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        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 22, 2011, Vol. 14, No. 165

                            Headlines



A U S T R A L I A

ABC LEARNING: Boss Eddy Groves to Stand Trial in May 2012
ALMONA PTY: Westpac Appoints PPB as Receivers
BMW PLASTICS: Appoints Ferrier Hodgson as Voluntary Liquidators
FIREPOWER HOLDINGS: ASIC Successful in Proceedings Vs. Sattvic
* AUSTRALIA: Hundreds of Jobs at Risk as Solar Firms Shut Down


C H I N A

* CHINA: SMEs Not in Large Scale Bankruptcies, Wu Says


H O N G  K O N G

CU SECURITIES: Members' Final Meeting Set for Sept. 22
E-SERVICE TECHNOLOGY: Creditors' Proofs of Debt Due Sept. 19
EVERGREEN RESTAURANT: Final Meetings Set for Sept. 20 & Sept. 21
HILLFAX INVESTMENT: Wu Suk Hing Appointed as Liquidator
INVERNESS CORPORATION: Ho Siu Lam Steps Down as Liquidator

JOYE INTERNATIONAL: W. Poey Foon Angela Steps Down as Liquidator
KB INVESTMENT: Tang Tin Sek Steps Down as Liquidator
MEIWA HK: Creditors' Proofs of Debt Due Sept. 19
NIPPON LEIZ: Commences Wind-Up Proceedings
SELECT FOOD: Creditors' Proofs of Debt Due Sept. 6

SHATIN TREASURE: Final Meetings Set for Sept. 20 & Sept. 21
TAI PO: Final Meetings Set for Sept. 20 & Sept. 21
TECHNOTREND TRADING: Placed Under Voluntary Wind-Up Proceedings
TREASURE FOOD: Final Meetings Set for Sept. 20 & Sept. 21
TREASURE MANAGEMENT: Final Meetings Set for Sept. 20 & Sept. 21


I N D I A

AIR INDIA: Has Total Loans of INR432BB, Aviation Minister Says
ARJUN ISPAT: ICRA Assigns '[ICRA]BB' Rating to INR10cr Loan
BATANAGAR EDUCATION: ICRA Rates INR110MM Term Loan at 'CRISIL B-'
DML EXIM: ICRA Upgrades Rating on INR14cr Loan to '[ICRA]BB'
DML WORLD: ICRA Upgrades Rating on INR2cr Bank Loan to '[ICRA]BB'

ENERCON WIND: Inadequate Info Cues Fitch to Migrate Low-B Rating
EXPANDED POLYMER: ICRA Cuts Rating on INR21cr Loan to '[ICRA] BB'
G B RAJA: CRISIL Assigns 'CRISIL BB-' Rating to INR154MM LT Loan
KRISHNA COKE: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
LAKE PALACE: Inadequate Info Cues Fitch to Migrate Low-B Rating

MANDOVI MINERALS: CRISIL Assigns CRISIL D Rating to INR88MM Loan
MANGALORE MINERALS: CRISIL Rates INR60MM Cash Credit at CRISIL B
NARMADA SOLVEX: CRISIL Reaffirms CRISIL B- Long-Term Loan Rating
PADMASRI RICE: ICRA Assigns '[ICRA]B' Rating to INR24.39cr Loan
R.KRISHNAMURTHY: CRISIL Assigns CRISIL BB Rating to INR50MM Loan

REAL GROWTH: ICRA Rates INR21cr Fund Based Limits at '[ICRA]B+'
ROHAN DYES: ICRA Reaffirms '[ICRA]BB' Rating to INR2cr Facility
RUCHI GLOBAL: ICRA Upgrades Rating on INR40cr Loan to '[ICRA]BB'
SAL STEEL: ICRA Downgrades Rating on INR130.5cr Loan to '[ICRA]D'
SARAF CHEMICALS: Fitch Affirms 'B+(ind)' Rating on Two Loans

SHRI RAMALINGA: ICRA Ups Rating on INR122.83cr Loan to '[ICRA]B+'
SPECIALITY POLYMERS: ICRA Rates INR9.5cr Loans at '[ICRA]BB-'
SUDALAGUNTA SUGARS: CRISIL Raises Rating on INR305MM Loan to 'B-'
UNIPHOS AGRO: Inadequate Info Cues Fitch to Migrate Low-B Rating
UNIQUE PUNCH: ICRA Reaffirms '[ICRA]BB' Rating on INR5cr Loan

VICKSONS STEELS: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
VICTORY CERATECH: CRISIL Puts CRISIL BB Rating on INR29.1MM Loan
VIMS IMPEX: ICRA Assigns '[ICRA]B-' Rating to INR4.43cr Loan


I N D O N E S I A

BAKRIE SUMATERA: S&P Puts 'B-' Corp. Credit Rating on Watch Neg.


J A P A N

CSC SERIES 1: S&P Raises Ratings on 2 Classes of Bonds to 'CCC'


K O R E A

KOREA ELECTRIC: Shareholders Sue President Over Losses


N E W  Z E A L A N D

CENTURY CITY: SCF Takes Over Bankruptcy Case Against Owner
PULSE UTILITIES: Shareholders Approve Recapitalization Deal
SOUTH CANTERBURY: Takes Over Bankruptcy Case Against Serepisos




                            - - - - -


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


ABC LEARNING: Boss Eddy Groves to Stand Trial in May 2012
---------------------------------------------------------
Australian Associated Press reports that former ABC Learning
Centres boss Eddy Groves will stand trial in May next year on a
charge relating to the collapse of Australia's biggest childcare
chain.

Mr. Groves was committed in February in the Brisbane Magistrates
Court to stand trial on one count of breaching the Corporations
Act by dishonestly using his position as a director, the AAP
relates.

According to the news agency, former ABC CEO Martin Vincent Kemp
will also stand trial with Mr. Groves, after being committed last
month on two counts of breaching the Corporations Act.

The AAP notes that the Australian Securities and Investments
Commission alleges that Messrs. Groves and Kemp engaged in a
dishonest deal just months before the company's collapse.  The
charges arose from a two-year investigation after ABC Learning
collapsed beneath AUD1.6 billion of debt in November 2008.

During a review of the matter in the Brisbane District Court on
Friday, says AAP, Chief Judge Patsy Wolfe listed the trial for
the week starting May 14, 2012.

Lawyers indicated that the trial would run for at least six
weeks, with 33 witnesses to be called, the report notes.

The matter will be reviewed again in December, the AAP adds.

                     About ABC Learning

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

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

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

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


ALMONA PTY: Westpac Appoints PPB as Receivers
---------------------------------------------
James Thomson at SmartCompany reports that Almona Pty Ltd, the
owner of Sydney's iconic Parklea Markets, has collapsed into
receivership, despite plans from owner Con Constantine to
redevelop the site in an AUD135 million project.

Mr. Constantine is the sole director and shareholder of Almona
Pty, which also owns a number of other properties around
Mr. Constantine's home base of Newcastle.

SmartCompany, citing ASIC documents, discloses that the company
was placed in receivership on August 17, although it did face a
winding-up order in late 2010 that was dismissed in February.

Receivers Philip Carter and Christopher Hill of insolvency firm
PPB are now in control of the business, after being appointed by
Westpac, SmartCompany relays.

"Parklea Markets will continue to operate on a business as usual
basis.  There will be no interruptions to the normal operations,
hours of trading, and terms of trading of the markets,"
SmartCompany quotes Mr. Carter as saying in a brief statement.

"PPB Advisory expects to work closely with the management of
Parklea Markets and the commercial property portfolio to maximise
the value of the portfolio."


BMW PLASTICS: Appoints Ferrier Hodgson as Voluntary Liquidators
---------------------------------------------------------------
BMW Plastics Pty Ltd's members on July 20, 2011, appointed
John Lindholm and George Georges of Ferrier Hodgson as voluntary
liquidators of the Company.

The liquidators now control the Company and are realizing the
Company's remaining assets.

"An investigation of the Company's affairs will be conducted. Any
creditor who has any information which would assist our
investigation is requested to write to us setting out full
particulars," Ferrier Hodgson said in a statement.

A first meeting of creditors was held on Aug. 2, 2011.

At that meeting, creditors ratified the appointment of John
Lindholm and George Georges as liquidators of the Company.
Creditors also resolved that a Committee of Inspection be formed
and six creditors were appointed as members.

The Chairman presented the creditors with the circumstances
leading up to the appointment.

Depending on the outcome of the liquidators' investigations into
the affairs of the Company, it is estimated that the liquidation
will take between 12 and 18 months to complete.

"It appears likely that a distribution will be made to unsecured
creditors however, at this stage, the timing and quantum of same
is unknown," Ferrier Hodgson said.

BMW Plastics Pty Ltd was formed in 1984 by its current and former
Directors, Margaret and William Wiseman, respectively.  The
Company has developed from its original plant of 7,000 sq. ft.
containing 3 Blow Moulding machines to its current plant of
145,000 sq. ft. housing 14 machines ranging in size from 5 litres
to 300 litres.


FIREPOWER HOLDINGS: ASIC Successful in Proceedings Vs. Sattvic
--------------------------------------------------------------
The Australian Securities and Investment Commission obtained a
declaration of contravention in the Federal Court in Perth on
Aug. 17, 2011, in its civil proceedings against Sattvic Pty Ltd,
a company associated with fuel technology company, Firepower
Holdings Group Ltd (Firepower BVI).

The Federal Court made the declaration, on the third day of the
trial, that Sattvic Pty Ltd contravened section 727(1) of the
Corporations Act 2001 (the Corporations Act) regarding several
offers made to Australian investors for the sale of Firepower BVI
shares.  Section 727(1) of the Corporations Act prohibits offers
for the sale of shares or the distribution of an application form
for an offer for the sale of shares within one year of the
original issue of the shares where the shares were issued or
acquired with the purpose of being on-sold, unless a prospectus
is or has been lodged with ASIC or unless certain exemptions
apply.

ASIC alleged that Sattvic, whose sole director is Leslie Stein,
made offers to sell the shares on 8 occasions between March 2006
and July 2006.

In court, Sattvic consented to:

  1. a declaration that on eight occasions, Sattvic contravened
     Sec. 727(1) of the Corporations Act by making an offer for
     the sale of shares in Firepower Holdings Group Ltd where:

        -- the Corporations Act provided that the offer
           needed disclosure to investors; and

        -- no prospectus or other disclosure document for
           the offer was lodged with ASIC;

  2. disclosure orders, requiring Sattvic to send a letter to
     every person who holds shares in Firepower Holdings Group
     Ltd that were sold by Sattvic before Sept. 1, 2006;

  3. publicity orders, requiring Sattvic to cause to be published
     at its own expense, an advertisement in State, Territory and
     Australian newspapers of the findings made by the Federal
     Court;

  4. the payment of ASIC's costs of the proceedings.

The letters and advertisements required by the orders will
include a suggestion that relevant shareholders may wish to take
legal advice in relation to their circumstances and as to whether
they have a right to seek damages or a refund of money they paid
for the shares.

Background

ASIC commenced the proceedings against Sattvic together with a
number of other parties associated with Firepower Holdings Group
Ltd in July 2008. The proceedings were commenced to clarify and
enforce the obligations of parties associated with the original
issuer of shares to ensure that disclosure as required by the
Corporations Act is made when offers are made to sell those
shares.

                          About Firepower

Based in Perth, Australia, Firepower Holdings and Firepower
Operations are both Australian arms of Firepower Holdings Group,
a fuel technology company based in the British Virgin Islands.
According to WAtoday.com.au, Firepower has several high profile
investors, including former AFL star Wayne Carey and several
Adelaide Crows players.  It sponsored the Western Force rugby
union team, basketball side Sydney Kings and NRL team South
Sydney, which is owned by Russell Crowe and Peter Holmes.
The company, the WAtoday related, also sponsored Fremantle
Dockers star Matthew Pavlich and Force players Matt Giteau,
Cameron Shepherd and Ryan Cross.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2008, Firepower Holdings was placed into liquidation
after its chairman, Tim Johnston, failed to help in efforts to
rescue it, the Herald Sun said citing administrators Brent
Kijurina and Geoff McDonald of accountancy and insolvency firm
Hall Chadwick.  It has 1,208 Australian shareholders who invested
between AUD80 million and AUD100 million.

The New South Wales Federal Court appointed Pitcher Partners
Perth managing partner Bryan Hughes as liquidator of Firepower
Operations, which owes creditors about AUD16 million.


* AUSTRALIA: Hundreds of Jobs at Risk as Solar Firms Shut Down
--------------------------------------------------------------
SmartCompany, citing a new report from the Australian Solar
Energy Society, says that hundreds of jobs in the solar industry
are at risk as dozens of businesses in New South Wales consider
closing as the Government refuses to introduce support in the
form of tariffs and subsidies.

SmartCompany relates that the announcement comes after the only
Australian company responsible for manufacturing solar cells
announced it would be closing a Sydney location, with 30 jobs
lost.  The Australian Manufacturing Workers Union continues to
blame the state Government, the report notes.

Both these announcements come just weeks after Carbon Management
solutions, the solar installation company that topped last year's
Smart50 list, announced it may need to consider its options if
there is no Government support, according to SmartCompany.

According to SmartComapny, ASES chief executive John Grimes said
the society's latest survey paints a dark picture.

SmartCompany says the survey of 91 businesses shows 25% have
closed or will close within the next month. It also found that
416 jobs have been lost in the industry since November 2010 and
that there has been a 93% drop off in enquiries since then.

"There are approximately 830 solar companies in New South Wales
and we polled 91 of them. If you extrapolate the job losses, we
could be looking at over 3,000 jobs already gone," SmartCompany
quotes Mr. Grimes as saying.

"What the industry has done is basically just cut down on its
greatest cost, and that is labor. Something might change but
ultimately there comes a time when they need to call time on the
business, and unfortunately that's what they're doing."

The survey, according to SmaryCompany, comes after Silex Solar
announced it would cease making solar cells at its manufacturing
facility in Western Sydney, with the company saying that it will
be undergoing a full restructure.

SmartCompany relates that while Silex has not made any reference
to the Government scheme in its announcement, the Australian
Manufacturing Workers' Union has told the ABC that "we warned
there would be a possibility of job losses in manufacturing".

"The decision can be blamed on the roll-back of the Solar Bonus
Scheme by the O'Farrell Government, and the Government's failure
to implement any sort of framework for the clean technology
industry," SmartCompany quotes state secretary Tim Ayres as
saying.


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C H I N A
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* CHINA: SMEs Not in Large Scale Bankruptcies, Wu Says
------------------------------------------------------
Bloomberg News reports that Wu Xianting, deputy director of the
Financial Market Department at the People's Bank of China, said
that China didn't experience "large scale" bankruptcies among
small and medium-sized enterprises in the first half of the year.

Bloomberg relates that Mr. Wu said during an online webcast on
Aug. 18 that some small companies are in financial difficulty
after expanding too rapidly.  Rising raw material, labor and
financial costs are the main problems facing SMEs, Mr. Wu said.
They have also been affected by the turmoil in global markets, he
said.

Mr. Wu said lending to small companies as a proportion of overall
credit is increasing, Bloomberg adds.


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


CU SECURITIES: Members' Final Meeting Set for Sept. 22
------------------------------------------------------
Members of CU Securities Limited will hold their final meeting on
Sept. 22, 2011, at 10:00 a.m., at Unit 903-4, 9th Floor, Yip Fung
Building, at Nos. 2-18 D'Aguilar Street, Central, in Hong Kong.

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


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

The company's liquidator is:

         Leung Mei Fan
         Room 1005, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


EVERGREEN RESTAURANT: Final Meetings Set for Sept. 20 & Sept. 21
----------------------------------------------------------------
Members and creditors of Evergreen Restaurant Limited will hold
their final meetings on Sept. 20, 2011 and Sept. 21, 2011, at
9:50 a.m., and 9:20 a.m., respectively at 25th Floor, Wing On
Centre, at 111 Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HILLFAX INVESTMENT: Wu Suk Hing Appointed as Liquidator
-------------------------------------------------------
Wu Suk Hing on Aug. 12, 2011, was appointed as liquidator of
Hillfax Investment Limited.

The liquidator may be reached at:

         Wu Suk Hing
         Room 1301, Tern Commercial Building
         Nos. 39-41 Granville Road
         Tsimshatsui, Kowloon
         Hong Kong


INVERNESS CORPORATION: Ho Siu Lam Steps Down as Liquidator
----------------------------------------------------------
Ho Siu Lam stepped down as liquidator of Inverness Corporation
Limited on Aug. 15, 2011.


JOYE INTERNATIONAL: W. Poey Foon Angela Steps Down as Liquidator
----------------------------------------------------------------
Wang Poey Foon Angela stepped down as liquidator of Joye
International Co. Limited on Aug. 10, 2011.


KB INVESTMENT: Tang Tin Sek Steps Down as Liquidator
----------------------------------------------------
Tang Tin Sek stepped down as liquidator of KB Investment &
Securities Hong Kong Limited on Aug. 11, 2011.


MEIWA HK: Creditors' Proofs of Debt Due Sept. 19
------------------------------------------------
Creditors of Meiwa Hong Kong Trading Co. Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 19, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 11, 2011.

The company's liquidator is:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


NIPPON LEIZ: Commences Wind-Up Proceedings
------------------------------------------
Members of Nippon Leiz (HK) Limited, on Aug. 9, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Cheung Lai Kuen
         Suites 1303-06, 13/F
         Asian House
         1 Hennessy Road
         Wanchai, Hong Kong


SELECT FOOD: Creditors' Proofs of Debt Due Sept. 6
--------------------------------------------------
Creditors of Select Food Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Sept. 6, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Pang Wai Kui
         Suite A, 12/F
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Hong Kong SAR


SHATIN TREASURE: Final Meetings Set for Sept. 20 & Sept. 21
-----------------------------------------------------------
Members and creditors of Shatin Treasure Restaurant Company
Limited will hold their final meetings on Sept. 20, 2011 and
Sept. 21, 2011, at 10:50 a.m., and 10:40 a.m., respectively at
25th Floor, Wing On Centre, at 111 Connaught Road Central, in
Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TAI PO: Final Meetings Set for Sept. 20 & Sept. 21
--------------------------------------------------
Members and creditors of Tai Po Treasure Restaurant Company
Limited will hold their final meetings on Sept. 20, 2011 and
Sept. 21, 2011, at 11:10 a.m., and 11:00 a.m., respectively at
25th Floor, Wing On Centre, at 111 Connaught Road Central, in
Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TECHNOTREND TRADING: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on Aug. 4, 2011,
creditors of Technotrend Trading Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Darach E. Haughey
         Yeung Lui Ming (Edmund)
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


TREASURE FOOD: Final Meetings Set for Sept. 20 & Sept. 21
---------------------------------------------------------
Members and creditors of Treasure Food Limited will hold their
final meetings on Sept. 20, 2011 and Sept. 21, 2011, at 12:10
a.m., and 12:10 a.m., respectively at 25th Floor, Wing On Centre,
at 111 Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TREASURE MANAGEMENT: Final Meetings Set for Sept. 20 & Sept. 21
---------------------------------------------------------------
Members and creditors of Treasure Management Limited will hold
their final meetings on Sept. 20, 2011 and Sept. 21, 2011, at
10:10 a.m., and 9:40 a.m., respectively at 25th Floor, Wing On
Centre, 111 at Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


AIR INDIA: Has Total Loans of INR432BB, Aviation Minister Says
--------------------------------------------------------------
Reuters, citing figures presented by Civil Aviation Minister
Vayalar Ravi to India's parliament, reports that state carrier
Air India has total outstanding loans of INR432 billion
(US$9.5 billion).

Reuters relates that Mr. Ravi said in a written response that the
airline had working capital loans of INR212 billion, and long-
term loan of INR220 billion on fleet acquisition.  Additionally,
Air India has vendor dues of INR46 billion, Reuters reports.

                   Allowed to Take Fuel on Credit

Meanwhile, Business Standard reports that a group of ministers
(GoM) on Thursday allowed Air India a credit limit of up to three
months for payment of fuel dues.

Business Standard relates that the ailing carrier, which is on a
cash-and-carry basis, pays INR16.5 crore daily to oil marketing
companies.  "Instead of cash and carry, AI will from now on make
payments on the basis of this credit limit of two to three
months.  So, the tension of making daily payments is now over,"
Business Standard quotes civil aviation minister Vayalar Ravi as
saying.

According to Business Standard, the carrier was put on cash-and-
carry mode after its oil dues reached INR2,800 crore.  Recently,
Business Standard notes, the oil marketing companies stopped
supplies to AI for a few hours after cheques given by the airline
were not honored by banks.

                          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.


ARJUN ISPAT: ICRA Assigns '[ICRA]BB' Rating to INR10cr Loan
-----------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR10.00 crore fund based
facilities of Arjun Ispat India Private Limited.  The outlook on
the long-term rating is Stable. ICRA has also assigned '[ICRA]A4'
to INR5.00 crore non-fund based facilities of AIIPL.

The ratings assigned factor in the AIIPL's moderate scale of
operations, high competitive intensity with presence of large
number of dealers and traders, low profitability as akin to
trading nature of the business and the vulnerability of AIIPL's
profitability to adverse movement in steel prices. However, ICRA
draws comfort from AIIPL's long track record of operations in the
iron and steel trading, wide range of products, established
relationship with customers and suppliers and financial
flexibility enjoyed by the company given its low leverage
(debt/equity) of 0.8 times as on March 31, 2011.

Arjun Ispat India Private Limited has been promoted by Mr. Rishi
Miglani in association with his father Mr. Ramesh Miglani. It is
a part of Uttam group of companies which are involved in steel
products manufacturing for decades. AIIPL is involved in trading
of steel components especially HR Coils, CR Coils and Galvanised
Coils. Besides this, it also provides value added steel
preservation coatings/filming etc.

Recent Results

As per provisional numbers for FY11, AIIPL reported operating
income of INR142.25 crore with a net profit of INR0.22 crore.


BATANAGAR EDUCATION: ICRA Rates INR110MM Term Loan at 'CRISIL B-'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the term
loan facility of Batanagar Education and Research Trust.

   Facilities                     Ratings
   ----------                     -------
   INR110 Million Term Loan       CRISIL B-/Stable (Assigned)

The rating reflects BERT's project implementation risks, and
expectation of constrained financial flexibility driven by low
expected surpluses in the initial years of operations. These
rating weaknesses are partially offset by the healthy demand
prospects of education in India.

Outlook: Stable

CRISIL believes that BERT's credit risk profile will remain
exposed to risks related to any cost or time overruns in the
completion of its education institute, and low surpluses in the
initial years of operations. The outlook may be revised to
'Positive' upon completion and stabilization of the trust's
projects along with higher-than-expected enrolments leading to
better-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if BERT delays in the execution of its
project and generates lower-than-expected cash accruals leading
to further weakening of its liquidity.

BERT was set up as a public charitable trust and duly registered
on February 2007 as a non-profit trust. The trust is in the
process of setting up an engineering and management college
called Batanagar Institute of Engineering Management and Science
at Maheshtala in Kolkata (West Bengal). The trustees include
academicians and members who are senior executives in reputed
entities. The total project will be executed in two phases -
Phase 1 will comprise instructional and administrative areas such
as classrooms, laboratories, workshop, administrative building,
and canteen, and Phase 2 will mainly comprise of students hostel,
residential and playground amenities. The college is expected to
commence its first academic year in 2012-13 (refers to financial
year, April 1 to March 31).


DML EXIM: ICRA Upgrades Rating on INR14cr Loan to '[ICRA]BB'
------------------------------------------------------------
ICRA has revised upward the long term rating assigned to the
INR14.00 crore fund based bank facility of DML Exim Private
Limited from 'LB+' to '[ICRA]BB'.  The outlook assigned on the
long term rating is stable.  ICRA has also reaffirmed the
'[ICRA]A4' rating to the INR23.00 crore short term fund based
facility of DEPL.  The long term and short term limits are
interchangeable such that the total limit utilization should not
exceed INR23.00 crore at any point of usage.

The upward revision of the long term rating primarily reflects
the significant improvement in the company's financial risk
profile backed by steady cash accruals despite the very
competitive nature of the industry. As a result, the capital
structure and debt protection indicators have also shown a
considerable improvement The ratings also take into consideration
the long experience of the promoters in the trading of cotton and
agricultural products, favorable location of the company which
gives it easy access to quality raw cotton and the operational
support it derives from its group companies.

The ratings continue to be constrained by the competitive and
fragmented nature of the industry which exerts pressure on
margin, exposure to regulatory risk with regard to Minimum
Support Price (MSP) for raw cotton fixed by the Government of
India and fluctuation in the foreign exchange rate. Moreover, the
margins are susceptible to price fluctuations and agro climatic
conditions which have a bearing on the supply of raw materials.

                          About DML Exim

DEPL was renamed in the year 2008 from D M Lakhani Overseas Pvt
Ltd which was established in 1988. The company is located at
Rajkot, Gujarat. The present directors Mr. Harish Lakhani, Mr.
Darshan Lakhani and Mr. Chirag Lakhani are actively involved in
daily operations. The company is a part of DML group which has
been in the agri-trading business for more than two decades. The
other group concerns include DML World trade Private Limited, DM
Enterprise and DRB commodities Private Limited.

Recent Results

During FY 2011 the company reported a net profit of INR11.39
crore on an operating income of INR660.96 crore, and net profit
of INR0.95 crore on an operating income of INR533.99 crore during
FY2010.


DML WORLD: ICRA Upgrades Rating on INR2cr Bank Loan to '[ICRA]BB'
-----------------------------------------------------------------
ICRA has revised upwards the long term rating assigned to the
INR2.00 crore fund based bank facility of DML World Trade Private
Limited from 'LBB-' to '[ICRA]BB'.  The outlook on the long term
rating is stable. ICRA has also reaffirmed the '[ICRA]A4' rating
to the INR15.00 crore short term fund based bank facility of
DWPL.  The long term and short term limits are interchangeable
such that the total limit utilization should not exceed INR15.00
crore at any point of usage.

The upward revision of the long term ratings positively reflects
the significant improvement in the company's financial risk
profile backed by steady cash accruals despite the very
competitive nature of the industry.  As a result, the capital
structure and debt protection indicators have also shown a
considerable improvement.

The rating also takes into consideration the long experience of
the promoters in trading of agricultural commodities and cotton,
favorable location of the company which gives it easy access to
quality raw cotton and the operational support it derives from
its group companies. The ratings continue to be constrained by
the competitive and fragmented nature of the industry which
exerts pressure on margin, exposure to regulatory risk with
regard to Minimum Support Price (MSP) for raw cotton fixed by the
Government of India and fluctuation in the foreign exchange rate.
Moreover, the margins are susceptible to price fluctuations and
agro climatic conditions which have a bearing on the supply of
raw materials.

                          About DML World

DML World Trade Pvt Ltd was established by Mr. Harish Lakhani in
2005.  The company is located at Rajkot, Gujarat and is a part of
DML group which has been in the agri-trading business for more
than two decades.  The other group concerns include DML Exim
Private Limited, DM Enterprise and DRB commodities Private
Limited.  The company is engaged in exports of agricultural
commodity like cotton, pulses, grain, sesame seeds, spices etc.

Recent Results

During FY 2011 the company reported net profit of INR1.35 crore
on an operating income of INR112.84 crore., and net profit of
INR0.37 crore on an operating income of INR87.21 crore during
FY 2010.


ENERCON WIND: Inadequate Info Cues Fitch to Migrate Low-B Rating
----------------------------------------------------------------
Fitch Ratings has migrated the 'BB+(ind)' National Long-Term
rating on India's Enercon Wind Farms (Hindustan) Pvt. Ltd. and
its INR4,072 million long-term bank loan to the "Non-Monitored"
category.  The ratings will now appear as 'Fitch BB+(ind)nm' on
the agency's Web site.

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 EWHPL.  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 reinstated and will be
communicated through a "Rating Action Commentary".


EXPANDED POLYMER: ICRA Cuts Rating on INR21cr Loan to '[ICRA] BB'
-----------------------------------------------------------------
ICRA has downgraded the rating assigned to the INR21.0 crore
(enhanced from INR13.5 crore) term loans and INR25.0 crore
(enhanced from INR19.0 crore) long-term fund based limits of
Expanded Polymer Systems Private Limited from 'LBB+' to
'[ICRA]BB'.  ICRA has also downgraded the rating assigned to the
INR36.0 crore (enhanced from INR25.0 crore) short-term non-fund
based limits of EPSPL from 'A4+' to '[ICRA]A4'.  The long term
rating carries a stable outlook.

The ratings revision reflects the deterioration in the financial
profile of the company owing to losses in 2010-11. This coupled
with the debt funded capital expenditure of the past has led to
increase in leverage and weakening of coverage indicators. The
company's presence in petrochemical industry renders it
vulnerable to raw material prices movements. With limited product
portfolio and high concentration towards a few clients till now,
the company enjoyed limited pricing flexibility, however, with
the expansion at Dahej in Gujarat, the company intends to
diversify its product basket and increase its market presence. In
addition, the polypropylene oxide bulk storage facility at Dahej
is expected to reduce the raw material cost. The ratings also
take into account EPSPL's long standing experience in the
manufacturing of polyols, its moderate cash flows and a customer
base with established players from various industries.

                          About Expanded Polymer

Expanded Polymer Systems Private Limited was established in 1982
as a Partnership Firm (Expanded Incorporation) with manufacturing
facilities at Pawne Industrial Area in Navi Mumbai. It was
converted into a Private Limited Company in November'07 with the
current name. The company is engaged in the manufacturing of
polyols, which are the basic chemicals used in polyurethanes
(PU), with its existing manufacturing unit at MIDC (Navi Mumbai)
and the newly commissioned unit at Dahej (Gujarat). EPSPL is a
closely held company promoted by Mr. Mukesh Bhuta who has about
30 years of experience in the PU industry.

Recent Results

For the twelve months ending March 31, 2011 (provisional), the
company reported a net loss of INR4.3 crore on an operating
income of INR137.6 crore as against a profit of INR3.2 crore on
an operating income of INR114.8 crore for the twelve months
ending March 31, 2010.


G B RAJA: CRISIL Assigns 'CRISIL BB-' Rating to INR154MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of GB Raja Top Weaving Pvt Ltd, part of the
GB Raja group.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR154 Million Long-Term Loan     CRISIL BB-/Stable (Assigned)
   INR100 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of the GB Raja
group's promoter in the textile industry. This rating strength is
partially offset by the GB Raja group's below-average financial
risk profile marked by high gearing, and customer concentration
risks in its revenue profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GBRTPL with that of the promoter's
group entities, Gold King Tex (I) Pvt Ltd, GB Raja Tex Pvt Ltd,
and Anjella Tex Pvt Ltd. All the entities, collectively referred
to as the GB Raja group, are in the same line of business, have
fungible cash flows and are managed by the same promoter.
Moreover, the management of the GB Raja group intends to merge
all the four companies into a single entity over the medium term.

Outlook: Stable

CRISIL believes that the GB Raja group will continue to benefit
over the medium term from its promoter's extensive experience in
the weaving industry. The outlook may be revised to 'Positive' if
the group diversifies its clientele and reports more-than-
expected growth in revenues and profitability. Conversely, the
outlook may be revised to 'Negative' if the GB Raja group fails
to stabilize its operations post expansion activities or if it
undertakes any larger-than-expected debt-funded capital
expenditure programme, leading to significant deterioration in
its financial risk profile and liquidity.

                        About the Group

The GB Raja group, currently managed by Mr. B. Raajarajan,
derives majority of its revenues from weaving of fabrics for home
textiles. The group caters primarily to the domestic market and
processes around 66,000 metres of fabric per day. It has an
installed capacity of 12,000 metres of fabric per day (110 Suzler
looms), which caters to around 18% of its requirement. The
remaining weaving requirements are outsourced to the nearby
weaving units.

The group proposes to undertake significant capacity additions
over the medium term and intends to add 86 air-jet looms by
March 31, 2012 at a project cost of INR 210 million, to be funded
through term loans of INR 150 million and promoters' funds of
INR60 million. Also, the group is likely to add another 60 Suzler
looms in 2012-13 (refers to financial year, April 1 to March 31)
at an estimated project cost of INR60 million. The group's key
customers, Gujarat Heavy Chemicals Ltd and Pradip Overseas Ltd,
together accounted for around 70% of its revenues in
2010-11.


KRISHNA COKE: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISILB+/Stable/CRISILA4' ratings to the
bank facilities of Krishna Coke India Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR40 Million Letter of Credit  CRISIL A4 (Assigned)

The ratings reflect KCIPL's weak financial risk profile, marked
by high total outside liabilities to tangible net worth and weak
risk coverage ratios, working-capital-intensive operations, as
well as susceptibility of its margins to cyclicality in the end-
user steel industry and to volatility in coke prices. These
rating weaknesses are partially offset by the extensive
experience of KCIPL's promoters in manufacturing coke.

Outlook: Stable

CRISIL believes that KCIPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of higher-than-expected revenues
and profitability or infusion of equity by the promoters,
resulting in improvement in KCIPL's financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
in case of any significant debt-funded capital expenditure or
acquisitions or lower-than-expected revenue and profitability,
leading to further weakening in the company's financial risk
profile.

                       About Krishna Coke

Incorporated in 1995, KCIPL manufactures and trades low ash
metallurgical coke. The company commenced commercial production
with installed capacity of 43,200 tonnes per annum (tpa). In
2008-09 (refers to financial year, April 1 to March 31), the
company purchased two additional units from Mahabir Carbon Ltd
and Apex Synergies Ltd and its capacity increased to 93,200 tpa.
Subsequently, in 2009-10, KCIPL acquired a wholly owned
subsidiary, MV International Ltd, which increased its capacity to
the current 1,36,400 tpa. The company's day-to-day operations are
managed by Mr. Vinod Saraogi and his son, Mr. Gaurav Saraogi.

KCIPL reported a profit after tax (PAT) of INR13.5 million on net
sales of INR861 million for 2009-10, as against a PAT of INR16.2
million on net sales of INR125 million for 2008-09.


LAKE PALACE: Inadequate Info Cues Fitch to Migrate Low-B Rating
---------------------------------------------------------------
Fitch Ratings has migrated the 'BB(ind)' National Long-Term
rating on India's Lake Palace Hotels & Motels Pvt. Ltd., The and
its INR717.6 million long-term bank loan to the "Non-Monitored"
category.  The ratings will now appear as 'Fitch BB(ind)nm' on
the agency's Web site.

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 LPHL.  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".


MANDOVI MINERALS: CRISIL Assigns CRISIL D Rating to INR88MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of Mandovi Minerals Pvt Ltd, part of the Mangalore
group.

   Facilities                       Ratings
   ----------                       -------
   INR8.5 Million Cash Credit       CRISIL D (Assigned)
   INR1.5 Million Proposed Cash     CRISIL D (Assigned)
                   Credit Limit
   INR88 Million Long-Term Loan     CRISIL D (Assigned)
   INR10 Million Bank Guarantee     CRISIL D (Assigned)

The rating reflects instances of delays by Mandovi Minerals in
servicing its debt; the delays are caused by the company's weak
liquidity.

The ratings also reflect the Mangalore group's below-average
financial risk profile, marked by high gearing and moderate debt
protection metrics, customer concentration, and susceptibility to
intense competition in the fragmented industrial sands market and
exposure to adverse regulatory changes. These rating weaknesses
are partially offset by the experience of the group's promoters
in the industrial silica sands business and their established
relationships with reputed customers.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Mangalore Minerals Pvt Ltd and Mandovi
Minerals Pvt Ltd, together referred to as the Mangalore group,
herein. This is because both the entities are in similar lines of
business, have a common management team, and have fungible cash
flows.

                         About the Group

The Mangalore group, promoted by Mr. Shivaji Mendon and Mrs. Rama
Mendon, is headquartered in Mangalore (Karnataka). The group has
been in the business of industrial sands since 1965. The group
started its operations with Mangalore Mineral Traders in 1965,
which is engaged in sand mining and later ventured into
manufacturing of industrial silica by setting up MMPL and Mandovi
Minerals. The group also operates three transport firms, Santosh
Kumar Transport, Santosh Enterprises and Mangalore Minerals
Transport and a silica trading company, Maharashtra Silica Sand
Pvt Ltd.

Incorporated in 1987, MMPL, the flagship entity of the group
produces industrial sands. MMPL derives around 45% of its
revenues from industrial silica and 55% from resin coated sands.
The company's manufacturing facilities are located in Kundapur
and Karnad (Karnataka), Gudur (Andhra Pradesh), and Sholapur
(Maharashtra). It has a total installed capacity of 1200 tonnes
per day.

Mandovi Minerals was promoted in 2004. It manufactures washed and
dry silica sand. The company was established in order to cater to
the industrial silica needs in northern India. It has a 30,000-
tonne-per-month plant in Ankaleshwar (Gujarat); the plant is
currently operating at 10% efficiency.

The Mangalore group has established relationships with customers
such as Mahindra & Mahindra Limited, Brakes India Limited,
Hinduja Foundries Limited, Precision Camshafts Limited, Kirloskar
Ferrous Industries Limited and Greaves Cotton Limited.

The Mangalore group's net profit and net sales are estimated at
INR59 million and INR574 million respectively for 2010-11; the
company reported a net profit of INR17 million on net sales of
INR493 million for 2009-10.


MANGALORE MINERALS: CRISIL Rates INR60MM Cash Credit at CRISIL B
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Mangalore Minerals Pvt Ltd, part of the
Mangalore group.

   Facilities                         Ratings
   ----------                         -------
   INR60 Million Cash Credit          CRISIL B/Stable (Assigned)
   INR150.2 Million Long-Term Loan    CRISIL B/Stable (Assigned)
   INR91.5 Million Buyer Credit Limit CRISIL A4 (Assigned)
   INR80.9 Million Letter of Credit   CRISIL A4 (Assigned)
   INR4.4 Million Bank Guarantee      CRISIL A4 (Assigned)

The ratings reflect the Mangalore group's below-average financial
risk profile, marked by high gearing and moderate debt protection
metrics, customer concentration, and susceptibility to intense
competition in the fragmented industrial sands market and
exposure to adverse regulatory changes. These rating weaknesses
are partially offset by the experience of the group's promoters
in the industrial silica sands business and their established
relationships with reputed customers.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MMPL and Mandovi Minerals Pvt Ltd,
together referred to as the Mangalore group, herein. This is
because both the entities are in similar lines of business, have
a common management team, and have fungible cash flows.

Outlook: Stable

CRISIL believes that the Mangalore group's credit risk profile
will remain stable over the medium term, backed by promoters'
industry experience and established relationships with customers
and suppliers. The outlook may be revised to 'Positive' in case
the group scales up its operations and improves its
profitability, while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overrun in the group's ongoing capital expenditure
(capex) programme, leading to less-than-expected cash accruals,
if there is decline in its revenues and profitability, or if the
group undertakes additional debt-funded capex programme.

                        About the Group

The Mangalore group, promoted by Mr. Shivaji Mendon and Mrs. Rama
Mendon, is headquartered in Mangalore (Karnataka). The group has
been in the business of industrial sands since 1965. The group
started its operations with Mangalore Mineral Traders in 1965,
which is engaged in sand mining and later ventured into
manufacturing of industrial silica by setting up MMPL and Mandovi
Minerals. The group also operates three transport firms, Santosh
Kumar Transport, Santosh Enterprises and Mangalore Minerals
Transport and a silica trading company, Maharashtra Silica Sand
Pvt Ltd.

Incorporated in 1987, MMPL, the flagship entity of the group
produces industrial sands. MMPL derives around 45% of its
revenues from industrial silica and 55% from resin coated sands.
The company's manufacturing facilities are located in Kundapur
and Karnad (Karnataka), Gudur (Andhra Pradesh), and Sholapur
(Maharashtra). It has a total installed capacity of 1200 tonnes
per day.

Mandovi Minerals was promoted in 2004. It manufactures washed and
dry silica sand. The company was established in order to cater to
the industrial silica needs in northern India. It has a 30,000-
tonne-per-month plant in Ankaleshwar (Gujarat); the plant is
currently operating at 10% efficiency.

The Mangalore group has established relationships with customers
such as Mahindra & Mahindra Limited, Brakes India Limited,
Hinduja Foundries Limited, Precision Camshafts Limited, Kirloskar
Ferrous Industries Limited and Greaves Cotton Limited.

The Mangalore group's net profit and net sales are estimated at
INR59 million and INR574 million respectively for 2010-11; the
company reported a net profit of INR17 million on net sales of
INR493 million for 2009-10.


NARMADA SOLVEX: CRISIL Reaffirms CRISIL B- Long-Term Loan Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Narmada Solvex Pvt Ltd
continue to reflect NSPL's constrained financial risk profile
marked by marked by high gearing and below average debt
protection indicator, and susceptibility of its operating margin
to volatility in soybean prices. These rating weaknesses are
partially offset by extensive experience of NSPL's promoters in
the solvent extraction industry.

   Facilities                     Ratings
   ----------                     -------
   INR250 Million Cash Credit     CRISIL B-/Negative (Reaffirmed)
   INR67.1 Million Long-Term Loan CRISIL B-/Negative (Reaffirmed)

Outlook: Negative

CRISIL believes that NSPL may face significant pressure in
servicing its debt over the medium term because of its large debt
obligations vis-a-vis moderate net cash accruals. The ratings may
be downgraded if NSPL's revenues, profitability, and cash
accruals are lower than expected, thereby weakening its debt
servicing ability more than expected. Conversely, the outlook may
be revised to 'Stable' in case of strong growth in NSPL's
revenues and margins, significant improvement in its liquidity,
and consequent improvement in its debt protection metrics.

Update

NSPL's sales increased in 2010-11 (refers to financial year,
April 1 to March 31) to around INR1291.6 million from around
INR677.2 million in 2009-10, driven primarily by increased
realizations and improved capacity utilization.  However,
operating margin declined from that in the previous year because
of increase in input costs. As on March 31, 2011, the company had
a gearing of 12.61 times (35.02 times during previous year
2009-10). CRISIL believes that NSPL's gearing will not improve
over the medium term, as NSPL's term debt repayment of INR11.5
million will be offset by increase in its working capital
requirements with increase in its scale of operations. NSPL does
not have any significant capital expenditure plan for the near
term. Its cash credit facility utilization level was 85% in 2010-
11. Net cash accruals, are expected to be insufficient to meet
its term debt obligations of around INR11.5 million in
2011-12. Unencmbered cash and bank balance was around INR0.2
million as on March 31, 2011.

NSPL reported, on provisional basis, a net loss of INR17.6
million on net sales of INR1291.6 million for 2010-11; the
company reported a net loss of INR26.2 million on net sales of
INR677.2 million for 2009-10.

                     About Narmada Solvex

NSPL was incorporated in 2008 as a private limited company. The
company is promoted and managed by Mr. Kaluramji Ruhatiya and his
family members. The company is part of the Ruhatiya group, which
has been into operating dal mills, commodity trading, and cotton
ginning for the past 50 years. NSPL is engaged in solvent
extraction of edible soy oil. It sells crude soy oil and de-oiled
cakes in the domestic market. The company has its head office in
Akola (Maharashtra); its plant in Washim (Maharashtra) has
solvent extraction capacity of 500 tonnes per day.


PADMASRI RICE: ICRA Assigns '[ICRA]B' Rating to INR24.39cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to INR24.39 crore fund based
facilities of Padmasri Rice Mill.  ICRA has also assigned
'[ICRA]A4' rating to INR0.61 crore non fund based facilities of
PRM.

The ratings are constrained by the weak financial profile
characterized by low profitability with operating and net margins
at 5.43% and 1.06% respectively during FY11 and weak coverage
indicators as reflected in OPBITD/Interest & Finance charges 2.01
times and NCA/Total Debt at 10% during FY 11.  However, the
ratings favorably take into account the experienced promoters
with long presence in the industry and the presence of PRM in a
major rice growing area which results in easy availability of
paddy.

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. However, PRM procures paddy throughout the year which
led to moderate inventory days and the working capital intensity
of the company is moderate at 22% in FY 2011.

The gearing is moderate at 1.18 times as on March 31, 2011,
primarily on account of high working capital borrowings.

Padmasri Rice Mill was established in the year 2010 and engaged
in the milling of paddy and produces raw and boiled rice. It was
promoted by Mr. P. Gangi Reddy and partners. The company has a
milling unit in Duppalapudi (East Godavari district) of Andhra
Pradesh with a milling capacity of 81,000 MTPA.


R.KRISHNAMURTHY: CRISIL Assigns CRISIL BB Rating to INR50MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of R.Krishnamurthy and Company.

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

The ratings reflect RKC's healthy financial risk profile, marked
by a comfortable net worth, low gearing, and healthy debt
protection metrics and partners' extensive experience in the
civil construction industry. These rating strengths are partially
offset by RKC's modest scale of operations & high geographical
concentration, and susceptibility to of its revenue profile to
government's spending program & budgetary allocations.

Outlook: Stable

CRISIL believes that RKC will continue to benefit from the
extensive industry experience of its management, over the medium
term. The outlook may be revised to 'Positive' in case RKC
significantly scales up its operations, while maintaining its
operating cycle, profitability and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if there is
slowdown in revenues or deterioration in its profitability,
capital structure & debt protection metrics.

                      About R. Krishnamurthy

R. Krishnamurthy & Co. a partnership firm established in 1991 is
engaged in civil construction works in Tamil Nadu & Pondicherry.
The promoter & key partner Mr. R. Krishnamurthy manages day-to-
day operations of the firm along with his wife Ms. K. Jamunarani.
The firm's office is at Erode in Tamil Nadu.

RKC posted revenues of INR319.5 million for 2010-11 on
provisional basis. It reported a profit after tax (PAT) of
INR12.7 million on net sales of INR285.5 million for 2009-10
(refers to financial year, April 1 to March 31), as against a PAT
of INR8.9 million on net sales of INR227.9 million for 2008-09.


REAL GROWTH: ICRA Rates INR21cr Fund Based Limits at '[ICRA]B+'
---------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR21.00 crore fund
based limits of Real Growth Commercial Enterprises Limited.  ICRA
has also assigned '[ICRA]A4' rating to the INR17.5 crore non fund
based facilities of RGCEL

ICRA's rating action factors in the low profitability inherent in
the company's stainless steel trading business, which coupled
with relatively high gearing, arising out of significant debt
funding of the company's large and increasing working capital
requirements have resulted in weak coverage indicators and cash
flows generation. These factors are unlikely to change in the
medium term. ICRA has also factored in the relatively nascent
stage of the company's operations, although risks arising out of
the same are partly mitigated by long experience of the
promoters. The ratings are however supported by the growth in
company's operations of RGCEL over the last two years, support
extended by group companies in the form of unsecured loans and
low raw material price risk given the low inventory levels
maintained by company. Going forward, the profitability and the
company's funding policies for meeting the working capital
requirements will remain a key rating sensitivity for RGCEL.

                        About Real Growth

Real Growth Commercial Enterprises Limited was incorporated in
1995 under the name KRS Financials Pvt Ltd.  In 2001, it was
taken over by the RG Group and the name was changed to Rajesh
Projects & Finance Limited which was subsequently changed to its
current form in January 2011. The company was involved in
development of commercial office-cum-shopping complexes till 2007
and executed 4 commercial projects during this period. It
commenced trading of stainless steel sheets of various dimensions
in January 2010. No new real estate projects were undertaken in
the company after 2007 and RGCEL is solely operating in the
business of trading of stainless steel sheets in Bhiwadi,
Rajasthan. The company's stock is listed on the regional stock
exchanges of Delhi, Jaipur and Ahmedabad.

RGCEL is a part of the RG Group which is involved in real estate
development activities since 1999 through its group companies
Rajesh Projects (India) Pvt. Ltd., Real Growth Commercial
Enterprises Ltd., RG Residency Pvt. Ltd., RG Services Pvt. Ltd.
and RG Assets Pvt. Ltd.  In the past, the group has developed
Commercial Office-cum-Shopping complexes; however now the group
has also forayed into development of residential projects. Till
date, the group has developed 14 commercial & retail projects in
Delhi and the NCR.

Recent Results

For the financial year ending March 31, 2011, Real Growth
Commercial Enterprises Limited reported an operating income of
INR214.14 crore as against INR82.67 crore in FY 2010.  The
company reported a PAT of INR1.55 crore in FY 2011 registering an
increase of 59% over FY 2010 (INR0.98 crore in FY 2010).


ROHAN DYES: ICRA Reaffirms '[ICRA]BB' Rating to INR2cr Facility
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR2.00 crore
cash credit facility and INR9.25 crore term loan facility
(enhanced from nil) of Rohan Dyes & Intermediates Limited.  The
outlook on the long term rating is stable. ICRA has also
reaffirmed the '[ICRA]A4' rating to the INR6.00 crore short term
EPC facility; INR14.00 crore short term FBP facility & INR11.69
crore (reduced from INR15.00 crore) short term non fund based
limits of the RDIL.

The rating favorably considers the experience of the promoters in
the manufacturing of dyes and dye intermediates, its integrated
nature of operations with in-house manufacturing facility of
major dye intermediates resulting in lower cost of production,
locational advantage arising from proximity to ports; raw
material sources and end user industries and modest demand
outlook from textile and leather industries.

However, the ratings are constrained by risk arising from the
dependence on the business cycles of end user industries like
textile and leather industries, vulnerability of the margins to
volatility in the raw material prices and foreign exchange
fluctuations, regulatory risk in the form of pollution control
norms, intense competition in a fragmented industry restricting
pricing flexibility and low bargaining power against large
customers. The ratings also take into consideration the weak
profitability and coverage indicators and high working capital
intensity. ICRA also take note of the capital expenditure being
undertaken by the company, which exposes it to project execution
risk.

                          About Rohan Dyes

Rohan Dyes & Intermediates Limited was incorporated in March,
1992 by Mr. Radheshyam Agrawal.  The promoters started with the
production of H-acid, a dye intermediate, with an installed
capacity of 3000 metric tonnes per annum (MTPA).  Later, they
ventured into the production of reactive and acid dyes.  It also
started another unit named Cambay Chem Limited (CCL) to produce
dyes intermediates, K-acid and Gamma acid (480 MTPA).  In FY 10,
RDIL amalgamated CCL mainly to increase the asset base of RDIL
with the effective date for the above amalgamation being 1st
April, 2007. Currently RDIL is in the process of increasing the
production capacity of dyestuff at its Ahmedabad plant from 4800
to 12000 MTPA. The company is also planning to shift its H-Acid
plant from Ahmedabad unit (Vatva) to Cambay unit as well as
increase the production capacity from 1200 MTPA to 3000 MTPA. It
is also setting up a manufacturing facility to produce Vinyl
Sulphone (VS) with an installed capacity of 2400 MTPA at the
Cambay unit.


RUCHI GLOBAL: ICRA Upgrades Rating on INR40cr Loan to '[ICRA]BB'
----------------------------------------------------------------
ICRA has revised the rating assigned for INR40.00 crore fund-
based limits of Ruchi Global Limited to '[ICRA]BB' from 'LBB+'.
The long-term rating carries a stable outlook.  ICRA has also
revised the rating assigned to INR239.40 crore non-fund-based
limits of RAIL to '[ICRA]A4' from 'A4+'.

The revision in ratings takes into account the decline in
operating profitability of the company in FY11, which coupled
with higher working capital intensity has resulted in
deterioration of its debt coverage indicators. The ratings take
into account the intensely competitive nature of the business;
cyclicality inherent in iron-and-steel business and vulnerability
of the company's cash flows to fluctuations in commodity prices
and exchange rates. The ratings, however, derive comfort from the
long track record of promoters in the steel and agricultural
commodities' trading business, the company's diversified client
base and product portfolio and its association with a string
promoter group.

Going forward, the ability of the company to improve its
profitability and consequently the debt protection indicators
will be the key rating sensitivity.

                       About Ruchi Global

Established in 1996, Ruchi Global Limited Limited is engaged in
the business of trading in steel items and agricultural
commodities.  RGL is a trading arm of Ruchi Group and is a
closely held company promoted by Mr. Kailash Shahra and his
family members.  RGL is primarily involved in the trading of
steel, edible oil, soya products, soya bean, wheat, pulses,
chemicals and other agro and non-agro commodities. Ruchi Group is
a reputed industrial conglomerate in India with interests in
businesses ranging from steel to food products. The Group is
actively involved in soya processing, edible oils, dairy
products, cold rolled sheets and coils, galvanized sheets and
coils and a host of other activities.

Recent Results

In FY2011, as per the provisional financial statements, Ruchi
Global Limited (RGL) reported operating income of INR849 crore
(previous year INR694 crore) and net profit of INR3.22 crore
(previous year INR2.30 crore).


SAL STEEL: ICRA Downgrades Rating on INR130.5cr Loan to '[ICRA]D'
-----------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR130.50 crore (reduced from INR155 crore earlier) term loan and
INR32.00 crore (reduced from INR52 crore earlier) fund based bank
facility of SAL Steel Ltd to [ICRA]D.  ICRA has also revised
downwards the short term rating assigned to the INR41.75 crore
(reduced from INR55.50 crore earlier) non-fund based bank
facilities of SSL from 'A4' to '[ICRA]D'.

The revision of the ratings primarily reflects the continuing
delays made by SSL in servicing its debt obligations due to the
stretched liquidity position and weak profitability of the
company. The rating also takes into account the cyclicality
inherent in the steel business, which makes margins and cashflows
of players volatile. The ratings are further impacted by the low
capacity utilization levels in SSL's sponge iron and ferro alloy
facilities, an adverse capital structure and depressed level of
coverage indicators. Also, the company's current profitability is
supported by excise duty benefits it enjoys and the
sustainability of the current level of profitability on expiry of
the benefit from the current financial year remains to be seen.
Further, SSL's large debt service requirements in the short to
medium term would have an adverse impact on the company's
liquidity position. The rating, however, takes into consideration
the experience of the promoters in the steel business, the
locational advantage enjoyed by SSL's plant, being close to the
ports at Kandla and Mundra which leads to low freight costs, and
availability of captive power, which strengthens SSL's operating
profile, ferro alloy manufacturing being a power intensive
process.

SSL was incorporated in 2003 and commenced commercial operations
in 2005-06. The company at present has an annual sponge iron,
ferroalloys, rolling mill and power generating capacities of 0.18
million tons, 0.06 million tons, 0.025 million tons and 40 MW
respectively. SSL's manufacturing facility is located in the
Kutch district of Gujarat.


SARAF CHEMICALS: Fitch Affirms 'B+(ind)' Rating on Two Loans
------------------------------------------------------------
Fitch Ratings has affirmed India-based Saraf Chemicals Ltd's
National Long-Term rating at 'Fitch B+(ind)' with a Stable
Outlook.

Sarex's bank facilities have been affirmed as follows:

  -- INR262.5m long-term loans outstanding: 'Fitch B+(ind)';
  -- INR200m fund-based limits: 'Fitch B+(ind)'; and
  -- INR100m non-fund based limits: 'Fitch A4(ind)'.

The affirmation reflects the sustained improvement in Sarex's
credit profile over FY08-FY11 backed by its stable EBITDA margins
of 10%-11% and steady revenue growth over the same period.  This
is attributed to the increasing revenue contribution from its
fine chemicals division, which entails high margins and low
volumes.  Its financial leverage improved in FY11 on account of
its focus on the export market and the high margin from its fine
chemicals segment.  Further, Fitch notes that Sarex completed its
major capex over FY08-FY11, largely funded through INR411.7
million term loans, and expects benefits from the same to accrue
from FY12.  The ratings also continue to reflect Sarex's
experienced management in the chemical business and its
established relationship with its customers.

The ratings are however constrained by refinancing risk on
account of Sarex's large debt repayments expected over FY12
(INR88.9 million) and FY13 (INR88.6 million).  The ratings also
remain constrained by the high competition in the domestic
chemical market, particularly in the fine chemicals and textile
application segments.  That said, Fitch expects Sarex's margins
to remain broadly at the current levels, which will be largely
supported by the expected stable demand for its products.
However, any material adverse movement in prices of auxiliary and
fine chemicals may have a substantial adverse impact on the
company's margins and consequently put downward pressure on the
ratings.

A positive rating action may result from Sarex's stable and
improving EBIDTA margins leading to a sustained improvement in
its gross adjusted debt/EBIDTAR to below 3.0x and interest
coverage ratio to above 3.5x. Conversely, a sustained
deterioration in the company's gross adjusted debt/EBIDTAR to
above 5.0x and interest coverage ratio to below 2.0x may lead to
a negative rating action.

Established in 1952, Sarex is a Mumbai-based company, involved in
the manufacturing of disperse auxiliary chemicals (FY10 revenue
contribution: 64.9%), fine chemicals (FY10: 33.0%) and disperse
dyes (FY10: 2.1%).  Its ISO 14000 certified manufacturing
facility is located at Tarapur, near Mumbai. As per the company's
FY11 provisional figures, its interest coverage was at 1.9x
(FY10: 1.8x) and financial leverage (gross adjusted debt/EBITDAR)
was 4.2x (FY10: 6.1x).


SHRI RAMALINGA: ICRA Ups Rating on INR122.83cr Loan to '[ICRA]B+'
-----------------------------------------------------------------
ICRA has upgraded the long term rating from 'LB' to '[ICRA]B+' to
the INR122.83 crore term loans (enhanced from INR62.32 crore) and
INR98.50 crore fund based facilities (enhanced from INR75.00
crore) of Shri Ramalinga Mills Limited.  ICRA has also reaffirmed
the short term rating at '[ICRA]A4' for the INR20.00 crore non-
fund based facilities (enhanced from INR17.00 crore) of the
Company.

The ratings take comfort from improvement in financial profile of
the company marked by strong revenue growth, especially in the
last two years (52%) aided by strong recovery of demand for yarn,
although the financial indicators continue to be affected by high
gearing, low coverage indicators, stressed working capital
intensity and negative free cash flows.  The ratings favorably
factor in significant experience of the promoter in spinning
industry, long standing relationship with key customers and the
large manufacturing set-up enabling benefits of economies of
scale. Diversified presence over wide range of counts with higher
proportion of value added yarn and sustained efforts towards
improvement of product mix, provides flexibility to SRML on the
pricing front.

The ratings are however constrained by extension of corporate
guarantees and unsecured loans to other companies of Ramalinga
Group, whose financial profiles are currently stretched. While
the concern over family disputes is currently subdued, the
related demerger of one of SRML's units is yet to happen.  The
company's operating margins have been moderate in the past,
though has improved sharply in 2010-11 backed by high yarn
realizations (despite surge in cotton prices). However with
cotton and yarn prices falling sharply (by -50%) in last four
months with major impact on yarn demand, the margins in the near
term are expected to be compressed.

                      About Shri Ramalinga

Shri Ramalinga Mills Limited is part of the Sri Jayavilas Group
(founded by Late Mr. Sathu T. Ramasamy Naicker), based in
Aruppukottai, Tamil Nadu. The Group has presence across spinning
as well as passenger and cargo transportation. SRML is a closely
held and deemed public limited company incorporated in 1951 under
the Companies Act, 1913. Mr. T.R. Dhinakaran, Chairman of the
company, possesses significant experience in the textile industry
and has also been recipient of various awards for his social
commitments. The Company has two units -- "A" Unit (managed by Mr.
T.R. Dhinakaran) and "B" Unit (managed by Mr. T.R. Varadarajan,
heading Shri Govindaraja Group).

Recent Results

For the fiscal 2011, the company reported an operating income and
Profit before tax of INR375.8 crore and INR12.9 crore
respectively.


SPECIALITY POLYMERS: ICRA Rates INR9.5cr Loans at '[ICRA]BB-'
-------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR9.5 crore fund
based facilities of Speciality Polymers Private Limited. The
rating outlook is stable. ICRA has also assigned an '[ICRA]A4'
rating to the INR5.10 crore non-fund-based bank facilities of
SPPL.

The assigned ratings are constrained by SPPL's small scale of
operations, significantly high working capital intensive
operations and weak debt metrics. The rating also factors in the
highly competitive nature of the chemical industry in which the
company operates, the expected increase in SPPL's debt levels for
the envisaged capital expenditure, and the vulnerability of its
profitability to the volatility in input prices and the
fluctuation in exchange rates. ICRA also notes that the company
is in the midst of a large project, which exposes the company to
project implementation risks, besides off-take risks. The
ratings, however, favorably factor in long track record of the
promoters in the chemical industry, established product portfolio
and long association with various end customers.

                      About Speciality Polymers

Incorporated on Oct. 14, 1988, Speciality Polymers Private
limited (SPPL) is engaged in the business of manufacturing and
trading of various types of emulsions, adhesives, construction
chemicals etc. The company has its manufacturing unit located at
Badlapur near Thane in Mumbai with an installed capacity of 1260
MTPA. The company is operating at close to full capacity and
additional requirement is being sourced from DIX VIN Polymer
Private limited, a group company, on Job work basis.

Recent results:

The company has reported a net profit of INR1.22 Crore on an
operating income of INR46.59 Crore for the year ending March 31,
2010, as per audited figures and a net profit of INR2.65 Crore on
an operating income of INR63.38 for the year ending March 31,
2011, as per unaudited figures.


SUDALAGUNTA SUGARS: CRISIL Raises Rating on INR305MM Loan to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sudalagunta Sugars Ltd to 'CRISIL B-/Stable' from 'CRISIL C',
while reaffirming its rating on the company's short-term bank
facilities at 'CRISIL A4'.

   Facilities                       Ratings
   ----------                       -------
   INR305.0 Million Long-Term Loan  CRISIL B-/Stable (Upgraded
                                              from 'CRISIL C')

   INR569.8 Million Cash Credit     CRISIL B-/Stable (Upgraded
                                              from 'CRISIL C')

   INR55.2 Million Working Capital  CRISIL B-/Stable (Upgraded
                       Demand Loan            from 'CRISIL C')

   INR112.8 Million Letter of       CRISIL A4 (Reaffirmed)
        Credit/Bank Guarantee

The upgrade reflects timely servicing of debt by SSL over the
past 12 months, supported by improvement in the company's
financial discipline and its management's commitment to ensure
timely servicing of debt. Over the medium term, though SSL's
liquidity is likely to remain weak, CRISIL believes that timely
servicing of debt would depend on the support from promoters and
proper cash flow management.

The ratings continue to reflect SSL's below-average financial
risk profile, marked by weak liquidity, a high gearing and
inadequate debt protection metrics, and exposure to risks related
to a high degree of regulation in the sugar industry. The impact
of these rating weaknesses is mitigated by SSL's above-average
operating efficiency and the extensive industry experience of the
company's promoters.

Outlook: Stable

CRISIL believes that Sudalagunta Sugars Limited will benefit from
the long standing experience of its promoters and steady demand
for sugar over the medium term. The outlook maybe revised to
'Positive ' in case the company is able to generate higher-than-
expected revenues and operating margins leading to improvement in
the company's liquidity through higher cash accruals. Conversely,
the outlook maybe revised to 'Negative' in case of drop in
realizations or revenues due to sugarcane unavailability or if
there are cost and time overruns in the company's ongoing capex
programme involving the set-up of a 120 KLD distillery.

                    About Sudalagunta Sugars

Set up in 1994 by Mr. S Jayaram Chowdary, SSL manufactures white
sugar and has a cane crushing capacity of 4000 tonnes per day.
The unit is based near Tirupathi (Andhra Pradesh).

For 2010-11 (refers to financial year, April 1 to March 31),
SSL's profit after tax (PAT) and net sales are estimated at INR39
million and INR1367 million, respectively, against a PAT of INR29
million on net sales of INR1075 million for the previous year.


UNIPHOS AGRO: Inadequate Info Cues Fitch to Migrate Low-B Rating
----------------------------------------------------------------
Fitch Ratings has migrated India-based Uniphos Agro Industries
Ltd's 'BB(ind)' National Long-Term rating to the "Non-Monitored"
category.  This rating will now appear as 'Fitch BB(ind)nm' on
the agency's website.  Simultaneously, Fitch has classified
UAIL's following bank loan ratings as "Non-Monitored":

  -- Fund-based limits of INR60m: migrated to 'Fitch BB(ind)nm'
     from 'BB(ind)'

  -- Non-fund credit facilities of INR140m: migrated to 'Fitch
     A4+ (ind)nm' from 'F4(ind)'

The ratings have been migrated to the "Non-Monitored" category
due to lack of adequate information, and Fitch will no longer
provide ratings or analytical coverage of UAIL.  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".


UNIQUE PUNCH: ICRA Reaffirms '[ICRA]BB' Rating on INR5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB' rating to INR5.00 crore fund based
facilities of Unique Punch Systems Private Limited. The outlook
on the long-term rating is Stable.

The reaffirmation of rating reflects the high competitive
intensity in precision sheet metal components manufacturing
industry, loss of business owing to development of in house
manufacturing facilities by its customers and vulnerability of
its profitability to fluctuations in the raw material prices. The
rating also takes into consideration the high customer
concentration risk faced by Unique Punch Systems Private Limited
as Otis Elevators Company (I) Limited accounts for 53% of UPSPL's
revenues and also top five customers accounted for 95% of UPSPL's
revenues in FY11. However, ICRA draws comfort from UPSPL's
experienced management, established market position and reputed
customer base viz. Otis Elevators Company (I) Limited, L&T
Limited and Incap Contract Manufacturing services etc. The rating
also factors in the wide range of sheet metal components supplied
by UPSPL catering to diversified industries.

                       About Unique Punch

UPSPL, incorporated in 1994, is in the business of manufacturing
precision sheet metal components applicable for
telecommunication, electrical controls, computer peripherals,
electrical, electronics, & medical equipment. UPSPL is also into
CNC punching on metal sheets up to 3.15 mm thick, bending of
sheet metal components with accuracy up to +/- 0.15 mm of post
bent dimensions and other kinds of mechanical sheet parts used in
electrical and electronic equipment systems and switch gear side
plates. The manufacturing facilities are located in Bangalore.
Some of the components manufactured by the company are UPS and
inverter cabinets, computer cabinets and assemblies, control
panels, medical equipment enclosures, electrical racks, cubicles
and sub assemblies of lifts and escalators.

Recent Results

As per provisional numbers for FY11, UPSPL reported operating
income of INR23.45 crore with a net profit of INR0.38 crore.


VICKSONS STEELS: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to the INR4.18 crore
(reduced from INR4.85 crore) term loan and the INR9.0 crore*
(enhanced from INR4.5 crore) fund-based bank facilities of
Vicksons Steels Private Limited.  The outlook on the long-term
rating is "stable". ICRA has also reaffirmed the [ICRA]A4+
(pronounced ICRA A four plus) rating to the INR6.0 crore (reduced
from INR9.0 crore) fund-based and the INR15.0 crore (enhanced
from INR3.65 crore) non-fund based bank facilities of VSPL.

The reaffirmation of the ratings assigned to VSPL takes into
account a significant growth in the company's revenues and
operating profits in 2010-11 on the back of improved demand
conditions and its low inventory levels that partly mitigate the
risk related to volatility in steel prices. The ratings also
favorably factor in the long experience of VSPL's promoters in
the steel trading business and the reputed and diverse customer
base of the company. The ratings are, however, constrained by the
limited value addition in the steel trading business and a highly
fragmented nature of the industry, characterized by intense
competition, both of which result in thin operating and net
profitability; a leveraged capital structure on account of high
working capital borrowings, notwithstanding an improvement
estimated in 2010-11; and its weak debt protection metrics.

                       About Vicksons Steels

VSPL was incorporated in 1966 by Mr. K. C. Paliwal as a
partnership firm for trading of steel products. Subsequently, the
firm was converted into a private limited company in 1995. The
promoters have nearly four decades of experience in steel trading
and have established relationships with reputed construction
companies. The company predominantly trades in long products of
numerous varieties and grades, which it procures from secondary
steel manufacturers, rolling mills and other traders.

Recent Results

As per the provisional results for 2010-11, VSPL reported a
profit before tax (PBT) of INR1.9 crore on the back of net sales
of INR204.8 crore. In 2009-10, VSPL reported a profit after tax
(PAT) of INR0.4 crore on the back of net sales of INR136.6 crore.


VICTORY CERATECH: CRISIL Puts CRISIL BB Rating on INR29.1MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISILA4+' ratings to
the bank facilities of Victory Ceratech Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR29.1 Million Term Loan         CRISIL BB/Stable (Assigned)
   INR17.5 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR5.5 Million Export Packing     CRISIL A4+ (Assigned)
                          Credit
   INR3.5 Million Letter of Credit   CRISIL A4+ (Assigned)
   INR7.4 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect VCPL's prudent working capital management,
established regional presence, and the extensive experience of
its promoters in the ceramic tiles industry. These rating
strengths are partially offset by VCPL's low operating margin,
small scale of operations in a highly competitive industry, and
moderate financial risk profile.

Outlook: Stable

CRISIL believes that VCPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and its average debt protection metrics. The outlook
may be revised to 'Positive' if the company's business
scalability improves substantially and there is improvement in
its financial risk profile backed by equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative'
in case VCPL undertakes large debt-funded capital expenditure
programme or its working capital management deteriorates, leading
to weakening in its financial risk profile.

                      About Victory Ceratech

VCPL manufactures ceramic non-vitrified glazed tiles, both wall
and floor tiles. The Jain family took over an existing sick unit
in 1996 and set up a ceramic tile manufacturing unit. The unit is
located in Kadi (Gujarat) and has installed capacity of 45,000
tonnes per annum. VCPL sells its products under the brands,
Victory and Poetique.

VCPL reported a profit after tax (PAT) of INR6.1 million on net
sales of INR323.2 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.6 million on net
sales of INR332.9 million for 2008-09.


VIMS IMPEX: ICRA Assigns '[ICRA]B-' Rating to INR4.43cr Loan
-------------------------------------------------------------
ICRA has assigned the '[ICRA]B-' rating outstanding on the
INR4.43 crores term loan facilities and the INR3.62 crores long
term fund based bank facilities of Vims Impex Limited.  ICRA has
also assigned the '[ICRA]A4' rating outstanding on the INR0.25
crores short term fund based facilities and the INR2.00 short
term non-fund based bank facilities of VIL.

The assigned ratings take into account the experience of the
promoters in the flour milling industry, recurring source of
revenues from jobbing services rendered to a group company and
the access to an established procurement and distribution network
by being part of the Savorit group. The ratings factor in the
company's small scale of operations and intense competition in a
fragmented industry that limits pricing flexibility, operating
margins limited on account of low value addition in the business,
seasonality in raw material availability leading to high
utilization levels during part of the year, the high Government
controls impacting raw material prices and availability, and also
the stretched financial profile of the company characterized by
high gearing, weak coverage indicators and strained liquidity
position.

                        About Vims Impex

Vims Impex Limited was incorporated in the year 1992 as a part of
Savorit Group. VIL is closely held by the promoters and the
promoters' family. The company is into trading of wheat and wheat
products, where it outsources the milling and grinding of wheat
grains into wheat products to its group company, Savorit Limited.
In the year 2007, the company established a manufacturing plant
in Dindigul to produce pasta products like vermicelli, macroni
etc. as a jobbing service for Savorit Limited. The company is in
the process of setting up an additional pasta manufacturing unit
because of increased demand of pasta products and the project is
expected to be completed by December 2011.

Recent Results

For the first quarter of 2011-12, the company has reported a
profit before tax of INR0.02 crores on an operating income of
INR5.25 crores.


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


BAKRIE SUMATERA: S&P Puts 'B-' Corp. Credit Rating on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit rating on PT Bakrie Sumatera Plantations Tbk. on
CreditWatch with negative implications. "We also placed our 'B-'
issue rating on the senior secured notes issued by BSP Finance
B.V. on CreditWatch with negative implications. BSP
irrevocably and unconditionally guarantees the notes," S&P
related.

"We placed the rating on BSP on CreditWatch because the company's
negotiations for a bank loan to refinance notes maturing in
Nov. 1, 2011, are taking longer than we had anticipated," said
Standard & Poor's credit analyst Vishal Kulkarni. "Any unexpected
delay or failure to finalize the bank loan will significantly
jeopardize BSP's ability to repay the US$185 million notes."

"We understand that BSP is negotiating with banks for the loan
but is yet to receive final commitments. We expect the final
sign-off on the bank loan close to the maturity of the notes,"
S&P said.

"We aim to resolve the CreditWatch if BSP finalizes the bank loan
within our expected timeframe," said Mr. Kulkarni. "We could
lower our corporate credit rating on BSP by at least one notch if
the company's bank loan is delayed further. We may downgrade BSP
to 'D' if the company fails to repay the notes on maturity."

"We may not immediately raise the rating on BSP even if the
company secures the bank loan within our expected timeframe. This
is because we expect BSP to refinance the $150 million notes
issued by its majority owned subsidiary Agri International
Resources Pte. Ltd. (CCC+/Negative/--) and maturing in
July 2012," S&P added.


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


CSC SERIES 1: S&P Raises Ratings on 2 Classes of Bonds to 'CCC'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'CCC (sf)' from 'D
(sf)' its ratings on the class A-2 and A-3 bonds issued under the
CSC, Series 1 GK transaction.

"On May 17, 2011, we lowered our ratings on classes A-2 and A-3
to 'D (sf)', indicating that a nonpayment occurred, because
interest payments on these two classes were not fully made on the
interest payment date of May 12, 2011, and were deferred. We
raised to 'CCC (sf)' our ratings on classes A-2 and A-3 because
the interest on these two classes, including the interest that
was deferred in May 2011, was fully redeemed on the interest
payment date in August 2011," S&P said.

The transaction is structured such that the servicer's
disposition fee relating to the defaulted loans is deducted from
the funds for interest payments on the bonds. "Accordingly, we
see a risk of nonpayment of interest on the class A-2 and A-3
bonds occurring again if collection from the defaulted loans
progresses markedly during a collection period, because a
shortfall could arise. Any such shortfall would depend on the
amount of the servicer's disposition fee. If such a shortfall in
the funds for interest payments were to occur, we would again
lower to 'D (sf)' our ratings on classes A-2 and A-3. We did not
raise our ratings on these two classes to a level higher than
'CCC (sf)' given the potential downgrade risk," S&P related.

"Because most of the principal on classes A-2 and A-3 has been
redeemed, we believe that the principal on these classes is very
likely to be fully repaid by the transaction's legal final
maturity date. In addition, it is our view that, even if
nonpayment of interest on classes A-2 and A-3 were to occur
again, the deferred interest would very likely be paid on one of
the interest payment dates after the nonpayment," S&P said.

CSC, Series 1 GK is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The bonds were initially secured
by 11 nonrecourse loans, which were actually treated as six
loans, extended to six obligors. The loans were originally backed
by 72 real estate trust certificates and real estate properties.
The transaction was arranged by Credit Suisse Securities, and
ORIX Asset Management & Loan Services Corp. is the servicer for
the transaction.

"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
November 2012 for the class A-2 and A-3 bonds," S&P added.

RATINGS RAISED
CSC, Series 1 GK
JPY36.2 billion yen-denominated bonds due November 2012
Class   To         From     Initial issue amount
A-2     CCC (sf)   D (sf)   JPY18.1 bil.
A-3     CCC (sf)   D (sf)   JPY3.9 bil.


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


KOREA ELECTRIC: Shareholders Sue President Over Losses
-------------------------------------------------------
Yonhap News reports that a group of shareholders of Korea
Electric Power Corp. (KEPCO) has filed a lawsuit against its
president, Kim Ssang-su, claiming KEPCO suffered losses due to
his failure to adequately raise electricity prices in a timely
manner.

According to the news agency, company officials said Friday the
group, consisting of 13 small shareholders, claimed Mr. Kim's
failure caused KRW2.8 trillion (US$2.6 billion) in damage to the
company over the past three years.  They demanded Mr. Kim pay the
money to the company in the suit filed with a Seoul court on
Aug. 2, 2011, according to the company officials.

Yonhap notes that KEPCO, with final approval from the government,
raised its electricity prices each year since 2009 with the
latest price hike of an average 4.9% approved and announced last
month by the Ministry of Knowledge Economy.

The price, however, still accounts for only about 90% of
production costs as electricity has long been considered a public
good, part of the reason KEPCO, South Korea's sole electricity
service provider, is still run by the government, according to
Yonhap.

Electricity prices accounted for only about 77.7% of production
costs in 2008, leaving a KRW3.7 trillion deficit for KEPCO.  The
company is again expected to post a large deficit this year
despite the latest price increase that came into effect at the
beginning of this month, Yonhap notes.

The shareholders, says Yonhap, claimed Mr. Kim's failure to raise
prices by large enough margins caused KEPCO to lose KRW500
billion in 2009, KRW1.8 trillion in 2010 and KRW500 billion this
year.

Yonhap discloses that KEPCO's second-quarter net loss widened
from a year earlier due mainly to lower electricity rates.  Net
loss came to KRW1.08 trillion in the April-June period, compared
with a loss of KRW835.6 billion a year ago.

Korea Electric Power Corporation (KEPCO), an integrated electric
utility company, engages in the generation, transmission, and
distribution of electricity in South Korea. The company generates
power from nuclear, coal, oil, liquefied natural gas, hydro,
wind, and solar sources.  The South Korean government owns a 51%
share of KEPCO.


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


CENTURY CITY: SCF Takes Over Bankruptcy Case Against Owner
----------------------------------------------------------
The National Business Review reports that South Canterbury
Finance has taken over the bankruptcy proceedings against
property developer and Wellington Phoenix owner Terry Serepisos
that were begun by FM Custodians.

According to the report, both FM Custodians and supporting
creditor Southern Receivables withdrew from the bankruptcy
proceedings against Mr. Serepisos in the Wellington High Court on
Friday, after their debts were settled.

However, Associate Judge David Gendall granted fellow supporting
creditor SCF the right to take over the proceedings, NBR notes.

SCF is owed about NZ$18 million from Mr. Serepisos but how much
of that amount is secured is the subject of ongoing discussions,
NBR relays.

Also in court as a supporting creditor was Equitable Mortgages,
which like SCF is in receivership.  Equitable Mortgages is owed
about NZ$9.8 million by Mr. Serepisos, NBR adds.

Part of that amount was secured against a mortgage on property at
175 Victoria Street, Wellington, which is the subject of an
unconditional sale offer of NZ$4.3 million, leaving a shortfall
of about NZ$4.5 million.

Associate Judge Gendall adjourned the hearing until August 29.

According to The Dominion Post, Mr. Serepisos has been battling
financial issues within his Century City group of companies for
more than a year during which time he has faced a number of court
actions.  They included moves in November to liquidate five
Century City companies over unpaid tax and the Accident
Compensation Corporation of nearly NZ$4 million.  That amount was
repaid in a deal that subsequently lead to Mr. Serepisos losing
ownership of his flagship Century City Hotel in Tory St., The
Dominion Post noted.

The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which owns
the
Wellington Phoenix football team.


PULSE UTILITIES: Shareholders Approve Recapitalization Deal
-----------------------------------------------------------
BusinessDesk reports that shareholders of Pulse Utilities have
approved a rescue deal that will give control of the company to
Buller Electricity in exchange for capital to repay debt and
expand.

According to BusinessDesk, Buller will inject NZ$6.5 million to
lift its stake to 73% from about 8.5%, though it may subsequently
reduce to as low as 65% following a share purchase plan that aims
to raise up to NZ$1.5 million.

BusinessDesk relates that Pulse said the company also gets access
to a NZ$1 million overdraft facility and can free up NZ$2 million
of cash by using new banking facilities to meet industry security
requirements.

"Pulse ticks all the boxes for us, except profitability, and that
will come," BusinessDesk quotes Buller chairman Frank Dooley as
saying.

All existing shareholders of Pulse will be diluted down from
owning 100% of the company to owning 12.6%, BusinesDesk adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 3, 2011, New Zealand Press Association (NZPA) said Buller
Electricity will call in its loans to Pulse Utilities, forcing
the cut-price electricity retailer into receivership, if Pulse
Utilities rejects a rescue deal to recapitalize the company.
According NZPA, BEL Chief Executive Erik Westergaard BEL Chairman
Frank Dooley, and Chief Financial Officer Peter Best said BEL had
first considered forcing Pulse Utilities into receivership in
March, after Pulse Utilities defaulted on a short-term NZ$750,000
BEL loan.  Pulse Utilities, NZPA related, had paid back only
NZ$165,000 by the February 28 deadline and is now incurring
penalty interest of 20%.  NZPA noted that instead of pulling the
plug, BEL decided rescuing Pulse Utilities by providing a bailout
that included investing another NZ$5 million cash in Pulse
Utilities and increasing BEL's guarantee to Pulse Utilities from
NZ$2.8 million to NZ$9 million.

                       About Pulse Utilities

Pulse Utilities New Zealand Limited (NZE:PLU) --
http://www.punz.co.nz/-- is an independent electricity
retailer specializing in time-of-use Smart Metering.  The Company
is also engaged in data management from intelligent metering,
monitoring and control systems.  During the fiscal year ended
March 31, 2008, the Company commenced electricity retailing.  In
May 2009, the Company announced the purchase of the business and
assets of Energy Direct (EDL) from Dorchester Capital.  Pulse
Capital Limited is its subsidiary.

                           *     *     *

Pulse Utilities New Zealand Ltd. reported three consecutive
annual net losses of NZ$5.31 million, NZ$7.05 million, and
NZ$7.56 million for the years ended March 31, 2009 through 2011.


SOUTH CANTERBURY: Takes Over Bankruptcy Case Against Serepisos
--------------------------------------------------------------
The National Business Review reports that South Canterbury
Finance has taken over the bankruptcy proceedings against
property developer and Wellington Phoenix owner Terry Serepisos
that were begun by FM Custodians.

According to the report, both FM Custodians and supporting
creditor Southern Receivables withdrew from the bankruptcy
proceedings against Mr. Serepisos in the Wellington High Court on
Friday, after their debts were settled.

However, Associate Judge David Gendall granted fellow supporting
creditor SCF the right to take over the proceedings, NBR notes.

SCF is owed about NZ$18 million from Mr. Serepisos but how much
of that amount is secured is the subject of ongoing discussions,
NBR relays.

Also in court as a supporting creditor was Equitable Mortgages,
which like SCF is in receivership.  Equitable Mortgages is owed
about NZ$9.8 million by Mr. Serepisos, NBR adds.

Part of that amount was secured against a mortgage on property at
175 Victoria Street, Wellington, which is the subject of an
unconditional sale offer of NZ$4.3 million, leaving a shortfall
of about NZ$4.5 million.

Associate Judge Gendall adjourned the hearing until August 29.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the
provision of financial services.  The Company's principal
activities are borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advances funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


                             *********

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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