TCRAP_Public/110818.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, August 18, 2011, Vol. 14, No. 163

                            Headlines



A U S T R A L I A

OPI PACIFIC: Unsecured Noteholders Face Total Capital Loss
SENSASLIM AUSTRALIA: Sole Director Faces Contempt Charges
SENSASLIM AUSTRALIA: Director Files Suit Against Dr. Harvey Khan


C H I N A

SRE GROUP: S&P Affirms CCR at 'B-' on Likely Continued Weak Sales


H O N G  K O N G

CANTON PROPERTY: Members' and Creditors' Meetings Set for Sept. 6
CHAM MERIT: Members' Final Meeting Set for Sept. 12
CHEE TEK: Members' Final General Meeting Set for Oct. 7
CHINA RAILWAY: Members' and Creditors' Meetings Set for Sept. 6
CHIU WING: Members' and Creditors' Annual Meetings Set for Aug. 19

CITIPOWER LIMITED: Creditors' Meeting Set for Aug. 26
COSMIC DIGITAL: Members' and Creditors' Meetings Set for Aug. 26
DMV INTERNATIONAL: Members' Final Meeting Set for Sept. 12
EAGLES EYE: Sole Shareholder's Final Meeting Set for Sept. 22
EPAK HOLDINGS: Commences Wind-Up Proceedings

FINE PROFIT: Wan and Fung Step Down as Liquidators
GLOBAL SUCCESS: Members' and Creditors' Meetings Set for Sept. 6
GOLDEN CHOICE: Members' and Creditors' Meetings Set for Sept. 6
GOLDLUXE ENTERPRISES: Ying and Chan Step Down as Liquidators
HK SPACE: Ying and Chan Step Down as Liquidators

HOME FURTUNE: Chin and Lam Step Down as Liquidators
JADESAILS INVESTMENTS: Members' Final Meeting Set for Sept. 12
JUMBO WELL: Members' Final General Meeting Set for Sept. 16
KEE HING: Creditors' Meeting Set for Aug. 25
KO CHUN: Members' and Creditors' Annual Meetings Set for Aug. 22

* HONG KONG: Heads for Recession, Daiwa Economist Says


I N D I A

ASHISH INFRACON: CARE Puts 'CARE BB+' Rating on INR5cr LT Loan
BANSIDHAR COTFIBRE: CARE Rates INR6cr Long-Term Loan at 'CARE B'
BHASKARA PADMA: ICRA Assigns '[ICRA]B' Rating to INR14.45cr Loan
EASTERN INFRATECH: ICRA Puts '[ICRA]BB-' Rating on INR5.82cr Loan
EMAAR MGF: CARE Rates INR561.1cr LT Debenture at 'CARE BB'

GEETALAKSHMI MODERN: ICRA Rates INR3.68cr Loan at '[ICRA]B+'
GHODAWAT FOODS: ICRA Cuts Rating on INR13.71cr Loan to '[ICRA]BB'
GOLDFINCH JEWELLERY: CARE Rates INR30cr LT Bank Loan at 'CARE BB+'
HBS REALTORS: ICRA Assigns '[ICRA]BB' Rating to INR60cr NCD
JUMBO FINVEST: CARE Rates INR13cr Loan Facilities at 'CARE BB'

KINGFISHER AIRLINES: Defers Employees' Salary for July
KTL PVT: ICRA Assigns '[ICRA]BB+' Rating to INR12cr Bank Loans
LEODUCT ENGINEERS: ICRA Suspends LBB+ Working Capital Loan Ratings
PT. DEEN: CARE Rates INR12.37cr Long-Term Loan at 'CARE BB-'
SATHYAM POWER: Fitch Lowers Rating on INR358 Mil. Loans to 'B+'

SHAH TIME: ICRA Assigns '[ICRA]BB+' Rating to INR3.5cr Loan
SHRI GIRI: ICRA Assigns '[ICRA]B' Rating to INR10cr Term Loan
TIMESPAC INDIA: ICRA Reaffirms '[ICRA]BB' Term Loan Rating
TRIDENT AUTO: ICRA Assigns '[ICRA]BB' Rating to INR12.06cr Loan
VEM TECHNOLOGIES: CARE Revises Rating on INR28.42cr to 'CARE B+'


I N D O N E S I A

PERUSAHAN GAS: Fitch Affirms 'BB+' Issuer Default Rating


N E W  Z E A L A N D

AUGUST MODELS: High Court Places Model Agency in Liquidation


P H I L I P P I N E S

BANCO FILIPINO: PDIC Pays PHP6.13BB in Deposit Claims
CHINA BANK: Strong Niche Cues Fitch to Affirm Low "B" Rating
SECURITY BANK: Modest Franchise Cues Fitch to Affirm Rating


S I N G A P O R E

PACKAGING SPECIALIST: Creditors' Proofs of Debt Due Sept. 3
POLAR MARINE: Creditors' Proofs of Debt Due Sept. 8
POLAR MARINE II: Creditors' Proofs of Debt Due Sept. 8
SUNLITE ENTERPRISE: Court Enters Wind-Up Order
VITC ASIA: Court Enters Wind-Up Order




                            - - - - -


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


OPI PACIFIC: Unsecured Noteholders Face Total Capital Loss
----------------------------------------------------------
Sunday Star Times reports that investors left holding unsecured
notes in failed finance company OPI Pacific face a total loss of
capital.

Citing new information on the state of the investment group's
liquidation, Star Times discloses that there is only
AUD120 million (US$150 million) cash left in the Octaviar group of
companies, from which payments can be made to mum-and-dad
investors owed about $250 million on their debentures and
unsecured notes.

That indicates a complete capital loss for unsecured noteholders
is likely, while debenture holders could see a total return of
30 cents or less in the dollar, according to Star Times.

According to Star Times, many investors were sold the debentures
by now defunct financial planning firm Vestar, which steered
investors' money into a series of disastrous finance companies,
including Bridgecorp, Capital & Merchant and OPI, with which it
shared common ownership.

Star Times relates that the AUD120 million cash is under the
control of Australian liquidator Bentleys, which is liquidating
the Octaviar group, but OPI's claims of AUD418 million are just a
fraction of the AUD2.4 billion or so owed by companies in the
Octaviar group.

Star Times notes that there may be another AUD35 million from a
legal battle to reverse payments to American lender Fortress,
which Octaviar went to for loans when it was running into trouble.
There may also be a further AUD8 million from the sale of
Octaviar's rump assets, Star Times adds.

That would add up to about AUD163 million, roughly 7% of the money
needed to pay out all creditors, including the Kiwi investors,
whose money was mostly channelled to Australia to buy risky
distressed loans, according to Star Times.

In return for that capital, Star Times notes, OPI Pacific received
a guarantee from Octaviar to make good any losses from the loans,
a promise that turned out to be hollow.

A complicating factor is that Fortress not only believes it was
entitled to the money it has already had, but that it also has a
priority ranking over the other creditors, most of whom rank
equally, Star Times says.

Star Times relates that as well as the money owed to mum-and-dad
investors, Star Times relates, OPI (called MFS Pacific Finance up
until the eve of its demise) owes $150 million to two Australian
mortgage funds, with which it entered into "loan-sharing"
arrangements.

Vying for a share of the Australian cash appears the only avenue
for investors in New Zealand, though receiver
PricewaterhouseCoopers has managed to win several settlements from
Australian valuers implicated in bad lending decisions.  Already,
OPI has recovered more than AUD$2 million in settlements with two
such firms.

Initially, OPI managed to persuade investors to pass a moratorium,
which resulted in payments of just under $25 million to investors,
Star Time relates.  A further $4.3 million payment to secured
debentureholders from the sale of a rump of New Zealand property
development loans has seen a total return of just short of 24
cents in the dollar for each $1 debenture.

The activities of Octaviar, which used to be called MFS, have been
the focus of a 60-day public examination by Bentleys, which have
revealed much about the mess the group was in, Star Times reports.

                       About OPI Pacific

OPI Pacific Finance Limited, formerly known as MFS Pacific
Finance, is New Zealand-based finance company.  OPI Pacific is a
subsidiary of Octaviar Limited.

OPI Pacific Finance Limited was placed in receivership on
September 15, 2009, by Perpetual Trust, the trustee for OPI's
secured debenture holders and unsecured note holders.  This ends
the moratorium arrangement that has been in place since May 2008.

Perpetual Trust has appointed Colin McCloy and Maurice Noone of
PricewaterhouseCoopers as receivers.

"The decision to appoint receivers follows the Supreme Court of
Queensland's order that Octaviar Limited, over which OPI had a put
option, be put into liquidation. The trustee's opinion is that a
receivership is now appropriate and in the best interests of OPI's
investors," Matthew Lancaster, Head of Corporate Trust at
Perpetual Trust, said in a statement.

As of 2009, OPI's secured debenture holders have been repaid 22.17
cents in the dollar.  Unsecured note holders have not received any
payments.  The balance owing to OPI's secured debenture holders
amounts to approximately $200.1 million and $56.7 million to
unsecured note holders.


SENSASLIM AUSTRALIA: Sole Director Faces Contempt Charges
---------------------------------------------------------
The Age reports that Peter O'Brien, the sole director of embattled
diet spray company SensaSlim Australia Pty Ltd, has been accused
of contempt of court.

According to The Age, the Australian Competition and Consumer
Commission said Tuesday it had begun proceedings against
Mr. O'Brien in the Federal Court in Sydney over allegations he
interfered with the administration of justice after the ACCC won
interim orders in June to preserve money in the company's account.

"The ACCC is seeking a declaration, penalties and costs against
Mr. O'Brien.  A directions hearing has been set down in the
Federal Court in Sydney for August 31," an ACCC statement said.

Last month, The Age recounts, the ACCC began separate proceedings
in the Federal Court, alleging the company and several of its
staff had engaged in deceptive conduct.  The case was heard in
Sydney on Wednesday.

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2011, SmartCompany said SensaSlim Australia has been
placed into administration and has appointed John Kukulovski of
Jirsch Sutherland as administrator.  The Age reported that an
unnamed company spokesman blamed the collapse on the freezing of
its bank accounts, according to SmartCompany.  The Federal Court
in Sydney in June upheld a freeze on SensaSlim's assets after
allegations from the ACCC that the company had misled and deceived
consumers, SmartCompany noted.  SensaSlim said at the time it had
little money other than the frozen bank accounts and Justice
Jacobsen said the court would quickly consider evidence on how
much money the company needed to continue operating,
SmartCompany related.

SensaSlim Australia Pty Ltd is a supplier of a nasal spray
marketed as an effective weight loss product.


SENSASLIM AUSTRALIA: Director Files Suit Against Dr. Harvey Khan
----------------------------------------------------------------
The Australian reports that SensaSlim Australia Pty Ltd Director
Peter O'Brien has hit public health physician Ken Harvey with a
million-dollar defamation law suit, seeking AUD1.75 million in
damages plus costs.

SensaSlim is supplier of a nasal spray marketed as an effective
weight loss product.

According to the report, Mr. O'Brien that alleges Dr. Harvey
published defamatory material about him last April, after lodging
a complaint -- one of nine brought by Dr. Harvey and others --
with the Therapeutic Goods Administration.

Mr. O'Brien, as cited by The Australian, states that Dr. Harvey
commented publicly about the matter, asserting the product didn't
work as advertised, the directors had engaged in misleading and
deceptive conduct by promoting it, and that the spray should be
immediately withdrawn from the market.

The case follows a defamation cause against Dr Havey brought last
April by Mr. O'Brien on behalf of Sensaslim.  That case was
dismissed on Monday by the NSW Supreme Court, with costs against
Sensaslim.

Dr. Harvey said that last Friday when he received documents from
the Supreme Court of Queensland, he had a "sinking feeling that
this legal saga was keeping on."

A spokesperson for the TGA confirmed Sensaslim remains listed, as
it contains no unsafe ingredients. "However, the TGA is
considering a number of matters regarding the listing of Sensaslim
Solution on the Australian Register of Therapeutic goods."

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2011, SmartCompany said SensaSlim Australia has been
placed into administration and has appointed John Kukulovski of
Jirsch Sutherland as administrator.  The Age reported that an
unnamed company spokesman blamed the collapse on the freezing of
its bank accounts, according to SmartCompany.  The Federal Court
in Sydney in June upheld a freeze on SensaSlim's assets after
allegations from the ACCC that the company had misled and deceived
consumers, SmartCompany noted.  SensaSlim said at the time it had
little money other than the frozen bank accounts and Justice
Jacobsen said the court would quickly consider evidence on how
much money the company needed to continue operating,
SmartCompany related.


=========
C H I N A
=========


SRE GROUP: S&P Affirms CCR at 'B-' on Likely Continued Weak Sales
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on SRE
Group Ltd. to negative from stable.  "At the same time, we
affirmed our 'B-' long-term corporate credit rating and the 'CCC+'
issue rating on the company's senior unsecured notes due 2013. Due
to the revision of the rating outlook, we lowered the Greater
China scale long-term issuer rating on SRE to 'cnB-' from 'cnB'
and the Greater China scale issue rating on the notes to 'cnCCC+'
from cnB-'.  The issue rating is one notch lower than the issuer
rating due to structural subordination risks," S&P related.

"The outlook revision reflects our assessment that SRE's liquidity
and financial performance are likely to worsen in the next 12
months due to the company's weak property sales," said Standard &
Poor's credit analyst Bei Fu. "In the first half of 2011, SRE's
property sales reached Chinese renminbi (RMB) 1.3 billion, little
more than a third of the company's full-year target. We expect
sales to remain weak in the second half of the year because of a
deterioration in market sentiment and increased competition, which
are likely to constrain its plan to launch more projects."

"We expect SRE's leverage to increase and its cash flow coverage
to weaken in the next 12 months due to the drop in cash flows from
property sales. SRE will likely need to borrow more to fund
construction. It may have to seek funding sources such as
convertible bonds and high-cost trust financing. Sales of the
company's commercial and hotel properties could improve liquidity,
but the prospects for this are uncertain given the market
conditions," S&P said.

"We view SRE's business risk profile as vulnerable. The company
has a small-scale portfolio with a limited number of projects. As
a result, the company has high concentration risk, particularly
concerning its exposure to the Shanghai market. In the past three
years, the company's property sales have declined while its
margins have been volatile and somewhat weak," S&P related.

Although the occupancy rates and revenues from SRE's hotel
operations improved during the Shanghai Expo last year, the
prospects of a turnaround in this loss-making business seem
remote. "In our view, the company's hotel business lacks
competitiveness in branding, positioning, and management, given
the oversupply in Shanghai's hotel market," S&P said.

The revenue contribution from SRE's profitable land development
business -- China New Town Development Co. Ltd. -- has increased,
but the unpredictable timing of land sales and the capital outlay
has led to volatility in cash flows. We expect demand for land to
weaken, given the deepening correction in the property market in
Shanghai," S&P related.

"Our ratings have also factored in SRE's aggressive risk tolerance
and weak corporate governance. The company has extensive related-
party transactions, key-man risks and strong control by its major
shareholders, and limited transparency given its complex corporate
structure," said Ms. Fu.

"We believe the group's somewhat established record in Shanghai
and the good location of some of its projects temper these
weaknesses," S&P related.

"We may lower the rating if SRE's property sales for 2011 are
materially lower than RMB2.5 billion, its EBITDA margins are
weaker than 18%, and its total borrowings increase more than we
expected, such that EBITDA interest coverage is below 1x. We could
also downgrade the company if we believe that its liquidity is not
sufficient to meet short-term obligations," S&P said.

"Conversely, we could revise the outlook to stable if the
company's financial performance stabilizes and the company
improves its liquidity position," S&P said.


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


CANTON PROPERTY: Members' and Creditors' Meetings Set for Sept. 6
------------------------------------------------------------------
Members and creditors of Canton Property Imvestment (Hong Kong
Limited will hold their annual meetings on Sept. 6, 2011, at
12:00 p.m., and 4:00 p.m., respectively at Room 1601-02, 16th
Floor, at One Hysan Avenue, Causeway Bay, in Hong Kong.

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


CHAM MERIT: Members' Final Meeting Set for Sept. 12
---------------------------------------------------
Members of Cham Merit Development Limited will hold their final
meeting on Sept. 12, 2011, at 11:00 a.m., at 7th Floor, Alexandra
House, at 18 Chater Road, Central, in Hong Kong.

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


CHEE TEK: Members' Final General Meeting Set for Oct. 7
-------------------------------------------------------
Members of Chee Tek Lee Company Limited will hold their final
General meeting on Oct. 7, 2011, at 10:00 a.m., at 18/F, President
Commercial Centre, at 608 Nathan Road, in Kowloon.

At the meeting, Ho Mei Ngan and Low Fung Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CHINA RAILWAY: Members' and Creditors' Meetings Set for Sept. 6
---------------------------------------------------------------
Members and creditors of China Railway Mall & Properties
Development Limited will hold their annual meetings on Sept. 6,
2011, at 10:00 a.m., and 2:00 p.m., respectively at Room 1601-02,
16th Floor, at One Hysan Avenue, Causeway Bay, in Hong Kong.

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


CHIU WING: Members' and Creditors' Annual Meetings Set for Aug. 19
------------------------------------------------------------------
Creditors and members of Chiu Wing Enterprise Company Limited will
hold their annual meetings on Aug. 19, 2011, at 2:30 p.m., at the
offices of FTI Consulting (Hong Kong) Limited, Level 22, The
Center, at 99 Queen's Road Central, in Hong Kong.

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


CITIPOWER LIMITED: Creditors' Meeting Set for Aug. 26
-----------------------------------------------------
Creditors of Citipower Limited will hold their first meeting on
Aug. 26, 2011, at 2:45 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.

The meeting will be held at The whole of 22nd Floor, 9 Des Voeux
Road West, in Hong Kong.


COSMIC DIGITAL: Members' and Creditors' Meetings Set for Aug. 26
-----------------------------------------------------------------
Members and creditors of Cosmic Digital Technology Company Limited
will hold their annual meetings on Aug. 26, 2011, at 3:00 p.m.,
and 3:30 p.m., respectively at the offices of FTI Consulting,
Level 22, The Center, at 99 Queen's Road Central, in Hong Kong.

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


DMV INTERNATIONAL: Members' Final Meeting Set for Sept. 12
-----------------------------------------------------------
Members of DMV International Limited will hold their final meeting
on Sept. 12, 2011, at 10:00 a.m., at 20/F, Henley Building, at
5 Queen's Road Central, in Hong Kong.

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


EAGLES EYE: Sole Shareholder's Final Meeting Set for Sept. 22
-------------------------------------------------------------
Sole Shareholder of The Eagles Eye International Limited will hold
their final meeting on Sept. 22, 2011, at 10:00 a.m., at 33rd
Floor, One Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, Tam Yau Shing Franky and Lok Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


EPAK HOLDINGS: Commences Wind-Up Proceedings
--------------------------------------------
Members of ePak Holdings Limited on Aug. 2, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Kennic Lai Hang Lui
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


FINE PROFIT: Wan and Fung Step Down as Liquidators
--------------------------------------------------
Dr. Terence Ho Yuen Wan and Henry Fung stepped down as liquidators
of Fine Profit Asia Limited on July 30, 2011.


GLOBAL SUCCESS: Members' and Creditors' Meetings Set for Sept. 6
----------------------------------------------------------------
Members and creditors of Global Success Asia Group Limited will
hold their annual meetings on Sept. 6, 2011, at 11:00 a.m., and
3:00 p.m., respectively at Room 1601-02, 16th Floor, One Hysan
Avenue, at Causeway Bay, in Hong Kong.

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


GOLDEN CHOICE: Members' and Creditors' Meetings Set for Sept. 6
---------------------------------------------------------------
Members and creditors of Golden Choice Investment (Group) Limited
will hold their annual meetings on Sept. 6, 2011, at 11:30 a.m.,
and 3:30 p.m., respectively at Room 1601-02, 16th Floor, One Hysan
Avenue, at Causeway Bay, in Hong Kong.

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


GOLDLUXE ENTERPRISES: Ying and Chan Step Down as Liquidators
------------------------------------------------------------
Dr. Terence Ho Yuen Wan and Henry Fung stepped down as liquidators
of Goldluxe Enterprises Limited on Aug. 1, 2011.


HK SPACE: Ying and Chan Step Down as Liquidators
------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of The
Hong Kong Space Technology Research Foundation Limited on Aug. 5,
2011.


HOME FURTUNE: Chin and Lam Step Down as Liquidators
---------------------------------------------------
Chin Tak Kei and Lam Kin Hung stepped down as liquidators of Home
Furtune International Enterprises Limited on Aug. 11, 2011.


JADESAILS INVESTMENTS: Members' Final Meeting Set for Sept. 12
--------------------------------------------------------------
Members of Jadesails Investments Limited will hold their final
general meeting on Sept. 12, 2011, at 10:00 a.m., at 9/F, Tung
Ning Building, 249-253 Des Voeux Road Central, in Hong Kong.

At the meeting, Chan Shu Kin and Chow Chi Tong, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JUMBO WELL: Members' Final General Meeting Set for Sept. 16
------------------------------------------------------------
Members of Jumbo Well Knitting Factory Limited will hold their
final general meeting on Sept. 16, 2011, at 11:00 a.m., at Office
No. 1818, 18/F, Beverly Commercial Centre, at 87-105 Chatham Road,
Tsimshatsui, Kowloon, in Hong Kong.

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


KEE HING: Creditors' Meeting Set for Aug. 25
--------------------------------------------
Creditors of Kee Hing Cheung Kee Company Limited will hold their
meeting on Aug. 25, 2011, at 2:45 p.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 203, 2/F, Duke of Windsor Social
Service Building, 15 Hennessy Road, at Wanchai, in Hong Kong.


KO CHUN: Members' and Creditors' Annual Meetings Set for Aug. 22
----------------------------------------------------------------
Members and creditors of Ko Chun Hing Dyeing & Finishing Factory
Limited will hold their annual meetings on Aug. 22, 2011, at 10:00
a.m., and 10:30 a.m., respectively at 29/F, Caroline Centre, Lee
Gardens Two, 28 Yun Ping Road, in Hong Kong.

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


* HONG KONG: Heads for Recession, Daiwa Economist Says
------------------------------------------------------
Sophie Leung and Richard Frost at Bloomberg News report that
Daiwa Capital Markets economist Kevin Lai said Hong Kong's
export-led economy, a barometer of global growth, is sinking into
a recession that is likely to last for at least a year.

Of nine economists in a Bloomberg News survey, Mr. Lai came
closest to predicting a 0.5% contraction in the city's economy in
the second quarter.  Only two of the analysts expected gross
domestic product to decline from the previous three months,
Bloomberg says.  The government released the data Aug. 12.

"Global demand is really weak and we expect the U.S. and Europe
will see a sharp slowdown, or near-zero growth, next year,"
Mr. Lai told Bloomberg in a phone interview in Hong Kong.  "A
recession is a reality for Hong Kong."

Mr. Lai told Bloomberg that an 11% decline in Hong Kong's
merchandise exports in the second quarter from the previous three
months highlights the weakness.  Bloomberg relates that Mr. Lai in
a note described the economy as the world's "most externally-
driven" and said that a slump has "grave implications."

The technical definition of a recession is two straight quarters
of contraction.

According to Bloomberg, Mr. Lai predicted that Hong Kong's economy
will contract 1% over the 12 months ending March 31.  That
compares with a decline of 7.9% in the year through the first
quarter of 2009, when the global financial crisis hobbled trade,
Bloomberg notes.


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I N D I A
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ASHISH INFRACON: CARE Puts 'CARE BB+' Rating on INR5cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Ashish Infracon Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities     5.00        'CARE BB+' Assigned
   Long/Short-term Bank         20.00        'CARE BB+'/'CARE A4'
        Facilities                            Assigned

Rating Rationale

The ratings are constrained by modest scale of operations with
limited geographical diversity of Ashish Infracon Private Limited,
low level of profitability, moderately high solvency ratios and
intense competition in the highly fragmented construction industry
where orders are bid driven. The above factors far outweigh
promoters' experience, AIPL's long standing association with the
government clientele and moderate revenue visibility.  Sustained
increase in the scale of operations and improvement in
profitability through diversification into new revenue segments
and geographies are the key rating sensitivities.

Gujarat based, Ashish Infracon Pvt. Ltd. was originally formed as
a partnership firm, named as Ashish Construction, in 1995. The
firm was taken over by AIPL as a going concern w.e.f.
Sept. 21, 2010. AIPL is involved into the construction and
infrastructure related activities, mainly road construction and
has a status of 'AA' class contractor from Road and Building
Department (R&B) of Government of Gujarat (GoG) for execution of
the road projects.  The main promoter, Mr. Ashish Patel, has about
15 years of experience in the construction industry.


BANSIDHAR COTFIBRE: CARE Rates INR6cr Long-Term Loan at 'CARE B'
----------------------------------------------------------------
CARE assigns 'CARE B' RATING to the bank facilities of Bansidhar
Cotfibre Industries Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities     6.00        'CARE B' Assigned

Rating Rationale

The ratings are primarily constrained by modest scale of
operations of Bansidhar Cotfibre Industries Private Limited
restricting economies of scale, limited value addition in the
cotton ginning business and weak financial risk profile marked by
deterioration in the total operating income, thin profitability,
stressed liquidity and highly leveraged capital structure.
Susceptibility of its inherently low margins to volatility
associated with the cotton prices, presence in a highly fragmented
and competitive agro-commodity business entailing limited pricing
flexibility and regulatory uncertainties on the export of cotton
and fixation of Minimum Support Price (MSP) of cotton further
constrains the rating.  These constraints far outweigh the
benefits derived from the promoters' experience and locational
advantage by way of proximity to the cotton growing regions in
Gujarat.

Rationalization of debt levels coupled with increase in the scale
of operations and ability to manage volatility associated with the
cotton prices thereby improving its profitability and cash
accruals would remain the key rating sensitivity.

BCIPL was incorporated by three promoters namely Mr. Manga
Ladumor, Mr. Raha Ladumor and Mr. Nagji Ladumor in July 2006 to
undertake the business of raw cotton processing for the ginning,
pressing and trading of cotton bales and cotton seeds.The company
operates from its sole manufacturing unit located in Talaja (Dist:
Bhavnagar, Gujarat) where it has installed cotton processing
capacity of 5.04 Tons per Day (TPD).


BHASKARA PADMA: ICRA Assigns '[ICRA]B' Rating to INR14.45cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to INR14.45 crore fund based
facilities of Bhaskara Padma Rice Industry.  ICRA has also
assigned '[ICRA]A4' rating to INR0.55 crore non fund based
facilities of BPRI.

The ratings are constrained by the weak financial profile
characterized by low profitability with operating and net profit
margins at 6% and 1% respectively during FY11 and moderate
coverage indicators as reflected by OPBDIT/Interest & Finance
Charges of 2.02 times and NCA/Total Debt of 8% in FY11.

Rice milling is a working capital intensive business as the rice
millers have to stock rice by the end of each season till the next
season as the price and quality of paddy is better during the
harvesting season. Moreover, the paddy is procured from the
farmers generally against immediate payments while the millers
have to extend credit to whole-sellers who sell rice to retailers.
Hence the working capital intensity is high at 33% in FY 11.

The operating margins increased from 3.9% in FY 10 to 6% in FY 11,
due to decrease in raw material prices. PAT margin improved from
0.7% in FY10 to 1% in FY11. The gearing increased from 2.01 times
as on March 31, 2010 to 2.20 times as on March 31, 2011 due to
increase in working capital borrowings.

                     About Bhaskara Padma

Bhaskara Padma Rice Industry was established in November, 2009 and
is engaged in the milling of paddy. BPRI produces raw and boiled
rice. The company has a milling unit in Someswaram, East Godavari
District in Andhra Pradesh. The current milling capacity of the
rice mill is 67,500 MTPA.


EASTERN INFRATECH: ICRA Puts '[ICRA]BB-' Rating on INR5.82cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR5.82 crore term
loan and INR1.50 crore cash credit facilities of Eastern
Infratech.  The INR5.82 crore term loan facility contains a sub-
limit of INR3.60 crore towards non-fund based facilities for which
ICRA has also assigned an '[ICRA]A4' rating.  The outlook assigned
on the long term rating is stable.

The ratings take into account the favorable demand outlook for PET
preforms, given its increasing use in the bottling of carbonated
soft drinks and packaged drinking water, and the fiscal benefits
available to EI, which are likely to favorably impact the
profitability and cash flows of the firm going forward. The
ratings also consider the achievement of financial closure and an
advanced stage of commissioning of EI's project to be significant
mitigating factors of construction risks. The ratings, however,
are constrained by the lack of experience of the promoters in the
manufacturing of PET preforms, the risks associated with the
stabilization of the plant as per expected parameters post
commencement of operations and restricted pricing flexibility in
the business due to a fragmented nature of the industry and
intense competition among the players. While assigning the
ratings, ICRA also factored in the risks associated with EI's
legal status as a partnership firm, including the risks of
withdrawal of capital by the partners.

Eastern Infratech was established as a partnership firm in 2010 by
Mr. Pawan Kumar Siotia and Mr. Ankit Siotia. The firm is setting
up a PET preform manufacturing plant at the Brahmaputra Industrial
Park in Kamrup (Assam) with an installed manufacturing capacity of
2,150 metric tonne per annum (MTPA). The manufacturing facility of
EI is scheduled to be commissioned in July 2011.


EMAAR MGF: CARE Rates INR561.1cr LT Debenture at 'CARE BB'
----------------------------------------------------------
CARE assigns 'CARE BB' rating to NCD issue of Emaar Mgf Land Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Non-Convertible    561.1        'CARE BB' Assigned
   Debenture

Rating Rationale

The rating takes into account the elevated financial risk profile
of EMGF, characterized by higher liquidity & refinancing risks.
The rating also factors in relatively high dependency of EMGF's
nearterm cash inflows from projects in Mohali & Gurgaon region,
advances from new launches and proposed capital infusion. The
rating also factors in high competition and inherent risk
associated with the real estate sector.  The rating, however,
favorably takes into account the company's large land bank which
is largely paid for, EMGF's stated intention and efforts towards
raising funds through partial sharing of development rights in few
of the projects and high proportion of sales registered in ongoing
projects.  Going forward, the ability of EMGF to effectively
manage the refinancing risks and infuse funds as required shall be
the key rating sensitivities.

                      About Emaar Properties

EMGF, incorporated in 2005 as a public limited company, is a joint
venture between Emaar Properties PJSC Dubai (Emaar PJSC) and MGF
Group, India. Institutional investors like Citi, New York Life
Insurance and JP Morgan had also invested in the company. Emaar
PJSC, the Dubai-based public limited company, is a leading real
estate company promoted by the Government of Dubai (32%
shareholding) and has presence in hospitality, education,
healthcare & finance with operations in 14 countries. The MGF
group, India, was founded in 1930 and started operations with
vehicle financing business. Later the group diversified into
factoring, financial services, automotive financing and real
estate development.

As on June 30, 2011, EMGF has land reserves of 11,058 acres and it
has already paid 98% of the cost of its land reserves. Currently,
the company has 42 ongoing projects, involving 33.3 mn sq ft of
saleable area, wherein it has already registered bookings of 77%
of the saleable area. Majority of the company's ongoing projects
are concentrated at Mohali in Punjab and Gurgaon in Haryana and
EMGF has plans to further launch more projects at these locations.
During FY10, EMGF reported total income (consolidated) of INR1,911
crore and PAT of INR51 crore.

However, during FY11 (UA), the company incurred net loss of INR235
crore on a total income of INR1,461 crore, which was mainly on
account of higher interest costs charged to profit and loss
account and non-cash extraordinary loss of INR129 crore (includes
INR111 crore of loss on sale of investment in a hospitality
project in Kolkata and INR18 crore of provision for impairment of
assets).


GEETALAKSHMI MODERN: ICRA Rates INR3.68cr Loan at '[ICRA]B+'
------------------------------------------------------------
ICRA has assigned '[ICRA]B+' Long Term rating to INR3.687 crore
and '[ICRA]A4' Short Term rating to the INR6.313 crore fund based
bank limits of Geetalakshmi Modern Rice Mill Private Limited.

The ratings assigned to GRM are constrained by small scale of
operations, low capacity utilization (given the first full year of
operations - which saw an estimated 22% capacity utilization), and
susceptibility of the rice industry to agro-climactic conditions
and competitive landscape of the industry. Ratings of the company
are also constrained by policy restrictions surrounding the
industry, which limit the flexibility on volumes available for
sale in open markets (after meeting the levy quota) and consequent
average realizations for the company.

Nonetheless, the ratings positively factor the long-standing
experience of the chief promoter in Rice Milling industry and the
favorable outlook for rice milling industry in Chhattisgarh owing
to shortage of milling capacities. An operational strength is the
geographical proximity to the Mumbai market, through which GRM can
benefit as and when exports in rice are permitted. Further,
presence in Chhattisgarh, which is also known as the Rice Bowl of
India reduces the risk of operations being affected for the want
of Paddy. Further, with the stabilization of operations, the
capacity utilization and thus the OI is expected to go up in the
coming years.

Notwithstanding the higher profitability (OPBITDA/OI of 20%;
provisional estimates) in FY 2011, margins are expected to
moderate going forward. Further, given the working capital (WC)
intensive nature of operations of rice milling (with high
inventory and lower credit available to millers) the working
capital requirements are expected to remain high for the company.
Overall recent debt funded capital expenditure coupled with high
WC borrowing is expected to keep the gearing high.

                     About Geetalakshmi Modern

Geetalakshmi Modern Rice Mill Private Limited incorporated in
2007, by Mr K Subbi Reddy. The company is engaged in the milling
of paddy and produces raw and boiled rice. The rice mill is at
Sonpur, Kurud Tahsil, Dhamteri Dist, about 45 Kilometers from
Raipur, the State capital of Chhattisgarh. Its installed
production capacity is 67,500 Metric Tons Per Annum. The unit
commenced its operations in January 2009 and witnessed a capacity
utilization of about 22% in FY 2011 which was the first full year
of operations.

Recent Results:

For the year ended March 31, 2011, the company estimates an
operating income of INR12.91 crore with 22% capacity utilization.


GHODAWAT FOODS: ICRA Cuts Rating on INR13.71cr Loan to '[ICRA]BB'
-----------------------------------------------------------------
ICRA has revised the rating assigned to the INR13.71 crore term
loans facilities and INR26 crore fund based cash credit facilities
of Ghodawat Foods International Private Limited from 'LBB+' to
'[ICRA]BB'.  The outlook on the rating is stable.

The revision of the rating takes into consideration sharp
deterioration in GFPL's profitability and hence debt protection
metrics. Further, GPL's profitability and cash accruals continue
to remain marginal constrained by the high business risk inherent
to the edible oil business owing to high fragmentation,
vulnerability to changes in duty differential between crude and
refined oil and lack of pricing power. Also, being focused on soya
bean derivatives, the company's operations have displayed higher
vulnerability to adverse events affecting final product market
and/or raw material availability as compared to players with a
more diversified product portfolio. As such companies in the
edible oils business are exposed to agro-climactic conditions
which have a large bearing on raw material prices and availability
which in turn impact plant utilization. The working capital cycle
of the company remains stretched and would be a critical factor
for its liquidity profile, especially as its new 500 TPD plant at
Gangakhed begins operations in the current fiscal. Nonetheless,
financial flexibility arising from demonstrated support from
promoters by way of interest-free loans provides some comfort. The
ratings also favorably factor in the company's locational
advantages with regards to soyabean sourcing, the penetration of
the Star brand in the Southern Maharashtra and Northern Karnataka
region and upsides from increased crushing capacity with the
Gangakhed project coming online in the current fiscal.

                       About Ghodawat Foods

GFPL was incorporated in 2002 and is engaged in the business of
edible oil manufacturing, refining and trading. The company
manufactures edible oil (mainly soya refined oil) and sells it
under the Star brand. GFPL's manufacturing facility is located at
Chipri. The company has also set up an additional solvent
extraction plant (with a capacity of 500 TCD) at Gangakhed, near
Parbhani. Though the project was planned in FY 10, it was
progressively delayed for a period of more than two years owing to
unfavorable market conditions. GFPL is closely held within the
Ghodawat family and is a part of the Ghodawat group of companies,
a diversified group engaged in businesses such as pan masala, wind
energy, wind turbine manufacturing, food products and education.

Recent Results

As per the company's audited results for the year ending March 31,
2011, GFPL recorded an operating income of INR187.46 crore and a
PAT of INR0.92 crore as against an operating income of INR150.11
crore and loss of INR1.31 crore for the twelve months ending
March 31, 2010.


GOLDFINCH JEWELLERY: CARE Rates INR30cr LT Bank Loan at 'CARE BB+'
------------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the long-term bank facilities of
Goldfinch Jewellery Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities     30.00       'CARE BB+' Assigned

Rating Rationale

The ratings are constrained due to the modest size of operations
of Goldfinch Jewellery Pvt Ltd, its average financial risk profile
marked by a highly-leveraged capital structure, low profitability
and stressed liquidity position. The ratings are also constrained
on account of the limited geographical presence and risks
associated with volatility in the gold and diamond prices.  The
ratings however, do take into account the experience of the
promoters in the gems and jewellery business of nearly five
decades, healthy growth in the turnover during the last two years
as well as its well-established customer base being present in the
business for a long time.  The ability of GJPL to expand the scale
of operations, improve its profitability margins in light of the
price fluctuation risk associated with the precious metals and
efficient working-capital management and significant improvement
in the overall financial risk profile are the key rating
sensitivities going forward.

Ahmedabad-based Goldfinch Jewellery Ltd is engaged in the business
of manufacturing and trading of diamond and diamond jewellery. The
company is largely run as a family managed business and has been
jointly promoted by Mr. Mahendra K. Shah, Mr. Shailesh K. Shah and
Mr. Rajnikant K. Shah.

During FY10 (as per audited results), GFJL reported a total
operating income of INR126.51 crore (FY09: INR53.15 crore) with a
PAT of INR0.51 crore (FY09: INR0.18 crore).  As per provisional
financials for 9MFY11, GFJL has reported a PAT of INR 0.91 crore
on the total operating income of INR94.55 crore.


HBS REALTORS: ICRA Assigns '[ICRA]BB' Rating to INR60cr NCD
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' to the
INR60 crore Non-Convertible Debenture (NCD) programme of
HBS Realtors Private Limited.  The long term rating has been
assigned a stable outlook.

The rating favorably factors in the attractive location of two
redevelopment projects being executed by subsidiaries of HBS in
South and South Central Mumbai, surplus cash flows from which will
be used to repay the rated NCD; the achievement of debt tie-up for
one of the projects and substantial share of promoter's
contribution (more than 75%) already infused in the other project
which mitigates funding risks; the presence of IL&FS group as a
key stakeholder in the larger of the two projects further
mitigates funding risks. ICRA also notes management's intent and
demonstrated track record of diluting stake and exiting
investments in projects at opportune times which could serve as
further source of cash flow for the company.

The rating is however constrained by the exposure of both projects
to construction risks considering that construction has not yet
commenced at either project. While ICRA notes that the SPVs have
executed development agreements with the societies to undertake
redevelopment and has also obtained consent from more than
requisite number of tenants in the larger project, the projects
are nonetheless exposed to execution risks considering that key
approvals are yet to be obtained, including approvals required to
commence construction and launch sales. As the repayment of the
rated NCD will be through surplus cash flows from two of HBS'
SPVs, any execution induced delays could impede sales collections
and consequently debt servicing of the rated NCD. Further, any
restrictive covenants, if imposed by lenders to the SPVs --
particularly the SPV executing the larger project for which debt
tie-up is pending -- regarding upstreaming of cash flows to HBS
could impact the latter's debt servicing ability towards the rated
NCD.

                     About HBS Realtors

Incorporated in 1995, HBS Realtors Private Limited is a
Mumbai-based real estate developer involved in large scale city
centric developments in both commercial as well residential
segments. The group is currently involved as a strategic partner
in the development of 9 projects having a cumulative saleable area
of approximately 6 million square feet across Mumbai. The group
has a diversified product mix with a strong presence in
residential, retail, commercial, hospitality and SEZ developments.
Over the last decade, HBS has built strategic partnerships with
reputed business houses like Phoenix Mills Limited for the
development of its market city projects and the Mody Group of J.B.
Chemicals and Pharmaceuticals for the development of its pharma
SEZ project. Over the years, HBS has also attracted financial
investors like IL&FS, MPC Fund, and Edelweiss across its various
projects; since 2006-07, the group has raised equity commitments
of USD165 million and debt commitments of USD252 million for its
various projects.


JUMBO FINVEST: CARE Rates INR13cr Loan Facilities at 'CARE BB'
--------------------------------------------------------------
CARE assigns 'CARE BB' rating to loan facilities of Jumbo Finvest
Pvt. Ltd.

                             Amount
   Facilities             (INR crore)    Ratings
   -----------            -----------    -------
   Loan Facilities            13         CARE BB

Rating Rationale

The rating is constrained by relatively small-size of the business
operations, high-risk portfolio on account of the unsecured
lending and lack of the regional and product diversification. The
rating is also constrained by the nascent risk management systems,
high cost of operation and tight liquidity position.

The rating factors in Jumbo Finvest Pvt. Ltd's promoter experience
in various lines of the business with proven ability and
understanding of the market.  The rating is also supported by the
good asset quality, adequate capitalization and low gearing.
Scale of operations, product and geographical diversification and
improvement in the risk management systems are the key rating
sensitivities.

JFPL is a Jaipur-based RBI registered NBFC, engaged in the
unsecured lending to the agriculture and priority sector. The
company started its operations in 1998 with the name of Ajay
Tractors Pvt. Ltd., engaged in the tractors dealership. Later in
2003, the company registered it as non-deposit taking NBFC with
RBI and name was changed to Jumbo Finvest Pvt. Ltd. Currently it
has presence only in Rajasthan.

Jumbo reported PAT of INR0.67 crore on a total income of INR4.91
crore during FY11 as compared to PAT of INR0.39 crore on a total
income of INR3.09 crore during FY10. The total disbursements
increased from INR12.94 crore during FY10 to INR20.30 crore during
FY11. The total portfolio of Jumbo has increased from
INR11.93 crore in FY10 to INR18.45 crore in FY11.


KINGFISHER AIRLINES: Defers Employees' Salary for July
------------------------------------------------------
domain-b.com reports that Kingfisher Airlines has delayed payment
of salaries to its employees, holding up payments for the month of
July.

Kingfisher staff has confirmed that the management has told them
it does not have the money to clear salaries for July and has also
refused to say when these payments are likely to be cleared,
according to domain-b.com.

domain-b.com relates that airline management said salaries could
not be processed because of a bank strike last week, and that this
has been expedited since.

According to domain-b.com, an airline staff said employees have
been receiving their salaries on the seventh of each month for the
last one year.  Earlier, salaries would be credited on the 31st of
each month.

domain-b.com, citing industry sources, says the airline has a
staff strength of 6,000 and has a paid out of INR58 crore a month.

Airline sources also indicate that the actual reason for holding
back on the salaries could have been the fact that the airline
paid out lease rentals for three aircraft, which it had been
defaulting on for quite some time, domain-b.com states.

domain-b.com notes that Kingfisher is the only listed carrier to
have not turned profitable and ended the financial year 2010-11
with a loss of INR1,027 crore.

The airline has also defaulted on payments to oil marketing
companies and airport operators in the recent past, domain-b.com
adds.

                     About Kingfisher Airlines

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

                           *     *     *

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


KTL PVT: ICRA Assigns '[ICRA]BB+' Rating to INR12cr Bank Loans
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB+/[ICRA]A4+' ratings for the INR12.0
crore bank facilities of KTL Pvt. Ltd.  The outlook on the long-
term rating is "Stable".

The assigned ratings take into account the strong market position
of KTL in the UP region, being the largest dealer of MSIL in the
region, its long standing relationship with MSIL, stable operating
profit margins and extensive experience of the promoters in the
automobile dealership business. The ratings are however
constrained by high regional concentration of the business with
scale of operations limited to the UP state along with thin
operating margins and high working capital intensity associated
with the dealership business.

                       About KTL Pvt.

KTL Pvt. Ltd. was started as a partnership firm in 1971 as a
dealership of tractors of Massey Ferguson and and two-wheelers of
Scooters India. In 1986-87, it became an authorized dealer of
Maruti Suzuki Cars and LML scooters (at Kanpur). In 1989, KTL
became a private limited company. KTL has a long relationship of
around 25 years with MSIL and is one of the leading dealers of
MSIL in the UP region, with its showrooms located at Kanpur,
Lucknow and Agra. KTL currently has two main showrooms at Kanpur
(one of which was opened recently in December 2010), one main
showroom at Lucknow and one main showroom at Agra (opened in March
2011). Besides, it also has five extension outlets (smaller car
showrooms) located at upcountry locations (four in Kanpur region
and one in Lucknow region). Besides car dealership, KTL also has
small dealership of TVS Motor Company (for two-wheelers) located
at Kanpur.

Recent Results

In 2010-11, KTL's net sales at INR272.7 Crore reported a growth of
10.4% over the previous year. The company's operating profit
before depreciation, interest and tax at INR5.5 Crore in 2010-11
recorded a growth of 7.8% over the previous year. KTL's profit
after tax (PAT) increased from INR2.2 Crore in 2009-10 to
INR3.1 Crore in 2010-11.


LEODUCT ENGINEERS: ICRA Suspends LBB+ Working Capital Loan Ratings
------------------------------------------------------------------
ICRA has suspended 'LBB+' ratings assigned to the INR15.0 crore
working capital facilities and INR10.0 crore non-fund based
facilities & A4+ rating to the INR0.98 crore short term loan
facilities of LeoDuct Engineers & Consultants Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


PT. DEEN: CARE Rates INR12.37cr Long-Term Loan at 'CARE BB-'
------------------------------------------------------------
CARE assigns 'CARE BB-' rating to bank facilities of PT. Deen
Dayal Upadhaya Sikshan Trust.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities      12.37      'CARE BB-' Assigned

Rating Rationale

The rating takes into consideration the weak financial profile
marked by low profitability and erosion of the net-worth on
account of the losses incurred in the past. It also takes into
account the moderate occupancy rate, exposure to the intense
competition and regulatory framework for the educational sector in
the country. However, the ratings draw comfort from the financial
support from the trustees, long- track record of almost a decade
and healthy prospects for the education sector.  Going forward,
the ability to improve the overall financial risk profile and to
improve the occupancy rate would be the key rating sensitivities.

Pt. Deen Dayal Upadhaya Sikshan Trust, was incorporated in 2000 at
Jhansi.  The trust is governed by six trustees with Mr. S.K. Rai,
being the managing trustee.  Currently, PST is operating
four colleges under the name of the SR Group of Institutions for
various courses viz B.Tech, B. Pharma, B.Sc., M.Tech, MBA and MCA.
PST booked a net-surplus of INR0.04 crore on the total income of
INR11.19 crore in FY10.


SATHYAM POWER: Fitch Lowers Rating on INR358 Mil. Loans to 'B+'
---------------------------------------------------------------
Fitch Ratings has downgraded India-based Sathyam Power Private
Ltd's INR358.4 million Long-Term senior bank loans to 'Fitch
B+(ind)' from 'BB-(ind)' and simultaneously placed it on Rating
Watch Negative (RWN).

The downgrade reflects a more than six months delay in achieving
commercial operations date (COD), a longer than expected plant
stabilization period and a more than anticipated increase in fuel
costs leading to a material deterioration in forecasted coverage
metrics.

Fitch expects to resolve the RWN once clarity is obtained on three
important events: announcement of the regulatory decision to
revise tariff applicable for contracted biomass power projects in
the state on which depends the long term economic viability of the
project; stabilization of plant operations as per management
expectations; and a further injection of sponsor support as
required to help meet debt service obligations due in March 2012.

A doubling of biomass fuel (mustard husk) prices from the initial
base case assumptions -- without a corresponding tariff hike --
has materially affected the project's ability to generate adequate
cash flows to support debt service.

Land acquisition issues resulted in COD being delayed to
April 2011 as against the original target of September 2010.
Consequently, the commencement of principal amortization was
postponed by nine months to March 2012.  This entailed additional
burden on the project (also caused by an increase in banks'
lending rates) in terms of a nearly 150bps increase in the
interest rate and a shortening of the loan tenor -- both
contributing to depressing the debt service coverage ratio (DSCR).
Sponsors injected additional equity of INR17m which has provided
some relief and helped avoid, at least temporarily, a more
precipitous fall in the rating level.

The agency also notes the company's structural weakness in its
inability to create a debt service reserve account, which is
accentuated by the absence of a strong waterfall mechanism in the
financial documents.

Post-COD, operating performance has been ramping up rather slowly
with the plant registering an average capacity of 15% from
commencement of operations till date; though it has reportedly
managed to increase it to almost 50% in August.

The rating draws some strength from the mitigation of volume risks
through SPPL's firm 20-year power purchase agreement with the
Government of Rajasthan's (GoR) -owned power utility.  The rating
also benefits from GoR's policy to support non-conventional energy
sources by way of subsidies through higher tariffs.  The policy
also exempts the project from the merit-order system, as well as
from penalties for non-achievement of targeted capacity levels.

SPPL operates a 10 megawatt (MW) biomass-based power plant in the
Nagaur district of Rajasthan at a total project cost of INR550m.
The project is developed through a 50/50 joint venture between
M.C. Bagrodia & Associates and Focal Energy Holdings Limited, a
Cyprus-based investment company.


SHAH TIME: ICRA Assigns '[ICRA]BB+' Rating to INR3.5cr Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB+' to the
INR3.5 crore fund based bank limits and a short term rating of
'[ICRA]A4+' to the INR4.0 crore non fund based bank limits of
Shah Time & Jewels Private Limited.  The outlook on the long term
rating is Stable.

The ratings favorably factor in the long experience of STJ's
promoters in the gems and jewellery business, its strong presence
in the growing Gulf and Asian markets, healthy growth in the
operating income as well as profitability in the last few years
and favorable capital structure as well as coverage indicators as
of last fiscal. The ratings are constrained by client
concentration risks and moderate margins in the business due to
inherently competitive nature of the jewellery industry.

Shah Time & Jewels Private Limited was incorporated by Mr. Paresh
Shah and Mr. Jaymin Shah in the year 2005 to manufacture machine
made gold and studded jewellery. The Company has its manufacturing
facility at the Surat SEZ making it an export oriented
manufacturing unit. The Company is a part of the P & S Group which
is engaged in machine made and handmade jewellery business through
P&S Jewellery Limited and P&S Shringar Private Limited
respectively. The Group is a contract manufacturer of handmade
jewellery for various respected brands like Tanishq, Orra and D-
Damas. The Group has been voted as the best manufacturer by
Tanishq for the last 6 years. The entire Group recorded a turnover
of around INR1,000 crore in FY 2010-11.

Recent results:

As per the audited numbers, for the financial year ended
March 2011, the company reported a Net Profit of INR6.2 crore on
an operating income of INR85.2 crore.


SHRI GIRI: ICRA Assigns '[ICRA]B' Rating to INR10cr Term Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR10.00 crore term loan
facilities, INR4.00 crore long term fund based bank facilities and
INR2.00 crore long term non-fund based bank facilities of Shri
Giri Spinning Mills (India) Private Limited.

The assigned rating draws comfort from the promoter's experience
in the spinning industry. The rating also factors in SGSM's small
scale of operations and financial profile characterized by thin
margins and stretched capital structure. The rating also considers
the fragmented nature of the spinning industry with the presence
of a large number of small and medium scale players restricting
pricing flexibility and the susceptibility of margins to
volatility in raw material prices. Sub-optimal capacity
utilization on account of the tight power situation and the sharp
decline in cotton costs on account of weak demand scenario are
likely to put pressure on growth in operating income and margins
for the current financial year.

Incorporated in 2008, Shri Giri Spinning Mills (India) Private
Limited commenced operations in mid-October 2008 with installed
capacity of 6,000 spindles and enhanced its capacity over the
years to reach the current level of 12,000 spindles. The company
is engaged in the manufacture of cotton yarn with its unit located
at Veppadai, Erode. The company is closely held by promoters and
their family members.

Recent Results

During the year ended March 31, 2011 the company's net profit
stood at INR0.7 crore on operating income of INR23.0 crore
(provisional) as against a reported adjusted net profit of
INR0.6 crore on operating income of INR22.3 crore during 2009-10.


TIMESPAC INDIA: ICRA Reaffirms '[ICRA]BB' Term Loan Rating
----------------------------------------------------------
ICRA has re-affirmed the long term rating of '[ICRA]BB' to the
INR1.63 crore (reduced from INR2.78 crore earlier) term loan and
INR5.21 crore cash credit facilities of Timespac India Limited.
The outlook on the long term rating is stable. ICRA has also re-
affirmed the short term rating of '[ICRA]A4' to the INR2.50 crore
(enhanced from INR1.80 crore earlier) non fund based bank limits
of TIL.

The rating reaffirmations take into consideration the experience
of the promoters in the plastic packaging business, the favorable
demand outlook for packaging material industry driven by the
cement sector, the company's long standing relationship with its
clients and its profit making operations in 2010-11, although
profits were low at an absolute level. The ratings, however,
continue to be constrained by the weak financial profile of TIL
characterized by low profit margins, nominal cash accruals and
depressed level of coverage indicators. The ratings also factor in
the fragmented nature of the industry characterized by a large
number of small players, which in turn leads to intense
competition and TIL's small size of operations, which deprives it
from the benefits of economies of scale and also results in its
weak bargaining power against both suppliers and customers. ICRA
also notes that TIL is exposed to high customer and sector
concentration risks as the top two clients contributed around 70%
of the total sales during 2009-10, with the client base being
primarily concentrated in the cement sector.

                       About Timespac India

Timespac India Limited was established in 1999 by the Kolkata
based Agarwal family. The company has been engaged in the
manufacture of bulk packing materials made from Polypropylene
(PP). The company's factory is situated at Barjora, district
Bankura in West Bengal. The company started commercial production
from September 2002 and currently has a capacity of 2,300 MTPA.

Recent Results:

The company reported a profit before tax of INR0.80 crore in
2010-11 on an operating income of INR24.57 crore (provisional); as
compared to a net loss of INR0.09 crore on an operating income of
INR18.24 crore during 2009-10.


TRIDENT AUTO: ICRA Assigns '[ICRA]BB' Rating to INR12.06cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB/[ICRA]A4' ratings for the
INR12.06 crore bank facilities of Trident Auto Components
Pvt. Ltd.  The outlook on the long-term rating is Stable.

The assigned ratings take into account the strong growth in
Trident's operating income over the last four years of operation,
its demonstrated ability in terms of securing repeat orders from
the Indian Railways and consistently healthy operating margins
recorded over the past. The ratings also consider the expected
increase in revenues on account of new business from prospective
clients over the short to medium term. However, the ratings are
constrained by Trident's current moderate scale of operations with
operating income of INR40.3 crore reported in 2010-11, high
customer concentration risk with majority of supplies to two main
customers and high working capital intensity in the business owing
to long receivable cycles.

                        About Trident Auto

Trident Auto Components Pvt. Ltd. had started its operation in the
year 2000 by entering into a JV with LML Limited to manufacture
shock absorbers. However, the business had to be closed down
eventually due to extraneous factors. In 2006, the business was
revived with manufacturing of engine components. The company's
primary operations include forging, machining and fabrication of
components. It manufactures and fabricates bogey frames and
several structural components for the Indian Railways, besides
structural components for the power plants for BHEL. At present,
the company's customer portfolio mainly includes BHEL, Trichy and
DLW, Varanasi. It has also recently started manufacturing front
panel of the wagon for DLW. Further, Trident is in the process of
initiating supplies to several new customers in near future.
Trident currently has four manufacturing facilities located at
Kanpur, two of which are owned and the other two are leased.

Recent Results

In 2010-11, Trident's net sales at INR40.3 Crore reported a growth
of 19.2% over the previous year. The company's operating profit
before depreciation, interest and tax at INR7.0 Crore in 2010-11
recorded a growth of 22.8% over the previous year. Trident's
profit after tax (PAT) reduced from INR3.6 Crore in 2009-10 to
INR2.3 Crore in 2010-11.


VEM TECHNOLOGIES: CARE Revises Rating on INR28.42cr to 'CARE B+'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
VEM Technologies Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      28.42     'CARE B+' Revised
   (reduced from 28.75)                     from CARE C

   Short-term Bank Facilities     37.00     'CARE A4' Reaffirmed

Rating Rationale

The revision in ratings takes into account improvement in the
liquidity situation due to infusion of funds by the promoters and
improved financial position due to increased revenues resulting
from completion of the Hardware park project, in FY11. The ratings
also take into account the experienced management, company's
status as being one of the recognized off-set manufacturers,
reputed customer base, moderate order-book and prospects related
to the defence industry. The ratings are, however, constrained by
client concentration, small size of the company and working
capital cycle remaining stretched due to the high collection and
inventory periods. The ability of the company to further improve
its liquidity position by reducing its working capital cycle,
maintain profitability, receive repeat orders from existing
customers and add new customers are the key rating sensitivities.

VEM Technologies Pvt. Ltd (VEM) was promoted by Mr. Venkata Raju
in the year 1988. VEM is into the manufacturing of products for
defence, aerospace, home appliances mainly parts of the washing
machines (connectors and timers), overload power bodies, power
window motors for cars etc.  In FY11, the total operating income
stood at INR66.0 cr and PAT of INR4.6 cr.


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


PERUSAHAN GAS: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed PT Perusahaan Gas Negara's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at
'BB+', and simultaneously revised the Outlooks to Positive from
Stable.  PGN's National Long-Term rating has also been upgraded to
'AAA(idn)' from 'AA+(idn)'.  The Outlook is Stable.

These rating actions follow a review of PGN's operating and
financial profiles, including the impact from a potential
significant increase to its gas purchase costs.

"PGN's ratings reflect its dominant position in Indonesia's gas
distribution sector and positive domestic demand dynamics.  The
company has maintained a very strong financial profile for its
ratings, with strong free cash generation, low financial leverage
and solid liquidity," says Shahim Zubair, Associate Director
with Fitch's Asia-Pacific Energy and Utilities team.  PGN has
benefitted significantly from low-cost gas purchases based on
long-term contracts; its profit margins, as measured by EBITDA to
revenues, have been around 50%.

Fitch understands that some of PGN's gas suppliers and Indonesia's
upstream oil and gas regulator, BPMigas, are seeking to
renegotiate prices upwards under existing long-term gas supply
contracts with the company.  The price revisions sought are
significant. "Given PGN's market position, Fitch believes that it
is strong enough to ensure it can, over time, pass-through a
meaningful share of any cost increases to its customers. Even if
its profit margins are significantly affected, the company can
continue to generate strong positive free cash flows and maintain
a financial profile strong for its current ratings," notes
Mr. Zubair.

The company's financial and business profile is so strong that
its IDRs are constrained by the ratings of its 57% majority
shareholder, the government of Indonesia ('BB+'/Positive).
Therefore any changes in the sovereign ratings will lead to a
corresponding change in PGN's ratings.

PGN controls about 90% of Indonesia's gas distribution
infrastructure.  Furthermore, selling prices of natural gas are
still at a significant discount to most alternative fuels.  The
flexibility in the sales price is supported by the very high share
of sales that are negotiated on a business-to-business basis with
its industrial and power generation customers; around 98% of PGN's
revenues are to customers that do not currently come under
regulatory price intervention.

PGN's liquidity is very strong. Its free cash flow (FCF) margin
(FCF/revenue) has averaged about 20% over the past three years
(pre-dividend FCF margins are around 30%).  Given this strong cash
generation, PGN's net-indebtedness (total debt net of cash
reserves) has been improving and the company had a net cash
position of IDR865bn at 31 March 2011.  Furthermore, around 90% of
its total debt is long-term with well-spread out maturities.
PGN's net debt/EBITDA leverage has also gradually improved to -
0.1x in Q111 (FY07: 2.2x), while FFO interest coverage has
improved to 41.1x from 6.1x.

PGN however faces on-going challenges in relation to securing
additional gas supply to meet increased demand from limited
domestic gas production.  Also, the company faces some regulatory
risks from potential price revisions to existing long-term gas
purchase contracts, and from new regulations issued in 2010 which
prioritize domestic gas production to the oil production sector.
This has resulted in some of PGN's contractually committed supply
volumes being diverted away from the company.  However, Fitch
believes that PGN's robust financial and operating profile
sufficiently compensates for these risks at current ratings.


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


AUGUST MODELS: High Court Places Model Agency in Liquidation
------------------------------------------------------------
BusinessDay.co.nz reports that August Models and Talent, a model
agency with a long track record of not paying its talent, has
finally collapsed.  The company was placed in liquidation by the
High Court last week.

According to BusinessDay.co.nz, the company survived a previous
attempt to have it liquidated earlier this year, when it settled
with Auckland actor Owen Edwards over an upaid fee for his
appearance in a television commercial.

There have been recent media and internet reports of models who
are still waiting to be paid for jobs done as far back as 2009,
BusinessDay.co.nz relays.

BusinessDay.co.nz relates that young model Tay Lee told TV3 he was
owed NZ$300 for fronting a campaign for the Shanghai expo two
years ago.  After repeatedly calling, emailing and visiting the
offices of August Models he still hadn't been paid, the report
says.

August Models, BusinessDay.co.nz recalls, was fined NZ$10,000 last
year when the Department of Labour took a case against it for
paying less than the minimum wage to an extra on popular
television soap Shortland Street.

According to the report, the department said August failed to show
up to two Employment Relations Authority hearings and a subsequent
Employment Court hearing.  The sum owing was just NZ$258.

August Models and Talent is a New Zealand based model agency.


=====================
P H I L I P P I N E S
=====================


BANCO FILIPINO: PDIC Pays PHP6.13BB in Deposit Claims
-----------------------------------------------------
The Daily Tribune reports that the Philippine Deposit Insurance
Corp. (PDIC) paid a total of PHP6.13 billion in deposit insurance
claims to depositors of Banco Filipino Savings and Mortgage Bank
as of Aug. 11, 2011.

The Daily Tribune relates that PDIC said this represents 79% of
BF's total estimated insured deposit of PHP7.76 billion.  Payments
have been made to 135,983 accounts or 79% of total deposit
accounts of 172,323.

The Daily Tribune says the state deposit insurer reported that of
the total payments made, PHP5.96 billion was paid during the
ongoing onsite claims settlement operations.  These onsite
payments were for 51,090 accounts.

According to The Daily Tribune, the balance of PHP169.33 million
were previously paid to depositors with balances of PHP10,000 and
below, without outstanding loans with BF and who had complete
addresses in bank records totaling 84,893 accounts. Payments were
made directly to the depositors.

The PDIC reported that the onsite claims settlement operations for
BF has been completed for 57 branches and this is ongoing for the
last five branches until Aug. 19, 2011, The Daily Tribune notes.

PDIC said that depositors who were unable to file their claims
during the onsite claims settlement operations may file their
claims at the PDIC Office in Makati City starting Aug. 31, 2011,
according to The Daily Tribune.

                       About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964, offers
full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.

Bangko Sentral ng Pilipinas closed Banco Filipino after the bank's
liabilities overwhelmed its assets by PHP8.4 billion, and then
filed charges against the bank's directors and officials.  BSP
also placed the bank under the receivership of the state-run
Philippine Deposit Insurance Corp. to provide immediate relief to
the bank's 177,652 depositors.


CHINA BANK: Strong Niche Cues Fitch to Affirm Low "B" Rating
------------------------------------------------------------
Fitch Ratings has affirmed the Philippines' China Banking
Corporation's ratings, including its 'BB' Long-Term Foreign-
Currency Issuer Default Rating and 'AA-(phl)' National Rating.
The Outlook is Stable.

The ratings reflect China Bank's strong niche in the Chinese-
Filipino community, its satisfactory earnings base and balance
sheet strength, which Fitch views as some of the factors behind
the bank's resilient record through the economic cycles.
Meanwhile, the '4' Support Rating reflects a modest probability of
state support for the bank, stemming from its systemic importance
as the ninth-largest Philippine bank with about 4% of system
assets.

China Bank has a sound earnings record, thanks to broad-based
revenue flows, cost efficiencies and steady asset quality; the
last two factors were maintained at a consistent level even as the
bank from 2006, pursued branch expansion and increased headcount.
One positive result on the balance sheet is with regard to
deposits, with an improving low-cost mix from the retail sector in
particular.  This growth strategy may also bring about further
diversity in loans (especially consumer and SME financing) and
revenues, as well as contribute to an even stronger domestic
franchise, which are some longer-term considerations for a ratings
upgrade.

Conversely, rapid expansion, which could unexpectedly become a
drag on core earnings, asset quality and/or capital, would be
negative for the ratings, although in Fitch's judgment, there is
little likelihood of this occurring given management's prudent
record.  The agency also believes China Bank will maintain a
strong and liquid balance sheet, which helps preserve its credit
profile in a renewed downturn scenario, possibly as a result of
ongoing global uncertainties. Hence, the Outlook is Stable.

Fitch assesses China Bank to be well-capitalized and expects this
to continue to be the case; core Tier 1 capital adequacy ratio was
17% at end-March 2011 (local peer average: 12%).  Pre-emptive
reserves have resulted in the bank's reserve coverage on NPLs
(125%) and foreclosed properties (29%) at end-March 2011 being
higher than the industry average.  The loans/deposits ratio has
been under 60% over the past four years, indicating a satisfactory
liquidity profile.

The full list of rating actions is as follows:

China Bank:

  -- Long-Term Foreign Currency and Local Currency Issuer Default
     Ratings affirmed at 'BB'; Outlook Stable;
  -- Long-Term National Rating affirmed at 'AA-(phl)'; Outlook
     Stable;
  -- Viability Rating affirmed at 'bb';
  -- Individual Rating affirmed at 'C/D';
  -- Support Rating affirmed at '4'; and
  -- Support Rating Floor affirmed at 'B+'.


SECURITY BANK: Modest Franchise Cues Fitch to Affirm Rating
-----------------------------------------------------------
Fitch Ratings has affirmed the Philippines' Security Bank
Corporation's Long-Term Foreign-Currency Issuer Default Rating
(IDR) at 'BB', Long-Term National Rating at 'AA-(phl)' and
Viability Rating at 'bb'.  The Outlook is Stable.  At the same
time, the agency has affirmed the bank's subordinated notes at
'A+(phl)'.  All other ratings of the bank have also been affirmed.

The ratings reflect Security Bank's relatively modest franchise in
the Philippines banking system (2.5% of system assets), albeit
strong capital position, healthy liquidity, good asset quality and
profitability.

Fitch also considers the high composition of corporate and middle
market loans on the bank's balance sheet.  This, together with the
fact that many of these loans are typically unsecured, exposes
Security Bank to the risk of rapid asset quality deterioration and
potentially high losses under tough credit conditions which may be
negative to its risk profile, and possibly its ratings.  The risks
could also be heightened if, in Fitch's opinion, the bank grows
too fast.

On balance, the agency notes Security Bank's reasonable
underwriting track record which explains the low levels of NPLs.
The bank has also set aside pre-emptive reserves well in excess of
NPLs.  Combined with its Tier 1 CAR of 14% at end-March 2011, the
bank's loan loss absorption capacity is assessed to be strong.
Asset quality is expected to be manageable in 2011-2012 on the
back of steady macroeconomic indicators in the Philippines,
although global economic uncertainties may be a medium-term risk.
The bank has a fairly liquid balance sheet, with loans/deposit
ratio of 65% for 2007-2010.

Security Bank's profitability may moderate over 2011-2012 on
expectations of rising interest rates which may result in lower
trading income and tighter margins on competition in corporate
lending.  On balance, this may be partly offset by the bank's
growth strategy into the consumer and SME sectors.  With an
expanding branch network (from the recently announced acquisition
of Premiere Development Bank), Security Bank is in a better
position to grow its deposits and lending into the higher yielding
consumer and SME markets over time.  If successful, this may
result in a stronger domestic franchise with an improvement in the
bank's loan diversification mix which would be positive to its
ratings, although Fitch believes this may occur only over the
medium to long term.

Given its relatively small size, the acquisition of Premiere
Development Bank has no immediate ratings impact on Security Bank.

The subordinated notes is rated one notch below the bank's 'AA-
(phl)' Long-Term National Rating and is in accordance with the
agency's criteria of rating subordinated notes of financial
institutions.

The full list of rating actions is as follows:

Security Bank:

  -- Long-Term Foreign-Currency and Local-Currency IDRs affirmed
     at 'BB'; Stable Outlook;
  -- Short-Term Foreign Currency IDR affirmed at 'B';
  -- Long-Term National Rating affirmed at 'AA-(phl)'; Stable
     Outlook
  -- Viability Rating affirmed at 'bb';
  -- Individual Rating affirmed at 'D';
  -- Support Rating affirmed at '4';
  -- Support Rating Floor affirmed at 'B+'; and
  -- Ratings on Step Up Callable Subordinated Lower Tier 2 Notes
     affirmed at 'A+(phl)'.


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


PACKAGING SPECIALIST: Creditors' Proofs of Debt Due Sept. 3
-----------------------------------------------------------
Creditors of Packaging Specialist International Pte, which is in
voluntary liquidation, are required to file their proofs of debt
by Sept. 3, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


POLAR MARINE: Creditors' Proofs of Debt Due Sept. 8
----------------------------------------------------
Creditors of Polar Marine I Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 8, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Low Mei Mei Maureen
         Catherine Lim Siok Ching
         c/o 8 Wilkie Road
         #03-01 Wilkie Edge
         Singapore 228095


POLAR MARINE II: Creditors' Proofs of Debt Due Sept. 8
------------------------------------------------------
Creditors of Polar Marine II Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 8, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Low Mei Mei Maureen
         Catherine Lim Siok Ching
         c/o 8 Wilkie Road
         #03-01 Wilkie Edge
         Singapore 228095


SUNLITE ENTERPRISE: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on July 22, 2011, to
wind up the operations of Sunlite Enterprise Private Limited.

Carrier Singapore (Pte) Limited filed the petition against the
company.

The company's liquidator is:

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


VITC ASIA: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Aug. 5, 2011, to
wind up the operations of VITC Asia Pte Ltd.

FMG Corporate Services Pte Ltd filed the petition against the
company.

The company's liquidator is:

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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