TCRAP_Public/110901.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, September 1, 2011, Vol. 14, No. 173

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Court Fines and Bans Former CEO & CFO
ESTATE PROPERTY: ACR Ex-Directors Plead Guilty
GPAC SERIES: Fitch Affirms Low-B Ratings on Two Note Classes
ILLAWARRA SERIES: Fitch Puts 'BBsf' Rating on AUD2-Mil. Notes


C H I N A

CHINA XINGBANG: Posts US$510,700 Net Loss in 2nd Quarter
EASTERN SECURITY: Reports US$749,700 Net Income in 2nd Quarter
SEARCHMEDIA HOLDINGS: Appoints J. Lo. as Chief Operating Officer
SHENGDATECH INC: Wants to Hire Alvarez & Marsal as CRO
SHENGDATECH INC: Files List of 23 Largest Unsecured Creditors

SINO-FOREST CORPORATION: Moody's Downgrades CFR to 'Caa1'
SINO-FOREST CORP: S&P Lowers CCR to 'CCC-' With Negative Outlook


H O N G  K O N G

AFRASINO INTERNATIONAL: Court Enters Wind-Up Order
ART TECH: Court Enters Wind-Up Order
BILL PACHINO: Creditors and Contributories to Meet on Sept. 8
CHINA PRINTING: Court to Hear Wind-Up Petition on Sept. 7
CNC DEVELOPMENT: UHY Vocation HK Raises Going Concern Doubt

DONPOWER TRADING: Court to Hear Wind-Up Petition on Sept. 14
GRAND WIN: Court to Hear Wind-Up Petition on Oct. 19
HELTECH INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 19
HIGH & NEW: Court to Hear Wind-Up Petition on Sept. 7
HI SPEED: Creditors Get 100% Recovery on Claims

HUA MAI: Creditors Get 100% Recovery on Claims
JC INFINITIVE: Creditors' Proofs of Debt Due Sept. 27
JINRO (H.K.): Creditors' Meeting Slated for Sept. 9
KIDDIE PRODUCTS: Court Enters Wind-Up Order
LAND INTERNATIONAL: Court to Hear Wind-Up Petition on Sept. 28

LASCO GROUP: Court Enters Wind-Up Order
MELOCO ELECTRONIC: Creditors Get 100% Recovery on Claims
MI FUNG: Creditors Get 48.25% Recovery on Claims
MORE HEALTH: Court Enters Wind-Up Order
MORE HEALTH MASSAGE: Court Enters Wind-Up Order

NETSOLUTIONS ASIA: Court Enters Wind-Up Order


I N D I A

AGARWAL MITTAL: CARE Rates INR14.18cr Long-Term Loan at 'CARE BB-'
AIR INDIA: To Close Loss-Making Routes to Cut Expense
ANUSHA PROJECTS: CARE Rates INR5cr Long-Term Loan at 'CARE BB'
ARCOY BIO-REFINERY: ICRA Suspends 'LB+' Rating on INR44cr Loan
ARCVAC FORGECAST: CARE Assigns 'CARE BB' Rating to INR96.85cr Loan

BLOOM DEKOR: ICRA Reaffirms '[ICRA] BB' Rating on INR16.7cr Loan
FAMOUS VITRIFIED: CARE Assigns 'CARE BB' Rating to INR20cr Loan
GOLDEN SEAM: CARE Rates INR23.6cr Long-Term Loan at 'CARE BB-'
GOVIND RUBBER: Delays in Servicing Debt Cues Fitch to Lower Rating
HIGHWAY INFRASTRUCTURE: ICRA Rates INR29.5cr Loan at '[ICRA]BB'

HIMALAYAN HELI: CARE Rates INR10.09cr Long-Term Loan at 'CARE BB'
INDO POWER: Fitch Affirms National LT Rating at 'Fitch BB(ind)'
KBJ JEWELLERY: ICRA Upgrades Rating on INR55cr Loan to '[ICRA]BB+'
KOTHI STEEL: CARE Assigns 'CARE BB+' Rating to INR8.34cr LT Loan
MANJEET COTTON: ICRA Assigns '[ICRA] BB+' Rating to INR16.5cr Loan

MUNJANI BROTHERS: CARE Rates INR120cr Long-Term Loan at 'CARE B'
RADIANT HOSPITALITY: ICRA Cuts INR5.17cr Loan Rating to '[ICRA]D'
RAMKUMAR MILLS: ICRA Reaffirms '[ICRA]B' Rating on INR9.63cr Loan
SHREEJI OVERSEAS: CARE Puts 'CARE BB+' Rating on INR10.55cr Loan
SIMRAN FOOD: CARE Assigns 'CARE BB-' Rating to INR7.25cr LT Loan
TATA STEEL: Fitch Affirms 'BB+' LT Currency Issuer Default Rating

TYRE TECHNOCRATS: ICRA Assigns '[ICRA]BB' Rating to INR9.59cr Loan
UNIQUE BIOTECH: ICRA Cuts Rating on INR19.51cr Loan to '[ICRA]D'
VAISHNAVI COTTON: CARE Assigns 'CARE B' Rating to INR7cr LT Loan


J A P A N

CORSAIR (JERSEY) NO. 2: S&P Hikes Rating on Portfolio F360 to 'B+'
GK ORSO: Downward Revision Cues Fitch to Lower Ratings on Note
JLOC 36: S&P Lowers Rating on Class D Floating-Rate Notes to 'D'
TOKYO ELECTRIC: May Receive Up to 500,000 Damages Claims


N E W  Z E A L A N D

ALLIED FARMERS: Posts NZ$43 Million Operating Loss in FY2011
NEW ZEALAND PRESS: To Close After 131 Years


P H I L I P P I N E S

GLOBE ASIATIQUE: DOJ Indicts Executives for Syndicated Estafa




                            - - - - -


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


CENTRO PROPERTIES: Court Fines and Bans Former CEO & CFO
--------------------------------------------------------
The Sydney Morning Herald reports that a federal court fined
Centro Properties Group's former chief executive and banned its
former chief financial officer from management for two years for
breaches of corporate law.

In Melbourne on Wednesday, SMH relates, Federal Court Justice John
Middleton imposed no penalties on six remaining former non-
executive directors who were also involved in breaches of the
Corporations Act relating to Centro's misleading financial reports
for the 2006/07 financial year.

All eight defendants had their applications for exoneration
dismissed, SMH says.

"Very much at the forefront of my consideration has been the issue
of general deterrence," SMH quotes Justice Middleton as saying.
"In my view, the orders go far enough to indicate the court's
disapproval of the actions of each of the defendants, and to
satisfy the requirements of the principle of general deterrence."

Former CEO Andrew Scott was fined $30,000 while former CFO Romano
Nenna's two-year ban from any corporate management positions
begins on October 10, the news agency discloses.

Included in the six former non-executive directors is current
Centro Properties chairman Paul Cooper and current Centro
Properties non-executive director Jim Hall, according to SMH.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 4, 2011, the Sydney Morning Herald said the Australian
Securities and Investments Commission (ASIC) has asked the Federal
Court to bar former Centro Properties Group chief executive Andrew
Scott, and former chief financial officer Romano Nenna for as much
as three years and to impose financial penalties over their roles
in the group's 2007 failure to disclose multi-billion dollar
debts.  ASIC has also asked the court to bar six of Centro's
former and current non-executive directors for anywhere from 6 to
18 months, and it has also sought financial penalties of AUD30,000
to AUD60,000.  Directors include Centro's current chairman
Paul Cooper and non-executive director Jim Hall, former non-
executive directors Sam Kavourakis and Peter Wilkinson, and former
chairman Brian Healey.

Centro Properties decided in November 2010 to put all of its
assets on the block after having received approval to refinance
the next round of debt.  The sale of the assets comes almost three
years to the day that Centro's former chief executive, Andrew
Scott, and the board revealed the group did not have the funds
needed to pay the AUD4 billion of debt that was due in December
2007.  That resulted in the shares of the company dropping in
value by as much as 90%, according to the Sydney Morning Herald.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 10, 2011, that Centro Properties on announced it entered
into an agreement with its senior lenders to implement its
restructure transaction together with the proposed aggregation of
the Australian assets and interests held by CNP, Centro Retail
Trust (CER) and certain Centro managed funds.

The TCR-AP, citing The Australian, reported on Aug. 30, 2011,
Centro Properties warned shareholders when handing down its full-
year results Monday that the debt-bloated company still faces
liquidation if does not merge with the less indebted Centro Retail
Group.

                        About Centro Properties

Based in Australia, Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping
centres across Australia, New Zealand and the United States.
Centro has funds under management of US$24.9 billion.


ESTATE PROPERTY: ACR Ex-Directors Plead Guilty
----------------------------------------------
Three former directors of Australian Capital Reserve Limited have
pleaded guilty in the New South Wales District Court to charges
relating to false or misleading statements in the company's
accounts and a prospectus brought by the Australian Securities and
Investments Commission.

Samuel Pogson and Murray Lapham each pleaded guilty to one charge
under the NSW Crimes Act of making a false or misleading statement
to obtain a financial advantage for ACR.  Steven Martin also
pleaded guilty to a similar charge on Aug. 19, 2011.

ASIC alleges that the directors concurred in the making of a
statement in ACR's Prospectus 6 lodged on April 7, 2004, which
contained the financial statements of ACR's parent company, Castle
Investment Company Limited and controlled entities (CIC) as at
Dec. 31, 2003.

ASIC alleges that the CIC stated profit before income tax as at
Dec. 31, 2003, of AUD7,409,483 was false or misleading in a
material particular in that the stated profit before income tax
was inflated.

Mr. Pogson has also pleaded guilty to one charge under s1308(2) of
the Corporations Act 2001 for making a false or misleading
statement in a form lodged with ASIC.

ASIC alleges that in ACR's Prospectus 6, Mr. Pogson made a
statement in a Director's Declaration that the financial
statements of CIC gave "a true and fair view of the financial
position as at Dec. 31, 2003, and of the performance for the half-
year ended on that date of the Company and Economic Entity," that
to his knowledge was false or misleading in a material particular
in that the stated profit before income tax was inflated.

The matter will return to the Downing Centre District Court on
Oct. 20, 2011, for sentencing.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

                       About Estate Property

Estate Property Group Limited (formerly CIC) and its 21
subsidiaries, including ACR, went into voluntary administration on
May 28, 2007.  ACR was the fund-raising arm of the group.  It
raised funds through a series of nine prospectuses offering
unsecured deposit notes to the investing public between April 2000
and December 2006.

ACR lent the funds it raised to other EPG subsidiaries that used
the funds for the purchase and development of properties. By
May 28, 2007, ACR had lent $332 million of noteholders' funds to
13 of EPG's property owning subsidiaries.

On Sept. 17, 2007, the Administrator of EPG entered into a Deed of
Company Arrangement (DOCA) with EPG and ACR. The DOCA was to
return to ACR unsecured noteholders approximately 59 cents in the
dollar.  As at April 12, 2011, ACR creditors have received a total
of 49.4 cents in the dollar.


GPAC SERIES: Fitch Affirms Low-B Ratings on Two Note Classes
------------------------------------------------------------
Fitch Ratings has affirmed GPAC Series 2008-AN1 Trust's notes.
The transaction is a securitization of non-conforming residential
mortgages originated by GMAC-RFC Australia Pty Ltd which closed in
May 2008.  The rating actions are:

  -- AUD1.7m Class AA (AU3FN0005732) affirmed at 'AAAsf'; Outlook
     Stable
  -- AUD0.9m Class AB-L (AU3FN0005740) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD14m Class B (AU3FN0005765) affirmed at 'AAAsf'; Outlook
     Stable
  -- AUD11m Class C (AU3FN0005773) affirmed at 'AAsf'; Outlook
     Stable
  -- AUD10m Class D (AU3FN0005781) affirmed at 'BBBsf'; Outlook
     Stable
  -- AUD7.5m Class E (AU3FN0005799) affirmed at 'BBsf'; Outlook
     Stable
  -- AUD7.0m Class F (AU3FN0005807) affirmed at 'B-sf'; Outlook
     Stable

The transaction has paid down from the initial liabilities of
AUD302.8m to stated liabilities of approximately AUD70.6m as of 31
July 2011. At the end of July 2011, the weighted average loan to
valuation ratio was 79.8%, and low-documentation loans accounted
for 80.9% of the pool. As of July 2011, 30+ days and 90+ days
accounted for 19.2% and 10.3% of the pool, respectively, a
decrease in 30+ day arrears from 28.3% in January 2011. The floods
to hit Queensland in December 2010 have had a minor impact on the
portfolio with 12 borrowers being affected, with two of these
borrowers currently under hardship plans.

"Losses continue to be partially offset by strong and consistent
levels of excess spread, this being a major contributor of credit
enhancement in the transaction, along with the class H note which
makes up 20.6% of the capital structure," said Spencer Wilson,
Associate Director in Fitch's Structured Finance team.

As of the July 2011 payment date, outstanding charge-offs amounted
to approximately AUD7.8 million, impacting only the unrated class
H notes since closing.

Fitch takes comfort in the considerable buffer available in terms
of subordination and the strong asset performance, in terms of
excess spread and recoveries on the repossessed properties,
despite high current arrears. This is reflected in the Stable
Outlook. Performance will remain susceptible to adverse economic
conditions.

As the mortgage portfolio decreases in size, the risk of principal
losses resulting from the default of large loans becomes a
relevant driver for Fitch's analysis. A cash flow analysis was
performed on the transaction, stressing a combination of interest
rates, defaults, default timing and prepayment rates, with each
tranche passing at its respective rating level.


ILLAWARRA SERIES: Fitch Puts 'BBsf' Rating on AUD2-Mil. Notes
-------------------------------------------------------------
Fitch Ratings has assigned Illawarra Series 2011-1 CMBS Trust's
mortgage-backed floating-rate notes, due September 2037, final
ratings:

  -- AUD167.08m Class A notes: 'AAAsf'; Outlook Stable
  -- AUD5.17m Class B notes: 'AAsf'; Outlook Stable
  -- AUD8.41m Class C notes: 'Asf'; Outlook Stable
  -- AUD9.73m Class D notes: 'BBBsf'; Outlook Stable
  -- AUD2.03m Class E notes: 'BBsf'; Outlook Stable

The AUD6.08 million Class F notes and AUD4.06 million Class G
notes represent 3% and 2% respectively of the total amount of
notes issued, and are not rated by Fitch.

This is the third issue of notes backed by small balance
commercial non-LMI mortgages from IMB Ltd, with the notes issued
by BNY Trust Company of Australia Limited, the trustee of
Illawarra Series 2011-1 CMBS Trust.

The ratings are based on the quality of the collateral; the 17.5%
credit enhancement provided by the subordination of the Class B,
C, D, E, F, and G notes; a loss reserve accumulated through
surplus income up to a maximum of AUD1m; a liquidity facility
equivalent to 1.9% of the total principal outstanding amount of
the loan collateral; the interest rate arrangements the trustee
has entered into and the underwriting and servicing capabilities
of IMB Ltd.

The collateral for the transaction comprises 737 full
documentation mortgage-backed loans with a total portfolio balance
of AUD198.43m. The portfolio's weighted average loan-to-value
ratio is 63.4%.  Fitch notes that 34.5% of the pool is made up of
fixed-rate loans.  Investment borrowers make up 52.4% of the
portfolio.  Interest-only mortgages account for 49.4% of the pool.
Approximately 48.1% of the loans are secured by industrial
properties, with a further 23.8% by office properties and 21.2% by
retail properties.  The pool has a weighted average seasoning of
43.3 months.  Fitch has incorporated all these factors into its
credit analysis of the transaction.


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


CHINA XINGBANG: Posts US$510,700 Net Loss in 2nd Quarter
--------------------------------------------------------
China Xingbang Industry Group Inc. filed its quarterly report on
Form 10-Q, reporting a net loss of US$510,746 on $597,922 of
revenues for the three months ended June 30, 2011, compared with
net income of US$123,205 on US$1.32 million of revenues for the
same period last year.

The Company reported a net loss of US$529,327 on US$1.63 million
of revenues for the six months ended June 30, 2011, compared with
a net loss of US$70,917 on US$2.26 million of revenues for the
corresponding period of 2010.

The Company's balance sheet at June 30, 2011, showed US$2.05
million in total assets, US$1.66 million in total liabilities, all
current, and stockholders' equity of US$387,988.

The Company has an accumulated deficit of US$285,159 as at
June 30, 2011, that includes a net loss of US$529,327 for the six
months ended June 30, 2011.  As at June 30, 2011, the Company's
total current liabilities exceeded its total current assets by
US$68,333 and the Company used cash in operations of US$572,401
for the six months ended on that date.  "These factors raise
substantial doubt about its ability to continue as a going
concern."

A copy of the Form 10-Q is available at http://is.gd/g1fwDv

China Xingbang Industry Group Inc., a Nevada corporation, through
its wholly owned subsidiaries Xingbang BVI and Xingbank HK, owns
Guangzhou Xingbang Information Consulting Co., Ltd., a wholly
foreign-owned enterprise, or the "WFOE", formed in the PRC, which
controls Guangdong Xingbang, a variable interest entity, through a
series of VIE contractual arrangements.  Guangdong Xingbang is the
sole source of income and operations of the Company.

Based in the city of Guangzhou, Guangdong Province, China,
Guangdong Xingbang is a company principally engaged in the
provision of marketing consultancy services to manufacturers,
distributors and other businesses and local governments in the
lighting, ceramics and other home furnishings industry in the PRC.


EASTERN SECURITY: Reports US$749,700 Net Income in 2nd Quarter
--------------------------------------------------------------
Eastern Security and Protection Services, Inc., filed its
quarterly report on Form 10-Q, reporting net income of US$749,696
on US$2.6 million of revenues for the three months ended June 30,
2011, compared with net income of US$699,836 on US$2.4 million of
revenues for the same period last year.

The Company reported net income of US$2.2 million on US$7.9
million of revenues for the six months ended June 30, 2011,
compared with net income of US$1.4 million on US$4.4 million of
revenues for the same period of 2010.

The Company's balance sheet at June 30, 2011, showed US$15.5
million in total assets, US$3.7 million in total liabilities, and
stockholders' equity of US$11.8 million.

At June 30, 2011, the Company had cash and cash equivalents of
US$7,293 and negative cash flow from operations during the six
months ended June 30, 2011.  "These conditions raise substantial
doubt about the Company's ability to continue as a going concern,"
the Company said in the filing.

There was negative cash flow from operations of US$20,583 for the
six months ended June 30, 2011.  "In order to fund operations in
the next year, the Company will need to increase its revenue and
operating cash flows.  Achieving positive cash flows from
operations depends on the Company's ability to generate and
sustain significant increases in revenues from its traditional
business.  There can be no assurances that the Company will be
able to generate sufficient revenues and gross profits to achieve
positive cash flow in the future."

A copy of the Form 10-Q is available at http://is.gd/ZwINEk

Based in Shenyang, Liaoning, in the People's Republic of China,
Eastern Security and Protection Services, Inc., provides
designing, installing and testing services of security and safety
systems.  A majority of the Company's revenues is derived from the
provision of surveillance and safety packaged solutions which
include the products, installation and after-sale service
maintenance to its customers.

Presently, the Company has a small market share in Liaoning
province.


SEARCHMEDIA HOLDINGS: Appoints J. Lo. as Chief Operating Officer
----------------------------------------------------------------
SearchMedia Holdings Limited has appointed Johnny Lo as Chief
Operating Officer and Chief Executive Officer of the Company's
China operations, effective Sept. 1, 2011.

Mr. Lo brings to SearchMedia over two decades of outdoor
advertising experience in China and Hong Kong.  He joins
SearchMedia from Sky Media, an integrated outdoor advertising
company he founded in 2004, whose client base includes
well-recognized brands such as McDonald's, the NBA, and Johnnie
Walker.

Prior to founding Sky Media, Mr. Lo was the Founding Managing
Director of Portland China, a full service outdoor advertising
company in China owned by WPP/MindShare; General Manager of
Greater China for Leo Burnett Ltd; and held various roles at the
Hong Kong Mass Transit Railway Corporation.  At Leo Burnett,
Mr. Lo served high profile multinational corporate clients
including Procter &Gamble, McDonald's, Smartone, Standard Charter
Bank, Coca Cola and Motorola and was instrumental in launching Leo
Burnett's new media company Starcom in Hong Kong and China.  At
MTRC, Mr. Lo was responsible for annual revenue of over HKUS$500
million across various business areas including poster
advertising, Kiosk rental and all other revenue-generating
concessions.

Mr. Lo has also received various awards in recognition for his
accomplishments in the advertising industry, including "The Most
Important Leader Contributing to the Growth of China's Outdoor
Market" at the Fifth China Outdoor Advertising Conference in 2008
and "Outdoor Person of the Year" at the Inaugural China
Outdoor Conference in 2005.  Mr. Lo received an MBA from the
University of Hong Kong and a Bachelor of Science degree in
Mathematics from the Chinese University of Hong Kong.

Mr. Paul Conway, CEO of SearchMedia commented, "We are delighted
to welcome a veteran of China's outdoor advertising industry to
our executive management team.  We believe Mr. Lo's expertise in
the outdoor advertising business in China as well as his
experience in serving leading global and national brands
will help us better penetrate China's compelling advertising
market and grow our concession base.  Furthermore, his managerial
and business development experience will prove invaluable to
SearchMedia as we continue to develop towards our growth
objectives and execute new strategic initiatives."

                         About SearchMedia

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

The Company's balance sheet at March 31, 2010, showed
US$93.30 million in total assets, US$51.32 million in total
liabilities, and stockholders' equity of US$41.98 million.

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


SHENGDATECH INC: Wants to Hire Alvarez & Marsal as CRO
------------------------------------------------------
Shengdatech Inc. asks the U.S. Bankruptcy Court for the District
of Nevada for permission to employ Alvarez & Marsal North America
LLC to provide a chief restructuring officer.

The firm will, among other things:

   a) assist in the prosecution of the Debtor's Chapter 11 filing;

   b) assist with cash controls and development and management
      of a 13-week cash flow forecast; and

   c) assist with the management and oversight of ongoing
      accounting investigations.

The firm's professionals will be paid at these rates:

      Managing Director        US$650-850
      Director                 US$450-650
      Associate/Consultant     US$350-450
      Analyst                  US$250-350

The Debtor assures the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                         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. sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

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, 2011.

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.


SHENGDATECH INC: Files List of 23 Largest Unsecured Creditors
-------------------------------------------------------------
Shengdatech, Inc., has filed with the U.S. Bankruptcy Court for
the District of Nevada a list of its 23 largest unsecured
creditors.

Debtor's List of 23 Largest Unsecured Creditors:

  Entity                        Nature of Claim     Claim Amount
  ------                        ---------------     ------------
The Bank of New York
Mellon, as indenture
trustee for 6.5% Notes
due December 2015                 Bond Debt        US$130,000,000

The Bank of New York,
as indenture trustee for
6.0% Notes due June 2018            Bond Debt      US$36,345,340

KPMG LLP                     Fees for Professional
                             Services Rendered        US$632,702

Cadwalader, Wickersham       Fees for Professional
& Taft LLP                   Services Rendered
US$516,363.09

Donhoe Advisory              Fees for Professional
Associates, LLC              Services Rendered
US$4,900.00

Zazove Associates, LLC              Bond Debt              Unknown

CQS (UK) LLP                        Bond Debt              Unknown

Radcliffe Capital Management        Bond Debt              Unknown

Citadel Group                       Bond Debt              Unknown

CAN Partners                        Bond Debt              Unknown

Lazard Asset
Management LLC                      Bond Debt              Unknown

Deutsche Bank Securities            Bond Debt              Unknown

Advent Capital
Management, LLC                     Bond Debt              Unknown

CNH Partners                        Bond Debt              Unknown

James Thomas Turner          Shareholder derivative
                             litigation                    Unknown

Marlon Fund SICA V PLC       Shareholder derivative
                             litigation                    Unknown

Erik S. Mathes               Shareholder derivative
                             litigation                    Unknown

Robert Corwin                Shareholder derivative
                             litigation                    Unknown

Donald D. Yaw                Shareholder derivative
                             litigation                    Unknown

Tom McDermott                Shareholder derivative
                             litigation                    Unknown


Mathew Schweiger             Shareholder derivative
                             litigation                    Unknown


Michael Komsky               Shareholder derivative
                             litigation                    Unknown


Robert Johnson               Shareholder derivative
                             litigation                    Unknown

                          About Shengda Tech

Reno, Nevada-based Shengdatech, Inc., filed for Chapter 11
bankruptcy protection (Bankr. D. Nev. Case No. 11-52649) on
Aug. 19, 2011.  Bob L. Olson, Esq., Miriam G. Bahcall, Esq., Nancy
A. Peterman, Esq., and Paul Ferak, Esq., serve as the Debtor's
bankruptcy counsel.  In its petition, the Debtor estimated assets
and debts of US$100 million to US$500 million.


SINO-FOREST CORPORATION: Moody's Downgrades CFR to 'Caa1'
---------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B1 the
corporate family and senior unsecured debt ratings of Sino-Forest
Corporation.  At the same time, Moody's continues its review for
further downgrade.

Ratings Rationale

The rating action follows the order by the Ontario Securities
Commission to suspend trading of Sino-Forest's shares and the
subsequent resignation of its Chairman and CEO, Allen Chan.

According to OSC, the company may have misrepresented some of its
revenue and/or exaggerated some of its timber holdings.

The regulator also said the company, through its subsidiaries,
appears to have engaged in significant non-arm's-length
transactions which may have been contrary to Ontario's securities
laws and the public interest.

"Moody's is concerned that the allegations by OSC, while still
under investigation, are serious. The trading suspension, the
resignation of Allen Chan and the ongoing investigations add
significant negative pressure on the company's operations and its
ability to access additional liquidity," says Ken Chan, a Moody's
Vice President and Senior Analyst.

"Allen Chan, the founding Chairman and CEO of Sino-Forest, has
spearheaded the development of the company since its inception and
cultivated important business relationships with various
provincial forestry bureaus in China for over a decade;
accordingly, his resignation will have a material impact on the
company's operations and future business developments," says Chan.

"While Sino-Forest reported cash of USD899 million as of June
2011, Moody's expects the company's balance sheet liquidity to
continue deteriorating, given the significant slowdown of its
business operations and its limited access to external funding
against the backdrop of current developments and ongoing
investigations," says Mr. Chan.

In its continuing review, Moody's will focus on outcome of the
independent investigation underway and OSC's own investigation, in
particular with respect to the: 1) the ownership and valuation of
Sino-Forest's timber assets; 2) the compliance of the company's
business model and practices with regulations in China and
Ontario's securities law; and 3) the potential for the company's
business model to be impacted in the next 2-3 years, even if the
allegations prove to be immaterial.

Moreover, Moody's will see if these current events could trigger
any acceleration of the repayment of its debt obligations.

Sino-Forest'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 Sino-Forest's core industry
and believes Sino-Forest's ratings are comparable to those of
other issuers with similar credit risk.

Sino-Forest Corporation is a holding company listed in Toronto.
The company is engaged in forestry plantation activities in China,
as well as in the sale of timber, wood logs and other wood
products in China.


SINO-FOREST CORP: S&P Lowers CCR to 'CCC-' With Negative Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered the long-term corporate
credit rating on China-based commercial forest operator Sino-
Forest Corp. to 'CCC-' from 'B'. The outlook is negative. "At the
same time, we lowered the issue rating on the senior unsecured
notes and convertible bonds to 'CCC-' from 'B'. We also lowered
the Greater China credit scale ratings on the company and the
notes to 'cnCCC-' from 'cnBB-'. We removed all the ratings from
CreditWatch, where they were originally placed with negative
implications on June 30, 2011. We then withdrew all the ratings,"
S&P related.

"We lowered the rating on Sino-Forest partly because we believe
recent developments point towards a higher likelihood that
allegations of fraud at the company will be substantiated," said
Standard & Poor's credit analyst Frank Lu. "The downgrade also
reflects our opinion about the severity of the difficulties the
company now faces in operating its existing business and our
view that the pressure on liquidity has increased."

"In our opinion, Sino-Forest's future prospects are extremely weak
and likely to rapidly deteriorate. The Ontario Securities
Commission suspended trading in the company on Aug. 26, 2011,
while it conducts an investigation. The commission stated that
certain officials of Sino-Forest appeared to have misrepresented
the company's revenue, exaggerated its timber holdings, and
engaged in fraud. Sino-Forest's chairman and CEO Allen Chan has
resigned and several middle-level managers have been suspended. We
believe Sino-Forest's liquidity is under greater pressure due to
the potential acceleration of payments on its notes and
convertible bonds and the possibility of substantial lawsuit
claims," S&P stated.

"We are withdrawing the rating because we do not believe we have
enough information to maintain a rating on Sino-Forest,
particularly in light of developments since Aug. 26, 2011," said
Mr. Lu. "The company has declined to share the interim results of
an independent committee's investigation. As we have stated
previously, we do not expect to receive updates before the
investigation is concluded. The lack of information and the impact
of recent developments mean that we no longer have access to
timely, reliable, and sufficient information for maintaining the
rating."

"Sino-Forest's liquidity is weak, in our view. The company does
not have sufficient funds to repay its senior notes and
convertible bonds, should they be accelerated. According to the
company, it had offshore liquidity sources of $548.7 million in
cash, cash equivalents, and short-term deposits (excluding $63.0
million cash held by its majority-owned subsidiary Greenheart
Group Ltd.). These amounts are far less than the company's
outstanding senior notes and convertible bonds of about $1.9
billion as of June 30, 2011. Additional claims and law suits could
arise against the company from the alleged fraud irregularities,"
S&P stated.

"At the time of the rating withdrawal, the negative outlook
reflected our view that the company's operations were likely to
rapidly deteriorate further," S&P added.


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


AFRASINO INTERNATIONAL: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order on Aug. 17, 2011, to
wind up the operations of Afrasino International (H.K.) Limited.

The Official Receiver is Teresa S W Wong.


ART TECH: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Aug. 17, 2011, to
wind up the operations of Art Tech Holdings Limited.

The Official Receiver is Teresa S W Wong.


BILL PACHINO: Creditors and Contributories to Meet on Sept. 8
-------------------------------------------------------------
Creditors and contributories of Bill Pachino (HK) Company Limited
will hold their first meetings on Sept. 8, 2011, at 2:30 p.m., and
3:30 p.m., respectively at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, in Hong Kong.

At the meeting, Teresa S W Wong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


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

Newtek AC Management Limited filed the petition against the
company on June 14, 2011.

The Petitioner's solicitors are:

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


CNC DEVELOPMENT: UHY Vocation HK Raises Going Concern Doubt
-----------------------------------------------------------
CNC Development Ltd. filed on Aug. 15, 2011, its annual report on
Form 20-F for the fiscal year ended Dec. 31, 2010.

UHY Vocation HK CPA Limited, in Hong Kong, expressed substantial
doubt about CNC Development's ability to continue as a going
concern.  The independent auditors noted that the Company has only
limited working capital as of Dec. 31, 2010, and is dependent on
obtaining additional financing to execute its business plan.

The Company reported a net loss of US$7.7 million on US$0 revenue
for 2010, compared with a net loss of US$4.3 million on US$0
revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed US$19.6
million in total assets, US$11.7 million in total liabilities,
US$21.9 million of total preferred stock and accrued dividends,
and a stockholders' deficit of US$14.0 million.

A copy of the Form 20-F is available at http://is.gd/VQlQyf

CNC Development Ltd. was established under the laws of the British
Virgin Islands on Aug. 8, 2008, as a subsidiary of InterAmerican
Acquisition Group, Inc., a blank check company that was formed as
a vehicle for an acquisition of an operating business.

The Company and its subsidiaries, until the suspension of business
operations, were engaged in providing services to municipal-
government customers to integrate project design, implementation
and financing for Build-Transfer projects in the People's Republic
of China.

The Company lists its principal executive offices as c/o WHI,
Inc., at 410 South Michigan Ave., Suite 620, in Chicago, Illinois.


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

Apexcom Limited filed the petition against the company on July 5,
2011.

The Petitioner's solicitors are:

          Messrs. Tso Au Yim & Yeung
          5th Floor, Ka Wah Bank Centre
          232 Des Voeux Road Central
          Hong Kong


GRAND WIN: Court to Hear Wind-Up Petition on Oct. 19
----------------------------------------------------
A petition to wind up the operations of Grand Win Group Limited
will be heard before the High Court of Hong Kong on Oct. 19, 2011,
at 9:30 a.m.

UCO Bank filed the petition against the company on Aug. 11, 2011.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


HELTECH INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 19
----------------------------------------------------------------
A petition to wind up the operations of Heltech International
Limited will be heard before the High Court of Hong Kong on
Oct. 19, 2011, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Aug. 12, 2011.

The Petitioner's solicitors are:

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


HIGH & NEW: Court to Hear Wind-Up Petition on Sept. 7
-----------------------------------------------------
A petition to wind up the operations of High & New Grand Holdings
Limited will be heard before the High Court of Hong Kong on
Sept. 7, 2011, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 5, 2011.

The Petitioner's solicitors are:

          Arthur K.H. Chan & Co.
          Unit C1, 15th Floor
          United Centre
          No. 95 Queensway
          Hong Kong


HI SPEED: Creditors Get 100% Recovery on Claims
-----------------------------------------------
Hi Speed Paper Manufacturer Company Limited paid the first and
final dividend to its creditors on or after Aug. 26, 2011.

The company paid 100% for preferential and 0.74% for ordinary
claims.

The company's liquidator is:

         Mat Ng
         c/o John Less Associates
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


HUA MAI: Creditors Get 100% Recovery on Claims
----------------------------------------------
Hua Mai Industries Limited will pay the first and final dividend
to its creditors on Sept. 23, 2011.

The company will pay 100% for preferential and 0.8% for ordinary
claims.

The company's liquidator is:

         Lau Wu Kwai King Lauren
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


JC INFINITIVE: Creditors' Proofs of Debt Due Sept. 27
-----------------------------------------------------
Creditors of JC Infinitive Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 27, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kong Chi How, Johnson
         Lo Siu Ki
         25/F, Wing on Centre
         111 Connaught Road
         Central, Hong Kong


JINRO (H.K.): Creditors' Meeting Slated for Sept. 9
---------------------------------------------------
Creditors of Jinro (H.K.) International Limited will hold a
meeting on Sept. 9, 2011, at 11:00 a.m., at Alvarez & Marsal Asia
Limited at Rooms 1101-3, 11th Floor, MassMutual Tower, at 38
Gloucester Road, Wanchai, in Hong Kong.

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


KIDDIE PRODUCTS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Aug. 15, 2011, to
wind up the operations of Kiddie Products Company Limited.

The Official Receiver is Chiu Koon Shou.


LAND INTERNATIONAL: Court to Hear Wind-Up Petition on Sept. 28
--------------------------------------------------------------
A petition to wind up the operations of Land International Trading
Limited, will be heard before the High Court of Hong Kong on
Sept. 28, 2011, at 9:30 a.m.

The Petitioner's solicitors are:

          Chui and Lau
          Room 42, 4th Floor
          New Henry House
          10 Ice House Street
          Central, Hong Kong


LASCO GROUP: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Aug. 15, 2011, to
wind up the operations of Lasco Group Limited.

The Official Receiver is Chiu Koon Shou.


MELOCO ELECTRONIC: Creditors Get 100% Recovery on Claims
--------------------------------------------------------
Meloco Electronic Company Limited, which is in liquidation, paid
dividend to its creditors on Aug. 26, 2011.

The company paid 100% for preferential and ordinary claims.

The company's liquidator is:

         Kenny King Ching Tam
         Room 908, 9/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


MI FUNG: Creditors Get 48.25% Recovery on Claims
------------------------------------------------
Mi Fung Beads Company Limited will pay the first and final
dividend to its creditors on or after Sept. 22, 2011.

The company will pay 48.25% for ordinary claims.

The company's liquidators are:

         Fok Hei Yu
         Desmond Chung Seng Chiong
         Level 22, The Center
         99 Queen's Road Central
         Central, Hong Kong


MORE HEALTH: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Aug. 17, 2011, to
wind up the operations of More Health Limited.

The Official Receiver is Teresa S W Wong.


MORE HEALTH MASSAGE: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Aug. 17, 2011, to
wind up the operations of More Health Massage and Beauty Limited.

The Official Receiver is Teresa S W Wong.


NETSOLUTIONS ASIA: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on June 23, 2011, to
wind up the operations of Netsolutions Asia Limited.

The Official Receiver is Chiu Koon Shou.


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


AGARWAL MITTAL: CARE Rates INR14.18cr Long-Term Loan at 'CARE BB-'
------------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Agarwal
Mittal Concast Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      14.18     'CARE BB-' Assigned

Rating Rationale

The rating is constrained due to the short track record of Agarwal
Mittal Concast Pvt. Ltd., the risk pertaining to the stabilization
of its manufacturing operations and weak financial risk profile
marked by high leverage. The rating is further constrained due to
its presence in the fragmented steel products market characterized
by cyclicality and risk of volatility in the raw material prices.
The rating constraints are partially offset by the experience of
the promoters in the steel products industry along-with the
support from the group companies with established marketing and
distribution network. Improvement in the overall financial risk
profile along-with the improved sales level, diversification in
the product portfolio and increased geographic presence are the
key rating sensitivities.

AMCPL was incorporated in May 2008 at Ahmedabad, Gujarat as a
joint venture of the Agarwal Group and Mittal Group, both of
Ahmedabad. The Mittal group also owns Mittal Sections Ltd. which
is engaged in the manufacturing of MS angles, channels, bars, etc
at its facility in Changodar area near Ahmedabad while the Agarwal
Group based in Ahmedabad has presence in the metal trading
business as well as in the manufacturing of steel, alloys, etc
through various group entities. AMCPL took over the assets of a
bankrupt company, Jalan Forgings Ltd. located at Halol near
Vadodara in Gujarat and further invested in the refurbishment of
the building and plant and machinery for the manufacturing of
various types of steel billets like Mild Steel (MS), Stainless
Steel (SS), ferro alloys, etc.


AIR INDIA: To Close Loss-Making Routes to Cut Expense
-----------------------------------------------------
The Times of India reports that Civil Aviation minister Vayalar
Ravi said Air India Ltd. plans to shut operations on several loss-
making routes to reduce expenditure and improve cash flow as the
company's outstanding liabilities have soared to almost
US$10 billion.

"Our focus is on reducing expenditure. We are discussing several
options, including closing operations on loss-making routes," the
news agency quotes Mr. Ravi as saying.  The airline was
contemplating to close down operations on the routes where the
losses were high, he said.

"We have not yet identified the routes. But it is under
consideration," the minister said.

The Times of India relates that Mr. Ravi said a group of ministers
headed by finance minister Pranab Mukherjee has asked the airline
to improve its cash flow and reduce losses.

Citing official figures, the report discloses that the airline has
outstanding liabilities of over INR44,000 crore (US$9.8 billion),
nearly half of which are working capital loans. The debt-ridden
carrier has to pay almost INR3,200 crore as interest to its
lenders.

Mr. Ravi said the group of ministers would meet again next month
to take some concrete decisions to improve the financial health of
the national flag carrier, the report adds.

                          About Air India

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

                          *     *     *

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

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


ANUSHA PROJECTS: CARE Rates INR5cr Long-Term Loan at 'CARE BB'
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Anusha Projects P. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     5.00       CARE BB Assigned
   Short-term Bank Facilities   34.00       CARE A4 Assigned

Rating Rationale

The ratings are constrained by the relatively small size of APPL's
operations, track record of executing relatively lower sized
projects largely in the capacity of a sub contractor, concentrated
order book and weak financial position characterized by low
liquidity and high gearing. The ratings however, take into account
the experience of the promoter, associations built up with larger
players which help APPL in garnering repeat orders, and the growth
prospects for the construction industry.  APPL's ability to
execute current projects as per schedule, garner new orders on its
own strength and improve liquidity & gearing levels are the key
rating sensitivities.

Anusha Projects P. Ltd. was incorporated in September 2002 and
promoted by Mr. A.Jalandar Reddy, who has experience of around 25
years in construction activities such as mining & quarry works,
road works, irrigation, foundations, etc. APPL is engaged mainly
in earthworks operations such as excavation, mining, quarrying,
drilling & blasting, foundation works, spillway works, etc. and
has recently forayed into road and civil works.  The order book
comprised of six projects totalling INR184.89 crore as on July 31,
2011; with a single project contributing to 73% of the orders on
hand.

During FY11 (provisional), APPL achieved a PAT of INR2.63 crore on
a Total Income of INR34.55 crore as against a PAT of INR1.51 crore
on a Total Income of INR28.72 crore during FY10.


ARCOY BIO-REFINERY: ICRA Suspends 'LB+' Rating on INR44cr Loan
--------------------------------------------------------------
ICRA has suspended the 'LB+' rating assigned to the INR44.0 crore
long term loan facilities and INR12.0 crore, cash credit
facilities of Arcoy Bio-refinery Private Limited.  The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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

Arcoy Bio-refinery Private Limited was incorporated in March 2007
by the Arcoy group to manufacture furfural and its derivative
furfural alcohol primarily from bagasse. The main business of the
group is provision of anti-corrosive solutions to various
industrial sectors apart from water softeners and purifiers and
financing activities. ABPL has recently setup the furfural plant
with an installed capacity of 11000 MTPA, wherein it commenced
commercial production from March 2010.


ARCVAC FORGECAST: CARE Assigns 'CARE BB' Rating to INR96.85cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB' & CARE A4 rating to the bank facilities of
Arcvac Forgecast Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term bank facilities      96.85     'CARE BB' Assigned
   Short-term bank facilities     20.00     CARE A4 Assigned

Rating Rationale

The above ratings are constrained by the low capacity utilization,
volatility in raw material prices, dependence on group company &
large customers for majority of its sales, project implementation
risk and low profit level & margin. However, experienced
promoters, backward integration in the form of ingot facility and
improvement in turnover and cash accruals over the last three
years support the ratings. Ability of the company to successfully
implement the project, improvement in the capacity utilization of
both ingots and forging facilities and consequential improvement
in the profit level are the key rating sensitivities.

Arcvac Forgecast Limited, belonging to the Smithy group,
incorporated in July 2003 as Indvac Metals and Forge India Pvt.
Ltd, was promoted by Chhajer family of Kolkata.  AFL manufactures
specialised steel ingots (capacity 40,000 MTPA) and industrial
forgings (28,000 MTPA) for applications in power, steel, defense,
windmills and shipbuilding.

The company earned a PBILDT and PAT of INR22.8 crore and
INR2.5 crore respectively on net sales of INR150.2 crore in FY11.


BLOOM DEKOR: ICRA Reaffirms '[ICRA] BB' Rating on INR16.7cr Loan
----------------------------------------------------------------
ICRA has re-affirmed the long-term rating of '[ICRA] BB' to the
enhanced INR16.70 Crore (earlier INR13.64 Crore) fund-based
facility of Bloom Dekor Limited.  ICRA has also re-affirmed an
'[ICRA] A4' rating to the enhanced INR10.25 Crore (earlier INR6.25
Crore), non-fund based facility of BDL. The long term rating has
been assigned a stable outlook. The fund-based limits (cash credit
INR15.0 Crore) are completely interchangeable with FBP/PC/BD and
DD, hence also rated on short term scale as such total utilization
should not exceed INR15.0 Cr at any point of usage.

The rating continues to favorably factors in the promoter's proven
track record in the laminate manufacturing business, and
established brand of Bloom in the domestic market. The ratings are
however constrained by the stretched financial profile of the
company, characterized by losses incurred during FY 2010-11 on
account of door division which is yet to break-even and highly
working capital intensive nature of business leading to high
borrowing costs. The company operates in a highly competitive
environment, with competition from both organized sector as well
as large unorganized sector. Further, the margins remain highly
susceptible to raw material (primarily design paper and chemicals)
price fluctuations.

                        About Bloom Dekor

Incorporated in 1994, Bloom Dekor Limited is an ISO 9001-2000
Company involved in manufacturing and selling of High Pressure
Decorative Laminates domestically as well as abroad. The company
has a single manufacturing set up which is located in Prantij
which is located 61Km northwest of Ahmedabad, and is spread over
an area of 60,000 sq. mts., and has an installed capacity to
produce 43.76 lakh sq. mts. of laminates as of FY2010-11. Bloom
Dekor Ltd. exports to more than 24 countries across the globe
including USA, U.K. Australia, Germany, Hong Kong, Singapore,
Taiwan, Korea and other South Asian countries. Bloom Dekor Ltd.
also diversified into manufacturing of Engineered Panel Doors from
FY10 and has a plant installed with a capacity to produce 200
doors per day at the same plant as for the laminates.

During FY 2010-11, the company reported a net loss of INR0.42
Crore on an operating income of INR43.41 Crore.


FAMOUS VITRIFIED: CARE Assigns 'CARE BB' Rating to INR20cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Famous Vitrified Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      20.00     'CARE BB' Assigned
   Long-term/Short-term Bank      1.75      'CARE BB' / 'CARE A4'
                  Facilities                 Assigned

Rating Rationale

The ratings of Famous Vitrified Private Limited are constrained on
account of the predominantly debt-funded green-field project for
manufacturing the ceramic vitrified tiles and the susceptibility
of its margins to volatility in the prices of natural gas and
other key raw materials. The ratings are further constrained due
to its presence in a highly competitive vitrified tile industry
with many capacity expansion plans already underway and the strong
linkages of the industry with the cyclical real estate sector.

The above constraints far offset the benefits derived from the
vast experience of the promoters of FVPL in the tile industry and
its favorable location by way of being situated in the ceramic
tile manufacturing hub of Morbi (Gujarat).

FVPL's ability to complete the ongoing project within the
envisaged time and cost parameters and successfully manage the
post-project implementation risks would be the key rating
sensitivities.

FVPL was incorporated in August 2010 as a private limited company
promoted by Mr. Savji Sanaria, Mr. Ashwin Ghodasara, Mr. Hiren
Kanani and Mr. Rajesh Patel. FVPL is presently setting up a
Greenfield project for manufacturing of ceramic vitrified tiles
with an installed capacity of 45,600 MTPA that finds application
in both commercial as well as residential buildings.


GOLDEN SEAM: CARE Rates INR23.6cr Long-Term Loan at 'CARE BB-'
--------------------------------------------------------------
CARE assigns 'CARE BB-'/'CARE A4' ratings to the bank facilities
of Golden Seam Textiles Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
Long-term Bank Facilities        23.60      CARE BB Assigned
Short-term Bank Facilities        3.50      CARE A4 Assigned

Rating Rationale

The ratings are constrained by GSTPL's relatively small scale of
operations; the company's weak financial profile characterized by
the high overall gearing and stretched coverage and liquidity
parameters marked by a long working-capital cycle and high
utilization of the working-capital limits. The ratings are also
constrained by the seasonality of garment demand and the highly
fragmented nature of the garment industry.

The ratings, however, derive strength from GSTPL's experienced
management, its diversified customer profile and its association
with Mandhana Industries Ltd.  GSTPL's ability to optimally
utilize its installed capacity and improve its profitability in
the scenario of volatile raw material prices and forex volatility
are the key rating sensitivities.

Incorporated on March 24, 2004, GSTPL is a manufacturer and
exporter of the readymade garments (mainly trousers). The company
is a 50:50 joint venture between the promoters of Mandhana
Industries Ltd. (CARE A/ CARE A1) and Rajasthan-based Mukhija
group which is engaged in the various businesses like film
exhibition, manufacturing of insulation bricks, petrol pumps and
textile franchise (from Raymond). GSTPL's manufacturing facility
is located at Tumkur Road, Bengaluru which has an installed
capacity of 9.00 lakh pieces per annum as on March 31, 2010.


GOVIND RUBBER: Delays in Servicing Debt Cues Fitch to Lower Rating
-----------------------------------------------------------------
Fitch Ratings has downgraded India-based Govind Rubber Limited's
National Long-Term rating to 'Fitch D(ind)(exp)' from 'Fitch
B(ind)(exp)'.  Simultaneously, the agency has assigned GRL a final
rating of 'Fitch D(ind)'.

The downgrades reflect GRL's delays in servicing its debt
obligations in FY11 due to its high working capital requirements.
The company is facing liquidity issues on account of rising rubber
prices both nationally and internationally and its inability to
completely pass on the cost increases.  It has to purchase rubber
on a cash basis while offering credit to customers.

The company has been assigned a final 'Fitch D(ind)' rating to
reflect the company's continuous delays in debt servicing till
date.

A positive rating guideline would be a demonstration of timely
debt servicing for at least six months.  Fitch expects an
improvement in the company's liquidity position after an
enhancement of its working capital lines.

GRL is a part of the Siyaram Poddar group and primarily involved
in the production of bicycle, auto tyres and tubes. In FY11, the
company had revenues of INR3,397.8 million (FY10: INR2,904
million), EBITDA margins of 7.5% (FY10: 6.04%) with EBITDA of
INR253.7 million (FY10: INR176 million).  Its financial leverage
(net debt/EBITDA) was 4.4x (FY10: 5.8x), fund flow from operations
interest coverage was 2.1x (FY10: 1.5x).  The total debt at end-
FY11 stood at INR1,136.9 million, and the cash and cash
equivalents totalled INR20 million.  The company needs to repay
INR48.3 million of its term loans in FY12.

GRL:

  -- INR329.6m outstanding long-term loans: downgraded to 'Fitch
     D(ind)(exp)' from 'Fitch B(ind)(exp)' and assigned a final
     'Fitch D(ind)' rating;

  -- INR550m fund-based working capital limits: downgraded to
     'Fitch D(ind)(exp)' from 'Fitch B(ind)(exp)'/ 'Fitch A4(ind)
     (exp)' and assigned a final 'Fitch D(ind)' rating; and

  -- INR250m non-fund based working capital limits: downgraded to
     'Fitch D(ind)(exp)' from 'Fitch A4(ind)(exp)' and assigned a
     final 'Fitch D(ind)' rating.


HIGHWAY INFRASTRUCTURE: ICRA Rates INR29.5cr Loan at '[ICRA]BB'
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR29.50 crore
facilities of Highway Infrastructure Pvt Ltd.  The outlook on the
rating is Stable.

The rating takes into account HIPL's status as class A5 contractor
which enables it to bid for contracts of unlimited amount under
PWD in MP and the promoters' long experience in the construction
business. The rating also favorably factors in company's moderate
profitability and debt coverage indicators.  The assigned rating
is however constrained by HIPL's exposure to high sectoral and
geographical concentration risks; and its dependence on a few
agencies for procuring orders. Apart from the high competitive
intensity of business given the low value added nature of work
executed by the company, the rating also takes into account HIPL's
modest order book position which provides limited revenue
visibility in the medium term. Going forward, HIPL's ability to
maintain stable revenues through securing sufficient orders while
maintaining profitability, timely execute its order book and
manage its working capital cycle would be key rating
sensitivities.

Highway Infrastructure Pvt Ltd started operations as a partnership
firm namely Highway Enterprises in 1994. The entity was later
converted into a private limited in 2006 with Mr. Arun Jain and
Mr. Anup Agarwal as main promoters. HIPL is a contractor engaged
in road and road related works in the Madhya Pradesh region. HIPL
also has two readymix concrete(RMC) plants through which it
supplies RMC to third parties as well. HIPL has also entered into
two joint development agreements with real estate developers. As
per the agreements, HIPL has given its two land parcels located in
Indore for developing residential flats and receive part of the
profit proceeds. HIPL shall not be making any additional
investments in these projects.

Recent results:

In the financial year ending March 31, 2011, HIPL reported an
operating income of INR30.8 crore, OPBDIT of INR4.4 crore and PAT
of INR1.8 crore.


HIMALAYAN HELI: CARE Rates INR10.09cr Long-Term Loan at 'CARE BB'
-----------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Himalayan
Heli Services Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      10.09     CARE BB Assigned

Rating Rationale

The rating is constrained by the small size of operations of
Himalayan Heli Services Pvt Ltd, the high customer concentration
risk and below average financial indicators as reflected by the
high volatility in the operating income in the past and low
profitability margins. The rating also considers the fixed-price
nature of the contracts and high exposure to the risk of untoward
incidents.  The above constraints are offset by the experienced
promoters and long track record of the group in adventure and
tourism activities.  Going forward, HSS's ability to scale up its
operations and improve its overall financial position would remain
the key rating sensitivities.

Himalayan Heli Services Pvt Ltd was incorporated in July 1998 and
is engaged in the business of providing heli-tourism services. The
company is a registered Non-Scheduled Operator from the
Directorate General Civil Aviation, India.  HHS is promoted by
World Expedition (India) Pvt Ltd.  WE is engaged in the business
of promotion of the inbound adventure tourism and other allied
tourism activities since 1987.

As on March 31, 2011, HHS owned four helicopters (Hindustan
Aeronautics Ltd manufactured two helicopters- Cheetah and Chetak
and Eurocopter manufactured two Ecureil helicopters). In FY11,
HHS also got its own government approved helipad constructed in
Kedarnath.


INDO POWER: Fitch Affirms National LT Rating at 'Fitch BB(ind)'
---------------------------------------------------------------
Fitch Ratings has affirmed India-based Indo Power Projects Ltd's
National Long-Term rating at 'Fitch BB(ind)'.  The Outlook is
Stable.

The affirmation reflects the continuation of regional and client
concentration risks; however, there has been some improvement with
its top three clients now accounting for around 88% of the order
book in FY11 as against the top two accounting for 75% in FY10.
The ratings also reflect IPPL's consistently low EBITDA margins of
7.1% over FY10-FY11 as the company continues to mitigate its
receivables risk by entering into back-to-back contracts with
suppliers, consequently resulting in high costs.

The ratings however draw strength from IPPL's consistent financial
performance over FY10-FY11 as demonstrated in its negative net
leverage (net debt/ EBITDA: FY11: -0.3, FY10: -1.2x) and
comfortable EBIDTA interest coverage (EBITDA/gross interest: FY11:
2.2x, FY10: 1.7x).

Though IPPL has maintained low debt levels, its interest and
financial charges continue to be high and were about 46% of EBITDA
during FY11.  However, the company continues to maintain its sound
liquidity as it receives customer advances to meet its short-term
fund requirements.

Positive rating guidelines include an improvement in IPPL's EBITDA
interest coverage to above 2.5x. Conversely, deterioration in its
EBITDA interest coverage to below 1.5x would act as a negative
guideline.

Incorporated in 1978, IPPL is engaged in rural electrification,
from setting up of sub-stations to enabling the power reach the
end-user. It reported revenue of INR1,392.4 million for FY11
(FY10: INR1,179.4 million).  IPPL's debt stood at INR56.1 million
(FY10: INR0.3 million) at FYE11 and it had a robust order book
position of INR5.5 billion at end-August 2011 (4x FY11 revenues).

IPPL:

  -- INR60m* fund-based limits (reduced from INR90m): affirmed at
     'Fitch BB(ind)'

  -- INR1360m* non-fund-based limits (increased from INR1350m):
     affirmed at 'Fitch A4+(ind)'

  -- INR14.9m long-term loans: 'Fitch BB(ind)'; rating withdrawn,
     as the loan has been fully repaid.


KBJ JEWELLERY: ICRA Upgrades Rating on INR55cr Loan to '[ICRA]BB+'
------------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR55 crore (enhanced
from INR40 crore) fund based bank limits of KBJ Jewellery Private
Limited from 'LBB' to '[ICRA]BB+'.  The long term rating carries
stable outlook.

ICRA has also upgraded the rating assigned to INR10 crore non fund
based bank limits of KBJJPL, which is a sub-limit of INR55 crore
fund based limits, from 'A4' to '[ICRA}A4+'.  As such the total
utilization should not exceed INR55 crore at any point of usage.

The upgrade in ratings reflect the improvement in financial
profile driven by healthy revenue growth on account of robust
demand conditions in the domestic jewellery market, management's
strong sales focus and wide product profile as well as improved
liquidity levels on account of significant fund infusion by
promoters through unsecured loans; though overall gearing levels
continue to remain high. The ratings continue to derive comfort
from the long experience of KBJJPL's promoters in the gold
jewellery business and the company's diversified client profile.
The ratings are however constrained by KBJJPL's low operating
margins resulting from the highly competitive nature of the gold
jewellery industry, exposure of margins to the volatility in the
raw material (mainly gold) prices to the extent of unconfirmed
sales orders, stretched net profitability resulting in low cash
accruals and weak debt coverage indicators.

Incorporated in May 2006, KBJ Jewellery Private Limited (KBJJPL)
was promoted by Mr. Mohit D. Kamboj (currently MD of the company)
and his father Deepak K. Kamboj with the aim to manufacture and
market gold jewellery. The Kamboj family has been in the jewellery
business for more than five decades with Mr. Mohit Kamboj
representing the third generation of the family in this business.
The company's head office is located in Mumbai and it has a branch
office in Varanasi, UP, where the family first commenced its
jewellery business five decades ago.

Recent results:

For the financial year ended March 2011, the company reported a
Net Profit of INR2.8 crore on an operating income of INR518.6
crore.


KOTHI STEEL: CARE Assigns 'CARE BB+' Rating to INR8.34cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Kothi Steel Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      8.34      'CARE BB+' Assigned
   Short-term Bank Facilities     4.50      'CARE A4' Assigned

Rating Rationale

The ratings of Kothi Steel Limited are constrained by its modest
scale of operations and limited value addition in the highly
fragmented steel industry. The ratings are further constrained
by KSL's very low and fluctuating profitability which is
susceptible to the raw material price fluctuation.  The ratings,
however, take into account the vast experience of the promoter and
infusion of the funds at the regular intervals by the promoters to
support the operations.

KSL's ability to increase the scale of operations alongwith the
improvement in the profitability while managing risk associated
with the raw material price fluctuations is the key rating
sensitivity.

Kothi Steel Limited was incorporated in the year 1991 at Godhra,
Gujarat as a closely-held public limited company by Mr. Firdos
Kothi, managing director and Mr. Suleman Kothi. KSL commenced its
operations in 1992. KSL is engaged into the business of
manufacturing M.S. Ingots and Cold Twisted (CTD) Bars which are
further used by various steel product manufacturers. KSL has its
manufacturing facility situated at Godhra, Gujarat having
installed capacity for manufacturing 40,000 MTPA of M.S. Ingots
and CTD Bars as on March 31, 2010.

KSL earned a PAT of INR0.69 crore on a total income of
INR91.52 crore in FY10.


MANJEET COTTON: ICRA Assigns '[ICRA] BB+' Rating to INR16.5cr Loan
------------------------------------------------------------------
ICRA has assigned the '[ICRA] BB+' rating to the INR16.5 crore
term loans and INR90 crore fund-based cash credit facilities of
Manjeet Cotton Private Limited (enhanced from INR50 crore). The
outlook on the rating is stable.  ICRA has also assigned the
[ICRA]A4+  rating to the INR90 crore fund based facilities
(interchangeable with long-term fund-based cash credit facilities
-- enhanced from INR50 crore), INR5 crore non-fund based
facilities (sublimit to the INR90 crore long term fund-based cash
credit facilities) and INR15 crore short term stand-by line of
credit (SLC) of MCPL.

The assigned ratings take into account lower than expected cash
accruals during FY 10 and FY 11 which has resulted in a stretched
capital structure and weak cash flow indicators. The company has
negative cash flows from operations for the past few years, as it
has been in the growth phase with very low margins but relatively
high working capital requirements. In general MCPL's margins are
constrained by the limited value addition in the cotton trading
and ginning business. MCPL's operating and net profitability
during FY 10 declined by 251bps and 115bps respectively, a
reflection of a high proportion of cotton trading done against
cash. Typically margins in cash and carry trading are limited to
around 0.7% to 0.8%. Nonetheless ICRA continues to draw support
from the long established relationship of MCPL with top textile
groups; substantial experience of the promoter in the industry and
proximity of the company to the cotton producing belt of Gujarat,
Maharashtra and Madhya Pradesh which facilitates access to the key
raw material.

Manjeet Cotton Private Limited is the flagship company of Manjeet
Group. The group belongs to Rajpal family of Sendhwa (Madhya
Pradesh), predominantly engaged in the cotton trading & ginning
business. The company was incorporated in 2005 as a private
limited company for trading and export operations, and to
consolidate the operations of other group companies. MCPL is
primarily in cotton trading business, accounting for about 50% of
its revenue in FY11. MCPL is one of the larger cotton traders in
Indian cotton industry. The company is also trying to diversify
its revenue mix by focusing on other business segments like cotton
ginning and oil extraction. MCPL has annual ginning capacity of
256,000 bales through its four ginning units, out of which two are
owned and the remaining are leased on annual basis. The company
also purchased 6 wind turbine generators during 2008-10 period, as
tax administrative measure, at an estimated cost of INR22.36
crore. The company currently has total wind power generation
capacity of 4.95 MW.

Recent Results

As per the company's provisional results for the year ending
March 31, 2011, MCPL recorded an operating income of INR747.5
crore and a PAT of INR14.65 crore whereas the company registered
an operating income of INR3535.9 crore and a PAT of INR14.35 crore
for the twelve months ending March 31, 2010.


MUNJANI BROTHERS: CARE Rates INR120cr Long-Term Loan at 'CARE B'
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of M/S Munjani
Brothers.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     120.00     CARE B Assigned

Rating Rationale

The rating is constrained by MB's irregular record in debt
servicing, and its weak financial profile characterized by modest
profit margin and stretched liquidity position because of high
receivables.  The rating also incorporates the susceptibility of
its revenue to exchange rate fluctuations, closely held
partnership nature of the firm and strong competition from the new
and existing diamond manufacturers/traders in both organized and
unorganized sector.

However, the ratings derive comfort from the established track
record of the promoters in the gems and jewellery business and its
geographically diverse customer portfolio, with exports to various
countries.

MB's ability to reduce its collection period, achieve its
projected turnover, at envisaged profitability margins are the key
rating sensitivities.

M/s Munjani Brothers is a registered partnership firm set up in
1986. MB is a family-run business and Mr. Devrajbhai Munjani looks
after the day-to-day overall business functions of MB.
The firm has its head office at Mumbai and manufacturing
facilities at Surat and Bhavnagar and engaged in the manufacturing
of diamond which involves the import and processing of rough
diamond and export of cut and polished diamond of all sizes.
In FY11, majority of the exports were to Dubai (31%), Hong Kong
(30%), Belgium (11%) and USA (10%) respectively. It has a
diversified base of customers; with top five customers accounting
for around 41% of the total income from the diamond business in
FY10.

In FY11, MB recorded income from operations and PAT of INR253.98
crore and INR2.71 crore respectively, as compared to INR157.52
crore and INR1.65 crore in FY10. The firm faced severe liquidity
pressures in FY10 account of the delayed collection period which
ultimately resulted in irregularities in debt servicing.


RADIANT HOSPITALITY: ICRA Cuts INR5.17cr Loan Rating to '[ICRA]D'
-----------------------------------------------------------------
ICRA has re-assigned the 'LB+' rating assigned to the INR5.17
crore fund based limits of Radiant Hospitality Services Private
Limited to '[ICRA]D'.

The rating revision factors in the continued liquidity constraints
faced by RHSPL and consequent delays in debt servicing effected
largely due to sluggish realization of debtors and the bi-annual
wage revisions in minimum wages which results in a lag between
RHSPL having to incur higher salary expenses and the recovery of
arrears from its clients. The rating continues to remain
constrained by the competitive and price-sensitive nature of the
industry and RHSPL's lack of long term contracts with its clients.

The rating, however favorably factors in the long-standing
experience and track record of the promoters in the facility
management space and RHSPL's focus on quality which has enabled it
to build up a reputed clientele from whom RHSPL has received
repeat business over the years. The rating also factors in RHSPL's
improved debt coverage metrics following private equity infusion
in RHSPL in FY 09.

                     About Radiant Hospitality

Incorporated in November 2006, Mumbai-based Radiant Hospitality
Services Private Limited provides property and facility management
services spanning housekeeping, guest house management, panty
management, procurement and supply of toilet block consumables and
drinking water, despatch and courier management, helpdesk and
reception management, horticulture and floral arrangements,
handyman services, homecare services and pest control services.
RHSPL commenced operations from April 2007 and largely operates
out of Mumbai, though the company has recently setup offices in
Pune, Chennai, Hyderabad and Bangalore


RAMKUMAR MILLS: ICRA Reaffirms '[ICRA]B' Rating on INR9.63cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating assigned to the INR9.63 crore
term loan (reduced from INR12 crore) and INR19 crore fund based
limits (enhanced from INR15 crore) of Ramkumar Mills Private
Limited. ICRA has also reaffirmed '[ICRA] A4' rating assigned to
the INR4 crore fund based limits of the company.

The assigned ratings continue to remain constrained by RMPL's weak
financial profile marked by net losses, high gearing level and
weak debt servicing indicators. Besides, the ratings factor in the
delays in debt servicing by RMPL's group companies engaged in real
estate development. While reaffirming the ratings, ICRA has also
taken note of the various industry-specific constraints like
competition from low cost countries, presence of significant
unorganized segment which further intensifies competition, and
vulnerability of profit margins to regulatory changes, raw
material price fluctuations and exchange rates movements. The
assigned ratings however continue to draw comfort from the long
track record of RMPL in textile industry and its diversified
client base. Additionally, ICRA has taken note of the near term
plans of the group to liquidate its real estate assets, which if
successfully implemented would provide the much-required liquidity
to the group and improve its debt servicing capability.

Ramkumar Mills Private Limited is a family-owned, closely managed
company engaged in the processing of cotton and various blended
fabrics for the export as well as the domestic segments. The
company was incorporated in 1947 by late Mr. Yadalam S Nanjaiah
Setty and late Mr. Yadalam S Adinarayana Setty and has been in the
textile manufacturing business since then. However, the company
became a standalone fabric processing house only in 2002 through
divesting its spinning/weaving activities and investments into
technology upgradation under the TUFS. Currently, the company has
a total installed capacity of 25.20 million meters per annum for
bleaching, dyeing, printing and finishing of fabrics. Apart from
the fabric processing business, RMPL is also engaged in real
estate development through a joint venture with another affiliate
firm -- M/s Sumangala Properties. Additionally, another group
company of RMPL, Golden Tree Hotels Private Limited (rated LB by
ICRA), is currently developing a 140 room hotel at Rajajinagar,
Bangalore.

In FY2010-11, the company reported a net loss of INR0.25 crore on
an operating income of INR96 crore as against a net loss of INR2.7
crore on an operating income of INR80.7 crore in 2009-10.


SHREEJI OVERSEAS: CARE Puts 'CARE BB+' Rating on INR10.55cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Shreeji Overseas India Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
Long-term Bank Facilities         10.55     'CARE BB+' Assigned
Short-term bank Facilities        54.00     'CARE A4' Assigned

Rating Rationale

The ratings are constrained on account of the thin profitability
margins of Shreeji Overseas India Pvt Ltd resulting from the
trading nature of the business operations, exposure to the
commodity price fluctuations, high working-capital requirements
and stressed liquidity position.

The ratings, however, do take into account the rich experience of
the promoters of over two decades in the trading business and the
synergies with other group concern that is in the related
businesses of transportation services.

Increase in the scale of operations, efficient working-capital
management and improvement in the profitability margin in light of
the commodity price risk and foreign exchange risk are the key
rating sensitivities.

SOIPL is a small sized trading house based at Gandhidham near
Kandla Port in Gujarat. It is mainly engaged in the trading of
sulphur, bauxite, coal and other minerals. In addition to the
trading business, SOIPL also provides transportation services to
its clients through its fleet of over 150 trucks / trailers.
Another group company Kandla Cargo Carriers is involved in the
transportation and logistics business through its own fleet of
trucks and also provides transportation facilities to SOIPL. The
company was promoted by Mr K. B. Sharma in the year 2001 mainly
for importing sulphur and catering to the small industrial demands
of sulphur which it mainly purchases from Dubai based Emirates
Trading Agency LLC (ETA).


SIMRAN FOOD: CARE Assigns 'CARE BB-' Rating to INR7.25cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Simran
Food Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      7.25      'CARE BB-' Assigned

Rating Rationale

The rating takes into account the small size of operations of
SFPL, the commodity nature of the business characterized by
limited entry barriers, heavy competition especially from the
unorganized sector and regulated nature resulting in the volatile
and low margins for SFPL. In addition to the low-profitability
margins of SFPL, its financial risk profile is characterized by
the high leverage levels. At the same time the rating draws
comfort from the experienced promoters and the long track record
of operations of SFPL.

Going forward, the ability of a small-sized player like SFPL to
exercise control and improve margins, manage its working-capital
requirements effectively and in-turn its leverage levels would
be the key rating sensitivity.

Simran Food Private Limited was incorporated as a private limited
company by Mr Neekay Lal and his son Mr Vijay Gupta in 1998. The
company is engaged in the production and sale of whole wheat flour
and bran and has a capacity to produce 150 tonne of flour per day.
During FY11, SFPL reported a total operating income of INR33.7 cr
with PBILDT and PAT margins at 3.06% and 0.31% respectively.


TATA STEEL: Fitch Affirms 'BB+' LT Currency Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Tata Steel Limited's and Tata Steel UK
Holdings Limited's Long-Term Foreign Currency Issuer Default
Ratings (FC IDRs) at 'BB+' and 'B+', respectively. Fitch has also
affirmed TSL's National Long-Term Rating at 'Fitch AA(ind)'.  The
Outlook remains Stable.

The affirmations reflect the continuous steady improvement in
TSUKH's financial performance with the entity recording operating
profits over Q4FY10-Q1FY12.  However, its operating margins
continued to remain volatile due to fluctuations in raw material
prices.  The margins fell to around 2% in Q3FY11 before improving
to around 6% in Q4FY11.  Fitch expects TSUKH's profitability to
remain volatile; however, some comfort is drawn from the value-
added nature of its product profile, better management in the use
of production capacities and the ongoing improvements in
operational efficiencies and supply chain management.

The ratings also benefit from the deleveraging of consolidated
entity in FY11 resulting in net financial leverage (net debt/
operating EBITDAR) of 3.2x (FY10: 5.8x) driven by capital
infusion, sale of Teeside plant and stake sale in Riversdale.
Fitch expects the consolidated net financial leverage to remain
around 3x driven by high working capital requirements at TSUKH and
the additional debt for TSL's capacity expansion in India.  TSL's
greenfield capacity expansion at Orissa has gained momentum with
the phase 1 capacity of 3 metric tonnes per annum (mtpa) planned
for completion by FY14.  The 2.9 mtpa brownfield expansion at
Jamshedpur is expected to be completed by Q4FY12.

The Indian operations have remained strong, supported by high
steel prices resulting in EBITDA margins of 40.4% in Q1FY12.
Fitch expects the steel demand in India to be impacted in the near
term due to low growth rates in various end-user industries.
Nevertheless, the agency believes TSL's Indian operations to
continue to benefit from raw material integration.  However, any
significant and sustained drop in iron-ore prices may have a
negative impact on the performance of the consolidated entity.

Fitch continues to take a consolidated view of TSL in line with
its Parent and Subsidiary Rating Linkage methodology, with TSUKH's
rating benefiting from potential parental support.  TSL's ratings
continue to benefit from a one-notch uplift on account of the
potential support from the Tata group due to the former's
strategic importance to the group. Any weakening of linkages
between the group and TSL, and/or the group's inability to provide
support would likely affect the ratings negatively.

The ratings continue to reflect the strong liquidity of TSL and
TSUK with consolidated cash and bank balances of USD3,775m and
access to undrawn lines of USD1,218m as at end-June 2011.
Further, the limited repayments at TSUKH in the next four to five
years also support liquidity.

Positive rating guidelines for TSL's standalone FC IDR include net
financial leverage of below 2.5x on a sustained basis coupled with
sustained profitable operations at TSUKH.  TSL's national ratings
may be upgraded if its net financial leverage falls below 3x on a
sustained basis.  Conversely, net financial leverage exceeding 4x
on a sustained basis may warrant a notch downgrade on both the
national and the international ratings.

TSL:

  -- INR9.75bn commercial paper/short-term debt affirmed at 'Fitch
     A1+(ind)';

  -- INR30bn non-convertible debenture affirmed at 'Fitch AA
     (ind)';

  -- INR20bn non-convertible debenture affirmed at 'Fitch
     AA(ind)';

  -- INR12.5bn non-convertible debenture affirmed at 'Fitch
     AA(ind)';

  -- INR69.9bn long-term debt (enhanced from INR65bn) affirmed at
     'Fitch AA(ind)';

  -- INR15bn fund-based cash credit limits (enhanced from
     INR10.6bn) affirmed at 'Fitch AA(ind)';

  -- INR5bn non-fund based limits (reduced from INR7.6bn) affirmed
     at 'Fitch A1+(ind)';

  -- INR7.38bn fund-based limits (enhanced from INR7.25bn)
     affirmed at 'Fitch A1+(ind)' and assigned 'Fitch AA(ind)';
     and

  -- INR81.27bn non-fund based limits (enhanced from INR23.4bn)
     affirmed at 'Fitch AA(ind)' and assigned 'Fitch A1+(ind)'.

TSUKH:

  -- Secured bank facilities aggregating approximately GBP3.6bn
     affirmed at 'BB-' with a recovery rating of 'RR3'.


TYRE TECHNOCRATS: ICRA Assigns '[ICRA]BB' Rating to INR9.59cr Loan
------------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR9.59 crore, long-term,
fund based limits of Tyre Technocrats (India) Private Limited.
ICRA has also assigned '[ICRA]A4' rating to INR1.00 crore short-
term, non-fund based limits of the company. The outlook on the
long-term rating is 'stable'.

The assigned ratings take into account TTIPL's reputed clientele
and its track record of gaining repeat orders. TTIPL is engaged in
the trading, maintenance & service and retreading of OTR tyres, a
business which is tender-based in nature. While this exposes the
company to the risk of uncertain business orders, TTIPL has
maintained a healthy revenue growth over the last five years
(albeit on a small base) on the strength of the promoters'
experience and growth in OTR tyre demand. Currently, around 50% of
TTIPL's revenues are derived from Tata Steel Limited which exposes
the company to customer concentration risk.

The ratings are also constrained by TTIPL's moderate scale of
operations and stretched financial risk profile. The financial
profile of the company remains weak reflected in moderate
profitability, high gearing and stretched liquidity as reflected
in fully utilized working capital limits. Going forward, TTIPL's
ability to maintain its profitability and working capital cycle
would be critical for sustaining its credit profile. However,
TTIPL's status as an exclusive distributor of GIL's OTR tyres in
the states of Rajasthan, Jharkhand and Andhra Pradesh and plans to
expand presence in new states namely, Tamil Nadu and Karnataka are
positives which are expected to create opportunities for steady
growth over the medium term in a niche although expanding segment
of OTR tyres.

TTIPL was set up in 1995 by Mr. Raj Talreja along with his family
members. The company started as a repair unit for radial OTR tyres
with a single plant in Udaipur and a separate Tread rubber
manufacture unit to produce different types of rubber compound as
per the requirement of the customers. In 2001, TTIPL was appointed
as the sole distributor and an authorized repairer and service
provider of OTR tyres for the state of Rajasthan. The company was
later awarded the additional distributorship for Jharkand and
Andhra Pradesh by GIL. Besides, TTIPL undertakes onsite repair and
maintenance work of OTR tyres for Tata Steel Limited and Hindustan
Zinc Limited.  TTIPL has onsite crews on both the sites that
provide complete tyre management services like regular tyre
checkups, air inflations, tyre removal and fitment from and on to
the equipment and maintenance of tyre records.


UNIQUE BIOTECH: ICRA Cuts Rating on INR19.51cr Loan to '[ICRA]D'
----------------------------------------------------------------
ICRA has downgraded the rating outstanding on INR19.51 crore long
term fund based facilities to '[ICRA]D' from 'LBBB-'. ICRA has
also downgraded the rating outstanding on INR1.92 crore short term
fund based facilities to '[ICRA]D' from 'A3'.

The rating revision takes into account instances of delays in debt
repayments. During 2010-11, the company enhanced its production
capacity of the sachharomyces boulardi (probiotic yeast) and
changed manufacturing process for serratiopeptidase (enzyme) at a
total cost of INR4.71 crore. Further, the company has been facing
problems in getting timely payments from its domestic debtors
leading to stretched liquidity.

The ratings continue to be constrained by Unique Biotech's small
scale of operations and pricing pressure on account of growing
competition and the exposure to fluctuations in raw material
prices and currency parities as the increasing competitive
intensity limits the ability to pass on the same to the customers.
ICRA also notes that the company has high client concentration
(top 3 clients contributed about 36% of the company's revenues in
2010-11).

The assigned ratings take into account UBL's favorable financial
profile reflected in high operating margins and comfortable debt
coverage indicators supported by relatively moderate gearing. The
production of enzymes and yeasts could help Unique Biotech boost
the revenues in FY12. The ratings also factor in UBL's entry into
formulations business by entering into marketing arrangements with
various companies.

                         About Unique Biotech

Incorporated in December 2000, Unique Biotech Limited is primarily
involved in the manufacture and marketing of probiotics as
individual cultures, blends and finished formulations. The company
has also started manufacturing serratiopeptidase and sachharomyces
boulardi. Further, the company has entered formulation of
probiotics and manufactures capsules, tablets etc. Although the
company is focussed on human healthcare, it also markets some
probiotic strains for poultry, pet animals and livestock in bulk
as well as finished formulations (feed supplements). The company
markets its products to domestic pharmaceutical companies besides
exports to countries like the US, Europe, Japan, Switzerland and
Korea. The company was promoted by Dr. M. Ratna Sudha and Dr.
R.V.S.K Chakravarthy. Dr. M. Ratna Sudha oversees the company's
operations in the capacity of Managing Director.


VAISHNAVI COTTON: CARE Assigns 'CARE B' Rating to INR7cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of M/S
Vaishnavi Cotton Industries.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      7.00      'CARE B' Assigned

Rating Rationale

The rating is primarily constrained by modest scale of operations
of M/s Vaishnavi Cotton Industries, its presence in the lowest
segment of textile value chain having limited value addition,
volatility associated with the cotton prices and government
policies impacting business. The rating is further constrained by
VCI's constitution as a partnership firm restricting its financial
flexibility and its weak financial profile marked by thin &
fluctuating profitability, low capital base and high overall
gearing ratio. The ratings however, draw strength from the
experience of the promoters and locational advantage on account of
proximity to the cotton growing regions of Gujarat.  Increase in
scale of operations and ability of VCI to manage volatility
associated with the cotton prices leading to improvement in
profitability and cash accruals is the key rating sensitivity.

M/s Vaishnavi Cotton Industries was incorporated in 2006 as a
partnership firm at Kadi in Mehsana, Gujarat. The firm is promoted
by fifteen partners of Patel family. Mr Natvarlal Patel is the
managing partner who looks after the overall operations. The firm
is engaged into business of cotton ginning and pressing to produce
cotton bales and cotton seeds. The product is mainly used in
the manufacturing of cotton yarn in the textile industry. The firm
has an installed capacity of 6682 MTPA for cotton bales and 9800
MTPA for cotton seeds. VCI sells its product through brokers,
agents and distributors. Raw cotton (Shankar 6), which is the
major raw material, is procured from the local vendors and farmers
in Gujarat


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


CORSAIR (JERSEY) NO. 2: S&P Hikes Rating on Portfolio F360 to 'B+'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on seven
tranches relating to seven Japanese synthetic collateralized debt
obligation (CDO) transactions, and at the same time removed these
ratings from CreditWatch with positive implications.

"The rating actions are part of our regular monthly review of
synthetic CDOs for which ratings have been placed on CreditWatch
with positive or negative implications. These actions incorporate,
among other things, the effect of rating migration within
reference portfolios," S&P related.

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

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

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

Silk Road Plus PLC
Limited-recourse secured floating-rate credit-linked notes series
2 class

B1-U
To           From                    Issue amount
B (sf)       B- (sf)/Watch Pos       $70.0 mil.

Limited recourse secured floating-rate credit-linked notes series
5 class

C1-J
To            From                      Issue amount
B- (sf)       CCC+ (sf)/Watch Pos       JPY1.0 bil.

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

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


GK ORSO: Downward Revision Cues Fitch to Lower Ratings on Note
--------------------------------------------------------------
Fitch Ratings has downgraded G.K. Orso Funding CMBS 7's class B to
F notes and affirmed class A notes, all due May 2014.  The
transaction is a Japanese multi-borrower type CMBS securitisation.
The rating actions are as follows:

  -- JPY16.24bn* Class A notes affirmed at 'AAAsf'; Outlook Stable
  -- JPY5bn* Class B notes downgraded to 'Asf' from 'AAsf';
     Outlook Stable
  -- JPY5bn* Class C notes downgraded to 'BBsf' from 'BBBsf';
     Outlook Negative
  -- JPY5bn* Class D notes downgraded to 'CCCsf' from 'BB-sf';
     assigned a Recovery Rating of 'RR3'
  -- JPY5.47bn* Class E notes downgraded to 'CCsf' from 'CCCsf';
     Recovery Rating revised to 'RR6' from 'RR4'
  -- JPY0.83bn* Class F notes downgraded to 'CCsf' from 'CCCsf';
     Recovery Rating revised to 'RR6' from 'RR5'

The downgrade of the class B to F notes reflects Fitch's downward
revision of the value of the portfolio's 26 of the 27 underlying
properties since the agency's previous rating action in September
2010.  The agency has revised its estimated cash flow on eight
properties, taking into account their recent weak cash flow
performance.  The agency also adopted higher capitalization rates
for all the properties, as two underlying loans have defaulted and
the remaining three loans are approaching their maturity, in turn
negatively affecting the property valuations.  With regard to one
defaulted loan, the servicer is carrying out the property sale in
accordance with its workout plan, which allows selling the
property at a price lower than the current loan balance.

The downgrade of the class B notes also reflects Fitch's view that
this class may not be repaid in full by mid-2013, in advance of
the legal maturity.  This is because the agency expects that the
full repayment of the class B notes would require selling most of
the remaining properties, including those that are less
marketable, which may take longer-than-expected.

The affirmation of the class A notes reflects that all future loan
repayment proceeds will be applied to the notes on a sequential
basis, as all remaining underlying loans are either in default or
breaching loan-to-value tests.  Most loan repayment proceeds to
date have also been applied on a sequential basis, with only a
small amount repaying the notes principal on a pro rata basis
following the sale of properties prior to loan maturity.  Fitch
expects that the class A notes will likely be repaid in full well
before the legal final maturity date, as expected sales proceeds
from marketable multi-family residential properties can cover the
majority of the current balance.

At closing the transaction was a securitisation of four non-
recourse loans and two Tokutei Mokuteki Kaisha specified bonds
(TMK bonds), which were ultimately backed by 42 real estate
properties.  The transaction is now backed by four loans and one
TMK bond, ultimately backed by a total of 27 properties.


JLOC 36: S&P Lowers Rating on Class D Floating-Rate Notes to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its rating on the class D floating-rate secured notes issued
under the JLOC 36 LLC transaction. "At the same time, we affirmed
the ratings on the class A1 to C2 notes. On July 15, 2011, we
withdrew our rating on the interest-only (IO) class X notes in
accordance with our revised methodology for rating IO securities,
which we published on April 15, 2010," S&P said.

"On May 27, 2011, we lowered to 'CC (sf)' from 'CCC- (sf)' our
rating on class D because the principal on the securitized portion
of one of the transaction's loans (the loan originally represented
about 1% of the total initial issuance amount of the notes) was
impaired, causing class D to incur an effective loss. We lowered
to 'D (sf)' our rating on the class D notes because the
interest payment on that class was only partly made on the
interest payment date in August 2011, and no payment of accrued
(unpaid) interest has been made since that date or is set to be
made in the future," S&P related.

Of the 34 nonrecourse loans that initially backed the
transactions, only 16 loans remain (the 16 loans originally
represented about 48% of the total initial issuance amount of the
notes). "We had lowered our assumption with respect to the likely
collection amount from the properties backing five of the 16
remaining loans (the five loans originally represented about 16%
of the total initial issuance amount of the notes) after
reconsidering the recovery prospects of the properties in question
based on a number of factors, including the performance of the
properties and a comparison with real estate deals involving
similar asset types. We estimated the combined value of the
properties to be about 63% of our initial underwriting value,
whereas we assumed it to be about 73% of our initial underwriting
value in our previous revision," S&P stated.

"Notwithstanding the revision, this time, we affirmed our ratings
on classes A1 to C2 because the credit enhancement levels for
these classes have improved as loan recovery has progressed. In
addition, we did not raise the ratings on classes A1 to B because,
although the credit enhancement levels for these classes have
increased, the derivative contracts relating to this transaction
do not satisfy our criteria for assessing counterparty risk, which
we revised in December 2010 (see the media release, 'Ratings On
Classes A1 To B Of JLOC 36 LLC Lowered To 'A+ (sf)'; Rating On
Class X Withdrawn,' published July 15, 2011, on RatingsDirect on
the Global Credit Portal)," S&P related.

JLOC 36 LLC is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The notes issued under this
transaction were originally secured by 34 nonrecourse loans, which
were originally backed by 99 real estate properties. The
transaction was arranged by Morgan Stanley Japan Securities
Co. Ltd., and Premier Asset Management & Loan Services Corp. acts
as the servicer for this transaction.

"The ratings reflect our opinion on the likelihood of the full and
timely payment of interest and ultimate repayment of principal by
the transaction's legal final maturity date in February 2016 for
the class A1 to A3 notes, and the full payment of interest and
ultimate repayment of principal by the legal final maturity date
for the class B to D notes," S&P added.

Rating Lowered
JLOC 36 LLC
JPY59.1 billion equivalent secured notes due February 2016
Class     To          From         Initial issue amount
D         D (sf)      CC (sf)      JPY4.3 bil.

Ratings Affirmed
Class       Rating         Initial notional principal
A1          A+ (sf)        JPY29.05 bil.
A2          A+ (sf)        EUR65,300,000
A3          A+ (sf)        $8,000,000
B           A+ (sf)        JPY6.8 bil.
C1          BB+ (sf)       JPY3.6 bil.
C2          BB+ (sf)       EUR24,250,000


TOKYO ELECTRIC: May Receive Up to 500,000 Damages Claims
--------------------------------------------------------
Tsuyoshi Inajima at Bloomberg News reports that Tokyo Electric
Power Co. Managing Director Naomi Hirose said the company may
receive as many as 500,000 claims from individuals and companies
for damages through to the end of August after the Fukushima
nuclear disaster.

According to Bloomberg, Ms. Hirose said the company has paid out
JPY112 billion in initial compensation to those affected by the
radiation spewing from its Fukushima Dai-Ichi nuclear station.

The company hasn't estimated how much it will have to pay out in
damages for the disaster, Bloomberg adds.

                           About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years.  More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co., Inc. (TEPCO).  The ratings confirmed include
its senior secured rating of Ba2, long-term issuer rating of B1,
and Corporate Family Rating of Ba3.  The ratings outlook is
negative.


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


ALLIED FARMERS: Posts NZ$43 Million Operating Loss in FY2011
------------------------------------------------------------
Allied Farmers Limited announced Monday an unaudited operating
loss after tax of $43.0 million (2010:NZ$77.6 million loss) for
the 12 month period ended June 30, 2011.  The result for the year
includes further impairment losses ofNZ$29.7 million on the assets
acquired in December 2009 from Hanover Finance and United Finance.

Allied Farmers has had a very challenging year with a number of
factors heavily influencing the operations and financial results
of the company:

   * the impact of the receivership of Allied Nationwide Finance
     Limited on Aug. 20, 2010, had a severe impact on the Rural
     Division as it lost the primary source of funding for its
     rural customers, and resulted in the abandonment of the
     proposed underwritten capital raising announced on Aug. 3,
     2010;

   * the failure to collect a significant rural debtor within
     contracted terms, which is subject to pending Allied Farmers
     initiated legal action, had the impact of reducing cash flow
     for the Rural Division with consequences for its working
     capital, which constrained supplies and detrimentally
     impacted the result;

   * the continued impact of write-downs relating to the assets
     acquired from Hanover Finance and United Finance for the
     year, as we continued to meet the market where necessary and

However while the year has been overall very challenging there
were, and continue to be, a number of positives. These have
included:

   * a reduction of secured liabilities acquired as part of the
     Hanover transaction from NZ$44.3 million at June 2010 to
     NZ$5.5 million at June 2011. Interest costs paid on these
     loans was NZ$3.0 million in the year, and is expected to fall
     to NZ$0.3 million in the forthcoming year;

   * the repayment of the NZ$16.5 million term loan to Westpac
     (repaying all term loan facilities with Westpac);

   * a near record result from the livestock operations with
     earnings ahead of the prior year by over NZ$1 million;

   * the continued success of mylivestock.co.nz website in online
     livestock marketing and trading;

   * the improved outlook for the dairy industry, which we are
     confident will result in improved profitability for our Rural
     Division;

   * A recent increase in interest in some of the former Hanover
     Finance and United Finance assets, that has seen improved
     outcomes than those achieved during the previous twelve
     months. While early days the Directors are encouraged by
     this outcome;

   * The dedication and loyalty of the staff in the face of offers
     from competitors, and the challenging business environment
     within which the group has been trading.

While the Directors acknowledge and highlight the unsatisfactory
result, in addition to the factors mentioned above, a number of
factors have influenced the accounting result. The results and
accounts have had to factor in:

   * The value of a disputed obligation to Hanover of NZ$5 million
     that under International Financial Reporting Standards is
     required to be fully provided, despite the view of the Board
     and its legal advice that a favorable outcome will be
     achieved;

   * The impact of consolidation upon the values held of trading
     subsidiaries including the value of:

     -- The Merchandise division, the value of which is included
        in the parent company accounts at valuation, but which is
        recorded in the consolidated group accounts at a lower net
        book value. The parent company value was subsequently
        substantiated in the sale to RD1 completed on Aug. 10,
        2011;

     -- Similarly, the other trading divisions that are held at
        values considered appropriate by the Directors in the
        parent company accounts, but through the preparation of
        consolidated accounts are largely eliminated and held at
        much lower holding levels.

The completion of the audit in the next few weeks will also
confirm the position of the number of additional shares that need
to be issued under the bonus share mechanism approved by
shareholders at the time of the Hanover transaction, and the share
placement in August 2010. The cost of these additional shares had
been fully provided in the accounts. In anticipation of the issue
of the new shares, this provision has been capitalized and
accordingly shareholders' funds have increased by the value of the
shares to be issued (calculated at June 30). This increase in
shareholders' funds is intended to preserve the Net Tangible
Assets per share on issue.

Allied Farmers Investments Ltd (the asset management subsidiary
which holds assets acquired from Hanover Finance and United
Finance) incurred a loss of NZ$34.1 million for the year. As part
of the obligations of the Hanover transaction, AFL was required to
obtain independent valuations for all the significant assets at
June 30, 2011. The valuations have required these assets to be
further impaired by NZ$29.7 million. A number of factors
contributed to the lower valuations, including the continued
softness of both the market for lifestyle assets and the Fijian
market where Hanover had significant assets. In particular, the
impact of the receivership of Matarangi Beach Estates, and a write
down of a redevelopment loan in the greater Auckland area
collectively resulted in nearly half the total writedown.

The total value of the Hanover Finance and United Finance assets
realized since December 2009 and currently held is NZ$93.6
million. The result for the Rural Division was heavily influenced
by the losses in the merchandising division, which overshadowed
the excellent livestock division result. The sale of the
Merchandising division was a difficult decision, but should see
the Rural Division return to profitability in the forthcoming
year. Whilst merchandise had been a core part of the business
throughout the Company's history, in a highly and increasingly
competitive market where margins were continuing to be under
significant pressure, we could not see this division returning a
satisfactory return on capital in the short or medium term. The
sale of the division to RD1 has seen most of the staff retained,
and the company's loyal farmer customers still being serviced in
the key locations.

There continues to be a number of positive restructuring changes
planned for the remaining Rural business in the face of a highly
competitive business environment. These are expected to be
finalized and announced in the near term. However, the outlook for
the group remains challenging and the ongoing support of the
group's stakeholders will be important going forward.

                       About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
June 13, 2011, BusinessDesk said Allied Farmers Limited has gained
a nine-month reprieve on repaying a NZ$7.5 million loan to the
receivers of its failed Allied Nationwide Finance unit that was
due on July 1.  Allied Farmers entered into two loan agreements
with Allied Nationwide last year, converting its existing debt
factoring, credit enhancement and related party loan arrangements.
All of Allied Farmers' assets are secured by a general deed
covering the loans.


NEW ZEALAND PRESS: To Close After 131 Years
-------------------------------------------
BBC News reports that the New Zealand Press Association (NZPA) is
closing, ending 131 years of supplying news to the country's print
media.

The company struggled in recent years as media ownership and
distribution in New Zealand changed, BBC says.

BBC notes that 40 journalists will lose their jobs with the
closure of offices in Wellington, Auckland and Sydney.

According to BBC, Deputy Editor Greg Tourelle said it was a sad
day, but New Zealand media remained a competitive industry.

NZPA was set up in 1879 and was New Zealand's only independent
news agency.  It was owned by New Zealand's daily newspaper
publishers and supplied the 26 daily newspapers with a 24-hour
national and international news service and news images.

All the newspapers paid a subscription, based on their
circulation, to share news, and it meant that even a small
regional paper with few staff could carry news of national
interest if it happened at the other end of the country.

But NZPA's future became uncertain when Australian media company
Fairfax decided not to continue subscriptions, BBC notes.

Australian media companies Fairfax and APN now own all but five of
New Zealand's daily newspapers.

Fairfax owns the capital's Dominion Post, The Press in
Christchurch and The Sunday Star-Times among other titles, while
APN owns the country's largest daily, the New Zealand Herald, and
a handful of regional daily publications.

Both are increasing their staffing to provide national news for
their own publications, which had previously relied on NZPA. APN
will also join with the five independent papers to provide an
internal newswire.


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


GLOBE ASIATIQUE: DOJ Indicts Executives for Syndicated Estafa
-------------------------------------------------------------
Macon Ramos-Araneta at Manila Standard Today reports that the
Justice Department has recommended syndicated estafa charges filed
against Globe Asiatique Realty and Holdings Corp. president Delfin
Lee and four other people.

Manila Standard relates that a Justice Department task force found
probable cause to charge Mr. Lee for syndicated estafa
constituting economic sabotage.  The department made its
recommendation after acting on the complaint filed by the Home
Development Mutual Fund or Pag-IBIG Fund and the National Bureau
of Investigation, the report says.

According to the report, the department also charged Mr. Lee's son
Dexter, Globe Asiatique officers Christina Sagun and Christina
Salagan, and Pag-IBIG Fund employee Alex Alvarez.

No bail was recommended for them, the report notes.

"Having earlier established respondents' commission of estafa, it
is pristine clear that the first and second elements of the
offense of syndicated estafa have already been satisfied in the
instant case," Manila Standard quotes Senior Deputy State
Prosecutor Theodore Villanueva as saying.

Manila Standard relates that the task force said the complainants
were able establish the false pretenses or fraudulent means that
Globe Asiatique had used.

"The fact that [Globe Asiatique] has employed fictitious buyers to
be able to obtain funds from the Pag-IBIG Fund . . . has been
fully established by witnesses Francisco dela Cruz and Veniza
Santos Panem, who both referred to the scheme as 'special buyers'
arrangement," the task force said.

"What is more, evidence on hand shows that effective August 2010
and until the present, [Globe Asiatique] failed and continuously
failed to remit to HDMF the monthly housing loan amortizations of
its borrowers for the Xevera projects in Pampanga."  The task
force dismissed the charges against Ramon Palma Gil, Lerma Vitug,
Tintin Fonclara, Geraldine Fonclara, Revelyn Reyes, Rod Macaspac,
Marvin Arevalo, Joan Borbon, Christian Cruz, Rodolfo Malabanan,
Nannet Haguiling, and John Tungol.

It was the first of four criminal cases filed by the NBI and the
Pag-IBIG Fund for bogus housing loans and questionable housing
development projects, Manila Standard notes.

                        Pag-IBIG Fund Mess

Meanwhile, the Philippine Daily Inquirer reports that members of
the previous board of Pag-IBIG Fund, led by then Vice President
Noli de Castro, could be liable for the questionable multibillion-
peso loans obtained by Globe Asiatique.

According to the Inquirer, Sen. Serge Osmena III said the housing
firm would have been unable to obtain such a huge loan without
bribing somebody.

"You know, there is always the bribe-giver and the bribe-taker.
How (else) would Delfin Lee have acquired the PHP12-billion loan?"
the Inquirer quotes Sen. Osmena as saying.

Sen. Osmena said it was the members of the board of Pag-IBIG Fund
under Mr. De Castro, who approved the multibillion-peso loan
releases to Globe Asiatique.

While Sen. Osmena admitted there was no direct evidence against
Mr. De Castro, the agency approved the questioned housing deal
with Globe Asiatique while the latter was chair of Pag-IBIG Fund.

However, Sen. Osmena said Pag-IBIG would not release the P12
billion to the real estate firm without board approval.

According to the Inquirer, Sen. Osmena said the decision whether
to include Mr. De Castro in the charge sheet would be "up to the
evidence that is in the hands of the National Bureau of
Investigation" to which he turned over documents perused by Senate
probers.

In 2008, Manila Standard recalls, Globe Asiatique signed a deal
with the Pag-IBIG to finance its Xevera housing project in
Mabalacat, Pampanga.

On Oct. 29, 2010, Pag-IBIG and the Housing and Urban Development
Coordinating Council, through the NBI, filed the criminal
complaint against Mr. Lee and 16 others, Manila Standard
discloses.

Manila Standard relates that the two agencies claimed that the
company took out at least PHP6.6 billion in housing loans for the
buyers of its housing projects in Pampanga.

From the 9,951 alleged Pag-IBIG borrowers in the Globe Asiatique
deals, 1,000 could not be located, 400 denied applying for housing
loans, and 200 had incomplete documents for the transaction.

Mr. Lee denied there was a conspiracy among the company's
executives to defraud the contributions of the members of the Pag-
IBIG Fund. He blamed Pag-IBIG's management for failing to do their
job properly and validating if the borrowers were legitimate.

                        About Globe Asiatique

Based in Pasig City, Philippines, Globe Asiatique Realty Holdings
Corporation engages in developing and selling real estate
properties, primarily residential houses, and lot and condominium
units in the Philippines.  The company also leases spaces for
commercial use, such as offices, restaurants, and retail shops;
and offers a range of services to assist in residential
developments, including tenant sourcing, screening, unit viewing,
document processing, key handling, and facilitating payments.


                             *********

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

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

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


                            *********


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

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

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

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

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





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