TCRAP_Public/110902.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

           Friday, September 2, 2011, Vol. 14, No. 174

                            Headlines



A U S T R A L I A

ILLAWARA SERIES: Moody's Assigns Ba2 Def. Rating to Class E Certs.
INTERPACIFIC RESORTS: Liquidators in Talks with Resort's Buyers
LIFESTYLE RESORTS: In Receivership; Deloitte to Start Asset Sale
PROSERPINE SUGAR: Receivership Looms After Rejecting Takeover
SUPPLY ONE: Calls in Worrells as Liquidators

TEAM BONDI: Goes Into Administration, Sells IP Assets
WELL BEING: Goes Into Administration, Owes AU$7MM++ to Creditors


C H I N A

GREAT CHINA INT'L: Posts US$228,700 Net Loss in 2nd Quarter
HIDILI INDUSTRY: Moody's Says B1 CFR Unaffected by 1H 2011 Results
SHANGHAI ZENDAI: S&P Cuts Corp. Credit Rating to 'B-'; Outlook Neg
SINO-FOREST CORP: Investors File US$6.6-Bil. Class Action Suit
SUNRISE REAL ESTATE: Incurs US$845,000 Second Quarter Net Loss

YOU ON DEMAND: Posts US$5.8 Million Net Loss in Q2 Ended June 30


H O N G  K O N G

NICE THEME: Creditors Get 40% Recovery on Claims
ORIENTAL RESOURCES: Court Enters Wind-Up Order
PACIFIC ASIA: Yu and Choi Appointed as Liquidators
PARALLEL PROMOTION: Court Enters Wind-Up Order
SCORES PROPERTY: Court to Hear Wind-Up Petition on Sept. 14

SILVER YIELD: Court Enters Wind-Up Order
SINO FAME: Creditors Get 1.2% Recovery on Claims
SKY WINNING: Court Enters Wind-Up Order
SONIC ENTERPRISES: Contributories and Creditors to Meet on Sept. 9
STRONG RICH: Court to Hear Wind-Up Petition on Oct. 12

SUNTON INTERNATIONAL: Court Enters Wind-Up Order
SUPER STEP: Court to Hear Wind-Up Petition on Oct. 19
TAT KWONG: Court to Hear Wind-Up Petition on Oct. 19
TRAVEL PRODUCTS: Wardell and Lui Appointed as Liquidators
TRIANGLE LINK: Court Enters Wind-Up Order

WAI KWONG: Law and Kwok Step Down as Liquidators
WORLD GRACE: Court Enters Wind-Up Order


I N D I A

ADITYA STEEL: CRISIL Assigns 'CRISIL BB-' Rating to INR10MM Loan
AIR INDIA: Set to Get INR6,600cr Equity Infusion from Government
ASIATIC INDUSTRIES: CRISIL Puts 'CRISIL B+' Rating on INR20MM Loan
CHOLEY LACHUNGPA: CRISIL Rates INR85MM Cash Credit at 'CRISIL B+'
JINDAL ARYA: CRISIL Assigns 'CRISIL BB' Rating to INR30MM Loan

KALINGA FERRO: CRISIL Assigns 'CRISIL B+' Rating to INR55MM Loan
KANHAIYA LAL: CRISIL Rates INR80MM Cash Credit at 'CRISIL BB-'
KARNATAKA ROADLINES: CRISIL Places 'CRISIL BB-' on INR22MM Loan
M.M. CREATIONS: CRISIL Places 'CRISIL D' Rating on INR50MM LT Loan
MADHUSALA DRINKS: CRISIL Cuts Rating on INR45MM Loan to 'CRISIL D'

NIRBHAI TEXTILES: CRISIL Puts 'CRISIL BB-' Rating on INR50MM Loan
NKCM SPINNERS: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
PRESCISION INFOMATIC: Fitch Assigns 'B+' National LT Rating
RAJESH POWER: CRISIL Puts 'CRISIL BB+' Rating on INR30MM Loan
RAJEEV EDUCATION: CRISIL Rates INR115MM LT Loan at 'CRISIL BB'

RATNAVEER STAINLESS: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
SAI POINT: CRISIL Assigns 'CRISIL D' Rating to INR42MM Term Loan
SARTHAK METALS: CRISIL Reaffirms 'CRISIL BB+' Term Loan Rating
SHAKTI YARN: CRISIL Rates INR180MM Cash Credit at ' CRISIL BB'
SIGACHI CHLORO-CHEMICALS: CRISIL Rates INR7.7MM Loan at 'B+'

S.R.S. INDUSTRIES: CRISIL Puts 'CRISIL B+' Rating on INR65MM Loan
SUN PAPER: CRISIL Reaffirms 'CRISIL BB-' Rating on INR204.6MM Loan
WAVES HOTELS: CRISIL Rates INR300MM Term Loan at 'CRISIL BB-'


J A P A N

PROMISE CO: AZ Card Unit Files for Liquidation


N E P A L

* NEPAL: PAC Recommends to Liquidate Three Public Enterprises


N E W  Z E A L A N D

NATIONAL FINANCE: Former Execs to Stand Trial in July Next Year
HUHTAMAKI OYJ: To Close Loss-Making NZ Unit; Axes 135 Jobs
ST LAURENCE LIMITED: Investors to Get 3c Payout This Month


P H I L I P P I N E S

MANILA CAVITE: S&P Puts 'B' Rating on $160-Mil. Notes on Watch Neg
TRANS-ASIA OIL: ERC Approves Rate Hike to Cure Five-year Loss


S I N G A P O R E

AMARU INC: Articles Amended for Hike to 400MM Authorized Shares


T A I W A N

XODTEC LED: Cancels US$2.54 Million CEO and Director Debts


V I E T N A M

HOANG ANH: S&P Puts 'B' CCR on Watch Negative on Weak Performance


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            - - - - -


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


ILLAWARA SERIES: Moody's Assigns Ba2 Def. Rating to Class E Certs.
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
Illawarra Series 2011-1 CMBS Trust $203 Million SME CMBS
securitization. The Notes are to be issued by BNY Trust Australia
Limited as trustee of the Illawarra Series 2011-1 CMBS Trust.

Issuer: Illawara Series 2011-1 CMBS Trust

   -- AUD167.08M Class A Certificate, Definitive Rating Assigned
      Aaa (sf)

   -- AUD5.17M Class B Certificate, Definitive Rating Assigned Aa2
      (sf)

   -- AUD8.41M Class C Certificate, Definitive Rating Assigned A2
      (sf)

   -- AUD9.73M Class D Certificate, Definitive Rating Assigned
      Baa2 (sf)

   -- AUD2.03M Class E Certificate, Definitive Rating Assigned Ba2
      (sf)

   -- AUD6.08M Class F Certificate, Definitive Rating Assigned Ba3
      (sf)

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to the
Class A, Class B, Class C, Class D, Class E, and Class F Notes by
the legal final maturity. The Class G Notes are not rated.

Ratings Rationale

The assets in Illawarra Series 2011-1 CMBS Trust consist of small
commercial loans secured on commercial and residential properties
within Australia.  As of July 12, 2011, there were a total of 750
underlying loans in the pool with a maximum loan size of
AUD1.4 million.

The ratings take account of, among other factors:

- The 17.5% subordination provided to the Class A Notes by Class B
  to Class G Notes. This is equivalent to Moody's Aaa credit
  enhancement.

Moody's expected loss for this transaction is 1.7%.

- A liquidity reserve, equal to 1.9% of the outstanding amount of
  the notes, will provide liquidity support to the transaction.
  The reserve will amortise in line with the overall note balance
  until the overall Note balance reaches AUD20.3 million.

- The notes will initially be repaid on a sequential basis.
  Following the satisfaction of a number of conditions, including
  once the initial Class A Notes subordination has doubled, all
  Notes will receive a pro-rata share of principal. This continues
  until certain triggers are hit, such as an unreimbursed charge
  off occurs or the pool hits a 10% pool factor.

At that point, the payment of the notes will revert to a
sequential basis.

- The interest rate swap the Trustee enters into with IMB to hedge
  the interest rate mismatch between the Trustee's floating rate
  obligations to note holders and the interest rates on the fixed
  rate mortgage loans.

Westpac Banking Corporation (Aa2/P-1) acts as standby swap
provider in relation to the fixed rate loans.

- The experience of IMB in servicing a securitised mortgage
  portfolio.

IMB has previously completed seven securitisations, with its first
SME CMBS deal completed in 2004. This highlights the lender's
experience as a manager and servicer of securitised transactions.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Australian's SME CMBS" published in
January 2009.

Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Medium. Although this
transaction is SME CMBS, attributes of the structure and
underlying collateral result in comparison to Australian Prime
RMBS, which has a Low/Medium volatility score, as being more
informative than compared to Australian CMBS.

As compared to the Prime RMBS sector this transaction exhibit
greater variability in quality of historic data (seven years of
SME CMBS data compared to over 10 years of RMBS data and over 20
years of residential mortgage insurance claim history) and
analytic complexity (SME MoRE was used in the modeling of this
transaction which has been used to rate deals since 2007, though
its use has been limited).

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V Score has been assigned according to the report "V
Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process -- here the rating
levels of the mortgage insurers -- differed. The analysis assumes
that the deal has not aged.

Parameter Sensitivities only reflect the ratings impact of each
scenario from a quantitative/model-indicated standpoint.

For this transaction the Class A and Class B Notes' ratings are
not sensitive to a 50% and 100% increase in the expected loss due
to the fact higher losses would lead to un-reimbursed charge off
and result in the structure paying sequentially.

The Class C and D Notes do show some sensitivity with the same
increase in expected loss but these classes benefit from their
10.8% and 6% initial subordination. If the expected loss were to
double to 3.4% the ratings of the Class C and Class D would be
downgraded to A3 and Ba1, respectively.

The Class E and F Notes show the most sensitivity, with their
ratings decreasing three notches, to B2 and B3, respectively, when
the expected loss is doubled.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.


INTERPACIFIC RESORTS: Liquidators in Talks with Resort's Buyers
---------------------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that negotiations are
under way with several potential buyers of Couran Cove, developed
by Interpacific Resorts (Aust) Pty Ltd, sparking hope the key Gold
Coast tourism asset will be sold to a new operator and
reinvigorated.

According to the report, Michael Cave, a spokesman for Ferrier
Hodgson, which was appointed in May to sell the South Stradbroke
Island resort, said a number of expressions of interest (EOI) had
been received.

The EOI campaign closed on August 5, goldcoast.com.au says.

The news agency discloses that the list of freehold and leasehold
assets for Couran Cove include 158 units and a waterfront building
that has a reception area, cafes, conference facilities and
function rooms, plus a beachfront surf club.  The main leasehold
assets are 102 marina berths and jetties.

There is also the option of the new owner progressing plans for
198 strata-titled cabins, 14 units and a yacht club, which were
part of the original masterplan but have so far not been approved
for development, according to the report.

Colliers International started marketing the property in June and
industry sources have reported interest since then from overseas
buyers and those linked to the mining sector in southeast
Queensland, goldcoast.com.au relays.

As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2011, ninemsn said Ferrier Hodgson partners Will Colwell
and Tim Michael have been appointed members' voluntary liquidators
over the four companies that own and control the real estate and
rights to the Couran Cove Island Resort.  The four companies are
subsidiaries of the US-based InterPacific Group Inc.  They are
InterPacific Resorts (Australia) Pty Ltd; InterPacific Group
(Australia) Pty Ltd; Couran Cove Management Pty Ltd; and Couran
Cove Services Pty Ltd.  InterPacific said the resort had been
operating at "a significant trading loss" for a number of years.

Interpacific Resorts (Aust) Pty Ltd is the developer of the Couran
Cove Island Resort located on South Stradbroke Island, in
Australia.


LIFESTYLE RESORTS: In Receivership; Deloitte to Start Asset Sale
----------------------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that four resorts for the
over-50s will be sold off after Lifestyle Resorts Australia and
associated companies were put in the hands of receivers.

John Greig and Richard Hughes of Deloitte have been appointed as
receivers and managers of the companies, which are owned by
property developer Bob Morrison, goldcoast.com.au says.

The businesses will continue to trade but a marketing campaign
will start next month to sell off the assets, the report says.

The companies in receivership also include Lifestyle Resorts
Developments, Sunforth, Rockhampton North Lifestyle Development
Company and Goldened.

According to the report, receivers said 60 unsecured creditors
were out of pocket about AUD1.5 million.

Lifestyle Resorts Australia and associated companies own Riverside
Residential Resort in Upper Coomera, Lifestyle Resorts Australia
Tweed Coast at Banora Point, Oyster Cove Residential Resort at
Yamba and Rockhampton North Lifestyle Resort in central
Queensland.


PROSERPINE SUGAR: Receivership Looms After Rejecting Takeover
-------------------------------------------------------------
Kim Honan at ABC Rural reports that the Proserpine Sugar Mill in
north Queensland is at risk of going into administration or
receivership following the rejection of a AU$115 million takeover
offer by foreign owned Sucrogen.

The mill is required to repay AU$15 million loan to Sucrogen
within five working days, and meet a significant financial
commitment to Westpac Bank, which involves reducing its debt from
AU$70 million to AU$35 million by the end of October, according to
ABC Rural.

ABC Rural notes that Tully Sugar, a subsidiary of Chinese-owned
COFCO, has met with the Proserpine board to discuss its AU$120
million offer, including a AU$100 million refinancing package, and
Mackay Sugar wants to also engage with the board.

The manager of lobby group, Canegrowers Proserpine, Michael
Porter, said that growers now face uncertainty, ABC Rural
discloses.


SUPPLY ONE: Calls in Worrells as Liquidators
--------------------------------------------
ProPrint reports that Supply One director Gary Reynolds has
"sincerely apologized" to suppliers and customers after the
company called in liquidators under AUD1.35 million of unsecured
debt.

The company appointed Worrells Solvency & Forensic Accountants on
Aug. 26, 2011, the report relates.

According to ProPrint, Worrells report valued Supply One's assets
at AUD2.3 million and estimated there would be a AUD16,500 deficit
after all debts were paid off.  However, this hinges on prices
obtained at auction, the report notes.

The largest debts are to suppliers, including leading digital kit
manufacturers and consumables firms, the report says.

"I apologise if we have let you down in any way and let you know
this was never my intention . . . the buck stops with me,"
Mr. Reynolds said in a letter to customers and suppliers obtained
by ProPrint.

MacTac Australia was one of Supply One's largest creditors, with
an unsecured debt of AUD177,634, Proprint discloses.

Supply One is a Sydney-based supplier of wide-format digital
equipment and consumables.


TEAM BONDI: Goes Into Administration, Sells IP Assets
-----------------------------------------------------
Laura Parker at ZDNet reports that Team Bondi Pty Ltd. has been
placed into administration following last month's rumors that its
intellectual property and assets were sold to Sydney-based
multimedia production firm Kennedy Miller Mitchell.

ZDNet, citing news release from Australian Securities and
Investments Commission (ASIC), relates that Riad Tayeh and David
Solomons of De Vries Tayeh were appointed as joint administrators
of Team Bondi on Aug. 30, 2011.

The appointment of administrator comes after a troubled period for
Team Bondi; its reputation was tarnished earlier this year when
employee complaints about working conditions and credits omissions
drew the attention of the International Game Developers
Association, according to ZDNet.

At this stage, ZDNet notes, it is still unknown whether Team
Bondi's recent troubles were the direct cause of the company being
placed into administration.

Team Bondi Pty Ltd. is the developer of the L.A. Noire game.


WELL BEING: Goes Into Administration, Owes AU$7MM++ to Creditors
----------------------------------------------------------------
Patrick Stafford at startupsmart reports that Well Being Green has
collapsed into administration owing more than AU$7 million to
about 200 creditors.

The collapse comes as the Australian solar power industry
continues to suffer, especially in New South Wales where a recent
report from the Australian Solar Energy Society showed more
businesses are thinking about cutting staff, according to
startupsmart.

The report notes that administrator Pino Fiorentino told
SmartCompany in an interview that Well Being Green is preparing a
report that will show directors moved over AU$1 million out of the
company in recent weeks.

"The directors have been very cooperative, and have given me all
these bank statements.  But it's taken me awhile to work this all
out, there was no money left in the bank," startupsmart quoted Mr.
Fiorentino as saying.  Directors claim that withdrawals were used
to pay creditors, he added, the report relates.

The report notes that Allsafe Energy Efficient Products Chief
Brian Carroll has told The Australian that he is owed AU$1.2
million, and that some of his stores may need to close as a result
of the Well Being Green collapse.

A report on Well Being Green from Mr. Fiorentino is due next week,
startupsmart adds.

Well Being Green is a business that acted as a type of
intermediary for solar installers to trade renewable energy
certificates.



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


GREAT CHINA INT'L: Posts US$228,700 Net Loss in 2nd Quarter
-----------------------------------------------------------
Great China International Holdings, Inc., filed its quarterly
report on Form 10-Q, reporting a net loss of US$228,764 on
US$1.9 million of revenues for the three months ended June 30,
2011, compared with a net loss of US$372,011 on US$2.0 million of
revenues for the same period last year.

The Company reported a net loss of US$745,988 on US$3.6 million of
revenues for the three months ended June 30, 2011, compared with a
net loss of US$1.1 million on US$3.8 million of revenues for the
same period of 2010.

The Company's balance sheet at June 30, 2011, showed US$60.1
million in total assets, US$38.1 million in total liabilities, and
stockholders' equity of US$22.0 million.

The Company has a working capital deficit of US$30.4 million and
US$27.8 million as of June 30, 2011, and Dec. 31, 2010,
respectively.

Kabani & Company, Inc., in Los Angeles, California, expressed
substantial doubt about Great China International's ability to
continue as a going concern, following the Company's 2010 results.
The independent auditors noted that the Company has a working
capital deficit of US$27.8 million as of Dec. 31, 2010, and in
addition, has negative cash flow from operations and net loss for
the year ended Dec. 31, 2010, of US$299,799 and US$3.2 million,
respectively.

A copy of the Form 10-Q is available at http://is.gd/G1Cufl

Headquartered in Shenyang, PRC, Great China International
Holdings, Inc., through its various subsidiaries, is or has been
engaged in commercial and residential real estate leasing,
management, consulting, investment, development and sales.

The Company was incorporated in the State of Nevada on Dec. 4,
1987, under the name of Quantus Capital, Inc., and in 1992, it
changed its name to Red Horse Entertainment Corporation.

On Sept. 15, 2005, the Company changed its name to Great China
International Holdings, Inc., from Red Horse Entertainment
Corporation.


HIDILI INDUSTRY: Moody's Says B1 CFR Unaffected by 1H 2011 Results
------------------------------------------------------------------
Moody's Investors Service sees no immediate impact on Hidili
Industry International Development Ltd's B1 corporate family and
senior unsecured debt ratings following the release of its 1H 2011
results that showed a lower-than-expected production volume.

Hidili's outlook remains stable.

Hidili's production volume in 1H 2011 was negatively affected by
the suspension of several coal mines in Guizhou and Yunnan
provinces. The government imposed the suspension after a few fatal
mining accidents in those regions that were not directly related
to Hidili's coal mines.

"Moody's considers these incidents as 'one-off' and that they may
not handicap the company's ability to ramp up its production
volume in the medium term," says Kai Hu, a Moody's Vice President
and Lead Analyst for Hidili.

Nevertheless, the incidents reflect the challenging operational
environment, where Hidili is highly vulnerable because of its
concentration of operations in those regions and relatively short
track record.

"These weaknesses, however, have already been factored in Hidili's
B1 rating," adds Hu.

Benefiting from the higher coal prices, Hidili was still able to
maintain its EBITDA margin at 49.2% in 1H 2011, compared with
50.6% in the same period last year.

However, Moody's expects that rising costs and a possible cooling
down of the domestic steel market could in turn lower the demand,
or the price of coking coal, and therefore pressure its margins.

Moody's draws some comfort from Hidili's adequate liquidity
profile of RMB2.5 billion in unused bank facilities and RMB384
million in cash as of June 30, 2011. Its adjusted annualized
debt/EBITDA at 4.78x is still in line with its B1 rating and
within Moody's expectations due to the reduction in total debt and
higher profitability in 1H 2011.

The principal methodology used in rating Hidili Industry
International Development Ltd was the Global Mining Industry
Methodology published in May 2009.


SHANGHAI ZENDAI: S&P Cuts Corp. Credit Rating to 'B-'; Outlook Neg
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Shanghai Zendai Property Ltd. to 'B-' from 'B'.
The outlook is negative.

"At the same time, we lowered the issue rating on the company's
outstanding senior unsecured notes to 'CCC+' from 'B-'. We also
lowered the Greater China scale long-term issuer rating on
Shanghai Zendai to 'cnB-' from 'cnB+' and the Greater China scale
issue rating to 'cnCCC+' from 'cnB'," S&P related.

"We lowered the ratings on Shanghai Zendai to reflect our view
that the company faces material refinancing risk in the next 12
months as it does not yet have a credible debt refinancing plan,"
said Standard & Poor's credit analyst Frank Lu. "Shanghai Zendai
has substantial debt due in the first half of 2012. This includes
the Chinese renminbi (RMB) 958 million (Hong Kong dollar 1.15
billion) trust finance due April 2012 and the Hong Kong dollar
(HK$) 1.1 billion outstanding senior notes due June 2012."

"In our base-case scenario, Shanghai Zendai's liquidity is weak.
The company is likely to depend on external funding to repay debt.
But the company's ability to secure external funding is uncertain,
in our view. Credit conditions are tight on shore and the
company's ability to tap offshore funding is limited. We expect
the company's cash uses to exceed sources by over 20% for the next
12-18 months," S&P stated.

Shanghai Zendai recently sold a land parcel for RMB218 million
(HK$263 million). Nevertheless, the proceeds will not be
sufficient to meet the company's cash uses. The transaction,
however, signals the company's willingness to sell assets to raise
funds.

"We have not factored in any potential disposal of assets in our
base-case scenario because these transactions are uncertain. We
acknowledge that Shanghai Zendai has some good properties, which
it could sell to raise funds. Nevertheless, the company's planned
sell-down of its Shanghai Bund project has been delayed and we are
uncertain when it could be completed," S&P related.

"The prospects of contracted sales continue to be weak, given
credit tightening and purchase restrictions in the property
sector, and increasing competition due to a slowdown in
transactions," said Mr. Lu. "Shanghai Zendai's contracted sales
were RMB1.26 billion in the first half of 2011, compared with
RMB2.33 billion a year earlier. We believe the company will find
it difficult to meet its annual contracted sales budget of RMB5
billion."

"We expect Shanghai Zendai's weak property sales to significantly
weaken the company's credit ratios. We anticipate that the company
will continue to generate negative free cash flow in 2011-2012. We
therefore estimate the company's total borrowings to continue to
increase by the end of 2011 and in 2012," S&P added.


SINO-FOREST CORP: Investors File US$6.6-Bil. Class Action Suit
--------------------------------------------------------------
Dan McCrum at The Financial Times reports that two investors in
Sino-Forest Corp. have filed a detailed claim against the
company's management, directors, auditors and advisers seeking
CDN6.5 billion (US$6.6 billion) in damages.

Allen Chan, the Sino-Forest founder who resigned as chief
executive on Sunday, and David Horsley, chief financial officer,
were also accused of receiving stock options that were either
backdated or mispriced, in a claim filed in an Ontario court on
Wednesday, according to the FT.

According to Bloomberg News, the Ontario Securities Commission
halted trading in Sino-Forest's shares on Aug. 26 and said the
company may have misrepresented revenue.  Bloomberg noted that
Sino-Forest has plunged 67% in Toronto since short seller Carson
Block's Muddy Waters LLC published a report June 2 alleging that
the company was a "fraud."

The FT reports that the suit was filed by trustees of the
Labourers' Pension Fund of Central and Eastern Canada and the
trustees of the International Union of Operating Engineers Local
793 Pension Plan for Operating Engineers in Ontario, which are
seeking class-action status.  Such investor lawsuits commonly
follow allegations of improper accounting, the FT notes.

According to the FT, the suit alleges that stock options awarded
to Mr. Chan from 1996 onwards, and to Mr. Horsley between 2005 and
2007, were either backdated or deliberately mispriced, arguing
that a pattern of movement in the Sino-Forest share price around
days on which options were priced "could not plausibly be the
result of chance".

The FT relays that the complaint describes Sino-Forest's growth
and reported results as "simply unnatural".  It said that, unlike
forestry peers, "for none of the 60 quarters comprising the years
1996 to 2010 did Sino report a net loss," the FT notes.

"Since 2003, Sino-Forest has raised approximately $2.986bn from
public investment and/or debt securities issues, including four
public offerings between 2004 and 2009, which approximately raised
$1.05bn," the complaint said.

The FT relates that the suit also alleges that Ernst & Young, the
company's auditor, "repeatedly misrepresented" that Sino's
financial statements complied with accounting rules.

"Ernst & Young's independence was impaired by the significant non-
audit fees it was paid during 2008-10, which total US$712,000 in
2008, US$1,225,000 in 2009 and US$992,000 in 2010," the complaint
said.

Ernst & Young said the company was co-operating fully with the OSC
in connection with its investigation into Sino-Forest. "We believe
that any claims being made against Ernst & Young are without
merit, and we will fully defend ourselves against all such
claims," it said.

According to the FT, Sino-Forest has established an independent
committee of directors to examine allegations made in June by
Muddy Waters, an investor-owned research firm, that the company
had overstated its revenue and timber holdings.

The FT notes that Sino-Forest said on Sunday that its independent
committee would release an interim report on the Muddy Waters
allegations in four to six weeks and complete its review by the
end of the year.  The committee has previously delayed issuing its
findings, citing the complexity of the business and the amount of
data to be reviewed, the FT adds.

                         About Sino-Forest

Sino-Forest Corporation (TSE:TRE) -- http://www.sinoforest.com--
is a commercial forest plantation operator in the People Republic
of China (PRC).  As of Dec. 31, 2009, Sino-Forest had
approximately 512,700 hectares of forest plantations located
primarily in southern and eastern China.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2011, 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."

Moody's Investors Service also 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.


SUNRISE REAL ESTATE: Incurs US$845,000 Second Quarter Net Loss
--------------------------------------------------------------
Sunrise Real Estate Group, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
reporting a net loss of US$844,881 on US$2.12 million of net
revenues for the three months ended June 30, 2011, compared with a
net loss of US$506,920 on US$2.94 million of net revenues for the
same period during the prior year.

The Company also reported a net loss of US$1.33 million on
US$4.72 million of net revenues for the six months ended June 30,
2011, compared with net income of US$517,197 on US$7.64 million of
net revenues for the same period a year ago.

The Company's balance sheet at June 30, 2011, showed US$19.70
million in total assets, US$23.05 million in total liabilities,
US$1.41 million in non-controlling interests of consolidated
subsidiaries, and a US$4.75 million total shareholders' deficit.

The Company reported a net loss of US$25,487 on US$12.82 million
of net revenues for the year ended Dec. 31, 2010, compared with
net income of US$3.27 million on US$13.11 million of net revenues
during the prior year.

                           Going Concern

The Company has accumulated losses of US$10,563,169 for the year
ended June 30, 2011.  The Company's net working capital deficiency
and significant accumulated losses raise substantial doubt about
the Company's ability to continue as a going concern.

However, management believes that the Company is able to generate
sufficient cash flow to meet its obligations on a timely basis and
ultimately to attain successful operations in respect of the
agency sales and property management operations.

As reported by the TCR on April 21, 2011, Kenne Ruan, CPA, P.C.,
in Woodbridge, CT, USA, noted that the Company has  significant
accumulated losses from operations and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.

The Company was delayed in the filing of its 10-Q due to a delay
in the preparation of its financial statements.

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

                        http://is.gd/0aweEh

                         About Sunrise Real

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc.
On Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc. filed Articles of Amendment with the Texas
Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.


YOU ON DEMAND: Posts US$5.8 Million Net Loss in Q2 Ended June 30
----------------------------------------------------------------
YOU On Demand Holdings, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of US$5.8 million on US$1.9 million of
revenue for the three months ended June 30, 2011, compared with a
net loss of US$2.7 million on US$1.8 million of revenue for the
same period last year.

The Company reported a net loss of US$8.5 million on US$3.6
million of revenue for the six months ended June 30, 2011,
compared with a net loss of US$3.8 million on US$3.7 million of
revenue for the corresponding period in 2010.

The Company's balance sheet at June 30, 2011, showed US$36.7
million in total assets, US$13.2 million in total liabilities,
US$5.2 million of convertible redeemable preferred stock, and
stockholders' equity of US$18.3 million.

UHY LLP, in Albany, New York, expressed substantial doubt about
YOU On Demand Holdings' ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that the Company has incurred significant losses during 2010
and 2009 and has relied on debt and equity financings to fund
their operations.

A copy of the Form 10-Q is available at http://is.gd/ih4QyC

New York City-based YOU On Demand Holdings, Inc. (formerly China
Broadband, Inc.) operates in the China media segment, through its
Chinese subsidiaries and variable interest entities ("VIEs") (1) a
cable broadband business, Beijing China Broadband Network
Technology Co. Ltd ( "Jinan Broadband"), based in the Jinan region
of China, (2) a print based media and television programming guide
publication, Shandong Lushi Media Co., Ltd. ( "Shandong Media")
and (3) an integrated value-added service solutions business for
the delivery of pay-per-view ("PPV"), video on demand ("VOD"), and
enhanced premium content for cable providers, Sino Top Scope
Technology Co., Ltd. ("Sinotop").


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


NICE THEME: Creditors Get 40% Recovery on Claims
------------------------------------------------
Nice Theme Limited will pay the first and final dividend to its
creditors on or after Sept. 9, 2011.

The company will pay 40% for ordinary claims.

The company's liquidators are:

         James Wardell
         Chan Wai Dune Charles
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


ORIENTAL RESOURCES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Aug. 17, 2011, to
wind up the operations of Oriental Resources International
Enterprises Limited.

The Official Receiver is Teresa S W Wong.


PACIFIC ASIA: Yu and Choi Appointed as Liquidators
--------------------------------------------------
Yu Tak Yee Beryl and Choi Tze Kit Sammy said in notice dated
Aug. 26, 2011, they have been appointed by the High Court of Hong
Kong as liquidators of Pacific Asia Distribution Limited on
Nov. 12, 2009.

The liquidators may be reached at:

         Yu Tak Yee Beryl
         Choi Tze Kit Sammy
         15/F Empire Land Commercial Centre
         81-85 Lockhart Road
         Wanchai, Hong Kong


PARALLEL PROMOTION: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Aug. 17, 2011, to
wind up the operations of Parallel Promotion Limited.

The Official Receiver is Teresa S W Wong.


SCORES PROPERTY: Court to Hear Wind-Up Petition on Sept. 14
-----------------------------------------------------------
A petition to wind up the operations of Scores Property Management
Co., Limited, will be heard before the High Court of Hong Kong on
Sept. 14, 2011, at 9:30 a.m.

Incorporated Owners of Chee On Building filed the petition against
the company on July 12, 2011.

The Petitioner's solicitors are:

          Cheung & Liu
          6th Floor, Guangdong Investment Tower
          148 Connaught Road
          Central, Hong Kong


SILVER YIELD: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Aug. 17, 2011, to
wind up the operations of Silver Yield Industries Limited.

The Official Receiver is Teresa S W Wong.


SINO FAME: Creditors Get 1.2% Recovery on Claims
------------------------------------------------
Sino Fame Technology Limited will pay the first and final dividend
to its creditors on or after Sept. 9, 2011.

The company will pay 1.2% for ordinary claims.

The company's liquidators are:

         Fok Hei Yu
         Roderick John Sutton
         Level 22, The Center
         99 Queen's Road Central
         Central, Hong Kong


SKY WINNING: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Aug. 17, 2011, to
wind up the operations of Sky Winning International Enterprises
Limited.

The Official Receiver is Teresa S W Wong.


SONIC ENTERPRISES: Contributories and Creditors to Meet on Sept. 9
------------------------------------------------------------------
Contributories and creditors of Sonic Enterprises Limited will
hold their first meetings on Sept. 9, 2011, at 2:00 p.m., and
2:30 p.m., respectively at the offices of FTI Consulting, Level
22, The Centre, at 99 Queen's Road Central, in Hong Kong.

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


STRONG RICH: Court to Hear Wind-Up Petition on Oct. 12
------------------------------------------------------
A petition to wind up the operations of Strong Rich International
Limited will be heard before the High Court of Hong Kong on
Oct. 12, 2011, at 9:30 a.m.

Kin Hing Door & Wood Limited filed the petition against the
company on Aug. 9, 2011.

The Petitioner's solicitors are:

          Chan, Evans, Chung & To
          8th Floor, CMA Building
          Nos. 64-66 Connaught Road Central
          Hong Kong


SUNTON 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 Sunton International Limited.

The Official Receiver is Teresa S W Wong.


SUPER STEP: Court to Hear Wind-Up Petition on Oct. 19
-----------------------------------------------------
A petition to wind up the operations of Super Step Development
Limited will be heard before the High Court of Hong Kong on
Oct. 19, 2011, at 9:30 a.m.

China Nam Hoi Development Limited filed the petition against the
company on Aug. 17, 2011.

The Petitioner's solicitors are:

          Ho and Partners
          Office Nos. 1001-1002
          10th Floor
          Regent Centre
          No. 88 Queen's Road Central
          Hong Kong


TAT KWONG: Court to Hear Wind-Up Petition on Oct. 19
----------------------------------------------------
A petition to wind up the operations of Tat Kwong Dyeing Factory
Company Limited will be heard before the High Court of Hong Kong
on Oct. 19, 2011, at 9:30 a.m.

Double Chemicals & Dyestuffs Company Limited filed the petition
against the company on Aug. 11, 2011.

The Petitioner's solicitors are:

          David Ravenscroft & Co.
          Unit 1802, 18th Floor
          Ka Wah Bank Center
          232 Des Voeux Road
          Central, Hong Kong


TRAVEL PRODUCTS: Wardell and Lui Appointed as Liquidators
---------------------------------------------------------
James Wardell and Lui Chau Yuet on Aug. 8, 2011, were appointed as
liquidators of Travel Products Europe Limited.

The liquidators may be reached at:

          James Wardell
          Lui Chau Yuet
          Room 1601-1602
          16/F One Hysan Avenue
          Causeway Bay
          Hong Kong


TRIANGLE LINK: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on June 8, 2011, to
wind up the operations of Triangle Link Limited.

The Official Receiver is Chiu Koon Shou.


WAI KWONG: Law and Kwok Step Down as Liquidators
------------------------------------------------
Elizabeth Law and Kwok Hon Ping stepped down as liquidators of Wai
Kwong Products Factory Limited on July 26, 2011.


WORLD GRACE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Aug. 17, 2011, to
wind up the operations of World Grace Hong Kong Limited.


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


ADITYA STEEL: CRISIL Assigns 'CRISIL BB-' Rating to INR10MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Aditya Steel Rolling Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR10 Million Term Loan          CRISIL BB-/Stable (Assigned)
   INR170 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR40 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect the benefits that Aditya Steel derives from
its promoters' extensive experience in the steel industry and its
strong relationships with its customers and suppliers. These
rating strengths are partially offset by Aditya Steel's small
scale of operation, high working capital intensity, and weak
financial risk profile constrained by a low profitability, a small
net worth, and poor gearing and debt protection metrics.

For arriving at its ratings, CRISIL has treated the unsecured
loans provided by the promoter-directors of Aditya Steel as
neither debt nor equity. This is because the promoters of Aditya
Steel have provided an undertaking that the loans are not interest
bearing, will not be withdrawn from the business, and will be
converted into equity in a phased manner by 2012-13 (refers to
financial year, April 1 to March 31). As on March 31, 2011, the
unsecured loan balance stood at INR25.0 million.

Outlook: Stable

CRISIL believes that Aditya Steel will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company improves
its cash generation through improved profitability or higher scale
of operations, or equity infusion from promoters leads to
improvement in its financial risk profile. The outlook may be
revised to 'Negative' if Aditya Steel's annual accruals come under
pressure because of a decline in profitability, or if the company
undertakes any major debt-funded capital expenditure programme, or
if the promoters delay in infusing funds in times of exigencies.

                        About Aditya Steel

Incorporated in 1994, Aditya Steel manufactures thermo-
mechanically treated (TMT) bars and trades in TMT steel bars and
other steel intermediaries. The company was set up by Mr. S K
Khemka and Mr. P K Khemka, who have about three decades experience
in the steel business. The company's plant is located at
Pendurthy, about 20 kilometres from Rashtriya Ispat Nigam Ltd's
Visakhapatnam (Andhra Pradesh) unit, which is the main source of
supply of raw material to the company. Aditya Steel currently has
an installed capacity of 12600 tonnes per annum.

For 2010-11, Aditya Steel reported a net profit of INR0.86 million
on net revenues of INR991.0 million, against a PAT of INR0.60
million on net revenues of INR887.6 million for 2009-10.


AIR INDIA: Set to Get INR6,600cr Equity Infusion from Government
----------------------------------------------------------------
Hindustan Times reports that the Indian government will adopt a
three-pronged approach to revive Air India Ltd. with the ailing
carrier all set to receive an equity infusion of INR6,600 crore
-- a move that will wipe out its entire outstanding dues to
vendors and oil companies.

The newspaper says the equity infusion would be in addition to
INR1,200 crore that has been promised by the government for fiscal
year 2011-12.  The airline's INR43,000 crore of working capital
and long-term loans would be restructured, which would
considerably bring down the annual interest burden of
INR3,400 crore, the report notes.

According to the report, the carrier would also be asked to reduce
operational losses by increasing revenues, making better use of
its aircraft and manpower.  The airline's daily revenue is
INR36 crore while the expenditure is INR57 crore, leading to a
per day loss of INR21 crore, Hindustan Times discloses.

Hindustan Times notes that aviation secretary Nasim Zaidi and AI
chairman and managing director Rohit Nandan have firmed up other
plans as well for the airline's revival.

Among other measures to be taken is to revive the airline's hotel
business and rid it off consultants. AI has hundreds of
consultants - most are retired employees hired at exorbitant
salaries, according to Hindustan Times.

                            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.


ASIATIC INDUSTRIES: CRISIL Puts 'CRISIL B+' Rating on INR20MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Asiatic Industries.

   Facilities                          Ratings
   ----------                          -------
   INR20 Million Cash Credit           CRISIL B+/Stable (Assigned)
   INR45 Mil. Foreign Bill Purchase    CRISIL A4 (Assigned)
   INR35 Million Export Bill Purchase  CRISIL A4 (Assigned)

The ratings reflect AI's weak financial risk profile, marked by
small net worth and weak debt protection metrics, and
susceptibility to intense market competition because of industry
fragmentation. These rating weaknesses are partially offset by
AI's promoters' experience in the dyes and intermediates industry
and the firm's established customer relationships.

Outlook: Stable

CRISIL believes that AI will maintain its business risk profile,
supported by promoters' industry experience, over the medium term.
However, AI's financial risk profile is expected to be
constrained, because of large working capital requirements and
weak profitability, over the medium term. The outlook may be
revised to 'Positive' if AI reports higher-than-expected growth in
margins and sales, resulting in improvement in its debt protection
metrics, or if the partners in the firm infuse significant fresh
capital to support its working capital requirements. Conversely,
the outlook may be revised to 'Negative' if AI's profitability
comes under pressure, most likely because of increase in raw
material prices or adverse movements in foreign exchange rates.

                       About Asiatic Industries

AI, a partnership concern established in 1992, is a manufacturer
and exporter of acid dyes and intermediates, which are used in the
leather and textile industries. The firm also trades in dye
intermediates and scraps. AI focuses on export markets, which
account for nearly 80% of its total sales. Over the years, the
firm has reduced trading in dye intermediates because of
relatively lower profitability of that segment and has increased
focus on manufactured products.

AI reported a profit after tax (PAT) of INR1.6 million on net
sales of INR170.5 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR1 million on net
sales of INR169 million for 2008-09.


CHOLEY LACHUNGPA: CRISIL Rates INR85MM Cash Credit at 'CRISIL B+'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Choley Lachungpa.

   Facilities                      Ratings
   ----------                      -------
   INR85 Million Cash Credit       CRISIL B+/Stable (Assigned)

The rating reflects CL's small scale of operations, exposure to
risks related to its tender-based business and modest financial
risk profile, marked by moderate net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by CL's established market position and the extensive experience
of its promoter in the construction industry.

Outlook: Stable

CRISIL believes that CL will maintain a stable business risk
profile, aided by the extensive experience of its promoters and
their established relationship with clients. The outlook may be
revised to 'Positive' in case CL strengthens its business risk
profile by enhancing geographical diversity in its revenue base,
and if the firm's revenues and profitability increase
significantly, thus improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
any large, debt-funded capital expenditure (capex) programme or
acquisition by CL, or in case of a decline in the firm's revenues
or operating profitability, leading to deterioration in its
financial risk profile.

                       About Choley Lachungpa

CL is engaged in the construction of roads, bridges, buildings,
railway stations, mainly for government agencies. The firm is
registered as a Class 1A contractor with the Government of Sikkim.
CL's proprietor, Mr. Choley Lachungpa has been involved in civil
construction activities for 20 years. The firm has a current order
book of around INR350 million.

CL reported a profit after tax (PAT) of INR2.9 million on net
sales of INR64.5 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.4 million on net
sales of INR104.7 million for 2008-09.


JINDAL ARYA: CRISIL Assigns 'CRISIL BB' Rating to INR30MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Jindal Arya Impex Pvt Ltd, part of the
Jindal group.

   Facilities                          Ratings
   ----------                          -------
   INR70 Mil. Proposed Cash Credit     CRISIL BB/Stable (Assigned)
                             Limit

   INR30 Million Proposed Term Loan    CRISIL BB/Stable (Assigned)

   INR125 Mil. Foreign Bill Disc.      CRISIL A4+ (Assigned)

   INR125 Million Packing Credit       CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of the Jindal group's
promoter in trading business, the funding support that the group
receives from the promoters, and the group's healthy revenue
growth. These rating strengths are partially offset by the Jindal
group's average financial risk profile, marked by moderate net
worth, high gearing, and weak debt protection metrics on account
of large working capital requirements and low profitability. The
ratings also reflect the group's exposure to risks related to high
customer concentration and changes in government policies.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JAIPL and Arya International, together
referred to as the Jindal group, as both the entities are engaged
in the same line of business and owned by the same promoter. Also,
JAIPL took over AI's operations with effect from May, 2011.

CRISIL has treated the Jindal group's unsecured loans from
promoter as quasi-equity, as the loans are interest-free and
subordinated to bank debt. The unsecured loans aggregated INR35.5
million as on March 31, 2011, and are expected to increase by the
end of 2011-12 (refers to financial year, April 1 to March 31) on
conversion of a part of AI's net worth into unsecured loans.

Outlook: Stable

CRISIL believes that the Jindal group will continue to benefit
over the medium term from its promoter's extensive industry
experience. The outlook may be revised to 'Positive' in case of
continued healthy revenue growth with diversification in customer
and supplier base and improvement in debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
large incremental working borrowings or large debt-funded capital
expenditure, leading to weakening in its financial risk profile.

                       About the Group

JAIPL was incorporated in 2008 by Mr. Prateek Jindal to take over
the business of proprietorship firm, AI, set up by Mrs. Sunita
Jindal, mother of Mr. Prateek Jindal. AI was engaged in trading
business since 2005. JAIPL took over AI's operations with effect
from May, 2011.

The Jindal group primarily exports basmati and non-basmati rice
and sugar, depending on government policies on export of these
commodities. The group exports rice after sortex operations as per
customer requirements. The group has taken two sortex units in
Gandhidham (Gujarat) and Kundli (Haryana) on lease, and also
outsources part of its operations on job-work basis.

The Jindal group reported a profit after tax (PAT) of
INR18.6 million on net sales of INR3353 million for 2010-11, as
against a PAT of INR18.1 million on net sales of INR2583 million
for 2009-10.


KALINGA FERRO: CRISIL Assigns 'CRISIL B+' Rating to INR55MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kalinga Ferro Ispat Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR55 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR75 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR10 Million Letter of Credit  CRISIL A4 (Assigned)

The ratings reflect KFIPL's weak financial risk profile, marked by
a small net worth and weak debt protection metrics, limited track
record of operations, susceptibility to risks related to
stabilization of commercial operations, and vulnerability to
cyclicality in the steel industry. These rating weaknesses are
partially offset by the extensive industry experience of KFIPL's
promoters in the steel industry.

Outlook: Stable

CRISIL believes that KFIPL will benefit over the medium term from
its promoters' extensive industry experience. The capital
expenditure programme undertaken for technical upgradation of the
plant is expected to improve the company's efficiency and support
its business risk profile. The outlook may be revised to
'Positive' in case KFIPL reports more-than-expected cash accruals
with successful stabilization of operations, significant
improvement in margins, and better working capital management.
Conversely, the outlook may be revised to 'Negative' in case the
company's profitability or revenues decline, resulting in lower-
than-expected cash accruals, or if it undertakes any larger-than-
expected debt-funded capital expenditure (capex) programme,
leading to deterioration of its financial risk profile, or if
there are considerable delays in realization of receivables
affecting KFIPL's liquidity.

                        About Kalinga Ferro

Established in 2005, KFIPL is located in Kolkata (West Bengal) and
manufactures ferro chrome. The company has 5 Mega Volt Ampere
semi-closed electric arc furnace with a capacity of 8052 tonnes
per annum (tpa). KFIPL was acquired in March 2010 by Mr. Rajesh
Singhi and Mr. Giriraj Binani, owners of the Govinda group. The
company started commercial operations in July 2010. KFIPL was
acquired to integrate backward the commercial operations of
Vaishnavi Ispat Pvt Ltd, a group concern with 80,000 tpa capacity
for manufacturing alloy steel-based rolled products.

KFIPL reported an estimated profit after tax (PAT) of
INR1.7 million on net sales of INR109 million for 2010-11
(refers to financial year, April 1 to March 31).


KANHAIYA LAL: CRISIL Rates INR80MM Cash Credit at 'CRISIL BB-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of Kanhaiya Lal Damodar Das Jewellers.

   Facilities                         Ratings
   ----------                         -------
   INR80 Million Cash Credit Limit    CRISIL BB-/Stable (Assigned)

The rating reflects KDJ's limited track record in retail
operations and financial risk profile constrained by high gearing
and weak debt protection measures. These rating weaknesses are
partially mitigated by extensive experience of promoters in
jewellery retail business.

Outlook: Stable

CRISIL believes that Kanhaiya Lal Damodar Das Jeweller's financial
risk profile will remain stable over the medium term in absence of
any incremental debt funded capex. Nevertheless, improvement in
profitability of KDJ's showroom at Bhelupura, Varanasi (Uttar
Pradesh), will be critical to the improvement in the overall
business risk profile of the firm. The outlook may be revised to
'Positive' if KDJ improves its scale of operations along with
profitability significantly, leading to improvement in its cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the firm incurs loss at operating or net level, because of adverse
movements in gold/diamond prices, or undertakes a large, debt-
funded capital expenditure programme, thereby weakening its
capital structure.

                        About Kanhaiya Lal

Kanhaiya Lal Damodar Das Jewellers is a partnership firm
incorporated in 2010 by four partners, Mr. Piyush Aggarwal,
Mr. Akshat Aggarwal, Mrs. Preeti Aggarwal and Mrs. Sulekha
Aggarwal. KDL has started the operations in April 2011 by opening
a retail store at Bhelupura, Varanasi. KDJ is engaged in the
retailing of gold & diamond studded jewellery. Currently, KDJ is
operating through one retail store only and has done sales of
around INR20 million till date.


KARNATAKA ROADLINES: CRISIL Places 'CRISIL BB-' on INR22MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Karnataka Roadlines Pvt Ltd, part of the KR
group.

   Facilities                        Ratings
   ----------                        -------
   INR22 Million Long-Term Loan      CRISIL BB-/Stable (Assigned)
   INR200 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR5 Million Working Capital      CRISIL A4+ (Assigned)
                    Demand Loan
   INR3 Million Bank Guarantee       CRISIL A4+ (Assigned)
   INR50 Mil. Receivable Factoring   CRISIL A4+ (Assigned)

The ratings reflect the KR group's established market position in
the road freight transport business for the past three decades and
its diversified customer profile. These rating strengths are
partially offset by the KR group's, working-capital-intensive
operations, below-average financial risk profile, marked by high
gearing, moderate debt protection metrics, and pressure on margins
owing to highly fragmented and competitive road freight transport
industry.

For arriving at its ratings, CRISIL has combined the business and
the financial risk profiles of KRPL and Mahendra Roadlines Pvt
Ltd, collectively referred to as the KR group. This is because the
two entities are in the same line of business, under a common
management, and have significant operational and financial
linkages between them.

Outlook: Stable

CRISIL believes that the KR group will continue to benefit over
the medium term from its promoters' experience in the road freight
transport segment and established tie-ups with its clientele. The
outlook may be revised to 'Positive' if the group reports higher-
than-expected increase in profitability, supported by improvement
in working capital management. Conversely, the outlook may be
revised to 'Negative' if the KR group's debt protection metrics
deteriorate because of lower-than-expected growth in operating
revenues, decline in margins, or larger-than-expected debt-funded
capital expenditure.

                       About the Group

KRPL was originally set up in 1978 as a partnership firm by Mr. S
S Warad and his family; the firm was reconstituted as a private
limited company in April 2010. MRPL was set up in 1984 as a
proprietorship concern and was reconstituted as a private limited
company in April 2010. Both the companies are based in Bangalore
(Karnataka) and provide freight transportation services to
companies manufacturing fast-moving consumer goods, beverages, and
paints all over India. The group's key clients include Hindustan
Coca Cola ltd, Reckitt Benckiser Ltd, Asian Paints Ltd and ITC
Ltd. The companies in the group are promoted by Mr. Warad and his
family members.

The KR group reported, on provisional basis, a profit after tax
(PAT) of INR60.9 million on net sales of INR2.3 billion for
2010-11 (refers to financial year, April 1 to March 31); the group
reported a PAT of INR31.5 million on net sales of INR2.2 billion
for 2009-10.


M.M. CREATIONS: CRISIL Places 'CRISIL D' Rating on INR50MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of M.M. Creations.

   Facilities                              Ratings
   ----------                              -------
   INR25 Million Export Packing Credit     CRISIL D (Assigned)
   INR50 Million Long-Term Loan            CRISIL D (Assigned)
   INR5 Million Standby Line of Credit     CRISIL D (Assigned)
   INR5 Million Foreign Bill Discounting   CRISIL D (Assigned)
   INR55 Million Overdraft Facility        CRISIL D (Assigned)

The rating reflects instances of delay by MMC in servicing its
debt; the delays have been caused by the company's weak liquidity.

MMC is also susceptible to volatility in raw material prices and
foreign exchange rates, expected pressure on margins owing to
intense competition, revenue concentration, and high dependence on
primary operational cash flows. These rating weaknesses are
partially offset by extensive experience of its promoters in
manufacturing and exporting home furnishings and leasing out
property.

                        About M.M. Creations

Incorporated in 1994, MMC manufactures and exports home furnishing
mainly to Europe and the USA. The promoters have also diversified
into creating commercial space or business centre with a view to
leasing them. MMC also owns many buildings and leases them.
Majority of the firm's revenues 2010-11 (refers to financial year,
April 1 to March 31) were derived from monthly rentals. MMC owns a
commercial building that was earlier leased out to Agilent
Technologies International Pvt Ltd.  The property is spread over
81,473 square feet. The firm had securitized the rental
receivables with State Bank of India to avail of a term loan of
INR170 million. However, the lease agreement with Agilent was
terminated in 2010-11. MMC has now entered into a lease agreement
with three new companies in 2011-12 for three floors on this
property.

MMC reported a profit after tax (PAT) of INR19.1 million on total
revenue of INR89.8 million for 2010-11, as against a PAT of
INR15.9 million on total revenue of INR 89.3 million for 2009-10.


MADHUSALA DRINKS: CRISIL Cuts Rating on INR45MM Loan to 'CRISIL D'
------------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Madhusala Drinks Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

   Facilities                       Ratings
   ----------                       -------
   INR45 Million Term Loan          CRISIL D (Downgraded from
                                          'CRISIL BB/Stable')

   INR240 Million Cash Credit       CRISIL D (Downgraded from
                                          'CRISIL BB/Stable')

   INR30 Million Standby Line of    CRISIL D (Assigned)
                          Credit

   INR82.5 Million Proposed LT      CRISIL D (Downgraded from
            Bank Loan Facility              'CRISIL BB/Stable')

   INR2.5 Million Bank Guarantee    CRISIL D (Downgraded from
                                              'CRISIL A4+')

The downgrade reflects recent instances of delay by MDPL in
servicing its debt obligations; the delay has been caused by
MDPL's weak liquidity arising from large working capital
requirements.

MDPL also has average financial risk profile, marked by relatively
small net worth, high gearing and moderate debt protection
metrics. The ratings are also driven by the company's
susceptibility to the regulatory nature of the Indian spirits
industry. These rating weaknesses are partially offset by MDPL's
established market position in the liquor manufacturing and
distribution business and its promoters' extensive industry
experience.

                        About Madhusala Drinks

MDPL based in Kolkata (West Bengal [WB]), primarily manufactures
and trades Indian-made foreign liquor (IMFL) exclusively for
United Spirits Ltd and United Breweries Ltd (the UB group) and
accounts for around 60% of the UB Group's sales in WB along with
its other group companies. In 2007, MDPL was acquired to undertake
contract manufacturing of IMFL. Currently, the business is managed
by the second-generation of promoters, Mr. Sarbjit Johal and Mr.
Maninder Johal.

MDPL's profit after tax (PAT) and net sales are estimated at
INR44.3 million and INR2.3 billion respectively for 2010-11
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR26.6 million on net sales of INR1.3 billion
for 2009-10.


NIRBHAI TEXTILES: CRISIL Puts 'CRISIL BB-' Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Nirbhai Textiles Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Term Loan         CRISIL BB-/Stable (Assigned)
   INR130 Million Cash Credit      CRISIL BB-/Stable (Assigned)

The rating reflects NTPL's promoters' extensive experience in the
textile industry and expected benefits of economies of scale with
the company's increasing capacity. These rating strengths are
partially offset by NTPL's weak financial risk profile marked by
high gearing, small net worth, and weak debt protection metrics,
small scale of operations, and susceptibility of its operating
margin to volatility raw material price fluctuation.

Outlook: Stable

CRISIL believes that NTPL will continue to benefit over the medium
term from its promoters' extensive experience in the textile
industry. However, the company's financial risk profile is
expected to remain constrained by high gearing and weak debt
protection metrics over the medium term. The outlook may be
revised to 'Positive' if NTPL's revenues grow more than expected,
along with improved profitability, or if the company's capital
structure improves with infusion of funds by promoters.
Conversely, the outlook may be revised to 'Negative' if NTPL's
financial risk profile deteriorates further, most likely because
of larger-than-expected debt-funded capital expenditure or lower-
than-expected operating margin.

                       About Nirbhai Textiles

NTPL, incorporated in 1994 and promoted by Mr. Pramod Kumar in
Ludhiana, Punjab, manufactures suiting and shirting fabrics. The
promoters have been involved in trading in fabrics in Gujarat and
Punjab since 1975. Later they operated two firms, Sri Anand
Suitings (SAS) and Aarbeeb Silk Mills (ASM), engaged in fabric
business; these firms bought yarn, got the processing done on job-
work basis, and sold the fabric under its own brand, Sri Anand
Suitings. The promoters decided to set up processing capacities
and do the entire process in-house to gain better operating
margin. Thereafter they wound up operations of SAS and ASM and
established NTPL. The company took over a plant in Ludhiana and
commenced operations in 1996, with a capacity to manufacture about
72,000 meters of fabric per month. Currently, the company has
capacity to manufacture about 0.5 million metres of fabric per
month.

NTPL reported a profit after tax (PAT) of INR8.8 million on net
sales of INR712.5 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR3.3 million on net sales
of INR513.4 million for 2009-10.


NKCM SPINNERS: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of NKCM Spinners Pvt Ltd
continues to reflect NKCM's below-average financial risk profile,
working-capital-intensive operations and exposure to intense
competition in the yarn segment. These rating weaknesses are
partially offset by the benefits that NKCM derives from its
promoters' experience in the yarn trading and manufacturing
business.

   Facilities                        Ratings
   ----------                        -------
   INR150 Million Cash Credit        CRISIL B+/Stable (Reaffirmed)
   INR30 Million Long-Term Loan      CRISIL B+/Stable (Reaffirmed)
   INR10 Million Letter of Credit    CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that NKCM will continue to benefit from its
promoters' industry experience. The outlook may be revised to
'Positive' if NKCM's financial risk profile improves, most likely
driven by sustained improvement in profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
the company fails to stabilize its operations post its proposed
capacity expansion or if there is a significant decline in its
volumes and revenues because of slowdown in the market, or if it
undertakes a larger-than-expected debt-funded capital expenditure
(capex) programme, thereby weakening its capital structure.

Update

NKCM's revenues of around INR830 million in 2010-11 (refers to
financial year, April 1 to March 31) was in line with CRISIL's
expectations. The company continues to derive significant portion
of revenues from trading of yarn, resulting in low operating
margins in the range of 5 to 6%. In the absence of significant
change in revenue-mix, margins are expected to remain at similar
levels over the medium term. The company's revenues for the four
months ended July 31, 2011 are estimated at INR 280 million, and
revenues for 2011-12 are expected to be around INR 900 million.

NKCM has capex plans of INR150 million for 2012-13 towards
addition of 7000 spindles. The proposed expansion is expected to
lead to 25% increase in its revenues in 2013-14. This capex is
proposed to be funded by term loans of INR110 million and equity
capital. Financial risk profile is expected to remain below-
average over the medium term, marked by high gearing and weak debt
protection metrics, because of the proposed debt-funded capex.
Operations remain working capital intensive on account of
inventory holding and long credit period offered to customers;
this has resulted in high bank limit utilization of around 97% in
2010-11. However, liquidity is supported by unsecured loans (Rs.50
million as on March 31, 2011) from promoters.

NKCM reported, on provisional basis, a profit after tax (PAT) of
INR9.2 million on net sales of INR820 million for 2010-11; the
company reported a PAT of INR6.9 million on net sales of INR764
million for 2009-10.

                       About NKCM Spinners

NKCM, incorporated in 2008, manufactures and trades in cotton,
polyester, viscose and blended yarn. The company operates 58,000
spindles, out of which 51,000 are leased. All the spinning units
are located in and around Erode (Tamil Nadu). The company was
formed after the merger of three partnership firms - Narendra
Kumar Cotton mills, NKCM Textiles and NKCM Spinners - each jointly
owned by the Nakhat and Mittal families of Erode. In 2009, NKCM
acquired KAS Spinning Mills, with about 7000 spindles, for about
INR40 million. The company plans to add 7000 spindles in 2012-13
at a project cost of INR150 million.


PRESCISION INFOMATIC: Fitch Assigns 'B+' National LT Rating
-----------------------------------------------------------
Fitch Ratings has assigned India's Precision Infomatics (M)
Private Limited a National Long-Term rating of 'Fitch B+(ind)'.
The Outlook is Stable.

The ratings reflect Precision's long-standing relationship with
its suppliers and vendors, as well as low customer concentration
risk with its top 10 customers accounting for only 16.6% of its
FY11 sales (FY09: 19.9%).

The ratings are however constrained by the company's weak EBITDA
margins (FY11: 4%, FY10: 3.41%, FY09: 2.2%) due to the trading
nature of its business. Precision provided equity and unsecured
loans to the extent of INR110m as of FYE11 (FY10: INR65.8m, FY09:
INR53.7m) to its four subsidiaries of which three of them reported
losses at EBITDA level over FY10-FY11 due to their small scale of
operations.  Fitch expects this trend to continue in the near
term.

A positive rating action may result from a sustained improvement
in Precision's financial leverage (total adjusted debt/ operating
EBITDAR) to below 4.0x.  Conversely, the company's financial
leverage exceeding 6.0x on a sustained basis may lead to a
negative rating action.

As per the FY11 provisional figures, Precision had an annual sale
of INR1,515.5m (FY10: INR1352.3m), an operating EBITDAR of
INR72.3m (FY10: INR54.8m), financial leverage (total adjusted
debt/ operating EBITDAR) of 4.7x (FY10: 7.6x) and EBITDA interest
cover of 2.1x (FY10: 2.5x). Its total adjusted debt outstanding at
end-FY11 was INR341.3m (FY10: INR415.6m).

Incorporated in 1996, Precision is a Chennai-based company
offering system integration and infrastructure solutions.  It also
assembles and sells IT hardware and biometric scanners used in the
Unique Identification Authority of India (UIDAI) project.

Precision's facilities have been assigned ratings as follows:

  -- INR170m fund-based working capital limits: 'Fitch B+
     (ind)'/'Fitch A4(ind)';

  -- INR75m non-fund based working capital limits: 'Fitch B+
     (ind)'/'Fitch A4(ind); and

  -- INR45m term loans: 'Fitch B+(ind)'




RAJESH POWER: CRISIL Puts 'CRISIL BB+' Rating on INR30MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Rajesh Power Services Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR20.0 Million Cash Credit      CRISIL BB+/Stable (Assigned)
   INR30.0 Million Proposed Cash    CRISIL BB+/Stable (Assigned)
                    Credit Limit
   INR30.0 Million Bank Guarantee   CRISIL A4+ (Assigned)
   INR50.0 Million Proposed Bank    CRISIL A4+ (Assigned)
                       Guarantee

The ratings reflect RPSPL's moderate financial risk profile,
marked by low gearing and strong debt protection metrics,
favorable demand prospects in the electrical contracts business
and strong industry experience of the promoters.

These rating strengths are partially offset by RPSPL's small scale
of operations with geographically concentrated revenue profile,
large working capital requirement marked by high debtor days, and
exposure to risks related to completion of ongoing capital
expenditure (capex) programme.

Outlook: Stable

CRISIL believes that RPSPL will continue to benefit over the
medium term from its strong order book and its promoter's
extensive experience in the electrical contracts business. The
company's financial risk profile is expected to remain healthy
during this period. The outlook may be revised to 'Positive' if
RPSPL significantly improves its topline, while it maintains its
operating margin or completes the ongoing capex programme without
material time or cost overruns. Conversely, the outlook may be
revised to 'Negative' if RPSPL's financial risk profile
deteriorates because of delay in realization of its receivables or
significant time and cost overruns in the ongoing capex programme.

                        About Rajesh Power

Set up as a partnership firm named Rajesh Traders in 1971, RPSPL
was reconstituted as a private limited company in January 2010.
RPSPL is a 'Class A' registered turnkey erection contractor and
authorised distributor with Uttar Gujarat Vij Company Ltd. In
addition, RPSPL is an authorised dealer for products such as cable
joining kits for 3M Electro and Communication Pvt Ltd and ABB AB
Kabeldon, Sweden. Currently, RPSPL is setting up a 1 megawatt
solar power project at Patadi (Gujarat) at a total cost of INR160
million. The project is expected to be funded with a term loan of
INR110 million, unsecured loans from promoters of INR25 million,
and internal accruals of INR25 million. RPSPL has appointed Ice
Solar Pvt Ltd as its engineering, procurement, and construction
contractor and has also entered into a power purchase agreement of
25 years with Gujarat Urja Vikas Nigam Limited (GUVNL; rated
CRISIL BBB+(so)/Positive).

RPSPL is expected to report a profit after tax (PAT) of
INR23 million on net sales of INR292.2 million for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of
INR21 million on net sales of INR170.7 million for 2009-10.


RAJEEV EDUCATION: CRISIL Rates INR115MM LT Loan at 'CRISIL BB'
--------------------------------------------------------------
CRISIL assigned its 'CRISIL BB/Stable' rating to the bank
facilities of the Rajeev Education Trust.

   Facilities                          Ratings
   ----------                          -------
   INR115 Million Long-Term Loan       CRISIL BB/Stable (Assigned)
   INR20 Million Overdraft Facility    CRISIL BB/Stable (Assigned)

The rating reflects RET's diversified revenue profile, supported
by the extensive experience of its promoters and the healthy
demand prospects for the education industry. These rating
strengths are partially offset by RET's exposure to regulatory
risks and the concentration in its revenue profile.

Outlook: Stable

CRISIL believes that RET will continue to benefit from its brand
visibility and the demand for technical courses, over the medium
term. The outlook may be revised to 'Positive' in case the trust's
revenues and profitability improve considerably. Conversely, the
outlook may be revised to 'Negative' in case of a less-than-
expected increase in the trust's revenues and profitability.

                      About Rajeev Education

Established in 1999, Rajeev Education Trust operates eight
educational institutes in Hassan (Karnataka). RET offer courses in
nursing, management, engineering, information technology, pharmacy
and technical education. The trust's management, headed by Dr. V
Rajeev, Mr. V Raghu and Dr. B N Rathnamma, has over 10 years
experience in the field of education. The society has a healthy
student offtake of around 1540 students per annum. The society has
student strength of around 3400 students for the academic year
2011-12.

RET's surplus (excess of income over expenditure) and revenues for
2010-11 (refers to financial year, April 1 to March 31) are
estimated at INR14 million and INR77 million respectively. RET
reported a surplus of INR13 million on net revenues of INR56
million for 2009-10, as against a surplus of INR17 million on net
revenues of INR44 million for 2008-09.


RATNAVEER STAINLESS: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ratnaveer Stainless
Products Private Limited continue to reflect RSPPL's moderate
financial risk profile marked by high gearing and exposure to
risks relating to fluctuations in the value of the Indian rupee.

   Facilities                        Ratings
   ----------                        -------
   INR127.5 Mil. Cash Credit Limit   CRISIL BB/Stable
   (Enhanced from 109.9 Million)

   INR13.2 Million Term Loan         CRISIL BB/Stable (Reaffirmed)
   (Reduced from 17.1 Million)

   INR360.0 Mil. Letter of Credit    CRISIL A4+
   (Enhanced from 299.9 Million)

   INR1.1 Million Bank Guarantee     CRISIL A4+ (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
RSPPL derives from its promoters' experience in the stainless
steel industry, and improving operating efficiency.

Outlook: Stable

CRISIL believes that RSPPL will maintain a stable business risk
profile over the medium term backed by promoters' experience in
the steel industry. RSPPL's financial risk profile however is
expected to remain constrained due to high gearing. The outlook
may be revised to 'Positive' if the company's operating margins
improve further leading to improvement in debt-protection measures
and gearing improves due to equity infusion. Conversely, the
outlook may be revised to 'Negative' if the company's
profitability is adversely impacted by volatility in raw material
prices or adverse movements in foreign exchange rates, or if the
company's debt protection measures deteriorate due to larger-than-
expected debt-funded capital expenditure programmes.

                     About Ratnaveer Stainless

RSPPL, incorporated in 2002 by Mr. Ramanand Sanghvi, manufactures
stainless steel products in Vadodara (Gujarat). The company
manufactures four types of stainless steel products, namely
stainless steel washer, used along with nuts and bolts for fitting
machinery parts in the automobile and power sectors; solar
mounting hooks used in solar panels; street railings and street
sculptures; and finishing lines used in the elevators, doors, and
home appliances. The company's total capacity for manufacturing
stainless steel washers, solar mounting hooks, and finished steel
sheets is 3600 tonnes per annum (TPA), 1200 TPA, and 3000 TPA,
respectively.

RSPPL has provisionally reported profit after tax (PAT) of INR17
million on net sales of INR783 million for 2010-11, as against a
PAT of INR11 million on net sales of INR517 million for 2009-10.


SAI POINT: CRISIL Assigns 'CRISIL D' Rating to INR42MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of Sai Point Cars Private Limited.

   Facilities                     Ratings
   ----------                     -------
   INR42 Million Term Loan        CRISIL D (Assigned)
   INR95 Million Cash Credit      CRISIL D (Assigned)
   INR3 Million Proposed LT       CRISIL D (Assigned)
         Bank Loan Facility
   INR10 Million Bank Guarantee   CRISIL D (Assigned)

The rating reflects delays by SPCL in servicing its debt; the
delays have been caused by the company's weak liquidity.

SPI also has a weak financial risk profile, marked by small net
worth, high gearing, and weak debt protection metrics. These
weaknesses are partially offset by the extensive experience of
SPCL's promoter in the automobiles dealership industry.

Set up in 2008 by Mr. Dilip Patil, SPCL is an authorised dealer
for Maruti Suzuki India Ltd in Salcete (Goa). Mr. Patil currently
manages the overall operations of the company. SPCL also deals in
MSIL's spare parts and provides workshop facility.

In its first year of operations, SPCL reported a net loss of
INR9.28 million on net sales of INR458.55 million (provisional
figure) for 2010-11 (refers to financial year, April 1 to
March 31).


SARTHAK METALS: CRISIL Reaffirms 'CRISIL BB+' Term Loan Rating
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarthak Metals
Marketing Pvt Ltd continue to reflect the benefits that SMMPL
derives from its promoters' extensive industry experience and its
established relationships with its customers.

   Facilities                      Ratings
   ----------                      -------
   INR1 Million Term Loan          CRISIL BB+/Stable (Reaffirmed)
   INR50 Million Cash Credit       CRISIL BB+/Stable (Reaffirmed)
   INR6 Million Standby Line of    CRISIL A4+ (Reaffirmed)
                         Credit
   INR10 Million Short-Term Bank   CRISIL A4+ (Reaffirmed)
                        Facility
   INR35 Million Letter of Credit  CRISIL A4+ (Reaffirmed)
   INR5 Million Bank Guarantee     CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by the company's
exposure to intense competition in the cored wire industry, small
scale of operations, and below-average financial risk profile
marked by moderate capital structure and debt protection metrics.

Outlook: Stable

CRISIL believes that SMMPL will continue to benefit over the
medium term from its promoters' industry experience and its
established relationship with its customers. The outlook may be
revised to 'Positive' in case of improvement in SMMPL's
profitability, or in case of equity infusion by the promoters
leading to improvement in its liquidity risk profile. Conversely,
the outlook may be revised to 'Negative' if SMMPL undertakes a
large, debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

                       About Sarthak Metals

SMMPL, incorporated in 1995, is promoted by Mr. Manoj Bansal, Mr.
Anoop Bansal and Mr. Kishor Bansal. The company manufactures
metallurgical cored wires, aluminium flipping coil, and industrial
gases. The company also trades in ferro alloys. SMMPL derives
majority of its revenues from the wire manufacturing division in
2010-11 (refers to financial year, April 1 to March 31); of
INR1.15 billion of revenues, INR1.1 billion was generated through
this division. The company has capacity to produce 1 million cubic
meters of industrial gas, about 7200 tonnes per annum (tpa) of
cored wires, and 6000 tpa of aluminium flipping coil.


SHAKTI YARN: CRISIL Rates INR180MM Cash Credit at ' CRISIL BB'
--------------------------------------------------------------
CRISIL has assigned its ' CRISIL BB/Stable' rating to the cash
credit facility of Shakti Yarn Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR180 Million Cash Credit     CRISIL BB/Stable (Assigned)

The rating reflects Shakti Yarn's satisfactory risk management
policies, the extensive experience of its promoters, and its
established market position in yarn trading. These rating
strengths are partially offset by Shakti Yarn's average financial
risk profile, marked by small net worth and geographic
concentration risk.

Outlook: Stable

CRISIL believes that Shakti Yarn will maintain its credit risk
profile, backed by its established position in the yarn trading
market and relationships with its suppliers. The outlook may be
revised to 'Positive' if Shakti Yarn significantly improves its
revenues and earnings, while maintaining its capital structure and
debt protection metrics,. Conversely, the outlook may be revised
to 'Negative', in case Shakti Yarn's debt protection metrics
deteriorate due to lower-than-expected growth in revenues and
earnings.

                       About Shakti Yarn

Set up in 1995, Shakti Yarn is a partially oriented yarn (POY) and
twisted yarn trader in Surat (Gujarat). It was promoted by Mr.
Ramvallabh Ladda. It is currently managed by Mr. Lalit Chandak and
Mr. Ladda's son Mr. Manish Ladda. The company has dealerships of
over 15 POY yarn manufacturers, including major players in the
polyester yarn market such as Wellknown (rated 'CRISIL
BBB/Stable/CRISIL A3+'), GPF Industries, Nova Petrochemicals and
Indo Rama. The company also provides technical assistance and
inputs to its customers (yarn weavers) to manufacture required
fabrics.

Shakti Yarn reported a profit after tax (PAT) of INR9 million on
net sales of INR1.26 billion for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR5.6 million on
net sales of INR1.03 billion for 2008-09.


SIGACHI CHLORO-CHEMICALS: CRISIL Rates INR7.7MM Loan at 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sigachi Chloro-Chemicals Pvt Ltd, part of
the Sigachi group.

   Facilities                       Ratings
   ----------                       -------
   INR35 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR7.7 Million Long-Term Loan    CRISIL B+/Stable (Assigned)
   INR8.3 Mil. Proposed Long-Term   CRISIL B+/Stable (Assigned)
               Bank Loan Facility
   INR16 Million Packing Credit     CRISIL A4 (Assigned)
   INR30 Million Letter of Credit   CRISIL A4 (Assigned)
   INR3 Million Bank Guarantee      CRISIL A4 (Assigned)

The ratings reflect the Sigachi group's weak financial risk
profile marked by small net worth and moderate debt protection
metrics, product concentration, and susceptibility to intense
competition in the bulk-drugs industry. The ratings also factor in
the implementation-related risks associated with the group's
ongoing project involving setting up a 2400-tonne micro-
crystalline cellulose (MCC) manufacturing unit in Dahej (Gujarat).
These rating weaknesses are partially offset by the group's
established customer relationships and promoters' experience in
the bulk-drugs industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SCCPL and Sigachi Cellulose Pvt Ltd
(SCPL), collectively referred to as the Sigachi group. This is
because both the companies are in the same line of business, share
the same brand name (Sigachi), and have a common management.
Furthermore, the bank facilities of SCPL have been guaranteed by
SCCPL and the companies are likely to have financial linkages.

Outlook: Stable

CRISIL believes that the Sigachi group will continue to benefit
over the medium term from its promoters' extensive experience in
the bulk-drugs industry. The outlook may be revised to 'Positive'
in case of significant improvement in the group's liquidity, most
likely driven by more-than-expected cash accruals, improvement in
realisation management, and sustained improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' in
case the group faces any significant time or cost overrun in its
ongoing project or there is a decline in its sales and
profitability.

                        About the Group

Incorporated in 1989, SCCPL was promoted by Mr. R P Sinha. The
company's product portfolio comprises MCC (contributes 65% of
revenues), chlorinated paraffin oil (35%) and hydrochloric acid
(5%). The company's manufacturing units are located in Hyderabad
(Andhra Pradesh) and have a combined installed capacity of 1800
tonnes and 2300 tonnes to manufacture MCC and chlorinated paraffin
oil respectively. The group is setting up an MCC manufacturing
unit in Dahej, with an installed capacity of 2400 tonnes per
annum; this is expected to commence operations in March 2012. The
total cost of the project is estimated at INR100 million, funded
by term debt of INR70 million and equity infusion. The project is
being undertaken in SCPL. The day-to-day operations of the group
companies are managed by Mr. R P Sinha and his son, Mr. Amit
Sinha.

The Sigachi group reported a profit after tax (PAT) of INR6
million on net sales of INR214 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR4
million on net sales of INR203 million for 2009-10.


S.R.S. INDUSTRIES: CRISIL Puts 'CRISIL B+' Rating on INR65MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of S.R.S. Industries Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR65 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR10 Million Letter of Credit   CRISIL A4(Assigned)

The ratings reflect SRS' exposure to risks related to highly
fragmented industry, marked by intense competition and low
operating margin owing to trading nature of business, weak
financial risk profile, marked by low net worth, high gearing and
weak debt protection metrics and working-capital-intensive
operations. These rating weaknesses are partially offset by the
experience of SRS' management in the iron and steel trading
business.

Outlook: Stable

CRISIL believes that SRS will continue to benefit from its healthy
relationships with its suppliers and customers, and the extensive
industry experience of its promoters, over the medium term.
However, the company's financial risk profile is expected to be
constrained by its high gearing and large working capital
requirements. The outlook may be revised to 'Positive' in case
SRS's financial risk profile improves significantly, most likely
because of equity infusion by the promoters and better-than-
expected revenues and profitability. Conversely, the outlook may
be revised to 'Negative' if the company's profitability or
revenues decline, resulting in lower-than-expected cash accruals,
or in case company undertakes any larger-than-expected debt-funded
capital expenditure (capex) programme, thus resulting in the
deterioration of its financial risk profile.

                      About S.R.S. Industries

Set up in 2004 as a private limited company by Mr. Satya Prakash
Jhunjhunwala, SRS trades in steel long products in Bihar and
Nagpur (Maharashtra). The company is an authorised distributor of
Steel Authority of India Ltd (SAIL) in the Bihar region. The
company has 4 to 5 major suppliers and mainly deals in GP/GC
sheets.

SRS reported a provisional profit after tax (PAT) of
INR1.9 million on provisional net sales of INR472.7 million for
2010-11 (refers to financial year, April 1 to March 31), as
against a PAT of INR1.4 million on net sales of INR449.3 million
for 2009-10.


SUN PAPER: CRISIL Reaffirms 'CRISIL BB-' Rating on INR204.6MM Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Sun Paper Mill Ltd
(SPML) continue to reflect the strong operational support that
SPML receives from its group entity, The Daily Thanthi.

   Facilities                        Ratings
   ----------                        -------
   INR204.6 Mil. Long-Term Loans     CRISIL BB-/Stable
   (Enhanced from INR123.2 Million)

   INR42.5 Million Cash Credit       CRISIL BB-/Stable Reaffirmed)

While SPML incurred net losses in 2010-11 (refers to financial
year, April 1 to March 31) because of increase in input prices and
temporary closure of its production unit, CRISIL expects SPML's
volume growth to be healthy and operating profitability to improve
significantly in 2011-12, driven by price increase for its
products in August 2011 and cost saving following the commencement
of operations at its upcoming de-inking unit in September 2011.
These rating strengths are partially offset by SPML's small scale
of operations, susceptibility to volatility in newsprint prices,
and weak financial risk profile.

Outlook: Stable

CRISIL expects SPML's revenues and profitability to improve over
the medium term, with the successful commissioning of SPML's de-
inking plant and with continued support from The Daily Thanthi.
The outlook may be revised to 'Positive' if SPML improves its
profitability more than expected, most likely driven by favourable
newsprint prices and higher savings in costs, leading to more-
than-expected cash accruals, and better-than-expected gearing and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if SPML's performance is weaker than expected, or it
undertakes a larger-than-expected debt-funded capital expenditure
(capex) programme, thereby weakening its capital structure.

About the Company

Incorporated in 1961, SPML has a newsprint manufacturing unit in
Cheranmahadevi (Tamil Nadu). The company was promoted by Dr.
Sivanthi Adityan as a backward integration initiative to supply
newsprint-grade paper to the group's flagship company, The Daily
Thanthi. The group is mainly into printing and publishing. The
group's flagship newspaper, Dhina Thanthi, published from 14
centres, is the leading Tamil newspaper, with a daily circulation
of over 1 million. SPML supplies all of its manufactured newsprint
to The Daily Thanthi, meeting about 40% of The Daily Thanthi's
newsprint requirement. SPML's current capacity is 22,000 tonnes
per annum and its unit's capacity utilization for the past three
years has been more than 100%.SPML has a 6-megawatt-captive
cogeneration plant and four windmills, which enable it to meet its
power needs; it supplies the surplus power to Tamil Nadu
Electricity Board. SPML is in the process of commissioning a de-
inking plant that will result in conversion of its newsprint
production into a 100% waste-paper-based pulping process (the
company currently uses a combination of wood, waste paper, and
banyan waste). The plant is expected to be commissioned by October
2011.The cost of this project is estimated at about INR370
million, funded through a term loan of INR330 million and by
promoters' contribution.

For 2010-11, SPML reported a net loss of INR54.76 million on net
sales of INR758.03 million, against net profit of INR37.37 million
on net sales of INR773.9 million for 2009-10.


WAVES HOTELS: CRISIL Rates INR300MM Term Loan at 'CRISIL BB-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the proposed
term loan facility of Waves Hotels and Estates Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
    INR300.0 Mil. Proposed Term Loan  CRISIL BB-/Stable (Assigned)

The rating reflects extensive experience of WHEPL's promoters in
the construction and hospitality industries and expected financial
and business support from Gundecha group. These strengths are
partially offset by WHEPL's exposure to project implementation and
offtake risks and vulnerability of business risk profile to
economic cyclicality and increasing competition.

Outlook: Stable

CRISIL believes that WHEPL will continue to benefit over the
medium term from its average project risk and the extensive
experience of its promoters in the construction industry. The
outlook may be revised to 'Positive' in case the company completes
its project within estimated time with no cost overruns and
reports higher-than-expected revenue while establishing its brand
in the hospitality industry. Conversely, the outlook may be
revised to 'Negative' in case the project gets delayed or if
WHEPL's financial risk profile deteriorates with simultaneous
launch of several projects.

                        About Waves Hotels

Established as part of the Gundecha group in 1984, WHEPL is
currently constructing its first 5-star hotel in Jodhpur
(Rajasthan). Spread over an area of around 4.62 acres, the hotel
will have 80 rooms and eight suites. The company plans to build
three more hotels in Jaipur, Udaipur, (both in Rajasthan), and
Nagpur (Maharashtra).

Set up by Mr. Paras Gundecha, the Gundecha group has undertaken
more than 100 residential, commercial, and industrial projects in
Mumbai (Maharashtra). The group entered into the hospitality
sector by constructing Hotel Sea Princess in Mumbai twenty years
ago. It now plans to construct 21 5-star hotels across India under
its brand, Indiana.


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


PROMISE CO: AZ Card Unit Files for Liquidation
----------------------------------------------
Bloomberg News reports that Promise Co. said wholly owned unit
AZ Card Co. filed for liquidation on August 31.

Bloomberg relates Promise said in a statement to the Tokyo Stock
Exchange that AZ Card's closure is expected to have a minor impact
on Promise's earnings for the current fiscal year.

Promise had disclosed on July 15 its decision to dissolve the unit
and book provisions for JPY5.25 billion (US$69 million) in claims
owed by AZ Card, Bloomberg notes.

                      About Promise Co.

Headquartered in Tokyo, Japan, Promise Co., Ltd., (TYO:8574)
specializes in the consumer finance industry.  The Company
operates in two business segments.  The Financial segment is
engaged in the provision of unsecured/unguaranteed loans in small
sums to individual customers in Japan, Hong Kong and Thailand, as
well as the collection and management of debt through its
subsidiaries.  The Others segment is engaged in the leasing of
tenant buildings, the telemarketing business, the design,
development and operation of computer systems, the sale and
maintenance of automobiles, the coating of metal plates, insurance
agency business, mail-order business, the operation of golf
courses, as well as investment business in China.

As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2010, Moody's Investors Service downgraded the long-term
issuer and senior unsecured debt ratings of Promise Co., Ltd., to
Ba1 from Baa2.  The ratings outlook is negative.




=========
N E P A L
=========


* NEPAL: PAC Recommends to Liquidate Three Public Enterprises
-------------------------------------------------------------
Himalayan News Service reports that Public Accounts Committee
(PAC) under Legislature Parliament has recommended to liquidate
three of the public enterprises (PEs) as they are insolvent;
merger of different nine public enterprises and create only four
entities; and operate some under Public Private Partnership (PPP)
model.

Approving the report from Public Enterprises sub-committee, the
PAC suggested the liquidation of National Construction Company,
Nepal Engineering Consultancy Service Centre and Timber
Corporation of Nepal, according to the news agency.

"The subcommittee concluded that shutting these enterprises down
will save government expenditure," the report quotes subcommittee
coordinator Deep Kumar Upadhyaya as saying. The absence of these
companies will not impact service to the public as the private
sector is competent enough to provide these services, he added.

The National Construction Company was established in August 1961
with the objectives to promote qualitative civil construction
works in the country and to achieve project cost moderator. It has
a total of INR40 million accumulative loss by the end of fiscal
year 2009-10, the report discloses.

Similarly, aiming at providing consultancy services, the
government had set up Nepal Engineering Consultancy Service in
December 1996.  It also has INR5.27 million accumulative loss by
the end of 2009-10.  According to the report, the government had
in November 1960 established the Timber Corporation of Nepal to
protect the forest in a systematic way, sale and distribute the
timber to the public and other parties in reasonable price.  It
also has accumulative loss of INR215.04 million by the end of
fiscal year 2009-10.


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


NATIONAL FINANCE: Former Execs to Stand Trial in July Next Year
---------------------------------------------------------------
Maria Slade at BusinessDay.co.nz reports that three directors of
failed finance company National Finance 2000 Ltd will not stand
trial until July next year.

The four-week trial of banned directors Trevor Allan Ludlow,
Anthony Banbrook and Carol Braithwaite was put off last week while
Mr. Ludlow appealed a decision denying him legal aid, according to
BusinessDay.co.nz.

The three face criminal charges under the Securities and Financial
Reporting Act, the report notes.

According to the report, Justice Pamela Andrews on Thursday set a
new trial date of July 2, 2012, saying that was the earliest the
court could accommodate a new four-week fixture.

Justice Andrew slammed the Legal Services Agency, saying it was
concerning that proceedings had to be abandoned on the eve of the
trial because of legal aid delays, BusinessDay.co.nz relates.

"It has compromised the administration of justice and it has
caused considerable costs to the court, to the prosecution and to
the defence," BusinessDay.co.nz quotes Justice Andrews as saying.

Justice Andrews said if an earlier court date became available the
trial would be brought forward. "It is a delay that I would rather
avoid."

The New Zealand Herald says Mr. Ludlow applied for legal aid last
year but only sought a review of a decision that denied him
representation after he was convicted of Serious Fraud Office
charges last month.  He has claimed he didn't know he could seek a
review of the decision until that time.

Mr. Ludlow, according to the Herald, is also seeking legal aid to
appeal a conviction on theft and false accounting charges brought
by the Serious Fraud Office.  He's due to be sentenced on those
charges in October, the Herald discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 6, 2008, the Companies Office filed criminal charges in
Auckland District Court against National Finance directors Trevor
Allan Ludlow, Anthony David Banbrook and Carol Anne Braithwaite.
The national enforcement unit of the Companies Office alleged the
directors failed to disclose material transactions between
National Finance 2000 and related parties.  The directors also
face charges under the Securities Act 1978 for stating that they
had made proper and adequate provisioning for bad debts and that
loans were secured by general security agreements when this was
not the case.

                       About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$24 million.


HUHTAMAKI OYJ: To Close Loss-Making NZ Unit; Axes 135 Jobs
----------------------------------------------------------
Huhtamaki Oyj will close down a manufacturing unit in New Lynn,
New Zealand with the loss of 135 jobs.  The firm said the unit is
currently loss making.

Huhtamaki said it will continue to serve its customers in Oceania
from sales offices in Auckland, New Zealand and Melbourne,
Australia.  Manufacturing will be transferred to Huhtamaki's other
flexible packaging units mainly in India, Thailand and Vietnam.

The closure of the New Lynn unit is expected to be finalized by
the end of July 2012 and will affect approximately 135 employees.
To close the unit, Huhtamaki will take an approximately
EUR8 million one-time charge in the third quarter 2011.  The
closure of the New Lynn unit and the transfer of volumes to Asian
units will have an estimated EUR5 million annualized positive
impact on the Flexible Packaging segment's EBIT as of H2 2012.

Huhtamaki currently has three manufacturing units in the Auckland
area in New Zealand.  The closure of the New Lynn unit does not
affect the Foodservice operations in Henderson or the Molded Fiber
operations in Otahuhu.  Huhtamaki will continue to have
approximately 320 employees in New Zealand after the closure of
the New Lynn unit.

Huhtamaki Oyj is a Finland-based company primarily engaged in the
consumer and specialty packaging business.


ST LAURENCE LIMITED: Investors to Get 3c Payout This Month
----------------------------------------------------------
The receivers for St Laurence Limited expect to make a
distribution of 3 cents in the dollar to secured investors in the
week of 26 September, a slight delay from the previously advised
timing of August.

Loans and guarantees recovered in the past few months have enabled
the receivers to return this latest tranche of funds to investors.

Barry Jordan of Deloitte said the receivers are nearing the end of
the loan recovery process. The largest remaining loan owed to the
St Laurence group relates to a series of industrial blocks outside
of Sydney. These properties will continue to be progressively sold
down over the next six months.

The receivers still expect the overall recovery to investors will
be at the lower end of the 15 to 22 cents in the dollar range. St
Laurence investors have already received 9 cents in the dollar
from the receivers. This is in addition to the 10 cents paid out
by the company when it was in moratorium.

Recently, Perpetual Trust called the $20 million guarantee
provided by Kevin Podmore and three associated companies. They
have three months, after the call, to pay the guaranteed sum.

The receivers will provide investors with a further update report
when the September distribution is made.

                       About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries.

The receivership does not include the companies which are the
managers of The National Property Trust, Irongate Property Limited
and its proportionate ownership schemes and syndicates.


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


MANILA CAVITE: S&P Puts 'B' Rating on $160-Mil. Notes on Watch Neg
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' rating on the
$160 million Series 2010-1 notes due 2022 issued by Manila Cavite
Toll Road Finance Co. (MCTFC) on CreditWatch with negative
implications.

The CreditWatch placement reflects the fact that anticipated
traffic growth on a newly opened extension segment of the Manila
Cavite Toll Expressway (MCTE) has not materialized because of: (1)
a pipe-laying project being implemented in Cavite that is
affecting the feeder roads in the surrounding areas of the MCTE
including Aguinaldo Highway, which is a principal feeder road
leading to and from the existing segment of the road; (2)
elevation works on the center lane of the existing segment to
ensure proper drainage under unfavorable weather conditions; and
(3) periodic paving and replacement of the top surface at the
Zapote interchange to address deterioration due to higher-than-
expected heavy vehicle traffic.

"Actual traffic on the extension road has been weak and much lower
than forecasted levels. Traffic on the existing road has also been
affected by the elevation works. While we understand that the
pipe-laying project is contributing to the poor traffic
performance so far, we believe the project's liquidity could be
affected as it will continue to rely on its reserve funds
to cover cash shortfalls if traffic does not ramp-up faster," said
Standard & Poor's credit analyst Allan Redimerio.

Traffic growth on the extension road has been slow in the three
months since toll collections began on May 1, 2011. Based on the
latest traffic data, average daily traffic in July was 10,673
vehicles per day, with class 1 type vehicles (such as cars,
motorbikes, jeepneys) constituting the bulk of this traffic. This
is lower than the traffic consultant's original forecast of
47,000 vehicles per day during the extension road's first year of
operations. The pipe-laying project also affects the existing
segment of the road where actual traffic volume is down about 4%
this year compared with last year on a cumulative year-to-date
basis.

"To break even from a cash flow perspective, we estimate that the
project would require an average daily traffic on the extension
segment of at least 35,000 vehicles assuming average daily traffic
on the existing segment was about 78,000 vehicles, which was the
average daily traffic in 2010," said Mr. Redimerio. "Delays in the
completion of the pipe-laying project and elevation works on the
existing segment will prolong the anticipated traffic ramp-up,
and further pressure the company's liquidity," he added.

"In addition, the costs associated with MCTFC's decision to change
the design of the Zapote interchange from asphalt to concrete
could further pressure the project's liquidity, in our opinion.
The company is doing this at the advice of project engineers and
the project's independent consultant to protect the road from an
increase in traffic volume. It expects this implementation project
to be completed by the end of September 2011, along with the
pipe-laying project. The elevation works on the existing segment
is expected to be completed in October 2011," S&P related.

"In resolving the CreditWatch placement, we will take into account
the progress of the pipe-laying project and the elevation works on
the existing segment of the road and the actual traffic levels on
the existing and extension segments of the road in the two-to-
three months after completion of these projects. We will also
review the project's liquidity, including usage of the debt
service reserve account, as well as factor in the amount needed by
the project to implement the change in design at the Zapote
interchange. The CreditWatch placement with negative implications
reflects our view that there is a 50% chance that we would lower
the rating on the notes upon completion of our review," S&P
related.

"We could lower the rating on the Series 2010-1 notes if any of
the projects do not progress to our satisfaction such that: (1)
the pipe-laying project is delayed beyond September; (2) traffic
levels in the two to three months after completion exhibit are
weaker than our expectations such that average daily traffic on
the extension road is less than 20,000 vehicles per day and the
average daily traffic on the existing road is less than 78,000
vehicles per day; or (3) the project's liquidity is worse than we
had anticipated because of higher usage of cash in the DSRA or a
material depletion in the major maintenance reserve to support the
Zapote interchange works," S&P stated.

"The potential for a stable outlook is limited until we believe
that traffic on the toll road has increased and stabilized at
levels in line with our original base-case forecasts, and we find
no evidence of poor long-term traffic fundamentals," S&P added.


TRANS-ASIA OIL: ERC Approves Rate Hike to Cure Five-year Loss
-------------------------------------------------------------
BusinessWorld Online reports that Trans-Asia Oil and Energy
Development Corp. has bagged a regulator's approval to hike rates
it charges to energy buyer Guimaras Electric Cooperative, Inc.
(Guimelco) after complaining that the state-approved price had
caused it to incur PHP14.5 million in losses.

BusinessWorld relates that the Energy Regulatory Commission
approved an adjustment in the supply deal's fuel rate to PHP0.25
per liter/kWh versus the earlier PHP0.23/liter/kWh fuel rate.
This rate is part of the calculation for the final price for the
energy supply agreement.

It is the amount that can be passed on to off-takers like Guimelco
for the cost of fuel used in a power plant, the report notes.

The energy supply agreement was awarded in 2005 and will end in
2015.

"Trans-Asia was compelled to incur the aforementioned losses for a
period of five years or half the cooperation period," ERC said in
its notice, BusinessWorld reports.

"If this persists, the economic viability of its power plant may
be adversely affected so that its ability to deliver reliable and
stable electricity to Guimelco for the remaining years of the
[agreement] may be compromised," the notice read.

BusinessWorld notes that the notice stated further that the
increase in fuel rate consumption will potentially increase
electricity rates of Guimelco from PHP0.07/kWh to PHP0.10/kWh.

Trans-Asia owns a 3.2-megawatt (MW) diesel plant which supplies
power to Guimaras.

Trans-Asia Oil and Energy Development Corporation engages in the
generation and trade of power; and exploration, exploitation, and
production of oil and mineral properties in the Philippines.  It
produces petroleum products, such as crude oil and natural gas.


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


AMARU INC: Articles Amended for Hike to 400MM Authorized Shares
---------------------------------------------------------------
Amaru, Inc., filed an amendment to the Company's Articles
Incorporation with the Secretary of State of the state of Nevada,
amending Article IV, Capital Stock of the Company to increase the
Company's authorized number of shares of common stock to 400
million shares and the Company's authorized number of shares of
preferred stock to 25 million shares.  The amendment to the
Company's Articles of Incorporation was approved by the majority
shareholders of the Company (86.37%) at the special meeting of the
Company's shareholders held on July 25, 2011.

                          About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.

The Company's balance sheet at June 30, 2011, showed US$2.99
million in total assets, US$3.48 million in total liabilities, and
a $487,000 total stockholders' deficit.

As reported in the TCR on April 26, 2011, Mendoza Berger &
Company, LLP, in Irvine, California, expressed substantial doubt
about Amaru, Inc.'s ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that the Company has sustained accumulated losses from
operations totaling US$38.5 million at Dec. 31, 2010.


===========
T A I W A N
===========


XODTEC LED: Cancels US$2.54 Million CEO and Director Debts
----------------------------------------------------------
Xodtec Led, Inc., on Aug. 5, 2011, entered into debt cancellation
agreements with Yao-Ting Su, the Company's chief executive and
financial officer and a director, and Hui-Yun Lo, a director,
pursuant to which the Company issued 34,159,120 shares of common
stock to Ms. Lo in consideration of her cancellation of the
Company's indebtedness to Ms. Lo in the amount of US$1,707,956 and
16,447,160 shares of common stock to Mr. Su in consideration of
his cancellation of the Company's indebtedness to Mr. Su in the
amount of US$833,358.  The shares that were issued were valued at
US$0.05 per share, which was the last reported sales price of the
Company's common stock at the date of the agreements.

                         About Xodtec LED

Headquartered in Jhonghe City, Taiwan, Xodtec LED, Inc. is a
Nevada corporation incorporated on November 29, 2006, under the
name Sparking Events, Inc.  On June 28, 2009, the Company's
corporate name was changed to "Xodtec Group USA, Inc." and on
May 17, 2010, the Company's corporate name was changed to "Xodtec
LED, Inc."

The Company, through its subsidiaries, is engaged in the design,
marketing and selling of advanced lighting solutions which are
designed to use less energy and have a longer life than
traditional incandescent, halogen, fluorescent light sources.  The
Company's wholly-owned subsidiaries, Xodtec Technology Co., Ltd.;
Targetek Technology Co., Ltd.; UP Technology Co., Ltd., are
organized under the laws of the Republic of China (Taiwan).  The
Company also owns a 35% interest in Radiant Sun Development S.A.,
a company organized under the laws of the Independent State of
Samoa.

The Company reported a net loss of US$1.59 million on US$1.03
million of revenue for the year ended Feb. 28, 2011, compared with
a net loss of US$2.23 million on US$991,645 of revenue during the
prior year.

The Company's balance sheet at May 31, 2011, showed US$1.51
million in total assets, US$4.37 million in total liabilities and
a US$2.86 million total stockholders' deficit.

As reported by the TCR on June 20, 2011, Simon & Edward, LLP, in
City of Industry, California, expressed substantial doubt about
the Company's ability to continue as a going concern, following
the results for the year ended Feb. 28, 2011.  The independent
auditors noted that the Company has incurred significant operating
losses, has serious liquidity concerns and may require additional
financing in the foreseeable future.


=============
V I E T N A M
=============


HOANG ANH: S&P Puts 'B' CCR on Watch Negative on Weak Performance
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating and 'axBB-' ASEAN scale rating on Vietnam-
based Hoang Anh Gia Lai Joint Stock Co. on CreditWatch with
negative implications. "We also placed the 'B' issue rating on the
company's $90 million senior notes due 2016 on CreditWatch with
negative implications," S&P stated.

"We placed the ratings on HAGL on CreditWatch with negative
implications because we anticipate that the company's credit
profile could deteriorate in the next six to 12 months. The
performances of HAGL's core property development and iron ore
mining businesses are likely to be significantly weaker than we
had expected. Our original expectation that the company's credit
profile would improve was based on the significant ramp up of its
iron ore mining business in the second half of 2011 and the
continued strong performance of its property development
business," S&P stated.

"We now believe that HAGL's credit profile may be weaker than our
stress-case scenario for the rating. This is attributable to the
difficult operating environment in Vietnam, which includes
persistently high interest rates and inflation, culminating in
property buyers' reduced purchasing power," said Standard & Poor's
credit analyst Wee Khim Loy. "We did not anticipate the delay in
obtaining licenses for the Laos and Cambodia iron ore mines, and
we now expect the company's production to be materially lower at
300,000 tons in 2011, compared with our original forecast of
700,000 tons."

HAGL generated negative cash flow from operations of Vietnamese
dong (VND) 691.0 billion due to a 25% drop in sales to VND797.5
billion in the first six months of 2011, compared with positive
cash flow of VND456.2 billion and revenue of VND1.0 trillion for
the same period in 2010.

The rating on HAGL reflects the company's exposure to: the
cyclicality inherent in the mining and real estate industries; and
the capital intensity and project execution risks associated with
its diversification into iron ore mining, hydropower generation,
and rubber manufacturing. The rating also reflects the economic,
political, and regulatory risks of operating in Laos and Cambodia.
HAGL's low-cost land bank and established brand name in Vietnam
temper these weaknesses.

"We expect to resolve the CreditWatch placement after further
discussions with HAGL's management regarding the company's
strategy to offset the effects of a challenging operating
environment," said Ms. Loy.

"A CreditWatch negative listing implies a one-in-two likelihood
that we may lower the rating within the next three months. We
could lower the rating by one notch if, in our opinion, the weak
macroeconomic environment continues to negatively affect HAGL's
property sales, and the iron ore mining licenses are delayed
further, undermining the company's performance and credit
protection measures," S&P added.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company                Ticker       (US$MM)           (US$MM)
  -------                ------        ------      ------------


AUSTRALIA

ARTURUS CAPITAL           AKW           12.27          -0.43
ARTURUS CAPITA-N          AKWN          12.27          -0.43
ASTON RESOURCES           AZT          469.54          -7.49
AUSTAR UNITED             AUN          734.96        -173.09
AUSTRALIAN ZI-PP          AZCCA         77.74          -2.57
AUSTRALIAN ZIRC           AZC           77.74          -2.57
AUTRON CORP LTD           AAT           32.50         -13.46
BCD RESOURCES OP          BCO           27.90         -79.33
BCD RESOURCES-PP          BCOCC         27.90         -79.33
BECTON PROPERTY           BEC          369.83         -26.80
BIRON APPAREL LT          BIC           19.71          -2.22
BREMER PARK LTD           BPK           16.00          -6.90
CEC GROUP LTD             CEG           95.67         -42.29
CENTRO PROPERTIE          CNP       15,483.44        -349.73
CHEMEQ LTD                CMQ           25.19         -24.25
COMPASS HOTEL GR          CXH           88.33          -1.08
MACQUARIE ATLAS           MQA        1,894.75        -230.50
MAVERICK DRILLIN          MAD           24.66          -1.30
MISSION NEWENER           MBT           20.38         -44.05
NATURAL FUEL LTD          NFL           19.38        -121.51
ORION GOLD NL             ORN           11.60         -10.91
POWERLAN LTD              PWR           28.30          -3.64
REDBANK ENERGY L          AEJ        3,564.36        -383.39
RESIDUAL ASSC-EE          RAGXF        597.33        -126.96
RIVERCITY MOTORW          RCY          386.88        -809.14
SCIGEN LTD-CUFS           SIE           65.56         -38.80
SHELL VILLAGES A          SVC           13.47          -1.66
STIRLING RESOURC          SRE           31.19          -0.62
VIEW RESOURCES L          VRE           11.81         -37.51


CHINA

BAOCHENG INVESTM          600892        36.34          -4.47
CHENGDE DALU -B           200160        29.42          -3.92
CHENGDU UNION-A           693           32.68         -15.13
CHINA FASHION             CFH           10.11          -0.76
CHINA KEJIAN-A            35            95.09        -182.83
CONTEL CORP LTD           CTEL          59.32         -45.72
DONGGUAN FANGD-A          600656        34.84         -41.32
DONGXIN ELECTR-A          600691        15.96         -19.92
GUANGDONG ORIE-A          600988        12.78          -5.53
GUANGDONG SUNR-A          30           111.22           0.00
GUANGDONG SUNR-B          200030       111.22           0.00
GUANGXIA YINCH-A          557           19.01         -42.85
HEBEI BAOSHUO -A          600155       132.22        -401.91
HEBEI JINNIU C-A          600722       249.41         -53.61
HUASU HOLDINGS-A          509           90.78          -4.91
HUNAN ANPLAS CO           156           43.92         -35.46
JILIN PHARMACE-A          545           35.52          -6.20
JINCHENG PAPER-A          820          212.09        -116.17
MUDAN AUTOMOBI-H          8188          29.41          -1.38
NINGBO YIDONG-H           8249          18.29         -53.42
QINGDAO YELLOW            600579       222.76          -9.10
SHANG BROAD-A             600608        50.03          -9.23
SHANG HONGSHENG           600817        15.87        -286.48
SHANXI GUANLU-A           831          331.55          -0.17
SHANXI LEAD IN-A          673           20.47          -1.89
SHENZ CHINA BI-A          17            20.97        -266.50
SHENZ CHINA BI-B          200017        20.97        -266.50
SHENZ INTL ENT-A          56           233.81         -22.28
SHENZ INTL ENT-B          200056       233.81         -22.28
SHENZHEN DAWNC-A          863           26.10        -161.49
SHENZHEN KONDA-A          48           116.99          -7.20
SHENZHEN ZERO-A           7             42.69          -5.05
SHIJIAZHUANG D-A          958          212.59         -80.91
SICHUAN DIRECT-A          757           95.94        -166.82
SICHUAN GOLDEN            600678       209.26         -82.69
TAIYUAN TIANLO-A          600234        52.85         -27.82
TIANJIN MARINE            600751       114.38         -61.31
TIANJIN MARINE-B          900938       114.38         -61.31
TOPSUN SCIENCE-A          600771       171.85        -115.05
WUHAN BOILER-B            200770       272.46        -141.76
WUHAN GUOYAO-A            600421        11.05         -27.01
WUHAN LINUO SOLA          600885       107.30          -0.72
XIAMEN OVERSEA-A          600870       243.85        -138.59
YANBIAN SHIXIA-A          600462       204.34         -11.55
YANTAI YUANCHE-A          600766        67.22          -5.72
YUEYANG HENGLI-A          622           38.46         -19.46
YUNNAN MALONG-A           600792       145.42         -68.19


HONG KONG

ASIA TELEMEDIA            2947          15.67         -14.24
ASIA TELEMEDIA L          376           15.67         -14.24
ASIAN CAPITAL RE          8025          10.89         -11.02
BEP INTL HLDGS L          2326          10.32          -1.83
BUILDMORE INTL            108           16.19         -50.25
CHINA E-LEARNING          8055          19.66          -1.27
CHINA HEALTHCARE          673           44.13          -4.49
CHINA OCEAN SHIP          651          454.18         -13.94
CHINA PACKAGING           572           18.18         -16.83
CMMB VISION HOLD          471           37.41         -10.99
EGANAGOLDPFEIL            48           557.89        -132.86
FU JI FOOD & CAT          1175          73.43        -389.20
FULBOND HLDGS             1041         117.50          -6.87
GUOJIN RESOURCES          630           18.21         -17.00
LUNG CHEONG INTL          348           62.04          -0.37
MELCOLOT LTD              8198          56.90         -46.99
MITSUMARU EAST K          2358          30.04         -15.37
PALADIN LTD               495          149.78         -11.62
PCCW LTD                  8          6,192.51         -78.22
PROVIEW INTL HLD          334          314.87        -294.85
SINO RESOURCES G          223           15.55         -33.59
SMART UNION GP            2700          32.14         -40.01
TACK HSIN HLDG            611           53.95         -88.74


INDONESIA

ARPENI PRATAMA            APOL         613.56        -124.15
ASIA PACIFIC              POLY         471.38        -869.26
ERATEX DJAJA              ERTX          11.72         -23.99
HANSON INTERNATI          MYRX          35.46          -9.01
HANSON INT-PREF           MYRXP         35.46          -9.01
JAKARTA KYOEI ST          JKSW          33.33         -45.06
MITRA INTERNATIO          MIRA         880.25        -412.27
MITRA RAJASA-RTS          MIRA-R2      880.25        -412.27
MULIA INDUSTRIND          MLIA         524.73         -39.06
PANASIA FILAMENT          PAFI          37.96         -15.94
PANCA WIRATAMA            PWSI          31.51         -39.11
PRIMARINDO ASIA           BIMA          10.37         -21.92
SURABAYA AGUNG            SAIP         248.21         -94.27
TOKO GUNUNG AGUN          TKGA          13.37          -0.60
UNITEX TBK                UNTX          18.22         -17.81


INDIA

ALPS INDUS LTD            ALPI         292.76         -12.44
AMIT SPINNING             AMSP          20.43          -1.96
ARTSON ENGR               ART           23.87          -0.60
ASHAPURA MINECHE          ASMN         191.87         -68.03
ASHIMA LTD                ASHM          63.23         -48.94
ATV PROJECTS              ATV           60.46         -55.04
BALAJI DISTILLER          BLD           66.32         -25.40
BELLARY STEELS            BSAL         451.68        -108.50
BHAGHEERATHA ENG          BGEL          22.65         -28.20
CAMBRIDGE SOLUTI          CAMB         149.58         -56.66
CANTABIL RETAIL           CANT          55.23          -8.54
CELEBRITY FASHIO          CFLI          36.61          -6.76
CFL CAPITAL FIN           CEATF         12.36         -49.56
COMPUTERSKILL             CPS           14.90          -7.56
CORE HEALTHCARE           CPAR         185.36        -241.91
DCM FINANCIAL SE          DCMFS         17.10          -9.46
DFL INFRASTRUCTU          DLFI          42.74          -6.49
DIGJAM LTD                DGJM          99.41         -22.59
DUNCANS INDUS             DAI          133.65        -205.38
FIBERWEB INDIA            FWB           12.23         -16.21
GANESH BENZOPLST          GBP           48.95         -22.44
GEM SPINNERS LTD          GEMS          14.58          -1.16
GLOBAL BOARDS             GLB           14.98          -7.51
GSL INDIA LTD             GSL           29.86         -42.42
HARYANA STEEL             HYSA          10.83          -5.91
HENKEL INDIA LTD          HNKL         102.05         -10.24
HIMACHAL FUTURIS          HMFC         406.63        -210.98
HINDUSTAN PHOTO           HPHT          74.44      -1,519.11
HINDUSTAN SYNTEX          HSYN          15.20          -3.81
HMT LTD                   HMT          142.67        -386.80
ICDS                      ICDS          13.30          -6.17
INTEGRAT FINANCE          IFC           49.83         -51.32
JAGSON AIRLINES           JGA           12.31          -0.25
JCT ELECTRONICS           JCTE         122.54         -50.00
JD ORGOCHEM LTD           JDO           10.46          -1.60
JENSON & NIC LTD          JN            18.05         -86.40
JIK INDUS LTD             KFS           20.63          -5.62
JOG ENGINEERING           VMJ           50.08         -10.08
KALYANPUR CEMENT          KCEM          33.31         -30.53
KERALA AYURVEDA           KRAP          13.99          -1.18
KIDUJA INDIA              KDJ           17.15          -2.28
KINGFISHER AIR            KAIR       1,883.62        -661.89
KINGFISHER A-SLB          KAIR/S     1,883.62        -661.89
KITPLY INDS LTD           KIT           37.68         -45.35
LLOYDS FINANCE            LYDF          21.65         -11.39
LLOYDS STEEL IND          LYDS         510.00         -48.98
LML LTD                   LML           65.26         -56.77
MADRAS FERTILIZE          MDF          146.96        -136.27
MAHA RASHTRA APE          MHAC          24.13         -14.27
MARKSANS PHARMA           MRKS         110.15         -14.04
MILLENNIUM BEER           MLB           52.23          -5.22
MILTON PLASTICS           MILT          18.65         -52.29
MODERN DAIRIES            MRD           38.41          -0.45
MTZ POLYFILMS LT          TBE           31.94          -2.57
NATH PULP & PAP           NPPM          14.50          -0.63
NICCO CORP LTD            NICC          75.56          -6.49
NICCO UCO ALLIAN          NICU          32.23         -71.91
NK INDUS LTD              NKI          141.35          -7.71
NUCHEM LTD                NUC           24.72          -1.60
ORIENT PRESS LTD          OP            16.70          -0.09
PANCHMAHAL STEEL          PMS           51.02          -0.33
PARASRAMPUR SYN           PPS           99.06        -307.14
PAREKH PLATINUM           PKPL          61.08         -88.85
PEACOCK INDS LTD          PCOK          11.40         -14.40
PIRAMAL LIFE SC           PLSL          51.20         -64.85
QUADRANT TELEVEN          QDTV         188.57        -116.81
RAJ AGRO MILLS            RAM           10.21          -0.61
REMI METALS GUJA          RMM          102.64          -5.29
RENOWNED AUTO PR          RAP           14.12          -1.25
ROLLATAINERS LTD          RLT           22.97         -22.24
ROYAL CUSHION             RCVP          20.62         -75.53
SADHANA NITRO             SNC           18.21          -0.73
SAURASHTRA CEMEN          SRC          106.01          -2.81
SCOOTERS INDIA            SCTR          18.63          -6.88
SEN PET INDIA LT          SPEN          11.58         -26.67
SHAH ALLOYS LTD           SA           212.81          -9.74
SHALIMAR WIRES            SWRI          24.58         -39.14
SHAMKEN MULTIFAB          SHM           60.55         -13.26
SHAMKEN SPINNERS          SSP           42.18         -16.76
SHREE GANESH FOR          SGFO          44.50          -2.89
SHREE RAMA MULTI          SRMT          64.03         -44.99
SIDDHARTHA TUBES          SDT           76.98         -12.45
SOUTHERN PETROCH          SPET       1,584.27          -4.80
SQL STAR INTL             SQL           11.69          -1.14
STI INDIA LTD             STIB          35.39          -0.54
STL GLOBAL LTD            SHGL          45.61         -10.59
SUPER FORGINGS            SFS           17.83          -6.37
TATA TELESERVICE          TTLS       1,311.30        -138.25
TATA TELE-SLB             TTLS/S     1,311.30        -138.25
TRIUMPH INTL              OXIF          58.46         -14.18
TRIVENI GLASS             TRSG          24.55          -8.57
TUTICORIN ALKALI          TACF          14.15         -11.20
UNIFLEX CABLES            UFC           47.46          -7.49
UNIFLEX CABLES            UFCZ          47.46          -7.49
UNIMERS INDIA LT          HDU           18.08          -5.86
UNITED BREWERIES          UB         2,652.00        -242.53
UNIWORTH LTD              WW           168.36        -155.74
UNIWORTH TEXTILE          FBW           20.57         -37.60
USHA INDIA LTD            USHA          12.06         -54.51
VANASTHALI TEXT           VTI           25.92          -0.15
VENTURA TEXTILES          VRTL          14.33          -1.91
VENUS SUGAR LTD           VS            11.06          -1.08


JAPAN

ARRK CORP                 7873       1,221.45         -37.80
C&I HOLDINGS              9609          32.82         -39.23
CROWD GATE CO             2140          11.63          -4.29
KANMONKAI CO LTD          3372          68.26          -2.44
KFE JAPAN CO LTD          3061          17.86          -2.27
L CREATE CO LTD           3247          42.34          -9.15
NIS GROUP CO LTD          8571         477.70         -75.44
PROPERST CO LTD           3236         305.90        -330.20
S-POOL INC                2471          18.11          -0.41
STRAWBERRY CORP           3429          14.17          -4.48
TOYO KNIFE CO             5964          74.73          -5.55


KOREA

DAISHIN INFO              20180        740.50        -158.45
HANIL CONSTRUCT           6440         880.70         -22.42
HYUNDAI BNG STEE          4560         476.66         -70.65
HYUNDAI BNG STEE          4565         476.66         -70.65
KUKDONG CORP              5320          53.07          -1.85
ORICOM INC                10470         82.65         -40.04
PLA CO LTD                82390         14.95         -21.43
SEOUL MUTL SAVIN          16560        874.79         -34.13
SUNGJEE CONSTRUC          5980         114.91         -83.19
TONG YANG MAGIC           23020        355.15         -25.77
YOUILENSYS CORP           38720        166.70         -12.34


MALAYSIA

BANENG HOLDINGS           BANE          40.49         -17.14
HAISAN RESOURCES          HRB           67.05          -0.92
HO HUP CONSTR CO          HO            70.66          -9.24
JPK HOLDINGS BHD          JPK           17.60          -2.46
LUSTER INDUSTRIE          LSTI          19.28          -7.15
MITHRIL BHD               MITH          29.79          -0.75
NGIU KEE CO-BHD           NKC           14.19         -12.76
TRACOMA HOLDINGS          TRAH          60.31         -26.28
VTI VINTAGE BHD           VTI           17.97          -3.68


PHILIPPINES

CYBER BAY CORP            CYBR          14.14         -94.36
EAST ASIA POWER           PWR           31.58        -185.31
FIL ESTATE CORP           FC            40.90         -15.77
FILSYN CORP A             FYN           23.81         -11.69
FILSYN CORP. B            FYNB          23.81         -11.69
GOTESCO LAND-A            GO            21.76         -19.21
GOTESCO LAND-B            GOB           21.76         -19.21
PICOP RESOURCES           PCP          105.66         -23.33
STENIEL MFG               STN           17.61         -11.14
UNIWIDE HOLDINGS          UW            50.36         -57.19
VICTORIAS MILL            VMC          164.26         -18.20


SINGAPORE

ADV SYSTEMS AUTO          ASA           18.93         -11.69
ADVANCE SCT LTD           ASCT          25.29         -10.05
HL GLOBAL ENTERP          HLGE          93.40         -15.38
LINDETEVES-JACOB          LJ            20.64          -6.07
NEW LAKESIDE              NLH           19.34          -5.25
SUNMOON FOOD COM          SMOON         17.25         -15.34
TT INTERNATIONAL          TTI          249.17         -73.30


THAILAND

ABICO HLDGS-F             ABICO/F       15.28          -4.40
ABICO HOLDINGS            ABICO         15.28          -4.40
ABICO HOLD-NVDR           ABICO-R       15.28          -4.40
ASCON CONSTR-NVD          ASCON-R       59.78          -3.37
ASCON CONSTRUCT           ASCON         59.78          -3.37
ASCON CONSTRU-FO          ASCON/F       59.78          -3.37
BANGKOK RUBBER            BRC           91.32        -113.78
BANGKOK RUBBER-F          BRC/F         91.32        -113.78
BANGKOK RUB-NVDR          BRC-R         91.32        -113.78
CALIFORNIA W-NVD          CAWOW-R       33.30         -10.09
CALIFORNIA WO-FO          CAWOW/F       33.30         -10.09
CALIFORNIA WOW X          CAWOW         33.30         -10.09
CIRCUIT ELEC PCL          CIRKIT        16.79         -96.30
CIRCUIT ELEC-FRN          CIRKIT/F      16.79         -96.30
CIRCUIT ELE-NVDR          CIRKIT-R      16.79         -96.30
DATAMAT PCL               DTM           12.69          -6.13
DATAMAT PCL-NVDR          DTM-R         12.69          -6.13
DATAMAT PLC-F             DTM/F         12.69          -6.13
ITV PCL                   ITV           37.10        -118.46
ITV PCL-FOREIGN           ITV/F         37.10        -118.46
ITV PCL-NVDR              ITV-R         37.10        -118.46
K-TECH CONSTRUCT          KTECH/F       38.87         -46.47
K-TECH CONSTRUCT          KTECH         38.87         -46.47
K-TECH CONTRU-R           KTECH-R       38.87         -46.47
KUANG PEI SAN             POMPUI        17.70         -12.74
KUANG PEI SAN-F           POMPUI/F      17.70         -12.74
KUANG PEI-NVDR            POMPUI-R      17.70         -12.74
PATKOL PCL                PATKL         52.89         -30.64
PATKOL PCL-FORGN          PATKL/F       52.89         -30.64
PATKOL PCL-NVDR           PATKL-R       52.89         -30.64
PICNIC CORP-NVDR          PICNI-R      101.18        -175.61
PICNIC CORPORATI          PICNI/F      101.18        -175.61
PICNIC CORPORATI          PICNI        101.18        -175.61
PONGSAAP PCL              PSAAP/F       13.02          -1.77
PONGSAAP PCL              PSAAP         13.02          -1.77
PONGSAAP PCL-NVD          PSAAP-R       13.02          -1.77
SAHAMITR PRESS-F          SMPC/F        27.92          -1.48
SAHAMITR PRESSUR          SMPC          27.92          -1.48
SAHAMITR PR-NVDR          SMPC-R        27.92          -1.48
SUNWOOD INDS PCL          SUN           19.86         -13.03
SUNWOOD INDS-F            SUN/F         19.86         -13.03
SUNWOOD INDS-NVD          SUN-R         19.86         -13.03
THAI-DENMARK PCL          DMARK         15.72         -10.10
THAI-DENMARK-F            DMARK/F       15.72         -10.10
THAI-DENMARK-NVD          DMARK-R       15.72         -10.10
THAI-GERMAN PR-F          TGPRO/F       37.06         -28.03
THAI-GERMAN PRO           TGPRO         37.06         -28.03
THAI-GERMAN-NVDR          TGPRO-R       37.06         -28.03
TRANG SEAFOOD             TRS           13.90          -3.59
TRANG SEAFOOD-F           TRS/F         13.90          -3.59
TRANG SFD-NVDR            TRS-R         13.90          -3.59
TT&T PCL                  TTNT         615.73        -210.36
TT&T PCL-NVDR             TTNT-R       615.73        -210.36
TT&T PUBLIC CO-F          TTNT/F       615.73        -210.36


TAIWAN

ARASOR INTERNATI          ARR           19.21         -26.51
BEHAVIOR TECH CO          2341S         41.94          -1.02
BEHAVIOR TECH CO          2341          41.94          -1.02
BEHAVIOR TECH-EC          2341O         41.94          -1.02
CHIEN TAI CEMENT          1107         214.12         -49.02
HELIX TECH-EC             2479T         23.39         -24.12
HELIX TECH-EC IS          2479U         23.39         -24.12
HELIX TECHNOL-EC          2479S         23.39         -24.12
TAIWAN KOL-E CRT          1606U        507.21        -147.14
TAIWAN KOLIN-EN           1606V        507.21        -147.14
TAIWAN KOLIN-ENT          1606W        507.21        -147.14
VERTEX PREC-ENTL          5318T         42.24          -5.08
VERTEX PRECISION          5318          42.24          -5.08


                             *********

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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