TCRAP_Public/110812.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

            Friday, August 12, 2011, Vol. 14, No. 159

                            Headlines



A U S T R A L I A

ABC LEARNING: Bosses, Lawyers Fail to Appear in Brisbane Court
CLIVE PEETERS: Harvey Norman to Close Brand's Stores
NCIG HOLDINGS: Moody's Rates Proposed US$250MM Notes at '(P)Ba2'


C H I N A

SEARCHMEDIA HOLDINGS: Annual Meeting Set for Sept. 13


H O N G  K O N G

FULL LUCK: Court Enters Wind-Up Order
GOLDWELL CONSTRUCTION: Court to Hear Wind-Up Petition on Sept. 21
HIGHYIELD ENTERPRISE: Court Enters Wind-Up Order
HONOUR GLORY: Court Enters Wind-Up Order
HOP CHUNG: Court Enters Wind-Up Order

HUGE EDUCATION: Court Enters Wind-Up Order
IDEA PLATFORM: Court Enters Wind-Up Order
JOLLYBABY INTERNATIONAL: Court Enters Wind-Up Order
KIMBERLI CANDY: Court to Hear Wind-Up Petition on Sept. 14
KIMBERLI GROUP: Court to Hear Wind-Up Petition on Sept. 14

KIMBERLI LIMITED: Court to Hear Wind-Up Petition on Sept. 14
KOEX ELECTRONICS: Court Enters Wind-Up Order
KONG LAI: Court Enters Wind-Up Order
LONG NGAI: Court Enters Wind-Up Order
LUCKY CHIU: Court Enters Wind-Up Order

LUEN HING: Court Enters Wind-Up Order
NAM TAI: Court to Hear Wind-Up Petition on Sept. 7
PIK YIU: Court Enters Wind-Up Order
POLYWIN GLOBAL: Court Enters Wind-Up Order
SILVER UP: Creditors Get 26% Recovery on Claims


I N D I A

ASHTECH INFOTECH: CRISIL Rates INR72.5MM Bank Loan at 'CRISIL BB+'
ATTAR CONSTRUCTION: CRISIL Rates INR35MM Bank Loan at 'CRISIL B+'
DEEDI MOTORS: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
DIAMANT INFRASTRUCTURE: CRISIL Rates INR70MM Loan at 'CRISIL B+'
ESSEL KITCHENWARE: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating

G.B. LOGS: CRISIL Reaffirms 'CRISIL BB-' Rating on INR30MM Loan
GENOM BIOTECH: CRISIL Reaffirms 'CRISIL D' Rating on INR50MM Loan
GLOBAL POLYBAGS: CRISIL Rates INR68.6MM LT Loan at 'CRISIL B+'
HEALTHAID FOODS: CRISIL Reaffirms CRISIL B+ Rating on INR60MM Loan
INDUS SMELTERS: CRISIL Assigns 'CRISIL C' Rating to INR40MM Loan

J.B. SYNTEX: CRISIL Assigns 'CRISIL BB-' Rating to INR136MM Loan
KASHI VISHWANATH: CRISIL Reaffirms 'CRISIL D' Term Loan Rating
KINGFISHER AIRLINES: 1st Quarter Net Loss Widens to INR263.54cr
M.B. TIMBER: CRISIL Reaffirms 'CRISIL BB-' Rating on INR30MM Loan
MAHAVIR COAL: CRISIL Places 'CRISIL BB' Rating on INR10MM LT Loan

MASSCORP LTD: CRISIL Assigns 'CRISIL BB-' Rating to INR100MM Loan
MOHAMMED KHAN: CRISIL Cuts Rating on INR150MM Loan to 'CRISIL D'
MOHIT ISPAT: CRISIL Reaffirms CRISIL D Rating on INR86MM Term Loan
NAGAR DAIRY: CRISIL Reaffirms 'CRISIL BB-' Rating on INR40MM Loan
P.B.I CONSTRUCTION: CRISIL Places CRISIL BB Rating on INR25MM Loan

SECUNDERABAD HOTELS: CRISIL Rates INR9MM Cash Credit at CRISIL BB-
SONA CHANDI: CRISIL Puts 'CRISIL B-' Rating on INR50MM Term Loan
SYSCON ENGINEERS: CRISIL Places CRISIL BB- Rating on INR4.5MM Loan
TATA STEEL: S&P Raises Rating on Corporate Credit Rating to 'BB'
VED FOUNDATION: CRISIL Assigns 'CRISIL BB' Rating to INR122MM Loan

VIGEL MANUFACTURING: CRISIL Places CRISIL B Rating on INR10MM Loan
VIJAYAWADA HOSPITALITIES: CRISIL Rates INR65MM Loan at 'CRISL BB-'


J A P A N

CORSAIR (JERSEY): S&P Puts 'B-' Ratings on 2 Tranches on Watch


N E W  Z E A L A N D

BLUE STAR: Wins Bondholders' Nod to Debt Restructuring
CRAFAR FARMS: OIO Yet to Receive Submissions from Natural Dairy
DEBAJO 2007: Placed Into Liquidation
EXIDE TECHNOLOGIES: High Court to Hear Judicial Review Bid
STEVE ROUT: High Court Appoints Liquidators


T H A I L A N D

PICNIC CORP: May Exit Court-Supervised Rehabilitation Next Month


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ABC LEARNING: Bosses, Lawyers Fail to Appear in Brisbane Court
--------------------------------------------------------------
The Sydney Morning Herald reports that lawyers representing
Eddy Groves, founder of ABC Learning, have failed to show up for a
Brisbane court appearance Thursday.

SMH relates that Mr. Groves and the former chief executive of ABC,
Martin Vincent Kemp, both face charges of alleged breaches of the
Corporations Act.

Indictments for both accused were due to be presented in the
Brisbane District Court Thursday but the presentation did not go
ahead because both Messrs. Groves and Kemp were not present, nor
were their lawyers, according to SMH.

Upon being told the parties were absent, SMH relates, Chief Judge
Patsy Wolfe said she wanted the legal representatives contacted
and the case mentioned again in court today, Aug. 12, so the
matter could be set down for trial.

Crown prosecutor Paul Huygens said he estimated the trial would
take six weeks, according to the report.

Judge Wolfe said the trial would have to be listed for dates after
January 30 next year.

Mr. Huygens said Mr. Groves was represented by Sydney firm
Johnson, Winter and Slattery, while Mr. Kemp was represented by
Neil Clelland, SC.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 3, 2011, the Australian Securities and Investments Commission
said Martin Kemp, a former executive director of ABC Learning
Centres Ltd, has been committed to stand trial on criminal charges
of breaching his duties as a director of the company.  Mr. Kemp,
the former chief executive of the Australian and New Zealand
operations of ABC Learning, was committed for trial following the
conclusion of a two-week committal hearing in Brisbane Magistrates
Court on July 29, 2011.  Mr. Kemp has been committed on two
charges:

   * One count of breach of his duties as a director and use of
     his position as an ABC director to dishonestly gain an
     advantage for himself whereby he sought to sell three
     childcare centres to ABC between Jan. 9 and 12, 2008.

   * One count of failure to discharge his duties as a director
     of ABC in good faith and was dishonest on Feb. 1, 2008,
     by not disclosing the transactions to ABC's board members.

The charges are part of an ongoing ASIC investigation, which
commenced in November 2008 when ABC was placed in administration.

The charges relate to Mr. Kemp's purported sale of three childcare
centres owned by companies controlled by him to ABC.  The
childcare centres are: Hamilton House Early Childhood Centre,
Queensland; Parklands Drive Early Childhood and Pre School Centre,
Boronia Heights, Queensland; and Children's Centre of Beenleigh,
Queensland.  In January 2008, ABC paid deposits of
AUD3.082 million, which is approximately 75% of the purchase
price, to companies associated with Mr. Kemp (Volbane Pty Ltd and
Silipo Pty Ltd).  The board of ABC Learning was not informed of
the transactions.

                         About ABC Learning

Based in Australia, ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On Jan. 26,
2007, it acquired La Petite Holdings Inc.  On Feb. 2, 2007, it
acquired Forward Steps Holdings Ltd.  On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

In November 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Administrators filed a Chapter 15 petition for the Company
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Petitioners in the Chapter 15 case.  ABC's debts and assets were
estimated to be between US$100 million and US$500 million.

A separate Chapter 15 petition was filed for affiliate A.B.C.
USA Holdings Pty Ltd., listing assets and debts of at least
US$100 million.


CLIVE PEETERS: Harvey Norman to Close Brand's Stores
----------------------------------------------------
Gavin Lower at Dow Jones Newswires reports that Harvey Norman said
Wednesday it would close its Clive Peeters and Rick Hart brands as
it reported that global annual sales, excluding Singapore, were
hit by falls in overseas currencies.

Dow Jones relates that Harvey Norman also announced it would close
its Clive Peeters and Rick Hart brands due to underperformance.

Seven of the stores, in Victoria and Western Australia, would be
permanently closed, with the other 16 to remain open as Harvey
Norman or Joyce Mayne stores, according to Dow Jones.

The Sydney Morning Herald says the decision marks the end of an
18-year history in which the Clive Peeters chief executive,
Greg Smith, and his team built Clive Peeters from one store to a
national retail chain, only to see it fatally weakened by a
long-running fraud perpetrated by a bookkeeper, Sonya Causer.
SMH notes that the chain was already living on borrowed time
before Wednesday's decision.  Bankers were owed about
AUD145 million and put it into receivership after Ms. Causer's
crime was discovered.

The firm was given a second chance in July last year when Harvey
Norman bought 28 stores for AU55 million, SMH recounts.

After six months in the Harvey Norman stable, SMH says, Clive
Peeters turned in a loss of more than AUD20 million.

                        About Clive Peeters

Clive Peeters Limited is a retailer of electrical appliances.  The
Company is engaged in the retailing of electrical and gas
appliances, bathroomware and computer products.  Clive Peeters
Limited's product range includes cooking and laundry appliances,
heating and cooling solutions, home entertainment equipment,
computers and small electrical goods.  The Company operates under
two brands, trading as Clive Peeters in Victoria, Queensland, New
South Wales and Tasmania, and trading as Rick Hart in Western
Australia.  The Company's subsidiaries include Clive Peeters
Wholesale Pty Ltd, Clive Peeters Kitchens and Bathrooms Pty Ltd,
Clive Peeters Home Entertainment (Brisbane) Pty Ltd, R H Fan Unit
Trust, Watercell Pty Ltd, Hi Fi Corporation (WA) Pty Ltd, NTFQ Pty
Ltd and Rick Hart Holdings Pty Ltd.

                         *     *     *

Clive Peeters Ltd was placed in voluntary administration in
May 2010.  Colin Nicol, Keith Crawford and Matthew Caddy of
McGrathNicol were appointed voluntary administrators of Clive
Peeters and its controlled entities by a resolution of its Board
of Directors on May 19, 2010.  The National Australia Bank
appointed Phil Carter of PPB Pty Ltd as receiver to Clive Peeters
and its controlled entities following the appointment of McGrath
Nicol as voluntary administrator.  Clive Peeters owed National
Australia Bank about AUD38 million.  As at Dec. 31, 2009, the
company had total liabilities of AUD160 million, with
AUD113 million owed to trade creditors including suppliers.

As reported in the TCR-AP on July 8, 2010, the Sydney Morning
Herald said Clive Peeters agreed to sell stock and plant equipment
and other items to Harvey Norman Holdings Ltd for AUD55 million.


NCIG HOLDINGS: Moody's Rates Proposed US$250MM Notes at '(P)Ba2'
----------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba2 rating to the
proposed US$250 million of unsecured notes, known as "A Class
Hunter Infrastructure Term Redeemable Securities ('HITRS')", to be
issued by NCIG Holdings Pty Limited.  The rating outlook is
stable.

NCIGH is owned by six substantial coal producers ('shipper
shareholders') operating coal fields in New South Wales,
Australia. NCIGH wholly owns Newcastle Coal Infrastructure Group
Pty Limited ('NCIG'; together 'the group'), which holds the long
term lease on the NCIG Coal Export Terminal in Newcastle, New
South Wales.

The proceeds of the HITRS will be on-lent to NCIG and used
primarily to fund construction costs associated with the group's
expansion of the coal terminal, the redemption of a portion of the
NCIGH's current preference shares and to fund interest reserve
accounts associated with the HITRS issue.

The provisional rating is based on draft documentation available
as of July 29, 2011. Moody's has issued a provisional rating in
advance of the final settlement of the transaction and this rating
reflects Moody's preliminary credit opinion regarding the
transaction. Upon a conclusive review of the transaction and
documentation associated with financial close for the Stage 2F
expansion, Moody's will endeavour to assign a definitive rating to
the HITRS. A definitive rating may differ from a provisional
rating.

Ratings Rationale

"The rating is supported by the group's stable cash flows derived
from ship or pay agreements entered into with its shipper
shareholders and third party shippers as well as the ability to
pass all operating costs (uncapped) and financing costs (up to a
predetermined cap) on to its shippers", says Matthew Moore, a
Moody's Assistant Vice President -- Analyst. The group's overall
credit quality is also supported by the large and globally
competitive coal reserve base in the Newcastle catchment area and
the expectation for continued strong demand for thermal coal
produced in the region.

"This is balanced against the group's highly leveraged capital
structure with limited equity and thin coverage ratios, the
potential for execution challenges and cost overruns as the
company expands the terminal export capacity and exposure to
counterparty risk of its shippers", adds Moore.

The group began exporting coal in March 2010, following the
mechanical completion of Stage 1 of the terminal, which has a
nominal capacity of 30mtpa. The second stage of development, Stage
2AA, is currently under construction and will increase nominal
capacity of the terminal to 53mtpa. The notes issuance is part of
the funding package for a proposed third stage of construction,
Stage 2F, which, when complete, will increase the nominal capacity
of the terminal to 66mtpa.

"Given the replicative nature of the expansion works and the
expectation that the group will largely retain existing
contractors and vendors, the execution risk associated with the
expansion can be accommodated within the (P)Ba2 rating on the
notes", says Moore. Moody's also views the proposed funding
structure for the project as adequate and the amount of
contingency appears to be conservative given the scope of work.

As a result of the cost recovery principle that underpins the
tolling mechanism, NCIG's consolidated Debt Service Cover Ratio
(DSCR) following expansion completion will - by design - remain
around 1.0 times. Under the ship or pay agreements, NCIG has the
ability to set and adjust its toll charge to pass through all of
its operating costs and financing costs, subject to a cap on the
toll amount attributable to financing charges. Moody's believes
the existing headroom in the financing cap will allow NCIG to
withstanding reasonable increases in the overall financing costs.

The (P)Ba2 rating on the HITRS also reflects their relative
position in the group's complex capital structure. In addition to
the HITRS to be issued at the NCIGH level, Stage 2F is expected to
be funded through an expansion of the existing senior secured
facilities and incremental secured notes (SHINs) issuance. These
secured facilities and notes will be issued at the NCIG level and
will be structurally senior to the HITRS. NCIGH is also expected
to issue perpetual securities (HIPRS), which will rank pari passu
with the notes. Further complicating the capital structure is the
expectation that each tier of financing will have two classes of
securities -- A Class and S Class. Third party financiers will
subscribe to the A Class securities and shareholders (or
affiliates) are allowed to participate in funding through the S
Class securities, pro rata to their capacity entitlement
percentage.

Following financial close for the Stage 2F expansion, Moody's
expects that the group will have approximately AUD3.8 billion of
debt in its capital structure with around AUD3.2 billion (84%)
expected to be in the form of the senior secured facilities and
SHINs at the NCIG level. These obligations are both structurally
and contractually senior to the HITRS and have a priority claim on
the group's cash flow and assets.

NCIGH will inject the proceeds of the HITRS into NCIG through a
HoldCo Loan Agreement and payments under this HoldCo loan will be
NCIGH's primary source of cash flow to service the HITRS.
Obligations under the HoldCo Loan will be subordinated and rank
junior in priority of payment to the secured obligations at the
NCIG level. Payments under the HoldCo loan are also subject to a
cash flow lock-up in certain circumstances and as such, the
conditions of the HITRS allow deferral of interest, potentially
until final maturity. The contractual subordination terms also
preclude holders of the HITRS from acting against NCIGH for
amounts owing or outstanding until final maturity, outside of an
event of default.

The stable outlook on the HITRS reflects the expected stable cash
flow generation from the group's supportive commercial
arrangements with its shippers, conservative contingencies built
into the expansion funding and the current outlook for coal
produced in the Newcastle catchment area.

Given the group's financial profile and execution risk around the
concurrent expansions, Moody's does not foresee upward rating
momentum over the near to medium term.

On the other hand, the (P)Ba2 rating could face downward pressure
if the existing headroom in the financing cap deteriorates
meaningfully or if major delays or cost overruns associated with
the terminal expansions occur. The rating could also face downward
pressure if there was a substantial decrease in credit quality of
the shareholder shippers or a material weakening in demand for
coal produced in NCIG's catchment area.

The principal methodology used in this rating was Generic Project
Finance Methodology published in December 2010. Please see the
Credit Policy page on www.moodys.com for a copy of this
methodology.

The NCIG group is comprised of NCIG Holdings Pty Ltd (NCIGH)
formed in 2008, and its wholly owned subsidiary Newcastle Coal
Infrastructure Group Pty Ltd (NCIG). NCIG was formed in 2004 by
four (now six) coal producers in the NSW coalfields to alleviate
coal export infrastructure shortages in the Hunter Valley Coal
Chain.

The group operates a coal export terminal in the Port of
Newcastle, in NSW, Australia and has a 35 year lease (with an
option to extend for a further 10 years) on the 136-hectare site
on Kooragang Island. The first stage of the coal export terminal
was completed in June 2010 and has a nominal capacity to load
30mtpa. Construction of the second stage of the project to
increase capacity to 53mtpa commenced in August 2010 and the group
is in the process of undertaking a third stage of construction to
increase total export capacity to 66Mtpa.


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SEARCHMEDIA HOLDINGS: Annual Meeting Set for Sept. 13
-----------------------------------------------------
SearchMedia Holdings Limited's 2011 annual general meeting of
shareholders will be held at Floor 13, Central Modern Building,
468 Xinhui Road, in Shanghai, China, 200060, on Sept. 13, 2011, at
9:00 a.m. local time for these purposes:

   1. To elect Mr. Robert Fried, Mr. Chi-Chuan, Mr. Steven D.
      Rubin, Peter W. H. Tan, and Ms. Qinying Liu as directors of
      the Company;

   2. To amend the Company's Amended and Restated 2008 Share
      Incentive Plan by increasing the number of authorized
      ordinary shares available for grant under the 2008 Plan from
      1,796,492 ordinary shares to 3,000,000 ordinary shares; and

   3. To approve, ratify and confirm the appointment of Marcum
      Bernstein & Pinchuk LLP as the Company's independent
      registered public accounting firm for the fiscal year ending
      Dec. 31, 2011.

The Board of Directors of the Company has fixed the close of
business on Aug. 1, 2011, as the record date for determining the
shareholders entitled to receive notice of and to vote at the
Meeting or any adjournment or postponement thereof.  In order to
regain compliance with NYSE Amex Company Guide Section 704, the
Meeting will also serve as the Company's 2010 annual general
meeting of shareholders.

                         About SearchMedia

SearchMedia is a leading nationwide multi-platform media company
and one of the largest operators of integrated outdoor billboard
and in-elevator advertising networks in China.  SearchMedia
operates a network of high-impact billboards and one of China's
largest networks of in-elevator advertisement panels in 50 cities
throughout China.  Additionally, SearchMedia operates a network of
large-format light boxes in concourses of eleven major subway
lines in Shanghai.  SearchMedia's core outdoor billboard and in-
elevator platforms are complemented by its subway advertising
platform, which together enable it to provide a multi-platform,
"one-stop shop" services for its local, national and international
advertising clients.

As reported by the TCR on July 6, 2011, Marcum Bernstein & Pinchuk
LLP, in New York, expressed substantial doubt about SearchMedia
Holdings' ability to continue as a going concern.  The independent
auditors noted that the Company has suffered recurring net losses
from operations and has a working capital deficiency.

The Company reported a net loss of US$46.6 million on US$49.0
million of revenues for 2010, compared with a net loss of
US$22.6 million on US$37.7 million of revenues for 2009.

The Company's balance sheet at Dec. 31, 2011, showed
US$86.9 million in total assets, US$86.4 million in total
liabilities, and stockholders' equity of US$463,000.


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


FULL LUCK: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on May 30, 2011, to
wind up the operations of Full Luck (Asia) Limited.

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


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

Profession Engineering Company filed the petition against the
company on July 25, 2011.

The Petitioner's solicitors are:

          Messrs. Chak & Associates
          Unit 1904, 19th Floor
          Far East Finance Centre
          16 Harcourt Road
          Admiralty, Hong Kong


HIGHYIELD ENTERPRISE: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on March 21, 2011, to
wind up the operations of Highyield Enterprise Limited.

The company's liquidator is Bruno Arboit.


HONOUR GLORY: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on June 2, 2011, to
wind up the operations of Honour Glory Plastic Factory Limited.

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


HOP CHUNG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on May 30, 2011, to
wind up the operations of Hop Chung Carriage Company Limited.

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


HUGE EDUCATION: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on July 27, 2011, to
wind up the operations of Huge Education Limited.

The official receiver is Tesera S W Wong.


IDEA PLATFORM: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on May 6, 2011, to
wind up the operations of Idea Platform Company Limited.

The company's liquidator is Bruno Arboit.


JOLLYBABY INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Hong Kong entered an order on July 27, 2011, to
wind up the operations of Jollybaby International Limited.

The official receiver is Tesera S W Wong.


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

Bank of China (Hong Kong) Limited filed the petition against the
company on July 19, 2011.

The Petitioner's solicitors are:

          Li & Partners
          Rooms 2201-03, 22nd Floor
          World-Wide House
          19 Des Voeux Road Central
          Hong Kong


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

Bank of China (Hong Kong) Limited filed the petition against the
company on July 19, 2011.

The Petitioner's solicitors are:

          Li & Partners
          Rooms 2201-03, 22nd Floor
          World-Wide House
          19 Des Voeux Road Central
          Hong Kong


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

Bank of China (Hong Kong) Limited filed the petition against the
company on July 19, 2011.

The Petitioner's solicitors are:

          Li & Partners
          Rooms 2201-03, 22nd Floor
          World-Wide House
          19 Des Voeux Road Central
          Hong Kong


KOEX ELECTRONICS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on May 30, 2011, to
wind up the operations of Koex Electronics Limited.

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


KONG LAI: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 13, 2011, to
wind up the operations of Kong Lai Restaurant Limited.

The company's liquidator is Bruno Arboit.


LONG NGAI: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on April 11, 2011, to
wind up the operations of Long Ngai Stainless Steel Decoration
Work Company Limited.

The company's liquidator is Bruno Arboit.


LUCKY CHIU: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 27, 2011, to
wind up the operations of Lucky Chiu Chow Restaurant Limited.

The Official Receiver is Tesera S W Wong.


LUEN HING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on May 5, 2011, to
wind up the operations of Luen Hing Cardboard Boxes, Bearing and
Printing Factory Limited.

The company's liquidator is Bruno Arboit.


NAM TAI: Court to Hear Wind-Up Petition on Sept. 7
--------------------------------------------------
A petition to wind up the operations of Nam Tai Trading Company
Limited will be heard before the High Court of Hong Kong on
Sept. 7, 2011, at 9:30 a.m.


PIK YIU: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on May 30, 2011, to
wind up the operations of Pik Yiu Transport Company Limited.

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


POLYWIN GLOBAL: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 30, 2011, to
wind up the operations of Polywin Global Limited.

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


SILVER UP: Creditors Get 26% Recovery on Claims
-----------------------------------------------
Silver Up Company Limited, which is in liquidation, will pay the
first and final dividend to its creditors on Sept. 2, 2011.

The company will pay 26% 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 Stree
         Central, Hong Kong


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ASHTECH INFOTECH: CRISIL Rates INR72.5MM Bank Loan at 'CRISIL BB+'
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
Ashtech Infotech Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL BB+/Stable (Assigned)

   INR72.5 Million Proposed LT      CRISIL BB+/Stable (Assigned)
            Bank Loan Facility

   INR27.5 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect AIPL's moderate financial risk profile marked
by comfortable gearing and adequate debt protection metrics. The
ratings also factor AIPL's long track record in the information
technology (IT) hardware trading and system integration business
in western India, supported by its established relationships with
customers and principals. These rating strengths are partially
offset by the pressure on AIPL's business growth in the wake of
increasing competition, its modest net worth, and susceptibility
to inherent risks in the information technology (IT) industry,
entry into unrelated businesses, and exposure to risky asset
class.

Outlook: Stable

CRISIL believes that AIPL will maintain its moderate business risk
profile on the back of its long track record and established
relationships with principals and customers. On back of efficient
working capital management, continued surplus generated, and
absence of any capital expenditure (capex) programme, AIPL's
liquidity is expected to remain adequate over the medium term. The
outlook may be revised to 'Positive', in case of higher-than-
expected sales and profitability. Conversely, the outlook may be
revised to 'Negative' in case the company's liquidity
deteriorates, most likely due to increased exposure to unrelated
activities, more-than-expected stretch in working capital cycle,
or sharp decline in profitability.

                      About Ashtech Infotech

Incorporated in 1993 and promoted by Mr. Saurin Shah, AIPL
provides end-to-end solutions for IT infrastructure services.
Currently the company's operations are managed by Mr. Shah. The
company is mainly engaged in trading in IT hardware and providing
system integration solution to its clients in Mumbai and
Ahmedabad. The company recently started trading in office
automation products such as surveillance systems and access
control systems. In 2010-11 (refers to financial year, April 1 to
March 31), the company invested about INR24.6 million in a 4400-
square-feet office space in Mumbai, with further expected outlay
of INR30.4 million towards the same in 2011-12.

In 2010-11, AIPL is estimated to have earned a profit after tax
(PAT) of INR13 million on net sales of INR500 million, against a
PAT of INR11 million on net sales of INR680 million for 2009-10.


ATTAR CONSTRUCTION: CRISIL Rates INR35MM Bank Loan at 'CRISIL B+'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Attar Construction Company Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR65.0 Million Cash Credit         CRISIL B+/Stable (Assigned)

   INR35.0 Million Proposed LT         CRISIL B+/Stable (Assigned)
            Bank Loan Facility

   INR335.0 Million Letter of Credit   CRISIL A4 (Assigned)

   INR165.0 Million Proposed ST Bank   CRISIL A4 (Assigned)
                       Loan Facility

The ratings reflect ACCPL's weak financial risk profile marked by
low operating margin and interest coverage ratio, exposure to
cyclicality in the ship-breaking industry, and vulnerability to
volatility in steel scrap prices and to changes in government
regulations. These rating weaknesses are partially offset by the
extensive experience of ACCPL's promoters in the ship-breaking
industry and the healthy growth prospects for the industry.

Outlook: Stable

CRISIL believes that ACCPL's scale of operations will remain
moderate while its profitability will remain low over the medium
term. The outlook may be revised to 'Positive' if the company's
profitability increases significantly, leading to improvement in
its financial risk profile, and if the company secures a permanent
plot for its operations. Conversely, the outlook may be revised to
'Negative' in case of deterioration in ACCPL's financial risk
profile, most likely because of decline in steel scrap prices, or
if the company takes longer than expected in ship dismantling,
thereby impacting its liquidity.

                    About Attar Construction

ACCPL was promoted by Mr. Tarun Jain in 1985, and was initially
engaged in the construction business. The company was non-
operational for a few years until 2009 as its business was moved
to group entity Kamanwala Housing Construction Ltd. In 2009, ACCPL
started ship-breaking on two plots at Mazgaon in Mumbai
(Maharashtra). The company operates out of two plots with combined
capacity to demolish ships of 10,000 tonnes; the plots have been
acquired on a temporary basis. The company imports ships and
breaks them into iron and steel plates, which it sells to re-
rolling mills in and around Mumbai.

ACCPL reported, on a provisional basis, a profit after tax (PAT)
of INR4.6 million on net sales of INR527 million for 2010-11
(refers to financial year, April 1 to March 31); it reported a PAT
of INR7.0 million on net sales of INR402 million for 2009-10.


DEEDI MOTORS: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
--------------------------------------------------------------
CRISIL's rating on Deedi Motors Pvt Ltd's cash credit facility
continues to reflect the extensive experience of DMPL's promoters
in the automobile dealership market in Thiruvananthapuram
(Kerala), its diversified revenue profile and the financial
support it receives from the holding company, Joy's The Beach
Resort Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR86.9 Million Cash Credit      CRISIL BB-/Stable (Reaffirmed)

These strengths are partially offset by the company's below-
average financial risk profile, marked by small net worth and high
gearing, and intense competition in the automobile dealership
market.

Outlook: Stable

CRISIL believes that DMPL will maintain its moderate business risk
profile over the medium term, backed by its established position
in the automobile dealership market. The outlook may be revised to
'Positive' in case of a substantial increase in DMPL's sales
volumes, and significant improvement in its cash accruals and
capital structure. Conversely, the outlook may be revised to
'Negative' if DMPL's market share in its territories declines
sharply, significantly impacting its accruals, if the company
undertakes a large, debt-funded capital expenditure programme, or
extends more-than-expected support to associate entities, leading
to deterioration in its financial risk profile.

Update

DMPL generated revenues of around INR1.4 billion, broadly in line
with CRISIL's expectation, in 2010-11 (refers to financial year,
April 1 to March 31), recording year-on-year growth of 35%, driven
by consistent sales numbers of the Beat and Spark models of
General Motors India Pvt Ltd (GM). The company also opened five
booking offices in and around Thiruvananthapuram, which supported
the growth in its revenues. The financial risk profile of the
company is weaker than CRISIL had expected, primarily on account
of more-than-expected debt contracted to fund inventory. Despite
the absence of a debt-funded capex over the medium term, DMPL's
financial risk profile is expected to remain below-average over
the medium term, on account of large working capital requirements.
CRISIL, however, derives comfort from the funding support extended
by JTBR. DMPL's debt protection metrics and liquidity remain
adequate for the rating category, marked by comfortable accruals
vis-a-vis debt repayment obligations. However, its bank limit
utilization is high, at an average of 100% in the 12 months ended
June 2011.

DMPL, on a provisional basis, reported a profit after tax (PAT) of
INR20 million on net sales of INR1.4 billion for 2010-11, as
against PAT of INR5 million on net sales of INR1 billion for
2009-10.

                         About Deedi Motors

Set up in 2007 by Mr. T C Paul, DMPL is an authorized dealer of
GM. The company deals in GM's passenger cars, sells spares and
accessories, and services vehicles. It has four showrooms in
Kerala for the sale of vehicles (in Thiruvananthapuram, Kollam,
Pathanamthita, and Thiruvalla), and three service centres (in
Thiruvananthapuram, Kollam, and Pathanamthita). The promoters have
also been authorized dealers of the two-wheelers of Bajaj Auto Ltd
(rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+' by CRISIL) since 1984
under Deedi Automobiles, a partnership concern. JTBR owns 95% of
DMPL's shares while the remainder is held by Mr. Paul and his
wife. JTBR is in the hospitality business. It has been operating
96 tourist resort rooms in Kerala for more than a decade.


DIAMANT INFRASTRUCTURE: CRISIL Rates INR70MM Loan at 'CRISIL B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Diamant Infrastructure Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR20 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect DIL's limited track record of operations in
the infrastructure construction sector, and risks associated with
working-capital-intensive nature of operations. These rating
weaknesses are partially offset by DIL's healthy order book which
provides the company with strong revenue visibility over the
medium term, and the company's above-average financial risk
profile marked by a moderate gearing and healthy debt protection
metrics.

Outlook: Stable

CRISIL believes that DIL will continue to benefit over the medium
term from its sizeable order book and above-average financial risk
profile. The outlook may be revised to 'Positive' if DIL achieves
higher than expected growth while maintaining its profitability
and capital structure. Conversely, the outlook may be revised to
'Negative' if DIL increases its reliance on debt to fund its
capacity expansion plans and incremental working capital
requirements, thereby weakening its capital structure and debt
servicing metrics.

                    About Diamant Infrastructure

DIL was initially incorporated as Diamant Carbon & Graphite
Products (DCGP), in 1980 as a public limited company. DCGP was
engaged mainly in the manufacture and marketing of carbon and
graphite products. The company is listed on the Bombay Stock
Exchange (BSE). In 2004, the name of the company was changed to
Diamant Investment & Finance Ltd (DIFL).

DIFL was acquired in July 2005 by Saboo Capital & Securities Pvt
Ltd promoted by Mr. Naresh Saboo, a professional Charted
Accountant.

In June 2007, the main object of DIFL was changed to road
construction and real estate and in March 2010 the name of the
company was again changed to Diamant Infrastructure Limited. DIL
in its current avatar is engaged in the execution of construction
projects for infrastructure majors such as JMC India Limited,
Sadbhav Engineering Ltd., and Ashoka Buildcon Limited and IRB
infrastructure ltd.

For 2010-11 (refers to financial year, April 1 to March 31),
Diamant reported a profit after tax (PAT) of INR26.8 million on
net sales of INR771.8 million, against a PAT of INR18.6 million on
net sales of INR361.2 million for 2009-10.


ESSEL KITCHENWARE: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Essel Kitchenware Ltd
continue to reflect EKL's established position in the plastic
kitchenware market, and the benefits that the company derives from
its diversified customer base, and its promoters' experience in
the plastic products industry.

   Facilities                        Ratings
   ----------                        -------
   INR40.00 Million Cash Credit      CRISIL BB/Stable (Reaffirmed)
   INR53.20 Million Term Loan        CRISIL BB/Stable (Reaffirmed)
   INR50.00 Mil. Letter of Credit    CRISIL A4+ (Reaffirmed)
                 & Bank Guarantee

These rating strengths are partially offset by EKL's small scale
of operations, small net worth, exposure to intense competition in
the plastic products industry, and large working capital
requirements.

Outlook: Stable

CRISIL believes that EKL will continue to benefit over the medium
term from its promoters' experience in the plastic packaging
industry, and its moderate market reach. The outlook may be
revised to 'Positive' if EKL's sales increase and profit margins
improve, backed by demand from the end-user industry. Conversely,
the outlook may be revised to 'Negative' in case EKL undertakes a
significant debt-funded capital expenditure programme, leading to
deterioration in debt protection metrics.

Update
EKL's topline in 2009-10 (refers to financial year, April 1 to
March 31) was higher than that of 2008-09 by 50%, mainly because
of better than expected utilization of the capacities added
towards the end of FY2008-09. Further, in 2011, the topline
increased on a year-on-year basis by 5%. EKL's operating margin
kept fluctuating because of volatility in raw material prices,
which the company was unable to fully pass on to its customer. In
2011, the operating margin was estimated at 4.7%. The operating
margin has remained in the range of 4.5 to 5.8% in the past three
years.

EKL's gearing as on March 2011 has been estimated at 1 time.
Earlier, the company had planned to set up a new unit to
manufacture plastic packing products of INR120 million; the same
was not undertaken. The company has now undertaken a capex to set
up a capacity of 600 tonnes per annum for thermoware disposable
kitchenware at a project cost of INR 130 million expected to be
completed by September 2011 and funded in debt equity ratio of
1.6:1. Inspite of the debt funded capex, the gearing is expected
to be in the range of 1 to 1.5 times over the medium term.

EKL's liquidity is likely to remain moderate. The cash accruals of
the company are estimated to be barely sufficient to meet its
maturing term debt obligations over the medium term. Utilization
of its fund-based bank limits remained moderate at 77% for the 12
months through June 2011.

EKL's profit after tax (PAT) is estimated at INR4.4 million on net
sales of INR541.2 million for 2010-11, against a PAT of INR3.6
million on net sales of INR480.3 million for 2009-10.

                       About Essel Kitchenware

EKL was incorporated in March 2001 by Mr. Alok Goyal, Mrs.
Rajkumari Goyal, and Ms. Megha Goyal in West Bengal. The company
manufactures plastic disposable cups, glass, plates, tableware,
thermoware, and foam sheets and boards. EKL has capacity of 4000
tonnes per annum or 15 million pieces per day. All kitchenware
manufactured at the plant is approved by the US Food and Drugs
Administration and is sold under the Eatons and Essel brands.


G.B. LOGS: CRISIL Reaffirms 'CRISIL BB-' Rating on INR30MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL BB-/Stable/CRISIL A4+' ratings
to the bank facilities of G.B. Logs & Timber Pvt. Ltd, part of the
MB Timber group.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        CRISIL BB-/Stable (Reaffirmed)
   INR140 Million Letter of Credit  CRISIL A4+ (Reaffirmed)

The ratings continue to reflect the MB Timber group's below-
average financial risk profile, marked by low profitability and
weak debt protection metrics, and large working capital
requirements. These rating weaknesses are partially offset by the
group's established market position and promoters' expertise in
procuring timber.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AG Timber Private Limited (AGT), GB
Logs, and MB Timber Pvt Ltd, collectively referred to as the MB
Timber group. This is because the three entities share a common
management and are in the same line of business.

Outlook: Stable

CRISIL believes that the MB Timber group will continue to maintain
its established market position, over the medium term. However,
its financial risk profile will remain weak because of low
profitability and large working capital requirements. The outlook
may be revised to 'Positive' in case of a significant improvement
in the group's gearing and liquidity, most likely because of more-
than-expected cash accruals, or large, fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' in case the
group's liquidity weakens, most likely because of large
incremental working capital requirements, or it undertakes a
larger-than-expected debt-funded capital expenditure programme, or
its profitability declines.

                          About the Group

Incorporated in 2007 and promoted by Mr. Ajay Gupta, GB Logs
trades in sawn and round timber primarily in West Bengal, Orissa,
Bihar, and Assam. MB Timber Pvt Ltd and AGT are also in the same
business. The MB Timber group sources about 30% of its timber
requirements from Malaysia, Ghana, Nigeria, Saudi Arabia, and
Burma, and the rest is procured domestically.

The MB Timber group reported a profit after tax (PAT) of INR13.4
million on net sales of INR2742.4 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR6.3
million on net sales of INR1821.8 million for 2008-09.


GENOM BIOTECH: CRISIL Reaffirms 'CRISIL D' Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Genom Biotech Pvt Ltd
continue to reflect the delays in servicing of its term loans and
export bills being overdue for more than 30 days. This is due to
Genom's weak liquidity, caused by stretched receivables.

   Facilities                          Ratings
   ----------                          -------
   INR141.5 Million Packing Credit     CRISIL D (Reaffirmed)
   INR50 Million Long-Term Loan        CRISIL D (Reaffirmed)
   INR50 Million Letter of Credit      CRISIL D (Reaffirmed)
   INR5.5 Million Proposed Long-Term   CRISIL D (Reaffirmed)
                  Bank Loan Facility
   INR4.5 Million Bank Guarantee       CRISIL D (Reaffirmed)

The rating also reflects Genom's large working capital
requirements and geographical concentration in revenue profile.
These rating weaknesses are partially offset by Genom's
established presence in the pharmaceutical formulations business.

Update

Genom's revenues are exposed to high geographical concentration
risk, with the Ukraine market continuing to contribute more than
90% of the company's revenues. This has resulted in delayed
payments from the customers, leading to high receivable days of
1190 as on March 31, 2011 (Rs.986.3 million). Genom's liquidity
continues to be weak due to high debtors, leading to overdue
export bills and delayed servicing of term loans.

Moreover, the company is exposed to risks associated with intense
competition in Ukraine, which has led to its revenues decreasing
to INR308.7 million (provisional) in 2010-11 (refers to financial
year, April 1 to March 31) vis--vis INR344.2 million in 2009-10.
However, Genom plans to geographically diversify its revenue
profile by exporting to countries such as Kazakhstan, Moldova,
Tajikistan, and Uzbekistan, over the medium term.

Genom reported, on a provisional basis, a profit after tax (PAT)
of INR41.5 million on net sales of INR308.7 million for 2010-11;
the company reported a PAT of INR18.8 million on net sales of
INR344.2 million for 2009-10.

                       About Genom Biotech

Genom, promoted by Mr. Binod Kumar, is a manufacturer and exporter
of pharmaceutical formulations. Exports to Ukraine account for
more than 90% of its revenue. The company manufactures tablets,
capsules, injectibles, liquids, syrups and ointments for various
therapeutic segments, such as respiratory and anti-allergy, anti-
hypertension, antibacterial, analgesic, anti-allergics,
haematinics and vitamins. The company has two manufacturing
facilities at Sinnar near Nasik (Maharashtra). Both units have
export-oriented-unit (EOU) status.


GLOBAL POLYBAGS: CRISIL Rates INR68.6MM LT Loan at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Global Polybags Industries Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR68.6 Million Long-Term Loan      CRISIL B+/Stable (Assigned)
   INR73.5 Million Foreign Bill        CRISIL A4 (Assigned)
                    Discounting
   INR92 Mil. Export Packing Credit    CRISIL A4 (Assigned)
   INR480 Million Letter of Credit     CRISIL A4 (Assigned)

The ratings reflect GPIPL's large working capital requirements,
leading to weak liquidity, the low value-added nature of its
business, and susceptibility to volatility in raw material prices
and foreign exchange rates, resulting in a low operating margin.
These weaknesses are partially offset by GPIPL's established
position in the polybags manufacturing business and its moderate
financial risk profile, marked by comfortable gearing and moderate
net worth.

Outlook: Stable

CRISIL believes that GPIPL will continue to benefit over the
medium term from its established market position in the
polyethylene bags manufacturing business and its moderate
financial risk profile. The outlook may be revised to 'Positive'
if the company increases its scale of operations, supported by
increased contribution from value-added products, thereby
improving its operating margin, or if the company improves its
working capital management, resulting in improved liquidity.
Conversely, the outlook may be revised to 'Negative' if GPIPL
undertakes any large, debt-funded capital expenditure programme,
or reports less-than-expected cash accruals, resulting in
significant deterioration in its financial risk profile.

                      About Global Polybags

GPIPL was originally established in 1996 as a partnership entity,
and was reconstituted as a private limited company in 1998. The
company, located in Virudhunagar (Tamil Nadu), manufactures
plastic containers and bags. It has the capacity to process 16,800
tonnes per annum of polyethylene or polypropylene granules. In
2008, a group concern, Color Plas Pvt Ltd (Color Plas), was merged
with GPIPL; Color Plas manufactured colouring pigments and inks
for bags. The day-to-day operations of the company are managed by
the promoter, Mr. T. Muralitharan.

GPIPL posted a provisional profit after tax (PAT) of INR10.0
million on net sales of INR1.33 billion for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of
INR9.35 million on net sales of INR1.23 billion for 2009-10.


HEALTHAID FOODS: CRISIL Reaffirms CRISIL B+ Rating on INR60MM Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Healthaid Foods
Specialist Pvt Ltd continues to reflect the company's weak
financial risk profile marked by a high gearing and weak debt
protection metrics.

   Facilities                           Ratings
   ----------                           -------
   INR235.00 Million Cash Credit       CRISIL B+/Stable
   (Enhanced from INR180 Million)

   INR60.0 Million Term Loan
   (Enhanced from INR12.90 Million)    CRISIL B+/Stable

The rating also reflects Healthaid's low operating margin because
of the company's position in a low-value-added segment, average
scale of operations, and exposure to risks related to unfavorable
regulatory changes and to epidemic-related factors. These rating
weaknesses are partially offset by the experience of Healthaid's
promoters in the dairy industry.

Outlook: Stable

CRISIL believes that Healthaid's financial risk profile will
remain weak, marked by a high gearing and weak debt protection
metrics, over the medium term because of increasing working
capital requirements leading to high bank borrowings. The outlook
may be revised to 'Positive' if Healthaid's financial risk profile
improves significantly because of large equity infusion or because
of improvement in operating margin, resulting in larger-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' in case the company undertakes a larger-than-expected,
capital expenditure (capex) programme or reports lower-than-
expected revenues and profitability leading to deterioration in
its liquidity.

Update

In 2010-11 (refers to financial year, April 1 to March 31),
Healthaid reported an operating income of around INR753 million
(provisional), largely in line with CRISIL's expectations. In June
2011, Healthaid received an order of around INR350 million from
Shiromani Gurdwara Parbandhak Committee (manages Golden Temple in
Amritsar) for the supply of ghee from June 2011 to March 2012.
Healthaid has also been allotted a tender from the aforementioned
committee for providing skimmed milk powder and whole milk powder,
the amount of which is yet to be finalized.

In 2010-11, Healthaid's financial risk profile was weak because of
debt-funded capex of about INR64.5 million, funded through a term
loan of INR55.5 million and equity infusion for the rest. The
company had a high gearing as on March 31, 2011, estimated at 4.5
times. Moreover, because of low profitability, the debt protection
metrics have remained weak with net cash accruals to total debt
and interest coverage ratios estimated around 6% and 1.6 times,
respectively, as on March 31, 2011. CRISIL believes that
Healthaid's financial risk profile will remain weak because of
increasing working capital requirements leading to increase in the
bank borrowings.

Healthaid's liquidity remains weak, particularly weak liquidity,
marked by high bank limit utilization of around 95% for the 12
months through May 2011 and large working capital requirements.

Healthaid reported a net profit of INR5.3 million on net sales of
INR722.7 million for 2009-10, against a net profit of INR6.3
million on net sales of INR612.4 million for 2008-09.

                   About Healthaid Foods pany

Set up in 1984 and promoted by Mr. Manmohan Arora, Healthaid
manufactures milk products such as ghee, skimmed milk powder,
whole milk powder, and dairy whitener. The company initially
supplied milk to large corporate entities such as Nestle India
Ltd, Milk Food Ltd, and Jagjit Industries Ltd in Amritsar
(Punjab). In 1986-87, Healthaid set up its own milk processing
unit and chilling centre, and began manufacturing ghee. In 1995,
the company started producing milk powder, by drying surplus milk.
Healthaid has a processing capacity of 360,000 litres per day.


INDUS SMELTERS: CRISIL Assigns 'CRISIL C' Rating to INR40MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Indus Smelters Ltd.  The rating reflects weak
liquidity profile of the company and instances of delays in the
past.

   Facilities                      Ratings
   ----------                      -------
   INR40.0 Million Term Loan       CRISIL C (Assigned)
   INR60.0 Million Cash Credit     CRISIL C (Assigned)

ISL also has low operating margin, large working capital
requirements, small scale of operations, and is susceptible to
intense competition and cyclicality in the steel industry. These
weaknesses are partially offset by the extensive industry
experience of ISL's promoters and its moderate financial risk
profile, marked by low gearing and moderate debt protection
metrics.

                       About Indus Smelters

Incorporated in 1989, ISL manufactures thermo-mechanically treated
(TMT) bars used in the construction sector. It also manufactures
ingots. The company's plant in Raipur (Chhattisgarh) has a rolling
capacity of 80 tonnes per day (tpd) and ingot capacity of 120 tpd.
ISL recently increased its ingot capacity by 60 tpd.

ISL reported a profit after tax (PAT) of INR8.0 million on net
sales of INR493.4 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.6 million on net
sales of INR470.4 million for 2008-09.


J.B. SYNTEX: CRISIL Assigns 'CRISIL BB-' Rating to INR136MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/ CRISIL A4+' ratings to
J.B. Syntex Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR20 Million Cash Credit          CRISIL BB-/Stable (Assigned)
   INR136 Million Rupee Term Loan     CRISIL BB-/Stable (Assigned)
   INR1 Million Bank Guarantee        CRISIL A4+ (Assigned)

The ratings reflect the benefits that JBSPL derives from its
promoter group's experience in the textile industry, financial
support it receives from Jay Bharat Dyeing and Printing Pvt Ltd.
(JBDPPL, rated 'CRISIL BB/Stable') and healthy performance in
first year of operations. These strengths are, however, offset by
JBSPL's weak financial risk profile, which is further constrained
by risks related to its ongoing capital expenditure (capex)
programme, and small scale of operations in the highly fragmented
and intensely competitive dyeing industry.

Outlook: Stable

CRISIL believes that JBSPL will maintain its credit risk profile
over the medium term, backed by the extensive industry experience
of its promoters and the stabilization of the newly installed
capacities. Its financial risk profile is, however, expected to
remain constrained over the medium term on account of the ongoing
capex. The outlook may be revised to 'Positive' in case of
significant improvement in cash accruals, backed by strong
increase in the scale of its operations and improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in its financial risk profile due to a
larger-than-expected, debt-funded capex or in case of time or cost
overruns in the ongoing project.

                      About J.B. Syntex

JBDPPL, incorporated in 1986, is promoted by the Arya and Gupta
family and has been in the textile business since the 1970s.
JBDPPL undertakes job works in dyeing and printing of grey
polyester fabric. The company's plant in Surat (Gujarat) has a
processing capacity of 185,000 metres per day (mpd). The company
uses gas-based and wind-based power to meet its power
requirements.

The promoters of JBDPPL formed JBSPL in 2008 and commenced
commercial production in July 2011. The company does dyeing work
for suiting and shirting fabrics on job work basis and has a
capacity to process 67,000 mpd. JBDPPL holds 21.6% share holding
in JBSPL; the remainder of the shares are owned by the promoter
families.

The company's present operations are limited to only dyeing for
the suiting and shirting fabrics on job work basis and it is under
process to install capacities for printing. The company installed
the capacity in 2010-11 (refers to financial year, April 1 to
March 31) for dyeing at a total outlay of around INR250 million,
funding in a debt-to-equity ratio of 2:1. For the proposed
printing capacities, the total capex is pegged at INR170 million,
to be funded in a debt-to-equity ratio of 3:1. The debt for the
capex has already been sanctioned and the company has plans to
complete the capex by March 2012, with commercial production
expected to commence in April 2012.

JBSPL is expected to report a profit after tax (PAT) of INR5
million on net sales of INR121 million for 2010-11.


KASHI VISHWANATH: CRISIL Reaffirms 'CRISIL D' Term Loan Rating
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Kashi Vishwanath Textile
Mill Ltd continue to reflect delays by KVTML in servicing its term
loans; the delays have been caused by KVTML's weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR375.1 Million Term Loan         CRISIL D (Reaffirmed)
   INR120.0 Million Cash Credit       CRISIL D (Reaffirmed)
   INR100.0 Million Proposed LT       CRISIL D (Reaffirmed)
             Bank Loan Facility
   INR5.0 Million Letter of Credit    CRISIL D (Reaffirmed)
   INR9.9 Million Bank Guarantee      CRISIL D (Reaffirmed)

KVTML has a weak financial profile, modest scale of operations,
and susceptibility to intense competition in the textile industry.
However, the company continues to benefit from its ability to
cater to small volumes across diverse product categories in the
North Indian market.

                      About Kashi Vishwanath

Established by Mr. Yogesh Kumar Jindal in 1996, KVTML manufactures
grey and dyed, 100% polyester, polyester viscose (PV), and
polyester acrylic (PA) yarn. The company is part of the KVS group,
which is mainly into steel rolling products business. The company
is based out of Kashipur (Uttarakhand).

KVTML reported a net profit of INR7.5 million on net sales of
INR765 million for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR23.7 million on net sales of
INR708 million for 2008-09. For the nine months ended Dec.31,
2010, KVTML reported, on provisional basis, a net loss of INR2.6
million on net sales of INR657 million.


KINGFISHER AIRLINES: 1st Quarter Net Loss Widens to INR263.54cr
---------------------------------------------------------------
The Economic Times reports that Kingfisher Airlines reported an
increase in its net loss for the first quarter of the current
fiscal period, at INR263.54 crore as compared to INR187.34 crore
in the same period of 2010 to 2011.  The first quarter period
refers to the April to June 2011 period, moneycontrol.com relates
in a separate report.

"Net loss as a percentage of total revenue stood at 14 percent in
Q1 FY12.  The benefits of debt restructuring and improved
operating performance were offset by the rise in fuel price," the
company said in a regulatory filing to the Bombay Stock Exchange
(BSE), according to the Economic Times.

The Economic Times cites that the filing further related that
"Kingfisher Airlines' total revenue for Q1 FY12 was INR1,911 crore
which is a 15% improvement over the same quarter last year."

The filing said increase in capacity, higher load factors, and
improvement in yield contributed to the revenue growth, the report
notes.

The company's fuel cost in the quarter under review also rose by
44.32% at INR845.13 crore as against INR585.56 crore in the
corresponding quarter of the last fiscal, the Economic Times
relays.

                    About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.


M.B. TIMBER: CRISIL Reaffirms 'CRISIL BB-' Rating on INR30MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL BB-/Stable/CRISIL A4+' ratings
to the bank facilities of M.B. Timber Pvt Ltd, part of the MB
Timber group.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        CRISIL BB-/Stable (Reaffirmed)
   INR250 Mil. Letter of Credit     CRISIL A4+ (Reaffirmed)

The ratings continue to reflect the MB Timber group's below-
average financial risk profile, marked by low profitability and
weak debt protection metrics, and large working capital
requirements. These rating weaknesses are partially offset by the
group's established market position and promoters' expertise in
procuring timber.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AG Timber Private Limited, GB Logs, and
MB Timber Pvt Ltd, collectively referred to as the MB Timber
group. This is because the three entities share a common
management and are in the same line of business.

Outlook: Stable

CRISIL believes that the MB Timber group will continue to maintain
its established market position, over the medium term. However,
its financial risk profile will remain weak because of low
profitability and large working capital requirements. The outlook
may be revised to 'Positive' in case of a significant improvement
in the group's gearing and liquidity, most likely because of more-
than-expected cash accruals, or large, fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' in case the
group's liquidity weakens, most likely because of large
incremental working capital requirements, or it undertakes a
larger-than-expected debt-funded capital expenditure programme, or
its profitability declines.

                         About the Group

MB Timber, set up as a proprietorship concern in 1991 by Mr. Ajay
Kumar Gupta and Mr. Ganga Prasad Gupta, was reconstituted as a
closely held company in 2001. The company is engaged in timber
trading and manufacturing operations, and has a saw mill capacity
of 2200 cubic feet per day. GB Logs and AGT are also in the same
business. The MB Timber group sources about 30% of its timber
requirements from Malaysia, Ghana, Nigeria, Saudi Arabia, and
Burma, and the rest is procured domestically.

The MB Timber group reported a profit after tax (PAT) of INR13.4
million on net sales of INR2742.4 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR6.3
million on net sales of INR1821.8 million for 2008-09.


MAHAVIR COAL: CRISIL Places 'CRISIL BB' Rating on INR10MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Mahavir Coal Corporation Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR90 Million Cash Credit           CRISIL BB/Stable (Assigned)
   INR10 Million Proposed Long-Term    CRISIL BB/Stable (Assigned)
                 Bank Loan Facility

The rating reflects the extensive experience of MCCPL's promoter
in the coal industry. This rating strength is partially offset by
MCCPL's moderate financial risk profile, marked by a high total
outside liabilities to tangible net worth ratio and a moderate net
worth, commodity-like nature of business, and susceptibility to
volatility in raw material prices.

Outlook: Stable

CRISIL believes that MCCPL will continue to benefit over the
medium term from the healthy demand for coal and its established
customer relationships. The outlook may be revised to 'Positive'
if the company reports higher-than-expected growth in revenues and
earnings, while maintaining its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if MCCPL's
financial risk profile deteriorates because of substantially
lower-than-expected profitability or revenues or significant
deterioration in its working capital cycle.

                        About Mahavir Coal

Established in 1995 as a proprietorship concern, MCCPL was
reconstituted as a private limited company in 2010. The company
trades non-coking coal, which is procured from Coal India Ltd and
its subsidiaries. MCCPL's clientele includes companies, such as
Grasim Industries Ltd, West Coast Paper Mills Ltd, JK Paper Ltd,
Lanco Power Ltd, and Ballarpur Industries Ltd. The company's
warehouse and registered office are located at Nagpur
(Maharashtra).

MCCPL reported on provisional basis a profit after tax (PAT) of
INR29.1 million on net sales of INR861.8 million for 2010-11
(refers to financial year, April 1 to March 31), as against a PAT
of INR19.9 million on net sales of INR681.4 million for 2009-10.


MASSCORP LTD: CRISIL Assigns 'CRISIL BB-' Rating to INR100MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Masscorp Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR100 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR450 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect healthy increase in Masscorp's revenues in
2010-11 (refers to financial year, April 1 to March 31), driven by
increased diversification in its product profile, and the
company's established clientele. These rating strengths are
partially offset by the significant inventory-related risks
Masscorp faces and its high customer concentration. Also, Masscorp
has a weak financial risk profile, marked by a high ratio of total
outside liabilities to total debt, small net worth, and moderate
debt protection metrics - the financial risk profile is weak
because of the company's working-capital-intensive operations,
sizeable investments in the real estate, and loans and advances
extended to affiliate entities.

Outlook: Stable

CRISIL believes that Masscorp will continue to face pressures
because of its working-capital-intensive operations and large
unrelated investments. The outlook may be revised to 'Positive' if
Masscorp's financial risk profile improves, most likely driven by
a sustained increase in cash accruals along with reduced exposure
to unrelated assets. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in Masscorp's
financial risk profile, most likely driven by a decline in
profitability, more-than-expected working capital requirements,
and larger-than-expected capital expenditure (capex) or
investments in unrelated assets.

                           About Masscorp Ltd

Masscorp was established in 2004 as a proprietorship firm, Mass
Corporation, was reconstituted as a private limited company,
Masscorp Engineering Pvt Ltd, in 2005, and as a closely-held
public limited company in July 2010. The company is promoted by
Mr. Allen Bansode, who manages its overall operations. Masscorp is
engaged in trading in pig iron steel, heavy melting scrap (HMS),
shredded scrap, thermo-mechanically treated (TMT) bars, coal, and
others. In February 2011, the company also started manufacturing
aluminium alloy ingots from aluminium scrap; the unit has capacity
of 500 tonnes per month (tpm). Masscorp has a stocking yard of
1,20,000 square feet (sq ft) in Pune (Maharashtra), a 6-acre yard
in Kolkata (West Bengal), and one manufacturing unit at Thergaon
(Pune).

Masscorp reported a profit after tax (PAT) of INR239.8 million on
an operating income of INR3.3 billion for 2010-11, as against a
PAT of INR5.4 million on an operating income of INR328.9 million
for 2009-10.


MOHAMMED KHAN: CRISIL Cuts Rating on INR150MM Loan to 'CRISIL D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Mohammed Khan Jewellers Pvt Ltd to 'CRISIL D' from 'CRISIL
BB/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR150.00 Million Cash Credit      CRISIL D (Downgraded from
                                            'CRISIL BB/Stable')

The downgrade reflects instances of delay by MKJPL in servicing
its debt; the delays have been caused by MKJPL's weak liquidity
arising from large working capital requirements.

MKJPL also has a below-average financial risk profile, marked by a
high gearing, and moderate debt protection metrics, and is exposed
to intense competition in the jewellery industry; moreover, the
profitability is susceptible to volatility in gold prices. MKJPL,
however, benefits from its promoters' experience in the gems and
jewellery business and its established brand image in Hyderabad
(Andhra Pradesh).

                        About Mohammed Khan

Set up in 1991 as a partnership firm named Mohammed Khan Jewellers
by Mr. Niyamathulla Khan and his family, MKJPL was reconstituted
as a private limited company in 2005. The promoters have been in
the jewellery trading business for more than three decades.
Currently, MKJPL has four jewellery outlets in Hyderabad; it plans
to set up one new outlet in the city. It is expected to cost about
INR80 million and propose to be funded at a debt-to-equity of 3:1.

MKJPL reported a profit after tax (PAT) of INR5.3 million on net
sales of INR366.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR6.8 million on net sales
of INR272.1 million for 2008-09. For 2010-11, the company reported
on provisional basis, revenues of INR487 million.


MOHIT ISPAT: CRISIL Reaffirms CRISIL D Rating on INR86MM Term Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Mohit Ispat Ltd, part of
the Mohit group, continue to reflect instances of delay by MIL in
servicing its term loan; the delays have been caused by MIL's weak
liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR90.0 Million Cash Credit          CRISIL D (Reaffirmed)
   INR86.0 Million Rupee Term Loan      CRSIIL D (Reaffirmed)
   INR40.0 Million Letter of Credit     CRISIL D (Reaffirmed)
   INR35.0 Million Bank Guarantee       CRISILD (Reaffirmed)

The ratings also factor in the Mohit group's weak financial risk
profile, marked by a small net worth, a high gearing, and weak
debt protection metrics, exposure to intense competition in the
thermo-mechanically-treated (TMT) steel bar industry, and
susceptibility to downturns in the end-user industry and to
volatility in steel prices. These rating weaknesses are partially
offset by the benefits that the Mohit group derives from its
promoters' extensive experience in the steel industry, and from
its semi-integrated operations.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MIL and West Coast Ingots Ltd (WCIPL),
together referred to as the Mohit group. This is because both the
companies are under a common ownership and management, are in the
same line of business, and have strong operational and financial
linkages with each other. Moreover, the output of WCIPL is almost
entirely used as input by MIL.

                          About the Group

The Mohit group manufactures thermo-mechanically treated (TMT)
bars and mild steel ingots. The group has three manufacturing
units in Goa. Of this, MIL has two units, one each for
manufacturing ingots and TMT, while WCIPL has one manufacturing
unit for ingots. The Mohit group has a total ingot manufacturing
capacity of 80,000 tonnes per annum (tpa) and TMT bar
manufacturing capacity of 150,000 tpa. The group sells its TMT
bars under the Hegemon-500 brand to traders in Karnataka, Kerala,
Maharashtra, and Goa. The Mohit group is promoted by Mr.
Harshwardhan Mittal and Mr. Subash Chandra Maithain.


NAGAR DAIRY: CRISIL Reaffirms 'CRISIL BB-' Rating on INR40MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4+' rating to the short term bank
facility of Nagar Dairy Pvt Ltd, while reaffirming its rating on
the long term bank facilities at 'CRISIL BB-/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR10.0 Million Proposed Bank        CRISIL A4+ (Assigned)
                       Guarantee

   INR450.0 Million Cash Credit         CRISIL BB-/Stable
   (Enhanced from INR220.0 Million)

   INR40.0 Million Term loan            CRISIL BB-/Stable
   (Enhanced from INR10.0 Million)

The rating reflect NDPL's constrained financial flexibility,
because of its working-capital-intensive operations, low operating
profitability, small scale of operations, and susceptibility to
adverse regulatory changes and environmental conditions, including
epidemic-related risks. These rating weaknesses are partially
offset by NDPL's established milk procurement network and market
position in the dairy industry.

Outlook: Stable

CRISIL believes that NDPL's operating income will increase over
the medium term, driven by its established position in the dairy
industry and increasing job work for Gujarat Cooperative Milk
Marketing Federation Ltd.  NDPL's financial risk profile is
expected to remain constrained by large working capital
requirements and a low operating margin, during this period. The
outlook may be revised to 'Positive' if NDPL's scale of operations
and cash accruals increase more than expected and working capital
management improves, leading to improvement in the company's
capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if NDPL undertakes a larger-
than-expected, debt-funded capital expenditure programme or there
is significant pressure on its profitability, leading to
deterioration in its capital structure.

                         About Nagar Dairy

Incorporated in 2003-04 (refers to financial year, April 1 to
March 31), NDPL manufactures dairy products such as ghee and
skimmed milk powder. It has a milk processing capacity of 0.4
million litres per day (lpd) at its unit in Hapur (Uttar Pradesh).
It sells the products under the brand name, Nagar. In 2008-09
(refers to financial year, April 1 to March 31), NDPL bagged an
annual contract from GCMMF for processing milk and milk products,
and has processing capacity of 0.65 million lpd, which will be
increased to 1.0 million lpd in 2011-12.

NDPL reported a profit after tax (PAT) of INR19.1 million on net
sales of INR1, 895.3 million for 2009-10, against a PAT of INR17.5
million on net sales of INR1, 364.0 million for 2008-09.


P.B.I CONSTRUCTION: CRISIL Places CRISIL BB Rating on INR25MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of P.B.I Construction Company.

   Facilities                          Ratings
   ----------                          -------
   INR25 Million Long-Term Loan        CRISIL BB/Stable (Assigned)
   INR35 Million Cash Credit           CRISIL BB/Stable (Assigned)
   INR55 Million Overdraft Facility    CRISIL BB/Stable (Assigned)
   INR15 Million Bank Guarantee        CRISIL A4+ (Assigned)

The ratings reflect extensive industry experience of PBI's
promoters, and PBI's moderate financial risk profile, marked by
low gearing and healthy debt protection metrics. These rating
weaknesses are partially offset by PBI's moderate scale of
operations, segmental concentration in revenues, and
susceptibility to risks related to intense competition in the
civil construction industry.

Outlook: Stable

CRISIL believes that PBI will continue to benefit from the
extensive industry experience of its management and moderate
capital structure, over the medium term. The outlook may be
revised to 'Positive' if PBI diversifies and scales up its
operations on a sustainable basis. Conversely, the outlook may be
revised to 'Negative' if PBI's financial risk profile weakens,
most likely because of larger-than-expected debt-funded capital
expenditure, or delay in completion of ongoing projects or in
receipt of bills from various principal contractors.

                       About P.B.I Construction

Set up in 2005 by Mr. P B Ibrahim and family, PBI undertakes civil
construction works in Karnataka, such as construction of roads,
buildings, and bridges. The firm is based in Bhatkal (Karnataka).
PBI is a Class I contractor registered with the Government of
Karnataka, and implements projects for various government entities
such as the Public Works Department and Karnataka Road Development
Corporation Ltd.  As on April 2011, the firm had an unexecuted
order book of around INR830 million.

PBI reported a profit after tax (PAT) of INR15 million on net
sales of INR258 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR12 million on net
sales of INR232 million for 2008-09.


SECUNDERABAD HOTELS: CRISIL Rates INR9MM Cash Credit at CRISIL BB-
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Secunderabad Hotels Pvt. Ltd., part of the
Minerva group.

   Facilities                         Ratings
   ----------                         -------
   INR9 Million Cash Credit           CRISIL BB-/Stable (Assigned)
   INR10 Million Secured Overdraft    CRISIL BB-/Stable (Assigned)
                          Facility
   INR175 Million Rupee Term Loan     CRISIL BB-/Stable (Assigned)
   INR106 Million Proposed Long-Term  CRISIL BB-/Stable (Assigned)
                  Bank Loan Facility

The rating reflects the Minerva group's moderate operating
efficiency supported by promoter's extensive experience in the
hotel industry and established brand name. These rating strengths
are partially offset by the Minerva group's average financial risk
profile, marked by high gearing, small net worth, and below-
average debt protection metrics, and vulnerability to cyclicality
and competition in the hotel industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SHPL and Vijayawada Hospitalities Pvt
Ltd (VHPL), together referred to as the Minerva group. The
consolidated approach is because VHPL is a subsidiary of SHPL,
both the companies are engaged in a similar line of business, and
are owned and managed by the same promoter. Also, both the
companies operate hotels under the same name and support each
other in case of business or financial exigencies.

Outlook: Stable

CRISIL believes that the Minerva group will maintain a stable
business risk profile over the medium term backed by promoters'
extensive experience and established brand name. SHPL is presently
developing two more 3-star hotels, one at Tirupati and the other
at Kondapur in Hyderabad (both in AP). The outlook may be revised
to 'Positive' in case the Minerva group completes its planned
capex ahead of schedule with initial cost estimates, and the hotel
achieves better-than-expected cash accruals and profitability
leading to significant improvement in the capital structure.
Conversely, the outlook may be revised to 'Negative' in case the
hotel's operations or profitability decline significantly due to
downturn in the industry or increased competition.

                         About the Group

Based in Secunderabad (Andhra Pradesh [AP]), SHPL is part of the
Minerva group. The company was incorporated in 2005 and is managed
by Mr. A Vijayavardhan Reddy. SHPL operates two 3-star hotels
under the name, Minerva Grand, which have a total of 140 rooms and
other facilities, such as fitness and business centre,
restaurants, board room, banquette hall, and marriage hall. The
company also operates two restaurant chains, Blue Fox Restaurants
and Minerva Coffee Shops.

VHPL is also engaged in the hospitality services and operates a 3-
star hotel in Vijayawaya (AP), Grand Minerva. The hotel's
operations began from December 2010. Grand Minerva is
strategically located and has facilities, such as a coffee shop,
multi-cuisine restaurant and bar, business centre, board rooms,
fitness centre, and banquet hall.

SHPL is estimated to report profit after tax (PAT) of INR10.0
million on net sales of INR283.5 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR3.2
million on net sales of INR189.8 million for 2009-10.


SONA CHANDI: CRISIL Puts 'CRISIL B-' Rating on INR50MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank loan facilities of Sona Chandi Agro Processors.


   Facilities                       Ratings
   ----------                       -------
   INR50 Million Term Loan          CRISIL B-/Stable (Assigned)
   INR250 Million Cash Credit       CRISIL B-/Stable (Assigned)
   INR50 Million Proposed Cash      CRISIL B-/Stable (Assigned)
                  Credit Limit

The rating reflects SCAP's weak financial risk profile, marked by
small net worth, high gearing and weak debt protection metrics,
large working capital requirements, and susceptibility to
volatility in raw material prices and in foreign exchange rates,
and to adverse regulatory changes. The firm's business is also
susceptible to inadequate or erratic rainfall. These rating
weaknesses are partially offset by the extensive experience of
SCAP's promoters in the rice processing industry and the healthy
growth prospects for the rice industry.

Outlook: Stable

CRISIL believes that SCAP will continue to benefit from promoters'
extensive experience in the rice business and healthy growth
prospects for the rice industry. The outlook may be revised to
'Positive' in case of a significant improvement in SCAP's capital
structure, most likely driven by large equity infusion or more-
than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case there is significant pressure on
SCAP's liquidity, most likely because of pressure on cash accruals
or larger-than-expected working capital requirement.

                         About Sona Chandi

SCAP mills, processes, and sells par-boiled basmati rice (Pusa
1121 quality). It has a processing unit at Taran Taran in Amritsar
(Punjab) with milling capacity of 8 tonnes per hour (tph). SCAP
has been promoted by the Arora family, which has been engaged in
rice milling since 1985. The family initially operated through a
4-tph rice milling firm, Arora Rice Mill, in Karnal (Haryana). In
2003, the Arora family shifted to Punjab, and set up SCAP in
December of the same year. SCAP commenced commercial production in
October 2004.

SCAP reported a profit after tax (PAT) of INR4.3 million on net
sales of INR542.5 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.1 million on net
sales of INR533.8 million for 2008-09.


SYSCON ENGINEERS: CRISIL Places CRISIL BB- Rating on INR4.5MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Syscon Engineers.

   Facilities                         Ratings
   ----------                         -------
   INR4.5 Million Long-Term Loan      CRISIL BB-/Stable (Assigned)
   INR55 Million Cash Credit          CRISIL BB-/Stable (Assigned)
   INR3 Million Proposed Long-Term    CRISIL BB-/Stable (Assigned)
                Bank Loan Facility
   INR5 Million Letter of Credit      CRISIL A4+ (Assigned)
   INR12.5 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect SE's modest scale of operations, customer
concentration in its revenue profile, and its below-average
financial risk profile, marked by high gearing. These weaknesses
are partially offset by the extensive experience of SE's promoters
in the process equipment industry.

Outlook: Stable

CRISIL believes that SE will maintain a stable credit profile, on
the back of its experienced promoters and strong customer
relationships. The outlook may be revised to 'Positive' if the
firm reports significantly higher than expected revenues and
accruals while diversifying its clientele base and improving its
capital structure and debt protection indicators. Conversely, the
outlook may be revised to 'Negative' if the firm undertakes a
larger-than-expected, debt-funded capital expenditure programme,
or in case of elongation in its working capital cycle or
deterioration in debt protection metrics and consequently, its
financial risk profile.

                       About Syscon Engineers

SE is a partnership firm engaged in providing process equipment
machinery and solutions (turnkey projects involving erection and
commissioning) to companies in several industries such as water
treatment, refineries, power, petrochemical, and fertilizer. It
manufactures pressure vessels, heat exchangers, columns, and
cooling towers, among various other process equipments. Some of
its prominent customers include Ion Exchange India Ltd. (rated
'CRISIL A-/Stable/CRISIL A2+'), Thermax Ltd (rated 'CRISIL A1+'),
and Desmet Ballestra India Pvt Ltd (rated 'CRISIL A+/Negative/
CRISIL A1).

It was formed in 1995 by two mechanical engineers, Mr. Chandrakant
Benadikar and Mr. Gautam Ghosh. Its fabrication workshop unit,
situated at Ambernath, Thane, Maharashtra, can handle 1,000 tonnes
annually.

SE is expected to report a profit after tax (PAT) of INR6.3
million on sales of INR128.3 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR6.8
million on sales of INR141.6 million for 2009-10.


TATA STEEL: S&P Raises Rating on Corporate Credit Rating to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised the long-term corporate
credit rating on India-based Tata Steel Ltd. to 'BB' from 'BB-'.
The outlook is stable. "We also raised the issue rating on the
company's senior unsecured notes to 'BB' from 'BB-'. At the same
time, we affirmed our 'B+' long-term corporate credit rating and
'B' short-term rating on Tata Steel U.K. Holdings Ltd., which is
Tata Steel's European subsidiary. The outlook is stable.  We
affirmed the recovery rating on TSUKH at '1', which results in an
affirmation of the 'BB' rating on the company's GBP3.53 billion
bank loan," S&P related.

"We raised the rating on Tata Steel because we expect the company
to sustain the significant improvement in its cash flow protection
measures in the fiscal year ending March 31, 2012. We anticipate
that Tata Steel's cash flows will further improve in fiscal 2013
due to the commissioning of brownfield expansion," said Standard &
Poor's credit analyst Mehul Sukkawala. "We revised our view of the
company's financial risk profile to significant from aggressive
due to its deleveraging measures and higher cash flows."

"We expect Tata Steel's cash flow metrics in fiscal 2012 to mirror
those in fiscal 2011. The company's ratios of adjusted debt to
EBITDA improved to about 3.5x and funds from operations (FFO) to
adjusted debt increased to about 20% in fiscal 2011 compared with
7x and 5% in fiscal 2010. We anticipate that the ratios will
further improve to about 3x and 25%, respectively, in fiscal 2013
because we expect the 2.9 million tons per annum brownfield
expansion at Jamshedpur to be commissioned by March 2012," S&P
related.

Tata Steel's deleveraging measures in fiscal 2011 offset the
effects of negative working capital of about $1.6 billion in the
year. In the past seven months, the company has raised US$2.8
billion through deleveraging measures. Tata Steel issued equity of
US$775 million, sold Teesside Cast Products (TCP) for GBP434
million, and sold its 26% stake in Riversdale Mining Ltd. (not
rated) for $1.1 billion," S&P said.

The deleveraging measures have also improved Tata Steel's
liquidity. "We believe the company will use the enhanced liquidity
to fund its capital expenditure and repay its debt," S&P related.

"We expect Tata Steel to maintain its improved operating
performance in fiscal 2012 because of the company's strong
integrated Indian operations," said Mr. Sukkawala. "Margins here
are likely to remain about 35%, underpinned by good domestic
demand. Strong operating performance in India will help offset the
operating performance of Tata Steel's European operations, which
were weak despite improving in fiscal 2011."

"We affirmed our rating on TSUKH to reflect our expectation that
the company's continuing weak operating performance will result in
highly leveraged financial metrics. However, our rating on TSUKH
continues to factor in support from Tata Steel, which is trying to
improve TSUKH's margins through investments in operating
efficiency and raw material integration," S&P said.

"We believe Tata Steel and TSUKH have strong liquidity. We expect
sources of liquidity to exceed uses by more than 2x in fiscals
2012 and 2013 for both the companies. We anticipate that the
companies' net sources of liquidity will remain positive, even if
EBITDA declines by 50%. We expect TSUKH to continue to receive
support from parent Tata Steel," S&P said.

"The stable outlook on Tata Steel reflects our expectation that
the company's operating performance will improve over the next 18-
24 months," S&P related.

"We may raise the rating if we expect Tata Steel's financial
strength to improve further, such that the ratio of adjusted debt
to EBITDA falls to less than 3.0x or the ratio of FFO to adjusted
debt increases to more than 25%. Such an improvement could be due
to: (1) higher cash flows from Tata Steel's Indian operations
after it ramps up production from its brownfield expansion; (2) a
significant improvement in the operating environment, particularly
in Europe, though we consider this less likely; or (3) the
company's strategic measures, such as raising fresh equity or
monetizing some investments, to reduce debt," S&P stated.

"We may lower the rating if Tata Steel is unable to sustain the
improvement in its operating performance or there is significant
delay in commissioning its brownfield expansion, resulting in
weaker financial performance. Downward rating triggers are the
ratio of adjusted debt to EBITDA rising above 4.0x or the ratio of
FFO to adjusted debt falling to less than 15%," S&P related.

"The stable outlook on TSUKH reflects our expectation that the
company will maintain its overall operating performance and will
continue to receive support from parent Tata Steel," S&P said.

"We may raise the rating on TSUKH if we expect the company's
operating performance to improve or the company takes strategic
measures, such as raising equity to reduce debt, thus improving
its financial strength. Upward triggers for the rating would be
the adjusted debt-to-EBITDA ratio falling below 4.0x or the ratio
of FFO to adjusted debt increasing to more than 15%. We may also
upgrade TSUKH if Tata Steel's credit profile and TSUKH's operating
performance improve," S&P related.

"We may downgrade TSUKH if: (1) the company cannot sustain its
operating performance, resulting in weak financial measures and
pressure on its liquidity; and (2) indications that Tata Steel is
reducing support to TSUKH appear -- although we believe this is
unlikely," S&P said.


VED FOUNDATION: CRISIL Assigns 'CRISIL BB' Rating to INR122MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Ved Foundation.

   Facilities                      Ratings
   ----------                      -------
   INR122 Million Term Loan        CRISIL BB/Stable (Assigned)
   INR46 Million Cash Credit       CRISIL BB/Stable (Assigned)

The rating reflects experience of VF's promoter group in the
education industry, with the funding support that VF receives from
them, and the healthy demand prospects for the education industry.
These rating strengths are partially offset by VF's below-average
financial risk profile marked by small net worth and high gearing,
small scale of operations, limited diversity in revenue profile,
and susceptibility to adverse regulatory changes.

Outlook: Stable

CRISIL believes that VF will continue to benefit from the healthy
demand for technical courses over the medium term. The outlook may
be revised to 'Positive' if the trust reports better-than-expected
operating income and profitability, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in occupancy levels
for the courses offered by VF's institutes or if the trust
undertakes any large debt-funded capital expenditure programme, or
reports decline in its profitability, leading to deterioration in
its financial risk profile.

                      About Ved Foundation

VF is a private trust set up by the Ghaziabad (Uttar Pradesh)-
based Goel family in 2005-06 (refers to financial year, April 1 to
March 31). The trust operates three educational institutes: one
engineering college, ABES Institute of Technology (ABES-IT), which
also offers a management course and master in computer
applications course; and two management colleges, ABES Institute
of Management (ABES-IM) and ABES Institute of Business Management
(ABES-IBM). All the colleges are located in a 15-acre campus in
Ghaziabad. The promoters entered the education sector through
Society for Educational Excellence (SEE, rated 'CRISIL BBB-
/Stable') in 2000, which operates an engineering institute in
Ghaziabad under the ABES brand. However, because of lower
regulatory stringency for trusts than societies, the promoters
decided to establish new colleges under a trust, and hence, set up
VF. The trust's colleges are approved by the All India Council for
Technical Education and are affiliated to Uttar Pradesh Technical
University (UPTU). VF's campus also has a hostel for 650 students.
The income from the hostel accounted for 12% of VF's revenues.


VIGEL MANUFACTURING: CRISIL Places CRISIL B Rating on INR10MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Vigel Manufacturing Technologies Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR10 Million Cash Credit         CRISIL B/Stable (Assigned)
   INR10 Million Bill Discounting    CRISIL B/Stable (Assigned)
   INR50 Million Bank Guarantee      CRISIL A4 (Assigned)

The ratings reflect VMTPL's modest scale of operations &
susceptibility of its operating performance to demand from auto
ancillary sector and weak financial risk profile marked by erosion
in net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the established position of
VMTPL's parent company, Vigel SpA, in the auto component industry
& the support that VMTPL derives from the parent.

Outlook: Stable

CRISIL believes that VMTPL will continue to benefit from the
established position of its parent company in the auto component
industry & extensive industry experience of its promoters, over
the medium term. The outlook may be revised to 'Positive' in case
of significant improvement in VMTPL's revenues, profitability,
capital structure, and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case of slowdown in
revenues or significant deterioration in profitability, capital
structure or debt protection metrics.

                     About Vigel Manufacturing

Vigel Manufacturing Technologies Private Limited a private limited
company incorporated in 2005; is engaged in manufacturing and
supplying of twin spindle horizontal machine that are required in
machining of auto components predominantly for two wheeler
manufacturers. The company is a subsidiary of an Italian auto
component company Vigel SpA which holds around 82% in the company.
Mehrotra family owns around 18% of shares in the company. The
Indian operations are managed by Mr. Abhay Mehrotra who is
executive director of VMTPL. The registered office of the company
is in Mumbai & manufacturing facility is at Ranjangaon near Pune
in Maharashtra.

VMTPL posted revenues of INR161.17 million for 2010-11 (refers to
financial year, April 1 to March 31) on provisional basis.

The company reported a profit after tax (PAT) of INR10.4 million
on net sales of INR147.6 million for 2009-10, as against a net
loss of INR42.1 million on net sales of INR169.4 million for
2008-09.


VIJAYAWADA HOSPITALITIES: CRISIL Rates INR65MM Loan at 'CRISL BB-'
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Vijayawada Hospitalities Pvt. Ltd, part of
the Minerva group.

   Facilities                         Ratings
   ----------                         -------
   INR65 Million Rupee Term Loan      CRISIL BB-/Stable (Assigned)
   INR2.5 Million Proposed Long-Term  CRISIL BB-/Stable (Assigned)
                  Bank Loan Facility
   INR7.5 Million Overdraft Facility  CRISIL BB-/Stable (Assigned)

The rating reflects the Minerva group's moderate operating
efficiency supported by promoter's extensive experience in the
hotel industry and established brand name. These rating strengths
are partially offset by the Minerva group's average financial risk
profile, marked by high gearing, small net worth, and below-
average debt protection metrics, and vulnerability to cyclicality
and competition in the hotel industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of VHPL and Secunderabad Hotels Pvt Ltd
(SHPL), together referred to as the Minerva group. The
consolidated approach is because VHPL is a subsidiary of SHPL,
both the companies are engaged in a similar line of business, and
are owned and managed by the same promoter. Also, both the
companies operate hotels under the same name and support each
other in case of business or financial exigencies.

Outlook: Stable

CRISIL believes that the Minerva group will maintain a stable
business risk profile over the medium term backed by promoters'
extensive experience and established brand name. SHPL is presently
developing two more 3-star hotels, one at Tirupati and the other
at Kondapur in Hyderabad (both in AP). The outlook may be revised
to 'Positive' in case the Minerva group completes its planned
capex ahead of schedule with initial cost estimates, and the hotel
achieves better-than-expected cash accruals and profitability
leading to significant improvement in the capital structure.
Conversely, the outlook may be revised to 'Negative' in case the
hotel's operations or profitability decline significantly due to
downturn in the industry or increased competition.

                          About the Group

Based in Secunderabad (Andhra Pradesh [AP]), SHPL is part of the
Minerva group. The company was incorporated in 2005 and is managed
by Mr. A Vijayavardhan Reddy. SHPL operates two 3-star hotels
under the name, Minerva Grand, which have a total of 140 rooms and
other facilities, such as fitness and business centre,
restaurants, board room, banquette hall, and marriage hall. The
company also operates two restaurant chains, Blue Fox Restaurants
and Minerva Coffee Shops.

VHPL is also engaged in the hospitality services and operates a 3-
star hotel in Vijayawaya (AP), Grand Minerva. The hotel's
operations began from December 2010. Grand Minerva is
strategically located and has facilities, such as a coffee shop,
multi-cuisine restaurant and bar, business centre, board rooms,
fitness centre, and banquet hall. VHPL is estimated to report net
sales of INR18.8 million for 2010-11 (refers to financial year,
April 1 to March 31), the first year of its operation.


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


CORSAIR (JERSEY): S&P Puts 'B-' Ratings on 2 Tranches on Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on eight
tranches relating to eight Japanese synthetic collateralized debt
obligation (CDO) transactions on CreditWatch with positive
implications.

"During our monthly run of transactions on version 5.1 of our CDO
evaluator, the tranches placed on CreditWatch positive had
synthetic rated overcollateralization (SROC) levels in excess of
100% at higher ratings than the tranches' respective current
ratings as of July 31, 2011," S&P related.

"For all the transactions that we ran on our CDO evaluator, we
applied the top obligor and industry test SROCs, as well as the
results of the Monte Carlo default simulation," S&P said.

"By the end of the month, we intend to review the tranches listed
below, along with any other tranches with ratings that are
presently on CreditWatch negative or positive, in accordance with
our current CDO criteria," S&P related.

Ratings Placed On Creditwatch Positive

Corsair (Jersey) No. 2 Ltd.
Floating rate secured portfolio credit-linked series 52
(Portfolio F360)
To                  From      Issue amount
B- (sf)/Watch Pos   B- (sf)   JPY1.0 bil.

Fixed rate credit-linked loan series 58
To                  From      Issue amount
B- (sf)/Watch Pos   B- (sf)   JPY3.0 bil.

Eirles Two Ltd.
TAPAS 2004-4 credit default swap
To                     From         Amount
B+srp (sf)/Watch Pos   B+srp (sf)   JPY4.0 bil.

Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan 2005-3
To                  From      Issue amount
A- (sf)/Watch Pos   A- (sf)   JPY4.0 bil.

Silk Road Plus PLC
Limited-recourse secured floating-rate
credit-linked notes series 2 class
B1-U
To                  From      Issue amount
B- (sf)/Watch Pos   B- (sf)   $70.0 mil.

Limited recourse secured floating-rate
credit-linked notes series 5 class
C1-J
To                    From        Issue amount
CCC+ (sf)/Watch Pos   CCC+ (sf)   JPY1.0 bil.

Limited-recourse secured variable return combination
credit-linked notes series 6 class
B3-U
To                      From          Issue amount
B-pNRi (sf)/Watch Pos   B-pNRi (sf)   $14.0 mil.

Limited recourse secured floating-rate
credit-linked notes series 10 class
A1-E
To                  From      Issue amount
B+ (sf)/Watch Pos   B+ (sf)   EUR10.0 mil.


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


BLUE STAR: Wins Bondholders' Nod to Debt Restructuring
------------------------------------------------------
Paul McBeth at BusinessDesk reports that Blue Star Group's
bondholders have voted to give the company another shot, by a slim
margin, to return their money rather than risk receivership.

BusinessDesk says some 76.9% of bondholders voted in favor of a
deal that will see them miss out on interest repayments for
another two years and convert 36% of their bonds into non-interest
bearing hybrid securities.  The deal needed 75% approval to get
over the line.

"The board appreciates the decision of bondholders to give this
company time to demonstrate that it can deliver on the
repositioning and restructuring that it is undertaking to drive
higher levels of earnings," BusinessDesk quotes managing director
Chris Mitchell as saying in a statement.  "Improved performance is
the key to bondholders receiving some or all of their investment
back."

BusinessDesk notes that the printing group sweetened the proposal
last week by giving bondholders the opportunity to buy into the
$15 million loan Australian owner Champ Private Equity will give
to the company.  Any bondholders taking a share of that debt will
be on a pro-rata basis, plus oversubscriptions.

Champ will also convert $10 million of subordinated debt, plus
$2.7 million of interest, into equity, the report discloses.

According to the report, some bondholders reacted angrily to the
proposal, which will split their $105 million of debt into two new
tranches, having already had interest repayments frozen in 2009.

The main tranche, totalling 64% of the debt, will pay a lower
interest rate of 9.1%, starting from July 2013, and the hybrid
tranche won't make a return unless Blue Star pays a dividend,
BusinessDesk says.

BusinessDesk relates that the reason bondholders got upset was
that the new Champ loan pays a higher interest rate and would rank
above their new debt. The other Champ loan, which will convert
into equity, would also have ranked ahead of the 34% tranche of
bond.

Last month, BusinessDesk recalls, Blue Star tried to plead its
case, saying its lenders would force it into receivership if
bondholders didn't accept the offer.

KPMG's independent report of the original offer said it wasn't
fair to bondholders and that full repayment was unlikely with Blue
Star a high risk investment, BusinessDesk adds.

                         About Blue Star

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


CRAFAR FARMS: OIO Yet to Receive Submissions from Natural Dairy
---------------------------------------------------------------
BusinessDay.co.nz reports that the Overseas Investment Office is
still waiting for a response more than a year after calling for
answers from Chinese-backed Natural Dairy and UBNZ Assets over the
unauthorized purchase of four Crafar-associated farms.

The OIO in May last year began investigating whether the February
2010 purchase of four farms in the Manawatu, Norsewood and
Waitotara breached the Overseas Investment Act by not obtaining
required consents, BusinessDay.co.nz notes.

Nearly a year later in April this year, BusinessDay.co.nz says,
the OIO said it was seeking legal advice on what action to take
over what it now deems to be an illegal purchase.

According to BusinessDay.co.nz, the government agency said this
week it had yet to receive submissions from the companies it
expected by mid-June.

The submissions, BusinessDay.co.nz relates, were to address why
New Zealand-registered UBNZ, formerly run by bankrupted Chinese
businesswoman May Wang, and Hong Kong-listed Natural Dairy,
considered consent to buy the farms was not required and why the
OIO was not justified in taking legal action against either
company.

OIO manager Annalies McClure told BusinessDay her office had
chased up the companies' lawyers and understood the submissions
would be received "shortly".  The OIO had not given the companies
a deadline, she said.

"The submissions are being provided voluntarily and as such the
OIO cannot impose penalties for the delay," Ms. McClure told
BusinessDay.

The companies had provided no reasons for the delay, the report
says.

According to BusinessDay.co.nz, Natural Dairy's Auckland lawyer
Kerry Knight said his client was co-operating with the OIO on
behalf of both companies.

Mr. Knight understood the submission was not due until this month.
The submission had been completed and was awaiting sign-off by
Natural Dairy's principals in Hong Kong, he said.

Natural Dairy was in December denied Government approval to buy
the bulk of the in-receivership Crafar farm estate, after failing
the OIO's "good character" test.

                          About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers after
Crafar Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


DEBAJO 2007: Placed Into Liquidation
------------------------------------
The Southland Times reports that Debajo 2007 Ltd, a company that
ran a Queenstown nightclub, was placed into liquidation on July 6
after a High Court application by New Zealand's Inland Revenue or
IRD.

The first liquidators' report by Craig Melhuish and Keiran Horne,
of Christchurch, said the company was wound up by the IRD after
falling behind on payments, the Southland Times relates.

The bar and nightclub continues to operate, the Southland Times
discloses.

According to the Southland Times, the liquidators were unable to
contact the director to discuss the reasons for the company's
financial position and estimated no funds were available to
unsecured creditors. The estimated deficit to creditors was
NZ$83,225.

"At this stage there are insufficient funds to pay these
preferential and secured creditors," the liquidators said in their
report.

The Southland Times notes that recovery actions could raise
additional funds and the liquidators would verify creditors'
claims and investigate any voidable transactions, insolvent or
reckless trading. Liquidation should be complete by December, the
report said.

The New Zealand Companies Office lists the firm's director and
shareholder as Jason Clark, of Queenstown, with John Souter, of
Frankton, as shareholder.


EXIDE TECHNOLOGIES: High Court to Hear Judicial Review Bid
----------------------------------------------------------
The Dominion Post reports that Exide Technologies said the High
Court in Wellington has agreed to an urgent hearing next month on
a judicial review of consents for used battery exports.

The Dominion Post relates that Exide confirmed it had asked the
Court to consider whether the Government had complied with
New Zealand's international and domestic legal obligations, by
granting consents to export used lead acid batteries in
circumstances where they could be disposed of in an
environmentally sound and efficient manner in New Zealand.

The application was filed against the Attorney General, the
Dominion Post notes.

The New Zealand Herald reported August 8 that Exide plans to sue
the Government for continuing to ship used lead acid batteries
overseas.

According to the Herald, the Exide Smelter in Petone said the
Government was breaching the Basel and Waigani treaties'
obligations to limit the international transport of hazardous
waste, and to favor New Zealand facilities where batteries could
be disposed of or recycled in an environmentally sound way.

"We believe the Government has failed to meet these legal
obligations in exercising its discretion to grant export permits,"
the Herald quoted Exide's Australasian managing director John
Cowpe as saying.

The Herald related that Mr. Cowpe said his company had invested
millions into making sure the Petone smelter was environmentally
sound.

"However, we do not have any batteries to recycle because the
Government has granted permits to export nearly 100,000 tonnes to
developing countries like the Philippines and to Korea since
Jan. 1, 2008," the Herald quoted Mr. Cowpe as saying.

"Exide does not want to create a monopoly for recycling used lead
acid batteries. We also do not want the Government to ban export
permits for the batteries. We just want the Government to meet its
international and domestic legal obligations."

The Troubled Company Reporter-Asia Pacific, citing Radio New
Zealand, reported on Aug. 8, 2011, that Exide Technologies battery
recycling plant in Lower Hutt has been shut down for a few days
due to a shortage of work.  The plant's long-term future is still
uncertain, however, as discussions by its United States owners
continue.  Radio New Zealand said a permanent closure of the Exide
plant in Petone would cost more than 40 jobs and leave New Zealand
without the ability to recycle used lead acid batteries onshore.

                    About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The Company filed for Chapter 11 protection (Bankr. Del. Case No.
02-11125) on April 14, 2002.  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, and James E. O'Neill,
Esq., at Pachulski Stang Ziehl & Jones LLP represented the Debtors
in their successful restructuring.  The Court confirmed Exide's
Amended Joint Chapter 11 Plan on April 20, 2004.  The plan took
effect on May 5, 2004.  While it has emerged from Bankruptcy,
reorganized Exide is still resolving claims filed against it in
the Bankruptcy Court.

                           *     *     *

Reorganized Exide carries 'B' issuer credit ratings from Standard
& Poor's.  "The ratings on Exide Technologies reflect what we
consider to be the Company's aggressive financial risk profile,
which incorporates S&P's expectation that sales and profitability
will improve gradually as demand increases," said Standard &
Poor's credit analyst Nancy Messer.

Exide has 'B3' corporate family and probability of default ratings
from Moody's Investors Service.  In July 2008, Moody's upgraded
the rating to 'B3' from 'Caa1'.  Exide's B3 Corporate Family
Rating continues to incorporate the company's leveraged profile,
cyclical industry characteristics, and raw material pricing
pressure, Moody's said in January 2011.


STEVE ROUT: High Court Appoints Liquidators
-------------------------------------------
The Press reports that liquidators have been appointed at a High
Court sitting in Christchurch for Steve Rout Contracting Ltd.

Steve Rout Contracting Ltd, an earthmoving contractor, was placed
in receivership in early June by BDO Christchurch.

New Zealand's Inland Revenue on Tuesday sought an order for
liquidation at a session at a temporary High Court in the Air
Force Museum at Wigram, The Press discloses.

The Press relates that there was no appearance by anyone for Steve
Rout Contracting when the case was called before Associate Judge
Matthews, who made the order appointing liquidators and approving
remuneration for them.

Based in Frankton, New Zealand, Steve Rout Contracting Ltd is an
earthmoving contractor, materials supplier and digger hirer.


===============
T H A I L A N D
===============


PICNIC CORP: May Exit Court-Supervised Rehabilitation Next Month
----------------------------------------------------------------
Bangkok Post reports that Picnic Corporation is expected to be
ready to exit court-supervised rehabilitation in September after
new investors led by property tycoon Pimol Srivikorn complete the
debt restructuring as planned.

According to Bangkok Post, MR Sasiprin Chandratat, managing
director of Ploenchit Capital, the financial adviser to the
investors, said Wednesday the future of Picnic would not only be
in cooking gas but also in renewable energy ventures.

The first task for Picnic after exiting rehabilitation will be
business restructuring, the report states.

Bangkok Post relates that MR Sasiprin said the new investors are
all cash-rich businessmen who believe the cooking gas business can
complement their other businesses.  Apart from capital, the
investors have knowledge about business law, he said.  They may
need it since Picnic still faces a number of lawsuits dating back
to the time before it entered court-supervised restructuring in
late 2009, Bangkok Post relates.

New investors who agreed to take on 85% of debt-ridden Picnic
include Wichai Thongtang, the chairman of the hospital operator
Prasit Pattana, Bangkok Post discloses.  Once the transaction is
complete, the report notes, Mr. Wichai will hold the largest stake
at 30% in the company, which has THB2 billion in registered
capital.  According to Bangkok Post, other investors are the
logistics business operator Suraphol Seeprasert with 16%, the
sugar mill owner Montree Lekvijittada (15%), the petroleum trader
Kamphon Tatiyakavee and Kananuch Lekvijit (10% each) and Dr Pimol
(4%).

The new investors will purchase THB1.7 billion worth of new
shares, with another 100 million shares offered to creditors in a
debt-equity swap.

MR Sasiprin said that after the THB1.7-billion payment is made,
Picnic can ask the court to exit the rehabilitation plan, Bangkok
Post adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2011, Bangkok Post said Dr. Pimol and other investors
agreed to take an 85% stake in Picnic Corp. after creditors
approved the company's debt restructuring plan.  Creditors holding
THB7.396 billion in debt, including Krung Thai Bank and United
Overseas Bank (Thai), voted 79.56% to keep the cooking gas
distributor afloat.  Under the plan, creditors will accept a
haircut of more than 75% of their obligations, to THB1.8 billion.
Shareholders will also accept a capital writedown to help clear
losses of THB11 billion.  Creditors will hold 5% of the
restructured company, with former shareholders, who include 10,000
retail investors as well as the founding Lapvisuthisin family,
holding the remaining 10%, Bangkok Post added.

                           About Picnic

Picnic Corporation Public Company Limited is a Thailand-based
company engaged in the distribution of liquefied petroleum gas
(LPG) under the name Picnic Gas.  It also provides installation
services for electrical systems, water supplies and air
conditioners.

Picnic Corp entered into court-supervised restructuring in
December 2009.

Picnic's last reported result was a loss of THB946.3 million for
the first half of 2009.  Its LPG market share has fallen by half
to just 4 to 5% in recent years.

According to Bangkok Post, the company has been the subject of
numerous investigations since 2004.  The SEC accused Picnic and
members of the Lapvisuthisin family of accounting fraud in 2005,
but the case was dismissed in 2007 for lack of evidence.
Regulators filed a new complaint in 2009 against Suriya
Lapvisuthisin, a deputy commerce minister in the Thaksin
government, for colluding to defraud Picnic in the transfer of
holdings in World Gas to another company prior to entering
rehabilitation.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company                Ticker       (US$MM)           (US$MM)
  -------                ------        ------      ------------

AUSTRALIA

ARASOR INTERNATI           ARR          19.21           -26.51
ARTURUS CAPITAL            AKW          12.27            -0.43
ARTURUS CAPITA-N           AKWN         12.27            -0.43
ASTON RESOURCES            AZT         469.54            -7.49
AUSTAR UNITED              AUN         679.40          -250.96
AUSTRALIAN ZI-PP           AZCCA        77.74            -2.57
AUSTRALIAN ZIRC            AZC          77.74            -2.57
AUTRON CORP LTD            AAT          32.50           -13.46
AUTRON CORP LTD            AAT          32.50           -13.46
BCD RESOURCES OP           BCO          27.90           -79.33
BCD RESOURCES-PP           BCOCC        27.90           -79.33
BECTON PROPERTY            BEC         369.83           -26.80
BIRON APPAREL LT           BIC          19.71            -2.22
CENTRO PROPERTIE           CNP       15,483.4          -349.73
CHEMEQ LTD                 CMQ          25.19           -24.25
COMPASS HOTEL GR           CXH          88.33            -1.08
JAMES HARDIE-CDI           JHX       1,971.80          -450.10
JAMES HARDIE NV            JHXCC     1,971.80          -450.10
MACQUARIE ATLAS            MQA       1,894.75          -230.50
MAVERICK DRILLIN           MAD          24.66            -1.30
MISSION NEWENER            MBT          20.38           -44.05
NATURAL FUEL LTD           NFL          19.38          -121.51
NEXTDC LTD                 NXT          17.46            -0.14
ORION GOLD NL              ORN          11.60           -10.91
POWERLAN LTD               PWR          28.30            -3.64
REDBANK ENERGY L           AEJ       3,564.36          -383.39
RIVERCITY MOTORW           RCY         386.88          -809.14
SCIGEN LTD-CUFS            SIE          65.56           -38.80
SHELL VILLAGES A           SVC          13.47            -1.66
STIRLING RESOURC           SRE          31.19            -0.62
TAKORADI LTD               TKG          13.99            -0.41
VERTICON GROUP             VGP          10.08           -29.12
VIEW RESOURCES L           VRE          12.47           -31.06
YANGHAO INTERNAT           YHL          44.32           -54.68


CHINA

BAOCHENG INVESTM           600892       30.32            -4.51
CHENGDE DALU -B            200160       29.42            -3.92
CHENGDU UNION-A            693          34.23           -11.72
CHINA FASHION              CFH          10.11            -0.76
CHINA KEJIAN-A             35           95.09          -182.83
CONTEL CORP LTD            CTEL         59.31           -46.86
CONTEL CORP-RT             CTELR        59.31           -46.86
DONGGUAN FANGD-A           600656       34.84           -41.32
DONGXIN ELECTR-A           600691       15.96           -19.92
GUANGDONG ORIE-A           600988       12.78            -5.53
GUANGDONG SUNR-A           30          111.22             0.00
GUANGDONG SUNR-B           200030      111.22             0.00
GUANGXIA YINCH-A           557          19.01           -42.85
HEBEI BAOSHUO -A           600155      132.22          -401.91
HEBEI JINNIU C-A           600722      246.19           -48.05
HUASU HOLDINGS-A           509          90.78            -4.91
HUNAN ANPLAS CO            156          45.29           -45.53
JILIN PHARMACE-A           545          35.52            -6.20
JINCHENG PAPER-A           820         212.09          -116.17
MUDAN AUTOMOBI-H           8188         29.41            -1.38
QINGDAO YELLOW             600579      219.72            -6.53
SHANG BROAD-A              600608       50.03            -9.23
SHANG HONGSHENG            600817       15.87          -286.48
SHANXI LEAD IN-A           673          23.94            -0.60
SHENZ CHINA BI-A           17           20.97          -266.50
SHENZ CHINA BI-B           200017       20.97          -266.50
SHENZ INTL ENT-A           56          233.81           -22.28
SHENZ INTL ENT-B           200056      233.81           -22.28
SHENZHEN DAWNC-A           863          26.00          -157.48
SHENZHEN KONDA-A           48          116.99            -7.20
SHENZHEN ZERO-A            7            42.69            -5.05
SHIJIAZHUANG D-A           958         227.37           -68.82
SICHUAN DIRECT-A           757          95.94          -166.82
SICHUAN GOLDEN             600678      209.26           -82.69
TAIYUAN TIANLO-A           600234       52.85           -27.82
TIANJIN MARINE             600751      114.38           -61.31
TIANJIN MARINE-B           900938      114.38           -61.31
TOPSUN SCIENCE-A           600771      171.85          -115.05
WUHAN BOILER-B             200770      272.46          -141.76
WUHAN GUOYAO-A             600421       11.05           -27.01
WUHAN LINUO SOLA           600885      107.30            -0.72
XIAMEN OVERSEA-A           600870      225.63          -137.22
YANBIAN SHIXIA-A           600462      204.34           -11.55
YANTAI YUANCHE-A           600766       67.22            -5.72
YUEYANG HENGLI-A           622          38.46           -19.46
YUNNAN MALONG-A            600792      133.04           -61.60
ZHANGJIAJIE TO-A           430          31.65            -3.43


HONG KONG

ASIA TELEMEDIA L           376          16.62            -5.37
BUILDMORE INTL             108          16.19           -50.25
CHINA HEALTHCARE           673          44.13            -4.49
CHINA OCEAN SHIP           651         454.18           -13.94
CHINA PACKAGING            572          18.18           -16.83
CMMB VISION HOLD           471          37.41           -10.99
COSMO INTL 1000            120          83.56           -37.93
DORE HOLDINGS LT           628          25.44            -5.34
EGANAGOLDPFEIL             48          557.89          -132.86
FULBOND HLDGS              1041        117.50            -6.87
GUOJIN RESOURCES           630          18.21           -17.00
MELCOLOT LTD               8198         56.90           -46.99
MITSUMARU EAST K           2358         30.04           -15.37
NGAI LIK INDL              332          22.70            -9.69
PALADIN LTD                495         149.78           -11.62
PCCW LTD                   8         6,192.51           -78.22
PROVIEW INTL HLD           334         314.87          -294.85
SINO RESOURCES G           223          10.01           -41.90
SMART UNION GP             2700         32.14           -40.01
TACK HSIN HLDG             611          27.70           -53.62
TONIC IND HLDGS            978          67.67           -37.85


INDONESIA

ARPENI PRATAMA             APOL        666.87           -31.20
ASIA PACIFIC               POLY        485.51          -861.80
ERATEX DJAJA               ERTX         11.72           -23.99
HANSON INTERNATI           MYRX         15.31           -12.34
HANSON INT-PREF            MYRXP        15.31           -12.34
JAKARTA KYOEI ST           JKSW         32.30           -42.35
MITRA INTERNATIO           MIRA        970.13          -256.04
MITRA RAJASA-RTS           MIRA-R2     970.13          -256.04
MULIA INDUSTRIND           MLIA        504.77           -54.04
PANASIA FILAMENT           PAFI         37.96           -15.94
PANCA WIRATAMA             PWSI         31.51           -39.11
SMARTFREN TELECO           FREN        499.34           -13.31
SURABAYA AGUNG             SAIP        248.01           -94.93
TOKO GUNUNG AGUN           TKGA         11.65            -0.30
UNITEX TBK                 UNTX         18.22           -17.81


INDIA

ARTSON ENGR                ART          23.87            -0.60
ASHAPURA MINECHE           ASMN        191.87           -68.03
ASHIMA LTD                 ASHM         63.23           -48.94
ATV PROJECTS               ATV          60.46           -55.04
BALAJI DISTILLER           BLD          66.32           -25.40
BELLARY STEELS             BSAL        451.68          -108.50
BHAGHEERATHA ENG           BGEL         22.65           -28.20
CAMBRIDGE SOLUTI           CAMB        149.58           -56.66
CANTABIL RETAIL            CANT         55.23            -8.54
CFL CAPITAL FIN            CEATF        15.35           -46.89
COMPUTERSKILL              CPS          14.90            -7.56
CORE HEALTHCARE            CPAR        185.36          -241.91
DCM FINANCIAL SE           DCMFS        17.10            -9.46
DFL INFRASTRUCTU           DLFI         42.74            -6.49
DIGJAM LTD                 DGJM         99.41           -22.59
DUNCANS INDUS              DAI         133.65          -205.38
FIBERWEB INDIA             FWB          12.23           -16.21
GANESH BENZOPLST           GBP          48.95           -22.44
GEM SPINNERS LTD           GEMS         16.44            -1.53
GLOBAL BOARDS              GLB          14.98            -7.51
GSL INDIA LTD              GSL          29.86           -42.42
HARYANA STEEL              HYSA         10.83            -5.91
HENKEL INDIA LTD           HNKL        102.05           -10.24
HIMACHAL FUTURIS           HMFC        406.63          -210.98
HINDUSTAN PHOTO            HPHT         74.44        -1,519.11
HINDUSTAN SYNTEX           HSYN         15.20            -3.81
HMT LTD                    HMT         142.67          -386.80
ICDS                       ICDS         13.30            -6.17
INTEGRAT FINANCE           IFC          49.83           -51.32
JAYKAY ENTERPRIS           JEL          13.51            -3.03
JCT ELECTRONICS            JCTE        122.54           -50.00
JD ORGOCHEM LTD            JDO          10.46            -1.60
JENSON & NIC LTD           JN           17.91           -84.78
JIK INDUS LTD              KFS          20.63            -5.62
JOG ENGINEERING            VMJ          50.08           -10.08
KALYANPUR CEMENT           KCEM         33.31           -30.53
KERALA AYURVEDA            KRAP         13.99            -1.18
KIDUJA INDIA               KDJ          17.15            -2.28
KINGFISHER AIR             KAIR      1,883.62          -661.89
KINGFISHER A-SLB           KAIR/S    1,883.62          -661.89
KITPLY INDS LTD            KIT          48.42           -24.51
LLOYDS FINANCE             LYDF         21.65           -11.39
LLOYDS STEEL IND           LYDS        510.00           -48.98
LML LTD                    LML          65.26           -56.77
MAHA RASHTRA APE           MHAC         24.13           -14.27
MILLENNIUM BEER            MLB          52.23            -5.22
MILTON PLASTICS            MILT         18.65           -52.29
MTZ POLYFILMS LT           TBE          31.94            -2.57
NICCO CORP LTD             NICC         75.56            -6.49
NICCO UCO ALLIAN           NICU         32.23           -71.91
NK INDUS LTD               NKI          49.04            -4.95
NUCHEM LTD                 NUC          24.72            -1.60
ORIENT PRESS LTD           OP           16.70            -0.09
PANCHMAHAL STEEL           PMS          51.02            -0.33
PARASRAMPUR SYN            PPS          99.06          -307.14
PAREKH PLATINUM            PKPL         61.08           -88.85
PEACOCK INDS LTD           PCOK         11.40           -14.40
PIRAMAL LIFE SC            PLSL         45.82           -32.69
QUADRANT TELEVEN           QDTV        188.57          -116.81
RAJ AGRO MILLS             RAM          10.21            -0.61
RATHI ISPAT LTD            RTIS         44.56            -3.93
REMI METALS GUJA           RMM         102.64            -5.29
RENOWNED AUTO PR           RAP          14.12            -1.25
ROLLATAINERS LTD           RLT          22.97           -22.24
ROYAL CUSHION              RCVP         20.62           -75.53
SCOOTERS INDIA             SCTR         18.63            -6.88
SEN PET INDIA LT           SPEN         12.99           -25.24
SHAH ALLOYS LTD            SA          212.81            -9.74
SHALIMAR WIRES             SWRI         24.87           -51.77
SHAMKEN COTSYN             SHC          23.13            -6.17
SHAMKEN MULTIFAB           SHM          60.55           -13.26
SHAMKEN SPINNERS           SSP          42.18           -16.76
SHREE GANESH FOR           SGFO         44.50            -2.89
SHREE RAMA MULTI           SRMT         64.03           -44.99
SIDDHARTHA TUBES           SDT          76.98           -12.45
SOUTHERN PETROCH           SPET      1,584.27            -4.80
SQL STAR INTL              SQL          11.69            -1.14
STI INDIA LTD              STIB         30.87           -10.59
TAMILNADU TELE             TNT          12.82            -5.15
TATA TELESERVICE           TTLS      1,311.30          -138.25
TATA TELE-SLB              TTLS/S    1,311.30          -138.25
TRIUMPH INTL               OXIF         58.46           -14.18
TRIVENI GLASS              TRSG         24.55            -8.57
TUTICORIN ALKALI           TACF         14.15           -11.20
UNIFLEX CABLES             UFC          45.05            -0.90
UNIFLEX CABLES             UFCZ         45.05            -0.90
UNIMERS INDIA LT           HDU          18.08            -5.86
UNITED BREWERIES           UB        2,652.00          -242.53
UNIWORTH LTD               WW          161.65          -143.41
USHA INDIA LTD             USHA         12.06           -54.51
VENTURA TEXTILES           VRTL         15.19            -0.99
VENUS SUGAR LTD            VS           11.06            -1.08
WIRE AND WIRELES           WNW         115.34           -34.49


JAPAN

ARRK CORP                  7873      1,221.45           -37.80
C&I HOLDINGS               9609         32.82           -39.23
CROWD GATE CO              2140         11.63            -4.29
KFE JAPAN CO LTD           3061         17.86            -2.27
L CREATE CO LTD            3247         42.34            -9.15
LCA HOLDINGS COR           4798         55.65            -3.28
NIS GROUP CO LTD           8571        477.70           -75.44
PROPERST CO LTD            3236        305.90          -330.20
SHIOMI HOLDINGS            2414        201.19           -33.62
S-POOL INC                 2471         18.11            -0.41


KOREA

AJU MEDIA SOL-PF           44775        13.82            -1.25
DAISHIN INFO               20180       740.50          -158.45
KUKDONG CORP               5320         53.07            -1.85
KUMHO INDUS-PFD            2995      5,837.32          -967.28
KUMHO INDUSTRIAL           2990      5,837.32          -967.28
ORICOM INC                 10470        82.65           -40.04
SAMT CO LTD                31330       200.83          -152.09
SEOUL MUTL SAVIN           16560       874.79           -34.13
SUNGJEE CONSTRUC           5980        114.91           -83.19
TONG YANG MAGIC            23020       355.15           -25.77
YOUILENSYS CORP            38720       166.70           -12.34


MALAYSIA

BANENG HOLDINGS            BANE         50.30            -3.48
HAISAN RESOURCES           HRB          64.66            -0.15
HO HUP CONSTR CO           HO           67.48            -8.90
JPK HOLDINGS BHD           JPK          20.34            -0.50
LUSTER INDUSTRIE           LSTI         22.93            -3.18
MITHRIL BHD                MITH         29.69            -0.27
NGIU KEE CO-BHD            NKC          14.81           -12.42
TRACOMA HOLDINGS           TRAH         57.09           -24.60
VTI VINTAGE BHD            VTI          15.71            -1.28


PHILIPPINES

CYBER BAY CORP             CYBR         14.16           -92.96
EAST ASIA POWER            PWR          31.58          -185.31
FIL ESTATE CORP            FC           40.29           -14.05
FILSYN CORP A              FYN          23.37           -11.33
FILSYN CORP. B             FYNB         23.37           -11.33
GOTESCO LAND-A             GO           21.76           -19.21
GOTESCO LAND-B             GOB          21.76           -19.21
PICOP RESOURCES            PCP         105.66           -23.33
STENIEL MFG                STN          20.43           -15.89
UNIWIDE HOLDINGS           UW           50.36           -57.19
VICTORIAS MILL             VMC         164.26           -18.20


SINGAPORE

ADV SYSTEMS AUTO           ASA          18.93           -11.69
ADVANCE SCT LTD            ASCT         25.29           -10.05
HL GLOBAL ENTERP           HLGE         93.13           -13.57
JAPAN LAND LTD             JAL         203.24           -14.68
LINDETEVES-JACOB           LJ           20.64            -6.07
NEW LAKESIDE               NLH          19.34            -5.25
SUNMOON FOOD COM           SMOON        17.25           -15.34
TT INTERNATIONAL           TTI         266.39           -59.41


THAILAND

ABICO HLDGS-F              ABICO/F      15.28            -4.40
ABICO HOLDINGS             ABICO        15.28            -4.40
ABICO HOLD-NVDR            ABICO-R      15.28            -4.40
ASCON CONSTR-NVD           ASCON-R      59.78            -3.37
ASCON CONSTRUCT            ASCON        59.78            -3.37
ASCON CONSTRU-FO           ASCON/F      59.78            -3.37
BANGKOK RUBBER             BRC          97.98           -81.80
BANGKOK RUBBER-F           BRC/F        97.98           -81.80
BANGKOK RUB-NVDR           BRC-R        97.98           -81.80
CALIFORNIA W-NVD           CAWOW-R      36.95            -7.36
CALIFORNIA WO-FO           CAWOW/F      36.95            -7.36
CALIFORNIA WOW X           CAWOW        36.95            -7.36
CIRCUIT ELEC PCL           CIRKIT       16.79           -96.30
CIRCUIT ELEC-FRN           CIRKIT/F     16.79           -96.30
CIRCUIT ELE-NVDR           CIRKIT-R     16.79           -96.30
DATAMAT PCL                DTM          12.69            -6.13
DATAMAT PCL-NVDR           DTM-R        12.69            -6.13
DATAMAT PLC-F              DTM/F        12.69            -6.13
ITV PCL                    ITV          37.14          -110.85
ITV PCL-FOREIGN            ITV/F        37.14          -110.85
ITV PCL-NVDR               ITV-R        37.14          -110.85
K-TECH CONSTRUCT           KTECH        38.87           -46.47
K-TECH CONSTRUCT           KTECH/F      38.87           -46.47
K-TECH CONTRU-R            KTECH-R      38.87           -46.47
KUANG PEI SAN              POMPUI       17.70           -12.74
KUANG PEI SAN-F            POMPUI/F     17.70           -12.74
KUANG PEI-NVDR             POMPUI-R     17.70           -12.74
PATKOL PCL                 PATKL        52.89           -30.64
PATKOL PCL-FORGN           PATKL/F      52.89           -30.64
PATKOL PCL-NVDR            PATKL-R      52.89           -30.64
PICNIC CORP-NVDR           PICNI-R     101.18          -175.61
PICNIC CORPORATI           PICNI       101.18          -175.61
PICNIC CORPORATI           PICNI/F     101.18          -175.61
PONGSAAP PCL               PSAAP/F      24.61           -10.99
PONGSAAP PCL               PSAAP        24.61           -10.99
PONGSAAP PCL-NVD           PSAAP-R      24.61           -10.99
SAHAMITR PRESS-F           SMPC/F       21.99            -4.01
SAHAMITR PRESSUR           SMPC         21.99            -4.01
SAHAMITR PR-NVDR           SMPC-R       21.99            -4.01
SUNWOOD INDS PCL           SUN          19.86           -13.03
SUNWOOD INDS-F             SUN/F        19.86           -13.03
SUNWOOD INDS-NVD           SUN-R        19.86           -13.03
THAI-DENMARK PCL           DMARK        15.72           -10.10
THAI-DENMARK-F             DMARK/F      15.72           -10.10
THAI-DENMARK-NVD           DMARK-R      15.72           -10.10
THAI-GERMAN PR-F           TGPRO/F      55.31            -8.54
THAI-GERMAN PRO            TGPRO        55.31            -8.54
THAI-GERMAN-NVDR           TGPRO-R      55.31            -8.54
TRANG SEAFOOD              TRS          13.90            -3.59
TRANG SEAFOOD-F            TRS/F        13.90            -3.59
TRANG SFD-NVDR             TRS-R        13.90            -3.59
TT&T PCL                   TTNT        656.18          -194.61
TT&T PCL-NVDR              TTNT-R      656.18          -194.61
TT&T PUBLIC CO-F           TTNT/F      656.18          -194.61


TAIWAN

CHIEN TAI CEMENT           1107        214.12           -49.02
HELIX TECH-EC              2479T        23.39           -24.12
HELIX TECH-EC IS           2479U        23.39           -24.12
HELIX TECHNOL-EC           2479S        23.39           -24.12
TAIWAN KOL-E CRT           1606U       507.21          -147.14
TAIWAN KOLIN-EN            1606V       507.21          -147.14
TAIWAN KOLIN-ENT           1606W       507.21          -147.14
VERTEX PREC-ENTL           5318T        42.24            -5.08
VERTEX PRECISION           5318         42.24            -5.08


                             *********

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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