.
These rating weaknesses are partially offset by SBKPPL's moderate
business risk profile, backed by the extensive experience of its
promoters in the paper industry.

SBKPPL was set up as a closely held company in 1994 by Mr. Arvind
Kumar Agarwal and his family. The company manufactures kraft paper
with capacities of 14,850 tonnes per annum (tpa). The company's
facilities are located in Najibabad (Uttar Pradesh).

SBKPPL reported a provisional profit after tax (PAT) of INR6.58
million on net sales of INR277.62 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR6.37
million on net sales of INR219.76 million for 2009-10.


SRI SURYA: CRISIL Assigns 'CRISIL D' Rating to INR25MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Sri Surya Ginning and Pressing Industries (SSGPI). The rating
reflects instances of delay by SSGPI in servicing its debt; the
delays have been caused by the company's weak liquidity.

   Facilities                       Ratings
   ----------                       -------

   INR50 Million Cash Credit        CRISIL D (Assigned)
   INR25 Million Long Term Loan     CRISIL D (Assigned)

SSGPI also has a small scale of operations and working-capital-
intensive operations. This rating weakness is partially offset by
the experience of SSGPI's promoters in the cotton industry.

Set up in 2008, SSGPI undertakes ginning and pressing of cotton.
The company was promoted by Mr. Vajrala Subba Reddy and his wife,
Ms. Vajraja Surya Kumari. The company's ginning unit is located in
Ankireddypalem, near Guntur, Andhra Pradesh.

SSGPI reported a provisional profit after tax (PAT) of INR1
million on net sales of INR277 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.4
million on net sales of INR59 million for 2008-09.


WEST BENGAL: CRISIL Assigns CRISIL BB Rating to INR5MM LT Loan
--------------------------------------------------------------
CRISIL BB' rating for West Bengal Manufacturing Company's bank
facilities

   Facilities                        Ratings
   ----------                        -------
   INR80 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR5 Million Long-Term Loan       CRISIL BB/Stable (Assigned)
   INR5 Million Proposed Long-Term   CRISIL BB/Stable (Assigned)
                Bank Loan Facility

CRISIL has assigned its 'CRISILBB/Stable' rating to the long-term
bank facilities of West Bengal Manufacturing Company Pvt Ltd.

The rating reflects the long standing experience of WBMCL's
promoters in the tea industry. These rating strengths are
partially offset by WBMCL's vulnerability to movements in tea
prices and to climatic conditions due to fixed cost of operations,
and its small scale of operations and limited growth prospects.

Outlook: Stable

CRISIL believes that WBMCPL will maintain its credit risk profile,
backed by improving operating efficiency and adequate debt
protection metrics. The outlook may be revised to 'Positive' in
case of a substantial increase in the company's scale of
operations, and improvement in its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in WBMCPL's operating margin, pressure on its cash accruals, or
any large debt-funded capital expenditure (capex) programme,
leading to deterioration in its financial risk profile.

                         About West Bengal

Established in 1970 by the Kanoria family, WBMCPL was acquired by
its current promoters in 1996. The company is based out of Assam
and is engaged in the cultivation and processing of tea leaves to
produce black tea. Currently, its tea production capacity is
around 30,00,000 kilogrammes (kg). It has a plantation area of 310
acres. About 25% of the tea leaves are procured from the company's
tea estate while the remaining are purchased from nearby estates.

WBMCPL reported a profit after tax (PAT) of INR12.7 million on net
sales of INR241 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.6 million on net
sales of INR178 million for 2008-09.


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


P.T. INDOSAT: Fitch Revises IDR Outlook to Positive
---------------------------------------------------
Fitch Ratings has revised the Outlook on Indonesia-based P.T.
Indosat Tbk's Long Term Local Currency Issuer Default Rating (IDR)
to Positive from Stable.

Indosat's Long-Term Foreign and Local Curreny IDRs have been
affirmed at 'BBB-' respectively. The Outlook on the FC IDR is
Stable. The agency has also affirmed Indosat's senior unsecured
rating at 'BBB-'.

The Outlook change reflects the improvement of Indosat's credit
profile during FY10 and Fitch's expectations for the improvement
to continue in FY11. During FY10 Indosat recorded a 5.2% and 9.7%
y-o-y increase in its revenue and EBITDA, respectively, and
improved its EBITDA margins by 200bps to 48.6%. Net debt adjusted
for lease equivalent debt fell to IDR27.3trn from IDR29.6trn
during the same period, taking the company's leverage ratio
(lease-adjusted net debt to funds flow from operations) lower to
2.4x from 3.3x.

Further deleveraging is likely, as for the first time in 2011
Fitch expects the company to cover capex requirements from its
cash flow from operations. The agency also expects Indosat will
maintain its EBITDA margins for FY11 (excluding one-off costs
related to its voluntary separation scheme) given management's
focus on profitability and that competition in the wireless
industry in Indonesia is likely to remain subdued for the rest of
2011.

The LTLC IDR may be upgraded if Indosat is able to maintain
positive pre-dividend free cash flow (FCF) generation and its net
leverage ratio below 2.5x. Indosat's LTFC IDR is capped by
Indonesia's Country Ceiling of 'BBB-'. Its LTLC IDR, which is
currently one-notch above the sovereign LTLC IDR of 'BB+',
represents its unconstrained credit profile after factoring in its
foreign parent's support.

Fitch notes Indosat's strategic importance to its parent, Qatar
Telecom (Qtel; 'A-'/Stable; which has a 65% beneficial ownership
in Indosat). This is reflected in the three-notch uplift to
Indosat's 'BB-' standalone rating, in line with the agency's
Parent and Subsidiary Rating Linkage Methodology. Indosat was the
largest revenue and EBITDA contributor to the Qtel group, at 29%
and 32% respectively in FY10. Qtel acts as Indosat's controlling
shareholder, providing significant financial expertise, as well as
legal, operational and technical support to the company. Fitch
believes that financial support will also be provided by Qtel
should the need arise, although the agency views this as unlikely
based on its financials projections for Indosat.

Indosat's credit profile continues to reflect its position as
Indonesia's second-largest cellular operator by both subscriber
market share (FY10: 22.4%; FY09: 20.6%) and revenue market share.
Fitch continues to have a positive outlook on the Indonesian
telecom industry given moderate subscriber growth prospects and
expectations of limited declines in tariffs. Low single-digit
broadband penetration also means potential revenue from data
requirement growth.

Fitch takes a positive view of Indosat's planned sale of its 4,000
towers, which would accelerate the company's deleveraging process.
However, the agency notes that tower sales typically take the form
of a sale-and-lease back transaction, which while leading to cash
inflows and lower future depreciation cost, also increases off-
balance sheet debt in the form of higher lease rentals. Therefore,
the agency would only be able to assess the impact of such
transaction once the full details are known.

Indosat's LTLC and LTFC IDRs may be downgraded if there is a
weakening of the linkages between Indosat and Qtel. Indosat's LTLC
IDR's Outlook could be revised back to Stable if heavy debt-funded
capital expenditure and/or sharp deterioration in EBITDA lead to
the leverage ratio rising above 4.0x on a sustained basis.


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


MAZDA MOTOR: First Quarter Net Loss Widens to JPY25.54 Billion
--------------------------------------------------------------
Yoshio Takahashi at Dow Jones Newswires reports that Mazda Motor
Corp. suffered JPY25.54 billion in net loss in the three month
period ended June 30, 2011, substantially worse than a net loss of
JPY2.10 billion in the same quarter a year earlier.

The loss, according to Dow Jones, makes it the first Japanese car
maker to report a red ink on a net basis for the quarter ended
June 2011.

Dow Jones discloses that the Mazda posted sales of JPY408.13
billion, down 29% from JPY578.04 billion, as sales in Japan
tumbled 32% with a 19% drop in sales in Europe and a 4% fall in
North America.

According to the news agency, the car maker left unchanged its
forecast for the full fiscal year through March, keeping its net
profit outlook of JPY1.00 billion on sales of JPY2.190 trillion.

Mazda incurred a consolidated net loss of JPY60.04 billion in
fiscal 2010, compared with a JPY6.48 billion in group net loss
logged in fiscal 2009.  Mazda Motor posted a group net loss of
JPY71.49 billion for the year ended March 31, 2009.

                         About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.


PEGASUS FUNDING: Moody's Cuts Rating on Class A1 Loans to 'Caa3'
----------------------------------------------------------------
Moody's Japan K.K. has downgraded to Caa3(sf) from B3(sf) the
ratings on Pegasus Funding's Class A1 and A2 loans.

Deal Name: Pegasus Funding

  JPY 40.0 billion commitment line of Class A1, Downgraded to Caa3
  (sf); previously on Jan. 20, 2011, Downgraded to B3 (sf) from
  Ba2 (sf)

  JPY 51.9 billion commitment line of Class A2, Downgraded to Caa3
  (sf); previously on Jan. 20, 2011, Downgraded to B3 (sf) from
  Ba2 (sf)

Class: A1 and A2

Issue Amount (commitment line): JPY91.9 billion

Dividend: Floating

Issue Date: Sept. 29, 2006

Final Maturity Date: December 11, 2014

Underlying Asset: Real estate-backed loan receivables

The commitment line, the underlying assets of which are real
estate-backed loans to small and medium-sized enterprises, was
established in September 2006.

The initial servicer went bankrupt in February 2009 and a new
servicer started servicing all of the loan receivables in the
transaction.

Rating Rationale

The ratings have been downgraded mainly because Moody's now
expects that the final losses in the Class A1 and A2 loans will
exceed what the B3 (sf) rating indicates. This considers (1) the
amount of substantial losses in the underlying receivables pool
and (2) the level of the expected collection amount from the
remaining collateral properties.

On January 20, 2011, Moody's downgraded the ratings on the Class
A1 and A2 loans to B3 (sf) because of (1) the expectation that
recovery rates from the properties may decline further and (2)
substantial declines in credit enhancement.

Under the business plan of the transaction, the underlying loan
receivables are to be collected around by mid-2012. And as for
approximately 60% of the loan receivables (based on the number of
loans), their collateral properties will be auctioned off.

Due to the progress in the sales of the properties, the number of
remaining properties was approximately 300 as of June 2011, a
decrease from 350 as of December 2010, and total outstanding
balance of the loan receivables (excluding uncollected
receivables) were JPY33 billion from JPY57 billion.

Although property sales have been progressing almost as scheduled
in the business plan, the recovery rate is decreasing. In
particular, the collateral properties -- related to loan
receivables which rank high in the outstanding balance -- have
been sold and their recovery rates on loans were low -- below 30%.

As the sales of the properties progress, the amount of uncollected
loan receivables has become more evident. In Moody's view, because
the underlying obligors are not expected to make additional
payments, there have been substantial losses in the underlying
receivables pool. As of now, losses in the underlying receivables
pool have increased greatly.

Moody's considers that the recovery rates for the properties will
remain at current low levels, considering the collection results
so far, the business plan, and servicing strategy.

Moody's assumes the recovery rate for the remaining properties at
40-45%.

As a reference, the total outstanding balance of the Class A1 and
A2 loans, as of June 2011, was around 60% of the amount in
February 2009, due to the progress in the sales of the collateral
properties.

The legal maturity of the transaction is December 2014. The number
of obligors in this transaction was around 90 and the number of
properties around 300 as of June 2011.

The principal methodology used in this rating was "Moody's
Approach to Rating Transactions Backed by Real Estate
Collateralized SME Loans in Japan" published on Sept. 30, 2010,
and available on www.moodys.co.jp.

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


SUNSHINE TRUST: S&P Gives 'BB+' Ratings on 2 Classes of ABLs
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'AA- (sf)' rating
to the new A1S asset-backed loan (ABL), which was split from the
A1 ABL, which itself had been extended to the trustee under the
Sunshine Trust asset-backed securities (ABS) transaction. "We
assigned the rating to reflect the change in the structure of the
debt used to finance the transaction. At the same time, we
affirmed our ratings on the A1, A2, B, and C ABLs and the class D
and E beneficial interests. All ABLs and classes of beneficial
interests are secured by a pool of consumer loan receivables
originated by Shinsei Financial Co. Ltd.," S&P related.

Under this transaction, the originator entrusted a pool of
consumer loan receivables and cash with the trustee, and received
the class A1 to E beneficial interests, the subordinate beneficial
interests, and the seller's beneficial interests. The class A1 to
C beneficial interests were then transferred to investors. On
April 28, 2011, the trustee, which borrowed the A1 to C ABLs,
fully redeemed the class A1 to C beneficial interests, using
primarily the A1 to C ABLs. On July 27, 2011, the A1 ABL principal
amount increased following the additional entrustment of
underlying consumer loan receivables. The A1 ABL was then divided
into the A1S ABL and A1 ABL on July 29, 2011.

The ratings reflect Standard & Poor's opinion on the likelihood of
the full and timely payment of interest and ultimate repayment of
principal by the transaction's legal final maturity date in July
2018.

The ratings reflect S&P's views primarily on these factors:

    "The credit risk inherent in the collateral pool based on the
    collateral characteristics and historical performance, as well
    as the business conditions that we have forecast for the
    obligors and consumer finance companies," S&P related.

    The ample credit support provided via overcollateralization;
    The payment structure and cash flow mechanics that have been
    established in the event that the performance of the
    underlying assets deteriorates, including: (1) a default trap,
    through which excess interest from the asset pool is used to
    mitigate losses from the defaulted receivables; (2) repurchase
    by the originator of defaulted receivables not covered through
    the default trap up to a certain limit; and (3) the
    establishment of early amortization triggers that convert the
    transaction to a monthly pass-through turbo structure.

    The creditworthiness of the originator in terms of
    performance, including the repurchase of defaulted
    receivables.

    The quality and ability of the originator as a servicer for
    this transaction.

    The schemes that have been adopted in the event that certain
    credit events involving the servicer occur in the future,
    including: (1) the appointment of a backup servicer at the
    outset of the transaction; (2) the establishment of
    commingling risk triggers to mitigate commingling risk; and
    (3) the establishment of a cash reserve to provide liquidity
    support to the transaction.

    The transaction's legal structure, including the entrustment
    of the consumer loan receivables that has been structured to
    achieve a "true sale," and the fact that the trust agreement
    is not at risk of being cancelled on the ground that the
    contracting parties have not fulfilled their obligations.

Rating Assigned
Sunshine Trust
Due July 2018
ABLs
     Rating    Amount      Interest rate  Loan origination date
O/C ratio
A1S  AA- (sf)  JPY30.0 bil. Fixed rate     July 29, 2011
89.8%

Ratings Affirmed
ABLs
    Rating     Amount*       Interest rate   Loan origination date
O/C ratio*
A1  A (sf)     JPY60.5 bil.  Fixed rate      April 28, 2011
69.3%
A2  BBB+ (sf)  JPY50.9 bil.  Fixed rate      April 28, 2011
52.0%
B   BBB (sf)   JPY40.8 bil.  Fixed rate      April 28, 2011
38.2%
C   BBB- (sf)  JPY13.3 bil.  Fixed rate      April 28, 2011
33.7%

Beneficial interests
Class  Rating      Amount*       Interest rate  Date of issue  O/C
ratio*
D      BB+ (sf)    JPY39.0 bil.  Fixed rate     Jan. 27, 2011
20.5%
E      BB+ (sf)    JPY15.0 bil.  Fixed rate     Jan. 27, 2011
15.4%

*The amounts and overcollateralization (O/C) ratios are as of
July 29, 2011.

Notes:
The basic approach to calculating the O/C ratio is as follows:
1-(A+B)/(C-D-E)
A: the rated obligations and equally ranked obligations
B: prior obligations to the rated obligations
C: underlying assets (including cash)
D: liquidity reserves
E: obligations, except for senior, mezzanine, or subordinate
obligations (seller's interest, etc.)

In the case of a master trust structure, the series base value
should be applied.


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


KOREA LINE: Aims to Cut Debt, Sell Shares Under Revival Plan
------------------------------------------------------------
Kyunghee Park and Saeromi Shin at Bloomberg News report that Korea
Line Corp. said it aims to reduce debt by selling new shares to
creditors under a turnaround plan.

According to the report, Korea Line said in a statement to the
stock exchange on July 29 that the shipping line plans to cut debt
by at least KRW375.2 billion (US$358 million) and reduce capital
by merging as many as nine shares into one.

The company has submitted the revival plan to the Seoul Central
District Court, Bloomberg notes.

Korea Line Corp. has been engaged in marine transport and port
logistics businesses since 1968.  Its head office is in Seoul,
Korea, and its representative offices are in Shanghai and
Singapore.  KLC is a publicly listed company on the Korean Stock
Exchange.  Its operations are centered in Korea and the vas
majority of its assets, shareholders and employees are located in
Korea.

Korea Line Corp. filed for Chapter 15 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 11-10789) in the U.S. to bar creditors
from seizing its shipping vessels and bunkers at U.S. ports.

Receivers Jin Bang Lee and Byung Nam Choi estimated that the
Debtor has US$100 million to US$500 million in debts and assets as
of the Chapter 15 filing date in Manhattan.

Korea Line is undergoing rehabilitation before the Seoul Central
District Bankruptcy Court (4th Division), Case No. 2011 Hoe-Hap
14, pursuant to the Korean Debtor Rehabilitation and Bankruptcy
Act.

KLC's liquid assets as of January 2011 totaled US$60,655,000,
while the funds necessary for repayment of debts and operating
expenses in February 2011 is US$186,964,000 and in March 2011,
US$170,163,000.   KLC's operating income will not be sufficient to
cover these amounts, with an expected shortfall of US$35,932,000
in March of 2011.

KLC applied for rehabilitation in Korea under the DBRA on Jan. 26,
2011.  The Korean court issued a stay order prohibiting attachment
and execution of KLC's property on Jan. 26, 2011.  Rehabilitation
proceedings commenced Feb. 15, 2011, with the appointment of the
receivers.


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


CENTURY CITY: Judge Grants NZ$2MM Debt Judgment Against Owner
-------------------------------------------------------------
The National Business Review reports that Century City owner
Terry Serepisos has been ordered to pay the solicitor nominee
company of Waipukurau law firm Davidson, Armstrong and Campbell
more than NZ$2 million.

Associate Judge David Gendall in the Wellington High Court on
Monday granted the company's summary judgment application against
Mr. Serepisos of NZ$2,023,170.05 plus costs of NZ$2,436.90,
according to NBR.

Judge Gendall, NBR notes, made a further order against Mr.
Serepisos of penalty interest at a rate of 16%, which amounted to
NZ$764.05 a day.

According to NBR, the application was first heard by Associate
Judge Gendall on July 18, when Mr. Serepisos' lawyer, Chris
Chapman, said it would not be opposed.

The judgment could be used later as the foundation for a
bankruptcy application, The Dominion Post reports.

On early Monday, The Dominion Post relates, it was announced that
one of Mr. Serepisos' companies, Century City Courtenay, had
satisfied the claim of Tyco NZ who had been trying to put the
Century City company into liquidation over a debt believed to be
about NZ$6,000.

According to The Dominion Post, Mr. Serepisos has been battling
financial issues within his Century City group of companies for
more than a year during which time he has faced a number of court
actions.  They included moves in November to liquidate five
Century City companies over unpaid tax and the Accident
Compensation Corporation of nearly NZ$4 million.  That amount was
repaid in a deal that subsequently lead to Mr. Serepisos losing
ownership of his flagship Century City Hotel in Tory St., The
Dominion Post notes.

The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which owns the
Wellington Phoenix football team.


LIGHTER QUAY: Westin Investors Hopeful About Future
---------------------------------------------------
Rebecca Stevenson at Auckland Now reports that investors in Westin
Lighter Quay hotel, a waterfront Auckland hotel, who have been
running a rival "hotel within a hotel" are hopeful arbitration
will see the two hotels become one again.

The Westin Lighter Quay hotel has been caught in a battle between
disgruntled investors, who control 116 units in the hotel, and
management company Lighter Quay Management, which controls over 50
rooms and the bar and restaurant facilities, according to Auckland
Now.

Developer Nigel McKenna's Lighter Quay Management was placed into
receivership in 2010, owing the Bank of Scotland NZ$16.6 million.

Auckland Now notes that the row between receiver KordaMentha and
the unhappy investors resulted to two hotels operating under one
roof on the viaduct site -- one run by the receiver and The
Westin, the other by the unit-owning investors led by Graham
Wilkinson under the name Hotel Viaduct Harbour.

Auckland Now notes that The Westin said its contract to run the
hotel would end on July 29, and it had called customers with
future bookings offering to re-book them in other Auckland hotels.
The report relates that Hotel Viaduct Harbour had been
aggressively undercutting The Westin's room rates.

Auckland Now discloses that what will happen with the hotel's
receiver-controlled rooms after July 29 is unclear but
Wellington's former Holiday Inn provides a hint at what may occur.

Auckland Now says that Wilkinson and investors in the Holiday Inn
successfully gained control of the McKenna-developed hotel this
year, dumping both McKenna's management company, also in
receivership, and the Holiday Inn.

The report notes that after a competitive tender process Rydges
was appointed to operate the hotel.  Auckland Now relates that
Grant Thornton was appointed as the new receiver of Lighter Quay
earlier this month.

Mr. Wilkinson said he had contacted Grant Thornton and offered to
engage in arbitration immediately, Auckland Now relates.
Arbitration would establish the "true market value" of the units
so the hotel could be reintegrated and opened again as one of
Auckland's five-star hotels, Mr. Wilkinson added.

Mr. Wilkinson, the report notes, said the investors had offered to
take over management of the restaurant and bar facilities and that
he had been approached by more unit owners to take over management
of their rooms.  Hotel Viaduct Harbour had the systems and was
keen to operate those rooms, Mr. Wilkinson said, Auckland Now
relates.

Several hotel operators had approached him with a view to taking
over management of the hotel but the investors had no plans to
hand over the reins or tender the contract at this stage, Mr.
Wilkinson said, Auckland Now relays.

If agreement with Grant Thornton could not be reached the
investors were resolved to continue with their "robust and
growing" hotel operation, which would provide them with a better
return "than they have ever had since the hotel was built,"
Auckland Now adds.

Lighter Quay Management is owned by developer Nigel McKenna.


RELISH HOSPITALITY: Spago Fresh Italian Restaurant in Liquidation
-----------------------------------------------------------------
Sunday Star Times reports that Relish Hospitality, which traded as
Spago Fresh Italian Restaurant and the adjacent General Store Food
Market in the Britomart development in downtown Auckland, has gone
into liquidation owing unsecured creditors more than NZ$600,000
plus additional debts to secured creditors NZ Breweries and Marac
Finance.

The company is owned by banned company directors David Williams
and his wife Harbans Kaur Williams, Sunday Star Times relates.
The high-flying Auckland couple were two of New Zealand's best-
known restaurateurs and their photographs featured in the social
pages when they attended red-carpet events.  However, Sunday Star
Times relates, over the past two years, it has been the couple's
failed business ventures and a trail of debts that has put them in
the news.

The Williamses operated a string of upmarket Auckland restaurants,
bars and function venues, including Pontoon restaurant at
Westhaven, Opium bar on Aotea Square, Scoozi restaurant in Herne
Bay and the Pinot function centre overlooking the Orakei Basin,
Sunday Star Times relates.

However, the report notes, those businesses were closed when five
companies owned by the Williamses were put into liquidation in
October 2009.  Liquidators' reports on the companies show they
left behind about NZ$3.5 million in debts and very little in the
way of realizable assets, according to Sunday Star Times.

Sunday Star Times relates that a subsequent investigation by the
Ministry of Economic Development resulted in the couple receiving
a banning order, which forced them to resign from all of their
company directorships.

The pair, says Sunday Star Times, were again in the spotlight last
year when it was revealed that some couples who had paid deposits
of $6000 or more to have their wedding receptions at venues owned
by the Williamses lost their money when the companies went broke.

According to Sunday Star Times, the report into the companies'
collapses noted that the Williamses had been taking risks with
creditors' money for their own benefit.

However, the banning order did not affect the couple's ownership
of several companies, including Relish Hospitality, Sunday Star
Times notes.

The Williamses resigned as directors of Relish Hospitality.  The
couple was replaced by Jianmin Zhu (also known as Xavier Zhu) as
director of the other companies.

Mr. Williams continued to play an active role in the operation of
Relish Hospitality, but it is not known how management
responsibilities were divided between himself and Zhu.

However, creditors spoken to by the Sunday Star Times said they
always dealt with Mr. Williams when conducting business with the
company.

Sunday Star Times, citing a liquidators' report, discloses that
Mr. Zhu gave several reasons for the company's collapse, including
that it failed to generate enough revenue to cover its outgoings
in its first 12 months of business, that it was undercapitalized,
and that new shareholders who were supposed to have invested in
the company failed to do so.

Sunday Star Times also reveals that the company did not have a
lease on its Britomart premises but merely an "occupancy
arrangement."


RMB TRUSTEE: Fitch Affirms NZ$19.6MM Floating Rate Notes at B-sf
----------------------------------------------------------------
Fitch Ratings has affirmed the notes issued by RMB Trustee Limited
in its capacity as issuer of Rated Mortgage RML 2006-2 Trust, due
December 2050:

   -- NZ$19.6 million Floating Rate Notes affirmed at 'B-sf';
      Outlook Negative, Loss Severity Rating 'LS2'

The affirmation reflects the affirmations of the underlying notes
from a securitization program established by Propertyfinance
Securities Limited. The underlying portfolio of non-conforming
residential mortgages has performed in line with expectations with
relative stability in 90+ day arrears in the second quarter of
2011.

"The underlying mortgages have shown signs of stabilization in
2011 with the level of 90+ day arrears currently at 7.10%. The
outlook remains negative with house prices in New Zealand yet to
fully stabilize and with the ever increasing potential for
interest rate rises in the medium term" said Spencer Wilson,
Associate Director in Fitch's Structured Finance team.

The Negative Outlook reflects Fitch's view that this transaction
may be impacted if performance in the notes held by RML 2006-2
deteriorate in the short-medium term should there be a downturn in
the already fragile New Zealand economy.


SOUTH CANTERBURY: Receiver Sells Stake in Financial Synergy
-----------------------------------------------------------
Paul McBeth at BusinessDesk reports that the receiver of South
Canterbury Finance Ltd. has sold the failed lender's stake in
Financial Synergy Ltd. to local interests, including co-owner
David Hair.

According to BusinessDesk, receiver Kerryn Downey of McGrathNicol
said the sale recovered the full value of a loan, but didn't
specify the price.

The stake was bought by D&W Investments Ltd., which names Mr. Hair
as its major shareholder, and Sectarian Securities Ltd.

"FSL has successfully navigated itself during the SCF receivership
and is in great shape," BusinessDesk quotes Mr. Hair as saying in
a statement.

FSL largely operated as a standalone company since it was set up
in 2002 and provides financing options to help corporates pay
their insurance premiums, BusinessDesk discloses.

With the sale of FSL, South Canterbury has successfully exited its
holdings in Helicopters NZ Ltd., Scales Corp., and some dairy
farms, raising more than $200 million.

                         About South Canterbury

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

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

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

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


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


5 FINGERS: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on July 8, 2011, to
wind up the operations of 5 Fingers Investments Pte Ltd.

Jack Investment Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #06-11
         Singapore 069118


ADVANCED MEDIA: Court to Hear Wind-Up Petition on August 12
-----------------------------------------------------------
A petition to wind up the operations of Advanced Media
Technologies Pte Ltd will be heard before the High Court of
Singapore on Aug. 12, 2011, at 10:00 a.m.

Micron Storage Laboratory Pte Ltd filed the petition against the
company on July 19, 2011.

The Petitioner's solicitors are:

          Rajah & Tann Llp
          9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


CHUAN SOON: Creditors Get 11.44% Recovery on Claims
---------------------------------------------------
Chuan Soon Huat Investments Pte Ltd will declare the first interim
dividend on Aug. 15, 2011.

The company will pay 11.44% to the received claims.

The company's liquidator is:

         Tay Puay Cheng
         c/o KPMG Services Pte. Ltd
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


DESIGNPHASE PRIVATE: Court to Hear Wind-Up Petition on August 19
----------------------------------------------------------------
A petition to wind up the operations of Designphase Private
Limited will be heard before the High Court of Singapore on
Aug. 19, 2011, at 10:00 a.m.

UIC Investments (Properties) Pte Ltd filed the petition against
the company on July 22, 2011.

The Petitioner's solicitors are:

          Messrs Lee & Lee
          5 Shenton Way
          #07-00 UIC Building
          Singapore 068808


DGM SUPPORT: Creditors' Proofs of Debt Due August 29
----------------------------------------------------
Creditors of DGM Support (Asia) Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Aug. 29,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o 146 Robinson Road #12-01
          Singapore 068909


ELECTRO-SYSTEMS IND: Court to Hear Wind-Up Petition on Aug. 5
-------------------------------------------------------------
A petition to wind up the operations of Electro-Systems Industries
Pte Ltd will be heard before the High Court of Singapore on
Aug. 5, 2011, at 10:00 a.m.

Robert Bosch (South East Asia) Pte Ltd filed the petition against
the company on July 18, 2011.

The Petitioner's solicitors are:

          Veritas Law Corporation
          171 Chin Swee Road
          #03-05 San Centre
          Singapore 169877


EMERGING MARKETS: Creditors' Proofs of Debt Due August 30
---------------------------------------------------------
Creditors of Emerging Markets Equity Investments Pte Ltd, which is
in 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 25, 2011.

The company's liquidator is:

          Teh Kwang Hwee
          c/o 1 Commonwealth Lane
          #07-32 One Commonwealth
          Singapore 149544


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


QUANTA COMPUTER: Fitch Affirms, Withdraws 'BB' IDRs
---------------------------------------------------
Fitch Ratings has affirmed Quanta Computer Inc.'s Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'BB'
and its National Long-Term Rating at 'BBB+(twn)'.  The Outlook of
the ratings is Stable.  The agency has simultaneously withdrawn
the ratings.

"Although Quanta's profit margin and financial leverage have
deteriorated since 2010, Fitch believes the company's financial
profile will remain compatible with its ratings over the medium
term," says Kevin Chang, Director with Fitch's Telecommunications,
Media and Technology team.

Quanta is the world's largest provider of original design
manufacturing (ODM) services for notebook personal computers
(NBPCs), with a global market share of around 27% (53.4 million
units) in 2010.

Nevertheless, Quanta has experienced a tougher operating
environment since 2010. Quanta faces component and labor cost
pressure in NBPC production as well as severe price competition
with other ODM and electronic manufacturing service providers. In
2011, the NBPC demand growth momentum has slowed as weak economic
recovery in advanced economies has prolonged the replacement PC
cycle. In addition, consumers' preferences are shifting towards
tablet devices and smartphones.

Despite these threats, Fitch expects Quanta's market position to
be sustainable in view of its strong technological expertise and
manufacturing capability which differentiate it from its peers, as
well as its close, long-lasting relationships with all of the
world's top 10 NBPC brand vendors except Samsung Electronics Co.,
Ltd. ('A+'/Stable).

Fitch expects Quanta's profit from 2011 onwards to gradually
improve due to emerging market demand growth in mobile computing
devices and a rising contribution from higher-margin, non-NBPC
products (servers, all-in-one PC and tablets), particularly those
related to cloud computing. Its new production base established
last year in Chongqing, China is likely to alleviate its cost
pressures.

The ratings have been withdrawn because they are no longer
considered by Fitch to be relevant to the agency's coverage. Fitch
will no longer provide rating or analytical coverage of this
issuer.


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


* BOND PRICING: For the Week July 25 to July 29, 2011
-----------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       0.99
AINSWORTH GAME           8.00    12/31/2011   AUD       1.25
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
BECTON PROP GR           9.50    06/30/2012   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.89
DIVERSA LTD             11.00    09/30/2014   AUD       0.12
EXPORT FIN & INS         0.50    12/16/2019   NZD      65.40
EXPORT FIN & INS         0.50    06/15/2020   AUD      63.26
EXPORT FIN & INS         0.50    06/15/2020   NZD      64.10
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.71
NEW S WALES TREA         1.00    09/02/2019   AUD      70.04
NEW S WALES TREA         0.50    09/14/2022   AUD      57.64
NEW S WALES TREA         0.50    10/07/2022   AUD      57.17
NEW S WALES TREA         0.50    10/28/2022   AUD      56.94
NEW S WALES TREA         0.50    11/18/2022   AUD      56.78
NEW S WALES TREA         0.50    12/16/2022   AUD      56.25
NEW S WALES TREA         0.50    02/02/2023   AUD      55.91
NEW S WALES TREA         0.50    03/30/2023   AUD      55.36
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      72.37
RESOLUTE MINING         12.00    12/31/2012   AUD       1.31
SUNCORP METWAY           6.75    09/23/2024   AUD      71.91
SUNCORP METWAY           6.75    10/06/2026   AUD      74.11
TREAS CORP VICT          0.50    08/25/2022   AUD      58.25
TREAS CORP VICT          0.50    11/12/2030   AUD      56.45
TREAS CORP VICT          0.50    11/12/2030   AUD      39.24


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      62.54
NANTONG ASET INV         6.72    11/13/2016   CNY      73.10
TAICANG PORT INV         7.10    01/21/2020   CNY      72.04


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      46.52


  INDIA
  -----

PUNJAB INFRA DB          0.40    10/15/2024   INR      25.44
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.08
PUNJAB INFRA DB          0.40    10/15/2026   INR      20.98
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.12
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.45
PUNJAB INFRA DB          0.40    10/15/2029   INR      15.96
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.62
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.43
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.73
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.41


  INDONESIA
  ---------

ARPENI PRATAMA          12.00    03/18/2013   IDR      57.33


  JAPAN


  -----

AIFUL CORP               1.63    11/22/2012   JPY      59.64
AIFUL CORP               1.74    05/28/2013   JPY      51.06
AIFUL CORP               1.99    10/19/2015   JPY      38.01
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      61.07
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.66
SHINSEI BANK             5.62    12/29/2049   JPY      74.11
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         2.34    09/29/2028   JPY      74.34
TOKYO ELEC POWER         2.40    11/28/2028   JPY      74.72
TOKYO ELEC POWER         2.11    12/10/2029   JPY      67.64
TOKYO ELEC POWER         1.95    07/29/2030   JPY      68.14
TOKYO ELEC POWER         2.36    05/28/2040   JPY      64.75


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.52
CRESENDO CORP B          3.75    01/11/2016   MYR       1.41
DUTALAND BHD             6.00    04/11/2013   MYR       0.46
DUTALAND BHD             6.00    04/11/2013   MYR       0.80
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.55
ENCORP BHD               6.00    02/17/2016   MYR       0.89
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.00
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.81
MALTON BHD               6.00    06/30/2018   MYR       0.80
MITHRIL BHD              3.00    04/05/2012   MYR       0.24
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.32
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.43
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.41
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.80
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.77
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.68
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.90
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.70
WAH SEONG CORP           3.00    05/21/2012   MYR       3.10
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.55
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.70


NEW ZEALAND
-----------

GENESIS POWER            8.50    07/15/2041   NZD       8.29
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       7.65
INFRATIL LTD             4.97    12/29/2049   NZD      64.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.26
NEW ZEALAND POST         7.50    11/15/2039   NZD      63.75
NZF GROUP                6.00    03/15/2016   NZD      41.01
SKY NETWORK TV           4.01    10/16/2016   NZD       7.45
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.25
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.70
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      38.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.10
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.99
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.05
SENGKANG MALL            4.00    11/20/2012   SGD       0.10
SENGKANG MALL            8.00    11/20/2012   SGD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.54
WBL CORPORATION          2.50    06/10/2014   SGD       1.43


SOUTH KOREA
-----------

CN 1ST ABS               8.00    02/27/2015   KRW      31.25
CN 1ST ABS               8.30    11/27/2015   KRW      25.70
DAEWOO MTR SALES         7.00    04/24/2012   KRW      64.96
EPIVALLEY CO LTD         3.00    01/14/2014   KRW      74.21
GALLERIA 2ND ABS         2.00    01/08/2015   KRW      70.30
GOLDEN BRIDGE            8.50    04/15/2015   KEW      50.45
GREAT KD 1ST ABS        15.00    08/19/2014   KRW      30.25
GRKABS 2ND ABS          10.00    09/29/2014   KRW      27.31
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      60.24
GYEONGGI SOLOMON         8.50    10/29/2014   KRW      69.45
GYEONGGI SOLOMON         8.10    04/19/2015   KRW      70.37
H K MUTUAL SAVING        9.50    08/02/2014   KRW      70.18
HOPE KOD 1ST ABS         8.02    06/30/2012   KRW      30.94
HOPE KOD 2ND ABS        15.00    08/21/2012   KRW      36.97
HOPE KOD 3RD ABS        15.00    09/30/2012   KRW      30.43
HOPE KOD 4TH ABS        15.00    12/29/2012   KRW      25.27
HOPE KOD 6TH ABS        15.00    03/10/2013   KRW      34.09
HYUNDAI SWISS BK        15.00    01/13/2015   KRW      70.17
IBK 17TH ABS            25.00    12/29/2012   KRW      62.10
JEIL II SAVINGS          8.50    07/19/2014   KRW      30.46
JEIL MUTUAL BK           8.10    07/16/2015   KRW      70.11
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      70.44
JINHEUNG MUTUAL          8.50    01/23/2015   KRW      68.26
KAMCO MIRAE-II           9.12    03/08/2012   KRW      71.32
KB 13TH ABS             25.00    07/02/2012   KRW      56.39
KB 14TH ABS             23.00    01/04/2013   KRW      61.50
KDB 1ST SEC SPC         20.00    06/20/2013   KRW      24.79
KEB 17TH ABS            20.00    12/28/2011   KRW      61.69
KICOX-CNCLO7/11          3.58    06/30/2014   KRW       4.24
KOREA MUTUAL SAV         8.00    09/22/2012   KRW      70.76
KOREA MUTUAL SAV         8.50    09/28/2013   KRW      70.51
MERITZ ABS               4.16    07/29/2012   KRW      69.76
NACF 18TH ABS           25.00    07/03/2011   KRW      48.00
SAM BU CONSTRUCT         8.70    10/15/2011   KRW      72.69
SC FIRST BANK            7.05    04/21/2019   KRW      71.35
SCONAB 2ND ABS          10.00    09/29/2014   KRW      30.17
SEOUL MUTUAL SAV         8.00    04/27/2016   KRW      69.71
SINBO 1ST ABS           15.00    07/22/2013   KRW      33.48
SINBO 2ND ABS           15.00    08/26/2013   KRW      34.72
SINBO 3RD ABS           15.00    09/30/2013   KRW      34.29
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.45
SINBO 5TH ABS           15.00    02/23/2014   KRW      31.12
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      29.16
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      30.22
SMART SAVINGS            8.00    01/17/2016   KRW      70.15
SOLOMON MU/HONAM         8.00    10/29/2014   KRW      69.45
SOLOMON MUTUAL B         8.50    10/29/2014   KRW      59.79
SOLOMON MUTUAL B         8.10    04/19/2015   KRW      70.16
TOMATO MUTUAL            8.30    03/12/2012   KRW      71.26
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      70.13


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       68.04


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       69.85


VIETNAM
--------

HCMC INVT FUND           9.25    08/10/2016   VND       11.70
VDB BOND                 8.40    09/13/2011   VND        9.70
VDB BOND                 8.40    01/15/2012   VND        9.50
VDB BOND                 8.40    01/22/2012   VND        9.50
VDB BOND                 8.10    01/26/2012   VND        9.50
VDB BOND                 8.60    09/13/2016   VND        9.50


                             *********

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

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

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


                            *********


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

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

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

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

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





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