TCRAP_Public/110804.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, August 4, 2011, Vol. 14, No. 153

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: ASIC Wants Centro Directors' Banned, Fined
DALBY BIO-REFINERY: United Petroleum to Take Control of Refinery
PRODUCTION PARTS: In Administration; PBB Seeks Interested Buyer
STORM FINANCIAL: BoQ, Two Other Lenders Lose Bid to Dismiss Suit
STORM FINANCIAL: Slater & Gordon Settles Claims Against NAB

WILLMOTT FORESTS: Receivers Sell Properties, Assets


C H I N A

COASTAL GREENLAND: S&P Lowers Corporate Credit Rating to 'B-'
COUNTY GARDEN: S&P Affirms 'BB' Long-term Corporate Credit Rating
COUNTRY GARDEN: S&P Gives 'cnBB' Ratings on Notes and Bond


H O N G  K O N G

BABCOCK & BROWN: Members' Final Meeting Set for August 30
GLOBAL HUMAN: Members' Final Meeting Set for August 30
HARMON INTERNATIONAL: Members' Final Meeting Set for August 31
HENU INDUSTRIAL: Members' and Creditors' Meetings Set for Aug. 12
HENU INDUSTRIAL (HOLDINGS): Annual Meetings Set for August 12

HENU PROPERTIES: Members' and Creditors' Meetings Set for Aug. 12
HENU REALTY: Members' and Creditors' Meetings Set for Aug. 12
HOI SING: Au and Wong Step Down as Liquidators
HOTEL AMENITIES: Placed Under Voluntary Wind-Up Proceedings
JUMBO PROFIT: Members' Final Meeting Set for August 30

KUEN FAT: Members' Final Meeting Set for September 3
LEI ER: Chan Sek Kwan Rays Steps Down as Liquidator
MONTBLANC-SIMPLO FAR: Yeung and Moyes Step Down as Liquidators
SHIMAO PROPERTY: Fitch Affirms Long-Term IDR at 'BB+'


I N D I A

AEZ INFRATECH: CRISIL Rates INR100MM Bank Facility at 'CRISIL C'
ASSOCIATED CERAMICS: CRISIL Rates INR30MM Credit at 'CRISIL BB+'
BHANDARI AUTOMOBILES: CRISIL Rates INR200MM Loan at 'CRISIL BB+'
CARE CORUPACK: CRISIL Assigns CRISIL B+ Rating to INR49MM Loan
CORAL TELECOM: CRISIL Assigns CRISIL D Rating to INR113.5MM Loan

DURGASHAKTI FOODS: CRISIL Puts CRISIL BB- Rating on INR70MM Loan
G. I. TEXTILES: CRISIL Assigns CRISIL D Rating to INR102.5MM Loan
GANESH SPONGE: CRISIL Cuts Rating on INR180MM Loan to 'CRISIL D'
HARIPRIYA MARINE: CRISIL Puts CRISIL B+ Rating on INR50MM Loan
HIMANCHAL CONSTRUCTION: CRISIL Rates INR60MM Loan at 'CRISIL BB'

IAI JOINFLEX: CRISIL Raises Rating on INR78.2MM Loan to CRISIL B+
INDUS VALLEY: CRISIL Rates INR250 Million LT Loan at 'CRISIL BB-'
JANAM DIAMONDS: CRISIL Places CRISIL BB Rating on INR60MM Loan
JESONS INDUSTRIES: Fitch Rates INR138MM LT Loan at 'Fitch BB-'
JINDAL AGRO: CRISIL Assigns 'CRISIL BB' Rating to INR20MM Loan

KAAISER OILS: CRISIL Assigns 'CRISIL B+' Rating to INR143MM Loan
MODERN MOBITECH: CRISIL Rates INR125MM Cash Credit at 'CRISIL B-'
SAHAJANAND MEDICAL: CRISIL Puts CRISIL BB+ Rating to INR120MM Loan
SHRI RAM: CRISIL Puts 'CRISIL B+' Rating on INR15MM Overdraft Loan
SIMOCO TELECOM: CRISIL Assigns 'CRISIL D' Rating to INR150MM Loan

SRI SARASWATHI: CRISIL Assigns 'CRISIL BB-' Rating to INR66MM Loan
STANDARD INFRATECH: CRISIL Rates INR60 Million Loan at 'CRISIL BB'
VICTORA AUTOMOTIVE: CRISIL Puts CRISIL BB- Rating on INR20MM Loan


J A P A N

J-CORE 12: Moody's Reviews Class C Ratings for Possible Downgrade


M A L A Y S I A

HO HUP: Secures MYR75 Million Term Loan from Insas Credit
TRACOMA HOLDINGS: NIG Filler Demands MYR7,904 Payment of Goods
TRACOMA HOLDINGS: CDRC Terminates Admission of Restructuring Plan
TRIPLC BERHAD: Posts MYR370,000 Net Income in Quarter Ended May 31


N E W  Z E A L A N D

ALLIED FARMERS: Sells Merchandising Division to RD1
BLUE STAR: Owners Sweetens Proposal for Bondholders
ST LAURENCE: CEO Given Three Months to Pay Debt or Face Bankruptcy
TONY TAY: Auckland Council Mulls Buying 55.6% in Film Studios


S I N G A P O R E

PAC POINT: Creditors' Meetings Set August 12
PROGEN ENGINEERING: Creditors' Proofs of Debt Due August 11
SA ADVISORY: Creditors' Proofs of Debt Due August 30
SIXT ASIA: Creditors' Proofs of Debt Due August 29
WEB WEAVER: Court Enters Wind-Up Order

WORLDWIDE INVESTIGATION: Creditors' Meetings Set August 12


                            - - - - -


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A U S T R A L I A
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CENTRO PROPERTIES: ASIC Wants Centro Directors' Banned, Fined
-------------------------------------------------------------
The Sydney Morning Herald reports that the Australian Securities
and Investments Commission (ASIC) has asked the Federal Court to
bar former Centro Properties Group chief executive Andrew Scott,
and former chief financial officer Romano Nenna for as much as
three years and to impose financial penalties over their roles in
the group's 2007 failure to disclose multi-billion dollar debts.

ASIC has also asked the court to bar six of Centro's former and
current non-executive directors for anywhere from 6 to 18 months,
and it has also sought financial penalties of AUD30,000 to
AUD60,000, according to SMH.

Directors include Centro's current chairman Paul Cooper and non-
executive director Jim Hall, former non-executive directors Sam
Kavourakis and Peter Wilkinson, and former chairman Brian Healey,
according to the report.

According to SMH, Justice John Middleton in Melbourne on Monday
heard submissions about what sort of penalties and formal
declarations are appropriate for the Centro directors and
executives who breached their duties in 2007 when they approved
financial statements that failed to disclose short term debts of
several billion dollars.

ASIC's counsel Mark Derham, QC, has urged Justice Middleton to
impose penalties of some sort on the eight officers, saying that
to do otherwise would contradict the court's own decision in late
June when he found the breaches were "serious," the report adds.

Centro decided in November 2010 to put all of its assets on the
block after having received approval to refinance the next round
of debt.  The sale of the assets comes almost three years to the
day that Centro's former chief executive, Andrew Scott, and the
board revealed the group did not have the funds needed to pay the
AUD4 billion of debt that was due in December 2007.  That resulted
in the shares of the company dropping in value by as much as 90%,
according to the Sydney Morning Herald.

In March 2011, The Australian related, Centro announced both the
sale of its U.S. shopping centres to U.S. private equity firm
Blackstone Group for US$9.4 billion (AUD8.9 billion), and a plan
to create a new Australian-only listed retail property trust by
amalgamating the Australian shopping centres held in a variety of
Centro funds.

                      About Centro Properties

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


DALBY BIO-REFINERY: United Petroleum to Take Control of Refinery
----------------------------------------------------------------
ABC News reports that The Dalby Bio-Refinery's new owner United
Petroleum is expected to take control of the refinery later this
month.

United Petroleum spokesman David Szymczak said it is considering
doubling ethanol production to 160 million liters a year.  "We are
very active in selling bio-fuels in Australia and in particular
E10 blended petrol all across our networks," ABC News quoted Mr.
Szymczak as saying.  "In buying the refinery, what it does for us
[is] gives us secure supply and really sets us up in that new
industry for the future," Mr. Szymczak added.

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2010, ABC News said that Dalby Bio-Refinery has been
placed into voluntary administration with creditors calling in
Ernst and Young as receivers to review the business.  ABC News
related that receiver Adam Nikitins said the bio-refinery owes
more than AU$80 million to creditors.  "The current strategy is to
certainly continue operations at the plant -- there are no planned
redundancies," he said.

Dalby Bio-Refinery -- http://www.dbrl.com.au/-- operates
Queensland's first grain-to-ethanol production facility.  The
company was established in 2002 to take advantage of the federal
government's clean fuels policy.


PRODUCTION PARTS: In Administration; PBB Seeks Interested Buyer
---------------------------------------------------------------
Patrick Stafford at SmartCompany reports that Production Parts Pty
Ltd has been placed into administration, with receivers PPB now
receiving expressions of interest for a buyer. David McEvoy and
Nicholas Martin of PPB have been appointed as receivers.

The collapse, according to SmartCompany, highlights pressure on
the manufacturing industry, which continues to battle the high
Australian dollar and the threat of higher interest rates.

Mr. Martin told SmartCompany that he was unable to provide much
information about the company's financial history, with
administrators only being appointed last Friday.  However, he did
confirm the company is still operating.

SmartCompany, citing the Australian Securities and Investments
Commission, discloses that Production Parts received a
notification of an application to wind up the company on July 28,
while administrators were appointed on July 29.

According to SmartCompany, the receivers are now putting out calls
for expression of interest, saying the company has more than 65
years of experience with both domestic and international clients,
annual revenue of AUD7 million and "significant long-term
contracts and orders in place."

Production Parts Pty Ltd -- http://www.productionparts.com.au/--
specializes in the engineering space working on aerospace, defence
and general engineering projects. The company was founded in 1946
Arthur Nicholls and is based in Melbourne, Australia.


STORM FINANCIAL: BoQ, Two Other Lenders Lose Bid to Dismiss Suit
----------------------------------------------------------------
The Australian reports that Bank of Queensland and two other
lenders have lost a bid to dismiss a lawsuit that claims they knew
Storm Financial was violating regulations before the fund manager
and adviser collapsed in 2009.

Federal Court of Australia judge John Reeves ruled Tuesday that
the lawsuit could proceed, The Australian relates.

According to The Australian, investors will be able to claim
damages from Bank of Queensland, Macquarie Bank and Commonwealth
Bank of Australia if a judge rules that Storm Financial broke the
rules and they knew about it.

The Australian Securities & Investments Commission, which filed
the lawsuit in December, "has now made a valid and justifiable
claim for relief," Justice Reeves wrote in a ruling posted on the
Federal Court's website, The Australian reports.

               Bosses Have Until Nov.4 to File Defense

Meanwhile, Herald Sun reports that Emmanuel and Julie Cassimatis,
the heads of Storm Financial, have three months to file a defense
in court against allegations of wrongdoing brought by the
corporate watchdog.

Herald Sun relates that Justice Reeves on Monday ordered that the
Cassimatises must respond by Nov. 4, 2011.

The pair's lawyer, Stephen Russell, had requested four months to
respond to what he described as "a massive case", which alleges
that the pair violated their duty as directors by dispensing "one
size fits all" advice, according to Herald Sun.

Since ASIC launched legal action against the Cassimatises last
December, the two sides have been sparring over the statement of
claim during a series of directions hearings, Herald Sun notes.

Justice Reeves granted ASIC leave to further amend its statement
of claim and set down a hearing on discovery for November 25.

Justice Reeves, as cited by Herald Sun, expressed exasperation
with the slow pace of pre-trial maneuvering by both sides and the
fact that the case had only reached a "very preliminary" stage
after eight months.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 23, 2010, ASIC launched legal action against Commonwealth
Bank, Bank of Queensland Ltd and Macquarie Group Ltd in relation
to the collapse of Storm Financial Ltd.  The legal proceedings
are:

  * compensation proceedings in the Federal Court of Australia
    in ASIC's name and on behalf of two former Storm investors
    against Bank of Queensland Limited, the owner and franchisee
    of the BoQ's North Ward branch (Senrac Pty Limited) and
    Macquarie Bank Limited (MBL) in relation to alleged breach
    of contract, contravention of the statutory prohibitions
    against unconscionable conduct and liability as linked credit
    providers of Storm under section 73 of the Trade Practices
    Act 1974; and

  * proceedings in the Federal Court of Australia against Storm,
    Commonwealth Bank of Australia, BoQ and MBL based on the
    operation by Storm of an alleged unregistered managed
    investment scheme in which the banks were involved.

In addition, ASIC has filed civil penalty proceedings in the
Federal Court of Australia against Emmanuel and Julie Cassimatis
as directors of Storm in relation to alleged contraventions of
section 180 (duties of directors) of the Corporations Act.

                        About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


STORM FINANCIAL: Slater & Gordon Settles Claims Against NAB
------------------------------------------------------------
The Australian Associated Press reports that law firm Slater &
Gordon said it has settled the last of its Storm Financial client
claims against the National Australia Bank.

Slater & Gordon said more than 100 former Storm customers made
claims against NAB after the collapse of Storm Financial, AAP
notes.

According to AAP, Slater & Gordon lawyer Damian Scattini said
"credit should go where it was due to NAB for handling the matters
in good faith and with respect for their customers."

"This is a great result for many mum and dad investors who lost
their livelihoods and financial security with the collapse of
Storm," AAP quotes Mr. Scattini as saying.

The Australian Securities and Investments Commission is involved
in other proceedings in the Federal Court against three other
banks, Commonwealth Bank of Australia, Bank of Queensland and
Macquarie Bank over the Storm collapse, AAP adds.

                        About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


WILLMOTT FORESTS: Receivers Sell Properties, Assets
---------------------------------------------------
Cimara Pearce at The Weekly Times reports that Willmott Forests
Ltd is selling a number of properties and assets.

The 22 properties are being sold by Willmott on the instructions
of receivers KordaMentha, the report discloses.

The properties are likely to be sold at bargain prices and, like
other failed managed investment scheme land, are expected to
attract strong foreign interest, according to The Weekly Times.

Properties for sale include a 27,000ha estate at Bombala, which
has more than 16,000ha of radiata pines, and a 19,000ha Murray
Valley estate with about 10,500ha of radiata pines planted, the
report notes.

The Weekly Times says there are also 20 individual properties
spread over 8000 hectares in northern NSW and Queensland with
silky-oak and she-oak plantations.

The Willmott properties are being offered for sale as a whole or
individually.

The Weekly Times, citing industry sources, said that if sold as a
whole, the properties could fetch more than AUD100 million.

                      About Willmott Forests

Based in Australia, Willmott Forests Limited (ASX:WFL) --
http://www.willmottforests.com.au/-- is engaged in identification
and acquisition of land for plantation establishment; site
preparation, planting and maintenance of Pine (Pinus radiata),
Silky Oak (Grevillea) and She-oak (Casuarina) plantations pursuant
to woodlot sales; negotiation and management of plantation
harvesting contracts and operations; marketing of forestry
investment projects to the public through complying offer
documents; management of the loan book generated by woodlot sales;
production, processing and sale of landscape and fencing timber
products, and research and development for producing ethanol from
lignocellulosic material.  The Company offers woodlot investment
projects in Australian states and territories, and operates timber
processing facilities in New South Wales.  Its subsidiaries
include BioForest Limited, Willmott Timbers Pty Ltd, Willmott
Finance Pty Ltd and Willmott Notes Pty Ltd, among others.

The Troubled Company Reporter-Asia Pacific reported on Sept. 7,
2010, that Willmott Forests Ltd's syndicate of banks, including
Commonwealth Bank and St. George Bank, had appointed Mark Mentha
and Bryan Webster of Korda Mentha as receivers, after scrapping
waivers to the AU$120 million owed.  The syndicate had granted the
company temporary waivers as Willmott undertook a business review,
including the sale of land assets to repay debt.  The syndicate
advised Willmott Forrests that the temporary waiver is terminated
and that all loans are immediately due and payable.


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C H I N A
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COASTAL GREENLAND: S&P Lowers Corporate Credit Rating to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on China-based property developer Coastal Greenland
Ltd. to 'B-' from 'B' and its Greater China scale rating to 'cnB-'
from 'cnB+'.  The outlook on the corporate credit rating is
negative.  "At the same time, we also lowered the ratings on
the company's $150 million senior unsecured notes to 'CCC+' from
'B-' and the Greater China scale rating on the issues to 'cnCCC+'
from 'cnB'," S&P said.

"The rating on Coastal Greenland Ltd. reflects our belief that the
company's significant near-term debt maturity will strain its
liquidity," said Standard & Poor's credit analyst Frank Lu.  "In
our view, the current credit tightening environment for domestic
banks has particularly heightened the refinancing risk for Coastal
Greenland, a relatively small player. We also expect the company's
contracted sales in fiscal 2012 to decline meaningfully from
HK$4.6 billion in fiscal 2011 because of China's tightening
monetary and housing policies."

Coastal Greenland has total debt of Hong Kong dollar (HK$) 3.5
billion coming due in fiscal 2013 (ending March 31, 2013),
including its outstanding senior unsecured notes.

Coastal Greenland's financial risk profile is highly leveraged. As
of March 31, 2011, its ratio of debt to EBITDA was about 7.1x and
its ratio of total debt to debt and equity was about 61%. "We
believe the company's leverage will remain high in the next two
years. Combined with its weak operating cash flow generation and
the credit tightening environment in China, Coastal Greenland
has very limited financial flexibility, in our view," S&P said.

The company's vulnerable business risk profile primarily reflects
Coastal Greenland's small operating scale, high project
concentration, and weak execution. The company has just one or two
projects in each of the many cities in which it operates. "We
believe its wide geographical spread relative to its scale has
stretched its financial and management resources, contributing to
weak execution and low operating efficiency. The company is also
exposed to the competitive and volatile nature of China's real
estate market with evolving regulations. We expect the company's
contracted sales to decline in the next one to two years because
its projects are concentrated in cities where purchase
restrictions have been imposed, such as Shanghai, Dalian, and
Beijing," S&P related.

Coastal Greenland has tried to reduce its costs by focusing on
existing markets. It also aims to increase asset turnovers and
dispose of non-core assets to improve liquidity. "However, we
believe the company's ability to execute these strategies remains
questionable, due to its limited track record in these areas and
the recent negative trend in the Chinese real estate market," S&P
said.

"The negative outlook reflects our view that Coastal Greenland's
significant near-term maturities will strain its liquidity. We
also expect the operating environment to become increasingly
difficult and that the company's contracted sales will continue to
decline in the next few quarters, due to the negative impact from
the Chinese government's tightening monetary and housing
policies," said Mr. Lu.

"We could lower the ratings if Coastal Greenland is unable to
refinance its maturing debt on a timely basis. Conversely, we
could revise the outlook to stable if the company's liquidity
improves and its operating performance remains generally stable;
for example, if it refinances both onshore bank loans and senior
unsecured notes and generates reasonable sales," S&P added.


COUNTY GARDEN: S&P Affirms 'BB' Long-term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on China-
based property developer Country Garden Holdings Co. Ltd. to
stable from negative.  "We also raised the Greater China scale
rating on Country Garden to 'cnBBB-' from 'cnBB+'. At the same
time, we affirmed the 'BB' long-term corporate credit rating on
Country Garden and our 'BB-' issue ratings on the company's
outstanding senior unsecured notes and convertible bond. We also
raised the Greater China scale rating on Country Garden's issues
to 'cnBB+' from 'cnBB'," S&P said.

"We revised the outlook to reflect our view that Country Garden
can maintain good sales execution and a stable profit margin over
the next 12 months, even under the scenario of a modest sector
correction," said Standard & Poor's credit analyst Bei Fu.

In the first six months of 2011, the company's contracted sales
rose 64% year over year to Chinese renminbi (RMB) 21.5 billion,
reaching 50% of its full-year budget. More than 90% of Country
Garden's sales are from areas that don't have government
restrictions on property purchases.

"We expect Country Garden's sales performance to remain
satisfactory over the next six months, at least, despite the
likelihood that purchase restrictions will broaden to more
markets," said Ms. Fu.

The company's business model targets owner-occupiers in second-
and third-tier cities, which are less affected by the policy-
tightening measures. In addition, the company's execution has
improved since the new president joined the management team.

Country Garden's profitability has continued to strengthen since
bottoming in late 2009. The improvement is attributable to the
company's more established market position, particularly in new
markets, such as Anhui and Liaoning provinces, and increased
average selling prices, which have risen in line with peers'.
"We expect the company's revenue to grow more than 20% each year
due to its competitive products; EBITDA margins are likely to
remain between 28% and 30% in 2011-2012," S&P related.

Country Garden's financial performance is also likely to be
satisfactory in 2011-2012. "In our base case, we anticipate EBITDA
interest coverage ratio of more than 4x and a debt-to-EBITDA ratio
of less than 3x for 2011. We expect the company to achieve
contracted sales of RMB 30 billion-RMB40 billion with moderate
growth in total borrowings over 2011-2012," S&P said.

Country Garden is likely to recognize a material amount of gross
floor area in 2012, due to good presales in 2010 and the first
half of this year. Nevertheless, the company's overall financial
performance in 2012 will remain sensitive to profit margin
fluctuations, due to its relatively low margin, high volume
business model. If Country Garden aggressively cuts prices in the
remainder of this year, its overall performance may be undermined
in 2012.

"The rating on Country Garden also reflects our view that
execution risks continue to surround the company's expansion
outside its home market of Guangdong. The rating further reflects
the volatility in the property developer's margins, and the
cyclical and competitive nature of the Chinese real estate
industry, with its evolving regulatory environment. The company's
land bank -- one of the largest among Chinese real estate
developers and with the lowest costs -- and its established
property portfolio in Guangdong province temper these weaknesses,"
S&P related.

The issue rating is one notch lower than the corporate credit
rating. "Country Garden's ratio of onshore borrowings to total
assets has been below our notching threshold of 15% for
speculative-grade debt issues since 2010. We expect the ratio to
have remained below the threshold at the end of June 2011 due to
offshore note issuance earlier this year. However, over the next
two years, we believe the company is likely to increase onshore
funding for its expanding development portfolio. As a result, the
current ratio may not be sustainable, in our view," S&P said.

"The stable outlook reflects our expectation that Country Garden's
sales performance is likely to remain resilient even under a
scenario of a moderate market correction in the next six to 12
months," said Ms. Fu. "In our view, the company's business model,
which targets end-user markets in lower-tier cities, is likely to
benefit the developer this year as these areas are less affected
by the current policy tightening. We expect Country Garden to
maintain adequate liquidity while pursuing aggressive growth."

"We may lower the rating if the company's sales or margins are
weaker than we expect or debt-funded expansion is more aggressive
than we anticipate. This could happen if EBITDA interest coverage
is below 3x, the debt-to-EBITDA ratio is above 5x, or its EBITDA
margins are materially weaker than 25% for a sustainable period.
In addition, the rating could be lowered if Country Garden's
liquidity becomes less than adequate, the company makes a major
shift in its business model, or it introduces aggressive
shareholder-capital-return initiatives," S&P related.

"We may raise the rating if Country Garden's financial risk
profile further improves due to strong sales, good profitability,
and well-managed leverage, such that the company maintains an
adjusted ratio of total debt to EBITDA of less than 3.0x and
EBITDA interest coverage of more than 5.0x on a sustained basis,"
S&P said.


COUNTRY GARDEN: S&P Gives 'cnBB' Ratings on Notes and Bond
----------------------------------------------------------
Following an administrative error, Standard & Poor's Ratings
Services has corrected the Greater China credit scale ratings on
the outstanding notes and convertible bond of Country Garden
Holdings Co. Ltd.  We rate each of the issues 'cnBB'.


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H O N G  K O N G
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BABCOCK & BROWN: Members' Final Meeting Set for August 30
---------------------------------------------------------
Members of Babcock & Brown Limited will hold their final general
meeting on Aug. 30, 2011, at 2:30 p.m., at 29th Floor, Caroline
Centre, at Lee Gardens Two, at 28 Yun Ping Road, in Hong Kong.

At the meeting, Osman Mohammed Arab, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GLOBAL HUMAN: Members' Final Meeting Set for August 30
------------------------------------------------------
Members of Global Human Network Company Limited will hold their
final general meeting on Aug. 30, 2011, at 10:00 a.m., at 1001
Admiralty Centre Tower I, 18 Harcourt Road, in Hong Kong.

At the meeting, Chan Kim Chee and Chiu Fan Wa, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HARMON INTERNATIONAL: Members' Final Meeting Set for August 31
--------------------------------------------------------------
Members of Harmon International Limited will hold their final
general meeting on Aug. 31, 2011, at 10:00 a.m., at 12/F., The Lee
Gardens, at 33 Hysan Avenue, in Causeway Bay, Hong Kong.

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


HENU INDUSTRIAL: Members' and Creditors' Meetings Set for Aug. 12
-----------------------------------------------------------------
Members and creditors of Henu Industrial Company Limited will hold
their annual meetings on Aug. 12, 2011, at 10:00 a.m., and
10:15 a.m., respectively at 32nd Floor, One Pacific Place,
88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund),
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


HENU INDUSTRIAL (HOLDINGS): Annual Meetings Set for August 12
-------------------------------------------------------------
Members and creditors of Henu Industrial (Holdings) Limited will
hold their annual meetings on Aug. 12, 2011, at 10:30 a.m., and
10:45 a.m., respectively at 32nd Floor, One Pacific Place,
88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund),
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


HENU PROPERTIES: Members' and Creditors' Meetings Set for Aug. 12
-----------------------------------------------------------------
Members and creditors of Henu Properties Investment Limited will
hold their annual meetings on Aug. 12, 2011, at 11:00 a.m., and
11:15 a.m., respectively at 32nd Floor, One Pacific Place,
88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund),
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


HENU REALTY: Members' and Creditors' Meetings Set for Aug. 12
-------------------------------------------------------------
Members and creditors of Henu Realty Company Limited will hold
their annual meetings on Aug. 12, 2011, at 11:30 a.m., and
11:45 a.m., respectively at 32nd Floor, One Pacific Place,
88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund),
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


HOI SING: Au and Wong Step Down as Liquidators
----------------------------------------------
Au Wai Keung and Wong Kam Wah stepped down as liquidators of Hoi
Sing Transportation Co., Limited on July 27, 2011.


HOTEL AMENITIES: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on July 18, 2011,
creditors of Hotel Amenities International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Yuen Wai Kin Tony
         Unit 1402, 14th Floor
         Yue Xiu Building
         160-174 Lockhart Road
         Wanchai, Hong Kong


JUMBO PROFIT: Members' Final Meeting Set for August 30
------------------------------------------------------
Members of Jumbo Profit Limited will hold their final general
meeting on Aug. 30, 2011, at 10:30 a.m., at 602 The Chinese Bank
Building, at 61-65 Des Voeux Road, in Central, Hong Kong.

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


KUEN FAT: Members' Final Meeting Set for September 3
----------------------------------------------------
Members of Kuen Fat Investment Company Limited will hold their
final general meeting on Sept. 3, 2011, at 10:00 a.m., at Room
206, 2nd Floor, Alliance Building, at 130-136 Connaught Road
Central, in Hong Kong.

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


LEI ER: Chan Sek Kwan Rays Steps Down as Liquidator
---------------------------------------------------
Chan Sek Kwan Rays stepped down as liquidator of Lei Er Company
Limited on July 15, 2011.


MONTBLANC-SIMPLO FAR: Yeung and Moyes Step Down as Liquidators
--------------------------------------------------------------
Betty Yuen Yeung and Paul David Stuart Moyes stepped down as
liquidators of Montblanc-Simplo Far East Limited on July 18, 2011.


SHIMAO PROPERTY: Fitch Affirms Long-Term IDR at 'BB+'
-----------------------------------------------------
Fitch Ratings has affirmed Hong Kong-based Shimao Property
Holdings Limited's Long-Term Foreign Currency Issuer Default
Rating (IDR) at 'BB+' with Stable Outlook. Fitch has also affirmed
Shimao's foreign currency senior unsecured rating at 'BB+'.

The ratings are supported by Shimao's large and well-located land
bank, geographic diversification and proven track record in the
property development sector. Shimao also has one of the most well-
established and significant rental income streams among Chinese
property companies rated by Fitch. The ratings are further
supported by Shimao's historically prudent financial management
with a focus on maintaining adequate liquidity and ready access to
various funding channels. However, the ratings are constrained by
the company's concentration in property sales activity, which
contributed over 90% of its 2010 revenue, as well as by regulatory
risks in the Chinese property market.

Shimao's diversified development projects span over 30 Chinese
cities across Yangtze River Delta, Bohai Rim, mid-west China,
south China and other regions, with no more than 50% exposure to
each of these regions. These regions also show generally higher
per capita income than the national average.

Recurring income from rentals and its hotel operations represented
about 6% of total cash revenue in 2010. This ratio is the highest
among non-investment grade Chinese property developers rated by
Fitch. Management expects to continue to invest in
commercial/retail properties and hotel constructions with the
ultimate goal of increasing their sales contribution to 40%-50% of
total annual sales.

The Stable Outlook reflects Fitch's expectation that Shimao will
maintain stable operating performance and prudent financial
policies in the short- to medium-term. For the near term, Fitch
expects Shimao will continue to deliver contracted sales growth in
H211.

Fitch believes that the tightened regulatory environment with
strict implementation of home purchase restrictions over 35 cities
across China has held back housing demand and, consequently,
property companies' contracted sales in H211. The impact on Shimao
may be pronounced, given its focus on the middle to high-end
segments and its high-margin business model. Fitch will continue
to monitor Shimao's monthly sales performance.

The ratings may come under downward pressure from any signs that
Shimao's 2011 contracted sales target of CNY36bn is not
achievable. Other factors that may lead to negative rating action
include changes in the market environment leading to EBITDA margin
erosion below 25% and aggressive debt-funded expansion leading to
the net debt-to-inventory ratio exceeding 45%-50%. Acquiring land
causing the average total land cost to exceed 20% of current
average selling price; or tighter liquidity due to a sustained
fall in free cash flows or weakened access to financing channels
are also negative rating triggers.

Positive rating action is not expected over the next 12-18 months
due to the present tight regulatory environment in the Chinese
property sector.


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


AEZ INFRATECH: CRISIL Rates INR100MM Bank Facility at 'CRISIL C'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the overdraft
facility of AEZ Infratech Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR100.0 Mil. Overdraft Facility    CRISIL C (Assigned)

The rating reflects AEZIPL's exposure to risks related to
concentration of its projects in and around the National Capital
Region (NCR) and susceptibility to downturns in the real estate
sector. These rating weaknesses are partially offset by AEZIPL's
promoters' experience in the real estate business.

AEZIPL is the real estate arm of the AEZ group. The AEZ group was
promoted by Mr. Sanjeev J Aeren, who has experience of more than
two decades in real estate buisness. AEZIPL is a real estate
developer with operations across various locations in NCR and is
engaged in development of residential, commercial, institutional
and recreational properties. Currently, the company is
constructing residential projects in Rishikesh (Uttarakhand) and
Gurgaon (Haryana), and commercial properties in Ghaziabad (Uttar
Pradesh) and Faridabad (Haryana). The company has poor repayment
track record with Bank of India and is in the process of clearing
its outstanding dues with the bank over the next two quarters.

For 2010-11 (refers to financial year, April 1 to March 31),
AEZIPL reported an operating income of INR395.6 million and a net
profit of INR34.8 million, against an operating income of INR307.8
million and a net profit of INR8.5 million for 2009-10.


ASSOCIATED CERAMICS: CRISIL Rates INR30MM Credit at 'CRISIL BB+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Associated Ceramics Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR60 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect ACL's established presence in the refractories
industry, supported by an experienced management, and adequate
financial risk profile marked by a low gearing. These rating
strengths are partially offset by ACL's small scale of operations
and the susceptibility of the company's revenues and profitability
to the tender based-nature of operations, volatility in raw
material prices, and cyclicality in the end-user industries.

Outlook: Stable

CRISIL believes that ACL will continue to benefit over the medium
term from its long track record in the refractories business and
low debt levels. However, ACL's business risk profile will remain
constrained by the company's small scale of operations. The
outlook may be revised to 'Positive' in case of significant
improvement in ACL's scale of operations most likely driven by any
large orders, and a sustained improvement in profitability. The
outlook may be revised to 'Negative' in case of lower-than-
expected revenues and profitability or in case of any large, debt-
funded capital expenditure.

                      About Associated Ceramics

Incorporated in 1970, ACL manufactures refractory materials that
are used in lining furnaces, kilns, fireboxes, and fireplaces. The
company primarily deals in firebricks and its product offering
includes fireclay, high grade alumina, sillimanite, and other
basic and special purpose refractories. ACL's major customers are
from industries such as steel, glass, cement, and electro
graphite.  The company also exports to countries in Africa and
Europe; exports have accounted for around 20% of ACL's revenues in
the past two years.

For 2010-11 (refers to financial year, April 1 to March 31), based
on provisional results, ACL reported a net profit of INR7.2
million on net revenues of INR323.2 million, against a net profit
of INR6.6 million on net revenues of INR228.7 million in 2009-10.


BHANDARI AUTOMOBILES: CRISIL Rates INR200MM Loan at 'CRISIL BB+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable 'rating to the cash
credit facility of Bhandari Automobiles Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR200 Million Cash Credit       CRISIL BB+/Stable (Assigned)

The rating reflects BAPL's strong market position in the
automobile dealership business, and its established association
with its principals, Tata Motors Ltd (TML; rated 'CRISIL AA-
/Stable/CRISIL A1+' and Maruti Suzuki India Ltd (MSIL; Rated
CRISIL AAA/Stable/CRISIL A1+). These rating strengths are
partially offset by BAPL's below-average financial risk profile,
marked by a relatively small net worth, high total outside
liability to tangible net worth, and pressure on margins due to
intense competition.

Outlook: Stable

CRISIL believes that BAPL will continue to benefit over the medium
term from its strong market position and established relationship
with its principals. The outlook may be revised to 'Positive' if
the company significantly improves its revenues and profitability,
or significantly strengthens its capital structure. Conversely,
the outlook may be revised to 'Negative' if BAPL undertakes a
larger-than-expected, debt-funded capital expenditure programme,
or if it relies on debt to fund incremental working capital
requirements, leading to deterioration in its financial risk
profile.

                     About Bhandari Automobiles

Incorporated in 1979, BAPL is an authorized dealer of TML's
commercial vehicles (CVs) in West Bengal (WB). It also sells
spares and accessories and services CVs. BAPL is also an
authorized dealer for MSIL for the sale of its entire range of
passenger vehicles (PVs; including the true value vehicles) and
for sale of spares and accessories, and servicing of PVs in WB
since 2002. Presently, BAPL has seven 3S (sales, services, and
spares) facilities each for TML and MSIL with 24 customer connect
points across WB. BAPL was awarded with TML's all-India number one
dealership award for its performance during 2009-10 (refers to
financial year, April 1 to March 31).


CARE CORUPACK: CRISIL Assigns CRISIL B+ Rating to INR49MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Care Corupack Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR49 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR83.5 Mil. Proposed Long-Term   CRISIL B+/Stable (Assigned)
                Bank Loan Facility

The rating reflects CCL's weak financial risk profile, marked by a
small net worth and weak debt protection metrics, ongoing debt-
funded capex, low operating margin due to low value-addition, in a
highly competitive and fragmented packaging industry. These rating
weaknesses are partially offset by the extensive industry
experience of CCL's promoter.

Outlook: Stable

CRISIL believes that CCL will continue to benefit over the medium
term from the extensive experience of its promoter in the
packaging industry. The outlook may be revised to 'Positive' if
the company's plan stabilizes earlier-than-expected, leading to
better-than-expected growth in topline and cash accruals, or if
its financial risk profile improves significantly, backed by
equity infusion by the promoter. Conversely, the outlook may be
revised to 'Negative' in case there are time and cost overruns in
CCL's ongoing project or if its debt protection metrics weaken due
to lower-than-expected profitability.

                      About Care Corupack

Incorporated in 1995 by Mr. Rajeev Agrawal as Care Beverages
(India) Ltd, the company's name was changed to its present one in
2001. CCL manufactures corrugated boxes at its unit in Kalol
(Gujarat), which has capacity of 150 tonnes per month (tpm). The
company derives 70% of its topline from sale of corrugated boxes,
while the remaining comes from trading paper. Majority of CCL's
production comprises outer box for bulk packaging. Currently, the
company outsources multi-colour printing and laminating work.

CCL is undertaking a capital expenditure (capex) programme of
INR65 million to set up a flexible packaging unit near Ahmedabad
(Gujarat), which will have a capacity of about 1000 tpm. The new
unit will also have multi-colour printing and laminating
facilities. The capex is expected to be funded through a term loan
of INR42.5 million and the balance through promoter's unsecured
loans and internal accruals. The new unit is expected to commence
operations by October 2011. The promoter also plans to close the
existing unit and shift the machineries to the new unit.

CCL is estimated to report profit after tax (PAT) of INR3.3
million on net sales of INR270.9 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR1.7
million on net sales of INR183.9 million for 2009-10.


CORAL TELECOM: CRISIL Assigns CRISIL D Rating to INR113.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Coral Telecom Ltd; the ratings reflect instances of delay by
CTL in servicing its debt; the delays have been caused by the
company's weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR113.5 Million Term Loan         CRISIL D (Assigned)
   INR219.0 Million Cash Credit       CRISIL D (Assigned)
   INR6.0 Million Proposed Cash       CRISIL D (Assigned)
                  Credit Limit
   INR60.0 Million Letter of Credit   CRISIL D (Assigned)
   INR30.0 Million Bank Guarantee     CRISIL D (Assigned)

CTL also has a weak financial risk profile because of its large
capital expenditure in the recent past, limited product portfolio
leading to a small scale of operations, and highly working-
capital-intensive operations. CTL, however, benefits from its
improving operating efficiencies driven by increased research and
development to enhance its product portfolio and promoter's
extensive experience in marketing and manufacturing Electronic
Private Automatic Branching Exchange (EPBAX) systems.

                        About Coral Telecom

CTL was set up in 1996 by a group of professionals from the
telecom and information technology sectors. The company was set up
as Usha Infomatics Pvt Ltd in 1991 to market EPBAX systems in
India. It procures its products from Usha Electronics and markets
them under the UE brand. In 1996, the company integrated backward
by manufacturing and supplying integrated switch (EPBAX) for
enterprise applications; it was also reconstituted as a limited
company and renamed CTL. The company enhanced its product
portfolio by introducing innovative switching products for voice
video and data delivery that support wireline as well as mobility
applications.


DURGASHAKTI FOODS: CRISIL Puts CRISIL BB- Rating on INR70MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Durgashakti Foods Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Long-Term Loan     CRISIL BB-/Stable (Assigned)
   INR80 Million Cash Credit        CRISIL BB-/Stable (Assigned)

The rating reflects the benefits that Durgashakti derives from its
promoters' experience in the edible oils industry and its
proximity to raw material sources. These rating strengths are
partially offset by Durgashakti's small net worth, restricting the
company's financial flexibility; constrained profitability, given
the limitations inherent in the agricultural-based commodity
businesses and volatility in soya bean prices; and working-
capital-intensive operations.

Outlook: Stable

CRISIL believes that Durgashakti will gradually improve its
business risk profile over the medium term on the back of increase
in its capacity utilization. The outlook may be revised to
'Positive' in case of a speedy ramp-up of capacity utilization,
leading to substantial improvement in the company's business
volume and cash accruals. Conversely, the outlook may be revised
to 'Negative' if Durgashakti's revenues and profitability are
lower than expected, or if the company's capital structure and
debt protection metrics weaken because of substantial increase in
debt.

                     About Durgashakti Foods

Durgashakti was set up in 2008 by Mr. Shashikant Sureka and his
two brothers in order to expand their family-run edible oil
business. The family has been manufacturing and selling crude
edible oils (soya and sunflower) and de-oiled cakes (DOC) for more
than two decades. The company's production facility at Khamgaon
(Maharashtra) has seed crushing capacity of 400 tonnes per day.
Durgashakti buys most of the soya seeds from Agriculture Produce
Market Committee which is based in Khamgaon. The company sells
crude soya oil to nearby refineries; it sells soya DOCs in Tamil
Nadu, Karnataka, and Andhra Pradesh. Durgashakti commenced
commercial operations in 2009-10.

Durgashakti's net profit is estimated at INR5.9 million on net
sales of INR916.9 million for 2010-11 (refers to financial year,
April 1 to March 31), against a net loss of INR2.0 million on net
sales of INR411.8 million for 2009-10.


G. I. TEXTILES: CRISIL Assigns CRISIL D Rating to INR102.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISILD' rating to G.I. Textiles bank
facilities.

   Facilities                           Ratings
   ----------                           -------
   INR40.0 Million Cash Credit          CRISIL D (Assigned)
   INR102.5 Million Long-Term Loan      CRISIL D (Assigned)
   INR7.5 Million Proposed Long-Term    CRISIL D (Assigned)
                 Bank Loan Facility

The ratings reflect delay by GIT in servicing its term loan; the
delay has been caused by GIT's weak liquidity.

GIT has a weak financial risk profile marked by small net worth,
high gearing, and weak debt protection metrics. However, the firm
has a moderate business risk profile, supported by its promoter-
partners' extensive experience in the textile industry.

GIT, a partnership firm set up in 2008, manufactures yarn. The
firm has capacities of 2000 rotors, with manufacturing facilities
near Guntur (Andhra Pradesh).  The firm has five partners: Mr. R
Venkatramana, Mr. S Ranibabu, Mr. T Sankara Maha Laxman Rao, Mr. R
Krishna Prasad, and Mrs. M Ratna Kumari.


GANESH SPONGE: CRISIL Cuts Rating on INR180MM Loan to 'CRISIL D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of Ganesh Sponge Pvt Ltd to 'CRISIL D' from 'CRISIL BB-/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR140 Million Cash Credit       CRISIL D (Downgraded from
                                         'CRISIL BB-/Stable')

   INR180 Million Long-Term Loan    CRISIL D (Downgraded from
                                         'CRISIL BB-/Stable')

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

GSPL also has a marginal market share in the sponge iron industry,
is exposed to risks related to susceptibility of margins to
increase in input prices, has a below-average financial risk
profile, marked by small net worth, high gearing and modest debt
protection metrics, and faces lack of integration in its
operations. These rating weaknesses are partially offset by the
company's moderate business risk profile.

                       About Ganesh Sponge

GSPL was incorporated in 2004. The company is in the business of
manufacturing sponge iron. The company has a manufacturing plant
in Angul, Orissa, with an installed manufacturing capacity of
90,000 tonnes per annum (tpa). Mr. S. K. Dalmiya is the company's
chairman and his son, Mr. Vikash Dalmiya, is the managing
director. GSPL was acquired from its previous promoters, the
Agarwals, in March 2008. The company's manufacturing unit is
located close to its raw material sources.

GSPL reported a provisional net loss of INR3.6 million on net
sales of INR654.8 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a profit after tax of INR9.9
million on net sales of INR508.7 million for 2009-10.


HARIPRIYA MARINE: CRISIL Puts CRISIL B+ Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Haripriya Marine Export Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR50 Million Cash Credit           CRISIL B+/Stable (Assigned)
   INR340 Mil. Foreign Bill Purchase   CRISIL A4 (Assigned)
   INR480 Million Packing Credit       CRISIL A4 (Assigned)

The ratings reflect HME's weak financial risk profile, marked by
high gearing, weak debt protection metrics, and large working
capital requirements; the rating also factors in susceptibility of
HME's profitability to volatility in raw material prices and
foreign exchange (forex) rates, and its exposure to inherent risks
in the seafood industry. These rating weaknesses are partially
offset by HME's promoters' reputation in the seafood industry.

Outlook: Stable

CRISIL believes that HME will continue to benefit from promoters'
industry experience in the seafood industry over the medium term.
The outlook may be revised to 'Positive' if there is more-than-
expected improvement in HME's capital structure because of an
increase in its scale of operations and realizations or
substantial capital infusion into the company. Conversely, the
outlook may be revised to 'Negative' if HME undertakes larger-
than-expected debt-funded capital expenditure programme, or if
there is a sharp decline in its revenues or profitability, leading
to deterioration in its financial risk profile, particularly
capital structure.

                       About Haripriya Marine

Set up as a partnership firm (Haripriya Food Imports) in 1997, HME
is promoted by Mr. T Venkateswara Rao and his family. In 2005, the
partnership firm was reconstituted as a private limited company,
with its name changed to the current one. The company processes
and exports shrimps and fish to the US and European countries; the
company's processing facilities are approved by US Food and Drug
Administration. The company's processing facility is located in
Konithivada village, near Bhimavaram (Andhra Pradesh). HME has a
processing capacity of 20 tonnes per day and a cold storage
capacity of about 2700 tonnes.

HME reported a loss after tax of INR11.1 million on net sales of
INR938.8 million for 2009-10 (refers to financial year, April 1 to
March 31), against a profit after tax of INR6.5 million on net
sales of INR703.9 million for 2008-09. For 2010-11, the estimated
revenues are about INR1310 million.


HIMANCHAL CONSTRUCTION: CRISIL Rates INR60MM Loan at 'CRISIL BB'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Himanchal Construction Company Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR60.0 Million Cash Credit      CRISIL BB/Stable (Assigned)
   INR7.5 Million Standby Line      CRISIL BB/Stable (Assigned)
                     of Credit
   INR40.0 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect HCCPL's moderate financial risk profile,
marked by low gearing, and promoter's extensive experience in the
civil construction sector. These rating strengths are partially
offset by HCCPL's weak business risk profile, marked by low
bargaining power, geographical concentration, and working-capital-
intensive operations.

Outlook: Stable

CRISIL believes that HCCPL will continue to benefit from its
moderate order book and absence of long-term debt in its books
over the medium term. HCCPL's revenues will be susceptible to any
delay in completion of its ongoing projects for government and
private enterprises in Bihar and Jharkhand. The outlook may be
revised to 'Positive' if HCCPL's profitability and customer-mix
improves significantly. Conversely, the outlook may be revised to
'Negative' if HCCPL undertakes a larger-than-expected, debt-funded
capital expenditure programme, or faces significant time or cost
overrun in its ongoing projects, leading to deterioration in its
profitability and debt protection metrics.

                    About Himanchal Construction

HCCPL was established in 1978 as a proprietorship firm by Mr. BN
Dikshit in Jamshedpur (Jharkhand). The firm was reconstituted as a
partnership firm in 1980 and as a private limited company in 1983
when Mr. Dikshit was joined by his other family members. HCCPL
provides turnkey construction services, mainly for civil works of
roads, bridges, canals and dams, for authorities such as public
works departments (PWDs) of Bihar and Jharkhand), water resources
department (WRD) of Bihar, flood control department (FCD) of
Bihar, and Tata Steel Ltd of Jamshedpur. It has an order book of
INR472 million, which comprises projects for the private players
as well as government departments.

HCCPL reported a profit after tax (PAT) of INR14.8 million on net
sales of INR469.1 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR12.4 million on net
sales of INR394.3 million for 2009-10.


IAI JOINFLEX: CRISIL Raises Rating on INR78.2MM Loan to CRISIL B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank loan facilities of IAI
Joinflex India Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable'.

   Facilities                      Ratings
   ----------                      -------
   INR78.2 Million Term Loan       CRISIL B+/Stable (Upgraded from
                                               'CRISIL B-/Stable')

   INR25 Million Cash Credit       CRISIL B+/Stable (Upgraded from
                                               'CRISIL B-/Stable')

The upgrade reflects improvement in IAIJ's business and financial
risk profiles in 2010-11 (refers to financial year, April 1 to
March 31), driven by stabilization of operations at its recently
set up capacities and healthy increase in sales during the year.
IAIJ made capital investments and started commercial operations in
February 2009. After a slow start in 2009-10, its sales picked up
in 2010-11, driven by formalization of contracts with key
automotive (auto) original equipment manufacturers (OEMs)
resulting in a steady order inflow. IAIJ's revenues increased to
INR117.0 million in 2010-11, driven by sales made to Tata Motors
Ltd, Mahindra & Mahindra Ltd, Cummins Ltd and other OEMs. With
better distribution of overheads and near-optimal utilization of
capacities, IAIJ's operating margin improved to over 35% in 2010-
11. This has led to adequate cash accruals vis-a-vis maturing debt
obligations over the medium term for the company and has improved
its liquidity. The upgrade also reflects CRISIL's belief that
IAIJ's top-line will continue to grow, supported by its enhanced
capacities and improving demand for its products.

The ratings reflect IAIJ's modest scale of operations, customer
concentration, susceptibility to volatility in raw material
prices, below-average financial risk profile marked by modest net
worth and weak liquidity. These rating weaknesses are partially
offset by the extensive experience of IAIJ's promoters in the
auto-components industry.

Outlook: Stable

CRISIL believes that IAIJ will continue to benefit from the
established relationships of its promoters in the auto-component
industry. IAIJ's liquidity will, however, is expected to remain
weak over the medium term because of its working-capital-intensive
operations and moderate capital expenditure (capex) plans. The
outlook may be revised to 'Positive' if IAIJ achieves optimal
utilization of its recently set up capacities without delay and
improves its liquidity significantly by improving its working
capital management or sourcing long-term funds. Conversely, the
outlook may be revised to 'Negative' if IAIJ faces unprecedented
time or cost overruns in its ongoing capex programme, or its
profitability declines sharply, most likely because of pricing
pressures from OEMs.

                    About IAI Joinflex

Incorporated in 2007, IAIJ is promoted by Mr. Mehtani, Mr. Lamba,
Mr. Sardana and Joinflex Company Ltd, South Korea. IAIJ commenced
commercial operations in February 2009. The Indian promoters of
IAIJ have extensive experience in the auto-components industry
through Imperial Auto Industries, which has been in this business
for over four decades in the manufacture of fluid transmission
products. IAIJ has three main product lines: exhaust gas
recirculation (EGR) tubes, turbo charger oil drain and feed tubes,
and exhaust flexible connectors. The company commenced operations
by manufacturing EGR tubes and oil drain tubes. Currently, the
company derives around 70% of its revenues from sale of EGR tubes,
and the rest from sale of oil drain tubes. It has recently started
manufacturing and marketing exhaust flexible connectors. It
supplies EGR tubes and oil drain tubes directly to OEMs and
supplies flexible connectors to Tier-1 manufacturers of auto
components. These products are used to meet pollution control
norms for Bharat Stage III and above and will be mandatory for all
engines in the future. IAIJ's manufacturing facility is at Chakan
in Pune (Maharashtra). The company is undertaking a capex
programme of INR30 million towards installation of an auto-bellow
and related machinery, which will lead to doubling of its
installed capacity, once operational. It has been sanctioned a
term loan of INR20 million for the capex, while the remaining
portion of the capex is expected to be funded through internal
accruals.

For 2010-11, IAIJ reported a profit after tax of INR19.6 million
on revenues of INR116.9 million, against a net loss of INR13.3
million on revenues of INR30.2 million for 2009-10.


INDUS VALLEY: CRISIL Rates INR250 Million LT Loan at 'CRISIL BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the proposed
long term bank loan facility of Indus Valley Promoters Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR250 Million Proposed Long-Term     CRISIL BB-/Stable
                  Bank Loan Facility     (Assigned)

The rating reflects the IVPL's promoters' established track record
in the construction industry. This rating weakness is partially
offset by IVPL's high dependence on demand and customer advances
for timely completion of its project, and its exposure to risks
and cyclicality inherent to the Indian real estate industry.

Outlook: Stable

CRISIL believes that IVPL will scale up its operations gradually,
supported by its experienced promoters. The company's financial
risk profile will remain moderate, marked by its moderate gearing
and debt protection metrics. The outlook may be revised to
'Positive' in case IVPL completes its project on time or in case
IVPL reports higher-than-expected margins, leading to higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected customer advances from
the company's project, leading to time and cost overruns and
deterioration in its debt-servicing ability or higher-than-
expected debt funding of new projects.

                      About Indus Valley

Incorporated in 1996, IVPL is promoted and managed by Mr. Sanjay
Gupta and Mr. Ajay Gupta. It is engaged in the construction,
developing and selling of independent houses and villas in the
Meerut region. It has developed three projects with a total area
of around 275,000 square feet (sq ft) till date. In addition to
this, IVPL is currently engaged in the development of a project
Sheel Kunj-I, with a total developed area of 300,000 sq ft, which
is expected to complete in 2011-12 (refers to financial year,
April 1 to March 31). IVPL is coming up with another project in
Meerut, Sheel Kunj-II on a 30-acre piece of land. IVPL's promoters
are also executing real estate projects under a partnership firm
Indus valley Promoters (IVP), which was established in 2000.

IVPL is estimated to report a profit after tax (PAT) of
INR3.8 million on net sales of INR42.9 million for 2010-11 (refers
to financial year, April 1 to March 31), as against reported PAT
of INR5 million on net sales of INR29.8 million for 2009-10.


JANAM DIAMONDS: CRISIL Places CRISIL BB Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Janam Diamonds Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR10 Mil. Export Packing Credit    CRISIL BB/Stable (Assigned)
   INR60 Mil. Post Shipment Credit     CRISIL BB/Stable (Assigned)
   INR10 Mil. Export Packing Credit    CRISIL A4+ (Assigned)
   INR30 Mil. Post Shipment Credit     CRISIL A4+ (Assigned)

The ratings reflect Janam's comfortable financial risk profile,
marked by low total outside liabilities/total net worth, moderate
net worth levels and the extensive experience of its promoters in
the diamond business. These rating strengths are partially offset
by Janam's exposure to risk related to customer and supplier
concentration, and vulnerability to fluctuations in prices of
diamonds.

Outlook: Stable

CRISIL's believes that Janam will maintain its financial risk
profile driven by low dependence on bank funds for business
requirements, as evident from its track record of bank borrowings
in the past.  The outlook may be revised to 'Positive' if the
company achieves higher scale of operations coupled with sustained
improvement in the profitability levels and diversifies its
customer and supplier base reducing dependence of few key
customers and suppliers. Conversely, the outlook may be revised to
'Negative' upon higher-than-expected working capital needs or
lower-than-expected profitability leading to deterioration in
financial risk profile.

                      About Janam Diamonds

Janam was incorporated in 1980 as a private limited company by Mr.
Mahendra A Parikh and his wife Mrs. Alka M Parikh. The company has
a diamond-polishing unit in Surat (Gujarat) and deals in small- to
medium-sized diamonds. The company is involved in trading of
polished diamonds and processes rough diamonds into polished
diamonds. Its turnover was about INR950 million in 2010-11.
Mr. Parikh is a first-generational entrepreneur of the family and
Mr. Jay M. Parikh is his son, who joined the business 3 years ago
and has been handling the marketing and sales of polished
diamonds. Apart from this, the promoters own proprietorship
concerns Angira and Mahavir, which are in similar lines of
business with a modest scale of operations.

Janam has provisionally reported a profit after tax (PAT) of
INR18 million on net sales of INR952 million for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of
INR5 million on net sales of INR672 million for 2009-10.


JESONS INDUSTRIES: Fitch Rates INR138MM LT Loan at 'Fitch BB-'
--------------------------------------------------------------
Fitch Ratings has assigned India-based Jesons Industries Limited's
(JIL) additional bank facilities these ratings:

   -- INR52.5 million fund-based working capital limits:
      'Fitch BB-      (ind)'; and

   -- INR192.5 million non-fund based working capital limits:
      'Fitch A4(ind)'.

JIL's outstanding ratings (including above) are:

   -- National long-term rating: 'Fitch BB-(ind)'; Outlook Stable

   -- INR138 million long term loan: 'Fitch BB-(ind)'

   -- INR270 million fund-based working capital limits: 'Fitch BB-
      (ind)'

   -- INR705 million non- fund based limits: 'Fitch A4 (ind)'

JIL manufactures pressure-sensitive adhesives, paints, emulsions
and pigments at its facilities located at Daman (36,600TPA) and
Roorkee (25,200TPA).  The company is increasing its installed
capacity at Daman by 24,000TPA in FY12 with the help of
machineries it brought back from its Chinese operations.


JINDAL AGRO: CRISIL Assigns 'CRISIL BB' Rating to INR20MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Jindal Agro International.

   Facilities                       Ratings
   ----------                       -------
   INR20 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR40 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect JAI's small scale of operations,
susceptibility to intense industry competition, and small net
worth. These rating weaknesses are partially offset by JAI's
above-average financial risk profile, marked by healthy ratio of
total outside liabilities to tangible net worth and moderate
interest coverage ratio, and limited exposure to volatility in
foreign exchange rates and raw material prices and credit risks
related to debtors.

Outlook: Stable

CRISIL believes that JAI will continue to maintain its established
track record and benefit from its satisfactory cash accruals, over
the medium term. The outlook may be revised to 'Positive' if JAI
achieves greater-than-expected revenue growth and increases its
profitability on a sustained basis, while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of any larger-than-expected debt-funded capital expenditure
or working capital requirements.

                       About Jindal Agro

JAI was set up as a partnership concern in 1996, and reconstituted
as a proprietorship firm in 2007-08 (refers to financial year,
April 1 to March 31), with Mr. Dalip Jindal as the proprietor. The
firm trades various kinds of foodgrains and pulses such as barley,
masoor dal, chana dal, and chickpeas, among other pulses.

JAI reported a profit after tax (PAT) of INR1.8 million on net
sales of INR227.9 million for 2009-10, as against a PAT of INR3.2
million on net sales of INR308.5 million for 2008-09.


KAAISER OILS: CRISIL Assigns 'CRISIL B+' Rating to INR143MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kaaiser Oils Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR70.6 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR143 Million Rupee Term Loan    CRISIL B+/Stable (Assigned)
   INR5 Million Bank Guarantee       CRISIL A4 (Assigned)

The ratings reflect Kaaiser's small scale of operations, large
working capital requirements, and exposure to risks related to
intense competition in the edible oil industry. These rating
weaknesses are partially offset by the benefits that Kaaiser
derives from its promoters' industry experience and demand drivers
for edible oil such as increasing population and rising
consumption and per capita income.

Outlook: Stable

CRISIL believes that Kaaiser will maintain a moderate business
risk profile over the medium term, driven by expected increase in
its scale of operations. The outlook may be revised to 'Positive'
if the increase in scale of its operations occurs earlier than
expected or if an increase in profitability results in significant
improvement in its debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the company undertakes a
large, debt-funded capital expenditure or investment programme or
its working capital cycle deteriorates.

                       About Kaaiser Oils

Kaaiser, promoted by Mr. Aditya Sikdar and Mr. Amartya Sikdar in
April 2010 processes rice bran at its 250 tonne per day (tpd)
solvent extraction plant and 100 tpd refinery to extract rice bran
oil and in the process manufactures de-oiled rice bran. The plant
started commercial production on July 2, 2011, and is located in
the Burdwan district of West Bengal, a rice mill hub. The flagship
company of the group, Dollon's Food Products Pvt Ltd, processes
and packages milk for Anand Milk Union Ltd Dairy, on a job work
basis.


MODERN MOBITECH: CRISIL Rates INR125MM Cash Credit at 'CRISIL B-'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the cash
credit facility of Modern Mobitech Pvt Ltd, part of the Simoco
group.

   Facilities                      Ratings
   ----------                      -------
   INR125 Million Cash Credit      CRISIL B-/Stable (Assigned)

The rating reflect the Simoco group's below average financial risk
profile and initial stage of operations in desktop/ laptop/
netbook business marked by intense competition. These rating
weaknesses are partially offset by the Simoco groups' above
average business risk profile, supported by the industry
experience of its promoter and established market position of the
group in the wireless equipment industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of, Simoco Telecommunications (South Asia)
Limited, Modern Mobitech, and Transceivers India Ltd, collectively
referred to as the Simoco group, herein.  This is because all
these entities have a common management, strong operational and
financial linkages, inter-company-holding and bank guarantee by
Simoco to Modern Mobitech.

Outlook: Stable

CRISIL believes that the Simoco group will maintain its strong
business risk profile over the medium term, backed by the
experience of its promoters and its diversified product portfolio
and market reach. The outlook may be revised to 'Positive' if the
group improves its financial risk profile and working capital
management. Conversely, the outlook may be revised to 'Negative'
if the group's financial risk profile weakens due to any larger-
than-expected debt-funded capital expenditure (capex) or in case
of a reduction in the group's sales or a weakening of its
operating margin.

                       About the Group

In 2001, Mr. Sanjoy Ghosh took over the Simoco (erstwhile Philips
Telecommunication Industries Ltd). The company manufactures Very
High Frequency/ Ultra High Frequency two-way wireless equipment
such as base station, handhelds and repeaters, GSM handsets. It is
also a system integrator of closed circuit televisions and vehicle
tracking systems. It started assembling laptops, notebooks and
desktops from 2010. It has its headquarters and factory in Kolkata
(West Bengal). The company has various direct sales and service
offices, and wide spread dealer and distributor network in India.
Its customers include railways, police, military, mining
companies, power sector, steel players, and research institutes.

Modern Mobitech was set up in February 2010 by the same promoter.
The company is to take charge of Simoco's computer division in
2011-12.

Transceivers, set up in 1995 in New Delhi, manufactures high
frequency radio equipment. It has five offices across India and a
network of 30 distributors across the world.


SAHAJANAND MEDICAL: CRISIL Puts CRISIL BB+ Rating to INR120MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the bank
facilities of Sahajanand Medical Technologies Pvt Ltd, part of the
Sahajanand group.

   Facilities                       Ratings
   ----------                       -------
   INR120.0 Million Cash Credit     CRISIL BB+/Stable (Assigned)
   INR30 Million Packing Credit     CRISIL BB+/Stable (Assigned)

The rating reflects the Sahajanand group's volatile revenues and
profitability, marked by net losses in past years. The group
suffered a net loss on account of less-than-expected offtake
levels and additional costs on account of expiry of raw materials.
The ratings also reflect high outstanding receivables levels, on
account of delayed realizations from its customers. These rating
weaknesses are partially offset by the group's healthy financial
risk profile, marked by comfortable capital structure and healthy
debt protection metrics. Its financial risk profile is also
constrained by the ongoing debt-funded capital expenditure
programme, of around INR100 million, which is being funded by a
term loan of INR50 million and internal accruals of INR50 million.
CRISIL believes that any significant time or cost overruns in the
project would not adversely affect the Sahajanand group's
financial risk profile. The strengths also include the group's
established presence in the laser-based diamond processing
machinery and medical stent businesses.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SMPL and Sahajanand Technologies Pvt
Ltd, together referred to as the Sahajanand group. This is because
both companies have common promoters and management, and fungible
cash flows.

Outlook: Stable

CRISIL believes that the Sahajanand group will continue to benefit
from its established presence in the laser-based diamond
processing machinery and medical stent businesses. The outlook may
be revised to 'Positive' in case of more-than-expected growth in
the group's revenues and profitability, and significant
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case of significant
decline in its revenues and/or margins, or further delay in
receivables from outstanding debtors, leading to significant
write-offs, or if the group undertakes a larger-than-expected,
debt-fund capital expenditure programme, weakening its debt
protection metrics.

                          About the Group

Set up in 1993 by Mr. Dhirajlal Kotadia, the Sahajanand group
manufactures diamond processing machines and medical stents. The
group comprises two group companies, STPL and SMPL, and is based
in Surat (Gujarat).

Incorporated in 1993, STPL manufactures laser-based diamond
processing machines, which are used in the diamond processing
industry. Incorporated in 1998, SMPL manufactures medical stents,
used in cardiac surgeries. Both companies have manufacturing
facilities in Surat.

SMPL reported a profit after tax (PAT) of INR80.8 million on net
sales of INR421.2 million for 2009-10, as against a net loss of
INR32.0 million on net sales of INR351.1 million for 2008-09.


SHRI RAM: CRISIL Puts 'CRISIL B+' Rating on INR15MM Overdraft Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shri Ram Construction Co.

   Facilities                         Ratings
   ----------                         -------
   INR15 Million Overdraft Facility   CRISIL B+/Stable (Assigned)
   INR110 Million Bank Guarantee      CRISIL A4 (Assigned)
   INR90 Million Proposed Bank        CRISIL A4 (Assigned)
                     Guarantee

The ratings reflect SRCC's small scale of operations along with
high geographical revenue concentration and low revenue
visibility, and constrained financial risk profile because of
large capital withdrawals by partners. These rating weaknesses are
partially offset by the extensive experience of SRCC's promoters
in the construction industry.

Outlook: Stable

CRISIL believes that SRCC will benefit from its partners'
extensive experience in the civil construction industry. The
outlook may be revised to 'Positive', in case of substantial
improvement in SRCC's scale of operations and improvement in
capital structure. Conversely, the outlook may be revised to
'Negative' if SRCC's financial risk profile and liquidity
deteriorate further due to larger-than-expected working capital
requirement or withdrawal by its partners.

                     About Shri Ram Construction

Promoted by the Khedia family in 1978-79 (refers to financial
year, April 1 to March 31); SRCC is primarily engaged in
undertaking road upgradation and construction work for government
entities such as South Eastern Coalfield Limited, Public Works
Departments, National Highway Authority of India Limited and road
projects under Pradhan Mantri Gram Sadak Yojna.  The firm is
registered as class 'A' contractor with these government entities
and undertakes road construction activities primarily in Madhya
Pradesh (M.P) and Chattisgarh. At present SRCC has a small project
of INR165 million from SECL to be executed during 2011-12.


SIMOCO TELECOM: CRISIL Assigns 'CRISIL D' Rating to INR150MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Simoco Telecommunications (South Asia) Ltd, part of the Simoco
group.

   Facilities                       Ratings
   ----------                       -------
   INR150 Million Cash Credit       CRISIL D (Assigned)
   INR127 Million Cash Credit       CRISIL D (Assigned)
   INR20 Million Letter of Credit   CRISIL D (Assigned)
   INR63 Million Letter of Credit   CRISIL D (Assigned)

The ratings reflect Simoco's prolonged overutilization of its cash
credit limit; these are because of Simoco's weak liquidity.

The Simoco group has a below-average financial risk profile and
faces intense competition in the mobile handsets and desktop/
laptop/netbook business. This rating weakness is partially offset
by the Simoco groups' above average business risk profile,
supported by the industry experience of its promoter and
established market position of the group in the wireless equipment
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of, Simoco, Modern Mobitech Pvt Ltd, and
Transceivers India Ltd, collectively referred to as the Simoco
group, herein.  This is because all these entities have a common
management, strong operational and financial linkages, inter-
company-holding, bank guarantee by Simoco to Modern Mobitech.

                          About the Group

In 2001, Mr. Sanjoy Ghosh took over the Simoco (erstwhile Philips
Telecommunication Industries Ltd). The company manufactures Very
High Frequency/ Ultra High Frequency two-way wireless equipment
such as base station, handhelds and repeaters, GSM handsets. It is
also a system integrator of closed circuit televisions and vehicle
tracking systems.  It started assembling laptops, notebooks and
desktops from 2010.  It has its headquarters and factory in
Kolkata (West Bengal). The company has various direct sales and
service offices, and wide spread dealer and distributor network in
India. Its customers include railways, police, military, mining
companies, power sector, steel players, and research institutes.

Modern Mobitech was set up in February 2010 by the same promoter.
The company is to take charge of Simoco's computer division in
2011-12.

Transceivers, set up in 1995 in New Delhi, manufactures high
frequency radio equipment. It has five offices across India and a
network of 30 distributors across the world.


SRI SARASWATHI: CRISIL Assigns 'CRISIL BB-' Rating to INR66MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Sri Saraswathi Educational Society, which is part of
the Keshava Reddy group.

   Facilities                         Ratings
   ----------                         -------
   INR66 Million Long-Term Loan       CRISIL BB-/Stable (Assigned)
   INR14 Million Proposed Long-Term   CRISIL BB-/Stable (Assigned)
                 Bank Loan Facility

The rating reflects the benefits that SSES 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 SSES's below-average 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.

Outlook: Stable

CRISIL believes that SSES will continue to benefit over the medium
term from its promoters' extensive experience and the established
regional position of the Keshava Reddy group in the primary and
secondary education segments. The outlook may be revised to
'Positive' if SSES 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 any larger-than-expected,
debt-funded capital expenditure programme, extends more-than-
expected funding support to group entities, thereby weakening its
liquidity, witnesses subdued student enrolment, leading to decline
in revenues and cash accruals, or if its operations or revenues
get adversely affected because of any adverse regulatory changes.

SSES was formed by Mr. N Keshava Reddy and his family members. The
Society, registered under the Societies Registration Act, 1860,
runs three schools in the district of Kurnool in 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 all the three schools - one of the
schools offer residential facilities for the students.

SSES 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 in 14
locations across AP under the brand Keshava Reddy. The group's
institutes had about 60,000 students on their rolls as on June 30,
2011.

SSES reported a surplus (excess of income over expenditure) of
INR6.2 million on net revenues of INR42.8 million for 2009-10
(refers to financial year, April 1 to March 31); for 2010-11, its
net revenues are estimated at INR53.6 million.


STANDARD INFRATECH: CRISIL Rates INR60 Million Loan at 'CRISIL BB'
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Standard Infratech India Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR60 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR20 Million Letter of Credit    CRISIL A4+ (Assigned)
   INR160 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect SIPL's small scale of operations, revenue
concentration, susceptibility to risks related to tender-based
business, and moderate financial risk profile, marked by small net
worth and large working capital requirements. These rating
weaknesses are partially offset by the extensive industry
experience of SIPL's promoters.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit from its
promoter's extensive industry experience and established relations
with clients, over the medium term. The outlook may be revised to
'Positive' if SIPL expands its geographical reach, and if the
company's revenues and profitability increase significantly.
Conversely, the outlook may be revised to 'Negative' if SIPL faces
significant pressures on its revenues and profitability, there are
considerable delays in realization of receivables, or it
undertakes a larger-than-expected, debt-funded capital expenditure
programme.

                     About Standard Infratech

SIPL, based in Hyderabad (Andhra Pradesh), undertakes civil
construction projects such as pipeline works and construction of
buildings, such as hospitals, schools, government complexes, and
colleges, among others. Set up in 2000 as a partnership firm,
Standard Constructions, it was later reconstituted as a private
limited company in 2010. The company is a Class 1 subcontractor
for the Andhra Pradesh irrigation department and public works
departments of Karnataka and Uttar Pradesh. SIPL has an order book
of INR1300 million, to be completed over two years.

SIPL reported a profit after tax (PAT) of INR5.3 million on net
sales of INR187.3 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.2 million on net
sales of INR102.9 million for 2008-09.


VICTORA AUTOMOTIVE: CRISIL Puts CRISIL BB- Rating on INR20MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Victora Automotive Inc.

   Facilities                       Ratings
   ----------                       -------
   INR20 Million Term Loan          CRISIL BB-/Stable (Assigned)
   INR30 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR210 Million Bill Purchase-    CRISIL A4+ (Assigned)
           Discounting Facility
   INR40 Million Packing Credit     CRISIL A4+ (Assigned)
   INR60 Million Letter of Credit   CRISIL A4+ (Assigned)
   INR20 Million Proposed Short-    CRISIL A4+ (Assigned)
         Term Bank Loan Facility

The ratings reflect strong growth in VAI's operating income and
the benefits that the firm derives from its promoters' extensive
experience in the automotive (auto) components industry and its
established position in the domestic and export markets. These
rating strengths are partially offset by VAI's weak financial risk
profile, particularly its weak liquidity, marked by a small net
worth, moderately high gearing, and average debt protection
metrics, and large working capital requirements.

Outlook: Stable

CRISIL believes that VAI's financial risk profile will remain
weak, because of its high level of debt, over the medium term. The
outlook may be revised to 'Positive' if VAI's capital structure
improves significantly, most likely because of equity infusion or
improvement in cash accruals and efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of unexpected pressure on revenues and profitability,
leading to lower-than-expected cash accruals, or larger-than-
expected, debt-funded capital expenditure and incremental working
capital requirements.

                      About Victora Automotive

VAI was acquired by Mr. Hardeep Singh Banga and his brother,
Mr. Satinder Singh Banga, in 2004.  The firm manufactures various
mechanised sheet metal components and aluminium rods such as
piston rod guides and steering head components. VAI is a tier II
supplier in the domestic and export markets and supplies to tier I
auto component manufacturers. In 2007-08 (refers to financial
year, April 1 to March 31), VAI started its existing plant at
Sidkul Industrial Area, Haridwar (Uttarakhand) to serve Hero Honda
Motors Ltd's (Hero Honda's) plant and to avail of various fiscal
benefits. VAI's plant is entitled to 100% exemption from excise
duty and sales tax for 10 years, 100% exemption from income tax
for five years, and 50% exemption for the next five years.

VAI initially manufactured sheet metal components for steering
head and machined components for the export market. In 2008-09,
after setting up its Haridwar facility, VAI started supplying
steering head components for motorcycles to Satyam Auto Components
Limited(group entity of Hero Honda). Exports constituted
approximately 52% of VAI's total sales in 2010-11, with domestic
sales contributing the rest. However, VAI's export contribution is
expected to increase with the increase in demand.

VAI reported a profit after tax (PAT) of INR67.8 million on net
sales of INR791.1 million for 2010-11, against a PAT of INR53.2
million on net sales of INR558.7 million for 2009-10.


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


J-CORE 12: Moody's Reviews Class C Ratings for Possible Downgrade
-----------------------------------------------------------------
Moody's Japan K.K has placed under review for possible downgrade
the ratings for the Class C through E Trust Certificates issued by
J-CORE 12 Trust.

The final maturity of the Trust Certificates will take place in
February 2014.

Deal Name: J-CORE 12 Trust

Class C, Ba1 (sf) Placed Under Review for Possible Downgrade;
previously on Jul 10, 2009 Downgraded to Ba1 (sf) from A2 (sf)

Class D, B1 (sf) Placed Under Review for Possible Downgrade;
previously on Jul 10, 2009 Downgraded to B1 (sf) from Baa2 (sf)

Class E, B3 (sf) Placed Under Review for Possible Downgrade;
previously on Jul 10, 2009 Downgraded to B3 (sf) from Baa3 (sf)

J-CORE 12 Trust, issued in May 2007, represents the securitization
of four non-recourse loans and specified bond.

Two of the loans have been paid in full. The transaction is
currently secured by two loans, one of which is under special
servicing.

Moody's has decided to apply higher stress on the recovery
assumptions of the loan under special servicing for future
disposal prices, as recovery thus far has been below the
expectations and the performance of the property has deteriorated.

At the same time, since residential properties located outside
Tokyo account for a large share of the collateral assets of the
other remaining loan, Moody's believes the recovery assumptions
would be lower than previously assumed, in case the loan moves
into special servicing.

The review has been prompted by the growing uncertainty regarding
the recovery of the Class C through E Trust Certificates; the
Class A and B Trust Certificates are highly likely to be
recovered.

In its review, Moody's will re-assess and add further stress to
its recovery assumptions for the properties, incorporating their
performances.

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


===============
M A L A Y S I A
===============


HO HUP: Secures MYR75 Million Term Loan from Insas Credit
---------------------------------------------------------
Ho Hup Construction Company Berhad and its 70% subsidiary, Bukit
Jalil Development Sdn. Bhd., has accepted Term Loan Facilities of
MYR75 million from Insas Credit & Leasing Sdn. Bhd., of which the
conditions precedent have been complied with.

Ho Hup and BJD are utilizing the facilities to redeem/refinance
their respective loan from CIMB Bank Berhad secured on the land
held by BJD, under No. Hakmilik Geran 42277 No. Lot 36101 Mukim
Petaling Daerah in Kuala Lumpur Negeri Wilayah Persekutuan
measuring approximately 243,000 sq. metres.

The principal activities of ICLSB are credit, leasing and other
related financing activities.

                    About Ho Hup Construction

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties; manufacturing, which
includes manufacturing and distribution of ready-mixed concrete;
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


TRACOMA HOLDINGS: NIG Filler Demands MYR7,904 Payment of Goods
--------------------------------------------------------------
Tracoma Holdings said that wholly owned subsidiary Destar Indah
Sdn Bhd has been served with a notice by NIG Filler Alloy Sdn Bhd
(formally known as Filler Alloy Sdn Bhd) claiming for goods sold
and delivered and cylinder compensation totaling MYR7,904.08.

The notice, dated July 27, 2011, was served against DISB pursuant
to Section 218(2)(a) of the Companies Act, 1965.  NIG demanded
payment of the said outstanding amount within 21 days from the
date of receipt of the notice, failing which the DISB is deemed to
be unable to pay and appropriate action will be taken for the
winding-up of DISB.

Tracoma said that there is no material financial and operational
impact of the notice on the Company except for the payment of the
said amount.

The company said it is seeking the necessary legal advice to
resolve the matter.

                    Restraining Order Extension

In addition, the High Court of Malaya, Shah Alam had on May 9,
2011, granted an extension of the Restraining Order pursuant to
Section 176 of the Companies Act, 1965, to restrain all further
proceedings in any actions or proceedings against Tracoma and its
subsidiaries, for a period of six months effective from June 9,
2011, until Dec. 8, 2011.  This Extended Restraining Order is an
extension of the RO dated Nov. 30, 2010, which expired on June 8,
2011.

                      About Tracoma Holdings

Tracoma Holdings Berhad is a Malaysia-based manufacturer and
supplier of automotive parts and components.  Some of its wholly
owned subsidiary companies include Tracoma Sdn. Bhd., which is
engaged in manufacturing of automotive components; Malaysian Die-
Makers Sdn. Bhd., which is engaged in die making and servicing;
Trends Mecha Sdn. Bhd., which is engaged in parts and car design,
and Malaysian Farm Machinery Sdn. Bhd., which is engaged in
assembling and distributing agricultural tractors.

                            *     *     *

Tracoma Holdings Berhad has been classified as an Affected Listed
Issuer under Practice Note 17 of the Listing Requirements of Bursa
Malaysia Securities Berhad.

The company has triggered PN17's Paragraph 8.04 and Paragraph
2.1(a) as the consolidated shareholders' equity for the full
financial year ended December 31, 2009, is less than 25% of the
Company's issued and paid-up capital and such shareholders' equity
is less than MYR12 million.


TRACOMA HOLDINGS: CDRC Terminates Admission of Restructuring Plan
-----------------------------------------------------------------
Tracoma Holdings disclosed that effective July 28, 2011, its
proposed Debt Restructuring Scheme will cease to be under the
purview of Corporate Debt Restructuring Committee.

CDRC informed Tracoma that the Company's admission to CDRC has
been terminated effective July 28, 2011, since the PDRS and
settlement of the debt as proposed in the Company's Requisite
Announcement dated July 1, 2011, do not conform to CDRC's
restructuring principles.  Based on the Company's earlier
discussion with CDRC, the non-compliance to CDRC's principle is
mainly in respect of the proposed debt waiver requested under the
PDRS.

A full text copy of Tracoma's Proposed Debt Restructuring Scheme
is available for free at http://ResearchArchives.com/t/s?769d

The company said it is currently still pursuing with the proposed
debt settlement.

                      About Tracoma Holdings

Tracoma Holdings Berhad is a Malaysia-based manufacturer and
supplier of automotive parts and components.  Some of its wholly
owned subsidiary companies include Tracoma Sdn. Bhd., which is
engaged in manufacturing of automotive components; Malaysian Die-
Makers Sdn. Bhd., which is engaged in die making and servicing;
Trends Mecha Sdn. Bhd., which is engaged in parts and car design,
and Malaysian Farm Machinery Sdn. Bhd., which is engaged in
assembling and distributing agricultural tractors.

                            *     *     *

Tracoma Holdings Berhad has been classified as an Affected Listed
Issuer under Practice Note 17 of the Listing Requirements of Bursa
Malaysia Securities Berhad.

The company has triggered PN17's Paragraph 8.04 and Paragraph
2.1(a) as the consolidated shareholders' equity for the full
financial year ended December 31, 2009, is less than 25% of the
Company's issued and paid-up capital and such shareholders' equity
is less than MYR12 million.


TRIPLC BERHAD: Posts MYR370,000 Net Income in Quarter Ended May 31
------------------------------------------------------------------
Triplc Berhad posted net income of MYR370,000 on MYR4.70 million
of revenue in the quarter ended May 31, 2011, compared with net
income of MYR309,00 on MYR20.62 million of revenue in the same
period in 2010.

As of May 31, 2011, the company's unaudited balance sheet showed
MYR186.71 million in total assets, MYR151.47 million in total
Liabilities, and MYR35.24 million in total shareholders' equity.

The Company's balance sheet as of May 31, 2011, showed strained
liquidity with MYR85.23 million in current assets available to pay
MYR143.81 million in current liabilities.

                         About TRIPLC

TRIPLC Berhad operates in four segments: property development,
which is engaged in the development of residential and
commercial properties; property construction, which is involved
in the construction of commercial properties; manufacturing and
trading, engaged in the manufacturing and trading of plywood,
blockboard and timber products, and others, which is engaged in
investment holding and investment of property.

On May 8, 2006, the company was classified as an affected listed
issuer of the Amended Practice Note 17 category of the Bursa
Malaysia Securities Bhd.  Accordingly, as stipulated in the
listing requirements of the bourse, the company is required to
submit a regularization plan to relevant authorities which is
aimed at stabilizing the company's financial condition.


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


ALLIED FARMERS: Sells Merchandising Division to RD1
---------------------------------------------------
Allied Farmers Ltd said that it has entered into an agreement to
sell most of its rural merchandising stores to rural services
company RD1 Limited for an undisclosed sum.  The agreement is
conditional on RD1 reviewing Land Information Memoranda for these
stores.  This is expected to be a formality and the parties are
confident the agreement will become unconditional on completion of
the review.

On July 5, 2011, ALF announced that, having completed staff
consultation and a review of its working capital constrained rural
merchandising division, it had made a decision to divest these
stores by either closure or sale, and that this action would
result in an increase in overall profitability.

Mr. Steve Morrison, chief executive of Allied Farmers Rural, said
"We are delighted with this outcome as it enables most of our
stores to continue to operate for the benefit of the local
communities which they serve and of course retain staff within
those communities."

It is proposed that settlement of the sale will take place early
next week, and transferred stores will commence operation as part
of RD1 or be absorbed into existing RD1 operations shortly
thereafter.

Mr. Morrison said "Allied Farmers continues its commitment to
serving its livestock and real estate clients. These activities
will be the focus of our efforts to support and add value to
customers' businesses and endeavours going forward, and provide a
robust platform for Allied Farmers' future".

The divestment of the rural merchandising stores will enable the
Allied Group to accelerate its debt retirement programme. For the
year to June 30, 2011, the Group has achieved a reduction of total
group debt of over NZ$50 million.

                        About Allied Farmers

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

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


BLUE STAR: Owners Sweetens Proposal for Bondholders
---------------------------------------------------
Paul McBeth at BusinessDesk reports that Blue Star Group's private
equity owner is trying to sweeten a deal for bondholders facing a
haircut as they seek to restructure the printing group's debt and
avoid receivership.

According to BusinessDesk, Australia's Champ Private Equity will
give bondholders the opportunity to buy into the NZ$15 million
loan it will make to Blue Star under the deal on a pro rata basis,
plus oversubscriptions. The printing group's owner will also
convert NZ$10 million of subordinated debt, plus NZ$2.7 million of
interest, into equity, the report adds.

The sweetener, says BusinessDesk, comes after bondholders reacted
angrily to a proposal announced last month that would see their
NZ$105 million of debt split into two tranches of new debt.  One
tranche, making up 64% of the debt, would have its interest return
cut to 9.1%, beginning in July 2013.  That reduces the annual
return by 4 percentage points.

The rest of the debt wouldn't pay interest, and could only make a
return if Blue Star made a dividend payment to the shareholder, of
which bondholders would get a fifth, according to BusinessDesk.

According to the report, the reason bondholders got upset was that
the new Champ loan is paying a higher interest rate and would rank
above their new debt.  The loan, which Champ is offering to
convert into equity, would also have ranked ahead of the 34%
tranche of debt.

Last week, BusinessDesk recalls, Blue Star tried to plead its
case, saying there was no alternative to the offer and that
receivership loomed if bondholders didn't accept.

Still, having already had their interest payments frozen in 2009
and being told by KPMG that the deal wasn't fair on bondholders,
bondholders have rallied against the offer, the report notes.

Even if the deal is agreed to by three-quarters of bondholders
next week, KPMG's independent report said full repayment is
unlikely and that Blue Star is a high risk investment,
BusinessDesk reports.

As reported in the Troubled Company Reporter-Asia Pacific on
July 28, 2011, The National Business Review reports said Blue Star
Print Group's board has reiterated that if proposed restructuring,
including a haircut for bondholders, is not accepted, banks will
likely call into receivership.

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

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

                          About Blue Star

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


ST LAURENCE: CEO Given Three Months to Pay Debt or Face Bankruptcy
------------------------------------------------------------------
Business Day reports that St Laurence Property Development Fund
Limited Chief Executive Officer Kevin Podmore has been given three
months to come up with NZ$20 million to help repay investors in
his failed Wellington finance company or face possible bankruptcy.

St Laurence was put in receivership in April last year owing 9,400
investors NZ$245 million plus interest, according to Business Day.
Mr. Podmore and three companies he controlled had offered a NZ$20
million guarantee as part of an earlier moratorium repayment
agreement, to cover any shortfall in repayments to investors if St
Laurence was put in receivership, according to the report.

Receiver Barry Jordan of Deloitte said the guarantee was called on
when the 15-month stand-down ended, Business Day notes.

Business Day notes that Mr. Podmore had three months to present a
proposal on how much he could pay.

Mr. Jordan, the report notes, did not expect Mr. Podmore to be
able to pay the full NZ$20 million.  Business Day relates Mr.
Jordan said declaring Mr. Podmore bankrupt was a possibility.

Mr. Jordan expected investors to be repaid little more than 15% of
their principal, Business Day says.  The report notes that a
second repayment was due later this month or early next month,
pending the settlement of a property sale in Australia, and a
third and final payment was due next year.

Business Day relays that another St Laurence entity, St Laurence
Property Trust, was placed in liquidation after it defaulted on
repayments to investors owed NZ$24 million.

The report discloses that the trust stood behind first-ranking
creditors who were planning a managed sell down of is two
apartment developments, one in Mt Maunganui and the other on the
banks of the Brisbane River in Australia.  Mr. Jordan expected it
would take at least a year for cash to be returned, Business Day
adds.

St Laurence Property Development Fund Limited is an investment
company. The Fund was formerly managed by St Laurence Property &
Finance.


TONY TAY: Auckland Council Mulls Buying 55.6% in Film Studios
-------------------------------------------------------------
Western Leader reports that Auckland Council is considering buying
Auckland Film Studios, majority owned by Tony Tay Film.  The
studios have been used to shoot scenes for New Zealand-made film
such as Whale Rider and The Chronicles of Narnia.

Western Leader notes that Auckland Council Investments already
owns a 44.4% stake in Auckland Film Studios and is considering
buying the remaining shares after the majority shareholder, Tony
Tay Film, went into receivership earlier this year.

The remaining 55.6% shares in the Henderson studio are in the
hands of receivers PKF Corporate Recovery and Insolvency, the
report says.

According to Western Leader, receiver Stephen Lawrence said the
council has a pre-emptive right to buy the remaining shares.  The
option was outlined in an agreement between the Waitakere City
Council and Tony Tay Film.

Spokesperson Glyn Walters said the deal is yet to be finalized but
the council is on the verge of making an announcement, Western
Leader relates.

Western Leader recalls that the Waitakere City Council announced
in June 2006 that it was going to build the largest film studio
and sound stage in New Zealand at the former ENZA cool stores site
in Henderson Valley Rd.  Tony Tay Film took a 55.6% shareholding
in the company while the council's business development arm,
Waitakere Properties held the remaining 44.4%, Western Leader
discloses.

Waitakere Properties' shareholding in Auckland Film Studios has
been transferred to Auckland Council Investments, the report
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
July 8, 2010, The New Zealand Herald said Tony Tay Group, an
Auckland-based property development company, has been placed into
liquidation.  Chris Horton of Chris Horton Associates was
appointed liquidator of the group on June 29.  Another of Tony
Tay's companies, Tony Tay and Associates, was also placed into
liquidation on May 20.


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


PAC POINT: Creditors' Meetings Set August 12
--------------------------------------------
Pac Point Pte Ltd, which is in creditors' voluntary liquidation,
will hold a meeting for its creditors on Aug. 12, at 3:00 p.m., at
15 Beach Road, at #03-10 Beach Centre, Singapore 189677.

Agenda of the meeting include:

   a. to update the status of the liquidation;

   b. to consider and if thought fit, appoint a Committee of
      Inspection for the purpose of winding up the Company;

   c. to dispose the books, accounts and documents of the Company
      and those of the Liquidator after the dissolution of the
      Company pursuant to Section 320(3) of the Companies Act,
      Cap. 50; and

   c. discuss other business.

The company's liquidator is Victor Goh.


PROGEN ENGINEERING: Creditors' Proofs of Debt Due August 11
-----------------------------------------------------------
Creditors of Progen Engineering Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Aug. 11,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


SA ADVISORY: Creditors' Proofs of Debt Due August 30
----------------------------------------------------
Creditors of SA Advisory Services 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


SIXT ASIA: Creditors' Proofs of Debt Due August 29
--------------------------------------------------
Creditors of Sixt Asia Pacific 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


WEB WEAVER: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on July 18, 2011, to
wind up the operations of Web Weaver Fusion Pte Ltd.

Yiin Su Mey filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


WORLDWIDE INVESTIGATION: Creditors' Meetings Set August 12
-----------------------------------------------------------
Worldwide Investigation Network Pte Ltd, which is in creditors'
voluntary liquidation, will hold a meeting for its creditors on
Aug. 12, at 2:00 p.m., at 15 Beach Road, #03-10 Beach Centre,
Singapore 189677.

Agenda of the meeting include:

   a. to update the status of the liquidation;

   b. to consider and if thought fit, appoint a Committee of
      Inspection for the purpose of winding up the Company;

   c. to dispose the books, accounts and documents of the Company
      and those of the Liquidator after the dissolution of the
      Company pursuant to Section 320(3) of the Companies Act,
      Cap. 50; and

   c. discuss other business.

The company's liquidator is Victor Goh.


                             *********

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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