TCRAP_Public/110810.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

          Wednesday, August 10, 2011, Vol. 14, No. 157

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: To Create New Listed Australian REIT
KINETIC SECURITIES: Appoints Voluntary Liquidators
MACHINERY MOVERS: NAB Calls in Ferrier Hodgson as Receivers


C H I N A

CHINA AUTOMATION: Moody's Assigns 'Ba3' Rating to $200-Mil. Notes
CHINA FORESTRY: S&P Raises Corporate Credit Rating to 'CCC-'


H O N G  K O N G

HK ADVANTAGE: Creditors' Proofs of Debt Due Sept. 5
HON YIEH: Ying and Chan Step Down as Liquidators
INCHCAPE INSURANCE: Ying and Chan Step Down as Liquidators
INCHCAPE INSURANCE HOLDINGS: Ying, Chan Step Down as Liquidators
KASON DEVELOPMENT: Creditors' Proofs of Debt Due Sept. 5

LEE WAH: Members' Final Meeting Set for Sept. 5
PARAMOUNT HK: Members' Final Meeting Set for Sept. 5
PEP FUND: Creditors' Proofs of Debt Due Sept. 8
NAN KONG: Members' Final Meeting Set for Sept. 8
NEWEDGE DERIVATIVES: Members' Final Meeting Set for Sept. 7

NEW PROFIT: Creditors' Proofs of Debt Due Aug. 19
NGAN YUE: Members' Final Meeting Set for Sept. 16
QI DEVELOPMENT: Seng and Lo Step Down as Liquidators
QWARUBA LIMITED: Members' Final Meeting Set for Sept. 14
ROCKWAY TECHNOLOGY: Creditors' Proofs of Debt Due Aug. 19

SAN SANG: Members' Final Meeting Set for Sept. 19
SIRIUS TECHNOLOGIES: Creditors' Meeting Set for Aug. 19
SOMARGAS LIMITED: Commences Wind-Up Proceedings
SUNG WAH: Placed Under Voluntary Wind-Up Proceedings
SUPERSHINE LIMITED: Creditors' Proofs of Debt Due Aug. 31


I N D I A

AIR INDIA: To Seek Membership Fee Refund from Star Alliance
ALLIANCE VITRIFIED: CRISIL Rates INR82MM Term Loan at 'CRISIL BB-'
ANSAL: Fitch Migrates 'B-' Rating to Non-Monitored Category
AURANGABAD DIVISIONAL: CRISIL Rates INR70-Mil. Loan at CRISIL BB+
BURNPUR CEMENT: CRISIL Assigns CRISIL BB- Rating to INR137MM Loan

CHAS METAL: CRISIL Rates INR97MM Cash Credit at 'CRISIL B+'
COMMANDER INDUSTRIES: CRISIL Reaffirms CRISIL BB+ Term Loan Rating
DEVA SINGH: CRISIL Places CRISIL B+ Rating on INR110MM Cash Credit
DISH INDIA: CRISIL Assigns CRISIL B+ Rating to INR10MM LT Loan
ESBI GLASSES: CRISIL Assigns 'CRISIL D' Rating to INR31.6MM Loan

EYLEX FILMS: CRISIL Rates INR125.6MM Term Loan at 'CRISIL B+'
GUINDY MACHINE: CRISIL Rates INR127MM LT Loan at 'CRISIL BB-'
INDIAN SUCROSE: CRISIL Cuts Rating on INR700MM Loan to 'CRISIL B'
K S ENTERPRISES: CRISIL Rate INR75MM Cash Credit at 'CRISIL BB-'
KARELI SUGAR: CRISIL Upgrades Rating on INR80MM Loan to CRISIL BB

KOPRAN LABORATORIES: CRISIL Rates INR25MM Loan at 'CRISIL BB-'
KKP SPINNING: CRISIL Reaffirms CRISIL B Rating on INR70.2MM Loan
KKP WEAVING: CRISIL Puts CRISIL B Rating on INR11.4MM LT Loan
MAXIM TUBES: CRISIL Assigns CRISIL B+ Rating to INR44.3MM Loan
MODY DECORA: CRISIL Assigns 'CRISIL D' Rating to INR25.3MM Loan

NIGAM COLD: CRISIL Assigns CRISIL D Rating to INR59MM Cash Credit
PARAMOUNT POWDERS: CRISIL Reaffirms CRISIL BB+ Cash Credit Rating
PIONEER FABRICATORS: CRISIL Rates INR6MM Term Loan at 'CRISIL BB-'
PONDY VENKATESWARA: CRISIL Puts CRISIL B- Rating on INR3MM Loan
R AND D MULTIPLES: CRISIL Puts CRISIL BB Rating on INR25MM Loan

RAGMET ENGINEERS: Fitch Rates INR120MM Loan at 'Fitch B(ind)'
SAHANA JEWELLERY: CRISIL Rates INR18MM Cash Credit at CRISIL B+
SHAURYA EXIM: CRISIL Places 'CRISIL B+' Rating on INR30MM Loan
SIKKIM BREWERIES: CRISIL Cuts Rating on INR300MM Loan to CRISIL D
SKY GOLD: CRISIL Rates INR75 Million Cash Credit at 'CRISIL BB-'

SOBHAGIA SALES: CRISIL Ups Rating on INR56.4MM Loan to 'CRISIL D'
SWATI INDUSTRIES: CRISIL Assigns 'CRISIL D' Rating to INR66MM Loan


J A P A N

TOKYO ELECTRIC: Posts JPY572 Billion Loss in Qtr Ended June


K O R E A

KYUNGEUN MUTUAL: Bank Suspended as Crisis Deepens


N E W  Z E A L A N D

BLUE STAR: Appeals to Bondholders to Accept Debt Restructuring
ZION WILDLIFE: Receivers Gain Access to Park


S I N G A P O R E

SJAM INVESTMENT: Creditors' Meetings Set for Aug. 12
SYNERGY ENGINEERING: Court to Hear Wind-Up Petition on Aug. 19
TAI FENG: Creditors' Proofs of Debt Due Aug. 19
VITA NUOVA: Court to Hear Wind-Up Petition on Aug. 19
YI TONG: Court to Hear Wind-Up Petition on Aug. 19


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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CENTRO PROPERTIES: To Create New Listed Australian REIT
-------------------------------------------------------
Centro Properties Group on announced Tuesday it has entered into
an agreement with its senior lenders to implement its restructure
transaction together with the proposed aggregation of the
Australian assets and interests held by CNP, Centro Retail Trust
(CER) and certain Centro managed funds.  The Implementation
Agreement contains a significant number of regulatory and other
conditions.

Key terms of the transaction include:

   * Senior debt cancellation - CNP has agreed with holders
     of more than 83% of its senior debt (Senior Lenders)
     to implement a creditors scheme of arrangement (Senior
     Debt Scheme) to effect, if all CNP and other approvals
     are obtained, the cancellation of CNP senior debt in
     return for substantially all of CNP's Australian assets
     and interests.  If the approvals are not obtained, a
     portion of the senior debt will remain which it is
     expected will exceed any remaining assets in CNP.
     Subject to the relevant approvals and conditions, the
     Implementation Agreement binds Senior Lenders holding
     in aggregate more than the threshold value of 75% of
     senior debt required to approve a creditors scheme of
     arrangement, meaning that the 75% by value requirement
     (which applies as well as the requirement of 50% of those
     who vote) would be met. The Senior Lenders have also
     agreed that, subject to all relevant approvals and
     conditions, $100 million will be made available for
     allocation to CNP securityholders and other stakeholders
     who are junior to the Senior Lenders.  The Senior Lenders
     who are parties to the Implementation Agreement, to the
     extent that they are hybrid holders, have agreed to vote
     their interests in the hybrids in favor of the
     transaction.

   * Allocation of $100 million to junior stakeholders -
     Subject to certain approvals and conditions, the CNP Board
     of Directors has determined to allocate the $100 million:

     -- 5 cents per security or $48,925,082 in total to CNP
        securityholders;

     -- 5 cents in the dollar or $21,074,918 in total to
        convertible bondholders;

     -- $20,000,000 in total to secured hybrid holders, of
        which approximately 49% who also hold senior debt have
        committed their support for this proposal under the
        Implementation Agreement; and

     -- $10,000,000 set aside for potential contingent creditors,
        on the basis that any surplus not used will be returned
        to the Senior Lenders.

   * Approvals and conditions for $100 million to be made
     available to junior stakeholders

     The $100 million cannot be delivered to the junior
     stakeholders unless approvals and conditions, including the
     following are satisfied:

      -- CNP security holder approval: ordinary resolution
         (more than 50% by value of those present and voting at
          the meeting)

      -- Convertible bond amendments approval: an amendment to
         the convertible bond terms is necessary to enable the
         payment to be made and cancel outstanding obligations
         under the convertible bond terms (at least 75% by value
         of votes cast by those holders eligible to vote)

      -- Hybrid scheme approval by:

          * at least 75% of the votes cast by hybrid holders
            with entitlement to votes determined by the value
            of hybrid debt held; and

          * more than 50% in number of hybrid holders who vote

      -- All approvals are obtained and all conditions necessary
         for the Australian funds aggregation are satisfied or
         waived

      -- Other conditions as detailed in the Implementation
         Agreement

     CNP securityholders will not retain any economic benefit in
     CNP following the receipt of their 5 cents per security.
     The approvals by convertible bondholders and hybrid holders
     would extinguish all outstanding claims by those classes.

     If any one of the approvals listed above is not obtained,
     the Australian funds aggregation does not proceed or the
     Senior Debt Scheme is not implemented, none of the $100
     million will be available to be delivered to any junior
     stakeholder.

   * Australian funds aggregation - CNP managed funds including
     CER, Centro Australia Wholesale Fund (CAWF) and Centro Direct
     Property Fund (DPF) have agreed under the terms of the
     Implementation Agreement to aggregate their respective
     portfolios to create a new listed Australian retail property
     trust (A-REIT).  CNP will contribute its Australian assets
     (including its funds and property management business
     (Services Business)) to A-REIT, in exchange for scrip in
     AREIT.  That scrip, combined with the A-REIT scrip which
     CNP would hold as a result of its investments in the above
     funds would result in CNP's ownership of the A-REIT being
     approximately 68%. On implementation of aggregation CNP's
     scrip in A-REIT will then be distributed to the Senior
     Lenders, and dispersed amongst the lenders on pro-rata basis
     to their senior debt holdings, as part of the Senior Debt
     Scheme.

     For the CNP managed funds participating in the aggregation
     to form A-REIT, this addresses current inefficient and
     unsustainable capital and other structural issues. It is
     expected to result in a stable and reasonably capitalized
     new vehicle with a leading $4.4 billion portfolio of high
     quality Australian retail centres and a strong property
     management team.  The proposed A-REIT will also hold
     investments in and be one of the largest managers of unlisted
     retail property funds in Australia comprising a further
     $2.5 billion of retail centres.

     CNP securityholders will not receive any securities in
     A-REIT.  CNP securityholder approval only provides an
     opportunity to receive 5 cents per security.

   * Aggregation conditions - a number of approvals and conditions
     are required to be satisfied for the establishment of A-REIT
     including:

     -- Approval by CER securityholders (the proposed resolutions
        are not yet finalized but will include an ordinary
        resolution approval requirement of more than 50% approval
        by value of those present and voting at the meeting, on
        which CNP and DPF cannot vote their respective interests)

     -- Approval by CNP Senior Lenders of the Senior Debt Scheme

     -- Satisfaction or waiver of conditions precedent detailed in
        the Implementation Agreement

     -- Regulatory approvals including approvals or relief as
        required from the Court, ASIC and ASX

     -- Other conditions as detailed in the Implementation
        Agreement.

If the CNP securityholder approval (or the approvals of the
convertible bondholders or the hybrid holders) is not obtained,
but all the other aggregation approvals and conditions are
satisfied, it is expected that:

   * CNP would go into administration and receivership; and

   * Consequently, CNP securityholder approval would then not
     be required, so that Aggregation (including the contribution
     of CNP's Australian assets and Services Business to A-REIT)
     would still proceed in the Extended Aggregation Period.
     However, in those circumstances, the $100 million will not
     be made available and no portion of it will be delivered to
     junior stakeholders.

CNP was concerned to ensure that funds are available to meet:

   * its expected levels of liabilities such as employee
     liabilities and trade creditors accrued at the time of
     the vote on the restructure; and

   * if the approvals of CNP securityholders, hybrid holders
     and convertible bondholders are obtained, the expected
     costs to wind down CNP.

CNP has agreed with its Senior Lenders that additional funds will
be made available to meet these amounts.

CNP Chairman Paul Cooper said, "Entering into the Implementation
Agreement represents another major milestone in CNP's
restructuring process. If the proposed restructure and debt
conversion is implemented, it will resolve the financial
predicament which has afflicted CNP since late 2007. CNP
securityholders will have the opportunity to approve the proposal,
and if all approvals are obtained and conditions satisfied, this
will enable the full implementation of the restructure."

"CNP's debt burden exceeds the entire value of all of its assets
by $1.6 billion (based on its Dec. 31, 2010 net equity). Without
this restructure, which provides the prospect of a solvent
outcome, CNP would be placed in a position where it is likely that
external administrators would be appointed. If this occurred, CNP
securityholders and other stakeholders who are junior to the
Senior Lenders, as well as contingent creditors, are likely to
receive nothing because the assets of CNP are not sufficient to
fully satisfy its senior debt obligations let alone the claims of
those who are junior to the senior debt."

"There are no other options available to CNP. It cannot trade its
way out of the debt situation - the debt is simply too large and
cannot be refinanced when it matures in December. Even after a
moderate recovery in Australian asset values during the past year,
in the absence of the proposed restructure CNP cannot meet its
debt obligations and has no prospect of doing so. In the absence
of the proposed restructure, CNP's cash flows would not be able to
sustain its obligations beyond December 2011."

"The Senior Lenders have agreed that a sum of $100 million will be
made available for the junior stakeholders, which CNP believes is
the only prospect of delivering any value to the junior
stakeholders."

"In considering how to allocate the $100 million amongst junior
stakeholders, the Board faced a difficult decision. No junior
stakeholder will receive their allocated share of the
$100 million unless all applicable approvals are obtained. With a
finite amount to allocate, the expectations of all junior
stakeholders are difficult to satisfy."

"Ultimately the allocation to junior stakeholders, including 5
cents per security to CNP securityholders which is a 7% premium to
the last traded price, represents what the CNP Board believes to
be a fair allocation based on a consideration of all relevant
factors and the need for all stakeholder groups to approve the
transaction in order for any of them to receive their portion of
the $100 million made available."

Governance

Over the past 18 months, CNP's Board has focused on optimizing the
underlying value of its assets for all its stakeholders including
CNP securityholders and has determined, following in-depth
consideration of the available options, that the restructure
proposal represents the only realistic alternative for CNP
securityholders and stakeholders junior to the Senior Lenders
given CNP's net asset deficiency and impending senior debt
maturity.

This strategic review and evaluation process involved thorough and
extensive analysis of restructure alternatives, strategic
considerations, execution risk and business risk of options
available to CNP. Given the impact of any CNP restructure on CNP's
operations and its managed funds this process occurred within a
framework of governance protocols in order to properly manage the
respective interests of CNP and its managed funds, including
separate management teams and independent advisors.

After considering feasible alternatives with independent CNP's
legal and financial advisers, CNP Directors unanimously recommend
the restructure as the best option that could be achieved for CNP
securityholders.

Next steps

A detailed explanatory memorandum and formal recommendation from
Directors will be provided to CNP securityholders in advance of a
securityholder meeting to enable them to make an informed decision
on the resolutions to be put to them in relation to the
proposed restructure.  The Explanatory Memorandum will include an
Independent Experts' Report to opine on the transaction for the
benefit of CNP securityholders.  It is expected that the detailed
information will be provided to investors in September 2011.

Moelis & Company, Lazard, and KPMG have acted as financial
advisers, and Freehills has acted as legal adviser, to CNP.

Grant Samuel & Associates Pty Limited will provide an Independent
Expert's Report for CNP securityholders.

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.


KINETIC SECURITIES: Appoints Voluntary Liquidators
--------------------------------------------------
The Sydney Morning Herald reports that the directors of Kinetic
Securities have appointed liquidators over the company.  Max
Donnelly and Robyn Duggan of Ferrier Hodgson were appointed as
liquidators on Aug. 8, 2011.

SMH relates that Kinetic directors Paul Cheyney and Angus Knight
related in an e-mail to clients sent on Friday that the broker
firm was to close.  The directors blamed the decision on the
global financial crisis, the slow market following the GFC and
stricter regulation.

"The GFC and the subsequent sideways-moving, low-volume market has
taken a serious toll on the business, and greater price
competition for our execution services have dramatically impacted
our revenue-generating capabilities," the directors said in their
e-mail to clients obtained by SMH.

"In addition, evolving stricter financial regulation that puts
tremendous pressure on the small financial service providers
creates a level of uncertainty for the ability of firms such as
ours to successfully operate in this environment."

Kinetic Securities is a full service advisory firm facilitating
trading of equities, derivatives and FX on local & international
markets.  Kinetic was founded in 2006 by client advisers Paul
Cheyney and Angus Knight, both formerly of full-service broker
Halifax.  At its height, the company employed more than 50 staff
and had thousands of clients representing tens of millions of
dollars in Asia and Australia.


MACHINERY MOVERS: NAB Calls in Ferrier Hodgson as Receivers
-----------------------------------------------------------
Brendan Richards and George Georges of Ferrier Hodgson on Aug. 3,
2011, were appointed receivers and managers of Machinery Movers
Pty Ltd, Monster Move Pty Ltd, and Ultra Heavy Movers Pty Ltd,
pursuant to the provisions of a registered debenture charge
created by the companies in favor of the National Australia Bank.

The receivers are continuing to trade the Company while they
undertake an urgent assessment of the Company's financial position
with a view to sell the business as a going concern.

Expressions of interest for the business either in part or in its
entirety should be lodged via email before Aug. 19, 2011.

Machinery Movers Pty Ltd is a proprietary limited company based in
Melbourne.  Machinery Movers provides hoisting & rigging Equipment
and transport services.


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C H I N A
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CHINA AUTOMATION: Moody's Assigns 'Ba3' Rating to $200-Mil. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 senior
unsecured bond rating to China Automation Group Limited's US$200
million, 7.75%, 5-year notes. The outlook on the rating is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation confirms the
provisional rating assigned on April 6, 2011.  The final terms and
conditions of the bond indenture are in line with the draft
version reviewed by Moody's.

The proceeds from the bond issuance will be used for general
working capital purposes and to fund acquisitions.

The principal methodology used in rating China Automation Group
Limited was the Global Manufacturing Industry Methodology,
published December 2010.

China Automation Group Limited specializes in providing safety and
critical control systems for the petrochemicals and railways
signaling industries in China. It began its operations in 1999 and
listed on the Main Board of the Stock Exchange of Hong Kong
Limited on 12 July 2007.  Its three founders, Mr. Xuan Rui Guo
(Chairman & Executive Director), Mr. Kuang Jian Ping (CEO &
Executive Director), and Mr. Huang Zhi Yong (Executive Director),
collectively own 44.83% of the company.


CHINA FORESTRY: S&P Raises Corporate Credit Rating to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services raised the long-term corporate
credit rating on China Forestry Holdings Co. Ltd. to 'CCC-' from
'CC'. The outlook is negative.  "At the same time, we raised the
issue rating on the company's US$300 million senior unsecured
notes to 'CCC-' from 'CC'. We also raised the Greater China scale
ratings on the company and the notes to 'cnCCC-' from 'cnCC'," S&P
related.

"We raised the ratings on China Forestry to reflect our view that
the risk of default in the next six months has now reduced because
the company has secured a tender offer with noteholders to
partially redeem notes of up to $120 million at par," said
Standard & Poor's credit analyst Frank Lu. "China Forestry will
also increase the coupon on the remaining notes and obtain a
waiver against potential event of defaults when the tender offer
terms become operative -- i.e., on the payment date of the partial
note redemption. We don't consider the tender offer to be a
distressed exchange because the noteholders will not face any
economic loss."

"We believe China Forestry's cash balance will reduce
significantly following the partial redemption. The tender offer
terms allow the company to raise up to $210 million in additional
debt, compared with $10 million previously, without having to
satisfy certain note covenants. The potential for structural
subordination on the rated notes is likely to rise if China
Forestry significantly increases onshore borrowings. Nevertheless,
we believe the company's ability to tap onshore borrowings is
limited due to its very weak credit profile, unresolved accounting
issues related to the valuation of assets, and a tightening credit
environment in China," S&P related.

"We expect China Forestry's financial strength and business
sustainability to remain vulnerable in the next year. The quality
of the company's forest assets and future logging permits are
uncertain, in our view, given alleged accounting irregularities
that the company's auditor, KPMG, has identified," said Mr. Lu.

China Forestry's operating cash flows could significantly weaken
due to the interruption and prolonged negative impact on
operations arising from the announcement of the alleged accounting
irregularities, which have yet to be resolved. "We expect the
company's access to the capital markets to remain extremely
limited. Stock trading in the company is still suspended. China
Forestry's weak financial flexibility will further constrain its
operations, in our opinion," S&P said.

"The rating factors in our view of the heightened information risk
stemming from the alleged accounting irregularities. KPMG has not
expressed an opinion on the financial statements," S&P related.

"The negative outlook reflects our expectation that China
Forestry's weak liquidity position could deteriorate as the
company uses its cash balances to service debt and potentially
other liabilities. It also reflects the uncertainty surrounding
the company's operating performance and balance sheet strength due
to the lack of sufficient and reliable information, and the
unresolved allegations of accounting irregularities," said Mr. Lu.

"We could lower the rating if China Forestry's liquidity
deteriorates faster than we expect. We could raise the rating if
the company's recovery prospects become visible, its liquidity
improves, and we have more clarity surrounding the accounting
allegations," S&P added.


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H O N G  K O N G
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HK ADVANTAGE: Creditors' Proofs of Debt Due Sept. 5
---------------------------------------------------
Creditors of Hong Kong Advantage Power Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 5, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 29, 2011.

The company's liquidator is:

         Lee Kwok On Alexander
         Rooms 1901-2, Park-In Commercial Centre
         56 Dundas Street
         Kowloon


HON YIEH: Ying and Chan Step Down as Liquidators
------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of Hon
Yieh Enterprises Limited on July 19, 2011.


INCHCAPE INSURANCE: Ying and Chan Step Down as Liquidators
----------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Inchcape Insurance Brokers (HK) Limited on July 20, 2011.


INCHCAPE INSURANCE HOLDINGS: Ying, Chan Step Down as Liquidators
----------------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Inchcape Insurance Holdings (HK) Limited on July 20, 2011.


KASON DEVELOPMENT: Creditors' Proofs of Debt Due Sept. 5
--------------------------------------------------------
Creditors of Kason Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 5, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 26, 2011.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


LEE WAH: Members' Final Meeting Set for Sept. 5
-----------------------------------------------
Members of Lee Wah Hong International Limited will hold their
final meeting on Sept. 5, 2011, at 11:00 a.m., at Rooms 1901-2,
Park-In Commercial Centre, 56 Dundas Street, in Kowloon.

At the meeting, Lee Kwok On Alexander, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PARAMOUNT HK: Members' Final Meeting Set for Sept. 5
----------------------------------------------------
Members of Paramount Hong Kong Limited will hold their final
general meeting on Sept. 5, 2011, at 10:00 a.m., at 36/F, Tower
Two, Times Square, 1 Matheson Street, Causeway Bay, in Hong Kong.

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


PEP FUND: Creditors' Proofs of Debt Due Sept. 8
-----------------------------------------------
Creditors of Pep Fund Asia-Pacific District Management Office
(Hong Kong) Limited, which is in members' voluntary liquidation,
are required to file their proofs of debt by Sept. 8, 2011, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 26, 2011.

The company's liquidator is:

         Lee Kuen Hee
         901, 9/F., Finance Building
         254 Des Voeux Road
         Central, Hong Kong


NAN KONG: Members' Final Meeting Set for Sept. 8
------------------------------------------------
Members of Nan Kong Limited will hold their final general meeting
on Sept. 8, 2011, at 10:00 a.m., at 13A, Tak Lee Commercial
Building, at 113-117 Wanchai Road, in Wanchai, Hong Kong.

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


NEWEDGE DERIVATIVES: Members' Final Meeting Set for Sept. 7
-----------------------------------------------------------
Members of Newedge Derivatives Hong Kong Limited will hold their
final meeting on Sept. 7, 2011, at 10:00 a.m., at 5th Floor, Ho
Lee Commercial Building, at 38-44 D'Aguilar Street, Central, in
Hong Kong.

At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


NEW PROFIT: Creditors' Proofs of Debt Due Aug. 19
-------------------------------------------------
Creditors of New Profit Holdings Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by Aug. 19, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Fok Hei Yu
         c/o FTI Consulting (Hong Kong) Limited
         14/F Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


NGAN YUE: Members' Final Meeting Set for Sept. 16
-------------------------------------------------
Members of Ngan Yue Investment Company Limited will hold their
final general meeting on Sept. 16, 2011, at 11:00 a.m., at 12th
Floor, V Heun Building, at 138 Queen's Road Central, in Hong Kong.

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


QI DEVELOPMENT: Seng and Lo Step Down as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
QI Development Company Limited on July 27, 2011.


QWARUBA LIMITED: Members' Final Meeting Set for Sept. 14
--------------------------------------------------------
Members of Qwaruba Limited will hold their final general meeting
on Sept. 14, 2011, at 10:00 a.m., at Unit 2, 20/F, Far East
Consortium Building, at 121 Des Voeux Road Central, in Hong Kong.

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


ROCKWAY TECHNOLOGY: Creditors' Proofs of Debt Due Aug. 19
-----------------------------------------------------------
Creditors of Rockway Technology Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 19, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Osman Mohammed Arab
         29/F., Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


SAN SANG: Members' Final Meeting Set for Sept. 19
-------------------------------------------------
Members of San Sang Preserved Meat Manufacturers Limited will hold
their final general meeting on Sept. 19, 2011, at 11:00 a.m., at
2nd Floor, Wing Yee Commercial Building, at 5 Wing Kut Street,
Central, in Hong Kong.

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


SIRIUS TECHNOLOGIES: Creditors' Meeting Set for Aug. 19
---------------------------------------------------------
Creditors of Sirius Technologies (HK) Co., Limited will hold their
meeting on Aug. 19, 2011, at 11:00 a.m., for the purposes provided
for in Sections 228A, 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Suites 1303-06, 13/F, Asian House, 1
Hennessy Road, in Wanchai, Hong Kong.


SOMARGAS LIMITED: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Somargas Limited, on Aug. 1, 2011, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


SUNG WAH: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on July 29, 2011,
creditors of Sung Wah (USA) Foundation Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Lam Chung Wah David
         Suite 1807, The Gateway
         Tower II, 25 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


SUPERSHINE LIMITED: Creditors' Proofs of Debt Due Aug. 31
---------------------------------------------------------
Creditors of Supershine Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Aug. 31,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Chan Yui Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East
         Kowloon


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


AIR INDIA: To Seek Membership Fee Refund from Star Alliance
-----------------------------------------------------------
The Telegraph reports that Air India will talk tough when it meets
Star Alliance on the issue of failed membership.

According to the report, the national carrier will ask Star
Alliance to return the amount paid as membership fees.  Air India
is also planning to ask for a hefty compensation for the sum spent
in preparing itself for Star's membership, the Telegraph notes.

The Telegraph relates that Star Alliance, a global group of 27
international airlines, announced last week that it was suspending
Air India's integration into its network as the carrier had failed
to fulfill some norms.

According to The Telegraph, Air India officials said they were in
talks with Star Alliance officials for a meeting to discuss the
reasons of suspension as well as to ask them for a refund.

"The date of the meeting has not been decided as of now but it
might happen later this week.  Star Alliance officials have said
they were considering ways so that they can accommodate AI into
the international group.  But we are more interested in discussing
about compensation as last week's events have caused us a lot of
embarrassment and a major setback," The Telegraph quotes an AI
official as saying.

The Telegraph notes that the civil aviation ministry will soon
start the process of recovering the EUR10 million (INR63 crore
approximately) as joining fee they had paid.  A decision to
suspend Air India's integration with the alliance was jointly
taken by 27 member airlines.

Air India's entry into the alliance had got delayed as it did not
have an integrated IT system between the erstwhile domestic
operations and its international operations till February this
year. Lufthansa was mandated to be the mentor airline for AI in
the alliance.

Membership of the alliance would have ensured a fixed revenue for
Air India, and it was a crucial part of the carrier's turnaround
plan.

                         About Air India

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

                          *     *     *

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

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


ALLIANCE VITRIFIED: CRISIL Rates INR82MM Term Loan at 'CRISIL BB-'
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Alliance Vitrified Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR82 Million Rupee Term Loan     CRISIL BB-/Stable (Assigned)
   INR8 Million Bank Guarantee       CRISIL A4+ (Assigned)

The ratings reflect AVPL's high gearing, small net worth, and
susceptibility to risks associated with significant increase in
supply of vitrified tiles with industry-wide fresh capacity
additions. These rating weaknesses are partially offset by AVPL's
promoters' experience in ceramic tile trading business and its
unit's strategic location.

Outlook: Stable

CRISIL believes that AVPL will benefit from the advantageous
location of its facility (in Morbi, Rajkot [Gujarat]) and its
promoters' experience in the tiles industry.  The outlook may be
revised to 'Positive' if AVPL's operations stabilize and it
reports better-than-expected revenue growth and profitability.
Conversely, the outlook may be revised to 'Negative' if AVPL
undertakes a larger-than-expected debt-funded capital expenditure
programme or if its profitability decline significantly.

                    About Alliance Vitrified

AVPL was incorporated on February 18, 2010. Its unit for
manufacturing vitrified tiles has capacity of 36,300 tonnes per
annum (tpa). The unit is in Morbi, Rajkot; commercial production
commenced on December 15, 2010. The company mainly manufactures
tiles of dimensions 24''x24'' and 32''x32''.

AVPL's profit after tax (PAT) and net sales are estimated at
INR2.5 million and INR95 million respectively for 2010-11 (refers
to financial year, April 1 to March 31), which was its first year
of operations.


ANSAL: Fitch Migrates 'B-' Rating to Non-Monitored Category
-----------------------------------------------------------
Fitch Ratings has migrated India-based Ansal Properties and
Infrastructure Limited's 'B-(ind)' National Long-Term rating to
the "Non-Monitored" category. The rating was earlier placed on
Rating Watch Positive (RWP). The rating will now appear as 'Fitch
B-(ind)nm' on the agency's Web site.  Simultaneously, the agency
has classified these bank loan ratings as "Non-Monitored":

   -- INR1,000m long-term debt program: migrated to 'Fitch B-
      (ind)nm' from 'B-(ind)'/RWP

   -- INR710m long-term bank loans: migrated to 'Fitch B-(ind)nm'
      from 'B-(ind)'/RWP

   -- INR1,721.5m of fund-based working capital limits: migrated
      to 'Fitch B-(ind)nm' from 'B-(ind)'/RWP

   -- INR200m short-term bank loans: migrated to 'Fitch A4(ind)nm'
      from 'F4(ind)'/RWP

   -- INR1,500m non-fund based working capital limits: migrated to
      'Fitch A4(ind)nm' from 'F4(ind)'/RWP

   -- INR1,000m short-term debt (INR500m to be carved out of fund-
      based working capital limits): migrated to 'Fitch A4(ind)nm'
      from 'F4(ind)'/RWP

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of APIL. The ratings will remain in
the "Non-Monitored" category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month period,
the ratings could be re-activated and will be communicated through
a "Rating Action Commentary".


AURANGABAD DIVISIONAL: CRISIL Rates INR70-Mil. Loan at CRISIL BB+
-----------------------------------------------------------------
CRISIL BB+' rating for Aurangabad Divisional Life Insurance
Employees Co-op. Credit Society's bank facility

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

CRISIL has assigned its 'CRISIL BB+/Stable' rating to the cash
credit facility of Aurangabad Divisional Life Insurance Employees
Co-op. Credit Society Ltd (LIC Society). The rating reflects LIC
Society's healthy asset quality and adequate capitalization. These
rating strengths are partially offset by the society's modest
resource profile, average earnings profile, and limited
flexibility in liquidity.

Outlook: Stable

CRISIL believes that LIC Society will maintain its healthy asset
quality and its adequate capitalization levels over the medium
term. The outlook may be revised to 'Positive' if the society's
resources and earnings profiles improve significantly, while it
maintains its asset quality at the current levels. Conversely, the
outlook may be revised to 'Negative' in case of any significant
deterioration in LIC Society's asset quality, leading to stress on
the society's capitalization and earnings profile.

LIC Society, set up in 1991, caters to the employees of LIC
working in the districts of Aurangabad, Nanded, and Nashik (all in
Maharashtra). The society is governed by the Maharashtra Co-
operatives Act, 1960. The permanent employees of LIC are eligible
for membership of the society. Fixed deposits and monthly
mandatory contribution from the members are the major source of
funds for the society. The loan dues are deducted by LIC out of
the salary of members and remitted to the society. LIC Society had
deposits of INR0.13 billion and advances of INR0.26 billion, as on
March 31, 2011. It had a membership base of 1748 regular members,
as on the same date.

For 2010-11 (refers to financial year, April 1 to March 31), LIC
Society's profit after tax (PAT), on a provisional basis, was
INR6.5 million on a total income of INR27 million, against a PAT
of INR5.7 million on a total income of INR24 million for the
previous year.


BURNPUR CEMENT: CRISIL Assigns CRISIL BB- Rating to INR137MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/ CRISIL A4+' ratings to
the bank facilities of Burnpur Cement Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR20 Mil. Standby Line of Credit  CRISIL BB-/Stable (Assigned)
   INR137 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR5 Million Bill Discounting      CRISIL A4+ (Assigned)
   INR10 Million Letter of Credit     CRISIL A4+ (Assigned)
   INR15 Million Bank Guarantee       CRISIL A4+ (Assigned)

The ratings reflect BCL's moderate business risk profile marked by
its established brand and promoter's experience in cement
industry. These rating strengths are partially offset by BCL's
exposure to project implementation risks and working-capital-
intensive operations.

Outlook: Stable

CRISIL believes that BCL's business risk profile will continue to
be constrained by its marginal market share in the competitive
cement industry. The outlook may be revised to 'Positive' if BCL
achieves larger-than-expected growth in its topline and
profitability and better working capital management. Conversely,
the outlook may be revised to 'Negative' in case of cost and time
overruns in execution of its project or weakening of the financial
risk profile on account of low profitability.

                       About Burnpur Cement

BCL was incorporated in 1986 as a private limited company, 'Ashoka
Concrete and Allied Industries Pvt Ltd', by the late Mr. Ramawatar
Gutgutia and his son, Mr. Ashok Gutgutia. It was reconstituted as
a limited company and its name changed to BCL in 2001. The company
was listed on the Bombay Stock Exchange and the National Stock
Exchange in 2008. BCL manufactures portland blast furnace slag
cement and has capacity of 1000 tonnes per day (tpd) in Asansol
(West Bengal [WB]). The company has presence in WB (more than 80%
sales in 2011), Jharkhand, and Bihar. BCL sells cement under the
brand, Burnpur Cement.

The company is currently setting up an 800 tpd grinding unit in
Pataratu (Jharkhand) and has plans to set up a clinkerisation
plant (800 tpd; expandable to 1600 tpd) over the medium term.

BCL reported a profit after tax (PAT) of INR4.9 million on net
sales of INR242.7 million for 2010-11(refers to financial year,
April 1 to March 31), as against a PAT of INR6.5 million on net
sales of INR243.3 million for 2009-10.


CHAS METAL: CRISIL Rates INR97MM Cash Credit at 'CRISIL B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Chas Metal Centre.

   Facilities                      Ratings
   ----------                      -------
   INR97.0 Million Cash Credit     CRISIL B+/Stable (Assigned)

The rating reflects CMC's weak financial risk profile marked by
weak debt protection metrics and high debtor level, and
susceptibility to cyclicality and intense competition in the steel
industry. These rating weaknesses are partially offset by the
benefits that CMC derives from its promoters' extensive industry
experience.

Outlook: Stable

CRISIL believes that CMC will maintain its moderate business
profile, supported by its experienced management, over the medium
term. However its financial risk profile is expected to remain
constrained by weak liquidity and working capital intensive nature
of operations. The outlook may be revised to 'Positive' if CMC's
financial risk profile, particularly liquidity, improves, most
likely because of equity infusion. Conversely, the outlook may be
revised to 'Negative' if CMC reports lower-than-expected revenue
growth and profitability, or undertakes larger-than-expected,
debt-funded capital expenditure programme, thereby weakening its
capital structure.

                         About Chas Metal

CMC, based in Bokaro (Jharkhand), was set up as a proprietorship
firm by Mr. Sanjay Kumar in 2006. It is engaged in processing hot-
rolled, cold-rolled, and galvanized steel coils into sheets,
plates and structures, which are used in power, automobile,
infrastructure, and ship-building industries. The firm has an
installed capacity of 1,50,000 metric tonnes per annum.

CMC reported, on provisional basis, a profit after tax (PAT) of
INR5.3 million on net sales of INR521 million for 2010-11 (refers
to financial year, April 1 to March 31); it reported a PAT of
INR6.8 million on net sales of INR343 million for 2009-10.


COMMANDER INDUSTRIES: CRISIL Reaffirms CRISIL BB+ Term Loan Rating
------------------------------------------------------------------
CRISIL's ratings on Commander Industries Pvt Ltd's bank facilities
continue to reflect CIPL's exposure to risks related to intense
competition in the flour mill business, its limited scale of
operations and low margins, the commodity nature of its products,
and its limited financial flexibility because of its small net
worth.

   Facilities                       Ratings
   ----------                       -------
   INR14.5 Million Term Loan        CRISIL BB+/Stable (Reaffirmed)
   INR65 Million Cash Credit        CRISIL BB+/Stable (Reaffirmed)
   INR0.5 Million Bank Guarantee    CRISIL A4+ (Reaffirmed)

These rating weaknesses are partially offset by CIPL's adequate
debt protection metrics and comfortable capital structure.

Outlook: Stable

CRISIL believes that CIPL will remain exposed to risks related to
its small scale of operations in the intensely competitive
flourmill industry, its low operating margin, and its limited
financial flexibility, over the medium term. The outlook may be
revised to 'Positive' if CIPL's scale of operations and net worth
increase considerably. Conversely, the outlook may be revised to
'Negative' if CIPL contracts sizeable debt to fund its capacity
expansion projects, thereby weakening its capital structure.

Update

CIPL's topline for 2010-11 (refers to financial year, April 1 to
March 31) of close to INR420 million has witnessed a decline of
about 40% from that in the previous year, as its manufacturing
facilities were shut down for almost three months because of
refurbishing activities. The company undertook a capital
expenditure (capex) programme of about INR6 million for the
project. The benefits of the refurbishment were almost
instantaneous, as witnessed in its higher operating efficiency and
lower wastage level, resulting into better profitability in
2010-11. The operating margin in 2010-11 improved to 4.7% from 3.1
in the previous year. Due to lower revenues, working capital
requirements almost halved during 2010-11, resulting in improved
gearing, at about 0.6 times as on March 31, 2011. CIPL's financial
risk profile, particularly liquidity, remains comfortable with
stable cash flows and moderate bank limit utilization.

CIPL reported, on provisional basis, a profit after tax (PAT) of
INR1.3 million on an operating income of INR425 million for 2010-
11; it reported a PAT of INR2.2 million on an operating income of
INR776 million for 2009-10.

                    About Commander Industries

CIPL was promoted by Mr. Sanjay Kumar Agarwal in the early 1990s
as a partnership firm. It was reconstituted as a private limited
company in 1999. CIPL is one of the companies of the Agarwal group
of Indore (Madhya Pradesh). It manufactures and sells traditional
wheat-based products, such as atta (flour), maida (refined flour),
and rava and suji (both semolina variants), among other items.
CIPL has a flourmill in Khandwa (Madhya Pradesh), with capacity of
200 tonnes per day. The company also has a windmill with capacity
of 600 kilowatt hour in Dewas (Madhya Pradesh).


DEVA SINGH: CRISIL Places CRISIL B+ Rating on INR110MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Deva Singh Sham Singh.

   Facilities                         Ratings
   ----------                         -------
   INR110 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR9.9 Million Letter of Credit    CRISIL A4 (Assigned)
   INR222.5 Million Packing Credit    CRISIL A4 (Assigned)

The ratings reflect DSSS' weak financial risk profile, marked by
large working capital requirements, vulnerability of margins to
fluctuations in raw material prices and foreign exchange (forex)
rates, and dependency on monsoon and government policies. These
rating weaknesses are partially offset by the extensive industry
experience of DSSS' promoters.

Outlook: Stable

CRISIL expects DSSS' financial risk profile to remain weak owing
to the firm's high gearing and large working capital requirements.
The outlook may be revised to 'Positive' in case of significant
and sustained increase in DSSS' scale of operations, leading to
better accruals, along with substantial improvement in capital
structure. Conversely, the outlook may be revised to 'Negative 'in
case of any deterioration in the firm's operating margin or any
large debt-funded capex programme.

                         About Deva Singh

DSSS processes paddy to produce basmati and broken basmati rice.
The firm processes about 10 varieties of basmati rice including
1121, sela, shabnam and pusa amongst others. It has 8 registered
brands in the export market comprising '817 Elephant', 'Laxmi',
'Jahan', 'Butterfly', AAA', 'Kasturi', 'Sona' and 'Janta'. Exports
contribute to about 80% to the firm's total sales through 8 to 10
dealers and the balance is contributed through sales of broken
basmati rice in the domestic market through 15 to 20 commission
agents.

DSSS reported a profit after tax (PAT) of INR6.3 million on net
sales of INR593.2 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.4 million on net
sales of INR633.7 million for 2008-09.


DISH INDIA: CRISIL Assigns CRISIL B+ Rating to INR10MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Dish India Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR10 Million Long Term Loan     CRISIL B+/Stable (Assigned)
   INR45 Million Cash Credit        CRISIL B+/Stable (Assigned)

The rating reflects DIPL's weak financial risk profile, marked by
a small net worth and weak capital structure, working-capital-
intensive operations, modest scale of operations with product
concentrated revenue profile, and exposure to risks related to the
cyclicality in the end-user industry. These rating weaknesses are
partially offset by the benefits that DIPL derives from its
established relations with its customers and its promoters'
extensive experience in the heavy industry fabrication business.

Outlook: Stable

CRISIL believes that DIPL will continue to benefit over the medium
term from its established relationships with its customers and its
promoters' experience in the heavy industry fabrication business.
The outlook may be revised to 'Positive' if DIPL's scale of
operations and its cash accruals increase, resulting in
improvement in the company's capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
DIPL's working capital intensity increases, resulting in further
weakening of the company's financial risk profile.

                       About Dish India

DIPL manufactures dish ends and boiler drums and trades in boiler
plates, which are used in fabrication of pressure vessels, which
in turn are used in the industrial machinery for basic and heavy
industries such as power, steel, construction, and cement. The
company has a fabrication unit at New Delhi and is in the process
of setting up its second unit in Haryana. The company has been set
up by Mr. Vinay Gupta, who along with his son Mr Ankit Gupta is
actively involved in its day-to-day operations.

For 2010-11 (refers to the financial year, April 1 to March 31),
DIPL reported on a provisional basis, profit after tax (PAT) of
INR1.3 million on net sales of INR144.6 million, against a PAT of
INR1.2 million on net sales of INR264.7 million for 2009-10.


ESBI GLASSES: CRISIL Assigns 'CRISIL D' Rating to INR31.6MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of ESBI Glasses Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR31.6 Million Term Loan         CRISIL D (Assigned)
   INR50.0 Million Cash Credit       CRISIL D (Assigned)
   INR2.5 Million Bank Guarantee     CRISIL D (Assigned)
   INR7.0 Million Letter of Credit   CRISIL D (Assigned)

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

ESBI also has working-capital-intensive operations and average
financial risk profile, marked by a small net worth and below-
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of ESBI's promoters
in manufacturing mirrors and trading food grains and other items.

                        About ESBI Glasses

Incorporated in 1998, ESBI manufactures mirrors and various types
of glasses (accounted for around 35% of the company's revenue in
2010-11 [refers to financial year, April 1 to March 31]). The
company also trades atta, suji, maida, handloom fabrics, potatoes,
chemicals, paint thinners, and wooden crates (accounted for around
65% of its revenue in 2010-11). ESBI plans to set up an automated
insulated glass manufacturing unit with capacity of 120,000 square
metres at a total project cost of INR60 million. The project is
estimated to be funded in a debt-equity ratio of 65:35 and is
expected to be completed by December 2011.

ESBI is estimated to report a profit after tax (PAT) of INR5.1
million on net sales of INR133 million for 2010-11, as against a
PAT of INR4.9 million on net sales of INR110 million for 2009-10.


EYLEX FILMS: CRISIL Rates INR125.6MM Term Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the term loan
facility of Eylex Films Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR125.6 Million Term Loan       CRISIL B+/Stable (Assigned)

The rating reflects EFPL's limited track record of operations and
exposure to risks related to commercialization and stabilization
of upcoming properties. These rating weaknesses are partially
offset by the extensive experience of EFPL's promoters in the
entertainment industry.

Outlook: Stable

CRISIL believes that EFPL's business risk profile will be
supported by expansion in the exhibition business owing to rollout
of additional screens; also, the company will commence operations
at its upcoming properties as per schedule, supported by efficient
project management. The outlook may be revised to 'Positive' if
EFPL reports more-than-expected increase in realizations and
profitability or diversifies its revenue profile to generate
healthy cash accruals. Conversely, the outlook may be revised to
'Negative' if the company faces any time or cost overruns in its
upcoming project, or if the utilization of its capacities is
lower-than-expected.

                         About Eylex Films

Incorporated in 2009, EFPL screens films on a lease-and-operate
model. The company carries out its film-screening business in both
multi-screen and standalone theatres.  The company currently
operates a standalone theatre and a multiplex in Ranchi
(Jharkhand) and is planning to expand into Asansol, Jamshedpur,
Sambalpur, Jharsugda, Bokaro, Deoghar and Silliguri. This will
entail a total capital expenditure of around INR 250 millions to
be incurred in financial year 2011-12 (refers to financial year,
April 1 to March 31) and 2012-13. EFPL is promoted by the Jalan
and Lohia families of Ranchi (Jharkhand).


GUINDY MACHINE: CRISIL Rates INR127MM LT Loan at 'CRISIL BB-'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-tem bank facilities of
Guindy Machine Tools Ltd to 'CRISIL BB+/Stable' from 'CRISIL BB-
/Stable', while reaffirming the short-term rating at 'CRISIL A4+'.

   Facilities                          Ratings
   ----------                          -------
   INR127.00 Million Long-Term Loan    CRISIL BB+/Stable (Upgraded
                                         from 'CRISIL BB-/Stable')

   INR30.00 Million Cash Credit        CRISIL BB+/Stable (Upgraded
                                         from 'CRISIL BB-/Stable')

   INR1.00 Million Letter of Credit    CRISIL A4+ (Reaffirmed)

   INR0.50 Million Bank Guarantee      CRISIL A4+ (Reaffirmed)

The upgrade reflects significant improvement in GMTL's revenues
and cash accruals in 2010-11 (refers to financial year, April 1 to
March 31), following recovery in offtake from customers. The
rating action also reflects CRISIL's belief that GMTL's revenues
will grow steadily, backed by improvement in GMTL's order book
from customers in the automobile and general engineering sectors.

The ratings reflect GMTL's established market position in the
machine tools and casting business, and comfortable financial risk
profile, marked by low gearing and healthy debt protection
metrics. These rating strengths are partially offset by GMTL's
susceptibility to increase in raw material prices, its relatively
small scale of operations, and intense competition in the machine
tools industry

Outlook: Stable

CRISIL believes that GMTL's financial risk profile, marked by
moderate gearing, will remain comfortable, over the medium term,
on account of no large capex plans. The outlook may be revised to
'Positive' if GMTL increases its scale of operations, diversifies
its segmental revenues and increases its order book while
maintaining its operating margin. Conversely, the outlook may be
revised to 'Negative' if GMTL's volumes or realizations decline,
resulting in smaller cash accruals, or if the company contracts
more-than-expected debt to fund its capital expenditure programme.

                      About Guindy Machine

Incorporated in 1959, GMTL, promoted by the late Mr. P
Venkataraman, manufactures chucks (holding devices in computed
numerically controlled lathe machines) and casting products that
find application in machine tools, automobile and general
engineering industries. It has a captive foundry, heat treatment
shop and testing laboratories in and around Chennai. GMTL also
manufactures a range of granite and metrology equipment and its
factory is located in Hosur, TamilNadu. In 2009-10, the company
merged with GMTL, its wholly owned subsidiary, with retrospective
effect from April 01, 2008.

GMTL posted a provisional profit after tax (PAT) of INR42.4
million on net sales of INR399.7 million for 2010-11, against a
PAT of INR13.0 million on net sales of INR228.4 million for 2009-
10.


INDIAN SUCROSE: CRISIL Cuts Rating on INR700MM Loan to 'CRISIL B'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of Indian Sucrose Ltd to 'CRISIL B/Stable' from 'CRISIL
BB-/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR700.0 Mil. Cash Credit Limit    CRISIL B/Stable (Downgraded
                                        from 'CRISIL BB-/Stable')

The downgrade follows deterioration in ISL's financial risk
profile, particularly its liquidity, because of increase in debt
for funding working capital requirements and capital expenditure
(for acquiring a paper mill).  Further, ISL has witnessed a
significant increase in its gearing and weakening of debt
protection measures due to its increasing working capital
borrowings and debt funded capital expenditure programme.  The
downgrade also reflects CRISIL's belief that ISL's liquidity will
remain weak over the medium term, with the company's cash accruals
expected to be insufficient to service its term debt.

The rating continues to reflect ISL's weak financial profile
because of working-capital-intensive operations, and exposure to
risks related to government regulations and to sugar cane
availability. These rating weaknesses are, however, partially
offset by ISL's established presence in the sugar market in
Punjab.

Outlook: Stable

CRISIL believes that ISL will continue to benefit over the medium
term from its established presence in the sugar market in Punjab.
The outlook may be revised to 'Positive' in case of significant
improvement in ISL's liquidity driven by timely equity infusions
or significant ramp up in scale of operations, and improvement in
operating margin resulting in higher cash accruals. Conversely,
the outlook may be revised to 'Negative' if the promoters do not
provide timely support to ISL's liquidity through infusion of
unsecured loans or equity, or the company contracts more-than-
expected additional debt to fund its incremental working capital
requirements, thereby straining its financial risk profile
further.

                        About Indian Sucrose

ISL is part of the Yadu group, and was acquired by the present
management from the Oswal group. The company has its manufacturing
unit in Mukerian (Punjab), with a sugarcane crushing capacity of
5000 tonnes crushed per day and caters to the Punjab, Himachal
Pradesh, Rajasthan, and Jammu & Kashmir markets. The company
markets its products under the Sweeto brand through its dealer
network.

ISL reported a profit after tax (PAT) of INR6.3 million on net
sales of INR1.1 billion for 2010-11 (refers to financial year,
April 1 to March 31) on a provisional basis, against a PAT of
INR45.4 million on net sales of INR1.0 billion for 2009-10.


K S ENTERPRISES: CRISIL Rate INR75MM Cash Credit at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of K S Enterprises Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR75 Million Cash Credit  CRISIL     BB-/Stable (Assigned)

The rating reflects KSEPL's moderate financial risk profile,
marked by its moderate capital structure, and the extensive
experience of its promoters in the metal scrap trading industry.
These rating strengths are partially offset by KSEPL's small scale
of operations in a fragmented industry and the vulnerability of
its operating margin to fluctuations in metal prices.

Outlook: Stable

CRISIL believes that KSEPL will maintain its business risk profile
driven by its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in its scale of operations and profitability leading
to higher than expected cash accruals while maintaining its
moderate cash accruals. Conversely, the outlook may be revised to
'Negative' in case KSEPL's financial risk profile deteriorates due
to increase in working capital requirements or lower
profitability, leading to lower cash accruals.

                       About K S Enterprises

KSEPL was set up in 1989 by Mr. Rajesh Kumar Singal. The company
is based in Delhi and is engaged in the trading of various ferrous
and non-ferrous metal scraps, which includes zinc, copper, brass,
nickel as well as steel scraps. The promoter and managing director
of the company, Mr. Rajesh Kumar Singal, has over 20 years of
experience in the scrap metal trading industry. The company
purchases scrap metal from importers around Delhi and sell the
same to steel companies and distributors in the region.

KSEPL reported a profit after tax (PAT) of INR2.5 million on net
sales of INR370.3 million (On provisional basis) for 2010-11
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.1 million on net sales of INR434.3 million for 2009-10.


KARELI SUGAR: CRISIL Upgrades Rating on INR80MM Loan to CRISIL BB
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facility of Kareli
Sugar Mill Pvt Ltd to 'CRISIL BB/Stable' from CRISIL D'.

   Facilities                     Ratings
   ----------                     -------
   INR80 Million Cash Credit      CRISIL BB/Stable (Upgraded from
                                                    'CRISIL D')

The upgrade reflects timely servicing of debt by KSM in the past 6
months. This has been driven by KSM's improved liquidity and cash
accruals. The upgrade also reflects CRISIL's belief that KSM will
maintain an above-average financial risk profile over the medium
term, supported by increasing revenues and improvement in capacity
utilization.

The rating reflects KSM's above-average financial risk profile,
marked by moderate gearing and debt protection metrics,
established market position, and limited demand-related risks for
its products. These rating strengths are partially offset by KSM's
relatively small scale of operations, large working capital
requirements, and susceptibility to adverse regulatory changes and
downturns in the sugar industry.

Outlook: Stable

CRISIL believes that KSM will continue to benefit from the
longstanding industry experience of its promoters over the medium
term. The outlook maybe revised to 'Positive' in case KSM's
revenues and operating margin are more than expected, leading to
more-than-expected cash accruals. Conversely, the outlook maybe
revised to 'Negative' in case of drop in KSM's realizations or in
its capacity utilization because of sugarcane unavailability, or
if the company undertakes debt-funded capital expenditure
programme or contracts more than expected debt to support its
working capital requirements.

                        About Kareli Sugar

KSM was incorporated in 2001 and promoted by Mr. Manish Rai and
Mr. Shabab Raza for setting up a sugar plant. However, due to
financial constraints the promoters diluted their stake and handed
over the management of the company to Mr. Hemant Soni and
Mr. Rajneesh Singh before the commencement of operations. KSM's
sugar plant commenced commercial operations in the sugar season of
2002-03 (October to September), with a capacity of 800 tonnes
crushed per day (TCD), which increased to 2500 TCD over the years.
Currently, the company's entire management is handled by the Soni
group.

KSM reported, on provisional basis, a profit after tax (PAT) of
INR17 million on net sales of INR407 million for 2010-11 (refers
to financial year April 1 to March 31); the company reported a PAT
of INR2 million on net sales of INR241 million for 2009-10.


KOPRAN LABORATORIES: CRISIL Rates INR25MM Loan at 'CRISIL BB-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Kopran Laboratories Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR25 Million Cash Credit          CRISIL BB-/Stable (Assigned)
   INR60 Million Letter of Credit     CRISIL A4+ (Assigned)
   INR15 Million Bank Guarantee       CRISIL A4+ (Assigned)

The ratings reflect KLL's exposure to intense competition in the
medical equipment and reagents industry and susceptibility of
KLL's operating performance to supplier concentration risk. These
rating weaknesses are partially offset by the established position
of KLL in the medical equipment and reagents industry and its
longstanding relationships with major hospitals and diagnostic
centres.

Outlook: Stable

CRISIL believes that KLL will maintain its stable business risk
profile over the medium term, supported by its established market
position and longstanding relationships with its key suppliers and
customers. The outlook may be revised to 'Positive' if there is a
significant and sustainable improvement in its revenues and cash
accruals, while maintaining its debt protection metrics, over the
medium term. The outlook may be revised to 'Negative' if the
company undertakes larger-than-expected debt-funded capital
expenditure programme, or if there is a significant decline in its
revenues and profitability.

                     About Kopran Laboratories

KLL was incorporated in 1986 and promoted by the Mumbai-based
Somani and Parikh families. The company is a closely held public
limited company. It is into marketing and distributing various
chemical reagents and medical equipment across India. The company
is the sole authorized distributor for equipment manufactured by
Beckman Coulter Inc. for North, East and West India. KLL also
trades in medical devices under its own brand, Acucare.

For 2010-11 (refers to financial year, April 1 to March 31), KLL
reported, on provisional basis, a profit after tax (PAT) of
INR9.72 million on net sales of INR189.24 million; the company
reported a PAT of INR23.35 million (includes profit on sale of
investment INR20.17 million) on net sales of INR197.16 million for
2009-10.


KKP SPINNING: CRISIL Reaffirms CRISIL B Rating on INR70.2MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of KKP Spinning Mills
Ltd., part of the KKP Group, continue to reflect the KKP group's
exposure to risks related to volatility in raw material prices,
and to the fragmentation in the textile industry. These weaknesses
are partially offset by the group's established position in the
industry, its integrated operations, and above-average financial
risk profile.

   Facilities                         Ratings
   ----------                         -------
   INR60 Million Supplier Bill        CRISIL A4 (Assigned)
                   Discounting

   INR220 Million Cash Credit         CRISIL B/Stable (Reaffirmed)

   INR70.2 Million Long-Term Loan     CRISIL B/Stable (Reaffirmed)

   INR40 Million Proposed Long-Term   CRISIL B/Stable (Reaffirmed)
               Bank Loan Facility

   INR40 Million Letter of Credit     CRISIL A4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KKP Textiles Limited (KKP Textiles),
KKP Spinning Mills Ltd, and KKP Weaving and Processing Mills Ltd
(KKP Weaving). This is because the three companies, collectively
referred to as the KKP group, are part of the textile value chain,
and have a common management. Moreover, the companies are
interdependent, and have inter-company commercial transactions,
although at arm's length, and a centralized system for the
procurement of raw materials, and for marketing.

Outlook: Stable

CRISIL believes that the KKP group will continue to benefit over
the medium term from its established track record in the textile
industry and long-standing relationships with customers. The
outlook may be revised to 'Positive' if healthy profitability and
cash accruals lead to improvement in the group's capital
structure. Conversely, the outlook may be revised to 'Negative' if
the group's cash accruals decline steeply, adversely affecting
debt servicing ability, or if it contracts large debt to fund
capital expenditure.

                           About the Group

Based in Namakkal (Tamil Nadu), the KKP group manufactures cotton
yarn and grey and dyed fabric, and has a capacity of 80,448
spindles and 135 looms. The group was set up by Mr. K Periyasamy,
father of Mr. P Nallathambi, who is the current chairman.

KKP Textiles has a capacity of 45,264 spindles. It manufactures
cotton yarn of counts in the range of 20s to 40s, and also has
rotors to manufacture open-ended yarn of counts ranging from 4s to
30s, using waste cotton. KKP Spinning has both spinning and
weaving facilities, with 35,184 spindles and 90 looms. KKP Weaving
has a capacity of 45 looms and produces around 1.8 million metres
of fabric per month; part of the output is for internal
consumption, while the remainder is sold to manufacturers of
garments and home furnishings.

The KKP group is estimated to post a profit after tax (PAT) of
INR73 million on operating income of INR2.34 billion for 2010-11
(refers to financial year, April 1 to March 31). For 2009-10, the
group reported a profit after tax (PAT) of INR22.5 million on net
sales of INR1.9 billion, as against a PAT of INR40.9 million on
net sales of INR3.1 billion for the previous year.


KKP WEAVING: CRISIL Puts CRISIL B Rating on INR11.4MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of K.K.P. Weaving &
Processing Mills Ltd., part of the KKP Group, continue to reflect
the KKP group's exposure to risks related to volatility in raw
material prices, and to the fragmentation in the textile industry.
These weaknesses are partially offset by the group's established
position in the industry, its integrated operations, and above-
average financial risk profile.

   Facilities                       Ratings
   ----------                       -------
   INR11.4 Million Proposed LT      CRISIL B/Stable (Assigned)
            Bank Loan Facility

   INR20 Million Cash Credit        CRISIL B/Stable (Reaffirmed)

   INR61.4 Million Long-Term Loan   CRISIL B/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KKP Textiles Limited, KKP Spinning
Mills Ltd, and KKP Weaving.  This is because the three companies,
collectively referred to as the KKP group, are part of the textile
value chain, and have a common management. Moreover, the companies
are interdependent, and have inter-company commercial
transactions, although at arm's length, and a centralized system
for the procurement of raw materials, and for marketing.

Outlook: Stable

CRISIL believes that the KKP group will continue to benefit over
the medium term from its established track record in the textile
industry and long-standing relationships with customers. The
outlook may be revised to 'Positive' if healthy profitability and
cash accruals lead to improvement in the group's capital
structure. Conversely, the outlook may be revised to 'Negative' if
the group's cash accruals decline steeply, adversely affecting
debt servicing ability, or if it contracts large debt to fund
capital expenditure.

                            About the Group

Based in Namakkal (Tamil Nadu), the KKP group manufactures cotton
yarn and grey and dyed fabric, and has a capacity of 80,448
spindles and 135 looms. The group was set up by Mr. K Periyasamy,
father of Mr. P Nallathambi, who is the current chairman.

KKP Textiles has a capacity of 45,264 spindles. It manufactures
cotton yarn of counts in the range of 20s to 40s, and also has
rotors to manufacture open-ended yarn of counts ranging from 4s to
30s, using waste cotton. KKP Spinning has both spinning and
weaving facilities, with 35,184 spindles and 90 looms. KKP Weaving
has a capacity of 45 looms and produces around 1.8 million metres
of fabric per month; part of the output is for internal
consumption, while the remainder is sold to manufacturers of
garments and home furnishings.

The KKP group is estimated to post a profit after tax (PAT) of
INR73 million on operating income of INR2.34 billion for 2010-11
(refers to financial year, April 1 to March 31). For 2009-10, the
group reported a profit after tax (PAT) of INR22.5 million on net
sales of INR1.9 billion, as against a PAT of INR40.9 million on
net sales of INR3.1 billion for the previous year.


MAXIM TUBES: CRISIL Assigns CRISIL B+ Rating to INR44.3MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Maxim Tubes Company Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR44.3 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR50 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR20 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect Maxim's modest scale of operations, high
working capital intensity, and weak financial risk profile marked
by weak capital structure and moderate debt protection metrics.
These rating weaknesses are partially offset by Maxim's promoters'
support to the company in the form of unsecured loans, and its
improving business risk profile, with its increasing scale of
operations.

Outlook: Stable

CRISIL believes that Maxim will benefit over the medium term from
the expected increase in its scale of operations; the company's
profitability is expected to remain moderate over the medium term.
The outlook may be revised to 'Positive' if Maxim reports more-
than-expected revenues and profitability, or if there is
significant equity infusion by promoters, leading to improvement
in its capital structure. Conversely, the outlook may be revised
to 'Negative' if Maxim's working capital requirement increases, or
its capital structure weakens further, because of larger-than-
expected debt-funded capital expenditure (capex).

                           About Maxim Tubes

Maxim was incorporated in 2006 and is promoted by Mr. Yogesh Patel
and Mr. Krunal Patel. The company manufactures stainless steel and
welded pipes and tubes, in sizes ranging from 6 millimetres (mm)
to 300 mm, used for industrial purposes. Around 15% of Maxim's
total revenues come from export to Italy. Export sales are done
through a network of traders, while the company directly caters to
the domestic market. Maxim's current installed production capacity
is 1440 tonnes per annum (tpa), and it is enhancing its capacity
to 4800 tpa in 2011-12 (refers to financial year, April 1 to
March 31) for an outlay of INR62 million.

Maxim reported, on a provisional basis, a profit after tax (PAT)
of INR3 million on an operating income of INR367 million for 2010-
11; the company reported a PAT of INR23,000 on an operating income
of INR178 million for 2009-10.


MODY DECORA: CRISIL Assigns 'CRISIL D' Rating to INR25.3MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Mody Decora and Stones Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR40 Million Cash Credit        CRISIL D (Assigned)

   INR25.3 Million Corporate Loan   CRISIL D (Assigned)

   INR4.7 Million Proposed LT       CRISIL D (Assigned)
           Bank Loan Facility

   INR75 Million Bank Guarantee     CRISIL D (Assigned)

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

MDSPL also has a weak financial risk profile, marked by low net
worth and high gearing, small scale of operations with high
working capital requirements and exposure to risks related to
operating in a highly fragmented industry. These rating weaknesses
are partially offset by the extensive experience of its promoters
in the marble and granite industry.

                       About Mody Decora

MDSPL was originally established in 1989 as a partnership firm by
Mr. Shailesh S Mody and his wife Mrs. Charmaine S Mody; it was
subsequently reconstituted as private limited company in April
2009. Mr. Mody is a marine engineer, but because of his interest
in interiors entered into this line of business. The erstwhile
firm started operations with trading in Italian marble and
granite, which continued for the initial two years; thereafter it
took up projects of stone laying, and built up a sound reputation
backed by good workmanship. MDSPL undertakes contract work
involving stone and other miscellaneous interior work for
corporate clients. Its activities range from painting and
plastering to stone laying and wood work. The company also has one
retail outlet in Vile Parle, Mumbai, for trading and showcasing of
marble, granite, and other materials.

MDSPL estimated to have reported on a provisional basis a profit
after tax (PAT) of INR8.9 million on net sales of INR256.1 million
for 2010-11 (refers to financial year, April 1 to March 31), as
against a PAT of INR2.1 million on net sales of INR40.9 million
for 2009-10.


NIGAM COLD: CRISIL Assigns CRISIL D Rating to INR59MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Nigam Cold Storage Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR59 Million Cash Credit          CRISIL D (Assigned)

   INR4 Million Proposed LT Bank
                   Loan Facility      CRISIL D (Assigned)

   INR12 Million Term loan            CRISIL D (Assigned)

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

Nigam's financial risk profile is weak, marked by small net worth,
weak debt protection metrics, and high gearing. It is also
susceptible to adverse regulatory changes in the West Bengal cold
storage industry. The company, however, benefits from Nigam's
moderate business risk profile, supported by the extensive
industry experience of its promoters.

                        About Nigam Cold

Incorporated in 1996, Nigam provides cold storage facilities to
potato famers and traders.  Its cold storage in the Midnapur
district of West Bengal has a capacity of around 23,000 tonnes and
is divided into three chambers. The average utilisation of storage
capacity in 2010-11 (refers to financial year, April 1 to
March 31) was over 90%. The day-to-day operations of the company
are looked after by its director, Mr. Sunil Kumar Rana. The
company, over the medium term, plans to set up a new cold storage
unit with a capacity of 18,000 tonnes. The estimated capital
outlay will be around INR60 million, to be funded in debt-to-
equity ratio of 3:1.

Nigam is estimated to report a profit after tax (PAT) of INR1.9
million on operating income of INR21.8 million for 2010-11, as
against a PAT of INR0.7 million on operating income of INR18.0
million reported for 2008-09.


PARAMOUNT POWDERS: CRISIL Reaffirms CRISIL BB+ Cash Credit Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Paramount Powders Pvt
Ltd continue to reflect PPPL's moderate financial risk profile,
marked comfortable gearing and debt protection metrics, and the
benefits that the company derives from its established market
position and promoter's experience in the powder coating material
industry.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        CRISIL BB+/Stable (Reaffirmed)
   INR15 Million Letter of Credit   CRISIL A4+ (Reaffirmed)

These rating weaknesses are offset by PPPL's small scale of
operations, large working capital requirements, and susceptibility
to intense competition in the powder coating material industry and
to volatility in raw material prices and in the value of the
Indian rupee.

Outlook: Stable

CRISIL believes that PPPL will maintain its established market
position and its moderate financial risk profile, backed by steady
cash accruals, over the medium term. The outlook may be revised to
'Positive' in case of a substantial increase in PPPL's scale of
operations and net cash accruals. Conversely, the outlook may be
revised to 'Negative' if PPPL's financial risk profile weakens,
most likely because of large, debt-funded capital expenditure
(capex), or less-than-expected net cash accruals.

Update

PPPL's topline and operating margin are estimated at INR360
million and 4.9% for 2010-11 (refers to financial year, April 1 to
March 31); topline was marginally lower than CRISIL's projection
whereas profitability was much lower than projections. The lower-
than-expected profitability was mainly because of a sharp increase
in prices of key raw materials, epoxy resin, and titanium dioxide,
during 2010-11, which could not be fully passed on to the end
customers immediately. Although PPPL's operating margin is
expected to improve in 2011-12 because of stabilization of raw
material prices, the margin is expected to remain constrained by
pricing pressures from customers and the intensely competitive
powder coating market. PPPL's financial risk profile was in line
with CRISIL's projections despite the lower-than-expected
profitability, as PPPL did not pay dividends in 2010-11. With no
large capex planned for the medium term, its financial risk
profile is expected to remain moderate over the medium term.

For 2010-11, PPPL's profit after tax (PAT) and operating income
are estimated at INR6.2 million and INR360.3 million respectively;
the company reported a PAT of INR9.5 million on an operating
income of INR302.6 million for 2009-10.

                     About Paramount Powders

Incorporated in 1997, PPPL manufactures powder coating material.
The powder coatings are used for depositing a protective coating,
mainly on components of white goods, capital goods, and automobile
components. The company is promoted by the Badyal family of
Hoshiarpur (Punjab), which is currently based in the UK, and is
managed by Mr. Tarlochan Singh Badyal. PPPL's manufacturing
facility in Gurgaon (Haryana) has five manufacturing lines, with a
combined capacity of 300 tonnes per month. PPPL markets the powder
to industrial users, either directly or through its network of
around 30 distributors spread mainly across southern India,
western Maharashtra, and the National Capital Region.


PIONEER FABRICATORS: CRISIL Rates INR6MM Term Loan at 'CRISIL BB-'
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Pioneer Fabricators Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR6 Million Term Loan            CRISIL BB-/Stable (Assigned)
   INR40 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR15 Million Letter of Credit    CRISIL A4+ (Assigned)
   INR34 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect PFPL's healthy revenue visibility, backed by a
comfortable order book position and promoter's experience in the
fabrication industry. These rating strengths are partially offset
by PFPL's average financial risk profile, marked by large working
capital requirements, a small net worth and weak debt protection
metrics, customer concentrated revenue profile, and exposure to
intense competition in the engineering services industry.

Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the medium
term from its promoter's extensive experience in the fabrication
industry. The outlook may be revised to 'Positive' in case PFPL
registers higher-than-expected revenue growth while it maintains
its operating profitability, or if its debt protection metrics
improve significantly backed by healthy accruals in the business.
Conversely, the outlook may be revised to 'Negative' in case the
company's gearing deteriorates because of high working capital
intensity in the business or its order flow gets adversely
impacted in the future.

                   About Pioneer Fabricators

Incorporated in 1988 by Mr. Ramesh Chandra Agarwal, PFPL offers
engineering services, and designs and fabricates iron and steel
structures including steel bridge girders, metal crash barriers,
railway track girders, building structures, guard rails, chain-
link fencing, and road infrastructure. Based in Uttar Pradesh,
PFPL also trades in mild steel and stainless steel in the domestic
market, which contributes about 30% to its total revenues.

PFPL's profit after tax (PAT) is estimated at INR8 million on net
sales of INR450 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR13 million on net sales
of INR403 million for 2009-10.


PONDY VENKATESWARA: CRISIL Puts CRISIL B- Rating on INR3MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Pondy Venkateswara Modern Rice Mill.

   Facilities                        Ratings
   ----------                        -------
   INR3 Million Term Loan            CRISIL B-/Stable (Assigned)
   INR30 Million Cash Credit         CRISIL B-/Stable (Assigned)
   INR3 Million Proposed Term Loan   CRISIL B-/Stable (Assigned)
   INR10 Million Proposed Cash       CRISIL B-/Stable (Assigned)
                  Credit Limit

The rating reflects PVMR's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, relatively small
scale of operations, and susceptibility to adverse changes in
regulations on paddy and rice prices. These rating weaknesses are
partially offset by PVMR's experienced management, established
market position, and healthy prospects for the rice processing
industry.

Outlook: Stable

CRISIL believes that PVMR will continue to benefit over the medium
term from its established relationships with suppliers and
customers. The outlook may be revised to 'Positive' if the firm
significantly scales up its operations, and improves its capital
structure and liquidity. Conversely, the outlook may be revised to
'Negative' in case PVMR undertakes a large, debt-funded capital
expenditure programme, or its cash accruals decline, thereby
adversely affecting its debt-servicing ability.

                      About Pondy Venkateswara

Set up in 1987 in Pondicherry under the proprietorship of Mrs.
Premavathy, PVMR mills parboiled rice variety with capacity of
around 37.5 tonnes per day. The firm's day-to-day operations are
managed by the proprietor's son, Mr. Govindaraju. PVMR currently
caters to customers in Kerala and Pondicherry.

PVMR reported a provisional profit after tax (PAT) of INR1.3
million on net sales of INR160.0 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR0.8
million on net sales of INR129.8 million for 2009-10.


R AND D MULTIPLES: CRISIL Puts CRISIL BB Rating on INR25MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of R and D Multiples (Metal-Cast) Pvt.

   Facilities                         Ratings
   ----------                         -------
   INR25 Million Cash Credit          CRISIL BB/Stable (Assigned)
   INR15.9 Million Rupee Term Loan    CRISIL BB/Stable (Assigned)
   INR29.1 Million Letter of Credit   CRISIL A4+ (Assigned)
   INR100 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect R and D's established market position in the
pipe and pipe fittings industry, and adequate debt protection
metrics. These rating strengths are partially offset by R and D's
small scale of operations, leading to low and volatile operating
margin, large working capital requirements, and susceptibility to
cyclicality inherent in the pipe and pipe fittings industry.

Outlook: Stable

CRISIL believes that R and D will maintain stable business risk
profile, backed by its established customer base and promoters'
vast industry experience. The outlook may be revised to 'Positive'
if the company scales up its operations while sustaining its
operating margin and financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the operating margin is
less than expected or if the company undertakes a large, debt-
funded capital expenditure programme, thereby leading to
deteriorating in its financial risk profile.

                       About R and D Multiples

Set up in 1989, R and D manufactures industrial valves such as
butterfly valves, sluice valves, and dual plate check valves.
These are used mainly by the infrastructure sector, in water
supply and thermal power projects. It mainly manufactures
butterfly valves, used in water supply projects. R and D was
established as a partnership firm, but reconstituted as a private
limited company in 1989. It is a closely held company run mainly
by Mr. Sunil Purshottam Bagaria and his brother, Mr. Sandeep
Purshottam Bagaria.

R and D is estimated to report a profit after tax (PAT) of Rs6.8
million on net sales of INR317.92 million for 2010-11 (refers to
financial year, April 1 to March 31) as against reported PAT of
INR21.31 million on net sales of INR381.23 million for 2009-10.


RAGMET ENGINEERS: Fitch Rates INR120MM Loan at 'Fitch B(ind)'
-------------------------------------------------------------
Fitch Ratings has assigned India's Ragmet Engineers Pvt Ltd a
National Long-Term rating of 'Fitch B(ind)' with Stable Outlook.
Fitch has also assigned these ratings to REPL's bank loans:

   -- INR120m fund-based cash credit limits: 'Fitch B(ind)'

   -- INR50m non-fund based limits: 'Fitch A4(ind)'

The ratings reflect REPL's strong customer profile, moderate order
book size of INR376m (1.3x FY11 revenues) and the long track
record of its promoters in mechanical engineering and construction
jobs. The company caters to some of the big public sector units
(PSUs) like BHEL ('AAA(ind)'/Stable/'F1+(ind'), BPCL, HPCL
('AAA(ind)'/Stable) and RCF, as well as to corporates such as
Reliance Industries Ltd ('AAA(ind)'/Stable), Thyssenkrupp
Industries India, Tata Power Co. Ltd. and EMCO.

The ratings are however constrained by REPL's working capital
intensity, with very high receivable days over FY10-FY11. The
receivables were at 80% of its sales revenue in FY11. This
resulted in the deterioration of the company's cash flow from
operations (CFO) to negative INR81.2 million in FY11 from negative
INR47.9 million in FY10 and hence tight liquidity position.
Consequently, the company continued to over-utilize its cash
credit limits. Fitch expects REPL's liquidity situation to remain
stretched in the near-term due to the nature and requirements of
its business.

Further, REPL faces customer concentration risk as BHEL
constitutes 54% (INR204.9 million) of its total order book and the
rest 46% (INR171.5 million) is divided among other private and PSU
companies. However, the company prefers working with PSUs due to
higher profitability and less chances of bad debts.

Negative rating guidelines include REPL's financial leverage
(total adjusted debt net of cash/operating EBITDAR) sustained at
levels above 4.5x and its interest cover (operating EBITDAR/gross
interest expense) falling below 1.5x. Positive rating guidelines
include the company's total adjusted debt net of cash/operating
EBITDAR sustained at levels below 2.5x and its ability to generate
positive CFO.

REPL was started in 1987 as a proprietorship company. It provides
construction, engineering and maintenance services in the area of
specialized and typical welding and NDT (non-destructive testing)
jobs in plant shutdowns.  As per the company's provisional FY11
figures, its revenue was INR284.8 million (FY10: INR203.5
million), operating EBITDAR was INR36.9 million (FY10: INR14.3
million), interest coverage was 2.25x (FY10: 1.87x) and its net
financial leverage was at 3.36x (FY10: 4.30x).


SAHANA JEWELLERY: CRISIL Rates INR18MM Cash Credit at CRISIL B+
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sahana Jewellery Exports Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR18 Million Cash Credit           CRISIL B+/Stable (Assigned)
   INR25 Mil. Export Packing Credit    CRISIL A4 (Assigned)

The rating reflects SJEPL's weak financial risk profile coupled
with its modest scale of operations. This weakness is partially
offset by the extensive experience of promoters in the jewellery
industry.

Outlook: Stable

CRISIL believes that SJEPL will continue to benefit over the
medium term from its promoters' extensive experience in the
jewellery business and established relationships with customers.
The outlook may be revised to 'Positive' if SJEPL reports
significantly higher than-expected growth in revenues and margins,
and while maintaining its debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the company's debt
protection metrics deteriorate or a significant deterioration in
its working capital cycle larger than expected debt funded capex.

                     About Sahana Jewellery

SJEPL, established in 1993, by the Coimbatore based Mr. Ragunath,
a second generation jeweller, is engaged in the business of
manufacturing and exporting gold jewellery. SJEPL's clients
comprise of jewellers in the export and domestic market. In 2010-
11, the company derived around 30% of its revenues from exports to
the Middle East, and balance from the domestic market.

SJEPL Group reported a profit after tax (PAT) of INR3.1 million on
net sales of INR461.8 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR0.6 million on net
sales of INR210.4 million for 2009-10.


SHAURYA EXIM: CRISIL Places 'CRISIL B+' Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shaurya Exim International Pvt. Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR30 Million Cash Credit          CRISIL B+/Stable (Assigned)
   INR120 Million Letter of Credit    CRISIL A4 (Assigned)

The rating reflects SEIPL's exposure to risks related to the
cyclical and fragmented nature of the shipbreaking industry and
moderate financial risk profile, marked by low net worth and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of SEIPL's promoters.

Outlook: Stable

CRISIL believes that SEIPL will maintain a stable business risk
profile on the back of long standing experience of the promoters
in the ship breaking industry. The outlook may be revised to
'Positive' in case of significant increase in revenues coupled
with improvement in net cash accruals and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in operating margins or debt protection metrics.

                       About Shaurya Exim

Shaurya Exim International Pvt. Ltd., a Mumbai based company taken
over in 2009 by the Mumbai based Gandhi and Bansal families, is
engaged in ship breaking activities and trading in steel and iron
scrap. SEIPL is currently managed by Mr. Hiten Gandhi. The company
undertakes ship breaking activities at Darukhana, Mazagon dock
located at Mumbai in Maharashtra.

SEIPL reported a profit after tax (PAT) of INR1.9 million on net
sales of INR140.5 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 INR46 million for 2009-10.


SIKKIM BREWERIES: CRISIL Cuts Rating on INR300MM Loan to CRISIL D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Sikkim
Breweries Ltd to 'CRISIL D' from 'CRISIL B/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR300 Million Rupee Term Loan     CRISIL D (Downgraded from
                                             'CRISIL B/Stable')

The downgrade reflects instances of delay by Sikkim Breweries in
paying its term loan installment due in June 2011. The delays have
been caused by Sikkim Breweries' weak liquidity, resulting from
non-stabilization of its beer manufacturing and bottling plant.
The plant, which was supposed to commence production in July 2010,
started operations only in January 2011. Sikkim Breweries is
currently functioning at 40% capacity utilization.

Sikkim Breweries is also likely to face competition from
established players in the beer market in Sikkim and North East
India. The company, however, benefits from its promoters'
experience in the liquor trading business.

                   About Sikkim Breweries

Sikkim Breweries was incorporated in 1995. The promoters Mr.
Gopajji Prasad and his son, Mr. Suresh Kumar Gupta, have been
engaged in the liquor trading business in Sikkim since 1939, and
have a developed distribution network. The company commissioned
its beer plant in January 2011, with a production capacity of
100,000 hectolitres per annum (hlpa), expandable up to 250,000
hlpa; the project entailed an investment of INR507 million.


SKY GOLD: CRISIL Rates INR75 Million Cash Credit at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Sky Gold Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR75 Million Cash Credit        CRISIL BB-/Stable (Assigned)

The rating reflects the extensive industry experience of SGPL's
promoters. This strength is partially offset by SGPL's weak
financial risk profile, marked by small net worth, high gearing
and weak debt protection metrics, modest scale of operations in
the highly fragmented jewellery industry, and geographical
concentration.

Outlook: Stable

CRISIL believes that SGPL will continue to benefit from its
promoter's extensive industry experience; SGPL's scale of
operations is expected to remain modest over the medium term. The
outlook may be revised to 'Positive' if there is a substantial
increase in SGPL's scale of operations and an improvement in its
profitability, or in case of sizeable equity infusion by promoters
leading to improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' in case of significant
deterioration in the company's profitability, leading to
deterioration in its liquidity.

                         About Sky Gold

SGPL was established as a partnership firm, Sky Gold, in April
2005. The firm's partners were Mr. Mangesh R Chauhan, Mr. Mahendra
C Chauhan, and Mr. Darshan R Chauhan. It was reconstituted as a
private limited company in February 2008. The company is engaged
in manufacturing studded gold jewellery and has two manufacturing
facilities at Sussex Industrial Estate, Byculla, Mumbai. Till
March 1, 2009, SGPL remained as a shell company and started
business operations on April 1, 2009.

SGPL's profit after tax (PAT) and operating income are estimated
at INR1.7 million and INR280 million respectively for 2010-11
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR0.4 million on operating income of
INR85 million for 2009-10.


SOBHAGIA SALES: CRISIL Ups Rating on INR56.4MM Loan to 'CRISIL D'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sobhagia
Sales Pvt Ltd to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL D'.

   Facilities                         Ratings
   ----------                         -------
   INR78.0 Million Cash Credit        CRISIL B/Stable (Upgraded
                                               from 'CRISIL D')

   INR56.4 Million Term Loan          CRISIL B/Stable (Upgraded
                                               from 'CRISIL D')

   INR20.0 Million Letter of credit   CRISIL A4 (Upgraded from
                                                'CRISIL D')

The upgrade reflects improvement in SSPL's liquidity, which is, in
turn, reflected in the company's timely servicing of debt in the
last six months and moderate bank limit utilization of around 85%
during the 12 months through April 30, 2011. The upgrade also
factors in CRISIL's expectation that SSPL will generate sufficient
cash accruals to meet its repayment obligations in the near term.
CRISIL also believes that the company will sustain its business
risk profile, backed by its diversified end-user profile and the
established track record of its promoter in the ready-made
garments industry.

The ratings reflect SSPL's marginal scale of operations in the
highly fragmented and competitive ready-made garments industry,
moderate financial risk profile, marked by moderate debt
protection metrics, and susceptibility to volatility in raw
material prices. These rating weaknesses are partially offset by
SSPL's established track record and diversified end-user profile.

CRISIL has changed its analytical approach as it is no longer
consolidating the business and financial risk profile of Classic
Wears Pvt Ltd and SSPL.  This is because there are no fungible
funds and operational linkage between the companies except for the
nominal sale-and-purchase transactions, which are again at arm's
length price. Furthermore, though the two entities are owned by
the same promoter, CWPL and SSPL are managed separately.

Outlook: Stable

CRISIL believes that SSPL's business risk profile will be
maintained over the medium term marked by its promoters'
established track record in the garments business and its
diversified end-user profile. However, its financial risk profile
is expected to be constrained by high working capital
requirements. The outlook may be revised to 'Positive' if the
company's working capital cycle improves along with sustained
improvement in margins or scale of operations. Conversely, the
outlook may be revised to 'Negative' if SSPL's margins shrink
further or it undertakes a larger-than-expected debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile.

                      About Sobhagia Sales

Set up in 1993 by Mr. Raj Awasthy, SSPL manufactures ready-made
garments for men, women, and kids at its facility in Ludhiana
(Punjab). The company sells its products through its 35 exclusive
showrooms, its associate company, CWPL's 7 showrooms and
franchisees in Punjab and Delhi under its brands, Sportking and
Mentor.

SSPL is estimated to report a profit after tax (PAT) of INR19.4
million on net sales of INR803 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR12.2
million on net sales of INR571 million for 2009-10.


SWATI INDUSTRIES: CRISIL Assigns 'CRISIL D' Rating to INR66MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Swati Industries.

   Facilities                              Ratings
   ----------                              -------
   INR30.0 Million Cash Credit Facility    CRISIL D (Assigned)
   INR120.00 Million Packing Credit        CRISIL D (Assigned)
   INR120.0 Million Post Shipment Credit   CRISIL D (Assigned)
   INR66.00 Million Rupee Term Loan        CRISIL D (Assigned)
   INR64.00 Million Proposed Long-Term     CRISIL D (Assigned)
                    Bank Loan Facility

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

SI also has a weak financial risk profile, marked by high gearing,
weak debt protection metrics, and small net worth, small scale of
operations, and exposure to end-user industry concentration risks.
These rating weaknesses are partially offset by SI's long-standing
presence in the structural products industry.

                     About Swati Industries

SI is a partnership firm set up by Mr. Keshav Garg, Mr. Bal Sagar,
and Mr. Anand Sagar in Ludhiana (Punjab). In 1997, Mr. Vishal Garg
was also included as a partner in the firm. The firm is engaged in
forging and fabrication of scaffolding and also manufactures
casting products for end-user industries, such as engineering,
automotive, power sector, and railways. The firm's facilities are
ISO 9001:2000 certified.

SI reported a book profit of INR19.3 million on net sales of
INR577.8 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a book profit of INR8.1 million on net sales
of INR881.5 million for 2008-09.


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


TOKYO ELECTRIC: Posts JPY572 Billion Loss in Qtr Ended June
-----------------------------------------------------------
Tsuyoshi Inajima at Bloomberg News reports that Tokyo Electric
Power Co. said it had a loss of JPY572 billion (US$7.4 billion) in
the quarter ended June 2011 as it took charges to pay for the
costs of cleaning up its wrecked Fukushima nuclear plant and
compensating those affected by the crisis.

Bloomberg, citing a statement released Tuesday, says the utility
known as TEPCO booked charges of JPY503 billion as part of costs
associated with the disaster.  TEPCO in May announced a loss of
JPY1.25 trillion, the biggest for a non-financial company in
Japan, for the year ended March 31, according to Bloomberg.

Bloomberg relates that TEPCO said it booked an "extraordinary
loss" of JPY105.3 billion for the quarter, bringing the total to
JPY1.12 trillion for covering costs associated with the worst
nuclear crisis since Chernobyl in 1986.

TEPCO, as cited by Bloomberg, said the charge covers work on the
containment of radiation releases at the Fukushima plant as well
as repairs to transmission and generation equipment damaged by the
quake and tsunami and the extra costs for using thermal fuel to
generate electricity. The loss includes charges for canceling
plans to build two more reactors at Fukushima, the report notes.

According to Bloomberg, the company set aside JPY397.7 billion of
expenses for compensating those affected by the crisis, including
JPY309.4 billion for "opportunity losses" of individuals working
or living in evacuation zones and businesses including
agriculture, fisheries and forestry.

TEPCO said a further JPY88.2 billion of expenses was set aside to
cover the "mental blow" to evacuees.  All expenses are estimates
at this stage, Bloomberg adds.

                       TEPCO Won't Go Insolvent

Meanwhile, Reuters reports that Tokyo Electric Power Co President
Toshio Nishizawa said at an earnings briefing on Tuesday that the
company will not go insolvent due to damages claims if funds start
coming in from the Japanese government's compensation scheme.

Japan's parliament last week passed a bailout scheme backed by
taxpayer funds and contributions from other utilities to help
shoulder a compensation bill analysts estimate could climb as high
as $130 billion, Reuters reports.

                           About TEPCO

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

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

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

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


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


KYUNGEUN MUTUAL: Bank Suspended as Crisis Deepens
-------------------------------------------------
Dow Jones' DBR Small Cap reports that South Korea's Financial
Services Commission suspended Kyungeun Mutual Saving & Finance's
operations due to its weak financial standing, making the savings
bank the ninth to be suspended this year as the regulator
struggles to prevent problems in that sector from spreading to the
broader finance industry and economy.


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


BLUE STAR: Appeals to Bondholders to Accept Debt Restructuring
--------------------------------------------------------------
Sunday Star Times reports that Blue Star Print Group is on the
brink, appealing to bondholders to accept its latest debt
restructuring offer or face receivership at the hands of the
company's bankers.

As reported in the Troubled Company Reporter-Asia Pacific on
July 28, 2011, The National Business Review said that Blue Star
Print Group's board has reiterated that if proposed restructuring,
including a haircut for bondholders, is not accepted, banks will
likely call into receivership.  "If Bondholders reject the offer,
it would likely result in a complete loss of principal," the
group's board warned in a statement obtained by the news agency.
"The Board's expectation is that, following a no vote, Blue Star's
banks will immediately move to protect their interests, likely
through the appointment of a receiver . . .  In this scenario, it
is probable that there would be no value recovery for
Bondholders," the statement added.

Sunday Star Times notes that Blue Star Chief Executive Officer
Chris Mitchell said the next few days are "an anxious time for
everybody".  With the livelihoods of 800 Kiwi workers at stake, as
well as the bondholders' $105 million principal, he's appealing
for a "yes" vote today, Aug. 10, according to Sunday Star Times.

Sunday Star Times notes that Mr. Mitchell's appeal comes as
bondholders weigh a debt deal that asks them to forgive
NZ$32.3 million in unpaid interest on their bonds since payments
were suspended in Aug. 2009.  The report relates that bondholders
are also being asked to convert two-thirds (NZ$67.5 million
principal value) of their NZ$105 million in NZ$1 bonds into
"amended capital bonds" at 64c.  The bonds will not begin paying
interest, at 9.1%, until July 2013.

Sunday Star Times notes that the other third is to be converted
into limited recourse, subordinated "participating bonds" with an
aggregate principal value of NZ$37.5 million.  The report relates
that these bonds would participate in any proceeds if Blue Star is
sold or cash is otherwise recovered from the business, however, an
independent report rates the chances of that as slim.

For their part, lenders have committed to extend the maturity date
for senior debt to 2015, to improve financial covenant "headroom"
and provide additional capital of NZ$10 million among other
measures, Sunday Star Times says.

Sunday Star Times says that bondholders, however, appear loathe to
grant the banks and private equity investor what they perceive to
be a sweetheart deal.  Many expected debts owed to them to be
converted to ordinary equity, but that is not on the table, the
report relates.

Sunday Star Times discloses that bondholders now face a tough
choice: to vote "yes" and maybe see a return from their investment
if the business performs strongly, or to vote "no" and potentially
put the fate of their entire investment in the hands of the
bankers and receivers.

It's a sour deal, only slightly sweetened by an amendment last
week to allow bondholders to subscribe to senior loan notes on the
same terms as private equity firm Champ and to introduce a new
independent director in consultation with bondholders and the
trustee, Sunday Star Times adds.

                        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.


ZION WILDLIFE: Receivers Gain Access to Park
--------------------------------------------
The New Zealand Press Association reports that a judge has ordered
Zion Wildlife Gardens operator Patricia Busch to hand over the
park's keys to the receivers after she refused to let them in.

As reported in the Troubled Company Reporter-Asia Pacific on
July 28, 2011, stuff.co.nz said that Rabobank has called in
receivers from PricewaterhouseCoopers to place Zion Wildlife into
receivership.  PWC partner and receiver Colin McCloy confirmed the
move several hours after park operator Patricia Busch went public
with her concerns that some of the Northland wildlife reserve's
big cat could be "put down" or relocated, according to
stuff.co.nz.  The report noted that Mrs. Busch said her farm and
all of her land had been mortgaged in a bid to save the park.  The
report disclosed that Mrs. Busch said that the park's income had
been drastically reduced due to a series of incidents; including
the stopping of wildlife encounters, the tragic death of big cat
handler Dalu Mncube and ongoing litigation between her son, Craig
"Lion Man" Busch, herself and various companies.

In the High Court at Auckland on Tuesday, NZPA says, lawyer for
the receivers Justin Toebes said Ms. Busch had defied a previous
High Court order by refusing to give the receivers full access to
the park and company documents, making it impossible for them to
do their job.

According to NZPA, Shaurya Malaviya, counsel for Ms. Busch, said
Ms. Busch had refused to grant the receivers entry because she had
not been served with hard-copies of their application, which
contravened High Court rules.

However, the report notes, Justice Mark Woolford said he was
satisfied the document had been brought to the attention of
Ms. Busch and her lawyer.

NZPA relates that Judge Woolford ordered that Ms. Busch make
available all books, documents and information that the receivers
could reasonably require.

Judge Woolford also ordered Ms. Busch to open the park to the
receivers at 11:00 a.m. today, Aug. 10, and provide them with
access to all areas, according to NZPA.

The court was also told the Ministry of Agriculture and Forestry
carried out an inspection of the park on August 5 which had raised
no animal welfare concerns, NZPA adds.

Zion Wildlife Gardens is a famous park in New Zealand.


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


SJAM INVESTMENT: Creditors' Meetings Set for Aug. 12
----------------------------------------------------
Sjam Investment Managers Pte Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on Aug. 12,
2011, at 4:00 p.m., at 22 Malacca Street, #07-03 Royal Brothers
Building, Singapore 048980.

Agenda of the meeting include:

   a. to receive a full statement of the Company's affairs
      together with a List of Creditors and the estimated amount
      of their claims;

   b. to nominate Liquidator(s) or confirm members' nomination of
      Liquidator(s); and

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


SYNERGY ENGINEERING: Court to Hear Wind-Up Petition on Aug. 19
--------------------------------------------------------------
A petition to wind up the operations of Synergy Engineering Pte
Ltd will be heard before the High Court of Singapore on Aug. 19,
2011, at 10:00 a.m.

See Yong Boon filed the petition against the company on July 26,
2011.

The Petitioner's solicitor is:

          Rodyk & Davidson LLP
          80 Raffles Place
          #33-00 UOB Plaza 1
          Singapore 048624


TAI FENG: Creditors' Proofs of Debt Due Aug. 19
-----------------------------------------------
Creditors of Tai Feng Investment (Singapore) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 19, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


VITA NUOVA: Court to Hear Wind-Up Petition on Aug. 19
-----------------------------------------------------
A petition to wind up the operations of Vita Nuova Studios Pte Ltd
will be heard before the High Court of Singapore on Aug. 19, 2011,
at 10:00 a.m.

Jack Investment Pte Ltd filed the petition against the company on
July 22, 2011.

The Petitioner's solicitors are:

          Bee See & Tay
          10 Anson Road #24-11
          International Plaza
          Singapore 079903


YI TONG: Court to Hear Wind-Up Petition on Aug. 19
--------------------------------------------------
A petition to wind up the operations of Yi Tong Pte Ltd will be
heard before the High Court of Singapore on Aug. 19, 2011, at
10:00 a.m.

Mecpec Trading Co Pte Ltd filed the petition against the company
on July 26, 2011.

The Petitioner's solicitors are:

          Trinity Law Corporation
          10 Ubi Crescent
          Ubi Techpark
          #04-44 Lobby C
          Singapore 408564


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


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


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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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