TCRAP_Public/110811.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, August 11, 2011, Vol. 14, No. 158

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Investors Want PwC Laptop for Forensic Exam
CITY PACIFIC: Founder Backs Move to Kick Balmain as Fund Manager
RESORT CORP: Receivers Put Firm's Last Major Asset on Sale
TRILOGY 2008-1LD: Moody's Cuts Rating on Class B Note to 'B3'
* AUSTRALIA: Firms in Administration Up 6% in 2010-2011


C H I N A

LONGFOR PROPERTIES: Land Deal No Impact on Rating, Moody's Says


H O N G  K O N G

ARCANA (HONG KONG): Court to Hear Wind-Up Petition on Sept. 21
ARTA PRINTING: Court Enters Wind-Up Order
ASIADISC LIMITED: Court to Hear Wind-Up Petition on Sept. 21
BEITE (HONG KONG): Court Enters Wind-Up Order
BEST FOOD: Court Enters Wind-Up Order

BLUE OCEAN: Court Enters Wind-Up Order
CHARTERED ENVIRONMENTALIST: Court Enters Wind-Up Order
CIC RESOURCES: Court to Hear Wind-Up Petition on Sept. 14
DEGREEASIA LIMITED: Wong and Mohammed Appointed as Liquidators
EASTERN LINK: Court to Hear Wind-Up Petition on Sept. 21

FEALTY COMPANY: Creditors Get 7.78% Recovery on Claims
FLX (HK): Creditors Get 2% Recovery on Claims
TAK YUE: Members' Final Meeting Set for Sept. 16
TOPS FOOD: Members' Final Meeting Set for Sept. 5
UNION STABLE: Members' Final Meeting Set for Sept. 9

VIEW CHEER: Members' Final Meeting Set for Sept. 9
V-TRAC (HK): Members' Final Meeting Set for Sept. 6
WILL WIN: Members' Final Meeting Set for Sept. 6
WISELION LIMITED: Members' Final Meeting Set for Sept. 5
WOTTA COMPANY: Members' Final Meeting Set for Sept. 5


I N D I A

AIR INDIA: Chief Should be Sack "Outright," BJP Says
AJMERA TRADING: CARE Assigns 'CARE BB' Rating to INR6.5cr LT Loan
AMA INDUSTRIES: CRISIL Assigns 'CRISIL B-' Rating to INR30MM Loan
ANAND MOULD: ICRA Rates INR3.66cr Bank Facility at '[ICRA]B+'
ANUPAM TRADERS: ICRA Puts 'LBB-' Rating on Notice of Withdrawal

ARIHANT BUILD: CARE Rates INR14.58cr Long-Term Loan at 'CARE BB+'
ARUPPUKOTTAI SRI: CARE Assigns 'CARE D' Rating to INR92.66cr Loan
CLARIDGES HOTEL: Fitch Puts 'B+(ind)' Rating on INR805MM Term Loan
EMPIRE MALL: CARE Cuts Rating on INR78.05cr LT Loan to 'CARE C'
EPICENTER TECHNOLOGIES: ICRA Reaffirms '[ICRA]B+' Term Loan Rating

EXICOM TELE-SYSTEMS: Fitch Migrates Rating on INR100MM to BB(ind)
FUCON TECHNOLOGIES: ICRA Suspends 'LBB+' Rating to INR9.99cr Loan
GLADSTONE ELECTRONICS: CRISIL Lowers Loan Ratings to 'CRISIL B+'
GURPREET GALVANISING: CRISIL Reaffirms Cash Credit Rating at BB+
ICICI BANK: Fitch Affirms 'BB-' Rating on USD750MM Tier 2 Bonds

KUDU KNIT: ICRA Assigns '[ICRA]BB' Rating to INR10.89cr Loan
KUMAR CASHEW: CRISIL Assigns CRISIL BB- Rating to INR20MM Loan
NEEPAZ V: CARE Rates INR157.39cr Long-Term Loan at 'CARE BB+'
PHOROTECH SURFIN: Fitch Affirms Rating on Bank Loans at 'BB+(ind)'
RUCHI POWER: ICRA Assigns '[ICRA]D' Rating to INR430cr Term Loan

S P MANI: CRISIL Assigns CRISIL BB Rating to INR10MM Cash Credit
SAMTEL GLASS: ICRA Downgrades Rating on INR14.75cr Loan to [ICRA]D
SANRAJ POLYPRINTERS: ICRA Rates INR6.37cr Loan at '[ICRA]BB+'
SHIVA SATYA: CARE Rates INR100cr Long-Term Loan at 'CARE BB'
SINGH SUPPLIERS: ICRA Places '[ICRA]BB+' Rating on INR8cr Loan

SHREEJI WOODCRAFT: CRISIL Puts 'CRISIL D' rating on INR83MM Loan
SHRI GOVIND: ICRA Reaffirms '[ICRA]B+' Rating on INR39cr Loan
SPC LIFESCIENCES: ICRA Rates INR3.11cr Term Loan at '[ICRA]BB'
UCS MERCANTILE: CRISIL Rates INR55MM Cash Credit at 'CRISIL BB-'
VELANI OILS: CARE Assigns 'CARE BB+' Rating to INR2cr LT Loan

VIL INTERNATIONAL: CRISIL Puts 'CRISIL C' Rating on INR35MM Loan
VINAYAKA MISSIONS: Fitch Lowers Nat'l Long-Term Rating to 'D(ind)'
VISHNU CARS: CRISIL Assigns CRISIL D Rating to INR68.7MM Term Loan


J A P A N

AGURA BOKUJO: Files for Bankruptcy Protection
TOKYO ELECTRIC: Moody's Confirms Ratings; Outlook Negative


K O R E A

HYNIX SEMICONDUCTOR: Sale Process Going Smoothly, Creditors say


M A L A Y S I A

ASIA PETROLEUM: Reaches Deal with CIMB Bank to Uplift Receivership
BASWELL RESOURCES: Tan Sri Dato' Bentara Steps Down as Chairman
SATANG HOLDINGS: To Change Company Name to Destini Berhad
VTI VINTAGE: Pencetak Weng Demands Payment of MYR8,406 Judgment


N E W  Z E A L A N D

HOLIDAY HOMESHARE: Property Deals "Odious," Liquidator Says
KINGSTON ACQUISITIONS: Driver Hopes Operations Resume by Christmas


S I N G A P O R E

TRUE SPA: Looking for Ways to Settle Customers Claims


V I E T N A M

* VIETNAM: Fitch Affirms Long-Term Local-Currency IDR at 'B+'


                            - - - - -


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


CENTRO PROPERTIES: Investors Want PwC Laptop for Forensic Exam
--------------------------------------------------------------
Leonie Wood at The Sydney Morning Herald reports that Centro
Properties Group investors suing the property group and its
auditors in a class action have told a federal court they want a
laptop used in 2007 by the senior PricewaterhouseCoopers partner
Stephen Cougle to be taken into the custody of the court so that
it can be examined forensically.

The request followed the revelation on Tuesday that after spending
5,500 hours over the past eight months searching for documents
relevant to the class action, PwC's lawyers at Mallesons Stephen
Jaques only recently learnt that Mr. Cougle's laptop contained a
copy of the electronic working file for PwC's 2006-07 audit of
Centro, according to SMH.

Mr. Cougle was the senior PwC partner in charge of Centro's audit
in 2007 when the group, in preparing its final accounts,
erroneously classified billions of dollars of loans as
long-term debt when in fact they were short-term, SMH relays.

A junior PwC audit partner detected the debt classification error
in late August 2007, after Centro had published its preliminary
accounts but before the audited final version was released to the
market, SMH recalls.

While the error was known to the Centro accounting manager, Paul
Belcher, and relayed to the then-chief financial officer, Romano
Nenna, the classification mistake was not revealed to the Centro
board, the report notes.

SMH relates that a partial correction was made in the final
accounts but it was not until December 2007, when Centro struggled
to refinance a US$1.1 billion facility, that the company publicly
admitted its short-term debts had been significantly understated.

The revelation, according to SMH, sapped investor confidence and
caused a catastrophic collapse in Centro's share price, triggering
an extensive internal review and an investigation by the corporate
regulator.

Two sets of investors, represented by Maurice Blackburn Lawyers
and by Slater & Gordon, are suing Centro and PwC for damages.

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 SMH.

As reported in the Troubled Company Reporter, The Australian
related that Centro announced in March 2011 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.


CITY PACIFIC: Founder Backs Move to Kick Balmain as Fund Manager
--------------------------------------------------------------
Nick Nichols at goldcoast.com.au reports that City Pacific founder
Phil Sullivan is turning the tables on Balmain Trilogy by backing
a move to oust the funds manager as responsible entity of the
frozen Pacific First Mortgage Fund.

According to goldcoast.com.au, the assault comes two years after
Balmain Trilogy triggered a collapse of City Pacific by seizing
control of its flagship fund once valued at AUD1 billion.

goldcoast.com.au relates that Mr. Sullivan on Tuesday called
"time" on Balmain Trilogy which has reaped more than AUD35 million
in fees over the past two years.

"The group behind this move are substantial unit-holders in the
fund and they have had enough of Balmain Trilogy,"
goldcoast.com.au quotes Mr. Sullivan as saying.

According to the report, Mr. Sullivan, whose family holds
10 million units in the Pacific First Mortgage Fund, said that
under Balmain Trilogy's stewardship the fund had been "moving in
one direction -- downhill".

goldcoast.com.au notes that a letter issued to unit-holders said
Balmain Trilogy had "failed to return our capital as it promised
and is compromising the interests of investors in favor of its own
remuneration strategy."

Balmain Trilogy has made a AUD44.4 million capital repayment to
investors in the fund which is valued at AUD382 million,
goldcoast.com.au reports.  Balmain has proposed to repay unit-
holders AUD295 million by October next year, promising to cap its
fees to AUD30 million over a two-year period during the winding
down of the fund, goldcoast.com.au adds.

Mr. Sullivan, as cited by goldcoast.com.au, said feedback from a
number of unit-holders had suggested there was majority support
for a change of management and the plan by the rebel group was to
gauge the extent of broader unitholder sentiment on the issue.

Under the proposal, goldcoast.com.au notes, an internal management
team would be appointed and controlled by unitholders, doing away
with the management fee structure currently in place.

                         About City Pacific

City Pacific Limited (ASX:CIY) -- http://www.citypac.com.au/
-- is engaged in funds management, including acting as responsible
entity and manager of four registered managed investment schemes
(City Pacific First Mortgage Fund (formerly City Pacific Mortgage
Trust), City Pacific Income Fund, City Pacific Managed Fund and
City Pacific Private Fund), property, financial services,
investment/trading activities and operations.  The Company
conducts business in five primary segments, being funds
management, property, financial services, investment/trading and
operating.  On July 2, 2007, the Company acquired Australian
Beneficial Finance Pty Ltd., which is a mortgage manager
specializing in residential mortgage origination and management,
and commercial and development funding.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Aug. 4,
2009, that receivers and managers have been appointed to City
Pacific Ltd following the loss of its AUD630 million mortgage fund
to Balmain Trilogy.  City Pacific's banker, the Commonwealth Bank,
called in Ian Carson and Daniel Bryant from PPB to act as
receivers and managers because the company is unable to pay debts
of more than AUD100 million.  PPB partner Ian Carson said City
Pacific's loss of the fund had had a "significant impact upon
(its) ability to service its debts and remain viable".

The TCR-AP reported on Aug. 31, 2009, that City Pacific Ltd was
put into liquidation after a federal court judge ordered
liquidator Andrew Wily and David Hurst of Sydney insolvency firm
Armstrong Wily to wind up the company.  The application to have
Armstrong Wily appointed was made by creditor Hlbc Commercial on a
debt of AUD3,060.


RESORT CORP: Receivers Put Firm's Last Major Asset on Sale
----------------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that Resort Corp.
receivers are set to launch a campaign to sell off the troubled
company's last major asset -- a landmark site beside Jupiters
Casino in Townsville.

Ferrier Hodgson this week announced it had secured a contract to
sell a 2.1ha Airlie Beach development site once earmarked by Gold
Coast-based Resort Corp for a large apartment project, according
to goldcoast.com.au.

The report says receivers and managers, Greg Moloney and Will
Colwell of Ferrier Hodgson, are now focused on selling the 2.9ha
oceanfront site on Townsville Breakwater, where there had been
plans to build a project known as Saltwater.

Colliers International will market the site through an
international expressions of interest campaign, which will close
on September 22, goldcoast.com.au notes.

The receivers, goldcoast.com.au says, also successfully auctioned
off former Resort Corp land at Kingscliff for $3.15 million last
month.

Resort Corp, comprising 22 entities, was placed in voluntary
administration in March 2009, declaring debts of more than
AUD300 million.

As reported in the Troubled Company Reporter-Asia Pacific on
June 9, 2011, goldcoast.com.au said receivers have seized control
of all remaining assets within the Resort Corp group following the
collapse of a deed of company arrangement (DOCA) put in place
almost two years ago.  Under the DOCA, Gold Coast development duo
Paul Brinsmead and Peter Madrers were to undertake an orderly
sell-off of Resort Corp assets over 30 months to pay off
AUD300 million in loans owed to banks and mortgage funds.

The receivers, Greg Moloney and Will Colwell of Ferrier Hodgson,
were appointed by Capital Finance to take control of the Resort
Corp assets in April 2011.

Australia-based Resort Corp -- http://www.resortcorp.com.au/--
was established in 2001.  The company was involved in luxury
beachside lifestyle developments.


TRILOGY 2008-1LD: Moody's Cuts Rating on Class B Note to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded ratings of two tranches
issued by Trilogy 2008-1LD Trust.

Trilogy's collateral pool consists of Australian residential
mortgages, originated by Collins Securities Pty Limited and
Pioneer Mortgage Services Pty Limited.

The tranches were placed on review for possible downgrade on
March 24, 2011, following the release of Moody's new operational
risk guidelines, "Moody's Approach to Assessing Risk Mitigation in
Servicing Transfers in Australia" on the same date.

The details of Rating Actions are:

Issuer: Trilogy 2008-1LD Trust

   -- Class A Note, Downgraded to Baa1 (sf); previously on Mar 24,
      2011 Aaa (sf) Placed Under Review for Possible Downgrade

   -- Class B Note, Downgraded to B3 (sf); previously on Feb 9,
      2011 A1 (sf) Placed Under Review for Possible Downgrade

Ratings Rationale

Likelihood and severity of losses due to non-payment of interest,
which arises from both insufficient liquidity support in the deal
and increasing non-granularity of the underlying collateral, is
the key reason for the downgrade of Class A and Class B notes.

Class A notes

The liquidity reserve available in the deal is 1.25%, providing
less than 1.5 month coverage at stressed interest rates of 10%. At
this level, liquidity falls short of Moody's Aaa-commensurate
range of two-to-six months liquidity applicable to originators
which are not authorised deposit-taking institutions, but have
back-up servicing arrangements in place.

"Our further concern is the non-granular nature of the pool. There
are only around 20 borrowers remaining in the pool. Even with a
small number of delinquent borrowers, there will be a shortfall in
available income and a requirement to draw on both principal and
liquidity," Moody's said.

The trust has already experienced 4 principal draws in the last 4
months and a liquidity draw as at the last collection period
ending on 30 June 2011, despite only one loan representing 6% of
the pool being delinquent.

Prolonged delinquencies exceeding 25% will lead to exhaustion of
the liquidity facility. Reliance on liquidity is particularly high
due to very limited principal collections available in this deal
in the next few years.  As of June 30, around 75% of loans in the
portfolio were interest-only, and majority had remaining interest-
only periods of seven years.

As such, there is an elevated risk of missing timely payments of
interest on Class A notes in the ordinary course of this deal. In
addition, there is a likelihood of missing interest payments in an
event of a servicer transfer, as the liquidity will not be
available to cover temporary disruption of payments.

It should be noted, however, that in relation to ultimate payment
of interest and principal, Class A notes are well insulated from
losses because of their senior ranking relative to the Class B
notes, and sequential allocation of interest and principal among
Class A and Class B notes. Currently, Class B notes provide around
50% subordination to the Class A notes.

Class B notes

The risk of missing interest payments on the Class B notes is
significantly higher than that for the Class A notes because of
their subordinated position to the Class A notes.

In addition, due to their subordinate position, Class B notes will
bear additional losses caused by anticipated yield shortfalls in
this deal towards the tail end. The yield shortfall is anticipated
due to the following factors:

* Missed payments on the notes lead to interest on accrued
  interest, adding to deal expenses.

* Negative carry caused by principal draws adds to pressure on the
  yield sufficiency of the deal. This is because while the asset
  balance is reducing, the liabilities are not paid down since the
  principal is being used to cover interest.

* The pressure on yield is exacerbated by the fixed nature of the
  fees in this deal. At this stage, the fees represent
  approximately 2.5% of the pool balance, and the proportion will
  increase as the pool amortises. In the tail of the deal, the
  yield generated by the portfolio will not be sufficient to cover
  senior fees and Class B principal entitlements will be diverted
  to pay senior fees.

As the above significantly affects the recoveries on the Class B
notes, the rating of the Class B notes is downgraded to B3 from
A1.

The principal methodology used in this rating was "Moody's
Approach to Rating Australian RMBS using MILAN" published in
November 2009.


* AUSTRALIA: Firms in Administration Up 6% in 2010-2011
-------------------------------------------------------
The number of companies entering external administration has risen
almost 6%, according to final figures for the 2010-11 financial
year released by the Australian Securities and Investment
Commission.

ASIC's Senior Executive Leader of the Insolvency Practitioners
team, Adrian Brown, said that a strong increase in external
administration appointments in June saw insolvencies increase to
5.9% from 4.4% for the 11-month period through May 2011.

"The feedback we've received from insolvency practitioners is that
they're seeing an increase in activity in the SME sector as the
Australian Taxation Office tightens up on debt recovery. According
to industry, finance availability is also negatively impacting
business," Mr. Brown said.

ASIC's latest figures show the number of court liquidations and
director initiated creditors voluntary liquidations are
responsible for the overall rise in appointments nationally.

"Our statistics show court liquidations in Australia rose 7.7%.
Voluntary liquidations initiated by directors were up 10.1%.
Receivership and voluntary administration (VA) appointments,
Australia-wide, are down on last financial year.  While we saw an
immediate fall in VA appointments in 2008 following the
streamlining of the voluntary liquidation procedures, these latest
figures suggest that a greater number of businesses couldn't be
resuscitated through the voluntary administration process or are
being restructured outside of an external administration," said
Mr. Brown.

"By way of comparison, the 2007-08 financial year saw a 5.6%
increase prior to the significant jump of 26.5% in the 2008-09
year; reflecting the impact of the global financial crisis.  In
2009-10, we recorded a drop of 7.2%.  It's interesting to note,
however, that as a percentage of total company registrations,
insolvencies are about half of one% for the last two financial
years," Mr. Brown added.

ASIC publishes monthly insolvency statistics detailing the number
and type of corporate insolvency appointments.  External
administrators are obliged by law to advise ASIC of their
appointments.  ASIC will provide brief commentary on its
statistics quarterly throughout the 2011-12 financial year.


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C H I N A
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LONGFOR PROPERTIES: Land Deal No Impact on Rating, Moody's Says
---------------------------------------------------------------
Moody's Investors Service sees no immediate impact on Longfor
Properties Co. Ltd's Ba2 corporate family and Ba3 senior unsecured
debt ratings -- or on the ratings' stable outlook -- from the
company's acquisition of a piece of land in Shanghai for
RMB3,054 million.

The newly acquired land, which is located in the new core
commercial area in Hongqiao district, will be developed into an
integrated commercial project with office buildings and retail
malls. Longfor plans to keep 51% of the GFA (retail malls), and
this is consistent with its strategy to progressively build up a
quality portfolio of investment properties.

"Longfor has sufficient liquidity to fund the acquisition. Moody's
estimated Longfor had a cash holding of RMB10-12 billion as of
June 2011 after issuance of US$750 million in senior unsecured
notes and favorable presales of RMB18.3 billion in 1H 2011," says
Kaven Tsang, a Moody's AVP/Analyst.

"While there could be a weakening in the Chinese residential
market from increased restrictions on home purchases, Moody's
expects Longfor will have adequate liquidity to manage the
market's challenging conditions," adds Mr. Tsang, also Moody's
lead analyst for Longfor.

"Although Longfor could need additional debt to fund construction
for this new project, Moody's expects the company will manage the
speed of development according to the market situation. As such,
the incremental debt will not adversely impact its credit metrics
and pressure its current ratings," says Mr. Tsang.

"Longfor's projected adjusted debt/capitalization of 45-50% and
EBITDA interest coverage of 5.5-7.5x will continue to support its
Ba2 corporate family rating", adds Mr. Tsang.

The principal methodology used in rating Longfor Properties Co.
Ltd was the Global Homebuilding Industry Methodology published in
March 2009.

Longfor was founded in 1994 and listed on the Hong Kong Stock
Exchange in November 2009. It is majority-owned (around 75.8%) and
controlled by its chairwoman, Madam Wu Yajun, and her associates.
The company is one of the leading developers in China's
residential and commercial properties sector, and has an
attributable land bank of 28.2 million sqm in gross floor area
(GFA) in 13 cities in three major regions as of Dec. 31, 2010. It
also operates six retail malls in Chongqing and Chengdu.


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


ARCANA (HONG KONG): Court to Hear Wind-Up Petition on Sept. 21
--------------------------------------------------------------
A petition to wind up the operations of Arcana (Hong Kong) Limited
will be heard before the High Court of Hong Kong on Sept. 21,
2011, at 9:30 a.m.

Craftic Interior Make Limited filed the petition against the
company on July 12, 2011.

The Petitioner's solicitors are:

          Messrs. Huen & Partners
          22nd Floor
          9 Des Voeux Road West
          Hong Kong


ARTA PRINTING: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on June 2, 2011, to
wind up the operations of Arta Printing (H.K.) Company Limited.

The company's liquidators are Ng Kwok Wai and Lui Chi Kit.


ASIADISC LIMITED: Court to Hear Wind-Up Petition on Sept. 21
------------------------------------------------------------
A petition to wind up the operations of Asiadisc Limited will be
heard before the High Court of Hong Kong on Sept. 7, 2011, at
9:30 a.m.

Koninklijke Philips Electronics N.V. filed the petition against
the company on July 6, 2011.

The Petitioner's solicitors are:

          Messrs. Huen & Partners
          22nd Floor
          9 Des Voeux Road West
          Hong Kong


BEITE (HONG KONG): Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on May 6, 2011, to
wind up the operations of Beite (Hong Kong) Limited.

The company's liquidator is Bruno Arboit.


BEST FOOD: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on April 29, 2011, to
wind up the operations of Best Food Management Limited.

The company's liquidator is Bruno Arboit.


BLUE OCEAN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on June 8, 2011, to
wind up the operations of Blue Ocean Solutions Limited.

The company's liquidator is Bruno Arboit.


CHARTERED ENVIRONMENTALIST: Court Enters Wind-Up Order
------------------------------------------------------
The High Court of Hong Kong entered an order on April 14, 2011, to
wind up the operations of Chartered Environmentalist Limited.

The company's liquidator is Bruno Arboit.


CIC RESOURCES: Court to Hear Wind-Up Petition on Sept. 14
---------------------------------------------------------
A petition to wind up the operations of CIC Resources Limited will
be heard before the High Court of Hong Kong on Sept. 14, 2011, at
9:30 a.m.

Major Drilling International (Beijing) Limited Company filed the
petition against the company on July 15, 2011.

The Petitioner's solicitors are:

          Luk & Co
          42nd Floor, Bank of China Tower
          1 Garden Road, Central
          Hong Kong


DEGREEASIA LIMITED: Wong and Mohammed Appointed as Liquidators
--------------------------------------------------------------
Wong Tak Man Stephen and Arab Osman Mohammed of RSM Nelson Wheeler
Corporate Advisory Limited on May 27, 2011, were appointed as
liquidators of DegreeAsia Limited trading as Hong Kong Institute
of Continuing Education.

The liquidators may be reached at:

         Wong Tak Man Stephen
         Arab Osman Mohammed
         29/F Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


EASTERN LINK: Court to Hear Wind-Up Petition on Sept. 21
--------------------------------------------------------
A petition to wind up the operations of Eastern Link Investment
Limited will be heard before the High Court of Hong Kong on
Sept. 21, 2011, at 9:30 a.m.

Craftic Interior Make Limited filed the petition against the
company on July 12, 2011.

The Petitioner's solicitors are:

          Messrs. Huen & Partners
          22nd Floor
          9 Des Voeux Road West
          Hong Kong


FEALTY COMPANY: Creditors Get 7.78% Recovery on Claims
------------------------------------------------------
Fealty Company Limited, which is in liquidation, paid the first
dividend to its creditors on Aug. 10, 2011.

The company paid 7.78% for ordinary and unsecured claims.

The company's liquidator is:

         Pui Chiu Wing
         c/o Neil Collins Corporate Advisory Services
         Suites 1303-1306
         13/F, Asia House
         1 Hennessy Road
         Wan Chai, Hong Kong


FLX (HK): Creditors Get 2% Recovery on Claims
---------------------------------------------
FLX (HK) Limited, which is in liquidation, will pay the first and
final dividend to its creditors on Sept. 2, 2011.

The company will pay 2% for ordinary claims.

The company's liquidator is:

         Lau Wu Kwai King Lauren
         c/o KLC Kennic Lui & Co.
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


TAK YUE: Members' Final Meeting Set for Sept. 16
------------------------------------------------
Members of Tak Yue Wing Properties Limited will hold their final
general meeting on Sept. 16, 2011, at 11:30 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.


TOPS FOOD: Members' Final Meeting Set for Sept. 5
-------------------------------------------------
Members of The Tops Food Company Limited will hold their final
meeting on Sept. 5, 2011, at 11:30 a.m., at Rooms 1901-2, Park-In
Commercial Centre, at 56 Dusdas 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.


UNION STABLE: Members' Final Meeting Set for Sept. 9
----------------------------------------------------
Members of Union Stable Investment Limited will hold their final
meeting on Sept. 9, 2011, at 10:30 a.m., at 72-76/F, Two
International Finance Centre, 8 Finance Street, Central, in
Hong Kong.

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


VIEW CHEER: Members' Final Meeting Set for Sept. 9
--------------------------------------------------
Members of View Cheer Development Limited will hold their final
meeting on Sept. 9, 2011, at 10:15 a.m., at 8/F, Kailey Tower, 16
Stanley Street, Central, in Hong Kong.

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


V-TRAC (HK): Members' Final Meeting Set for Sept. 6
---------------------------------------------------
Members of V-Trac (HK) Limited will hold their final meeting on
Sept. 6, 2011, at 10:00 a.m., at 602 The Chinese Bank Building, at
61-65 Des Voeux Road, Central, in Hong Kong.

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


WILL WIN: Members' Final Meeting Set for Sept. 6
------------------------------------------------
Members of Will Win Holdings Limited will hold their final general
meeting on Sept. 6, 2011, at 9:00 a.m., at Connaught House 1,
Burlington Road, Dublin 4, in Ireland.

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


WISELION LIMITED: Members' Final Meeting Set for Sept. 5
--------------------------------------------------------
Members of Wiselion Limited will hold their final meeting on
Sept. 5, 2011, at 10:00 a.m., at 26/F, Times Media Centre, at
133 Wanchai Road, Wanchai, in Hong Kong.

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


WOTTA COMPANY: Members' Final Meeting Set for Sept. 5
-----------------------------------------------------
Members of Wotta Company Limited will hold their final meeting on
Sept. 5, 2011, at 11:00 a.m., at 7th Floor, Alexandra House, at
18 Chater Road, Central, in Hong Kong.

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


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


AIR INDIA: Chief Should be Sack "Outright," BJP Says
----------------------------------------------------
The Economic Times reports that the Bharatiya Janata Party (BJP)
on Tuesday alleged that Air India chief Arvind Jadhav was
responsible for the carrier's "financial mismanagement" and
demanded he should be sacked "outright" and disciplinary
proceedings initiated against him.

BJP'S comment comes amid reports that the Government was planning
to remove Air India chief Arvind Jadhav, The Economic Times says.

According to the report, Party spokesman Rajiv Pratap Rudy alleged
that the Prime Minister's Office was "straight away responsible"
for the "manipulated appointment" of Mr. Jadhav even after he was
not found fit by it previous year "on the basis of lack of domain
experience."

"The BJP would like to say here very categorically that removal is
not a solution.  The gentleman concerned who is responsible for a
financial mismanagement of INR70,000 crores should be sacked
outright.  He should be suspended and disciplinary proceedings
should be instituted against him.  That is important," the reports
quotes Mr. Rudy as saying.

Mr. Rudy was reacting to reports that the government was looking
for a suitable replacement of Mr. Jadha, the report says.

                         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.


AJMERA TRADING: CARE Assigns 'CARE BB' Rating to INR6.5cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB/CARE A4' rating to the bank facilities of
Ajmera Trading & Impex Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities      6.50       'CARE BB' Assigned
   Short-term Bank Facilities     4.00       'CARE A4' Assigned

Rating Rationale

The ratings are constrained by small size of operations as
reflected by low tangible net worth, low turnover and thin
operating profit margins. Further the ratings are constrained by
product and supplier concentration risk, and absence of long term
contracts. However the ratings derive strength from the long track
record of the company and experience of the promoters.  The
company's ability to improve its financial risk profile in terms
of turnover, profitability and capital structure remain the key
rating sensitivities.

Ajmera Trading & Impex Pvt Ltd was established in the year 1990 by
Mr. Jasmin K. Ajmera as part of the Ajmera Group which was
initially in the business of spices and dry fruits and later
diversified into the areas of construction, hospitality,
pharmaceuticals and financial services. ATIPL is engaged in
trading of APIs/bulk drugs, vitamins and steroids in the domestic
market. The company initially operated as a commission agent for
other distributors and since FY09 it started its independent
trading operations. Ibuprofen is its major product of the company
The company has its own storage facility at Bhiwandi, Maharashtra.

During FY10, ATIPL reported total operating income and PAT of
INR21.16 crore and INR0.50 crore respectively.


AMA INDUSTRIES: CRISIL Assigns 'CRISIL B-' Rating to INR30MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of AMA Industries Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR30 Million Cash Credit       CRISIL B-/Stable (Assigned)
   INR10 Million Proposed Cash     CRISIL B-/Stable (Assigned)
                  Credit Limit
   INR15 Million Long-Term Loan    CRISIL B-/Stable (Assigned)
   INR25 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect AMA's fluctuating revenues and profitability
because of its small scale of operations in a fragmented
explosives industry and exposure of its business risk profile to
risks due to suspension of manufacturing license. These rating
weaknesses are partially offset by the extensive industry
experience of AMA's promoters.

Outlook: Stable

CRISIL believes that AMA's credit risk will be continue to be
constrained by disrupted business operations due to suspension of
its manufacturing license but partially offset by promoters
longstanding experience in the explosive industry. The outlook may
be revised to negative if restoration of the license takes
greater-than-expected time. Conversely, the outlook may be revised
to 'positive' if AMA on restoration of license resumes its
operations leading to improvement in its financial risk profile.

                        About AMA Industries

AMA is promoted by three brothers: Mr. Iqbal Maimoon, Mr. Abdul
Maimoon, and Mr. Akhtar Maimoon. The company was incorporated in
2003 in Nagpur (Maharashtra) and manufactures slurry explosives,
emulsion explosives, non-electrical explosives, and detonators; it
also trades in explosive accessories and transports explosives.
AMA's plant in Nagpur has installed capacity of 60,000 tonnes of
slurry explosives, 1.5 million metres of detonating fuse, 14,562
tonnes of emulsion explosives, 4.5 million nonels, and 0.5 million
cord relays.

AMA is estimated to report a profit after tax (PAT) of INR4.2
million on net sales of INR142.1 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a reported PAT of
INR33.3 million on net sales of INR316.7 million for 2009-10.


ANAND MOULD: ICRA Rates INR3.66cr Bank Facility at '[ICRA]B+'
-------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR3.66 crore fund-based
facility of Anand Mould Steels Pvt Ltd.  ICRA has also assigned an
'[ICRA]A4' rating to the INR6.21 crore non-fund based and
INR0.13 crore proposed facilities of AMSPL.

The assigned ratings take into account the weak financial profile
of the company characterized by a leveraged capital structure,
high working capital intensity leading to a stretched liquidity
profile and low profitability indicators. The ratings are also
constrained by the company's small scale of operations which
limits its bargaining power in a highly competitive and fragmented
nature of steel trading industry with low entry barriers. The
ratings, however, draw comfort from the long experience of the
promoters and established relationship with a reputed German
supplier.

Incorporated in 2005, AMSPL, a closely held company is a sole
distributor in India for specialized steels produced by
Schmiedewerke Groditz GmBh, Germany. AMSPL has registered off at
Kalamboli, Navi Mumbai and branches at Hyderabad and Faridabad.

Recent results:

AMSPL has recorded a net profit of INR0.51 crore on an operating
income of INR23.51 crore for the year ending March 31, 2010, and
a net profit of INR0.77 crore on an operating income of INR28.63
crore for the year ending 31st March 2011 as per unaudited
figures.


ANUPAM TRADERS: ICRA Puts 'LBB-' Rating on Notice of Withdrawal
---------------------------------------------------------------
ICRA has placed the 'LBB-' rating with stable outlook assigned to
INR5.2 crore Cash Credit facility of Anupam Traders on notice of
withdrawal for 90 days before being withdrawn.  As per ICRA's
policy, the ratings will be withdrawn after 90 days from the date
of this withdrawal notice.

Anupam Traders is engaged in trading of iron and steel products.
AT is a proprietorship firm promoted by Mr. Anupam Goel.

AT is primarily involved in the trading of TMT bars, long and flat
products, GP/GC sheets etc.  The firm's head office is located in
Ghaziabad from where it controls the marketing and finance
operations. For stocking of inventory, the firm has established
its warehousing facility in Ghaziabad.


ARIHANT BUILD: CARE Rates INR14.58cr Long-Term Loan at 'CARE BB+'
-----------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Arihant
Build Con. Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities     14.58       'CARE BB+' Assigned

Rating Rationale

The rating is constrained by ABPL's comparatively small scale of
operations and low profitability margin. The rating also factors
in ABPL's project execution risk at consolidated level, presence
of high competition in the vicinity where ABPL's ongoing project
is situated and inherent risk associated with the real estate
sector.  The rating, however, favorably takes into account the
promoter's experience, project execution track record in Ghaziabad
and high percentage of construction status in the company's
ongoing project.  Going forward, the ability of ABPL to achieve
sales of its residential project at envisaged sale prices
in a time-bound manner and performance of the real estate industry
in the NCR (especially in Ghaziabad) would be the key rating
sensitivities.

ABPL was incorporated in October 1996 to carry out the real estate
development. Till date, the company has primarily undertaken the
real estate development in the form of residential group
housing projects in Ghaziabad, Uttar Pradesh. Further, ABPL is
also developing one residential group housing project in Noida
Extension through its subsidiary (50.8% stake).

The promoters of the company, Mr. Kaushal Jain and Mr. Rajiv Jain
have more than 20 years of experience in the real estate
development and completed several residential projects in
Ghaziabad in the company.

As on March 31, 2011, ABPL has developed the group housing
projects of around 0.6 mn sq ft (msf) of saleable area in
Ghaziabad.


ARUPPUKOTTAI SRI: CARE Assigns 'CARE D' Rating to INR92.66cr Loan
------------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of
Aruppukottai Sri Jayavilas Limited.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities     92.66       'CARE D' Assigned
   Short-term Bank Facilities    11.20       'CARE D' Assigned

Rating Rationale

The ratings take into account the delay in the debt servicing and
the weak financial risk profile of the company evidenced by a high
gearing and tight liquidity position.

Aruppukottai Sri Jayavilas Limited was incorporated in the year
1951 as a private limited company and was subsequently converted
into a public limited company in 1989. ASJL is currently
engaged in the business of yarn spinning, transport and oil
dealership. As on March 31, 2011 the company's Unit A at
Melakandamangalam, Aruppukottai had 70,848 spindles and unit B at
Tamilpadi, Aruppukottai had 30,744 spindles.  The transport
business division operates one passenger transport bus and 20 oil
tanker lorries.  The company also runs Indian Oil (IOC) retail
dealership outlet in Madurai. The company has also installed 12
number of 250 Kva Wind Electric Generator (WEGs), 12 number of 225
Kva WEGs and two 850 kva to avail the benefits of the non-
conventional energy source for reducing the power cost at its
spinning unit A and B.

During FY10 the company recorded a PAT of INR10 crore on a total
income of INR203 crore. During FY11 (provisional) the company
recorded a PAT of INR7 crore on a total income of INR213 crore.


CLARIDGES HOTEL: Fitch Puts 'B+(ind)' Rating on INR805MM Term Loan
------------------------------------------------------------------
Fitch Ratings has assigned India's Claridges Hotel Private Limited
a National Long-Term rating of 'Fitch B+(ind)' with Stable
Outlook.  The agency has also assigned CHPL's INR805 million term
loan a 'Fitch B+(ind)' rating.

The ratings reflect CHPL's established position in Delhi's
hospitality market and the brand value of 'Claridges' in the city.
The prominent location of its main property (The Claridges, New
Delhi) in the close proximity with the commercial and political
hub of Delhi is a key positive for its operations.

The ratings are constrained by CHPL's high financial leverage
(total adjusted net debt/EBITDA).  The adjusted net debt includes
corporate guarantees extended by CHPL to its group companies.  The
ratings are also constrained by the volatile nature of the hotel
business and expectations of excess supply in the premium hotel
category in the NCR region in the coming years.  The latter may
negatively impact the average room rate (ARR) and occupancy rate
of the hotel.

In the financial year ended March 2010 (FY10), CHPL reported
operating revenue of INR501 million (FY09: INR622 million), EBITDA
margins of 2.9% (FY09: 31%), a net adjusted loss of INR138 million
(FY09: a net profit of INR21 million), and net adjusted financial
leverage of 166x (FY09: 12.8x) with a book debt of INR1,047
million (FY09: INR512 million).  The decline in revenue in FY10 is
partly attributed to the decline in ARR and occupancy.  As per the
provisional FY11 figures, the company's operating revenue was
INR591 million (up 17.8% yoy) aided by an improvement in ARR and
occupancy, with EBITDA margins at 16.4%.

Negative rating guidelines include CHPL's poor operational
performance with lower-than-expected ARR and occupancy, and a
significant debt-led capex which may lead to continuation of high
financial leverage.  Positive rating guidelines include the
company's higher-than-expected cash flows from operations and
repayment of loans and advances given to its group companies
leading to a decline in its financial leverage.

CHPL has two operational properties namely The Claridges, New
Delhi and The Claridges Nabha Residence, Mussoorie.  The former is
a five-star property with an inventory of 137 rooms, while the
latter is a heritage hotel with an inventory of 22 rooms.


EMPIRE MALL: CARE Cuts Rating on INR78.05cr LT Loan to 'CARE C'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Empire Mall Private Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities      78.05      'CARE C' Revised from
                                             'CARE BB+'

Rating Rationale

The rating revision takes into account the strained liquidity
position of the company due to inadequate lease tie-ups received
vis-a-vis repayment obligations of the company.  Besides, the
rating continues to be constrained on account of uncertainties
related to achieving adequate occupancy and generation of quality
footfalls in the Tier II city and execution as well as offtake
risk for the commercial project.  However, the rating continues to
derive comfort from the experience of the promoters in
development and management of retail space and financial support
extended by them from time to time.  Ability of EMPL to achieve
the desired occupancy with envisaged lease rentals remains the key
rating sensitivity.

Prozone International Ltd - Singapore, a step-down subsidiary of
Provogue (India) Ltd (52.50% stake), holds majority stake in
Empire Mall Private Ltd.  EMPL has developed a shopping mall with
a leasable area of 8.01 lakh square feet (lsf) at Chilkalthana in
Aurangabad, Maharashtra. The mall became operational from October
2010 and has been leased out to the extent of 65% of the total
leasable area. EMPL has also undertaken a commercial project, to
be constructed over the mall structure, covering total area of
2.99 lsf. The construction cost for the same is about INR44 crore
which would be funded using advances from customers.


EPICENTER TECHNOLOGIES: ICRA Reaffirms '[ICRA]B+' Term Loan Rating
------------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the INR9.0
crore term loans and INR5.0 crore long-term fund based limits of
Epicenter Technologies Private Limited.  ICRA has also reaffirmed
the '[ICRA]A4' rating assigned to the INR4.25 crore short-term
non-fund based limits of ETPL.

The ratings reaffirmation factors in the relatively small scale of
operations of ETPL that limit the scale benefits and customer
diversification which are essential to de-risk its voiced based
BPO business. The ratings also factor in the de-growth in revenues
owing to the closure of certain large contracts in the past and
the significant erosion of net-worth due to regular losses leading
to a highly leveraged capital structure. The company has high
client concentration and operating in the voice and non-voice
based BPO space faces stiff competition from established players
in the country. ICRA however favorably factors in the support ETPL
gets from the promoter groups that provides financial flexibility.
The company is focusing towards newer verticals and expanding its
service offerings which could provide the much needed
diversification.

                    About Epicenter Technologies

Epicenter Technologies Private Limited, set up in 2000, is a voice
based BPO company providing collection services, and query support
and sales.  The company operates out of a 700 seat facility at
Bhayander, Thane. ETPL is a joint venture between Pune based
Kalyani Group, Mr. Kenneth Eldred (Chairman of Ariba Group, USA)
and Seignior Exports Private Limited.

Recent Results

For the twelve months ending March 31, 2011 (provisional), the
company reported a net loss of INR6.4 crore on an operating income
of INR35.8 crore as against a loss of INR9.6 crore on an operating
income of INR48.0 crore for the twelve months ending March 31,
2010.


EXICOM TELE-SYSTEMS: Fitch Migrates Rating on INR100MM to BB(ind)
-----------------------------------------------------------------
Fitch Ratings has migrated India-based Exicom Tele-Systems
Limited's 'BB(ind)' National Long-Term rating to the "Non-
Monitored" category.  This rating will now appear as 'Fitch
BB(ind)nm' on the agency's Web site.  Simultaneously, the agency
has classified the following bank loan ratings as "Non-Monitored":

  -- INR100m fund-based working capital limits: migrated to 'Fitch
     BB(ind)nm'/'Fitch A4+(ind)nm' from 'BB(ind)'/'F4(ind)'

  -- INR300m non-fund based working capital limits: migrated to
     'Fitch A4+(ind)nm' from 'F4(ind)'

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 Exicom.  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".


FUCON TECHNOLOGIES: ICRA Suspends 'LBB+' Rating to INR9.99cr Loan
-----------------------------------------------------------------
ICRA has suspended the 'LBB+' rating assigned to the INR9.99 crore
long term working capital facilities of Fucon Technologies
Limited.  The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.  ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.

Fucon Technologies Limited was incorporated in 1995 as a
proprietorship concern called Auto Technologies at Bangalore.  In
1999 the proprietorship firm was converted to a limited company
and its name changed to Fucon Technologies Limited.  In 2000, the
company introduced anti corrosion coating for cars in the Indian
market.  In 2005 the company tied up with Liqui Moly as sole
distributor for its products in India. In 2006 the company
ventured into the CNG kit fitment business. The company mostly
operates out of the workshops of car dealers and has one retail
outlet in Delhi for CNG kit fitment.


GLADSTONE ELECTRONICS: CRISIL Lowers Loan Ratings to 'CRISIL B+'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gladstone Electronics Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL BB/Stable', and has assigned its 'CRISIL A4' rating to
GEPL's short-term bank facility.

   Facilities                       Ratings
   ----------                       -------
   INR57.5 Million Cash Credit      CRISIL B+/Stable (Downgraded
                                        from 'CRISIL BB/Stable')

   INR28.5 Million Proposed LT      CRISIL B+/Stable (Downgraded
          Bank Loan Facilities          from 'CRISIL BB/Stable')

   INR2.5 Million Standby Line      CRISIL B+/Stable (Downgraded
                     of Credit          from 'CRISIL BB/Stable')

   INR1.5 Million Bank Guarantee    CRISIL A4 (Assigned)

The downgrade reflects weakening in GEPL's financial risk profile,
caused by increase in gearing over the three years ended 2010-11
(refers to financial year, April 1 to March 31). Gearing increased
because of sizeable capital withdrawals made from GEPL's net worth
by its promoters, with no capital infusion made, as planned
earlier. Net worth is estimated to have declined to INR12.0
million as on March 31, 2011 from INR13.6 million as on March 31,
2008. Gearing is estimated to have increased to over 5.0 times as
on March 31, 2011 from 2.94 times as on March 31, 2008. The
downgrade also factors in slower-than-expected growth in GEPL's
operating income and absence of product and customer
diversification during the past three years, which again was in
contrast to CRISIL's expectations. CRISIL believes that small
scale of operations coupled with continued dependence on a single
customer for all of its revenues will continue to put pressure on
GEPL's business risk profile over the medium term.

The ratings continue to reflect GEPL's weak financial risk
profile, marked by small net worth and weak debt protection
metrics, small scale of operations, dependence on a single
customer for revenues, and working-capital-intensive operations.
These rating weakness are partially offset by GEPL's moderate
business risk profile, backed by its established relationship with
its principal, Philips Electronics India Ltd (Philips India; rated
'CRISIL AA/ Stable/ CRISIL A1+').

Outlook: Stable

CRISIL believes that GEPL will maintain its business risk profile,
supported by its healthy relationship with its principal, Philips
India, over the medium term. An improvement in GEPL's financial
risk profile, most likely through improved gearing or more-than-
expected increase in revenues resulting from diversification of
product profile may result in a revision in the outlook to
'Positive'. Conversely, the outlook may be revised to 'Negative'
if there is further deterioration in its GEPL's gearing or
significant decline in its profitability.

                    About Gladstone Electronics

GEPL is a private limited company, promoted in 2010 by
Mr. Jitendra Shah and his family. GEPL was reconstituted from the
partnership firm, Vas Electronics, with Mr. Jitendra Shah and his
family member as partners. GEPL is engaged in the manufacture of
electronic chokes, which are supplied to Philips India under a
sales contract, which is valid till December 2013. The chokes
manufactured are despatched directly to the depots of Philips
India. GEPL has capacity to manufacture chokes ranging from 28
volts to 1000 volts. The company has manufacturing unit in West
Bengal.

GEPL reported, on provisional basis, a profit after tax (PAT) of
INR1.6 million on net sales of INR144.8 million for 2010-11; it
reported a PAT of INR2.9 million on net sales of INR145.7 million
for 2009-10.


GURPREET GALVANISING: CRISIL Reaffirms Cash Credit Rating at BB+
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gurpreet Galvanising
Pvt Ltd continue to reflect GGPL's modest scale of operations in
the fragmented galvanised telecommunication (telecom) and power
transmission line tower industry, large working capital
requirements, and the susceptibility of its margins to volatility
in raw material prices.  These weaknesses are partially offset by
the industry experience of GGPL's promoters, and its comfortable
gearing and debt protection metrics.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       CRISIL BB+/Stable (Reaffirmed)

   INR20 Million Letter of Credit   CRISIL A4+ (Reaffirmed)
   (Enhanced from INR10 Million)

   INR20 Million Bank Guarantee     CRISIL A4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that GGPL will maintain its stable business risk
profile, backed by its improving revenues from power transmission
segment, healthy business opportunities in the segment, and its
promoters' experience in the industry. The company is also
expected to benefit from its recent acquisition of a re-rolling
unit. The outlook may be revised to 'Positive' if GGPL's increases
the scale of its operations, while maintaining its profitability,
thereby strengthening its business and financial risk profiles.
Conversely, the outlook may be revised to 'Negative' in case of
continued pressure on the company's cash accruals or if it
undertakes any large, debt-funded capital expenditure programme
over the medium term.

Update:

GGPL's revenues are estimated to decline in 2010-11 (refers to
financial year, April 1 to March 31), to INR413 million, from
INR542 million in 2009-10. The decline in sales is attributed to
decrease in orders from telecom companies, due to slowdown in
telecom tower investment; however, GGPL's operating margin
stabilized at around 7.5% in 2010-11. In order to reduce its
dependence on telecom sector, the company has started catering to
the power transmission line segment from 2010-11. The company is
an approved vendor of Power Grid Corporation of India Ltd (PGCIL;
rated at 'CRISIL AAA/Stable/CRISIL A1+' by CRISIL) to supply power
transmission line towers upto 400 kilovolts.

The company acquired an existing re-rolling mill (sick unit) in
October 2010 for around INR10 million and renovated it at a cost
of around INR10 million. The entire cost was funded out of
internal accruals. The plant has an installed capacity of 15,000
tonnes per annum (tpa).

GGPL currently has an outstanding order book of around INR138
million, to be executed over the next two to three months. Around
INR76 million of the orders are from the power transmission line
towers division, while INR54 million of the orders are from the
re-rolling mill. The remaining orders are from trading and other
business segments. CRISIL believes that GGPL's revenues will
increase over the medium term, backed by revenues from the re-
rolling mill and increasing orders from power transmission line
tower segment.

                    About Gurpreet Galvanising

Incorporated in 1998, GGPL is in the business of fabrication of
telecom and power transmission line towers; the company started
catering to the power transmission line segment in 2010-11.The
company's facilities are approved by PGCIL, and it has the
capacity to supply transmission line towers up to 400 kilovolts of
transmission line. The company also undertakes job work for
galvanizing fabricated steel structures such as pressed steel
tanks, tubular poles, roofing structure, steel girder bridges, and
garbage containers. It also trades in allied steel components.
GGPL has installed manufacturing capacity of 1200 tonnes per month
(tpm) and galvanising capacity of 3000 tpm. The company has two
plants in Ranga Reddy district (Andhra Pradesh). The company
acquired a re-rolling mill with a capacity of 15000 tpa in
2010-11.

GGPL reported a profit after tax (PAT) of INR14.6 million on sales
of INR501 million for 2009-10, against a PAT of INR16.1 million on
sales of INR476 million for 2008-09. GGPL's estimated revenues for
2010-11 are at about INR413 million.


ICICI BANK: Fitch Affirms 'BB-' Rating on USD750MM Tier 2 Bonds
---------------------------------------------------------------
Fitch Ratings has affirmed India-based ICICI Bank's Long-Term (LT)
Foreign Currency (FC) Issuer Default Rating (IDR) at 'BBB-' with a
Stable Outlook, Short-Term (ST) FC IDR at 'F3', and Support Rating
Floor at 'BBB-'.

The following ratings of ICICI have been affirmed:

  -- LT FC IDR: 'BBB-'; Outlook Stable
  -- ST FC IDR: 'F3'
  -- VR: 'bbb-'
  -- Individual rating: 'C'
  -- Support rating: '2'
  -- Support rating floor: 'BBB-'
  -- USD4.46bn senior notes: 'BBB-'
  -- SGD200m senior notes: 'BBB-'
  -- USD750m Upper Tier 2 bonds: 'BB-'

The affirmation reflects ICICI's steady progress in areas of
funding and asset quality and is supported by its robust
capitalization levels and strong domestic franchise.  The bank's
Support rating and Support Rating Floor reflect its systemic
importance, implying a high probability of regulatory support, in
the event of a crisis.  The ratings of ICICI's hybrid instruments
are based on Fitch's criteria.

ICICI's liability-focused strategy has resulted in a considerable
improvement in its funding mix with a low cost current savings
deposit ratio of 45.1% in FY11 (FY10: 41.7%; FY08: 26.1%).  In
FY11, contribution from the bank's top 20 depositors also nearly
halved compared to the previous year, thus resulting in
significantly reduced concentration risk.  This further reflects
its lower dependence on volatile bulk deposits and in turn also
provides better manoeuvrability in managing funding costs.

The bank's capital adequacy ratios (CAR) continue to be robust
with Tier 1 CAR and total CAR at 13.2% and 19.5%, respectively, in
FY11.  Its hybrids account for a small portion of Tier 1 capital
(FY11: 7%), implying sound capital quality.  Fitch expects ICICI's
capital buffer to remain strong as its moderate growth target of
+20% in FY12 (system: +19%-20%) is unlikely to sharply impact its
capital levels considering the renewed pace of internal capital
generation.

Fitch notes that though ICICI's gross level NPL ratio declined to
4.5% in FY11 (FY10: 5.1%), it remains higher than peers and needs
to be further improved.  That said, a significant improvement in
its specific loan loss coverage (FY11: 76%/90.8% including general
reserves; FY10: 59.5%/74.6%) coupled with a continued reduction of
the affected unsecured retail loans portfolio do remain key
positives.  Near-term asset quality concerns primarily emanate
from the prevailing high rates of interest to which interest
sensitive sectors (viz. SMEs) remain susceptible.  At the same
time, the agency remains cautious of ICICI's increased exposure to
commercial real estate sector, bulk of which was built in FY11.

The primary driver of earnings growth and profitability in FY11
was a sharp decline in the bank's credit costs.  Given that
competition is intensifying in a slow credit offtake scenario,
asset repricing will become increasingly tough.  Consequently, net
interest margins are likely to contract although a better funding
profile would provide some cushion.  Earnings impact may be much
higher from a rise in credit costs as Fitch considers the current
macroeconomic headwinds - high interest rates and lower credit
growth -- to eventually impact asset quality in interest-sensitive
sectors such as retail mortgage, SMEs and real estate.

ICICI's LT LC IDR, Support Rating Floor and Viability Rating (VR)
would be affected by a downgrade of the sovereign's LT FC IDR
('BBB-').  However, the VR may also come under pressure if
significant pressures re-emerge in areas of asset quality and
funding due to faster-than-expected growth.

ICICI's overseas branches accounted for around 25% of its total
loans at end-June2011, most of which are reported to be India-
linked exposures. Funding for the overseas branches is mostly out
of wholesale borrowings.


KUDU KNIT: ICRA Assigns '[ICRA]BB' Rating to INR10.89cr Loan
------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating on long term scale to INR10.89
crore fund based facilities of Kudu Knit Process Pvt Ltd.  The
outlook on the long term rating is stable. ICRA has also assigned
'[ICRA]A4' on short term scale to INR0.10 crore non fund based
facilities of KKPL.

ICRA's ratings favorably take into account established track
record of promoters in the industry which enables the company to
engage in meaningful commercial relationships. The ratings are
also strengthened from company's composite mill status evidenced
by vertical integration from yarn processing to garment
manufacturing. ICRA is cognizant of greater supply chain control
and off-take visibility (owing to nomination with leading brands)
benefits accruing to the company owing to its level of integration
of operations. Further, ratings also draw comfort from favorable
developments in the industry as reflected by improvement in demand
prospects and revival of revised TUFS loan scheme which is
expected to have a positive impact on the profitability of the
players in the industry. The ratings however, are adversely
impacted by fragmented nature of the industry which limits its
pricing power. This coupled with recent imposition of 10% excise
duty on the branded garment may have a malign impact on the demand
prospects of the players in the industry in the near to medium
term. Further, the ratings are also constrained by moderate
profitability and capital structure of the company. ICRA notes
that though absolute portion of KKPL's networth accounted for by
share application money is moderate, however, in light of
impending increase in debt levels, withdrawal of capital may have
a sizeable adverse impact on the financial profile of the company.
However, promoters have a demonstrated track record of maintaining
the same, which partially alleviates the concern about their
intent to withdraw. The ratings are also inhibited by
vulnerability of company's profitability and cash flows to adverse
movement in raw material prices.

Going forward, ability of the company to improve its revenues
following the completion of the debt funded capex, and maintain
the profitability margins in the backdrop of volatile raw material
prices will remain the key rating sensitivities in the near to
medium term.

                         About Kudu Knit

Incorporated in 1999 by the current managing director and second
generation entrepreneur Mr. Vipan Kumar Mittal and now also
actively managed by Mr. Varun Mittal, Kudu Knit Process Pvt Ltd is
engaged in manufacture of knitted fabrics, garments and blankets
along with other ancillary items across the textile value chain.
The company positions itself as a composite knitting group
equipped with trend sensitive technology for manufacturing knitted
products in the textile product portfolio. The company
manufactures garments under private label and on job-work for fast
selling international brands like Reebok, Rockport, Van Heusen,
Byford, Peter England, Louis Philipe, Wills, Max Lifestyle,
Burnside USA, Elements, Pantaloon, Head, Kappa, Bombay Dyeing etc.


KUMAR CASHEW: CRISIL Assigns CRISIL BB- Rating to INR20MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Kumar Cashew Exports.

   Facilities                       Ratings
   ----------                       -------
   INR20 Million Cash Credit        CRISIL BB-/Stable (Assigned)

   INR24 Million Standby Line       CRISIL BB-/Stable (Assigned)
                    of Credit

   INR50 Million Pre Shipment       CRISIL A4+ (Assigned)
               Packing Credit

   INR50 Million Post Shipment      CRISIL A4+ (Assigned)
                        Credit

   INR20 Million Letter of Credit   CRISIL A4+ (Assigned)

The rating reflects the promoter's experience in the cashew
processing and trading business. This rating strength is partially
offset by KCE's susceptibility to volatile cashew prices, exposure
to intense competition in the cashew business and modest scale of
operations. KCE also has a moderate financial risk profile marked
by low net worth, high gearing, and moderate debt protection
metrics.

Outlook: Stable

CRISIL believes that KCE will continue to benefit from its
promoters' experience in the cashew industry. The outlook may be
revised to 'Positive' if the scale of operations improves
considerably from current levels coupled with improved capital
structure and margins. Conversely, the outlook may be revised to
'Negative' in the event of adverse movement in prices of raw
cashew nut or cashew kernels resulting in decline in revenues,
profitability and cash accruals, or large debt-funded capital
expenditure (capex) or significant drawings by the promoter
resulting in weakening financial risk profile.

                        About Kumar Cashew

KCE is a proprietorship firm set up by Mr. Satheesh Kumar in
Kollam (Kerala) in 1996. The firm exports cashew kernels and
trades in raw cashew nuts. It predominantly exports to the US, the
UK, and the Middle East. It has seven cashew processing units at
Kollam, with aggregate capacity of 20 tonnes per day. KCE has an
associate firm Kumar Palace, a three-star hotel in Kollam.

KCE reported a profit after tax (PAT) of INR5.2 million on net
sales of INR461 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR4.3 million on net sales
of INR469 million for 2009-10.


NEEPAZ V: CARE Rates INR157.39cr Long-Term Loan at 'CARE BB+'
-------------------------------------------------------------
CARE assigns 'CARE BB+' & 'CARE A4+' rating to the bank facilities
of Neepaz V Forge (India) Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term bank facilities     157.39      'CARE BB+' Assigned
   Short-term bank facilities     25.00      'CARE A4+' Assigned

Rating Rationale

The above ratings are constrained by the low capacity utilisation,
volatility in raw material prices, concentration of revenue to the
automobile industry which is cyclical in nature, client
concentration risk and high gearing ratios. However, experienced
promoters, support of the Adhunik group and improvement in
turnover & profit level in FY11 support the ratings. NVFL's
ability to improve the capacity utilization thereby increase in
turnover & profit level & diversification in newer areas are
the key rating sensitivities.

Neepaz V Forge (India) Limited originally incorporated as V Cube
Forge (India) Limited, in August 2004, was promoted by one Shri
Vilas Valunj & others, for manufacturing steel products for
forging and auto components. Subsequently, in October 2007, the
company was taken over by Adhunik group with majority stake
(73.8%) being with Adhunik Metaliks Limited.  The name of the
company was subsequently changed to NVFL.  Currently, NVFL is
engaged in manufacturing of forging items with an aggregate
installed capacity of 42,000 MT at Aurangabad.

The company earned a PBILDT and PAT of INR21.1 crore and INR4.9
crore respectively on net sales of INR115.7 crore in FY11.


PHOROTECH SURFIN: Fitch Affirms Rating on Bank Loans at 'BB+(ind)'
------------------------------------------------------------------
Fitch Ratings has affirmed India-based Phorotech Surfin (India)
Pvt Ltd's National Long-Term rating at 'Fitch BB+(ind)'.  The
Outlook remains Stable. Fitch has also taken the following rating
actions on PSPL's bank facilities:

  -- INR75m long-term loan (reduced from INR92m): affirmed at
     'Fitch BB+(ind)'; and

  -- INR30m fund-based working capital limit (increased from
     INR25m): affirmed at 'Fitch BB+(ind)' and assigned 'Fitch A4+
     (ind)'.

The ratings reflect PSPL's strong operational track record with a
stable customer base.  The ratings also reflect the company's high
operating margins and its low financial leverage.  Riding the
resurgence in auto sales after the 2008-2009 economic downturn,
the company was able to increase its revenues to INR306 million in
the financial year ended March 2011 (FY11), up 33% yoy.  However,
its EBITDA margins declined to 23% over FY10-FY11 compared to over
30% in the past.

Fitch notes that the entry of new auto companies in the industry
provides strong business opportunities for PSPL.  Its strong
operational cashflows and low financial leverage (FY11 provisional
net debt/EBITDA: 0.8x, FY10: 1.0x) provide it with the necessary
headroom to embark on required capex initiatives.  In this regard,
the company is undertaking a capex of INR69 million spread over
FY12-FY13 for a new liquid coating facility.

Fitch notes that PSPL's is reliant on the highly competitive auto
industry, as a result its margins are under constant pressure.
There is also a threat that some of the company's customers may
set up their own coating facilities.

Negative rating guidelines are a significant drop in PSPL's
revenue and EBITDA margins and its net debt/EBITDA exceeding 1.5x.
Positive rating guidelines are a significant increase in the
company's capacity utilization and revenues, and its ability to
maintain its EBITDA margins and net debt/EBITDA at current levels
on a sustained basis.

PSPL is a Tier 2 player in the auto industry. It provides anti-
corrosive coating services for auto components manufactured by
Tier 1 suppliers.  It has established a dominant position in south
India with a capacity of 285,000 square metres per month.


RUCHI POWER: ICRA Assigns '[ICRA]D' Rating to INR430cr Term Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]D' rating to the INR430 crores term loans
and INR80 crores fund-based limits of Ruchi Power and Steel
Industries Limited.

ICRA has also assigned [ICRA]D rating to the INR290 crores non-
fund based limits of RPSIL. The rating takes into account the weak
operational and financial performance of RPSIL in FY11 as
reflected by operation of capacities at sub-optimal levels (due to
non-availability of iron ore) which coupled with high fixed costs
has resulted in significant operating losses (INR57.01 crores in
FY11). Further, capital related charges on account of debt-funded
capex incurred in the past have led to cash losses, erosion of
networth and resultant increase in gearing levels. These factors
have resulted in inadequate debt servicing capability and re-
schedulement of debt repayments being sought by the company. The
ratings are further constrained by inherent cyclical and intensely
competitive nature of the steel industry and susceptibility of
RPSIL's profitability to variation in raw material prices which is
further escalated by the fact that company does not have access to
captive raw material sources. Nevertheless, the rating derives
comfort from RPSIL's experienced management, promoters' long track
record in steel business and operational efficiencies with
backward integration into manufacturing of sponge-iron, steel
billets and captive power-generation.

                       About Ruchi Power

Ruchi Power and Steel Industries Limited was incorporated as Mid
India Engineering Limited in July 1995. The company is a part of
Ruchi Group which has diversified interests including commodities,
iron and steel, real estate, milk products, information technology
etc. RPSIL has been promoted by Mr. Santosh Shahra who is a
graduate in Mechanical Engineering from Indore University and has
over 35 years of experience in steel business. Apart from RPSIL,
Mr. Shahra is also associated with National Steel and Agro
Industries Limited which involved in manufacturing of flat steel
products namely Cold Rolled Coils, Galvanized steel and Galvanized
Colour Coated steel products in various grades. RPSIL has two
manufacturing units, one each in Gandhidham (Gujarat) and
Pithampur (Madhya Pradesh). The company has a sponge iron
manufacturing capacity of 2.1 lakh MTPA, billet manufacturing
capacity of 3.3 lakh MTPA and rolled products capacity of 3.7 lakh
MTPA.

In FY 2011, the company reported an operating income of INR699.60
crores and net loss of INR170.25 crores as compared to operating
income of INR792.01 crores and PAT of INR42.42 crores in FY 2010.


S P MANI: CRISIL Assigns CRISIL BB Rating to INR10MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned a rating of 'CRISIL BB/Stable' for the bank
facilities of SP Mani and Mohan Dairy.

   Facilities                        Ratings
   ----------                        -------
   INR10.00 Million Cash Credit      CRISIL BB/Stable (Assigned)

   INR140.00 Million Proposed LT
              Bank Loan Facility     CRISIL BB/Stable (Assigned)

The rating reflect the extensive experience of SPMMD's promoters
in the dairy industry, well-established brand, and above-average
financial risk profile, marked by healthy gearing and debt
protection metrics. These strengths are partially offset by
SPMMD's relatively small scale of operations, concentration in its
revenue profile, and susceptibility to intense industry
competition and adverse regulatory changes.

Outlook: Stable

CRISIL believes that SPMMD will maintain its stable business risk
profile over the medium term, backed by its established market
position and relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the firm diversifies its
revenue profile and improves its scale of operations and margins
while maintaining its capital structure. Conversely, the outlook
may be revised to 'Negative' if the firm undertakes a larger-than-
expected, debt-funded capital expenditure programme or fails to
stabilize operations after the expansion or in case of a sharp
decline in profitability.

                          About SP Mani

In 1984, SPMMD was started as a partnership firm by Mr. S P
Loganathan and Mr. R Mohanasundaram. The firm sells processed milk
and milk products. The firm's facility had a processing capacity
of 10 litres per day (lpd), but now has a processing capacity of
1.4 lakh lpd. The firm was initially into bulk sale of milk
through cans in Tamil Nadu and Mangalore. In 2000, with the
introduction of packet milk, the firm started selling processed
milk under its own brand, Amirthaa. SPMMD is planning to increase
its processing capacity to 2.8 lakh lpd over the medium term
involving a capex of INR250 million.

SPMMD is expected to report a profit after tax(PAT) of INR28
million on net sales of INR1.1 billion in 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR7
million on net sales of INR940 million in 2009-10.


SAMTEL GLASS: ICRA Downgrades Rating on INR14.75cr Loan to [ICRA]D
------------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR14.75
crores term loans, INR18.25 crores fund-based limits, and INR3.95
crore proposed bank facilities of Samtel Glass Limited from 'LB-'
to '[ICRA]D'.  ICRA has also downgraded the short-term rating
assigned to the INR21.90 crores non-fund based limits of SGL from
'A4' to '[ICRA]D'.

The ratings revision takes into account SGL's stretched liquidity
position which has resulted n continued delays in debt repayment,
pressures on its realizations on account of intensely competitive
nature of the industry and its high client concentration risk as
more than 90% of SGL's sales are to a single customer namely
Samtel Colour Limited.  Moreover, the weak credit profile SCL
exposes SGL to high counterparty risks. While assigning the
rating, ICRA has also noted the increasing consumer preference
towards Flat Panel Displays which can further impact SGL's margins
and volumes. Nevertheless, the rating continues to derive comfort
from Samtel Group's leading position in the domestic colour
picture tubes (CPT) market and its experienced management. Going
forward, shift in demand towards FPDs and SGL's ability to meet
its debt obligations in a timely manner will be the key rating
sensitivity factors.

Samtel Glass Limited, a part of Samtel Group, was incorporated in
1986 as a joint venture between Corning Inc. (USA), Samsung
Corning Korea and Samtel Group of India. In 2005, Corning Inc.,
USA quit from the Joint Venture. Currently, Samtel Group holds
about 83% equity of SGL and the rest 17% is held by financial
institutions and Samsung Corning, Korea. SGL started commercial
operations in 1993 with the manufacture glass parts for TV and
display tubes. The company is currently involved in the
manufacture of glass funnels for colour TVs. The manufacturing
unit of the company is located at Kota, Rajasthan.

In 15M FY10 (July 09-Sept 10), the company reported operating
income of INR194.20 crores and PAT of INR4.81 crores.


SANRAJ POLYPRINTERS: ICRA Rates INR6.37cr Loan at '[ICRA]BB+'
-------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR6.37 Cr. long
term fund based bank facilities of Sanraj Polyprinters.  The
outlook on the long term rating is 'Stable'.

The assigned ratings are constrained on account of relatively
small size of operations in comparison to the size of the overall
flexible packaging industry; high competition from organized as
well as unorganized players. ICRA takes note of the ban on use of
polyester (PET) film in the packaging material used for Gutkha/Pan
Masala segment, which will adversely impact the overall demand for
the industry; however the risk is partly mitigated due to nil
exposure of the firm in the segment. ICRA also notes that SP is a
partnership firm and any significant withdrawals from the capital
account would affect its net worth and thereby the gearing levels.

The ratings however favorably factor in long experience of the
promoter of SP in the domestic flexible packaging materials
business; healthy growth in revenues and customer base over the
last few years; financial profile characterized by low working
capital intensity, healthy coverage indicators and moderate
gearing levels.  The ratings also favorably take into account the
healthy demand prospects for flexible packaging material in the
domestic market

Set up as a partnership firm in 1997, Sanraj Polyprinters is
promoted by Kansagra family of Rajkot. The firm is engaged in
manufacturing of flexible packaging materials. The firm is
catering to the needs of packaged food, non-food, kitchenware and
FMCG sectors. The firm has its production facility located at
Rajkot and is an ISO 9001: 2000 Quality Management System
Certified organization.


SHIVA SATYA: CARE Rates INR100cr Long-Term Loan at 'CARE BB'
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Shiva Satya Hotels Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities      100.00     'CARE BB' Assigned

Rating Rationale

The rating assigned to the bank facilities of Shiva Satya Hotels
Pvt Ltd is constrained on account of the delay in the
implementation of the project leading to cost overrun and pending
financial closure for the revised project cost. The rating is also
constrained by the inherent cyclical nature of the hotel industry
and recent launch of the new hotels in Ahmedabad region leading to
competition. The rating, however, draws strength from the
resourceful promoters and their experience of more than one decade
in the hotel industry, tie-up with one of the leading players for
the property development and tie-up with the InterContinental
Hotels Group for the management of operations and marketing.
SHPL's ability to implement the project without any further cost
and time overrun, achieve envisaged occupancy rates and average
room revenue in the initial years of operation and financial
closure for the additional funds are the key rating sensitivities.

                        About Shiva Satya

SHPL was incorporated in October 2007 with the intent to set up a
220-room five-star hotel at Ahmedabad. SHPL is promoted by
Mr. Ramesh Sachdev, an NRI businessman based out of UK
along with his son, Mr. Rishi Sachdev. SHPL is a 100% subsidiary
of Mauritius-based holding company Shiva Hotels (Mauritius) Ltd.
The Mauritius holding company is again owned through step-down
subsidiary, Shiva Hotels Ltd (UK).  SHPL has entered into an
agreement with the world renowned InterContinental Hotels Group
(IHG), one of the leading UK based international hotel group
running "Holiday Inn", "Crowne Plaza" and other famous
international brands. The proposed hotel will be marketed and
managed under "Crowne Plaza" and will be the first "Crowne Plaza"
in Gujarat. SHPL has entered into an agreement with Savvy
Infrastructures Ltd, for the turnkey construction of the entire
hotel.


SINGH SUPPLIERS: ICRA Places '[ICRA]BB+' Rating on INR8cr Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR8.00 crore
(enhanced from INR6.00 crore) fund based bank facilities of Singh
Suppliers Private Limited.  The outlook on the long term rating is
stable.  ICRA has also assigned an '[ICRA]A4+' rating to the
INR12.00 crore (enhanced from INR6.00 crore) non-fund based bank
facilities of SSPL.

The ratings factor in the long experience of the promoters in
timber business, a positive demand outlook of the industry driven
by the real estate and infrastructure sectors, SSPL's comfortable
capital structure and its proximity to key suppliers which reduces
freight costs as well as mitigates the risk of unavailability of
timber to an extent. The rating is, however, constrained by SSPL's
modest scale of operations, although the company achieved a
significant growth in its turnover in FY 2011, and its weak
financial profile characterized by low net profit margins and
depressed level of coverage indicators. The ratings also take into
account the high working capital intensity of SSPL's operations
and the fragmented nature of the industry, resulting in high level
of competition.

Singh Suppliers Private Limited, incorporated in 2001 by Mr. Jai
Prakash Singh, is engaged in trading of timber log and sawn
timber. The company has a warehouse at Baidyabati, Hooghly (West
Bengal). SSPL purchases timber from the domestic market and also
imports from various countries like Malaysia, Myanmar, Vietnam,
Africa and Indonesia. The company sells timber log and sawn timber
to saw mills, plywood and veneer manufacturers, traders, retailers
and real estate developers primarily in the state of West Bengal.

Recent Results

The company reported a net profit of INR0.46 crore (provisional)
in 2010-11 on an operating income of INR48.84 crore (provisional),
as compared to a net profit of INR0.30 crore on an operating
income of INR28.12 crore during 2009-10.


SHREEJI WOODCRAFT: CRISIL Puts 'CRISIL D' rating on INR83MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Shreeji Woodcraft Pvt Ltd; the ratings reflect instances of
delay by SWPL in servicing its debt. The delays have been caused
by the company's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR5.0 Million Letter of Credit      CRISIL D (Assigned)

   INR83.0 Million Rupee Term Loan      CRISIL D (Assigned)

   INR7.0 Million Proposed Long-Term    CRISIL D (Assigned)
                  Bank Loan Facility

   INR25.0 Million Cash Credit          CRISIL D (Assigned)

SWPL also has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics, and small
scale of operations in a fragmented and competitive wood products
industry. These rating weaknesses are partially offset by SWPL's
reputed clientele and extensive industry experience of its
promoters.

                   About Shreeji Woodcraft

Established in 2008 by Mr. Sharad Kumar Parekh and his family
members, SWPL manufactures wooden doors, wooden floorings, and
other wooden products. The company began commercial operations in
the year 2010-11. The company directly imports various kinds of
wood as well as procures from importers and local traders. SWPL
primarily sells its products to real estate developers all over
India through its sales offices and dealership network.

SWPL is estimated to have reported on a provisional basis a profit
after tax (PAT) of INR2.9 million on net sales of INR86.8 million
for 2010-11 (refers to financial year, April 1 to March 31), which
is the first year of operations for the company.


SHRI GOVIND: ICRA Reaffirms '[ICRA]B+' Rating on INR39cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B+' rating to the INR39.0 crore
term loan of Shri Govind Realty Private Limited.

The rating re-affirmation takes into account the significant
market risk on account of un-leased space in SGRPL's retail mall
project in Bhopal, which is currently under development. The
market risk is further exacerbated by the fact that the Letters of
Intent (LoIs) for leasing of space were signed some time ago which
leads to the possibility that some of these LoIs may not get
converted to final agreements. The rating also takes into
consideration the time and cost overruns of the project, given the
fact that the completion has already been delayed by more than a
year and half from its original scheduled date of completion in
December 2009. Delay in completion has also impacted the debt
repaying capacity of SGRPL and the promoters have to bring in
additional funds to meet the shortfall and meet debt servicing
requirements. However, the rating takes comfort from the long
track record of promoters in the real estate development in
Bhopal, their good market reputation and the favorable location of
the project.

The promoters of three real estate firms in Bhopal namely Asnani
Builders & Developers Limited, Raj Developers and Kamal Krishana
Builders had promoted a partnership firm Shri Govind Realty in
2005 for construction of Aashima Mall. Later on in the year 2008,
the firm was converted into a private limited company in the name
of Shri Govind Realty Private Limited (SGRPL). The promoters are
well qualified and have an experience of around 20 years in real
estate development in the Bhopal city. They have developed a
number of commercial and residential projects in the city and
neighbouring areas which are operating successfully.


SPC LIFESCIENCES: ICRA Rates INR3.11cr Term Loan at '[ICRA]BB'
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR5.00 crore cash
credit facility, INR3.11 crore term loans and INR0.75 crore
standby line of credit of SPC Lifesciences Private Limited.  The
outlook for the rating is stable. ICRA has also assigned an
'[ICRA]A4' rating to the INR2.10 crore, short-term, non-fund based
facilities of SPC.

The ratings are constrained by the relatively small size of
operations of the company and absence of considerable growth in
operating income, concentration in term of products and clientele,
vulnerability of profitability to the raw material price
fluctuations, exposure to currency fluctuations with high reliance
on raw material imports as well as with exports forming majority
of sales, though the risk is considerably mitigated on account of
natural hedge and to the extent of forward cover taken by the
company. The ratings also consider the modest capital structure of
the company reflected by the high gearing levels.

However, the ratings favorably factor in the established presence
and track record of the company in manufacturing and export of
pharmaceutical intermediates, experience of promoter group in
similar line of business, geographical diversification with sales
from Europe, Middle East, Latin America apart from India. The
ratings also factor in the reputed clientele the company serves as
well as the benefits the company is likely to derive from WHO GMP
certification expected this year in addition to the 2 process
patents in pipeline at present.

                     About SPC Lifesciences

Incorporated in 2005, SPC Lifesciences Private Limited is engaged
in manufacture and export of pharmaceutical intermediates. The
manufacturing facility is located at Ankleshwar in Gujarat. SPC's
plants are ISO 9001 and 14001 standards certified since 2006. The
operations also comply with the guidelines of cGMP (current good
manufacturing practice). The commercial operations are certified
by Government of India as an export house and the company is also
a 100 % Export Oriented Unit.

Recent Results

During FY11 (provisional unaudited financials), SPC reported an
operating income of INR18.97 Cr. (as against INR16.76 Cr. during
FY10) and profit before tax of INR0.78 Cr. (as against profit
after tax of INR0.42 Cr. for FY10).


UCS MERCANTILE: CRISIL Rates INR55MM Cash Credit at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to cash credit
facility of UCS Mercantile Private Limited.

   Facilities                      Ratings
   ----------                      -------
   INR55 Million Cash Credit       CRISIL BB-/Stable (Assigned)

The rating reflects the extensive experience of UCS's promoters in
the toy industry. This rating strength is partially offset by
UCS's average financial risk profile, marked by a small net worth,
moderate gearing, and weak debt protection metrics, and working-
capital-intensive operations.

Outlook: Stable

CRISIL believes that UCS will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with suppliers and customers. The
outlook may be revised to 'Positive' if UCS's financial risk
profile improves considerably, driven by significant increase in
revenues and improvement in profitability, resulting in healthy
cash accruals and improved debt protection metrics. Conversely,
the outlook may be revised to 'Negative' if UCS generates less-
than-expected cash accruals or if it undertakes more-than-
expected, debt-funded capital expenditure programme, thereby
weakening its financial risk profile.

                      About UCS Mercantile

UCS was reconstituted as a private limited company from a
proprietorship firm, with Mr. Prakash Bafna and his wife, Mrs.
Rina Bafna, as its directors. The company imports toys from China
and distributes mostly in markets in West Bengal.

UCS reported a profit after tax (PAT) of INR3.7 million on net
sales of INR607.5 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 INR530.2 million for 2009-10.


VELANI OILS: CARE Assigns 'CARE BB+' Rating to INR2cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' rating to the bank
facilities of Velani Oils Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities       2.00      'CARE BB+' Assigned
   Short-term Bank Facilities     25.00      'CARE A4+' Assigned

Rating Rationale

The ratings take into account the weak financial profile reflected
by low profitability margin, moderate scale of operations, high
leverage levels and small net-worth base. The ratings also take
into account exposure to the commodity price-risk along with the
foreign exchange fluctuation risk.  However, the ratings draw
comfort from experienced promoters and long-track record of
operations, diversified clientele and established sourcing
arrangement.  Given the growth in scale of operations in the past
and expected growth in the future, VOPL's ability to strengthen
its capital base would be the key rating sensitivity.

Velani Oils Pvt. Ltd., established by Mr. Mansukh Lal Patel and
his son Mr. Tushar Patel, is engaged in the business of trading
edible and non-edible oils. VOPL was operating as partnership
firm (Velani Oil Traders) till March 31, 2011, and the
constitution was changed from partnership firm to a Private
Limited company w.e.f. April 01, 2011 while the name was changed
from Velani Oil Traders (VOT) to Velani Oils Pvt. Ltd.  VOPL
operates from its Head office (HO) in Delhi and branch offices in
Gujarat and Ghaziabad.


VIL INTERNATIONAL: CRISIL Puts 'CRISIL C' Rating on INR35MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of VIL International Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR35 Million Cash Credit         CRISIL C (Assigned)

   INR7.5 Million Proposed Cash      CRISIL C (Assigned)
                   Credit Limit

   INR90 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect VIL's weak liquidity owing to stretched
receivables, below average financial risk profile marked by small
networth and weak debt protection metrics. The ratings also
reflect VIL's susceptibility to volatility in raw material prices
and to intense competition in the timber industry. These rating
weaknesses are partially offset by the extensive industry
experience of VIL's promoters.

                      About VIL International

Chennai (Tamil Nadu)-based VIL trades in timber and medium-density
fibre boards. VIL was set up by Mr. Venkat Immanni and Mr. Satya
Rao in 2001 by acquiring the timber trading business of
Varalakshmi International; Mr. Satya Rao manages VIL's day-to-day
operations.

VIL reported, on provisional basis, a profit after tax (PAT) of
INR6 million on net sales of INR253 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR3
million on net sales of INR224 million for 2009-10.


VINAYAKA MISSIONS: Fitch Lowers Nat'l Long-Term Rating to 'D(ind)'
------------------------------------------------------------------
Fitch Ratings has downgraded India-based Vinayaka Missions
University's (VMU) National Long-Term rating to 'Fitch D(ind)'
from 'BBB+(ind)'.  The agency has also downgraded VMU's bank
facilities as follows:

  -- INR2,030m term loans : downgraded to 'Fitch D(ind)' from
     'BBB+(ind)';

  -- INR640m overdraft limits: downgraded to 'Fitch D(ind)' from
     'BBB+(ind)';

  -- INR302.5m non-fund based working capital limits: downgraded
     to 'Fitch D(ind)' from 'BBB+(ind)'/'F2(ind)'.

The downgrades reflect VMU's delays in servicing its debt
obligations due to the trust's tight liquidity position.  A
sustained regularity in its debt servicing without any delays may
result in a positive rating action.

VMU is a deemed university under the University Grants Commission
Act, 1956, It is sponsored by two public charitable trusts, namely
Thirumuruga Kirupananda Variyar Thavathiru Sundara Swamigal
Medical, Educational and Charitable Trust and Vinayaka Mission
Research Foundation.  VMU has 25 institutes with around 20,000
students. As per the provisional and unaudited figures for the
financial year ended March 2011 (FY11), the two trusts reported
combined revenue of INR2.28bn (FY10: INR2.36bn), a surplus from
operations of INR761.0m, an operating surplus margin of 33.0%
(FY10: 34.1%) and a gross debt/operating surplus of 4.61x (FY10:
4.05x).


VISHNU CARS: CRISIL Assigns CRISIL D Rating to INR68.7MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Vishnu Cars Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit        CRISIL D (Assigned)
   INR68.7 Million Long Term Loan   CRISIL D (Assigned)
   INR30 Million Bank Guarantee     CRISIL D (Assigned)

The ratings reflect instances of delay by VCPL in servicing its
debt; the delays have been caused by VCPL's weak liquidity because
of the start-up nature of the company's operations.

VCPL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics, and geographically
concentrated revenue profile. VCPL, however, benefits from its
promoters' extensive experience in the automobile dealership
industry.

                        About Vishnu Cars

Incorporated in 2005, VCPL is based in Chennai (Tamil Nadu). Till
2009, VCPL was a dealer of Hindustan Motors Ltd's (HML's)
vehicles; however, because of decline in sales volumes of HML's
cars, VCPL switched to dealership of Maruti Suzuki India Ltd's
(rated 'CRISIL AAA/Stable/CRISIL A1+') vehicles in May 2010. Mr.
Venkat Immanni is VCPL's managing director. The company has set up
one new showroom at Chrompet in Chennai; its two service stations
at Mylapore and Pallavaram in Chennai are operational. The new
showroom is yet to commence operations, as it is awaiting
clearance from municipal authorities. VCPL also has other
associate entities, namely Vishnudeep Projects and Properties Pvt
Ltd, which undertake real estate projects; Vishnu Motor Plaza Pvt
Ltd, which deals in vehicles of Hero Honda Motors Ltd (rated
'CRISIL AAA/FAAA/Stable/CRISIL A1+'); Vishnu Carriers Pvt Ltd,
which deals in commercial vehicles of Tata Motors Ltd (rated
'CRISIL AA-/Stable/CRISIL A1+'); and Vishnu Vidyuth India Ltd,
which is setting up a 7.5-megawatt biomass power plant in
Vishakhapatnam (Andhra Pradesh). These entities are managed
independently.

VCPL reported, on provisional basis, a net loss of INR11 million
on net sales of INR81 million for 2010-11 (refers to financial
year, April 1 to March 31), against a net loss of INR8 million on
net sales of INR19 million for 2009-10.


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


AGURA BOKUJO: Files for Bankruptcy Protection
---------------------------------------------
Bloomberg News reports that Agura Bokujo filed for bankruptcy
protection, according to a statement from Tokyo Shoko Research,
which tracks corporate bankruptcy data.

The researcher said the closely held company lists liabilities of
JPY62 billion, Bloomberg relates.

Agura Bokujo operates a cattle ranch in Tochigi, north of Tokyo.


TOKYO ELECTRIC: Moody's Confirms Ratings; Outlook Negative
----------------------------------------------------------
Moody's Japan K.K. has confirmed the ratings of Tokyo Electric
Power Co., Inc. (TEPCO).

The ratings confirmed include its senior secured rating of Ba2,
long-term issuer rating of B1, and Corporate Family Rating of Ba3.

The ratings outlook is negative.

This rating action concludes the review initiated on March 14,
2011.

Ratings Rationale

The rating action reflects Moody's view that the enactment of the
Act to Establish Nuclear Damage Compensation Facilitation
Corporation is credit supportive for TEPCO. It represents an
initial, concrete step forward for the government plan to
stabilize the financial situation of the company. It also
highlights that there is a consensus political will to enact a
framework that aims to maintain TEPCO as an economically viable
entity.

Under the Act, the government will establish the new corporation
by September at the latest.

Through this new entity, it is intended that TEPCO will be able to
secure substantial and timely government support to pay
compensation liabilities and repair damage at the Fukushima-
Daiichi plant, which may ultimately reach several trillion yen.

On the other hand, material uncertainties remain and are the key
drivers for the negative outlook on the rating:

1. Details on how and when the new corporation will support TEPCO
   remain unclear.

2. To apply for assistance, TEPCO will have to first seek
   stakeholder cooperation, and the corporation will then decide
   if its request is appropriate. But the implications for
   stakeholders -- such as amendments to loan terms or loan
   forgiveness -- are unclear.

3. The Act says that the support scheme will be reviewed within 2
   years, including how the financial burden from the Fukushima-
   Daiichi accident will be shared between the government, TEPCO,
   its stakeholders, and other nuclear operators. A key factor in
   this process is the need to minimize any burdens on taxpayers.
   How the review process will work is also unclear.

4. How and when the situation at Fukushima-Daiichi will stabilize.

5. Uncertainty over the total compensation amount.

6. Questions over TEPCO's financial condition. In this regard,
   there is a lack of clarity over whether TEPCO can raise its
   tariffs, the cost for replacing nuclear generation with
   thermal, the amount of capital expenditure for new thermal
   generation, and the magnitude of costs for the cleanup and
   decommissioning of Fukushima-Daiichi.

For these reasons, there remains considerable risk with respect to
TEPCO's credit profile that the Act will only partially and
incrementally address, when implemented.

Ratings confirmed:

Senior secured Ba2; long-term Issuer Rating B1; Corporate Family
Rating Ba3.

The principal methodology used in rating TEPCO was Regulated
Electric and Gas Utilities, published on Sept. 30, 2009, and
available on www.moodys.jp.

Tokyo Electric Power Co., Inc. (TEPCO) is the largest integrated
electricity supplier in Japan and is headquartered in Tokyo.


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


HYNIX SEMICONDUCTOR: Sale Process Going Smoothly, Creditors say
---------------------------------------------------------------
Yonhap News reports that creditors of Hynix Semiconductor Co. said
Tuesday the process for selling the world's No. 2 memory chipmaker
is going along without a hitch, dismissing reports that a
prospective buyer is considering pulling out of the bidding due to
a changed sale method.

The news agency relates that South Korea's leading mobile carrier
SK Telecom and shipbuilding conglomerate STX Group submitted
letters of intent on July 8 to buy a 15% stake in Hynix, which
could fetch at least KRW2.4 trillion (US$2.2 billion).

Dow Jones Newswires has said creditors have been trying for years
to sell their shares in Hynix, which they took control of in 2001
following several debt-for-equity swaps after the chip maker
nearly collapsed due to weak market conditions.

The creditors, which include banks such as Korea Exchange Bank,
Woori Bank and Shinhan Bank as well as state-run Korea Finance
Corp., collectively hold about 15%, or 88.4 million shares, in the
chip maker.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 26, 2010, Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Korea-based
Hynix Semiconductor Inc. to positive from stable, reflecting its
improving financial risk profile.  At the same time, Standard &
Poor's affirmed the 'B+' long-term corporate credit rating on
Hynix.  In addition, S&P raised the ratings on Hynix's senior
unsecured bonds to 'B+' from 'B', reflecting its opinion that the
potential for recovery in the event of default has improved.


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


ASIA PETROLEUM: Reaches Deal with CIMB Bank to Uplift Receivership
------------------------------------------------------------------
The Star Online reports that Asia Petroleum Hub Sdn Bhd, which is
involved in the development and operations of a multibillion
ringgit oil terminal in Tanjung Bin, Johor, has reached an
understanding with CIMB Bank Bhd on the uplifting of receivership.

According to the report, Muhibbah Engineering (M) Bhd, which was
awarded a MYR820 million project involving marine piling and jetty
works, made an announcement to Bursa Malaysia that APH confirmed
it has reached an understanding with CIMB to uplift the
receivership.

The Star Online relates that Muhibbah said the receiver and
manager BDO-Binder has been discharged accordingly.

APH, the Star Online recalls, had faced funding issues and had
buckled under severe cost overruns for the past couple of years
when work on the project stopped in 2009.  This had resulted in
non-payment to Muhibbah, which was owed an estimated MYR300
million Muhibbah has not made provisions for the amount, the
report notes.

Market talk said APH is in negotiations with a few interested
parties keen to come into the company, The Edge Financial Daily
reports.  It has been reported that APH requires an additional
MYR1 billion in funding to restart the project, The Edge Financial
says.

Asia Petroleum Hub Sdn Bhd was placed under receivership by CIMB
Bank Bhd in May this year as it could not come up with other
investors to help fund the development of its hub project and
also, repay its debt.  The Star Online, citing Singapore Business
Times, relates that financial executives familiar with the matter
said APH was granted a MYR1.4 billion three-year bridge loan by
CIMB in 2006.

APH is majority-controlled by KIC Oil and Gas, a private terminal
operator, while a 10% interest is held by Trek Perintis.


BASWELL RESOURCES: Tan Sri Dato' Bentara Steps Down as Chairman
---------------------------------------------------------------
Baswell Resources Berhad disclosed that Tan Sri Dato' Bentara
Istana Nik Hashim Bin Nik Ab. Rahman has resigned as chairman of
the company.

Consequent to his resignation as Independent Non-Executive
Chairman of the Company, Tan Sri Dato' Bentara Istana Nik Hashim
also resigned as a Member of the Audit Committee, the Chairman of
the Nomination Committee, as well as a member of Remuneration
Comittee with effective Aug. 1, 2011.

Based in Malaysia, Baswell Resources Berhad --
http://www.baswell.com.my/-- is an investment holding company
engaged in the provision of management services to its
subsidiaries.  It operates in three segments: furniture, which
includes the manufacturing of knockdown wooden furniture and
furniture parts, and the provision of preservative treatment and
kiln drying of wood and timber; packing, which includes the
manufacturer and dealer in papers, paper carton boxes and boards,
and other related products, and others, which comprises investment
holding and provision of management services.  The Company's
subsidiaries include Aimwood Furniture Industries Sdn Bhd, Baswood
Industries Sdn Bhd, Deswell Packaging (M) Sdn Bhd and Woodmaster
Furniture Consolidation Sdn Bhd.

Baswell Resources Berhad has been classified as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the company ceased all its furniture-manufacturing
operations effective August 9, 2010.

The company's wholly owned furniture-manufacturing subsidiaries
Baswood Industries Sdn Bhd and Aimwood Furniture Industries Sdn
Bhd also defaulted in loan payment.


SATANG HOLDINGS: To Change Company Name to Destini Berhad
---------------------------------------------------------
Satang Holdings Berhad said that the Company is proposing to
change its name from Satang Holdings Berhad to Destini Berhad.

The Companies Commission of Malaysia approved the reservation of
the name "Destini Berhad" on July 27, 2011. The proposed change of
name is subject to the approval of the shareholders of the Company
at the forthcoming Extraordinary General Meeting to be convened at
a date to be announced later.  The Proposed Change of Name, if
approved by the shareholders, will be effective from the date of
issuance of the Certificate of Incorporation on Change of Name by
the Companies Commission of Malaysia.

                      About Satang Holdings

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and,
Satang Environmental Sdn. Bhd.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, Satang Holdings Berhad triggered Paragraph 2.1 of
the Amended Practice Note 17/2005 as its independent auditor,
Anuarul Azizan Chew & Co., concluded in its Audit Investigative
Reports that out of the MYR39.27 million alleged overstated
revenue of the company, MYR35.43 million represents invalid sales
which should not be recorded in the books for the financial year
ended Sept. 30, 2007.


VTI VINTAGE: Pencetak Weng Demands Payment of MYR8,406 Judgment
---------------------------------------------------------------
VTI Vintage Berhad said that the Company's solicitors, Messrs. K.L
Lim & Lee on July 26, 2011, received a sealed copy of the Judgment
dated Nov. 3, 2010, from Messrs. Choo Kok Hon & Co., the
solicitors for Pencetak Weng Fatt Sdn Bhd, demanding the total
Judgment sum of MYR8,406.95 as at April 21, 2009, together with
interest thereon at the rate of 8% per annum from April 22, 2009,
until date of full realization and cost of MYR500 and MYR854
respectively within seven days from the date hereof, being the sum
due and owing to Pencetak Weng for the services rendered to the
Company.

The circumstances leading to the filing of the Judgment against
VVB was due to the fact that the Company has failed and/or default
to settle the sum claimed by Pencetak Weng.

However, the Company said that an Order has been granted by the
High Court of Malaya at Kuala Lumpur on May 11, 2011, pursuant to
Section 176(10) of the Act, to restrain all further proceedings,
and any and all actions or proceedings against the Company and its
subsidiary companies, for a period of 120 days from May 11, 2011,
to Sept. 7, 2011.

VVB is seeking the necessary legal advice to resolve or defend the
matter.

                         About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


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


HOLIDAY HOMESHARE: Property Deals "Odious," Liquidator Says
-----------------------------------------------------------
Sunday Star Times reports that Robert Walker, the Liquidator of
Holiday Homeshare Ltd, one of Glenn William Cooper's companies,
has described the property deals which have left a number of poor
South Auckland families in danger of losing their homes as
"especially odious."

Mr. Walker has also sent a copy of his report to the Serious Fraud
Office, which is investigating the deals, Sunday Star Times says.

Sunday Star Times relates that Mr. Walker said stripping cash out
of Holiday Homeshare made it impossible for the company to honor
the guarantees to buy back properties from investors who paid
"grossly inflated" prices.

That's an allegation Mr. Cooper denied to the Sunday Star Times in
a brief phone conversation on Friday.

According to Sunday Star Times, Mr. Cooper has made headlines in
recent months for deals where he bought properties, including
units in a Taupo motel complex, and then resold them for much
higher prices to investors, based on promises of a quick resale.

Sunday Star Times relates that Mr. Walker, in his first report to
creditors of Holiday Homeshare, said cash was stripped quickly as
it came in from property sales.

Holiday Homeshare, according to Sunday Star Times, was the vehicle
for buying Taupo motel units from Dorchester, which was mortgagee
in possession of the motel complex.  The units were then onsold to
investors, with Mr. Cooper promising he would, in turn, sell them
in quarter shares for a huge profit the investors could use to pay
off the mortgages on their own homes.

If the quarter share plan failed, Holiday Homeshare guaranteed to
buy the units back.  However, Mr. Walker said cash was stripped
from the company, meaning it was "dispossessed of its ability to
honour such re-purchase agreements it had entered into".

The company was put into liquidation in June by one of the
investors' whose buy-back guarantee was not honored, the report
notes.

Mr. Walker, as cited by Sunday Star Times, said stripping the cash
from the company appeared to breach section 380 of the Companies
Act, which covers accepting credit which a company is in no
position to repay.


KINGSTON ACQUISITIONS: Driver Hopes Operations Resume by Christmas
------------------------------------------------------------------
The Southland Times reports that veteran steam train driver
Russell Glendinning is hoping Kingston Flyer will be back on track
by Christmas after sitting idle for the last two years.

On Nov. 12, 2009, the Troubled Company Reporter-Asia Pacific,
citing The Southland Times, reported that Kingston Acquisitions
Ltd, the company behind the Kingston Flyer steam train, was placed
into receivership by financier Prudential Mortgage Nominees, who
is owed at least NZ$4.7 million.  The company's assets, which
include 80 hectares of development land, would be sold in an
international tender organized by Bayleys Queenstown, the
Southland Times said.

Mr. Glendinning said he hoped meetings would resolve licensing
issues with the NZ Transport Agency and that would be another
hurdle overcome in the bid to get the train back in business,
according to The Southland Times.  Others were looking at the
finances of the train and the debt which led to it going into
receivership, Mr. Glendinning said, the report relates.

"If the financial situation can be resolved hopefully in the next
week or two, then the train should be up and running again ...
perhaps by December or something like that," the
Southland Times quoted Mr. Glendinning as saying.

Mr. Glendinning said he did not anticipate any problem in starting
up the engine, the report adds.

                       About Kingston Flyer

The Kingston Flyer is a vintage steam train operating in the South
Island of New Zealand at the southern end of Lake Wakatipu.  The
Kingston Flyer stopped operating since August 2009.


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


TRUE SPA: Looking for Ways to Settle Customers Claims
-----------------------------------------------------
channelnewsasia.com reports that the High Court heard Friday that
a possible resolution might be on the cards for True Spa Pte Ltd
customers who had sought a court application to wind up the
troubled spa company.

The spa's lawyer, N Sreenivasan, told the court Friday that he had
to take further instructions from his client who was "looking into
any possible resolution of the matter," channelnewsasia.com
relates.

According to the report, Justice Woo Bih Li said that True Spa
consumers had already sent their letters of demand some time back.
If True Spa was serious about resolving the matter, it would have
taken steps to instruct a counsel and not wait for action to be
taken, Justice Woo added.

channelnewsasia.com notes that the case involves some 247
creditors of the spa who have banded together to wind up the
company to reclaim about SGD701,000 of unused pre-paid treatments.

The move, says channelnewsasia.com, came after several letters of
demand and statutory demand were issued in March by customers to
True Spa asking for their money back but no payment was made.

channelnewsasia.com relates that Salem Ibrahim, who represents the
creditors, said Friday 31 more creditors had since stepped
forward, bringing the claim now to about SGD796,000.

Justice Woo has adjourned the hearing to September 2, the report
adds.

True Spa was reported to have had 8,000 customers but some might
have transferred their spa credits to True Yoga and True Fitness
memberships.

True Spa Pte Ltd is a luxury spa.


=============
V I E T N A M
=============


* VIETNAM: Fitch Affirms Long-Term Local-Currency IDR at 'B+'
-------------------------------------------------------------
Fitch Ratings has affirmed Vietnam's Long-Term Foreign-Currency
Issuer Default Rating and Long-Term Local-Currency IDR at 'B+'.
The Outlook on the ratings is Stable.  The Country Ceiling has
also been affirmed at 'B+', and the Short-Term Foreign-Currency
IDR at 'B'.

"Vietnam's sovereign creditworthiness remains under pressure from
the risk to economic stability from high inflation, and from
still-unresolved problems in the banking system," says Andrew
Colquhoun, Head of Asia-Pacific Sovereigns at Fitch.  "Sticking
with a policy-tightening package agreed in February would support
the ratings, but slippage could see negative pressure build," adds
Mr. Colquhoun.

Inflation hit 22.2% in July, up from 11.8% in December, partly on
high food prices but also from strong money and credit growth and
fiscal spending in 2010.  High inflation has undermined domestic
confidence in the Vietnamese dong, prompting capital flight and a
drop in official reserves to USD12.9 billion by end-2010 (end-
2009: USD16.8 billion).  Reserves fell further to USD12.4bn by
end-February 2011, the month in which authorities announced a
package of monetary and fiscal policy tightening in "Resolution
11".  As part of the package, the authorities abandoned their
7%-7.5% growth target in favor of a lower target of 6%, backed by
spending cuts and a new credit growth target of 20% for 2011, down
sharply on 32% loan growth in 2010.  They also devalued the
currency by 9%.

Fitch views the Resolution 11 agenda as a support to domestic
confidence in the dong, economic stability and the sovereign
ratings. The currency has been broadly stable since February
against the US dollar.  But continued official commitment to the
plan will be essential.  The State Bank of Vietnam hiked its key
lending rate to 15% from 7% between February and June, but then
cut it to 14% in July amid evidence of a credit squeeze on
corporates.  Further monetary easing before inflation is clearly
brought under control would risk undermining the credibility of
the policy shift.

So far, it has been difficult to identify much progress on fiscal
spending cuts.  Fiscal tightening is central to Resolution 11 and
to the maintenance of sovereign creditworthiness.  Nonetheless,
the ratings at their current level already reflect some risk that
the conduct of policy will affect economic performance negatively.
Fitch awaits more evidence on the policy strategy of the new
government of Prime Minister Nguyen Tan Dung, re-appointed in
July.

Unresolved problems in the relatively large and weak banking
system are a source of risk for the sovereign.  The system is the
third-biggest relative to GDP of any emerging market sovereign
rated by Fitch, with credit of 125% of GDP by end-2010.  Fitch
believes the official NPL figure of 2.5% of total loans for end-
April 2011 under Vietnamese national accounting standards is
heavily understated on an internationally comparable basis.
However, deposits in the system continue to grow -- up 25.6% in
the year to March by the latest official data -- with anecdotal
evidence suggesting deposit growth remains strong as banks bid up
deposit rates to attract funding.  Overall, Fitch expects banking
system problems should be manageable without broader spillover to
economic stability as long as there is a basic level of depositor
confidence.

The ratings are supported by Vietnam's growth record (averaging 7%
over 2006-2010), underpinned by the country's success in
attracting FDI inflows -- these averaged 7.4% of GDP per year over
2006-2010 -- against a median of 4.3% per year for the 'B' range.
However, despite strong growth, average incomes remain low at only
USD1,200 in 2010; underdevelopment weighs on the ratings.  The
sovereign debt burden was 50% of GDP at end-2010, above the 'B'
median of 37%, but Fitch expects the ratio to decline on fiscal
consolidation efforts and GDP growth.  The government's debt
service burden is lowered by the high share of the debt owed to
official creditors (48%).  Fitch notes that official reserves data
are only available to end-April (USD12.6bn).  The long lag in
publishing a basic data item such as official reserves reflects
poorly on transparency even in the 'B' range, and is another
factor weighing on the ratings.

A ratings downgrade would likely occur if there is backsliding on
the authorities' tightening package and a failure to rein in
inflation, risking further loss of confidence in the Vietnamese
currency and intensified risks to economic stability.  Conversely,
an effective stabilization would support the ratings.  The
emergence of material risks to financial stability, such as a run
on deposits, or of a requirement for large-scale sovereign support
to the banks could trigger a negative rating action.  Banking
sector reforms, for example toughened loan classification
standards, would support the ratings.


                             *********

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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