TCRAP_Public/110824.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, August 24, 2011, Vol. 14, No. 167

                            Headlines



A U S T R A L I A

BRITZ MOVING: Closes Doors After 20 Years; Owes AUD1.5 Million
CONNECTEAST GROUP: $2.2-Bil. Bid Price is 'Fair,' Deloitte Says
FORTESCUE METALS: Moody's Changes Outlook on CFR to Positive
GALVIN CONSTRUCTION: In Administration; Apartment Work Halted
MKM GROUP: Creditors Appoint Ernst & Young as Receivers

SENSASLIM AUSTRALIA: Court Grants ACCC Injunction Vs. Director


C H I N A

CHINA TEL GROUP: Incurs US$2.4 Million Net Loss in Second Quarter
SHENGDATECH INC: Seeks Bankruptcy, Has US$180-Mil. in Debts
SHENGDATECH INC: Voluntary Chapter 11 Case Summary


H O N G  K O N G

MB INVEST: Court Enters Wind-Up Order
MOTOR RESTAURANT: Court Enters Wind-Up Order
QQ CLUB: Court to Hear Wind-Up Petition on Sept. 21
SINOSUN CREATION: Court Enters Wind-Up Order
STARGREAT LIMITED: Court to Hear Wind-Up Petition on Sept. 7

SUBOR ELECTRONICS: Court to Hear Wind-Up Petition on Sept. 14
WACHOVIA ADVISORS: Members' Final Meeting Set for Sept. 19
WESTERN VISION: Creditors' Proofs of Debt Due Sept. 19


I N D I A

ALP CONSULTING: ICRA Rates INR2.15cr Term Loan at '[ICRA]BB+'
CMI LIMITED: ICRA Reaffirms '[ICRA]BB' Rating on INR10cr Loan
FORUM INFRASTRUCTURE: ICRA Reaffirms '[ICRA]BB' Term Loan Rating
FORUM IT: ICRA Reaffirms '[ICRA]BB-' Rating to INR130.28cr Loan
FORUM PROJECT: ICRA Reaffirms '[ICRA]BB+' Rating on INR80cr Loan

LIBERTY WHITEWARES: CARE Puts 'CARE B' Rating to INR25.14cr Loan
MAHARASHTRA FEEDS: ICRA Puts [ICRA]BB Rating to INR6cr Term Loan
RAIPUR TREASURE: CARE Rates INR122.67cr LT Loan at 'CARE BB'
RAJASTHAN INDUSTRIES: CARE Rates INR9.31cr LT Loan at 'CARE BB-'
REPROMEN OFFSET: ICRA Assigns '[ICRA]B+' Rating to INR4.2cr Loans

RIZWAN EXPORT: ICRA Assigns '[ICRA]B+' Rating to INR12.51cr Loan
SATYAM ENTERPRISES: ICRA Reaffirms '[ICRA]BB' Term Loan Ratings
SAURASHTRA MEDICAL: ICRA Rates INR4.8cr LT Loan at '[ICRA]BB-'
SBW UDYOG: CARE Assigns 'CARE BB+' Rating to INR14cr LT Loan
SHRI GAUTAM: CARE Rates INR30cr Long-Term Loan at 'CARE B-'

SOHUM SHOPPE: ICRA Assigns '[ICRA]BB' Rating to INR7.75cr LT Loan
SSK EXPORTS: ICRA Reaffirms '[ICRA]B+' Rating on INR1.5cr Loan
SURYA TREASURE: CARE Rates INR83.77cr Long-Term Loan at 'CARE BB'
USHER ECO: CARE Assigns 'CARE BB+' Rating to INR60.90cr LT Loan
VARDHMAN POLYTEX: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating


N E W  Z E A L A N D

AORANGI SECURITIES: SFO Delays Hubbard's Court Appearance
PLANTATION HEALTH: Goes Into Liquidation
SOUTH CANTERBURY: General Electric Acquires SCF-Related Tech Firm


P H I L I P P I N E S

MANILA CAVITE: Moody's Reviews 'B2' Rating for Possible Downgrade


S I N G A P O R E

EC-ASIA INTERNATIONAL: Creditors Get 100% Recovery on Claims
EMC BUILDING: Creditors' Proofs of Debt Due Sept. 2
SENTOSA ADVENTURE: Court to Hear Wind-Up Petition on Sept. 2
SIJORI RESORT: Court to Hear Wind-Up Petition on Sept. 2
SINO-ENVIRONMENT: SIAS Advises Shareholders to Accept Offer

SUMMERVIEW DEVELOPMENTS: Creditors' Proofs of Debt Due Sept. 2
TEOW AIK: Creditors Get 100% Recovery on Claims
TUNG GUAN: Creditors Get 0.395303% Recovery on Claims


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BRITZ MOVING: Closes Doors After 20 Years; Owes AUD1.5 Million
--------------------------------------------------------------
Neil Goffet at theherald.com.au reports that Britz Moving &
Storage closed its doors after 20 years in business with debts of
about AUD1.5 million owed to trade creditors.

The move follows the company failing to comply with a deed of
company arrangement set up in January and Raymond Tolcher from
Lawler Partners was put in charge of the company,
theherald.com.au says.

theherald.com.au relates that Mr. Tolcher said the immediate aim
was to attract a buyer for the storage component of the business.
A creditors' meeting will be held on September 1.

Based in Islington, New South Wales, Britz Moving & Storage
provides transport and storage services.  The company was
established in 1990 and employed around 30 people.


CONNECTEAST GROUP: $2.2-Bil. Bid Price is 'Fair,' Deloitte Says
---------------------------------------------------------------
Michael Bennet at The Australian reports that an independent
expert has found a consortium's $2.2 billion takeover offer for
ConnectEast to be fair and reasonable, in a boost for the suitor
ahead of a shareholder vote next month.

The Australian relates that ConnectEast, which owns and operates
Melbourne's EastLink toll road, said Tuesday that independent
expert Deloitte found Horizon Roads' 55 cents cash offer fair and
reasonable and in the best interest of shareholders.

According to The Australian, the expert valued ConnectEast at 51c
to 57c, which chairman Tony Shepherd said supports the
independent director's backing of the offer.  In early trade,
ConnectEast shares rose 0.5c to 53c in a positive broader market.

"The independent directors believe that the cash consideration
provides ConnectEast securityholders with both certainty and a
control premium," The Australian quotes Mr. Shepherd as saying.

The Australian recounts that Horizon, a consortium of eight funds
managed by ConnectEast's biggest shareholder CP2, in late July
launched its offer of 55c a security, plus a 1c dividend payable
on Friday, putting the bid premium at 22.2% to ConnectEast's
price on the day prior.

According to the report, CP2 also owns or controls 35% of
ConnectEast and has said it would not support a counter-bid by
Transurban if it was funded by a dilutive equity raising or crip
offer.  CP2 is also a large shareholder of Transurban, which has
failed to publicly rule out a rival move, the report notes.

But to win shareholder support, The Australian relates, analysts
early this month said Horizon could be forced up its offer to
better reflect ConnectEast's future growth and other recent
takeovers of toll road companies.

Shareholders will meet on September 27 to consider the offer, The
Australian adds.

ConnectEast Group (ASX:CEU) -- http://www.connecteast.com.au/--
is the owner and operator of Melbourne's EastLink Tollway.  In
October 2004, the ConnectEast Group was awarded the concession to
finance, design, build, maintain and operate the EastLink
Tollway, which comprises approximately 39 kilometers of tolled
freeway-standard road connecting Melbourne's eastern and south-
eastern suburbs.  The tollway opened toll-free for public use on
June 29, 2008, and tolling commenced on July 27, 2008.  The
concession expires on November 30, 2043.  Peninsula Link
construction is underway and preliminary works have begun at this
untolled freeway project at EastLink's southern end.  ConnectEast
Group comprises the ConnectEast Investment Trust (CEIT) and
ConnectEast Holding Trust (CEHT).  On March 31, 2009 ConnectEast
Holding 2 Pty Limited (CEH2), a company within the ConnectEast
Group, acquired ConnectEast Management Limited (CEML) from
Macquarie Capital Group Limited. CEML is the responsible entity
of CEIT and CEHT.

                           *     *     *

ConnectEast Group posted three consecutive annual net loss of
AUD531.58 million, AUD53.6 million, and AUD10.3 million for the
years ended June 30, 2009 through 2011.


FORTESCUE METALS: Moody's Changes Outlook on CFR to Positive
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the
corporate family rating of Fortescue Metals Group Ltd. and senior
debt ratings of FMG Resources (August 2006) Pty Ltd (the funding
vehicle for Fortescue Metals Group Limited) to positive from
stable.

Rating Rationale

"The change in outlook to positive reflects Fortescue's progress
on ramping up their production capacity to 55 million tonnes per
annum ('mtpa') and the continued progress around execution and
funding for the 155mtpa expansion, says Matthew Moore a Moody's
Assistant Vice President -- Analyst.

The positive outlook also incorporates the strengthened free cash
generation, benefiting from the solid iron ore price environment,
as well as Moody's expectation for continued improvement in
financial metrics, notwithstanding the capital intensive nature
of the expansion program.

"The increase in production capacity to 55mtpa, combined with
strong expected cash margins provide the company with a solid
platform to help fund its aggressive expansion plans", adds
Moore. In 2010, Fortescue committed expanding its production from
the then 40mtpa to 155mtpa over the next several years for an
announced capital cost of around US$8.4 billion.

Following the commissioning and ramp-up of the Christmas Creek
ore processing facility, Fortescue announced that it had shipped
4.7mt in the month of June for an annualized run rate of around
56mtpa. As previously stated, Moody's viewed the company's
ability to successfully achieve the 55mtpa run rate, within
budget, as critical component to improving its credit profile,
although Moody's will be looking for consistency in Fortescue's
production level.

The positive outlook also reflects progress the company has made
regarding the expansion to 155mtpa, which is now scheduled for
completion by June 30, 2013. Fortescue has secured commitments
for a significant portion of the expansion, awarded several
contracts and has begun works on essentially all aspects of the
expansion. The company has also been accessing the capital
markets to secure funding for the expansion, with the remaining
funding need expected to be in place during the first half of
FY2012. As a result of the progress to date, Fortescue has
announced that it expects to complete the project and achieve
production 12 months earlier than envisioned when the project was
approved. Management has also reiterated the capital cost
guidance of US$8.4 billion.

"Fortescue's B1 corporate family rating continues to be supported
by its long life, low-cost reserves, strong financial profile and
the expectation for continued favorable iron ore industry
fundamentals, which should support elevated pricing and cash
margins", says Moore. This is balanced against rising cash costs,
a concentrated asset base and the execution risk and funding
requirements associated with the company's aggressive expansion
plans.

As a result of the strong operating performance, Fortescue
continues to maintain credit metrics indicative of higher
ratings. Moody's views the strong financial profile as
appropriate to help mitigate any potential execution challenges
in achieving the company's aggressive growth plans. This strong
result combined with expectations for iron ore prices to remain
elevated in FY2012 has also lowered Moody's expectations for the
amount of external funding required to finance the current
expansion.

Moody's still expects financial metrics to weaken over the near
term as capital spending ramps up but improvements in internally
generated cash flow and lower external funding requirements
should lead to credit metrics remaining at strong levels. Moody's
expects that Operating Cash Flow (less Dividends) will remain
above 20% to 25% and that FFO to interest will remain above 3.0x
in FY2012.

The ratings could be upgraded if Fortescue's expansion plans
continue to make progress towards increasing production capacity
on schedule and without any material disappointments and in a
manner that preserves their solid financial profile.

The outlook could be changed to stable if the company experiences
material delays or cost overruns with its expansion plans or a
material weakening of the currently strong financial profile
resulting from larger than expected funding needs or weaker than
expected production and/or iron ore industry fundamentals.

Moody's also assigned a definitive B1 rating to FMG Resources
(August 2006) Pty Ltd's US$600 million Revolving Credit Facility.
The definitive B1 rating on the US$600 million Revolving Credit
Facility confirms the provisional rating assigned on May 20,
2011.

The principal methodology used in rating Fortescue Metals Group
Ltd was the Global Mining Industry Methodology published in May
2009.

Fortescue Metals Group, based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export,
mainly to China.


GALVIN CONSTRUCTION: In Administration; Apartment Work Halted
-------------------------------------------------------------
James Thomson at SmartCompany reports that Melbourne-based group
Galvin Construction has collapsed.

Administrators Michael Carrafa, Richard Cauchi, and Paul Sweeney
from insolvency firm SV Partners are now in control of the
business.

Galvin, which builds apartment projects in Melbourne's city and
inner suburbs, had five major apartment developments under
construction at present, including a high-density housing project
for the Federal Government and a large apartment complex in
Melbourne's CBD.  All work has now stopped on the company's
projects, SmartCompany reports.

According to SmartCompany, the Australian Financial Review
reported that Galvin managing director Steve Sweeney has told
employees that all entitlements will be met.

The first meeting of creditors was held on August 23 in
Melbourne.

Exactly what caused the collapse of the firm is unclear, although
it has been involved in a long-running dispute over a $20 million
apartment project in the Victorian city of Geelong called Seabay
Apartments.

Established in 1956, Galvin Construction Pty Ltd --
http://www.galvinconstruction.com.au/-- is a building
contractor.


MKM GROUP: Creditors Appoint Ernst & Young as Receivers
-------------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that receivers have been
appointed to Gold Coast company MKM Group, headed up by
entrepreneur Michael Kljaic.

Ernst & Young's Justin Walsh and Sean McKinnon were appointed by
creditors, goldcoast.com.au says.

goldcoast.com.au discloses that MKM Group had a staff of about
100 and a reported annual turnover of more than AUD35 million at
its peak in 2009.  The cause of the receivership remains unclear,
the report notes.

MMK Group is involved in a number of businesses but is
particularly focused on property development, house design and
earth-moving.


SENSASLIM AUSTRALIA: Court Grants ACCC Injunction Vs. Director
--------------------------------------------------------------
The Sydney Morning Herald reports that the Australian Competition
and Consumer Commission has been granted an injunction
restraining the director of SensaSlim, Peter O'Brien, from
activities that could interfere with the court process.

The injunction came as the Federal Court heard Mr. O'Brien had
demanded the owner of an internet media company that was paid to
write and post news stories for SensaSlim destroy all
correspondence, SMH says.

According to the report, Simon White, SC, for the commission,
said Greg Rogers, of the online news and classified websites
business Rogers Digital, had contacted the commission, concerned
at e-mails from Mr. O'Brien telling him he should delete every
e-mail after reading it, and warning of the confidential nature
of business relations.

SMH notes that the weight-loss company, linked to conman Peter
Foster, is facing ACCC charges of misleading and deceptive
conduct, with lengthy bans sought against its directors.

Meanwhile, The Sydney Morning Herald reports that a compensation
claim from franchisees, who paid a total of AUD6 million, has
been joined in the ACCC case, after the liquidator of SensaSlim
identified just AUD280,000 in the bank account.

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

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


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


CHINA TEL GROUP: Incurs US$2.4 Million Net Loss in Second Quarter
---------------------------------------------------------------
Velatel Global Communications, Inc., formerly China Tel Group,
Inc., filed with the U.S. Securities and Exchange Commission its
quarterly report on Form 10-Q reporting a net loss of
US$2.40 million on US$168,734 of revenue for the three months
ended June 30, 2011, compared with a net loss of US$29.02 million
on US$236,584 of revenue for the same period a year ago.

The Company also reported a net loss of US$10.74 million on
US$373,105 of revenue for the six months ended June 30, 2011,
compared with a net loss of US$36.29 million on US$459,403 of
revenue for the same period during the prior year.

The Company's balance sheet at June 30, 2011, showed
US$9.74 million in total assets, US$27.23 million in total
liabilities, and a US$17.48 million total stockholders' deficit.

The Company reported a net loss of US$66,623,130 on US$955,311 of
revenue for the year ended Dec. 31, 2010, compared with a net
loss of US$56,065,029 on US$657,876 of revenue during the prior
year.

Since the Company's inception until June 30, 2011, it has
incurred accumulated losses of approximately US$242.36 million.
The Company expects to continue to incur net losses for the
foreseeable future.

The Company's independent accountants have expressed substantial
doubt about the Company's ability to continue as a going concern
in their audit report, dated April 15, 2011, for the period ended
Dec. 31, 2010.  As reported by the TCR on April 21, 2011, Mendoza
Berger & Company, LLP, in Irvine, California, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  The
independent auditors noted that the Company has incurred a net
loss of US$56,041,182 for the year ended Dec. 31, 2009,
cumulative losses of US$165,361,145 since inception, a negative
working capital of US$68,760,057, and a stockholders' deficit of
US$63,213,793.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/J7BPOn

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.


SHENGDATECH INC: Seeks Bankruptcy, Has US$180-Mil. in Debts
-----------------------------------------------------------
ShengdaTech Inc., a maker of nano precipitated calcium carbonate
for the tire industry, sought Chapter 11 protection from
creditors (Bankr. D. Nev. Case No. 11-52649).

The Shanghai, China-based company said in its bankruptcy filing
it would fire all of its officers and restructure to try to
recover from an accounting scandal.

The Company disclosed US$295.4 million in assets and
US$180.9 million in debt as of Sept. 30 in Chapter 11 documents
filed in U.S. Bankruptcy Court in Reno, Nevada.

The Debtor disclosed that two persons/entities, which directly or
indirectly own, control or hold, with power to vote, 5% or more
of its voting securities:

  * Goldman Sachs Asset Management (as manager for certain of its
    funds)

  * Xiangzhi Chen (listed as the company's Chief Executive
    Officer, President and Director on its Web site) and his wife

Bob Olsen, Esq., and Nancy Peterman, Esq., at Greenberg Traurig
LLP, serve as counsel to the Debtor.

A meeting of creditors under 11 U.S.C. Sec. 341 is scheduled for
Sept. 19, 2011, at 3:00 p.m. at Young Building, Room 3024, in
Reno, Nevada.  Last day to file proofs of claim is Dec. 19, 2011.

ShengdaTech fell 4 cents, or 6.4%, to 59 cents Aug. 18 in over
the counter trading.  The firm's stock has dropped 88% this year,
according to Bloomberg data.

                        Securities Scandal

Richard Vanderford at Bankruptcy Law360 reports that ShengdaTech
admitted March 15 that it had found "potentially serious
discrepancies and unexplained issues" in its financial records, a
disclosure that halted trading of the NASDAQ-listed company's
stock and spurred several investor class actions.

According to Chapter11Cases.com, the petition also states that
ShengdaTech's board of directors created a special committee in
March of this year to "undertake an internal investigation of
issues identified by KPMG arising out of its audit for the year
ended December 31, 2010."  Minutes and resolutions from a meeting
of the special committee Friday (attached to the petition) report
that, after receiving reports on the status of the investigation
and obtaining advice from "various counsel," the special
committee took various steps, including:

    * Removed from office each officer of ShengdaTech "effective
      immediately," specifically noting that Xiangzhi Chen has
      been removed as President and Chief Executive Officer

    * Removed all officers and directors of wholly-owned
      subsidiary Faith Bloom Limited

    * Added an officer position designated as the Chief
      Restructuring Officer

    * Appointed Michael Kang as the Chief Restructuring Officer
      "with such powers and duties previously held by all
      officers of the Corporation, including, without limitation,
      the Chief Executive Officer, such other powers and duties
      set forth in the engagement letter by and between the
      Corporation and Alvarez & Marsal . . . and such additional
      powers and duties as authorized by the Board"

    * Determined that "it is desirable and in the best interests
      of the Corporation" to file for chapter 11 protection and
      authorized the bankruptcy filing

    * Retained the following professionals:

         -- Greenberg Traurig, LLP, as general bankruptcy counsel

         -- Skadden, Arps, Slate, Meagher & Flom LLP as special
            counsel to the Special Committee of the Board

         -- Jun He Law Offices to assist on China law matters

         -- Conyers Dill and Pearman to assist on British Virgin
            Islands law matters

         -- PricewaterhouseCoopers to continue forensic
            accounting work necessary to the ongoing internal
            investigation

         -- Alvarez & Marsal.

                     Restoring Financial Health

ShengdaTech, Inc., said in a statement the Chapter 11 process
will facilitate the Company's financial and operational
restructuring, with the objective of restoring the Company to
financial health.

Chapter 11 of the U.S. Bankruptcy Code allows a company to
continue operating its business and managing its assets in the
ordinary course of business.  The U.S. Congress enacted Chapter
11 to encourage and enable a debtor business to continue to
operate as a going concern, to preserve jobs and to maximize the
recovery of all its stakeholders.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP. The Board of Directors Special
Committee's legal representative is Skadden, Arps, Slate, Meagher
& Flom LLP.

                       A&M's Kang Named CRO

The Company also announced that Michael Kang, a managing director
at global professional services firm Alvarez & Marsal, has been
appointed Chief Restructuring Officer to lead the Company's
restructuring effort. For over 15 years, Mr. Kang has helped
numerous companies improve their operational performance and
successfully navigate through complex restructuring situations.
Through a wide range of financial advisory engagements, he has
been involved in all aspects of the reorganization process,
advised on debt restructurings and served in interim management
and financial advisory roles for both public and private
companies. Mr. Kang's recent assignments included: CEO and CRO of
Perquest, Inc., CRO of Hines Horticulture, Inc. restructuring
advisor to Citadel Broadcasting and many others.

"Mike's vast experience and proven track record in assisting
companies through complex situations make him the right person to
lead ShengdaTech through its restructuring process," said A. Carl
Mudd, ShengdaTech's Chairman of the Special Committee and Audit
Committee. "I look forward to working with Mike and ShengdaTech's
bondholders to develop a consensual restructuring plan intended
to maximize value to all stakeholders."

                         About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.


SHENGDATECH INC: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Shengda Tech, Inc.
        c/o Lionel Sawyer & Collins, Ltd.
        50 W. Liberty Street, Suite 1100
        Reno, NV 89501

Bankruptcy Case No.: 11-52649

Chapter 11 Petition Date: August 19, 2011

Court: U.S. Bankruptcy Court
       District of Nevada (Reno)

Judge: Bruce T. Beesley

Debtor's Counsel: Bob L. Olson, Esq.
                  GREENBERG TRAURIG LLP
                  3773 Howard Hughes Parkway, Suite 500
                  Las Vegas, NV 89169
                  Tel: (702) 792-3773
                  Fax: (702) 792-9002
                  E-mail: lvecffilings@gtlaw.com

                         - and -

                  Miriam G. Bahcall, Esq.
                  GREENBERG TRAURIG, LLP
                  77 W. Wacker Drive, Suite 3100
                  Chicao, IL 60601
                  Tel: (312) 456-8400
                  Fax: (312) 456-8435
                  E-mail: bahcallm@gtlaw.com

                         - and -

                  Nancy A. Peterman, Esq.
                  GREENBERG TRAURIG, LLP
                  77 W. Wacker Drive, Suite 2500
                  Chicago, IL 60601
                  Tel: (312) 456-8400
                  Fax: (312) 456-8435
                  E-mail: petermann@gtlaw.com

                         - and -

                  Paul Ferak, Esq.
                  GREENBERG TRAURIG, LLP
                  77 W. Wacker Drive, Suite 3100
                  Chicago, IL 60601
                  Tel: (312) 456-8400
                  Fax (312) 456-8435
                  E-mail: ferakp@gtlaw.com

Estimated Assets: US$100,000,001 to US$500,000,000

Estimated Debts: US$100,000,001 to US$500,000,000

The 20 largest unsecured creditors are owed about
US$167.5 million.

Bank of New York Mellon Corp. is the biggest unsecured creditor,
acting as the indenture trustee for 6.5% noteholders owed about
US$130 million.  The bank is also listed as the trustee for 6%
noteholders owed about US$36.3 million.

Bond debt claims in unknown amounts are also listed for Zazove
Associates, LLC; CQS (UK) LLP; Radcliffe Capital Management;
Citadel Group; CNA Partners; Lazard Asset Management LLC;
Deutsche Bank Securities; Advent Capital Management, LLC; and CNH
Partners.  Other large claims are listed for outstanding
professional fees owing to several firms.

The petition was signed by A. Carl Mudd, chair of Special
Committee of the Board and Audit Committee.


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


MB INVEST: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Aug. 10, 2011, to
wind up the operations of MB Invest Limited.

The Official Receiver is Teresa S W Wong.


MOTOR RESTAURANT: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Aug. 10, 2011, to
wind up the operations of Motor Restaurant Limited.

The Official Receiver is Teresa S W Wong.


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

Supreme Success Limited filed the petition against the company on
July 22, 2011.

The Petitioner's solicitors are:

          Woo, Kwan, Lee & Lo
          Room 2801, Sun Hung Kai Centre
          30 Harbour Road
          Wanchai, Hong Kong


SINOSUN CREATION: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Aug. 10, 2011, to
wind up the operations of Sinosun Creation Limited.

The Official Receiver is Teresa S W Wong.


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

The Government of the Hong Kong Special Administrative
Region filed the petition against the company on June 29, 2011.


SUBOR ELECTRONICS: Court to Hear Wind-Up Petition on Sept. 14
-------------------------------------------------------------
A petition to wind up the operations of Subor Electronics
Technology Co Limited will be heard before the High Court of
Hong Kong on Sept. 14, 2011, at 9:30 a.m.

RMS Far East (HK) Limited filed the petition against the company
on July 19, 2011.

The Petitioner's solicitors are:

          Robertsons
          57th Floor, The Center
          99 Queen's Road
          Central, Hong Kong


WACHOVIA ADVISORS: Members' Final Meeting Set for Sept. 19
----------------------------------------------------------
Members of Wachovia Advisors International Limited will hold
their final meeting on Sept 19, 2011, at 10:00 a.m., at 8th
Floor, Gloucester Tower, The Landmark, at 15 Queen's Road
Central, in Hong Kong.

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


WESTERN VISION: Creditors' Proofs of Debt Due Sept. 19
------------------------------------------------------
Creditors of Western Vision Company 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. 12, 2011.

The company's liquidator is:

         Zhang Hui
         9th Floor, Chinachem Hollywood Centre
         1-13 Hollywood Road
         Central, Hong Kong


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ALP CONSULTING: ICRA Rates INR2.15cr Term Loan at '[ICRA]BB+'
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to the INR2.15 crore term
loan facilities, the INR8.0 crore fund based facilities, and the
INR0.3 crore proposed limits of Alp Consulting Limited.  The
outlook on the long-term rating is stable.

The assigned ratings reflect the Company's long presence in the
domestic human resource (HR) consulting industry, its established
relationships with a wide base of customers and positive outlook
for the domestic employment market which is likely to sustain the
growth momentum. The ratings also take into account ACL's strong
technological infrastructure aiding faster turn-around time for
the Company besides strengthening its software offerings under
recruitment and HR processes. The assigned ratings are however
constrained by the moderate scale of the Company's operations,
high competitive intensity on account of relatively low entry
barriers in the industry and overall thin margins and low cash
accruals owing to price based competition. ICRA notes that the
Company's profitability is supported to an extent by its asset-
light model of business. The ratings also take in account ACL's
financial profile characterized by high gearing and modest
coverage indicators. Substantial working capital requirements
consequent to long collection period has also impacted the
liquidity profile of the Company.

                       About Alp Consulting

Incorporated in 1996, Alp Consulting Limited is a mid-sized human
resource consulting company offering entire gamut of HR services
including employee search, staffing and HR outsourcing. Based on
its customers' requirements, ACL provides permanent employee
search or temporary staffing/employee leasing solutions. Apart
from search and staffing, the Company also offers to manage
entire HR activities of a company (generally for small and medium
enterprises) or parts of the HR function such as recruitment,
payroll etc. Over the years the Company has evolved as an
integrated player offering wide range HR services and currently
has over 15,000 employees under its payrolls with about 300
employees forming part of its core staff. Apart from catering to
the customers' man power needs, the Company also into providing
software platforms for recruitment process and HR outsourcing.
ACL provides the aforementioned services across domains such as
IT / ITeS, semiconductor, telecom, pharmaceuticals, EPC, retail
etc and caters to a broad base of customers (predominantly
Fortune 500 companies) under these domains. ACL, head quartered
in Bangalore, has branches across the country (Chennai, Pune,
Hyderabad, Mumbai, New Delhi and Noida). Apart from these, the
Company also has an overseas office in Massachusetts.

Recent Results (Consolidated)

ACL reported net profit of INR1.2 crore on operating income of
INR85.7 crore during 2010-11 (according to unaudited results)
against net profit of INR0.9 crore on operating income of
INR65.7 crore during the corresponding previous fiscal.


CMI LIMITED: ICRA Reaffirms '[ICRA]BB' Rating on INR10cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating assigned to the fund
based limits (reduced from INR11.5 crore to INR10 crore) of CMI
Limited.  The outlook on long term rating is Stable. ICRA has
also reaffirmed '[ICRA]A4' rating assigned to the non fund based
facilities (enhanced from INR6.5 crore to INR10 crore) of CMI
Limited.

The reaffirmation of ratings factor in risks arising out of
modest scale of operations of CMI Limited which results in
limited economies of scale and bargaining power vis--vis
customers or suppliers, and intense competitive pressures in the
cable industry. These factors have resulted in modest
profitability indicators and this situation is unlikely to change
materially in the medium term. ICRA has taken note of the
relatively high gearing levels of the company which coupled with
below average profitability has resulted in stretched liquidity
and modest coverage indicators. The ratings are however supported
by the company's long track record of operations, diversified and
reputed client base, and tangible entry barriers in supply of
signaling and instrumentation cables to railways.

CMI Limited, an ISO 9001 company, was incorporated on 22 June
1967 originally under the name of Choudhari Metal Industries
Private Limited. The name of the company was changed to CMI
Private Limited with effect from 7 Nov 1985. CMI Limited
manufactures a variety of cables that include Signalling,
Instrumentation, Control, Power and Jelly Filled Telecom cables.
However, the main source of revenue is the supply of signalling
cables and other safety cables to Railways and other government
agencies. CMI Limited is the approved vendor for supply of
signalling cables to Railways.

As per the provisional statements for FY 2011, CMI Limited has
achieved an operating income of 59.14 crore registering a growth
of 22% yoy. However with slight decline in margins, the PAT was
at INR2.02 crore in FY 2011 as against INR1.92 crore in FY 2010.


FORUM INFRASTRUCTURE: ICRA Reaffirms '[ICRA]BB' Term Loan Rating
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating assigned to the
INR105.76 crore proposed term loan of Forum Infrastructure
Private Limited.  The Outlook on the long term rating is stable.

The rating takes into account the established track record of the
Forum Group, of which FIPL is a part, in the real estate space in
Eastern India. The rating also takes into account the relatively
low cost of land acquired for the upcoming project, improving its
competitive position. The rating is, however, constrained by the
project's exposure to funding risk as debt for the project is yet
to be tied up. The rating also reflects the vulnerability of the
project to off-take risks, given the early stage of development
and unsatisfactory condition of the existing road link between
Adityapur and Jamshedpur. The rating also incorporates the
regulatory risks, given that the building plan is awaiting
approval, and the susceptibility of the real estate sector to
economic cycles, exposing the project to market risks. ICRA notes
that the project has experienced significant delays in the past
on account of multiple reasons ranging from the absence of
building plan approval, poor road connectivity leading to
infrastructural constraints, as well as the absence of funding
tie-up.

                     About Forum Infrastructure

FIPL is a part of the Forum Group, promoted by S. M. Shroff, and
his son, Rahul Saraf. The group is primarily engaged in the
business of real estate development and caters to both the
commercial and residential segments in Eastern India. The group
has successfully undertaken construction of several landmark
projects in Eastern India, with a total built-up area of
approximately 17 lakh square feet, including the Forum Shopping
Mall in Kolkata, Forum Mart in Bhubaneshwar, Infinity and
Technopolis buildings at Salt Lake, Sector V in Kolkata among
others. Currently, FIPL is engaged in the development of mixed
use real estate complex at Adityapur, near Jamshedpur. The
proposed project would have a built-up area of around 6.3 lakh
square feet, which would include residential towers, shopping
mall, multiplex, hospital, commercial office complex and a 3 star
hotel.


FORUM IT: ICRA Reaffirms '[ICRA]BB-' Rating to INR130.28cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating assigned to the
INR130.28 crore term loan facilities of Forum IT Parks Private
Limited.  The Outlook on the long term rating is stable.

The rating takes into account the established track record of the
Forum Group, of which FITPPL is a part, in the real estate space
in Eastern India and the prior experience of the promoters in
successfully developing commercial office complex for the
information technology (IT) and information technology enabled
services (ITeS) industry. The rating also takes into account the
eligibility of the upcoming project for tax benefits to lessees,
given its location within the IT Special Economic Zone and the
achievement of financial closure for the phase-I of the project.
However, the rating is constrained by the project's exposure to
execution risks, given the initial stage of construction,
including risks arising from potential delays and cost over-runs.
The rating also incorporates the vulnerability of the project to
off-take risks, given the early stage of construction and lack of
advance bookings till date. ICRA notes that the phase-I of the
project is scheduled to be completed in March 2012, while the
entire term loan is scheduled for repayment in April 2012,
exposing FITPPL to significant refinancing risks, although the
same is mitigated partially by the group's existing relationship
with banks. The rating also reflects the project's exposure to
market risks, given the susceptibility of the real estate sector
to economic cycles. The locational disadvantage of the project at
present, the same being at a distance from the major commercial
areas of Kolkata, and suffering from infrastructural constraints
like good connectivity through public transportation, may
accentuate the project's market risk further in the near term.

                          About Forum IT

FITPPL is a part of the Forum Group, promoted by Sri S. M.
Shroff, and his son, Sri Rahul Saraf. The group is primarily
engaged in the business of real estate development and caters to
both the commercial and residential segments in Eastern India.
The group has successfully undertaken construction of several
landmark projects in Eastern India, with a total built-up area of
approximately 17 lakh square feet, including the Forum Shopping
Mall in Kolkata, Forum Mart in Bhubaneshwar, Infinity and
Technopolis-I buildings at Salt Lake Sector V in Kolkata, among
others. Currently FITPPL is engaged in the development of a
commercial office complex at the IT SEZ in Bantala, near Kolkata.


FORUM PROJECT: ICRA Reaffirms '[ICRA]BB+' Rating on INR80cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the
INR180.00 crore (reduced from INR185.00 crore) term loan
facilities of Forum Project Holdings Private Limited. The outlook
on the long-term rating is stable. ICRA has also assigned an
'[ICRA]A4+' rating to the INR2.14 crore short term non-fund based
bank limits of FPHPL.

The ratings take into account the established track record of the
Forum group, of which FPHPL is a part, in the real estate
development sector in East India, especially Kolkata, as well as
the high occupancy levels in FPHPL's operational project,
Technopolis-I. The company's debt servicing ability is supported
by the structure of its term loans, which are backed by lease
rentals from reputed tenants, with timely collection of lease
rentals till date. However, the ratings also factor in the
company's limited revenue stream that is solely dependent upon a
single property, with the trend expected to continue over the
medium term. FPHPL is also exposed to client concentration risks
as the share of lease rentals from the top five lessees accounted
for almost 69% of total rental income in 2009-10. The income
generated is largely used in debt servicing, which results in the
company's dependence upon external financing to sustain
operations to some extent. Moreover, given the lack of
alternative income sources, as well as the absence of any
liquidity back-up, delays in receipt of rental income can
adversely impact the company's debt servicing ability, although
no such instance has been experienced till date. Going forward,
increasing competition from the considerable capacity additions
in the vicinity is also likely to impact occupancy levels and
rental rates in Technopolis-I.

                         About Forum Project

FPHPL is part of Forum group of companies, a Kolkata based real
estate developer promoted by Mr. S.M. Shroff and Mr. Rahul Saraf.
"Technopolis-I" is a commercial building of 7.75 lakh sq. ft.
situated at Sector V, Salt Lake City, Kolkata. The building is
India's First Leadership in Energy & Environmental Design (LEED)
certified Green Infrastructure for IT/ITeS companies and has
received Gold Certification from United States Green Building
Council (USGBC). It is also the first such project in the world
to be registered under the United Nations Framework Convention on
Climate Change (UNFCCC) as a Clean Development Mechanism (CDM)
project. The building became operational from October 2006 and is
occupied by clients like HSBC Bank Limited, Larsen & Toubro
Limited, and Cognizant Technology Solutions Limited.


LIBERTY WHITEWARES: CARE Puts 'CARE B' Rating to INR25.14cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to bank facilities of
Liberty Whitewares Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities     25.14       'CARE B' Assigned
   Short-term Bank Facilities    12.30       'CARE A4' Assigned

Rating Rationale

The ratings take into consideration the weak financial profile of
LWL marked by continuous losses, stressed liquidity, high overall
gearing and low capacity utilization. However, the constraints
are partially offset by the experienced and resourceful promoters
with the long-track record in the industry, consistent financial
support from the promoters and improving order book.  Going
forward, the ability to improve the profitability margins along-
with the leverage ratios and prudent working-capital management
would be the key rating sensitivities.

LWL, part of the Liberty Group was incorporated in 2003 by
Mr. Adarsh Gupta, who holds around 36% stake in the company. It
is engaged in the manufacturing of ceramic sanitaryware
consisting of
wash basin, water closets, shower trays and ceramic accessories.
LWL has manufacturing plant in Neemrana, Rajasthan having
installed capacity of 3 Lakh Pieces per annum.

LWL incurred a net loss of INR6.32 crore on total income of
INR34.55 crore in FY10. The trading income constituted around 82%
of the total income.


MAHARASHTRA FEEDS: ICRA Puts [ICRA]BB Rating to INR6cr Term Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR6 crore bank term loan and INR14 crore1 of fund based limits
of Maharashtra Feeds Pvt. Limited.  The rating carries a stable
outlook.

The rating action takes into account the strong market position
enjoyed by the company in organized poultry feed industry
predominantly in Northern India and robust distribution network
of the company. The rating also factors in the continuously
growing revenues of the company and positive growth prospects for
the poultry feed business. The rating is however constrained by
highly competitive nature of business that has resulted in modest
profitability margins for the company. The rating also takes into
account the high gearing levels on account of high working
borrowings and moderate debt protection metrics due to low
profitability. The rating also factors in the exposure to the raw
material price fluctuations and regional concentration of the
company's revenues in Northern India.

Maharashtra Feeds Private Limited was incorporated in 1992 and is
engaged in the manufacturing of poultry feed and Full Fat
Soyabean (FFS). The company owns two manufacturing facilities at
Sonipat, Haryana and Varanasi, U.P. with a combined installed
capacity of 360 MTPD. The company's poultry feed is sold under
the brand name 'Maha Feeds' and FFS cater mainly to U.P., Bihar,
Punjab, Haryana, J&K and Delhi.

As per the audited numbers of FY 2011, the company reported a net
profit of INR1.26 Crore on an operating income of INR177.93
Crore.


RAIPUR TREASURE: CARE Rates INR122.67cr LT Loan at 'CARE BB'
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Raipur Treasure Island Private Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     122.67      'CARE BB' Assigned

Rating Rationale

The rating is constrained due to the risk pertaining to timely
conversion of Letter of Intents (LOIs) into firm agreements which
shall determine the revenue visibility as well as revenue
sufficiency for the debt servicing which has already started,
residual project execution risk and time overruns being
experienced in the project. Besides pending offtake risk
pertaining to the balance portion of the mall and hotel in a
Tier-II city like Raipur is a rating concern.  The rating,
however, takes cognizance of relevant experience of the promoters
in real estate, funds been tied up for the project and receipt of
LOI's for 64% of the leasable area.

Ability of Raipur Treasure Island Private Ltd to execute the
project as per schedule, timely conversion of the LOIs into
agreements, achieving and sustaining the envisaged levels of
lease rentals and occupancy levels remain the key rating
sensitivities.

Background

Raipur Treasure Island Private Ltd's is a Special Purpose Vehicle
(SPV) floated for the purpose of development of a shopping mall
cum multiplex, hotel and car mart at Raipur, Chattisgarh having a
total developable area of 1.2 million square feet (msf).

RTIPL is promoted by Treasure World Developers Pvt. Ltd. (TWDPL)
which is a 100% subsidiary of Entertainment World Developers Ltd.
(EWDL). EWDL in turn is promoted by Indore-based Manish Kalani
group.

The estimated project cost of the mall is INR211.40 crore which
is being funded through equity of INR70.83 crore, debt of
INR126.90 crore (fully tied up), unsecured loans from promoters
of INR3.10 crore and balance through lease deposits of INR10.57
crore.


RAJASTHAN INDUSTRIES: CARE Rates INR9.31cr LT Loan at 'CARE BB-'
----------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of
Rajasthan Industries.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     9.31       'CARE BB-' Assigned

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

The rating of Rajasthan Industries (RJIND) is constrained by its
modest scale of operations, weak financial risk profile marked by
thin profitability and high leverage along-with its constitution
as a partnership firm. The rating is further constrained on
account of the susceptibility of its margins to the raw material
price fluctuation and its presence in the highly fragmented and
competitive textile processing industry.

These constraints far offset the benefits derived from the wide
experience of the partners in the textile industry and RJIND's
established marketing and distribution network.
Improvement in the overall financial risk profile with better
profitability margins and rationalization of debt levels while
moving up the textile value chain would be the key rating
sensitivities.

RJIND is a partnership firm established in 1979 by Mr. Achalchand
Balar and Mrs Haudevi Balar.  The firm was subsequently
reconstituted in 1998 following the entry of Mr. Vinesh Balar and
the exit of Mr. Achalchand Balar. RJIND is mainly engaged in the
dyeing and printing of grey cotton/polyester fabric (mainly
sarees and dress material, with polyester fabric constituting
nearly
90% of its total income) at its unit in Pali, Rajasthan with an
installed capacity of nearly 438 lakh meters per annum


REPROMEN OFFSET: ICRA Assigns '[ICRA]B+' Rating to INR4.2cr Loans
-----------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR4.2 crore Term
Loans and INR5.0 crore Long-Term Fund Based facilities of
Repromen Offset Printers Private Limited.

The assigned rating factors in the stretched financial profile of
the company with weak coverage indicators, significant overdue
from a group entity owing to non-receipt of payment from the
state government of Tamil Nadu, company's concentrated presence
in the commercial printing segment, which to an extent is
mitigated by company's recent diversification into educational
text book publishing business and susceptibility of the company's
margins to increase in paper prices. The company's client
concentration also remains moderately high with the top three
customers accounting for 46% of the total revenues. Additionally,
the industry remains highly competitive due to a large number of
fragmented players and faces significant threat to its future
growth from the increased usage of electronic media as the mode
of communication. The rating, however, derives comfort from the
company's integrated printing capabilities to provide end to end
services from designing to post printing, reputed client base
consisting of large corporate customers and promoters'
established experience in the printing industry.

                       About Repromen Offset

Repromen Offset Printers Private Limited was promoted by Mr. V
Parmeswaran, a former employee of the advertising agency James
Walter Thompson (JWT) having worked for over three decades in the
company. Mr. Parmeswaran had started business activities in 1970s
and entered into the printing field in 1980s starting ROPPL in
1985. Besides ROPPL, Mr. Parmeswaran is also the promoter of
Repromen Offset Printers Madras Private Limited, a printing
company based out of Chennai. The business at both the companies
is currently managed by the second and third generation. Besides
the printing business, the promoters also have two franchisees of
Australian Company Cartridge World.

ROPPL is presently managed by Mr. V. Krishnamoorthy, brother of
Mr. V Parmeswaran. Mr. Dilip Param and Mr. Dipak Parameswaran,
sons of Mr. V Parmeswaran are also involved in the business. The
company is mainly present in commercial offset printing and
educational text book publishing business. Commercial offset
printing remains the mainstay for the company with its products
comprising brochures, leaflets, posters, calendars, direct
mailers, magazines, promotional material, etc. The company caters
to a number of reputed corporate clients like Bharti Enterprises,
Nokia India, Reliance Communications, Idea Cellular, Aircel,
Oxford University Press, Cambridge University Press, Tata McGraw
Hill, etc.


RIZWAN EXPORT: ICRA Assigns '[ICRA]B+' Rating to INR12.51cr Loan
----------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B+' to the INR9.4 crores
fund-based limits and INR12.51 crore term loans of Rizwan Export
House. ICRA has also assigned a rating of '[ICRA]A4' to the
INR14.50 short term fund based limits of REH.

The rating factors in the REH's modest scale of operations,
proprietorship nature of the firm which provides the flexibility
to withdraw capital with greater ease and high geographical and
client concentration risks. The rating also factors in the
seasonal nature of the business and high debtor and inventory
days which have led to stretched liquidity in the past. Moreover
the company's profitability margins remain exposed to the
fluctuation in prices of raw material due to fixed price nature
of orders. The rating, however, draws support from REH's
experienced management with over three decades of experience in
the textile industry and the company's well established
clientele. Going forward, the ability of the company to increase
turnover in an intensely competitive environment and manage its
working capital requirements will be key rating sensitivities.

REH was established as proprietorship concern by Mr Rizwan Ansari
in 2000 primarily for exporting of handmade carpets from
Kashipur. Initially the firm was engaged in trading of carpets
from group entities and other small carpets manufactures in
Bhadohi region. However during FY 2009 the firm decided to set up
its own integrated manufacturing facility with an installed
capacity of producing 6 million square meters of non woven
carpets per annum. The total project cost was INR32.0 crores out
of which INR19.0 crores were funded through term loans under the
TUF (Technology Upgradation Fund) Scheme. Non woven carpets have
numerous applications and are used extensively in the car
interiors, exhibitions and office interiors flooring.  However,
during FY 2011 trading of hand knotted carpets still dominated
firm's operating income and non woven carpets constituted only
40% of firm's revenues.

The firm sells the carpets domestically and to large wholesalers
and traders in the international markets. Exports constitute ~
40% of firm's revenues in FY 2011. The key export markets for the
firm include USA (30%), Middle East and Turkey (40%) and Europe
(30%). The firm actively participates in various exhibitions and
shows in various countries to market its products. Since non
woven carpets are priced much lower than hand knotted carpets
they have a large domestic demand

                         About Rizwan Export

Promoted by Mr Rizwan Ansari in 2000, Rizwan Export House is
engaged in manufacturing of non-woven carpets and trading of hand
knotted carpets. The manufacturing facility located in Kashipur,
Uttarakhand with an installed capacity of producing 6 million
square meters of non woven carpets per annum.  The company is
promoted by Rizwan Family who have more than 3 decades of
experience in the textile industry. The Rizwan group is into
manufacturing and exporting handmade woollen and cotton rugs
(knotted and tufted) since 1971. Rizwan group entities comprise
of REH, Sheikh Bhullan & Sons (manufacturing of Machine Made
carpets), Handicrafts Collections (India) Private Limited
(manufacturing of home furnishings) and Sheikh Bhullan Carpet
Private Limited (hand knotted carpets).

In FY 2011, REH reported PAT of INR17.07 crores on an operating
income of INR67.95 crores as compared to PAT of INR8.56 crores
and operating income of INR31.50 crores in FY 2010.


SATYAM ENTERPRISES: ICRA Reaffirms '[ICRA]BB' Term Loan Ratings
---------------------------------------------------------------
The rating of '[ICRA]BB' has been reaffirmed for the INR1.71
crore term loans of Satyam Enterprises.  The rating of '[ICRA]A4'
has also been reaffirmed for the INR37.18 crore short-term fund
based limits and the INR0.05 crore short-term non-fund based
limits of Satyam. The outlook on the long-term rating is
"stable". ICRA has also reaffirmed [ICRA]BB (Stable) and [ICRA]A4
ratings to the INR6.06 crore proposed limits of Satyam.

The re-affirmation of ratings takes into account relatively small
size of operations of the company, high level of fragmentation in
guar gum exports business, agro-climatic risks related to guar
seed production, vulnerability of its profitability to the
partial/complete withdrawal of various export incentives extended
by GoI and volatility in foreign currency exchange rates. The
ratings are also constrained by aggressive financial risk profile
characterized by high gearing, low coverage indicators and high
working capital intensity. ICRA also takes a note of the
stretched liquidity position of the firm during 2010-11, which
has improved over last few months. However, the ratings favorably
factor in the long and established presence of Satyam in the
manufacture and export of guar gum powder and geographical
diversification of revenues of the firm. Large debt-funded capex
plan, drawings of capital by partners and increase in WC
intensity leading to deterioration in capital structure and debt
protection metrics would be key rating sensitivities.

                       About Satyam Enterprises

Satyam Enterprises was promoted as a partnership concern between
Mr. Ramesh Singhal and Mr. Anand Sharda in 1981. Initially, the
firm was involved in exports of Guar Gum. Later in 1987, the firm
entered into the business of manufacturing of guar gum powder and
set up the plant with a capacity of 3000 metric tones per annum
(MTPA) at Jodhpur. The firm has gone through two capacity
expansions, one in 1991 when the capacity was expanded to 6000
MTPA and again in 1997, during which year a new plant with a
capacity of 6000 MTPA was commissioned at a site adjacent to the
existing site. With recent expansions, the total capacity of
these two units of Satyam is now 17000 MTPA. The firm offers a
variety of guar gum powder for specific application as per
customer's requirement. The firm also had a unit to produce Korma
(cattle-feed produced from by-products of guar splits) with
capacity of 6000 MTPA at Boranada, Jodhpur, which was set-up in
2009-10.

During 2010-11, Satyam reported net sales and profit after tax of
INR103.31 crore and INR0.75 crore respectively; while the company
had reported net sales and profit after tax of INR54.56 crore and
INR0.39 crore respectively in 2009-10.


SAURASHTRA MEDICAL: ICRA Rates INR4.8cr LT Loan at '[ICRA]BB-'
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR4.80 crore long
term fund based facility and '[ICRA]A4' rating to INR13.05 crore
short term non fund based bank facilities of Saurashtra Medical
Centre.  The outlook on the long term rating is 'Stable'

The assigned ratings are constrained by the limited profitability
due to charitable nature of hospital operations, and the reliance
on donations/grants to fund development expenditure, as well as
for funding portion of operating expenditure and debt servicing.
The ratings are further constrained by the dependence of the
Trust on just two entities i.e. C.U. Shah Medical College and
Hospital and C.U. Shah Physiotherapy College; and the low
diversification of revenues with focus on courses in field of
medicine with only a couple of established courses witnessing
healthy intake . The ratings also take into account the
susceptibility to competition from existing Government and
private run medical colleges, and the likely impact of increasing
competitive intensity due to addition of new private colleges
making it increasingly difficult to attract quality faculty as
well as students.

The ratings, however, favorably factor in the reputed and
established name of the Trust in the field of medical education
in Gujarat and track record of operating hospitals and education
institutions; the favorable demand prospects for higher education
and the financial profile characterized by low gearing due to
high funds corpus and low external debt.

Saurashtra Medical Centre was incorporated as a trust (for
charitable purposes) in 1964 in Surendranagar, Gujarat. The Trust
was started through funding of the C.U. Shah TB Hospital and
subsequently opened three new hospitals viz. C.U. Shah Eye
Hospital, C.U. Shah Orthopaedic Hospital and C.U. Shah Children's
Hospital. In 1999-2000, the Trust started C.U. Shah Medical
College and Hospital providing graduate and post graduate courses
in medicine, in addition to subsidised medical services. The C.U.
Shah Physiotherapy College was opened in 2004. SMC also proposes
to start the C.U. Shah Nursing College, subject to Indian Nursing
Council approval. The Trust also has a Rural Health Treatment
Centre (RHTC) located in Sayla, around 30 km. from Surendranagar.


SBW UDYOG: CARE Assigns 'CARE BB+' Rating to INR14cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of SBW Udyog Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     14.0       CARE BB+ Assigned
   Short-term Bank Facilities     5.0       CARE A4+ Assigned

Rating Rationale

The ratings factor in highly fragmented and regulated nature of
the industry, large amount of corporate guarantee given to a
group company engaged in the real estate business and low
profitability margins of SBWL. Competition from the substitute
products from the established players and raw material risk due
to high dependence of the raw material production on monsoon
further constrain the ratings.  The ratings however, draw comfort
from the experienced promoters with long-track record,
established distribution network of SBWL and comfortable debt
profile and coverage indicators.
Going forward, any further regulation regarding sale of tobacco
products, improvement in the profitability margins, extent of
support given to the group companies and maintaining optimal
capital structure shall be the key rating sensitivities.

Shyam Biri Works, a partnership firm, was established in 1973 by
Mr. Shyama Charan Gupta in Banda, Uttar Pradesh. It got converted
into a company in 1985 as Shyam Biri Works Pvt. Ltd. Under
the Companies Act 1956 and is now known as SBW Udyog Ltd. SBWL is
primarily involved in the manufacturing and retailing of beedis
and is sole sales agent for 'Servo' lubricants of Indian Oil
Corporation across seven districts of Uttar Pradesh. SBWL also
operates 'Hotel Kanha Shyam' in Allahabad and sells matchbox and
agarbattis.

During FY11, SBWL reported 10.7% growth in the total income to
INR121.2 crore with PBDILT and PAT margins at 7.30% and 4.62%
respectively.


SHRI GAUTAM: CARE Rates INR30cr Long-Term Loan at 'CARE B-'
-----------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' rating to the bank
facilities of Shri Gautam Ship Breaking Industries Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term/Short-term Bank      30.00     'CARE B-'/ 'CARE A4'
                  Facilities                Assigned

Rating Rationale

The ratings are primarily constrained by the weak financial risk
profile of Shri Gautam Ship Breaking Industries Private Limited
characterized by completely eroded net-worth, stressed
liquidity and weak solvency position.  The ratings are further
constrained by the risk associated with the volatile nature of
the ship-breaking industry, risk of adverse moment in the steel
prices on the uncut ship inventory and vulnerability to changes
in the government policies. The ratings, however, derive strength
from the experience of promoters of SGSPL in the shipbreaking
industry, its presence in the Alang-Sosiya belt and favourable
prospects for the Indian ship-breaking industry in the near
future.

Improvement in the financial profile through infusion of capital,
ability to recover cost of ships purchased through the sale of
scrap in light of the volatile scrap prices and timely
availability/renewal of the rental plots from Gujarat Maritime
Board (GMB) for ship-breaking are the key rating sensitivities.

Incorporated in July 1983, SGSPL is promoted by Mr. Vinod Bhayani
and is engaged in the shipbreaking business in the Alang-Sosiya
belt of Bhavnagar region in Gujarat.  Mr. Samir Bhayani and
Mr. Dilip Sanghrajka are the other key promoters of the company.
SGSPL's operations are carried out at premises which are leased
out by Gujarat Maritime Board (GMB) in Bhavnagar. The ship
recycling facility of SGSPL is certified with ISO 14001 and OHSAS
18001.

During FY11 (provisional figures), SGSPL achieved a PAT of
INR1.80 crore on total operating income of INR54.98 crore, as
against a PAT of INR0.26 crore on total operating income of
INR60.51 crore in FY10.


SOHUM SHOPPE: ICRA Assigns '[ICRA]BB' Rating to INR7.75cr LT Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR7.75 crore long-
term fund based bank limits of Sohum Shoppe Limited.  The outlook
on the long-term rating is stable.

The rating factors in SSL's long standing market presence and
established position as a retailer of lifestyle products in
Guwahati and Dibrugarh, as well as the strategic location of the
company's showrooms in high foot-fall areas. However, the rating
also takes into account SSL's financial profile which, despite
growth in revenues and conservative gearing, is characterized by
subdued operating profitability, low return on capital employed
and moderate coverage indicators. SSL's small scale of current
operations given it's moderate level of turnover and profits
(notwithstanding the increase in recent years), the high level of
inventory that is required to be maintained to support SSL's
business model, and the competitive pressures present in the
retail sector that keep SSL's profit margins under check to some
extent, also impact the rating. Moreover, the company is exposed
to significant geographical concentration risks, with all four of
its showrooms being located in two cities in Assam. Going
forward, the company's plan of establishing a store retailing
luxury brands that have limited visibility in North-Eastern India
at present also exposes it to market risks. Additionally, the
debt tie-up for the proposed expansion is still pending.

                        About Sohum Shoppe

Sohum Shoppe Limited was established in 1999 by the Lohia Group
of Industries, which has diverse interests in the North East. SSL
is engaged in the retailing of lifestyle products (apparel,
accessories, homeware, etc.) and has established three
departmental stores in Guwahati, Assam and one in Dibrugarh,
Assam. Two additional showrooms are scheduled to be established
in Jorhat and Guwahati in Assam, by October, 2011. Approximately
60% of SSL's revenues are generated from sale of apparel, with
the balance being derived mostly from accessories and other
lifestyle products.


SSK EXPORTS: ICRA Reaffirms '[ICRA]B+' Rating on INR1.5cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B+' rating to the INR1.50 crore
term loan, INR3.15 crore long term fund based limits and INR0.30
crore non fund based bank limits of SSK Exports Limited. ICRA has
also re-affirmed the '[ICRA]A4' rating to the INR19.50 crore
short term fund based bank limits of SSKE.

The reaffirmations of ratings take into account SSKE's relatively
small scale of current operations with a low value addition in
its trading business, agro-climatic risks associated with tea
production, significant dependence on export incentives received
from the Government of India, the company's weak financial risk
profile as reflected by an aggressive capital structure and
depressed debt coverage indicators, and high working capital
intensity of the business which exerts pressure on the liquidity
position of the company. The ratings, however, take into
consideration the growth in the turnover and profits of the
company during 2010-11, the experience of the promoters in the
tea industry, an established client base of SSKE and a favorable
outlook for the domestic tea industry over the short term at
least. ICRA notes that the coverage taken by the company from
Export Credit Guarantee Corporation (ECGC) for its export sales
mitigates counterparty risks to a large extent; however, delays
in receipt of proceeds from clients may potentially impact the
cash flows of the company adversely.

                         About SSK Exports

SSK Exports Limited was incorporated in 1978 as a partnership
firm and was later converted into a public limited company in
1993. SSKE has its own garden at Boisahabi, Assam with an annual
installed capacity of 15 lakh Kg. The entire production of tea is
sold in the domestic market. The company is also engaged in
trading in tea, with tea being primarily procured from auction
houses and exported to Iran, Netherland and Kazakhastan, among
others.

Recent Results

The company has reported a net profit of INR1.13 crore
(provisional) on an operating income of INR47.45 crore
(provisional) during 2010-11 as compared to a net profit of
INR0.61 crore on an operating income of INR31.52 crore during
2009-10.


SURYA TREASURE: CARE Rates INR83.77cr Long-Term Loan at 'CARE BB'
-----------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Surya
Treasure Island Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     83.77      'CARE BB' Assigned

Rating Rationale

The rating is constrained due to risk pertaining to timely
conversion of Letter of Intents (LOI's) into firm agreement which
shall determine the revenue visibility as well as revenue
sufficiency for the debt servicing which has already started,
residual project execution risk and time overruns being
experienced in the project. Besides the rating is constrained by
the off take risk of the balance portion of the mall and hotel in
a Tier-II city like Bhilai.

The rating, however, takes cognizance of the first mover
advantage of the developer in Bhilai city, experience of the
promoters in real estate, funds been tied up for the project and
receipt of LOI's for 64% of the leasable area.

Surya Treasure Island Private Ltd's ability to execute the
project as per schedule, timely conversion of the LOI's into
agreements, achieving and sustaining   the envisaged levels of
lease rentals and occupancy levels remain the key rating
sensitivities.

Surya Treasure Island Private Limited is a Special Purpose
Vehicle (SPV) floated for the purpose of development of a
shopping mall cum multiplex, hotel and car mart at Bhilai,
Chattisgarh having total leasable area of 0.55 million square
feet (msf). STIPL is promoted by Treasure World Developers Pvt.
Ltd. which is a 100% subsidiary of Entertainment World Developers
Ltd.  EWDL in turn is promoted by the Indore-based
Manish Kalani group.

The estimated project cost of the mall is INR139.84 crore. The
same is funded through equity of INR50.34 crore, debt of INR86.00
crore (fully tied-up) and balance through lease deposits of
INR3.50 crore.


USHER ECO: CARE Assigns 'CARE BB+' Rating to INR60.90cr LT Loan
---------------------------------------------------------------
CARE assigns CARE BB+ ratings to the bank facilities of Usher Eco
Power Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facility       60.90      CARE BB+ Assigned

Rating Rationale

The rating is constrained by risk involved in greenfield project
execution, lack of track record of project sponsor in setting up
and operating such a large scale biomass based power plant,
exposure to volatile merchant tariff for the power and related
offtake risk, delays in the project from original schedule and
exposure to price volatility associated with biomass based fuel
prices.  However, the rating draws strength from the financial
closure achieved for the project, major proportion of fuel is
expected to be supplied by parent company Usher Agro Ltd and
favorable policy environment for renewable energy segment.

The company's ability to complete the project within estimated
time and cost parameters and achieve envisaged profitability
remains key rating sensitivities.

UEPL is promoted by Usher Agro Ltd. (UAL, rated CARE BBB+ &
PR3+). UAL holds 70.18% stake, while balance is held by Mr. Vinod
Kumar Chaturvedi & family (promoter of UAL). UEPL is setting
up a 16MW biomass based power generation plant at Mathura, UP
adjacent to rice processing mill of UAL. The total cost of the
project is estimated to be INR85 crore which is being funded in a
Debt: Equity ratio of 2.54:1. The project is expected to be
commissioned by September 2011.


VARDHMAN POLYTEX: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
-------------------------------------------------------------
ICRA has re-affirmed '[ICRA]BB+' rating to the INR112.00 crore
term loans and INR144.00 crore fund based bank limits of Vardhman
Polytex Limited.  ICRA has also re-affirmed '[ICRA]A4+' rating to
INR30.0 crore non-fund-based limits of VPL.  The outlook on the
long-term rating is stable.

The ratings reaffirmation takes into account significantly
improved financial performance of the company during 2010-11
marked with strong growth in revenue, expansion in profit margins
and improved debt coverage indicators. The ratings continue to be
supported by the company's track record in spinning business, its
established market position, network in terms of cotton
procurement and sales in domestic as well as export markets. The
ratings are however constrained by unfavorable business
environment which is likely to impact the profitability for
2011-12, high working capital intensity requiring large funding,
vulnerability to raw material price and highly competitive nature
of business. In addition, VPL has relatively large investment
portfolio providing nil return resulting in stretched capital
structure with gearing of 3.0x as on March 31, 2011 despite
improvement in operating profit margin to 14.8% in 2010-11 from
12.3% in the preceding year. The debt level of the company is
expected to increase due to ongoing debt-funded capex. The
company shall need additional funds in current financial year to
meet the cash flow gap on account of debt repayments, lower
accruals from operations and equity contribution for the new
spinning project. While reaffirming the ratings, ICRA has taken
into account the initiative taken by the company to infuse funds
through sale of surplus land and sale of equity shares however
timely infusion of funds would remain key rating sensitivity.

                      About Vardhman Polytex

VPL, part of the Ludhiana (Punjab) based "Oswal" group is engaged
primarily in the manufacture of cotton yarn. It also has small
presence in the blended and acrylic yarn business. VPL's
operations were restructured in 2002-03 following a settlement in
the promoter family in January 2003, which resulted in sale of
its Baddi (Himachal Pradesh) unit to Mahavir Spinning Mills
Limited, now known as Vardhman Textiles Limited after which VPL
ceased to be a part of the Vardhman group. The company has since
then expanded its installed capacity and currently has 165,872
spindles of cotton, blended and acrylic yarn, dye house with an
installed capacity of 15 tons per day.

Recent results: VPL posted operating income of INR718.1 crore and
net profit of INR31.2 crore during 2010-11.


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


AORANGI SECURITIES: SFO Delays Hubbard's Court Appearance
---------------------------------------------------------
New Zealand Press Associated reports that Aorangi Securities
owner Allan Hubbard has had next week's court appearance on fraud
charges delayed by six weeks, possibly longer.

Mr. Hubbard, 83, was due to appear for a post committal
conference in Timaru District Court on Monday but the Serious
Fraud Office (SFO), which laid 50 fraud charges against him,
asked for more time, NZPA relates.

According to NZPA, the Timaru Herald reported that the request
was not opposed by the defence.

NZPA relates that Mr. Hubbard's lawyer Mike Heron said the new
date for his appearance was October 10 but "it was far from
certain" that it would proceed on that date.

                     About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn on September 20, 2010.

The Troubled Company Reporter-Asia Pacific reported on May 12,
2011, that the Hubbards filed judicial review proceedings at the
Timaru High Court challenging the decision to place them into
statutory management and seeking orders that they be removed from
statutory management.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.


PLANTATION HEALTH: Goes Into Liquidation
----------------------------------------
BusinessDay.co.nz reports that Plantation Health and Fitness, an
Auckland gym owned by former All Black Inga Tuigamala, has gone
into liquidation.

According to BusinessDay.co.nz, Plantation Health and Fitness
opened in New Lynn two years ago with the aim of providing
cost-effective exercise facilities for the Pacific Island
community.

However, economic hard times struck and in December the landlord
of the Portage Road property locked the doors over unpaid rent,
BusinessDay.co.nz says.  The gym has not operated since, the
report notes.

BusinessDay.co.nz relates that Mr. Tuigamala and his wife Daphne
put the company into voluntary liquidation last week.

According to the report, liquidator Derek Ah Sam said the
Tuigamalas had been trying to pay off the rental arrears but this
was difficult with no gym subs coming in.  The fitout costs of
the gym were quite high and the business was possibly under-
capitalised, he said.

Mr. Ah Sam said a couple of parties were potentially interested
in taking over the equipment and the lease, BusinessDay.co.nz
adds.


SOUTH CANTERBURY: General Electric Acquires SCF-Related Tech Firm
-----------------------------------------------------------------
The New Zealand Herald reports that New York-listed General
Electric has bought South Island technology firm Commtest, which
is part-owned by a subsidiary of South Canterbury Finance.

According to the Herald, South Canterbury receiver Kerryn Downey
of McGrathNicol said he was unable to comment on the sale until a
press release was issued.

The Herald, citing the Companies Office, discloses that
Hornchurch, a subsidiary of South Canterbury Finance, is a major
shareholder of Commtest.

Forresters Nominee Company, which is wholly owned by South
Canterbury founder Allan Hubbard and in statutory management,
also has a stake in the Christchurch firm.

The Herald relates that GE Energy, a division of General
Electric, said it would incorporate Commtest into its Bentley
Nevada line of "condition monitoring" products.  It did not
disclose the purchase price.

Commtest manufactures vibration analysis and monitoring
equipment, which detects early signs of an impending machine
failure so replacements or repairs can be made before a breakdown
occurs.

                     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.


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


MANILA CAVITE: Moody's Reviews 'B2' Rating for Possible Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the B2 senior debt rating of
Manila Cavite Toll Road Finance Company on review for downgrade.

The rating review is in response to the lower-than-expected
traffic volume evident on the R1-Extension and the existing R1
road of the Manila Cavite Expressway.

"The new R1-Extension started operation in May. However, its
Annual Average Daily Tariff (AADT) of around 9,000-10,000
vehicles/day for the three months from May to July was much lower
than the original forecast of 47,000 vehicles/day. In addition,
the traffic volume of the existing R1-Expressway was 2-4% lower
than the same period last year, " says Annalisa Di Chiara, a
Moody's Vice President and Senior Analyst.

The management of MCTR attributes the causes for the lower
traffic volume primarily to: 1) impact of the pipe-laying project
of a local water utility company on the connecting roads at the
Zapote exit for the R1-Extension and existing R1-Expressway; 2)
the longer time needed for drivers to change their driving
behavior; 3) the interchange project and center lane elevation
project on the existing R1-Expressway; and 4) poor weather,
including higher-than-normal rainfall and frequent typhoons. The
latter two issues have mainly been impacting traffic volumes on
the existing R1-Expressway.

"We are concerned that in the current situation a significant
ramp-up to 47,000 vehicles/day -- the level of the original
forecast -- over the next 6-12 months is not easily achievable,
even if the impact from the noted construction projects is
removed. Accordingly, if the low traffic volumes persist, MCTR
will gradually deplete its Debt Service Reserve Account, which
had around US$31 million in cash on June 13, 2011," adds Ms. Di
Chiara.

MCTR has approached Asia Halcrow Inc. -- an independent traffic
consulting company who prepared the original traffic and revenue
forecasts for the Manila Cavite Toll Expressway -- for an
investigation of the situation, including the causes of the
lower-than-expected traffic volume and whether or not to adjust
the traffic volume forecast.

At the same time, Moody's has requested Bank of New York Mellon,
the trustee bank for the indenture, to provide more details on
the calculation of Debt Service Coverage Ratios (DSCRs) and the
reconciliation of bank accounts.

In this review, Moody's will re-examine Halcrow's projections,
the causes of the low traffic volumes, and the impact on cash
flows and covenant compliance. Moody's will also evaluate
management's response to the current situation, including
potential proposals to address the issues of low traffic volumes
on the R1-Extension.

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

Other methodology used in the rating was Operational Toll Roads
published in December 2006.

MCTR is a single-purpose company incorporated in the Cayman
Islands, with limited liability. MCTR is the financing vehicle
for UEM - MARA Philippines Corporation ("UMPC"), which is wholly
owned by Coastal Road Corporation, both incorporated in the
Philippines. UMPC has rights under a toll road concession to
design, finance, construct, and operate the Manila Cavite Toll
Expressway, including the existing R1-Expressway, and a soon-to-
be completed R1-Extension. The concession runs for a term of 35
years to October 2033. The toll road concession arrangements are
in place with the Philippines Reclamation Authority, a
corporation that is owned and controlled by the Government of the
Republic of the Philippines (Ba2, stable outlook) and the
Philippines Government via the Toll Regulatory Board. UMPC has
assigned its toll road collection rights to MCTR to support the
Notes.


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


EC-ASIA INTERNATIONAL: Creditors Get 100% Recovery on Claims
-------------------------------------------------------------
EC-Asia International Ltd will declare the second and final
dividend on Aug. 29, 2011.

The company will pay 100% to the received claims.

The company's liquidator is:

         Neo Ban Chuan
         30 Robinson Road
         #12-01 Robinson Towers
         Singapore 048546


EMC BUILDING: Creditors' Proofs of Debt Due Sept. 2
---------------------------------------------------
Creditors of EMC Building Products (Pte) Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Sept 2, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


SENTOSA ADVENTURE: Court to Hear Wind-Up Petition on Sept. 2
------------------------------------------------------------
A petition to wind up the operations of Sentosa Adventure Golf
Pte Ltd will be heard before the High Court of Singapore on
Sept 2, 2011, at 10:00 a.m.

Bank Of China Limited filed the petition against the company on
Aug. 11, 2011.

The Petitioner's solicitors are:

          Rajah & Tann Llp
          9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


SIJORI RESORT: Court to Hear Wind-Up Petition on Sept. 2
--------------------------------------------------------
A petition to wind up the operations of Sijori Resort (Sentosa)
Pte Ltd will be heard before the High Court of Singapore on
Sept 2, 2011, at 10:00 a.m.

Bank Of China Limited filed the petition against the company on
Aug. 11, 2011.

The Petitioner's solicitors are:

          Rajah & Tann Llp
          9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


SINO-ENVIRONMENT: SIAS Advises Shareholders to Accept Offer
-----------------------------------------------------------
Channel New Asia reports that the Securities Investors
Association Singapore (SIAS) has advised some minority
shareholders of the insolvent Sino-Environment Technology Group
to accept the offer for a share exchange of one AVIC Singapore
share for every 250 Sino-E shares they currently own.

This is based on a projected compliance placement price of
50 cents, CNA relates.

According to the news agency, SIAS said that given that the
company is insolvent, the scheme currently appears to be the only
viable option available to shareholders to extract value for
their investment in Sino-E.

It said if the scheme fails, Sino-E will be delisted and likely
to be placed in liquidation, the report notes.

"Once that happens, shareholders are unlikely to have any
recovery on their investment in the company," SIAS added,
according to CNA.

AVIC Singapore is an indirect subsidiary of Chinese state-owned
enterprise, Aviation Industry Corporation of China, the report
discloses.

CNA reports that Stirling Coleman, an independent financial
advisor for Sino-E, said the financial terms of the arrangement
are "fair and reasonable."

The company will hold a meeting for its creditors on Aug. 26,
2011, at 9:00 a.m., at Training Room 903, NTUC Centre, at One
Marina Boulevard, in Singapore 018989.

                        About Sino-Environment

Headquartered in Singapore, Sino-Environment Technology Group
Limited (SIN:Y62) -- http://www.sino-env.com/-- is an investment
holding company.  The Company operates under four segments:
industrial waste gas treatment, management and recovery of
volatile organic compounds (VOC), in particular toluene,
industrial and municipal waste water treatment and management,
dust elimination and industrial waste gas treatment and
management of sulphur dioxide and oxidized forms of nitrogen. The
Company designs, fabricates, installs and commissions its VOC
Automatic Recycling Device.  It undertakes the design, assembly,
installation, testing and commissioning of various equipment
relating to industrial waste water treatment.  It manufactures
and installs industrial dust-elimination facilities for
independent power plants and heavy industries like steel mills.
Its subsidiaries include Sino-Environment Clean Power Technology
Pte. Ltd., Fujian Thumb Environmental Facilities Co., Ltd., Thumb
Env-Tech Group (Fujian) Co., Ltd. and Fujian Weidong EPT Co.,
Ltd.

The High Court of Singapore entered an order on June 4, 2010, to
place Sino-Environment Technology Group Limited under judicial
management.  Mr. Seshadri Rajagopalan and Ms. Ee Meng Yen Angela,
both of Ernst & Young LLP, One Raffles Quay North Tower, Leve
l18, in Singapore, have been nominated as joint and several
judicial managers.


SUMMERVIEW DEVELOPMENTS: Creditors' Proofs of Debt Due Sept. 2
--------------------------------------------------------------
Creditors of Summerview Developments Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Sept. 2, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


TEOW AIK: Creditors Get 100% Recovery on Claims
-----------------------------------------------
Teow Aik Realty (S) Pte Ltd declared the first and final dividend
on Aug. 19, 2011.

The company paid 100% to the received claims.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road #03-08
          Singapore 228095


TUNG GUAN: Creditors Get 0.395303% Recovery on Claims
-----------------------------------------------------
Tung Guan Co Pte Ltd declared the first and final dividend on
Aug. 2, 2011.

The company paid 0.395303% to the received claims.

The company's liquidators are:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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.