TCRAP_Public/110815.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

            Monday, August 15, 2011, Vol. 14, No. 160

                            Headlines



A U S T R A L I A

BEAUTY HEALTH: Goes Into Administration, Directors Resign
ETN COMMUNICATIONS: Goes Into Administration on Tax Office Debt
PHARMAXIS LTD: Posts AUD45.75 Million Net Loss for 2011
SP MARINA: Receivers Put Two Retail Sites Up for Sale
TRIO CAPITAL: Ex-Chairman Banned for 9 Years from Fnc'l. Industry

TRIO CAPITAL: Former Astarra Manager Sentenced to Jail


C H I N A

BANK OF NANJING: S&P Gives 'C' Bank Fundamental Strength Rating


H O N G  K O N G

ALWAYS GOOD: Members' Final Meeting Set for Sept. 12
ASIAN COMMUNICATING: Creditors' Proofs of Debt Due Sept. 12
CHAODA MODERN: Moody's Withdraws 'Ba2' Senior Unsecured Rating
CI INVESTMENT: Padraig Liam Walsh Steps Down as Liquidator
FAIR & HONEST: Liu Ka Yuen Steps Down as Liquidator

FAR EAST: Members' Final Meeting Set for Sept. 14
FRIEND GLORY: Creditors' Proofs of Debt Due Sept. 5
GOLD TREE: Creditors' Proofs of Debt Due Sept. 5
HK TUNNELS: Creditors' Proofs of Debt Due Sept. 1
INVESTORS MORTGAGE: Seng and Lo Step Down as Liquidators

NEW IMAGE: Creditors' Proofs of Debt Due Sept. 2
NEW MOUNT: Creditors' Proofs of Debt Due Sept. 10
PACIFIC ESPLANADE: Creditors' Proofs of Debt Due Sept. 14
ROTARY CENTENNIAL: Creditors' Proofs of Debt Due Sept. 14
SMART ASIA: Court Enters Wind-Up Order

SONITE LIMITED: Court Enters Wind-Up Order
STAR CHAMPION: Court Enters Wind-Up Order
SUZUYA INTERNATIONAL: Court Enters Wind-Up Order
TAIFUNG ASIA: Court Enters Wind-Up Order
TE FA COMPANY: Court to Hear Wind-Up Petition on Sept. 21

VALUE TUST: Court Enters Wind-Up Order
WELLICO DEVELOPMENT: Court Enters Wind-Up Order
WHEELER TRADING: Lai and Haughey Step Down as Liquidators
YEE TAK: Court to Hear Wind-Up Petition on August 31
YUN ON: Court Enters Wind-Up Order


I N D I A

ADMARK POLYCOATS: Fitch Rates INR35 Mil. Facility at 'BB(ind)'
AIR INDIA: Government Names Rohit Nandan as New Chairman
AKANKSHA AUTOMOBILES: ICRA Places '[ICRA]BB' Rating on INR3cr Loan
ANSAL Properties: Fitch Places Ratings to Non-Monitored Category
BRAMHA CORP: Fitch Puts 'B+(ind)' Rating on INR1.45-Bil. Loans

CHANDI STEEL: ICRA Reaffirms '[ICRA]BB' Rating on INR10cr Loan
EPIC SOFTWARE: ICRA Rates INR8cr Cash Credit at '[ICRA]B'
ESKAY-BEE INT'L: CRISIL Rates INR100MM Cash Credit at 'CRISIL BB'
GARGO MOTORS: CRISIL Upgrades Rating on INR65MM Loan to CRISIL B-
INDIAN GEM: ICRA Reaffirms '[ICRA]BB' Rating on INR29cr Loan

KANISHK GOLD: CRISIL Reaffirms '[ICRA]BB+' INR27.8MM Loan Rating
KG FABRIKS: ICRA Reaffirms '[ICRA]C+' Rating on INR57.69cr LT Loan
LINKWELL SEAMLESS: CRISIL Reaffirms 'CRISIL D' Term Loan Rating
MAHINDRA SATYAM: Posts INR225-cr Profit in Q1; To Wind Down ADS
MAS CONSTRUCTIONS: CRISIL Puts 'CRISIL BB' Rating to INR4.3MM Loan

NAWLA ISPAT: ICRA Assigns '[ICRA]BB' Rating to INR5cr Loan
OSWAL SPINNING: ICRA Withdraws 'LC/A5' Rating on INR80cr Bank Loan
PRINCE MARKETING: ICRA Rates INR15cr LT Loan at '[ICRA]BB-'
R.G. SPINNING: CRISIL Ups Rating on INR86.4MM Loan to 'CRISIL C'
RAGMET ENGINEERS: Fitch Rates INR120MM Loan at 'Fitch B(ind)'

SANYA AUTOMOBILES: CRISIL Reaffirms CRISIL BB- Cash Credit Rating
SHIVALAYA CONSTRUCTION: CRISIL Reaffirms Loan Rating at CRISIL B-
SRI KANNAPIRAN: ICRA Reaffirms '[ICRA]BB' Rating on INR42.8cr Loan
SRI VARALAXMI: CRISIL Reaffirms CRISIL B+ Rating on INR100MM Loan
VIJAI SPINNERS: CRISIL Cuts Rating on INR105MM Loan to 'CRISIL D'

VINAYAK AUTOLINK: ICRA Rates INR7cr Bank Loan at 'ICRA BB+'
VISUAL PERCEPT: ICRA Rates INR231cr Term Loan at '[ICRA]BB+'
WERM INDIA: CRISIL Assigns 'CRISIL B' Rating to INR10.1MM LT Loan


I N D O N E S I A

TELEKOMUNIKASI INDONESIA: Fitch Affirms 'BB+' Sr. Unsecured Rating


J A P A N

CHELSEA ASSET: Moody's Assigns Ratings to TMK and CMBS
NCI TRUST: S&P Lowers Rating on Class D Certificates to 'B-'


M A L A Y S I A

AMANAHRAYA REAL: S&P Assesses Stand-alone Credit Profile at 'BB+'


N E W  Z E A L A N D

GULF CORP: Chinese Investors Seek to Buy Whangaparoa Development
PIKE RIVER: Claims Rise to NZ$119.9 Million, PwC Reports


                            - - - - -


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


BEAUTY HEALTH: Goes Into Administration, Directors Resign
---------------------------------------------------------
Patrick Stafford at SmartCompany reports that Beauty Health Group
has collapsed into administration and appointed John Vouris and
Bradley Tonks of Lawler Partners as joint administrators.

A number of the company's directors resigned, while a planned
acquisition of an eCommerce services group was eventually called
off, according to SmartCompany.

The report notes that in its most recent financial results
announcement from 2010, the company posted a loss of AU$311,825
with debts of AU$699,260.

SmartCompany recalls that the business had previously invested in
Chongqing Hailian University in China, but in 2007, said that this
investment was "unsalvageable".  The company acquired the private
university several years earlier in 2002, but was reportedly
unable to account for rising costs, the report relates.

SmartCompany discloses that the company attempted to switch
strategies, and announced in 2008, it would acquire ecommerce
business Zoogle Interactive.  However, in 2009, it said the deal
would no longer go ahead "due to late difficulties with the
vendors," the report notes.

SmartCompany says that during the past two years, as it attempted
to restructure into a beauty health and services group, the
company appointed former Ella Bache head Karen Matthews as chief
executive.  The report relays that the appointment came after the
group agreed to buy the Beauty Spa Company, an early-stage Sydney
beauty and services and group that planned to roll out both
franchised and managed beauty spas.

However, last year, the company already flagged concerns about its
own financial position, SmartCompany notes.  "If the Group is
unable to generate sufficient cashflows and reduce cash outflows
. . . there may be a material adverse effect on the Group's
ability to continue as a going concern," Beauty Health said in a
statement to the Australian Securities Exchange, the report adds.

Beauty Health Group is a retailer and distributor of beauty and
health products across Australia and Asia that until last year was
called Hailian International.


ETN COMMUNICATIONS: Goes Into Administration on Tax Office Debt
---------------------------------------------------------------
SmartCompany reports that ETN Communications has entered
administration, with a Tax Office debt believed to be behind the
collapse of the 10-year-old business.

The company said it entered external administration with the
purpose of solving a dispute with the Australian Taxation Office
and has chosen to take a stand, according to SmartCompany.  The
report relates that the company said it is cash positive.

SmartCompany notes that administrator Schon Condon of Condon
Associates said the company is still trading and he is fairly
confident about its outlook despite operating within a "fickle
industry."

"There appears to have been some dilemmas with poor advice given
to directors which ultimately led to pressure from the ATO," Mr.
Condon told SmartCompany in an interview.  The Tax Office is its
main creditor with a debt believed to be AU$130,000; Westpac is
also a lender to the group, Mr. Condon said, the report relates.
Pressures in the broader economy were compounding challenges in
the fast-moving publishing industry, he added.

SmartCompany notes that Mr. Condon expects buyers to emerge for
the business, particularly from within the media industry.

ETN Communications is a custom publisher firm.


PHARMAXIS LTD: Posts AUD45.75 Million Net Loss for 2011
-------------------------------------------------------
Pharmaxis Ltd has filed with the Australian Securities Exchange
its Statutory Annual Report for the year ended June 30, 2011.

The company reported a net loss of AUD45.75 million for the year
ended June 30, 2011, compared with a net loss of AUD46.34 million
in 2010.  Revenue fell 17% to AUD4.45 million.

The Company's balance sheet as of June 30, 2011, showed
AUD94.57 million in total assets, AUD23.74 million of debts, and
AUD70.83 million of stockholders' equity.

A full-text copy of the annual report is available for free at:

                 http://ResearchArchives.com/t/s?76ac

Based in Australia, Pharmaxis Ltd (ASX:PXS) --
http://www.pharmaxis.com.au/-- is a specialty pharmaceutical
company focused on the development of new products for the
diagnosis and treatment of chronic respiratory and immune
disorders. The Company is engaged in the development of products
for asthma, cystic fibrosis and chronic obstructive pulmonary
disease (COPD), including bronchiectasis and chronic bronchitis.

Pharmaxis reported three consecutive annual net losses of
AUD20.44 million, AUD35.17 million and AUD46.34 million for the
years ended June 30, 2008, 2009 and 2010.


SP MARINA: Receivers Put Two Retail Sites Up for Sale
-----------------------------------------------------
Goldcoast.com.au reports that SP Marina's receivers have moved to
place one of the Gold Coast's highest profile retail sites on the
market.

Mariner's Cove and Marina at Main Beach will be offered in an
expressions-of-interest campaign that will close on Sept. 15,
2011, goldcoast.com au says.

The site was originally constructed in the early 1980s and
comprises a total land and seabed lease area of about 3.95 hectare
fronting the Broadwater on Seaworld Drive, according to
goldcoast.com au.

The site was owned by SP Marina, a joint-venture of The Raptis
Group and City Pacific, which paid AUD49 million for it in 2007 at
the height of the market, the report notes.

The pair of former corporate high-flyers planned a redevelopment
of the site before the market turned, with receivers seizing
control of the property in August 2009, goldcoast.com.au relays.

Property industry sources indicated the site could be expected to
fetch between AUD20 million to AUD30 million, the report notes.

Stewart Gilchrist and John Meyers of Colliers International,
together with Dan and Sam McVay of McVay Real Estate, will market
the property, goldcoast.com.au states.

Mr. Gilchrist said Mariner's Cove and Marina was a high-profile
Queensland property and was quite unique, presenting strong
opportunities for the savvy investor or developer.


TRIO CAPITAL: Ex-Chairman Banned for 9 Years from Fnc'l. Industry
-----------------------------------------------------------------
The Australian Securities and Investment Commission said it has
entered into an enforceable undertaking (EU) with David Andrews,
the former chairman and director of Trio Capital Limited.

Mr. Andrews was a non-executive director of Trio Capital between
November 2005 and January 2006 and then again from July 2006.  He
was Chairman of the company's board from February 2007.  He was
also chairman of the Investment Committee of Trio and a member of
the Risk and Compliance Committee of Trio.  Mr. Andrews has agreed
not to act in any role within the financial services industry for
nine years.  With the exception of a small private company in
which Mr. Andrews is sole director, he has also agreed not to act
as a director of any corporation for nine years.

ASIC Chairman Greg Medcraft said: "We believe Mr. Andrews failed
in his duties as officer of the responsible entity of the Astarra
Strategic Fund and therefore it's inappropriate for him to be
involved in the financial services industry or act as director.
This is the fifth outcome arising from ASIC's investigation of
Trio Capital and its related entities as we continue to hold
gatekeepers in the financial services industry to account."

The announcement follows the EUs entered into with former Trio
directors Rex Phillpott and Natasha Beck last month, the EU from
Kilara Financial Solutions Pty Ltd, the Australian financial
services licence suspension of Seagrims Pty Ltd and the financial
services banning of the directors of Seagrims.

                        About Trio Capital

Trio Capital was formerly the trustee of five superannuation
entities and the responsible entity for 25 managed investment
schemes, including the Astarra Strategic Fund. The Astarra
Strategic Fund was a fund of hedge funds which in December 2009
had reported assets of $125 million. Investors in the Astarra
Strategic Fund included several superannuation trusts managed by
Trio Capital as well as self-managed superannuation funds and
direct investors.

The Astarra Strategic Fund invested in several questionable
overseas hedge funds, mostly based in the Caribbean.  ASIC
commenced an investigation into Trio Capital in October 2009 over
concerns about the legitimacy of its investments. Trio Capital was
placed into administration on Dec. 16, 2009, and on April 16,
2010, the NSW Supreme Court ordered that the Astarra Strategic
Fund be wound up.  Since this time the liquidator of Trio Capital
has been unable to recover the vast majority of the investments
made by the Astarra Strategic Fund.

Investigations into Trio Capital are continuing by both ASIC and
the Australian Prudential Regulation Authority.


TRIO CAPITAL: Former Astarra Manager Sentenced to Jail
------------------------------------------------------
Former Astarra Asset Management Pty Ltd investment manager, Shawn
Darrell Richard, has been sentenced to a total of three years and
nine months imprisonment with a minimum term of two years and six
months following an investigation by the Australian Securities and
Investment Commission into the collapse of the Astarra Strategic
Fund and its responsible entity, Trio Capital Ltd. in 2009.

Mr. Richard, 36, appeared in the NSW Supreme Court before The
Honourable Justice Peter Richard Garling RFD for sentencing,
having already been formally convicted on July 22, 2011, of two
charges of dishonest conduct while providing financial services
between 2005 and 2009.  This followed Mr. Richard's guilty plea in
December 2010.  Mr. Richard also admitted to conduct that
constituted making false statements in relation to a financial
product.

In sentencing, Justice Garling said, "Mr. Richard is guilty of
serious crimes of a high order. They were carefully considered and
planned, they were well concealed, they continued over a period of
nearly four years and they led to significant financial losses in
excess of $26.6 million."

ASIC Chairman, Mr. Greg Medcraft, welcomed the sentence as an
effective deterrent against dishonest conduct by those in
positions of trust.

"Mr. Richard was a critical gatekeeper in the financial services
system, responsible for making decisions in the interests of
investors. His dishonesty resulted in significant detriment to
those investors.

"ASIC has recently increased its focus on the responsibilities of
gatekeepers and, as this case demonstrates, will ensure that those
who dishonestly fail in those responsibilities are brought to
account in criminal proceedings," Mr. Medcraft said.

ASIC commenced its investigation on Oct. 2, 2009, into
Mr. Richard's conduct as a former director of AAM, the investment
manager of ASF.  Mr. Richard was also involved in making
investment decisions for the Astarra Superannuation Plan (ASP).

ASIC alleged, among other things, that Mr. Richard was involved in
causing the ASF and ASP to place investor money into overseas
hedge funds and that he and AAM received in excess of $6.4 million
in undisclosed payments for making these investments.

ASIC also alleged that Mr. Richard made materially misleading
statements about the value of the ASF investments in the overseas
hedge funds, knowing these statements were included in valuation
statements provided to Trio and were likely to have the effect of
inducing Trio Capital Ltd, the responsible entity of the ASF, to
seek further investments in the hedge funds.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

                        About Trio Capital

Trio Capital was formerly the trustee of five superannuation
entities and the responsible entity for 25 managed investment
schemes, including the Astarra Strategic Fund. The Astarra
Strategic Fund was a fund of hedge funds which in December 2009
had reported assets of $125 million. Investors in the Astarra
Strategic Fund included several superannuation trusts managed by
Trio Capital as well as self-managed superannuation funds and
direct investors.

The Astarra Strategic Fund invested in several questionable
overseas hedge funds, mostly based in the Caribbean.  ASIC
commenced an investigation into Trio Capital in October 2009 over
concerns about the legitimacy of its investments. Trio Capital was
placed into administration on Dec. 16, 2009, and on April 16,
2010, the NSW Supreme Court ordered that the Astarra Strategic
Fund be wound up.  Since this time the liquidator of Trio Capital
has been unable to recover the vast majority of the investments
made by the Astarra Strategic Fund.

Investigations into Trio Capital are continuing by both ASIC and
the Australian Prudential Regulation Authority.


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C H I N A
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BANK OF NANJING: S&P Gives 'C' Bank Fundamental Strength Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-/A-3'
counterparty credit rating to Bank of Nanjing Co. Ltd.  The
outlook on the long-term rating is stable. "At the same time, we
assigned our 'C' bank fundamental strength rating and our 'cnA-
/cnA-2' Greater China scale rating to the bank," S&P related.

"The ratings on BONJ reflect the bank's strong capitalization,
adequate and resilient profitability across economic cycles, and
the potential benefits from its strategic cooperation with BNP
Paribas (BNPP; AA/Negative/A-1+)," said Standard & Poor's credit
analyst Terry Sham. "In addition, BONJ has an established
franchise in the domestic debt market."

The bank's limited geographic diversification, small market share,
and the latent credit risk associated with its rapidly growing and
unseasoned loan book in China's moderately high-risk banking
industry temper these strengths.

"We expect BONJ's capitalization to remain solid even though the
bank's assets are likely to grow rapidly over the next two to
three years," S&P related.

"We assess BONJ's profitability to be adequate. The bank's ratio
of core earnings to average assets was 1.25% in 2010, compared
with 1.28% in 2009. We expect its performance to be stable in
2011," S&P said.

BONJ's shareholding is diverse. The Nanjing municipal government
controls the bank with an effective stake of 24.72%. BNPP is its
second-largest shareholder, with a 12.61% equity interest. BNPP
plays an active role in BONJ's corporate governance and
management, partly because the Chinese bank fits well into the
BNPP's China strategy. Nonetheless, the rating on BONJ does not
factor in any extraordinary support.

"BONJ's asset quality is adequate, in our opinion, with low
reported nonperforming loans and strong loan loss reserve
coverage," said Mr. Sham. It has a good record of maintaining
adequate loan quality and low credit costs compared with the
industry average through the past decade.

"In our view, this record mainly reflects the good operating
environment in BONJ's home market of Nanjing and the bank's
adequate reserving policy. Moreover, BONJ's asset mix has a bias
toward less risky non-loan assets than loans. Such a bias could
also help the bank sustain asset quality in a stress scenario,"
S&P related.

BONJ is a regional bank based in Nanjing, the capital of China's
affluent south-eastern province of Jiangsu. Standard & Poor's
assesses BONJ as having low systemic importance given the bank's
tiny market share in China. Nonetheless, the bank has an
established market position in China's domestic debt market and in
Nanjing.

"We believe latent risks associated with BONJ's rapidly growing
and unseasoned loan portfolio remain despite the bank's strong
credit performance. Nonetheless, BONJ's sizable portfolio of local
government financing vehicles (LGFVs) could perform better than
the industry-wide LGFV portfolio. This is because the bank is
predominantly exposed to LGFVs that fiscally strong local
governments own," S&P stated.


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


ALWAYS GOOD: Members' Final Meeting Set for Sept. 12
----------------------------------------------------
Members of Always Good Enterprises Limited will hold their final
general meeting on Sept. 12, 2011, at 10:00 a.m., at 5/F, Dah Sing
Life Building, at 99-105 Des Voeux Road Central, in Hong Kong.

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


ASIAN COMMUNICATING: Creditors' Proofs of Debt Due Sept. 12
-----------------------------------------------------------
Creditors of Asian Communicating Solutions Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 12, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 3, 2011.

The company's liquidator is:

         Jean-Francois Archer
         3 rue Belfont
         87270 Couseix
         France


CHAODA MODERN: Moody's Withdraws 'Ba2' Senior Unsecured Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn Chaoda Modern Agriculture
(Holdings) Ltd's Ba2 senior unsecured rating.  The rating
withdrawal follows the company's decision not to proceed with its
bond issuance.  At the same time, Moody's has affirmed Chaoda's
Ba2 corporate family rating. The rating outlook is stable.

Ratings Rationale

Chaoda's Ba2 corporate family rating reflects the company's well-
established market position in agricultural produce in China, its
diversified production bases, and its extensive distribution
network.

Although Chaoda has a stronger financial profile, when compared to
other Ba2-rated issuers in the region, its rating is constrained
by the lack of bank financing and material related-party
transactions.

The stable outlook reflects Moody's expectations that Chaoda's
management will take a prudent approach to managing its growth and
its cash position, which is important for a company without term
banking facility support.

Chaoda Modern Agriculture (Holdings) Limited's ratings were
assigned by evaluating factors that Moody's considers relevant to
the credit profile of the issuer, such as the company's (i)
business risk and competitive position compared with others within
the industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
Chaoda Modern Agriculture (Holdings) Limited's core industry and
believes Chaoda Modern Agriculture (Holdings) Limited's ratings
are comparable to those of other issuers with similar credit risk.

Chaoda Modern Agriculture (Holdings) Limited, headquartered in
Hong Kong and listed on the Hong Kong Stock Exchange, is
principally engaged in the cultivation and sale of agricultural
produce in China, mainly vegetables, which account for about 90%
of its revenue.


CI INVESTMENT: Padraig Liam Walsh Steps Down as Liquidator
----------------------------------------------------------
Padraig Liam Walsh stepped down as liquidator of CI Investment
Limited on Aug. 1, 2011.


FAIR & HONEST: Liu Ka Yuen Steps Down as Liquidator
---------------------------------------------------
Liu Ka Yuen stepped down as liquidator of Fair & Honest (HK)
Company Limited on July 22, 2011.


FAR EAST: Members' Final Meeting Set for Sept. 14
-------------------------------------------------
Members and creditors of Far East Refrigeration (Hong Kong)
Limited will hold their final general and final meeting on
Sept. 14, 2011, at 10:00 a.m., and 10:30 a.m., respectively at
Flat B, 1/F., Tung On Court, 17-21 Tung On Street, Kowloon, in
Hong Kong.

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


FRIEND GLORY: Creditors' Proofs of Debt Due Sept. 5
---------------------------------------------------
Creditors of Friend Glory Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 5, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 2, 2011.

The company's liquidator is:

         Tsoi Hung
         7/F, Hong Kong Trade Centre
         161-167 Des Voeux Road
         Central, Hong Kong


GOLD TREE: Creditors' Proofs of Debt Due Sept. 5
------------------------------------------------
Creditors of Gold Tree Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 5, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 2, 2011.

The company's liquidator is:

         Tsoi Hung
         7/F, Hong Kong Trade Centre
         161-167 Des Voeux Road
         Central, Hong Kong


HK TUNNELS: Creditors' Proofs of Debt Due Sept. 1
-------------------------------------------------
Creditors of Hong Kong Tunnels and Highways Management Company
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by Sept. 1, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 3, 2011.

The company's liquidators are:

         John Robert Lees
         Mat Ng
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


INVESTORS MORTGAGE: Seng and Lo Step Down as Liquidators
--------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Investors Mortgage Company Limited on Aug. 5, 2011.


NEW IMAGE: Creditors' Proofs of Debt Due Sept. 2
------------------------------------------------
Creditors of New Image Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 2, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 2, 2011.

The company's liquidator is:

         Au-Yeung Keung Steve
         Flat K, 30/F
         Block 3, The Merton
         8 Davis Street
         Kennedy Town
         Hong Kong


NEW MOUNT: Creditors' Proofs of Debt Due Sept. 10
-------------------------------------------------
Creditors of New Mount Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Sept. 10, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 25, 2011.

The company's liquidator is:

         Ling Wai Ming
         Room 2802, 28/F
         China Resources Building
         No. 26 Harbour Road
         Wanchai, Hong Kong


PACIFIC ESPLANADE: Creditors' Proofs of Debt Due Sept. 14
---------------------------------------------------------
Creditors of Pacific Esplanade Properties Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 14, 2011, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Francis Young
         20th Floor, Tung Wai Commercial Building
         109-111 Gloucester Road
         Wanchai, Hong Kong


ROTARY CENTENNIAL: Creditors' Proofs of Debt Due Sept. 14
---------------------------------------------------------
Creditors of Rotary Centennial Institute for Wetland Conservation
(District 3450 Area 5) Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Sept. 14, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 12, 2011.

The company's liquidator is:

         Lam Tak Keung
         Suite 504, South Tower
         World Finance Centre
         Harbour City
         17-19 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


SMART ASIA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 19, 2011, to
wind up the operations of Smart Asia Watches Limited.

The company's liquidator is Bruno Arboit.


SONITE LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on July 11, 2011, to
wind up the operations of Sonite Limited.

The company's liquidator is Bruno Arboit.


STAR CHAMPION: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on May 6, 2011, to
wind up the operations of Star Champion Holdings Limited.

The company's liquidator is Bruno Arboit.


SUZUYA INTERNATIONAL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on July 25, 2011, to
wind up the operations of Suzuya International (H.K.) Company
Limited.

The Official Receiver is Tesera S W Wong.


TAIFUNG ASIA: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on March 21, 2011, to
wind up the operations of Taifung Asia Holdings Limited.

The company's liquidator is Bruno Arboit.


TE FA COMPANY: Court to Hear Wind-Up Petition on Sept. 21
---------------------------------------------------------
A petition to wind up the operations of Te Fa Company Limited will
be heard before the High Court of Hong Kong on Sept. 21, 2011, at
9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 21, 2011.

The Petitioner's solicitors are:

          Gallant Y.T. Ho & Co.
          5th Floor, Jardine House
          No. 1 Connaught Place
          Central, Hong Kong


VALUE TUST: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 27, 2011, to
wind up the operations of Value Tust International Co., Limited.

The Official Receiver is Tesera S W Wong.


WELLICO DEVELOPMENT: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on March 21, 2011, to
wind up the operations of Wellico Development Limited.

The company's liquidator is Bruno Arboit.


WHEELER TRADING: Lai and Haughey Step Down as Liquidators
---------------------------------------------------------
Lai Kar Yan Derek and Darach E. Haughey stepped down as
liquidators of Wheeler Trading Co. (HK) Limited on July 20, 2011.


YEE TAK: Court to Hear Wind-Up Petition on August 31
----------------------------------------------------
A petition to wind up the operations of Yee Tak Plastic Industrial
Limited will be heard before the High Court of Hong Kong on
Aug. 31, 2011, at 9:30 a.m.

Ha Kwok On filed the petition against the company on June 27,
2011.

The Petitioner's solicitors are:

          Tony Au & Partners
          Room 2003, 20/F, Tower Two
          Lippo Centre, 89 Queensway
          Hong Kong


YUN ON: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on July 27, 2011, to
wind up the operations of Yun On (H.K) Trading Co. Limited.

The Official Receiver is Tesera S W Wong.


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


ADMARK POLYCOATS: Fitch Rates INR35 Mil. Facility at 'BB(ind)'
--------------------------------------------------------------
Fitch Ratings has assigned India's Admark Polycoats Pvt Ltd a
National Long-Term rating of 'Fitch BB(ind)' with Stable Outlook.
Fitch has also assigned ratings to APPL's bank facilities as
follows:

  -- INR35m fund-based facility: 'Fitch BB(ind)'; and
  -- INR25m non-fund based limits: 'Fitch A4+(ind)'.

The ratings factor in APPL's robust sales growth over the years,
reputable customer base which includes international paint
manufacturing companies like Jotun, Akzo Nobel and Hempel, and its
comfortable credit metrics.  As per the provisional figures for
the financial year ended March 31, 2011 (FY11), APPL recorded
revenues of INR586 million with an EBITDA of INR59 million; its
financial leverage (total debt/EBITDA) was 0.9x with interest
coverage (EBITDA/gross interest) at 8.6x.

Fitch notes that the management plans to set up a processing plant
for its main raw material -- Cardenol, which can be procured from
cashews.  The capex is estimated to be completed in FY12 at an
estimated cost of INR40 million, and could potentially aid in
improving margins.

The rating is constrained by APPL's small size of operations, high
customer concentration and volatility in operating margins.  The
company's top customer, Jotun Ltd., contributed nearly 40% to its
total revenues in FY11.  Fitch notes that APPL does not enter into
long-term contracts to obtain raw materials due to their ever
rising prices, and negotiates for the same on a quarterly basis.
The company's margins declined to 10% in FY11 (FY10: 18%) due to
volatility in cardenol prices, which is currently being procured
from un-organised suppliers.

Negative rating guidelines include any delay in APPL's capex
implementation, which could put pressure on its margins.  Positive
rating guideline includes a sustained improvement in the company's
operating EBITDA margins to above 13% along with an improvement in
its financial leverage to below 1x.

Founded in 1999, APPL is a technology-driven company. It
manufactures and exports epoxy hardeners, like phenalkamines and
its adducts, which are used in marine paint applications. The
company has been awarded a 100% export oriented unit license up to
March 2015.


AIR INDIA: Government Names Rohit Nandan as New Chairman
--------------------------------------------------------
The Economic Times reports that state-run Air India Ltd said the
government has appointed Rohit Nandan, a joint secretary in the
ministry of civil aviation, as the ailing carrier's new chairman
and managing director.

Mr. Nandan, who assumed charge on Friday, will replace incumbent
Arvind Jadhav and will oversee the airline's turnaround and debt
restructuring plan, the Economic Times says.

The Economic Times notes that loss making Air India is in talks
with banks to restructure US$4 billion of working capital debt and
is in the midst of implementing a turnaround plan with a hub-and-
spoke route model focus, cut costs by redeploying staff and unload
non-core real estate.

                         Restructuring Plan

Indo-Asian News Service said in a separate report that the Indian
government on Friday said it would take three months to finalize
the financial restructuring plan of Air India.

The news agency relates that aviation minister Vayalar Ravi told
the Lok Sabha [the lower house of the Parliament of India] in a
written reply, "The exercise of finalizing the financial
restructuring plan and restructuring of loans would take about
three months."

Mr. Ravi's reply, IANS says, comes just a few days ahead of a
crucial meeting of a ministerial panel headed by finance minister
Pranab Mukherjee.  The panel is looking into Air India's
turnaround and financial restructuring plans that have been
prepared by the State Bank of India's financial advisory arm, SBI
Caps, IANS notes.

The panel's next meeting is scheduled for August 17.

                        About Air India

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

                          *     *     *

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

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


AKANKSHA AUTOMOBILES: ICRA Places '[ICRA]BB' Rating on INR3cr Loan
------------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR3.0 crore, long-term,
fund based limits of Akanksha Automobiles (Private) Limited.  ICRA
has also assigned '[ICRA]A4' rating to INR12.0 crore short-term,
fund based facilities of the company. The outlook on the long-term
rating is 'stable'.

The assigned ratings take into account AAPL's healthy market
position by virtue of being the sole MSIL dealer in the Moradabad
and Rampur districts, and an established track record of
operations. The ratings are, however, constrained by the thin
profit margins of AAPL, which is inherent in the automotive
dealership business, the moderate scale of operations and limited
financial flexibility on account of weak cash flows and high
gearing.

AAPL is an authorized MSIL dealer based in Moradabad and Rampur
districts of U.P. and is engaged in sales and service of vehicles
along with sale of spare parts. The incorporated was started in
1997 by the Singhal family and was taken over by the present
promoters viz., Mr. Puneet Agarwal and Mr. Amit Goel in 2003. The
company presently has one showroom, two service centers and one
warehouse in Moradabad.  In addition, the company also has one
showroom cum service center and a workshop in Rampur.  The
promoters of AAPL have also entered into the dealership of Honda
scooters through Akanksha Autowheels (Private) Limited in
July 2010.


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

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

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

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

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

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

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

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


BRAMHA CORP: Fitch Puts 'B+(ind)' Rating on INR1.45-Bil. Loans
--------------------------------------------------------------
Fitch Ratings has assigned India's Bramha Corp & Resorts Limited a
National Long-Term rating of 'Fitch B+(ind)'.  The Outlook is
Stable.  The agency has also assigned ratings to BCRL's bank loans
as follows:

  -- INR1,450m long-term loans: 'Fitch B+(ind)'; and
  -- INR450m fund-based limits: 'Fitch B+(ind)'.

BCRL's ratings reflect its long operational track record in the
hospitality sector, as well as the technical and marketing support
provided by the Bramha group on the back of a common management.
The ratings further reflect the strength the company derives from
the brand name (Le-Meridien) for its hotel in Pune, for which it
has a management contract with 'Starwood Hotels & Resorts
Worldwide Inc.' ('BB+'/Positive).  Le-Meridien (Pune) caters
mostly (over 95%) to the corporate clients, and has a strong brand
value and acceptance.

The ratings are constrained by the inherent volatility of the
hospitality sector.  BCRL's revenue was impacted majorly in the
financial year ended 31 March 2010 (FY10) and marginally in FY09
and FY11, due to a fall in occupancy and average room rates (ARR).
Fitch notes that an oversupply situation in the five-star
categories in Pune may adversely impact occupancy levels and ARR.

The ratings are also constrained by the company's ongoing capex of
INR1,400 million at Le Meridien (Mahableshwar), scheduled to be
completed by December 2012.  Fitch expects BCRL's financial
leverage (net debt/operating EBITDA) and interest coverage to
deteriorate over the next two years due to an increase in
borrowings for the capex.

Positive ratings guidelines include a sustained increase in BHRL's
interest cover to above 2.5x.  Negative rating guidelines include
a sustained decrease in BHRL's interest cover to below 1.5x.
Incorporated in 1987, BHRL has been operating Le Meridian (Pune)
since 1999.  For FY11, the company's revenue was INR573.7 million
(FY10: INR587.9 million) and EBIDTA was INR178.6 million (FY10:
INR216.7 million).


CHANDI STEEL: ICRA Reaffirms '[ICRA]BB' Rating on INR10cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB' rating assigned to the
INR10.00 crore cash credit facilities of Chandi Steel Industries
Limited. ICRA has also assigned an '[ICRA]BB' rating to the
INR13.80 crore bank guarantee limits of CSIL.  The outlook on the
long term rating is stable.  ICRA has also re-affirmed the
'[ICRA]A4' rating to the INR9.00 crore (increased from INR6.00
crore earlier) non-fund based bank facilities of CSIL.

The ratings take into account CSIL's market position, which is
strengthened by its operational linkages with group companies in
the Jai Balaji group, the strategic location of the manufacturing
unit that is in close proximity to raw material sources and key
customers, and the favorable demand outlook of the steel industry,
driven by the construction and infrastructure sectors. The ratings
also factor in the cyclicality inherent in the steel business that
makes cash flows volatile to fluctuations in prices, CSIL's weak
financial profile as reflected by its aggressive capital structure
and low levels of coverage indicators, small scale of operations
which are non-integrated in nature, and exposure to high client
concentration risks as more than two-third of the company's sales
during 2010-11 were derived from the top five clients.

                        About Chandi Steel

Chandi Steel Industries Ltd. was incorporated in 1978 as Chandi
Steel Industries Pvt. Ltd. by the promoters of a partnership
concern, Haryana Steel Corporation. The company re-rolls semi-
finished steel (mild steel alloy and non alloy billets/ ingots)
into long products (mild steel alloy and non alloy rounds, squares
and flats). The promoters of the Jai Balaji Group purchased the
company in 1993, and subsequently converted the entity to its
current form in November 2003 by listing CSIL on the Calcutta
Stock Exchange Association Limited. CSIL's re-rolling plant is
located on Belur Road in Howrah, West Bengal, and has an effective
capacity of 16,500 MTPA.

Recent Results

The company has reported a net profit of INR1.02 crore on an
operating income of INR73.29 crore during 2010-11 as compared to a
net profit of INR0.15 crore on an operating income of INR63.45
crore during 2009-10.


EPIC SOFTWARE: ICRA Rates INR8cr Cash Credit at '[ICRA]B'
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the
INR8.00 crore cash credit facilities of EPIC Software Pvt. Ltd.

The rating factors in the long standing experience of EPIC's
promoters in the electronics goods business and the distribution &
after sales network it has been able to establish in North and
East India. However, the rating is constrained by weak
profitability indicators, low brand recognition and high working
capital intensity. In the recent past, the sales of EPIC have
stagnated due to cut throat competition in the mobile trade market
which coupled with heavy advertisement and promotion expenditure
have resulted in low profitability of the company. The brand
recognition of EPIC's handsets remains weak which coupled with the
inherent inventory risk of launching new models, which may not be
a success in the Indian Market, remains a concern. The rating also
reflects the high working capital intensity of EPIC owing to high
build up of inventory as a result of sluggish sales. Going
forward, EPIC's ability to achieve sales growth as well as to
increase profitability in its operations would be the key
sensitivity factors.

EPIC Software Private Limited is involved in the business of
importing mobiles phones from China under their own brand
"Pagaria" and selling it in the Indian Market. EPIC has also
recently ventured in to the food grain business. EPIC has been
promoted by Mr. Govind Kumar Kabra, Shri Krishan Agarwal and Mr.
R.K Pagaria. The promoters have been involved in trading of
electronics products and lighting products for the last 25 years.
In 2006-07, the promoters ventured into the mobile phone market by
launching phones in the brand name of "Pagaria' mobiles. EPIC aims
to cater to the lower strata of the Indian market with its primary
focus on Tier II & Tier III cities through a network of 117
distributors and 87 service centers.

As per audited results of FY10, the reported profit after tax for
the company was INR0.05 crore on an operating income of INR21.47
crore. Further, as per unaudited provisional 10 month results of
FY11, EPIC reported profit after tax of INR0.09 crore on an
operating income of INR16.69 crore.


ESKAY-BEE INT'L: CRISIL Rates INR100MM Cash Credit at 'CRISIL BB'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
Eskay-Bee International Pvt. Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR100 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR250 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect susceptibility of operating performance to
volatility in the petrochemical prices and foreign exchange
fluctuations. These rating weaknesses are partially offset by the
EBIPL's satisfactory financial risk profile, marked by
satisfactory net worth and moderate dependence on external debt,
and the extensive experience of EBIPL's promoters in the plastic
granules and petrochemicals trading business.

Outlook: Stable

CRISIL expects that Eskay-Bee International Pvt. Ltd (EBIPL) will
maintain a 'Stable' business risk profile backed by extensive
experience of its promoters in the plastic granules and
petrochemical trading business. The outlook may be revised to
'Positive' if the company is able to demonstrate a higher than
expected revenues and net cash accruals while maintaining the
robust capital structure and satisfactory debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates, most likely due
greater than expected working capital requirements or depressed
profitability.

                    About Eskay-Bee International

Eskay Bee International Pvt. Ltd., incorporated in October 1997 by
Mr. Dilip and Mr. Jitendra Shah, is engaged in trading of plastic
granules and chemicals. The company commenced commercial
operations in 2008-09. Later, Mr. Kevin Shah, their nephew was
inducted as a director in the company. The company operates from
two offices in Mumbai. Mr. Dilip and Mr. Kevin oversee the
procurement and sales functions of the company while Mr. Jitendra
handles the finance and accounts functions of the company.

EBIPL reported a profit after tax (PAT) of INR21 million
(provisional) on net sales of INR1360 million for 2010-11, against
a PAT of INR16 million on operating income of INR634 million for
2009-10.


GARGO MOTORS: CRISIL Upgrades Rating on INR65MM Loan to CRISIL B-
------------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Gargo
Motors to 'CRISIL B-/Stable' from 'CRISIL C'.

   Facilities                      Ratings
   ----------                      -------
   INR65 Million Cash Credit       CRISIL B-/Stable (Upgraded from
                                                       'CRISIL C')

The rating upgrade reflects CRISIL's expectation on sustenance of
Gargo's somewhat improved liquidity, driven by better working
capital management over the medium term. Stabilization of its
rental crane business operations and improvement in working
capital management driven by faster debtor collection and shorter
inventory period has led to an improvement in liquidity. This has
also resulted in timely repayment of its long term debt
obligations; these were delayed on account of delay in payment
realization from Oil India Ltd (OIL) in the past.

Despite improvement in liquidity, the same remains stretched as
reflected the firm's high bank limits utilization at around 90%
over the past 12 month period ending April 2011. The firm's
capital structure too remains leveraged with gearing of 3.05 times
as on March 31, 2011.

The rating reflects Gargo's modest scale of operations and weak
financial risk profile, marked by small net worth, high gearing
and weak debt protection metrics. These rating weaknesses are
partially offset by the benefits that Gargo derives from its
established relationship with its principal, Tata Motors Ltd (TML,
rated 'CRISIL AA-/Stable/CRISIL A1+').

Outlook: Stable

CRISIL believes that Gargo will sustain its credit risk profile
over the medium term, backed by its stable relationship with TML.
The outlook may be revised to 'Positive' if Gargo further improves
its working capital management or if significant capital is
infused into the firm, translating in comfortable liquidity.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes a large, debt-funded capital expenditure programme,
materially deteriorating its debt protection metrics.

                       About Gargo Motors

Set up in 1996 by Mr. Kamakhya Borthakur, Gargo, a proprietorship
firm, is an authorised dealer of TML's commercial vehicles; Gargo
has six showrooms and two stockyards in Assam. The firm sells
several variants of commercial vehicles including pick-ups, medium
to heavy commercial vehicles, light commercial vehicles, and buses
manufactured by TML. Mr. Kamakhya Borthakur has also promoted
Gargo Motors Ltd (rated 'CRISIL B+/Stable'), which is an
authorised dealer of TML's passenger vehicles.

The firm also has crane hiring service business, although its
contribution to revenue remains small.

The firm is expected to report revenues of around INR 1.4 billion
in 2010-11. Gargo reported a profit after tax (PAT) of INR9.4
million on net sales of INR1.20 billion for 2008-09 against a PAT
of INR 7.3 million on net sales of INR684.9 million for 2008-09.


INDIAN GEM: ICRA Reaffirms '[ICRA]BB' Rating on INR29cr Loan
------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB' rating to the INR29.00 crore
(enhanced from INR28.00 crore) fund based limits of Indian Gem &
Jewellery Imperial Private Limited.  The outlook on the long term
rating is stable.  ICRA has also re-affirmed the '[ICRA]A4' rating
to the INR2.00 crore non fund based limits of IGJIPL.

The rating reaffirmations takes into account the experience of the
promoters in the jewellery business, IGJIPL's track record in
growing its turnover in the past, own designing capabilities and
its established position in the Kolkata market with showrooms in
prime locations. The ratings are, however, constrained by IGJIPL's
low operating margins resulting from the highly competitive nature
of the jewellery industry with low value addition in business,
high working capital requirements and susceptibility of profits to
adverse movement in gold prices. The net profit margins are also
low, resulting in low cash accruals, which in turn lead to weak
coverage indicators. The ratings also take into account IGJIPL's
geographical concentration risks arising out of its major
operations being concentrated in Kolkata at present; although the
company has set up a showroom in Siliguri (West Bengal) and plans
to expand its reach to other cities in Eastern India in future.

IGJIPL was incorporated in November, 2006 as Indian Gem &
Jewellery Private Limited. In the year 2007, the business of
Indian Gem & Jewellery Pvt. Ltd. was divided among two brothers.
After the division, the current promoter Mr Prasanna Dugar
established IGJIPL, which is engaged in the manufacturing and
trading of gold jewellery, diamond studded jewellery and precious
and semi precious stone studded jewellery. Diamond jewellery
contributes to the bulk of the company's revenue (around 57% in
FY11) with gold and stone studded jewellery contributing the rest.
The company has three showrooms in Kolkata and one in Siliguri
(West Bengal).

Recent Results

The company reported a net profit of INR0.30 crore in 2010-11 on
an operating income of INR154.05 crore (provisional), as compared
to a net profit of INR0.29 crore on an operating income of
INR142.77 crore during 2009-10.


KANISHK GOLD: CRISIL Reaffirms '[ICRA]BB+' INR27.8MM Loan Rating
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to the enhanced term
loan facilities of INR27.84 crore and to the enhanced long term
fund based facilities of INR145.00 crore of Kanishk Gold Private
Limited.  ICRA has assigned '[ICRA]A4+' rating to the INR95.00
crore short term fund based facilities (sub limit) and the
INR125.00 crore short term non fund based facilities (sub limit)
of the Company.  The outlook on the long term rating is stable.

The reaffirmation of ratings considers the healthy market position
of KGPL on account of the company being one of the few organized
players in the jewellery manufacturing industry in South India and
established client relationships with a major portion of the
revenue derived from leading South Indian retail chains, which
lends stability to volumes. The ratings also factors in the
anticipated revenue growth upon expansion into chain manufacturing
and consequent positive impact on the profitability of the company
on account of the relatively higher value addition, and the long
standing experience of the promoter in the jewellery industry
spanning more than two decades.

The ratings also factors in the moderate financial profile of the
company characterized by high gearing, strained liquidity position
on account of working capital intensive nature of operations and
thin operating margins (which are inherent to the business) owing
to limited value addition and intense competition from the
unorganized segment. The ratings also takes into account the
significant customer concentration, with the top customer
contributing to about half the jewellery sales in the last two
years, and exposure of earnings to the significant volatility
witnessed in gold prices, though the price risk is mitigated to an
extent by the procurement and hedging mechanism employed by the
company.

                        About Kanishk Gold

Incorporated in the year 2006 as a private limited company,
Kanishk Gold Private Limited is primarily involved in
manufacturing of gold jewellery. The Company was initially
established by taking over two proprietorship firms of Mr. Bhupesh
Jain, namely "Kanishk Jewellery" and "Krizz", which were operating
in the jewellery retail and manufacturing segments respectively.
While the retail division was closed in June 2010, the Company
currently operates only in the jewellery manufacturing segment,
from its facility located in Madurantakam Taluk in the Kanchipuram
District of Tamil Nadu. In order to keep pace with the latest
trends in jewellery designs, the company also has a jewellery
design studio in Mumbai, since 2006, which currently employs about
30 people.


KG FABRIKS: ICRA Reaffirms '[ICRA]C+' Rating on INR57.69cr LT Loan
------------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]C+' rating on the enhanced long
term loans of INR57.69 crore and enhanced long term fund based
facilities of INR17.01 crore of KG Fabriks Limited.  ICRA has also
re-affirmed the '[ICRA]A4' rating on the enhanced short term non
fund based facilities of INR10.91 crore and has assigned
'[ICRA]A4' ratings to INR6.6 crore short term fund based
facilities of the Company.

The re-affirmation of the ratings reflects KGFL's weak financial
profile characterized by highly stretched capital structure and
modest coverage indicators. While the improvement over the recent
past has been driven by sustained domestic demand, gearing levels
continue to remain high on account of accumulated losses in the
past. The ratings also consider the intense competition in the
denim industry which inhibits pricing flexibility and exposure of
earnings to high volatility in raw material prices. The denim
industry is also exposed to cyclical supply side pressures,
leading to alternate periods of oversupply and tight demand supply
conditions. The ratings however continue to take comfort from the
strong operational linkages with group entity, Sri Kannapiran
Mills Limited (SKML, [ICRA]BB/Stable/A4), which lend synergies in
the form of efficient yarn procurement, reduced lead time and
optimal inventory holding. The ratings also consider the stable
order flow from KGFL's large customer base, which coupled with
access to its wide distribution network, is likely to aid the
Company's revenue growth over the medium term.

                        About KG Fabriks

KG Fabriks Limited was originally a Non Banking Finance Company
engaged in the business of hire purchase and leasing from 1995. In
1999, the name changed to "Southern Technologies Limited" where
its intended business areas also included trading business but the
company was not able to venture successfully into any new business
because of the recession in the economy. Finally the company
decided to move into textile business in a large way as the group
had core competence in the entire textile chain spanning from
ginning, weaving, processing garmenting and retailing. It then
changed the name to "K G Fabriks Limited" in 2004 where it took up
yarn processing and grey fabric manufacture as its primary
business.

Recent Results

The Company reported net profit of INR10.1 crore on an operating
income of INR123.7 crore for the financial year ended on March 31,
2011. During the financial year ended March 31, 2010, KGFL
reported net profit of INR1.7 crore on an operating income on
INR107.1 crore.


LINKWELL SEAMLESS: CRISIL Reaffirms 'CRISIL D' Term Loan Rating
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Link Well Seamless Tubes
Pvt Ltd continue to reflect instances of delay by LSTPL in
servicing its term loan; the delays have been caused by LSTPL's
weak liquidity because of mismatches in cash flows and delay in
stabilisation of operations.

   Facilities                        Ratings
   ----------                        -------
   INR140 Million Term Loan          CRISIL D (Reaffirmed)
   INR30 Million Cash Credit         CRISIL D (Reaffirmed)
   INR20 Million Letter of Credit    CRISIL D (Reaffirmed)
   INR10 Million Bank Guarantee      CRISIL D (Reaffirmed)

Update

LSTPL's operations are yet to stabilize with revenues of INR90
million earned in 2010-11 (refers to financial year, April 1 to
March 31), The company's operating income has however increased
by 7 times in 2010-11 over the previous year. The company's
liquidity remains weak, with high average bank limit utilization
and low cash bank balance. LSTPL's term loan was rescheduled in
October 2011 and as a result the repayments will recommence from
December 2011. However, there have been instances of delay in
servicing its term loan. The company has no major capital
expenditure plans for the medium term.

LSTPL reported a provisional net loss of INR5 million on net sales
of INR67 million in 2010-11, against a net loss of INR34 million
on net sales of INR3 million in 2009-10.

                           About Link Well

LSTPL was incorporated in 2007 by Mr. Harshavardhan Reddy, along
with seven shareholders, in Hyderabad (Andhra Pradesh). The
company mainly manufactures stainless steel and alloy steel pipes
and tubes. It has an installed capacity of 1600 tonnes per annum
(tpa) for seamless tubes and pipes, and 1200 tpa for welded tubes
and pipes. LSTPL commenced commercial production in 2009-10.


MAHINDRA SATYAM: Posts INR225-cr Profit in Q1; To Wind Down ADS
---------------------------------------------------------------
The Press Trust of India reports that Mahindra Satyam said it
swung into the black in the April-June quarter and unveiled plans
to exit U.S. stock market by 2012.

Mahindra Satyam raked in a consolidated profit of INR225.2 crore
on revenues of INR1,433.9 crore in June quarter, the news agency
discloses.  The company, which is on a recovery path after being
hit by one of the biggest corporate scandals, had a loss of
INR327 crore in the previous January-March quarter, according to
PTI.

According to PTI, Mahindra Satyam (erstwhile Satyam Computer
Services) also said it would wind down its American Depository
Shares (ADS) programme in 2012, as it was not able to meet U.S.
accounting norms.

PTI relates that Mahindra Satyam chairman Vineet Nayyar said until
last quarter, the firm was confident of getting its accounts
compliant with US accounting norms (US GAAP).

"What we know is that the accounts that we presented, represented
a true and fair situation of the company. And that was acceptable
with the Indian regulators. Last quarter, we were hoping, but this
quarter we came to know that those will not be accepted by the US
system and consequently, we have decided to withdraw (ADS),"
Mr. Nayyar told PTI.

The company's ADS were delisted from the New York Stock Exchange
in October 2010 and are currently trading on the over-the-counter
(OTC) market, PTI states.

"Our results, this quarter, demonstrate our progression to the
growth phase of our three-year transformation journey. Our
relentless focus on market growth and margin expansion has yielded
satisfactory results for yet another quarter," PTI quotes
Mr. Nayyer as saying.

As reported in the Troubled Company Reporter-Asia Pacific, former
Satyam Chairman Ramalinga Raju resigned in January 2009 after
admitting he manipulated the company's accounts, including
inflating cash and bank balances, understating liabilities and
overstating debtors position.  Mr. Raju's confession prompted
investigations into the company by different entities including
Andhra Pradesh state police, the U.S. Securities and Exchange
Commission and the Securities and Exchange Board of India.  A
three-member board was subsequently created by the government,
which appointed KPMG and Deloitte Touche Tohmatsu to reevaluate
the software company's books.  Several groups considered filing
class action suits against the company.  Mr. Raju was later found
to have invented more than one quarter of Satyam's workforce and
used fictitious names to siphon INR200 million (US$4.1 million) a
month out of the company.  Tech Mahindra Ltd. acquired control of
the company in April 2009.

Satyam reported a INR1.25 billion loss for the 12 months ended
March 31, 2010, and an INR81.8 billion loss for 2009.  The company
reported INR1.47 billion net loss in 2011, its third annual loss.

                        About Mahindra Satyam

Headquartered in Secunderabad, India, Mahindra Satyam (PINK:SAYCY)
-- http://www.mahindrasatyam.net/-- formerly known as Satyam
Computer Services Limited, is information, communications and
technology (ICT) Company providing business consulting,
information technology and communication services. The Company is
powered by a pool of information technology (IT) and consulting
professionals across enterprise solutions, client relationship
management, business intelligence, business process quality,
operations management, engineering solutions, digital convergence,
product lifecycle management, and infrastructure management
services. The Company is a part of the Mahindra Group, a global
industrial conglomerate in India.  The Mahindra Group's interests
span financial services, automotive products, trade, retail and
logistics, information technology and infrastructure development.
Subsequent to July 10, 2009, Venturbay Consultants Private Limited
(Venturbay) held 42.67% of the Company.


MAS CONSTRUCTIONS: CRISIL Puts 'CRISIL BB' Rating to INR4.3MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Mas Constructions.

   Facilities                        Ratings
   ----------                        -------
   INR15 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR4.3 Million Rupee Term Loan    CRISIL BB/Stable (Assigned)
   INR10.7 Mil. Proposed Long-Term   CRISIL BB/Stable (Assigned)
                Bank Loan Facility
   INR50 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of MAS's promoter in
laying and maintaining natural gas transportation pipelines. These
rating strengths are partially offset by susceptibility of
operating performance to the timely execution of the projects and
moderate financial risk profile of the company.

Outlook: Stable

CRISIL believes that MAS will benefit from its promoter's
extensive experience in the pipeline laying and services industry,
over the medium term. The outlook may be revised to 'Positive' if
MAS significantly increases its operating revenues and accruals
while maintaining its capital structure, cash cycle, and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if MAS's operating margin declines significantly or its
cash cycle elongates significantly or in case the concern
undertakes significant debt-funded capital expenditure programme.

                       About Mas Constructions

MAS Constructions, incorporated in 1996 as a proprietorship
concern of Mr. Sunny Mathew, is engaged in construction, laying,
repair and maintenance of pipelines used for transportation of
natural gas. MAS has executed contracts for companies like GAIL
(India) Ltd., RCF Ltd., Maharashtra Natural Gas Ltd.etc.  MAS is
actively managed by Mr. Sunny Mathew and is supported by a team of
professionals looking after operations, marketing and business
development.

MC reported a profit after tax (PAT) of INR 9.6 million on net
sales of INR128.0 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.1 million on net
sales of INR 74.8 million for 2009-10.


NAWLA ISPAT: ICRA Assigns '[ICRA]BB' Rating to INR5cr Loan
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR5.00 crores fund based bank facilities of Nawla Ispat Private
Limited.  The long term rating carries a Stable Outlook.

The assigned rating factors in the modest operating position of
the company in the Mild Steel (MS) Ingots manufacturing business
as reflected by the moderate size of operations, relatively low
turnover and average capacity utilization in the past. Moreover,
NIPL's margins are thin on account of high competitive pressures
in the steel industry from both organized and unorganized players
and low value added nature of the business. The rating however
derives comfort from the long track record of promoters in the
steel business, NIPL's relatively low gearing levels (major part
of the project cost is funded through equity contribution from the
promoters and the debt mainly comprises of working capital
borrowings) and satisfactory coverage indicators and positive
demand outlook given the large planned expenditure on
infrastructure and construction sectors. Going forward, the
company's ability to maintain adequate margins in an intensely
competitive industry and manage its working capital cycle
effectively will remain the key rating drivers

Nawla Ispat Private Limited was established in the year 2009 in
Muzaffarnagar as a private limited company. The company is managed
by its two directors Mr. Sunil Jain and Mr. Anil Jain. The
promoters are brothers and have a good experience in the steel
industry. The company has two installed induction furnaces of 5 MT
each. The company is located amongst other similar companies so
skilled, semi-skilled and unskilled labors are available. The
total installed capacity of the company is 31680 MTPA. The main
raw materials required for the production of MS Ingots are sponge
iron, scrap iron are pig iron. Sponge iron is purchased from
Raigarh (Chattisgarh), Orissa and Benaras whereas major
requirement of scrap iron is met locally, rest is either purchased
from Ghaziabad or is imported.

As per the audited results NIPL reported a net profit of
-INR0.01 crore on an operating income of INR44.39 crore for the
year ended March 31, 2010.


OSWAL SPINNING: ICRA Withdraws 'LC/A5' Rating on INR80cr Bank Loan
------------------------------------------------------------------
Oswal Spinning and Weaving Mills Limited ICRA has withdrawn the
'LC/A5' ratings assigned to INR80.0 crore bank facilities and term
loans (including proposed term loans) of Oswal Spinning and
Weaving Mills Limited at the request of the company. The rating
was placed on notice for withdrawal for one year in August 2010.


PRINCE MARKETING: ICRA Rates INR15cr LT Loan at '[ICRA]BB-'
-----------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR15.00 crore, long-
term, fund based facility of Prince Marketing.  ICRA has also
assigned '[ICRA]A4' to INR7.50 crore, short-term, fund based
facility and INR10.00 crore, short-term, non-fund based facilities
of Prince Marketing. The INR7.50 crore, short-term, fund based
facility is a sub-limit of INR15.00 crore, long-term, fund based
facility with combined utilization not to exceed INR15.00 crore.

The ratings take into account the association of the firm with
Prince Group which aides the firm's trading operations and strong
growth demonstrated by the firm over the past three years. ICRA
also notes the firm's strategic investment in distressed assets in
Bhuj leaves the scope for future value-unlocking. The ratings,
however, remain constrained by the stretched capital structure and
weak interest and debt coverage indicators. The firm operates at a
relatively small scale in a fragmented trading industry which is
characterized by high cost pressures and resulting low margins of
operation.

                        About Prince Marketing

Prince Marketing is a partnership firm started in 2001 and is
primarily engaged in trading of raw materials utilized in plastic
manufacturing and finished PVC products. The key products traded
by PM are PVC resins, PVC pipes and fittings, PVC ball valve, and
other petroleum products such as EVA, PPE and HDPE. The firm is
jointly held by Mr. Jayant Chheda (Managing Director, PPFL) and
family. The firm operates through four depots in India - one owned
depot at Bhiwandi and three leased out depots each at Pune, Indore
and Chennai. The firm, being a part of the Prince Group, enjoys
good relationship with existing dealers of PPFL (which are over
2,500 spread across India). PM also has strong relationship with
key PVC resin manufacturers in India and in international markets
and has developed a strong market intelligence system to time
purchases based on demand-supply scenario of various products. The
firm also acts as a stockist for PPFL products - PVC, CPVC and
UPVC pipes and fittings.

Recent Results

For the twelve months ending March 31, 2011 (based on provisional
financial statements), the firm has reported profit after tax
(PAT) of INR0.9 crore on an operating income of INR71.4 crore as
compared to a PAT of INR1.5 crore on an operating income of
INR49.0 crore for the twelve months ending March 31, 2010.


R.G. SPINNING: CRISIL Ups Rating on INR86.4MM Loan to 'CRISIL C'
----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of R.G.
Spinning Mills Ltd to 'CRISIL C' from 'CRISIL D'.

   Facilities                       Ratings
   ----------                       -------
   INR40.0 Million Cash Credit      CRISIL C (Upgraded from
                                                'CRISIL D')

   INR86.4 Million Term Loan        CRISIL C (Upgraded from
                                                'CRISIL D')

The upgrade reflects the timely servicing of debt by RGSML in June
and July 2011. It also factors in the management's commitment to
retain adequate liquidity on an ongoing basis to ensure timely
servicing of debt. Moreover, the recent enhancement of RGSML's
bank lines by INR20 million will improve the company's liquidity
to some extent.

The rating reflects RGSML's exposure to risks related to
volatility in raw material prices and to dependence on a single
supplier. These rating weaknesses are partially offset by the
experience of RGSML's promoters in the textiles industry, and the
company's average financial risk profile marked by average gearing
and debt protection metrics.

                       About R.G. Spinning

RGSML manufactures polyester cotton yarn. It primarily sells
blended yarn (70% polyester and 30% cotton). The company commenced
operations in 2006 with 12,000 spindles. It sells primarily to
Pukhraj Virchand (PV), an agent with operations in Bhiwandi
(Maharashtra) and Bhilwara (Rajasthan). PV owns 20% stake in
RGSML. RGSML is owned by six different families; Mr. P Vasanth and
Mr. C Balasubramaniam are joint managing directors of the company.

RGSML reported, on a provisional basis, a profit after tax of
INR16.5 million on net sales of INR235.4 million for 2010-11
(refers to financial year, April 1 to March 31); the company
reported a net profit of INR3.3 million on net sales of INR150.3
million for 2009-10.


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

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

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

The ratings reflect REPL's strong customer profile, moderate order
book size of INR376 million (1.3x FY11 revenues) and the long
track record of its promoters in mechanical engineering and
construction jobs. The company caters to some of the big public
sector units (PSUs) like BHEL ('AAA(ind)'/Stable/'F1+(ind'), BPCL,
HPCL ('AAA(ind)'/Stable) and RCF, as well as to corporates such as
Reliance Industries Ltd ('AAA(ind)'/Stable), Thyssenkrupp
Industries India, Tata Power Co. Ltd. and EMCO.

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

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

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

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


SANYA AUTOMOBILES: CRISIL Reaffirms CRISIL BB- Cash Credit Rating
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Sanya Automobiles Pvt
Ltd continues to reflect Sanya Automobiles' well-established
presence as a dealer of passenger vehicles of Tata Motors Ltd
(Tata Motors, rated 'CRISIL AA-/CRISIL AAA (so)/Stable/CRISIL A1+'
by CRISIL) in Delhi.  This strength is partially offset by the
company's below-average financial risk profile, marked by high
gearing and inadequate debt protection metrics, driven by large
working capital requirements, and intense competition in
automotive dealership market.

   Facilities                       Ratings
   ----------                       -------
   INR202.5 Million Cash Credit     CRISIL BB-/Stable (Reaffirmed)
   INR97.5 Mil. Overdraft Facility  CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sanya Automobiles will maintain its business
risk profile, supported by its well-equipped workshops,
relationships with institutional customers, and promoters'
industry experience. The firm's financial risk profile is,
however, expected to remain below average because of low
profitability, resulting in weak debt protection metrics. The
outlook may be revised to 'Positive' if Sanya Automobiles achieves
more-than-expected growth in its revenues, operating
profitability, and capital structure. Conversely, a decline in
profitability or an increase in gearing will result in the outlook
being revised to 'Negative'.

                      About Sanya Automobiles

Sanya Automobiles became a dealer for Tata Motors in 2001. The
company has three showrooms and two workshops in New Delhi:
showrooms at Defence Colony, Okhla, and Mayapuri, and workshops at
Okhla and Mayapuri. In 2010-11, the company derived around 40% of
its revenues from the Indica, Manza, and Vista models, around 25%
from the Nano, around 25% from the Linea and Punto models, and
around 10% from the sale of the Safari.

For 2010-11 (refers to financial year, April 1 to March 31), Sanya
Automobiles, on provisional basis, reported a profit after tax
(PAT) of INR3.5 million on net sales of INR1.4 billion.  For
2009-10, the company reported a PAT of INR3.5 million on net sales
of INR1.3 billion.


SHIVALAYA CONSTRUCTION: CRISIL Reaffirms Loan Rating at CRISIL B-
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shivalaya Construction
Company Pvt Ltd continue to reflect SCPL's aggressive capital
expenditure plans, limited revenue diversity, segmental
concentration in revenue profile, and exposure to intense
competition in the construction industry. These rating weaknesses
are partially offset by SCPL's healthy order book and established
track record.

   Facilities                        Ratings
   ----------                        -------
   INR100 Million Cash Credit        CRISIL B-/Stable
   (Enhanced from INR75 Million)

   INR700 Million Bank Guarantee
   (Enhanced from INR450 Million)    CRISIL A4

CRISIL had downgraded the ratings on the bank facilities of SCPL
to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL BB/Negative/CRISIL
A4+' on July 15, 2011.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from the experience of its promoters and its established
track record in the road construction industry. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's liquidity resulting either from enhancement of its
limits or significant reduction in its working capital
requirements or infusion of funds by the promoters. Conversely,
the outlook may be revised to 'Negative' if the company's
liquidity is adversely impacted due to deterioration in its
profitability or working capital management, or if constrained
liquidity impacting its debt repayments.

                   About Shivalaya Construction

Set up as a partnership concern in 1991, SCPL was reconstituted as
a private limited company in 1997. It was involved in the
construction of buildings till 1995, and thereafter, entered the
road construction business. SCPL is currently involved in civil
construction and primarily undertakes construction, upgrade, and
maintenance of roads, including state highways and rural roads.

SCPL is estimated to provisionally report a profit after tax (PAT)
of INR 63 million on net sales of INR 1.1 billion for 2010-11, as
against a PAT of INR 60 million on net sales of INR1.4 billion for
2009-10.


SRI KANNAPIRAN: ICRA Reaffirms '[ICRA]BB' Rating on INR42.8cr Loan
------------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB' rating on the enhanced term
loans of INR42.80 crore and the enhanced long term fund based
facilities of INR34.00 crore of Sri Kannapiran Mills Limited.
The outlook on the long term rating is stable. ICRA has also
re-affirmed the '[ICRA]A4' rating on the enhanced short term fund
based facilities of INR17.00 crore and the enhanced short term
non-fund based facilities of INR16.00 crore of the Company.

The re-affirmation of ratings take into account the long standing
presence in the spinning market, experienced management,
diversified customer profile and its product portfolio which
consists of wide range of yarns produced in terms of value
additions. The rating also considers the improvements in the
profitability metrics of the Company during 2010-11 on the back of
robust demand which drove yarn realizations (greater than increase
in cotton prices). However, the ratings are constrained by the
stretched financial profile characterized by high gearing and
modest coverage indicators and relatively low margins on account
of its major presence in coarser counts. Further, industry wide
slump witnessed in cotton and yarn prices during the recent
quarter is likely to adversely affect the profit margins of the
Company in the current fiscal. The ability of the company to
sustain its volumes and maintain its margins to an extent remain
key sensitivity, particularly on the account of the high debt
repayment obligations in the current fiscal.

Sri Kannapiran Mills Limited was incorporated in 1946 and started
operations with 7,004 spindles in 1950. In 1971, the mill was
taken over by K. Govindaswamy Naidu, founder of KG group. In over
60 years of existence, SKML has garnered strong market position in
the Coimbatore region on account of its long standing presence and
consistent quality. The Company presently has two open-end and two
ring spun yarn units which cater to both domestic and
international markets. With a spindlage capacity of 42,720, the
two ring spun units produce yarn in the count range of 6s to 120s
in both combed and carded quality. With 9,832 rotors, the two open
end units produce yarn in the count range of 1s to 24s.
Specialised yarns viz. Gassed Mercerised, Slub (Ring Spun & Open
End), Uneven, Multi-count, Parallel, Neppy, Belcoro, Wavy, Soft
twist, Zero twist, Zero pill, Cotton Lycra Core Spun, Compact,
Bamboo, Indigo dyed and Dyed yarns are also manufactured in
various counts and are exported to almost major yarn consuming
countries across the world.

Recent Results

The Company reported net profit of INR2.5 crore on an operating
income of INR154.1 crore for the financial year ended on
March 31, 2011. During the financial year ended March 31, 2010
SKML reported net profit of INR0.2 crore on an operating income on
INR145.2 crore.


SRI VARALAXMI: CRISIL Reaffirms CRISIL B+ Rating on INR100MM Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Varalaxmi Projects
Pvt Ltd continue to reflect SVPPL's small scale of operations,
revenue concentration, limited track record in executing large
projects, and working-capital-intensive operations. These rating
weaknesses are partially offset by SVPPL's moderate financial risk
profile marked by moderate operating margins and above- average
capital structure.

   Facilities                      Ratings
   ----------                      -------
   INR100 Million Cash Credit      CRISIL B+/Stable (Reaffirmed)
   INR50 Million Bank Guarantee    CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SVPPL will maintain a stable business risk
profile backed by promoters' industry experience. The outlook may
be revised to 'Positive' if SVPPL's liquidity improves
significantly, most likely driven by more-than-expected cash
accruals and better working capital management, or if the
company's scale of operations increase because of increase in its
order book and in its customer diversity. Conversely, the outlook
may be revised to 'Negative' if SVPPL faces time or cost overruns
in its ongoing and future projects, undertakes larger-than-
expected debt-funded capital expenditure (capex) programme,
leading to deterioration in its capital structure, or if its
liquidity deteriorates because of increase in working capital
requirements.

Update

SVPPL reported an estimated turnover of INR723 million for 2010-11
(refers to financial year, April 1 to March 31) vis--vis INR119
million in 2009-10. SVPPL's operating profitability and net cash
accruals were marginally better than CRISIL's expectation, at 10%
and around INR75 million respectively, for 2010-11.Though the
revenues have increased, the execution of order book of INR1780
million has slowed down due to delay in receipt of designs, site
clearances from its customers, and political disturbance in Andhra
Pradesh. SVPPL has not received any new order in the past one
year. However, it is now independently bidding for projects
aggregating INR3000 million from Karnataka state government
entities. SVPPL's liquidity remained constrained due to working-
capital-intensive operations. Bank limit utilization has been high
at 97.5% during the twelve months ended April 2011. Further, the
working capital limits from the bank were decreased to
INR70 million from INR100 million in February 2011 because of
slowdown in inflow of orders. SVPPL had received interest-free
unsecured loan of INR43.8 million from its directors and
INR31 million from its sister concern, Sulochana Agrotech (rice
bran oil manufacturer) during 2010-11 to meet working capital
requirements. CRISIL believes that the company's liquidity will
remain constrained owing to its working-capital-intensive
operations. However, absence of any fixed repayment obligation
restricts any further pressure on the company's liquidity. SVVPL's
profit after tax (PAT) and net sales are estimated at INR57.9
million and INR723 million respectively for 2010-11; the company
reported a PAT of INR9.71 million on net sales of INR119 million
for 2009-10.

                        About Sri Varalaxmi

SVPPL (formerly known as Sri Varalaxmi Steels Pvt Ltd) was set up
in March 2005 by Mr. V Tejesh Kumar and family. The name was
changed to the current one in May, 2007. The company, based in
Hyderabad, commenced operations in 2007-08. It works as a sub-
contractor and is engaged in various infrastructure related
construction activities in roadways projects and electrical works,
including construction of roads and bridges, and erection and
installation of sub-stations/transformers. It currently operates
in Maharashtra and Andhra Pradesh.


VIJAI SPINNERS: CRISIL Cuts Rating on INR105MM Loan to 'CRISIL D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Vijai
Spinners (part of the VSF group) to 'CRISIL D' from 'CRISIL
BB-/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR105 Million Term Loan          CRISIL D (Downgraded from
                                          'CRISIL BB-/Stable')

   INR75 Mil. Overdraft Facility     CRISIL D (Downgraded from
                                          'CRISIL BB-/Stable')

The downgrade reflects instances of delays by the VSF group in
servicing its term debt; the delays have been caused by the
group's weak liquidity arising out of the company's large working
capital requirements.

The VSF group has a below-average financial risk profile, marked
by high gearing and weak debt protection metrics, modest scale of
operations, and is susceptible to fluctuations in cotton prices
and to power shortages. The VSF group, however, benefits from its
promoters' experience in the textiles business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Vijai Spinners and Sri Saravana
Fabrics, together referred to as the VSF group; this is because
the two firms have common promoters and derive considerable
business synergies from each other.

                         About the Group

Set up by Mr. Arjun Raja in 1982, the VSF group comprises two
firms: Vijai Spinners, set up in 1982, and Sri Saravana Fabrics,
set up in 2006.

Vijai Spinners, based in Rajapalayam (Tamil Nadu), is managed by
Mr. Abhimanyu Raja (the founder's son), and manufactures cotton
yarn with an installed capacity of 17,104 spindles. Sri Saravana
Fabrics, also based in Rajapalayam, is managed by Mr. Abhimanyu
Raja and his son-in-law, Mr. D Sarvannan, and manufactures cotton
fabrics with an installed capacity of 20 looms.

VSF group reported a provisional profit after tax (PAT) of INR17
million on operating revenues of INR237 million for 2010-11
(refers to financial year, April 1 to March 31) against a PAT of
INR11 million on net sales of INR154 million for 2009-10.


VINAYAK AUTOLINK: ICRA Rates INR7cr Bank Loan at 'ICRA BB+'
-----------------------------------------------------------
ICRA has assigned '[ICRA]BB+' ratings to the INR7.0 Crore bank
facilities of Vinayak Autolink Private Limited.  The long term
rating has been assigned a 'Stable' outlook.

The rating factors in favorably the long experience of the
promoters as well as the fact that the company is an authorized
dealer of Ford India Limited. The rating, however, is constrained
by the company's modest scale of operations as well as the low
profitability margins generally involved in the auto dealership
business. The ability of VAPL to register growth in its operating
revenues amid the increasing competitive intensity in its area of
operation as well as manage its working capital intensity would
remain key rating sensitivities going forward.

Vinayak Autolink Private Limited was incorporated in 2008 and has
been operating as an authorized dealer for vehicles of Ford India
Limited in Indore, Madhya Pradesh since its inception. The company
deals in sale of new cars, repair and servicing of cars, buying-
refurbishing and sale of old cars. The day to day management of
the company is taken care by Sh. Santosh Korde with support from
the promoters. VAPL is the only authorized dealer of Ford India
Limited in Indore and one of the five dealers in Madhya Pradesh.
Currently, the company owns one sale showroom cum service workshop
located in Indore.

Recent Results

In 2010-11 (provisional financials), VAPL recorded an operating
income of INR96.3 crore. The company's operating profit before
depreciation, interest and tax stood at INR3.1 crore. The company
recorded a profit of INR1.4 crore at net profit level.


VISUAL PERCEPT: ICRA Rates INR231cr Term Loan at '[ICRA]BB+'
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR231 crore term
loan of Visual Percept Solar Projects Private Limited.  The
outlook on the rating is Stable.  ICRA has also assigned an
'[ICRA]A4+' rating to the INR30.00 crore short term non fund based
bank facilities of VPSPPL.

The ratings factor in the relatively stable and internationally
proven crystalline silicon cell technology that is being used for
solar power generation in the project and achievement of financial
closure for the project with a favorable debt repayment schedule,
which would provide support to the company's liquidity position
post commencement of operations. The ratings also draw comfort
from the international repute of the equipment suppliers to the
project, although ICRA notes that adequate technical performance
record of imported equipments in Indian conditions is not yet
available, given the nascent stage of the solar photo voltaic
industry in India.

The ratings are, however, constrained by the viability of the
project being contingent upon the favorable feed in tariff
announced by the Government of Gujarat (GoG) and the customer
concentration risks of the project with Gujarat Urja Vikas Nigam
Limited being the sole offtaker of power from the plant, mitigated
to an extent by the protective termination clause in the power
purchase agreement (PPA). VPSPPL has acquired almost the entire
land and secured regulatory approvals required for the project.
Nevertheless, the moderate level of business returns that the
project is likely to generate would impact the financial
performance of VPSPPL going forward. The company has appointed
Sterling and Wilson Ltd {SAWL, rated LAA- (Stable)/A1+ by ICRA} as
its fixed time fixed price Engineering, Procurement and
Construction (EPC) contractor. While these factors reduce
construction risks, the project still faces risks of delays in
connection with its connectivity to the state grid. While ICRA
takes note that solar project execution has comparatively fewer
complications, any construction delay would subject the project to
the risk of a revision in the feed-in-tariffs as Gujarat
Electricity Regulatory Commission has not finalized the solar feed
in tariff for projects commissioned after Dec. 31, 2011.

Visual Percept Solar Projects Private Limited, is a project SPV
promoted and wholly owned by Talma Chemical Industries Pvt Ltd.
VPSPPL has been set up to develop, manage and operate a 25 MW
Solar Photo Voltic (PV) power plant at Surel in Surendranagar,
Gujarat involving a total project cost of INR330 crore. The
project is proposed to be funded at Debt to Equity ratio of
2.33:1.  The company has entered into a 25 year Power Purchase
Agreement (PPA) with Gujarat Urja Vikas Nigam Limited with a feed
in tariff of INR15 per unit for first 12 years and INR5 per unit
thereafter. Commercial Operation Date (COD) of the project as per
the PPA is Dec. 31, 2011.


WERM INDIA: CRISIL Assigns 'CRISIL B' Rating to INR10.1MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Werm India Ltd.


   Facilities                       Ratings
   ----------                       -------
   INR22.50 Million Cash Credit     CRISIL B/Stable (Assigned)
   INR10.10 Million Proposed LT     CRISIL B/Stable (Assigned)
             Bank Loan Facility
   INR25.00 Million Bank Guarantee  CRISIL A4 (Assigned)

The ratings reflect WIL's weak financial risk profile, stretched
liquidity, small scale of operations with high working capital
intensity. These rating weaknesses are partially offset by WIL's
established position supported by the extensive experience of its
promoters in the civil construction industry.

Outlook: Stable

CRISIL believes that WIL's credit risk profile will remain
constrained due to its weak financial risk profile and small scale
of operations. The outlook may be revised to 'Positive' if WIL
increases its scale of operations and improves its profitability.
Conversely, the outlook may be revised to 'Negative' if WIL's
liquidity weakens further because of large incremental working
capital requirements.

                          About Werm India

WIL was incorporated in 1999 by Mr. Ajay Talwar and Mr. Lee
Martin. The company undertakes contracts for rehabilitation and
cleaning of sewage pipelines for Municipal Corporation of Delhi.

WIL reported , on provisional basis, a PAT of INR0.80 million on
net sales of INR112.03 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a net loss of INR0.05
million on net sales of INR66.38 million for 2009-10.


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


TELEKOMUNIKASI INDONESIA: Fitch Affirms 'BB+' Sr. Unsecured Rating
------------------------------------------------------------------
Fitch Ratings has affirmed PT Telekomunikasi Indonesia Tbk's
Long-term Foreign- and Local-Currency Issuer Default Ratings
(IDRs), as well as its senior unsecured rating at 'BB+'.  The
Outlook is Positive.

Given the Indonesian sovereign's ('BB+'/Positive) majority
ownership (52.58% at end-June 2011) and significant influence over
Telkom, the company's ratings are capped at the level of the
sovereign.  Any change therefore in the sovereign rating will lead
to a corresponding change in Telkom's ratings.

Telkom's rating reflects its position as Indonesia's dominant
incumbent operator and its relatively conservative credit profile.
Telkom is the market leader in the fixed-line and broadband
segments, while its 65% subsidiary -- PT Telekomunikasi Selular
(Telkomsel, 'BBB-'/Stable) -- leads the wireless segment.

Telkom has a strong financial profile compared with other Fitch-
rated Asia-Pacific telecom companies, with high operating EBITDAR
margins (FYE10: 54.1%), low funds from operations (FFO)-adjusted
net leverage (FYE10: 0.7x) and strong pre-dividend free cash flow
margins (FYE10:16.5%).  Telkom's liquidity is strong; at FYE10
cash and equivalents were IDR9 trillion and available committed
credit facilities were IDR4 trillion.

The key concern for Telkom's financial profile would be any
potential acquisition of Singapore Telecom's ('A+'/Stable) 35%
stake in Telkomsel.  Fitch notes that although Telkom's plan is
still in the discussion stage, any largely debt-funded transaction
is likely to lead to a deterioration in credit metrics.  The
agency notes that if shareholder returns are higher than currently
envisaged (average dividend payout of 50%-55% of net income and
IDR5trn of share-buybacks), the company's financial profile will
decline.

During 2010, despite Telkom's revenue growing by 1.4% yoy,
operating EBITDAR grew only by 1% due to margin pressures in the
wireless segment.  Fitch expects Telkom's operating EBITDAR
margins to continue to decline marginally as management focuses on
adding more wireless subscribers at the expense of lower tariffs.

Other than a sovereign upgrade, Telkom's ratings may be upgraded
if the links between the government and Telkom weaken, as these
ties currently constrain the rating.  On the other hand, Telkom's
ratings might be downgraded if credit metrics deteriorate
significantly due to an increase in shareholder returns, and/or
from any major unforeseen debt-funded acquisitions.


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


CHELSEA ASSET: Moody's Assigns Ratings to TMK and CMBS
------------------------------------------------------
Moody's Japan K.K. has assigned ratings to Chelsea Asset TMK and
Chelsea Asset CMBS.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for ultimate payments
of interests/dividends and principal by the legal final maturity.

The complete rating actions are:

Deal Name: Chelsea Asset TMK and Chelsea Asset Trust

Class, Amount, Interest, Rating, Credit Support*1

Class A Specified Loan, JPY 6.8 billion, Fixed, Aa1 (sf), 61.4%

Class B Trust Certificate/ABL, JPY0.8 billion, Fixed, A2 (sf),
51.7%

Class B1 Trust Certificate, JPY0.3 billion, Floating, A2 (sf),
51.7%

Class B ABL, JPY 0.3 billion, Floating, A2 (sf), 51.7%

Class B3 Trust Certificate, JPY 0.3 billion, Floating, A2 (sf),
51.7%

Class C Trust Certificate/ABL, JPY 0.3 billion, Fixed, Baa3 (sf),
42.0%

Class C1 Trust Certificate/ABL, JPY 0.8 billion, Floating, Baa3
(sf), 42.0%

Class C ABL, JPY 0.4 billion, Floating, Baa3 (sf), 42.0%

Class C3 Trust Certificate/ABL, JPY 0.2 billion, Floating, Baa3
(sf), 42.0%

Class D Trust ABL, JPY 4.3 billion, Fixed, Non-Rated, 17.6%

Class E Trust Certificate, JPY 0.9 billion, Fixed, Non-Rated,
12.5%

Class F ABL, JPY 2.1 billion, Fixed, Non-Rated, 0.6%

Junior Trust Certificate*2, JPY 0.1 billion, Floating, Non-Rated,
0.0%

* 1 The formula used to calculate the credit support in place for
  this transaction:

Credit support %: A / B, where

A: Total principal amount of the debt subordinate to the rated
   debts

B: Total amount of debts (JPY 17.6 billion)

* 2 Junior Trust Certificate represents the right to receive
  excess cash flow from the water fall at Trust level.

Total Borrowing/Issuance Amount in TMK: JPY 17.6 billion

Total Issuance Amount in Trust: JPY 10.8 billion

Expected Interest/Dividend Payment: Quarterly

Closing Date: August 10, 2011

Expected Maturity Date: August 10, 2016

Legal Final Maturity Date: August 10, 2019

Underlying Debts for Trust: Class B through Existing Specified
Loans/Bond

Underlying Property: An office building located in Chuo-ku, Osaka

Originator/Arranger: Mizuho Securities Co., Ltd. ("Mizuho
Securities")

Trustee: Mizuho Trust & Banking Co., Ltd. (Aa3, review for
possible downgrade/P-1, "Mizuho Trust ")

Servicer: ORIX Asset Management & Loan Services Corporation

Rating Rationale

Mizuho Securities, as Originator, entrusted the Underlying Debts
for Trust to Trustee, and upon receipt of trust certificates in
return, it was refunded on a part of the Trust Certificates with
funds by ABLs from the Originator. And, it will transferred the
Trust Certificates and ABLs to investors.

Dividends/interests on the Trust Certificates/ABLs depend on
interest payments on the Underlying Debts for Trust. Interests on
the Classes A through Existing Specified Loans/Bond depend on a
cash flow from the Underlying Property.

The waterfalls at the TMK and Trust levels are sequential.

ORIX Servicer is in charge of servicing the Class A Specified Loan
and the Underlying Debts for Trust.

The transaction has a 3-year tail period between the expected
maturity and the legal final maturity.

The subject deal is a single-borrower/single-asset CMBS
transaction. The ratings are based mainly on 1) the quality of
Underlying Property; 2) the scheduled amortization and the cash-
trap mechanism; 3) the credit support provided by the
senior/subordinate structure as illustrated by the loan-to-value
(LTV) and level of stressed DSCR ; and 4) the legal and structural
integrity of the transaction.

Moody's estimated the credit support levels for each of the rated
classes based on Moody's net cash flow and value for the
Underlying Property.

The following are Moody's LTVs and Stressed DSCRs for each rated
class. Moody's considers these numbers appropriate for each of the
ratings.

Moody's LTV:

Total amount of the subject classes and the classes senior to the
subject classes/Moody's Value for the Underlying Property

Class A Specified Loan: Closing, 55.8%; Balloon*3, 38.2%

Class B Trust Certificate: Closing, 69.7%; Balloon, 52.2%

Class B1 Trust Certificate: Closing, 69.7%; Balloon, 52.2%

Class B ABL: Closing, 69.7%; Balloon, 52.2%

Class B3 Trust Certificate: Closing, 69.7%; Balloon, 52.2%

Class C Trust Certificate/ABL: Closing, 83.6%; Balloon, 66.1%

Class C1 Trust Certificate: Closing, 83.6%; Balloon, 66.1%

Class C ABL: Closing, 83.6%; Balloon, 66.1%

Class C3 Trust Certificate: Closing, 83.6%; Balloon, 66.1%

* 3 The Balloon LTV is based on the expected total outstanding
  balances of the rated class and the classes senior to the
  subject class at the expected maturity.

Moody's Stressed DSCR:

Moody's Stressed DSCR: Moody's Net Cash Flow / (Total amount of
the subject debt and senior to the debt, a 6.5% Loan Constant).

Class A Specified Loan: Closing, 1.77x; Balloon*4, 2.58x

Class B Trust Certificate: Closing, 1.41x; Balloon, 1.89x

Class B1 Trust Certificate: Closing, 1.41x; Balloon, 1.89x

Class B ABL: Closing, 1.41x; Balloon, 1.89x

Class B3 Trust Certificate: Closing, 1.41x; Balloon, 1.89x

Class C Trust Certificate: Closing, 1.18x; Balloon, 1.49x

Class C1 Trust Certificate: Closing, 1.18x; Balloon, 1.49x

Class C ABL: Closing, 1.18x; Balloon, 1.49x

Class C3 Trust Certificate: Closing, 1.18x; Balloon, 1.49x

* 4 The Balloon Stressed DSCR in each case is based on 1) the
  expected total outstanding balances of the rated class and the
  classes senior to the subject class at the expected maturity and
  2) a 6.5% loan constant.

Moody's has examined the performance of the Servicer on existing
transactions and considers it sufficiently capable of servicing
the Class A Specified Loan and the Underlying Debts for Trust,
given its substantial experience in the industry.

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

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
in this transaction.

The V Score for this transaction is Medium, which is same as the
Medium V Score assigned to the Japanese Single Borrower CMBS
sector.

Moody's V scores provide a relative assessment of the quality of
available credit information and the potential variability of
various inputs in a rating determination. The V score ranks
transactions by the potential for significant rating changes owing
to uncertainty about the assumptions due to data quality,
historical performance, the level of disclosure, transaction
complexity, modelling, and the transaction governance that
underlie the ratings. V scores apply to the entire transaction,
not to individual tranches.

If Moody's provides a relative assessment by stressing Moody's
Value for the Underlying Property (to determine Moody's Value,
Moody's has tested three cases, by applying 5%, 15%, or 25% value
cuts respectively), the value cuts give rise to changes in the
model indicated Parameter Sensitivity from the initial ratings to
Aa1, A1 and Baa1 for the Class A Specified Loan, A3, Baa3 and Ba3
for the Classes B through B3 Trust Certificates/ABL, and Ba1, B1
and B3 for the Classes C through C3 Trust Certificates/ABL.

Parameter sensitivities are not intended to measure how the rating
might migrate over time; rather, they are designed to provide a
quantitative calculation of how the initial rating might change if
key input parameters used in the initial rating process differed.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
parameter sensitivity analysis.

The rating implementation guidance, Moody's "Updated Report on V
Scores and Parameter Sensitivities for Structured Finance
Securities," published on September 30, 2010, and "V Scores and
Parameter Sensitivities in the Asian CMBS Sector," published on
Sept. 30, 2010, are available on www.moodys.co.jp.


NCI TRUST: S&P Lowers Rating on Class D Certificates to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class C and D trust certificates and affirmed its ratings on the
class A and B trust certificates issued under the NCI Trust
Certificate-2 transaction. "At the same time, we removed the
ratings on classes B to D from CreditWatch with negative
implications, where they were placed on May 26, 2011," S&P
related.

The trust certificates issued under this transaction were
originally backed by one specified bond and seven loans, six of
which were repaid. Only one loan and one specified bond remain
(the loan and specified bond originally represented a combined 41%
or so of the total rated initial issuance amount of the trust
certificates).

The remaining loan (the loan originally represented about 15% of
the total rated initial issuance amount of the trust certificates)
is backed by an office and hotel complex located in Osaka
Prefecture. "The cash flow from the office and hotel complex is
set to fall below the assumption that we made when we reviewed our
ratings in December 2010 because rent levels at the complex have
decreased.  Accordingly, we have revised downward our own cash
flow estimate, as well as our assumption with respect to the
likely collection amount from the property in question. We
currently estimate the property value to be about half our
underwriting value at the initial rating assignments, while the
value as of December 2010 was 66% of our initial underwriting
value. The downgrades of classes C and D reflect our revised
assumption with regard to the likely collection amount from the
property backing the transaction's remaining loan. We also removed
the ratings on classes C and D from CreditWatch negative," S&P
related.

Under this transaction, the proceeds from the underlying loans are
used to redeem the trust certificates in sequential order
(starting from the upper-level classes). "We affirmed our ratings
on classes A and B and removed the rating on class B from
CreditWatch negative to reflect improved credit support for these
two classes," S&P said.

The trust certificates issued under this commercial mortgage-
backed securities (CMBS) transaction were initially secured by
seven loans originated by Nomura Capital Investment Co. Ltd. that
were extended to seven borrowers, as well as by one specified bond
underwritten by Nomura Securities Co. Ltd.

"The ratings reflect our opinion on the likelihood of the full and
timely payment of interest and the ultimate repayment of principal
by the transaction's legal final maturity date in September 2013
for the class A certificates, and the full payment of interest and
ultimate repayment of principal by the legal maturity date for the
class B to D certificates," S&P said.

Ratings Lowered, Off Creditwatch
NCI Trust Certificate-2
JPY31.1465 billion trust certificates due Sept. 2013*
Class    To           From                  Initial issue amount
C        BB- (sf)     BBB (sf)/Watch Neg    JPY2.3 bil.
D        B- (sf)      B (sf)/Watch Neg      JPY1.4535 bil.

Rating Affirmed, Off Creditwatch
Class    To         From                Initial issue amount
B        A (sf)     A (sf)/Watch Neg    JPY4.2 bil.

Rating Affirmed
Class     Rating        Initial issue amount
A         AAA (sf)      JPY22.8 bil.

*Class R (initial issue amount: JPY0.393 bil.) is not rated.


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


AMANAHRAYA REAL: S&P Assesses Stand-alone Credit Profile at 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' long-term
corporate credit rating on Malaysia-based AmanahRaya Real Estate
Investment Trust (AR-REIT).  The outlook is negative.  "We also
affirmed the 'axBBB+' ASEAN scale rating on the company. We then
withdrew all the ratings at the company's request," S&P related.

"The ratings on AR-REIT reflected the company's stand-alone credit
profile (SACP) of 'bb+' and one notch of uplift due to our view of
a 'moderate' likelihood of extraordinary government support, based
on our criteria on government-related entities. AR-REIT's SACP
reflected the company's high tenant and geographic concentration,
rapid portfolio expansion, increasing leverage, and high exposure
to the office property segment. AR-REIT's stable and resilient
cash flows, high tenant security deposits, and an improving
market position in the Malaysian real estate investment sector
partly offset these weaknesses," S&P related.

"At the time of the withdrawal, the negative outlook on AR-REIT
reflected our assessment that the extraordinary support from the
government of Malaysia (foreign currency A-/Stable/A-2; local
currency A/Stable/A-1; axAA+/axA-1) could weaken if a proposed
transaction between AR-REIT and Perbadanan Kemajuan Negeri
Selangor (PKNS), the state development corporation for Selangor
state, proceeded as planned. PKNS plans to inject three of its
properties into AR-REIT, raise its stake in the company to 20%,
and obtain about Malaysian ringgit 165 million in cash from AR-
REIT for the property transfer. This proposed transaction would
dilute state pension fund Kumpulan Wang Bersama's (KWB) stake in
AR-REIT to about 43% from 54%," S&P related.

"We could have lowered the rating on AR-REIT if: (1) the
transaction with PKNS lowered KWB's stake in AR-REIT below 54%;
(2) AR-REIT adopted a more aggressive financial policy resulting
in a further increase in leverage, such that its ratio of debt to
debt plus equity increased to more that 50% on a sustained basis
or its ratio of funds from operations to interest expense
declined below 2.5x on a sustained basis; or (3) the company's
asset mix became more aggressive, with exposure to more volatile
rental income from shorter-dated leases," S&P said.

"We could have revised the outlook to stable if the transaction
with PKNS did not proceed, resulting in KWB maintaining its
majority shareholding in AR-REIT, and AR-REIT's operating strategy
and financial policy were consistent with our expectations for an
SACP of 'bb+'," S&P said.


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


GULF CORP: Chinese Investors Seek to Buy Whangaparoa Development
----------------------------------------------------------------
BusinessDesk reports that Top Harbour Ltd have sought Overseas
Investment Office approval to buy the Hobbs Wharf development in
Whangaparaoa, north of Auckland, from Gulf Corp, which failed
owing NZ$155 million.

According to BusinessDesk, an OIO spokesman said Top Harbour, a
locally incorporated company, has lodged an application with the
OIO to buy various properties in the failed Gulf Corp. group of
companies, and that is currently being assessed.

Three of the company's directors have registered addresses in
Shanghai, one in Hong Kong, with local Tony Lee rounding out the
board, BusinessDesk notes.

BusinessDesk relates that Mr. Lee's Westlake Investment Ltd. is
acting as the holding company, having replaced previous
shareholder Harbour Paradise Ltd. in May, according to Companies
Office documents.

Receiver Tim Downes of Grant Thornton told BusinessDesk the sale
price was commercially sensitive and couldn't be disclosed.  The
proceeds of the sale will go towards paying down Gulf Corp.'s
secured creditors, the report states.

Citing the latest receiver's report, BusinessDesk discloses that
BOSI Security Services Ltd. is owed NZ$118 million and Allied
Farmers Investments Ltd., which took on the Hanover Finance loan
book, is owed NZ$37.8 million.  Starline Utilities Ltd. is also
owed NZ$179,000 as a secured creditor.

The receiver's report said Gulf Corp., Gulf Corp. No. 1 Ltd., and
Matapia Holdings own blocks of land under eight separate titles,
according to BusinessDesk. "It appears that no funds will be
available to meet the claims from unsecured creditors."

The receiver is also waiting on a High Court judgement in relation
to a NZ$1.2 million GST refund, BusinessDesk reports.

BOSI, formerly known as Bank of Scotland International, called in
receivers in December 2009 after Auckland property developer Jamie
Peters was declared bankrupt, BusinessDesk says.  Work on the
development stalled in 2009 when funding dried and BOSI stopped
injecting new cash amid the global financial crisis.

Mr. Peters bought the Gulf Harbour land for a reported
NZ$57 million in 2000 from Singaporean investors, BusinessDesk
adds.


PIKE RIVER: Claims Rise to NZ$119.9 Million, PwC Reports
--------------------------------------------------------
BusinessDesk reports that claims on Pike River Coal Ltd. have
grown by almost NZ$10 million to NZ$119.9 million, while the
receivers' fund for dealing with outstanding creditors has fallen
from NZ$11.3 million to NZ$4.8 million in the last six months.

During that time, BusinessDesk notes, the PricewaterhouseCoopers
receivers, led by John Fisk, have paid just under half the
employee claims outstanding, with payments to employees totalling
NZ$2.6 million and a further NZ$3.0 million in employees' claims.

Citing PwC's second six-monthly report, BusinessDesk discloses
that the top five groups paid out are:

   * Employees - NZ$2.6 million;
   * Insurance premiums - NZ$1.6 million;
   * Receivers' fees and costs - NZ$967,261;
   * Mine stabilisation costs - NZ$728,736;
   * Donation to Pike River Miners fund - NZ$500,000; and
   * Tax department - NZ$483,846.

Trade creditors, a separate, unsecured group from employees,
including mine contract service companies' claims, are almost
unchanged at NZ$15.4 million, BusinessDesk discloses.

BusinessDesk notes that total unsecured creditors' claims have
grown NZ$2.3 million to NZ$34.2 million, including NZ$3.0 million
of employees' claims. New Zealand Oil & Gas Ltd. is the largest
unsecured creditor, at NZ$15.0 million - NZ$3 million more than
the NZ$12 million short term facility it extended to Pike at the
time of the Nov. 19 disaster, which claimed 29 lives.

According to BusinessDesk, the receivers identify only one new
major source of cost, a NZ$10.3 million "preferred" creditor claim
for underground mining equipment purchased by Pike but unable to
be used or returned, which is likely to be covered by insurance.

With insurance claims and the sales process the deciding factor
for how much unsecured creditors are paid, PwC has withheld any
detail of progress on either in the report, BusinessDesk states.

                           About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine where
29 miners died in a series of explosions in November 2010, was
placed into receivership in December 2010.  New Zealand Oil & Gas,
the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
also owed another estimated NZ$10 million to NZ$15 million to
contractors, including some of the men who lost their lives in the
disaster.


                             *********

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.


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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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