TCRAP_Public/110905.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

           Monday, September 5, 2011, Vol. 14, No. 175

                            Headlines



A U S T R A L I A

ANSETT AUSTRALIA: Former Employees to Receive Final Payout
BELINDA INT'L: Calls in Dean-Willcocks Shepard as Administrators
BURRUP FERTILISERS: Oswal Loses Bid to Delay AUD100 Million Suit
COMPASS HOTEL: ALH Group Buys Compass Perth Pubs for AUD86 Million
INVESTEC BANK: Moody's Cuts BFSR to 'D+', Maps to Ba1 Rating

KOALA FARMS: To Hold Second Creditors' Meeting on September 8
MARINA MIRAGE: Sale of Shopping Centre Put on Hold
PHILLIPS FABRICATIONS: Receivers Put Business Up for Sale
TIMBERCORP LIMITED: Investors Lose Class Action Suit


C H I N A

SPG LAND: S&P Puts 'BB-' Corp. Credit on Watch on Weak Sales


H O N G  K O N G

AUSTRIAN GAMING: Creditors' Proofs of Debt Due Oct. 7
AUTO ELECTRIC: Lam and Boswell Step Down as Liquidators
CLIPPER MOTOR: Creditors' Meeting Set for Sept. 22
HUGE DATA: Creditors' Proofs of Debt Due Oct. 3
IMAGE EMERALD: Members' Final Meeting Set for Oct. 3

JPOWER (HK): Commences Wind-Up Proceedings
KEE HING: Placed Under Voluntary Wind-Up Proceedings
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
LI & FUNG: Lam and Boswell Step Down as Liquidators
LI & FUNG RETAILING: Lam and Boswell Step Down as Liquidators

RICH LONG: Creditors' Proofs of Debt Due Oct. 8
SINGAPORE BONG: Placed Under Voluntary Wind-Up Proceedings
SIRIUS TECHNOLOGIES: Pui Chiu Wing Appointed as Liquidator
TV ASAHI: Lam and Boswell Step Down as Liquidators
UAP-ASIA LIMITED: Creditors' Proofs of Debt Due Oct. 8

UL INTERNATIONAL: Members' Final Meeting Set for Oct. 3


I N D I A

ANUSHA PROJECTS: CARE Puts 'CARE BB' Rating on INR5cr LT Loan
ARCVAC FORGECAST: CARE Puts 'CARE BB' Rating on INR96.85cr LT Loan
FOODS & INNS: ICRA Reaffirms '[ICRA]B+' Rating on INR0.74cr Loan
HMA AGRO: ICRA Revises Rating on INR20.6cr Loan to '[ICRA]D'
JG AGRO: ICRA Assigns '[ICRA]B' Rating to INR9cr Fund Based Loan

JINDAL CHAWAL: ICRA Assigns '[ICRA]B+' Rating to INR10cr Limits
MALAR PAPER: ICRA Places '[ICRA]B+' on INR14.5cr Term Loans
MODI REALTORS: CARE Rates INR26cr LT Bank Loan at ' CARE BB'
MODY ENTERPRISE: CARE Rates INR20cr LT Bank Loan at 'CARE BB'
NEOGAL POWER: ICRA Cuts Rating on INR18.64cr Loan to '[ICRA]D'

RADHE RENEWABLE: ICRA Assigns '[ICRA]BB-' Rating to INR20cr Loan
SHILPI CABLE: ICRA Puts '[ICRA]BB+' Rating on INR93.97cr Loan
SOLAR SEMICONDUCTOR: ICRA Cuts INR208.5cr Loan Rating to '[ICRA]D'
SUDERSHAN BIOTECH: ICRA Rates INR6.93cr Bank Loan at '[ICRA]B'
TAJ FROZEN: ICRA Cuts Rating on INR8.33cr Loan to '[ICRA]BB+'

VAIBHAV JEWELLERS: ICRA Assigns '[ICRA]BB' to INR12cr Bank Loan
VINESH TRADERS: ICRA Places '[ICRA]BB-' Rating on INR14.75cr Loan


N E W  Z E A L A N D

NATHANS FINANCE: Directors Get More Than Two Years Prison Terms




                            - - - - -


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


ANSETT AUSTRALIA: Former Employees to Receive Final Payout
----------------------------------------------------------
KordaMentha announced on Sept. 2, 2011, a final payment for former
employees of Ansett Australia Pty Ltd., bringing an end to the
airline's administration.

The former Ansett Group employees received another AUD5.3 million
last week.  This brought the average payment to 96 cents in the
dollar of their entitlements.

Employees have shared AUD727.5 million in 14 separate dividends as
the administrators realised the assets of the Ansett Group over
the past 10 years.

The administration was the biggest in Australian corporate history
and one of the most complex.

Mark Korda said: "The Ansett collapse produced enormous pain and
hardship to thousands of Australian families. This final chapter
does not ease the pain, but it helps brings closure."
Mr. Korda said the financial outcome for former employees was much
better than many predicted. "At the time, there were people who
were tipping a return of 40 to 50% and happily they have been
proved wrong," he said.

Mr. Korda said the outcome was made possible because the
administrators were able to avoid a fire sale of assets at a time
when the global aviation industry was at one of its lowest ebbs in
the immediate aftermath of the September 11 terrorist attacks.

"The strategy for a more orderly approach gained important support
from employees, the Federal Government, the ACTU and many other
parties," Mr. Korda said.

On Sept. 12, 2001, the acting chairman of Air New Zealand,
Jim Farmer, announced that Ansett Holdings and a number of its
subsidiary businesses, including airlines, have resolved into
voluntary administration.  Gregory Hall, Peter Hedge and Allan
Watson of PricewaterhouseCoopers were appointed as
administrators to take control of Ansett.

On Sept. 17, 2001, Mr. Hedge stood down as administrator.
Accordingly, Mark Korda and Mark Mentha of KordaMentha Pty Ltd
were named as the new administrators of the Ansett Group of
Companies.  The new administrators estimated Ansett's debt to be
as high as AUD2 billion.

On May 2, 2002, 36 Ansett companies under administration
executed Deeds of Company Arrangement.

Since March 4, 2002, flights operated by the Ansett Australia
Group ceased.

                       About Ansett Australia

Ansett Australia Pty Ltd. -- http://www.ansett.com.au/-- was a
major Australian domestic and international airline at its
height in 1996.  Ansett operated for 66 years and 11 days after
its first take off from Hamilton in Western Victoria.

                           *     *     *

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Ansett Australia Pty Ltd until facts and
circumstances, if any, emerge that demonstrate financial or
operational strain or difficulty at a level sufficient to warrant
renewed coverage.


BELINDA INT'L: Calls in Dean-Willcocks Shepard as Administrators
----------------------------------------------------------------
SmartCompany reports that upmarket clothing retailer Belinda
International was placed in the hands of administrator Adam
Farnsworth of Dean-Willcocks Shepard on August 24.

SmartCompany relates that the business is continuing to trade and
no staff has been cut at this point.  Like many retailers in the
fashion sector, the business has been forced to offer large
discounts in recent months, SmartCompany relates.

Belinda International has eight boutiques across Sydney and
Melbourne.


BURRUP FERTILISERS: Oswal Loses Bid to Delay AUD100 Million Suit
----------------------------------------------------------------
Andrew Burrell at The Australian reports that Indian tycoon
Pankaj Oswal lost a bid to delay a case in which receivers for his
part-owned Burrup Fertilisers are seeking to recoup almost
AUD100 million that was allegedly stripped from the business.

The full bench of the Federal Court ruled Thursday that the case
should proceed, the report says.

The Australian relates that Mr. Oswal and his wife Radhika had
been trying to defer the matter until after a separate case in
which they have challenged the validity of the appointment of
receiver PPB Advisory.

According to the report, PPB sued the Oswals in March over
allegations they siphoned AUD96 million into other family
companies to support their lavish lifestyle in Perth.  The
Australian relates that PPB claims Mr. Oswal made payments with
Burrup Fertilisers funds for the building of the family's
AUD70 million Perth mansion, an AUD8.9 million farm, to cover land
tax, pay for luxury cars, a Fairline cabin cruiser and a
Gulfstream jet, and to meet credit card debts.

The receivers are seeking AUD95.7 million in compensation from
Mr. Oswal for allegedly acting in breach of his statutory and
fiduciary duties as a director of Burrup Fertilisers, The
Australian relays.

According to The Australian, Mr. Oswal has denied the allegations
and said the use of the funds was legitimate.

                     About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer.  The company has a production capacity
of 850-tonnes of liquid ammonia a year.

                             *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.


COMPASS HOTEL: ALH Group Buys Compass Perth Pubs for AUD86 Million
------------------------------------------------------------------
Rebecca Lawson at PerthNow reports that the Woolworth-controlled
ALH Group has bought the Compass Hotel Group portfolio of Perth
pubs from receivers for AUD86 million.

The sale of the 12 pubs and bottle shops includes some of Perth's
well-know pubs including Carine Glades Tavern, Gosnells Hotel,
Herdsman Lake Tavern and Kalamunda Hotel, the report discloses.

According to PerthNow, receivers Taylor Woodings said the
transaction followed an international and national marketing
campaign.

"The portfolio sale campaign was executed efficiently and
thoroughly and, as expected, the interest for the assets was
strong," PerthNow quotes Taylor Woodings' Quentin Olde as saying.

"A broad range of parties participated in the sale process
including large listed and private hotel groups, private equity
firms and local hotel operators."

As reported in the Troubled Company Reporter-Asia Pacific on
March 24, 2011, SmartCompany said Compass Hotel Group has been
placed in receivership.  Quentin Olde, Ian Francis, and Michael
Ryan of insolvency firm Taylor Woodings were appointed as
receivers to the sharemarket-listed group on March 22, 2011, after
secured lender St George Bank, a subsidiary of Westpac, lost
patience with the debt-laden group.  Compass Hotel's latest
financial statements, released in February, show the company had
liabilities of more than AUD100 million.  It is believed the bulk
of the debts is owed to St George.

                         About Compass Hotel

Compass Hotel Group (ASX:CXH) -- http://www.compasshotel.com.au/-
-- is engaged in the provision of operating hotel and tavern
businesses in Western Australia and managing investment properties
in Western Australia.  The Company has four segments: food,
retail, beverage and other.  The Company's property portfolio
includes Kalamunda Hotel, Carine Glades Tavern, Princess Rd
Tavern, Peninsula Tavern, Brighton Hotel, Peel Alehouse, Belmont
Tavern, Herdsman Lake Tavern, Albion Hotel, Gosnells Hotel,
Greenwood Hotel and Lakers Tavern.  Its subsidiaries include
Kalamunda Hotel (WA) Pty Ltd, Carine Glades Tavern (WA) Pty Ltd,
Princess Road Tavern (WA) Pty Ltd, Brighton Hotel (WA) Pty Ltd,
Belmont Tavern (WA) Pty Ltd and Peninsula Tavern (WA) Pty Ltd.


INVESTEC BANK: Moody's Cuts BFSR to 'D+', Maps to Ba1 Rating
------------------------------------------------------------
Moody's Investors Service has downgraded Investec Bank (Australia)
Limited's long-term senior unsecured ratings to Baa3 from Baa2.
The bank's financial strength rating (BFSR) was downgraded to D+
from C- and the short-term ratings were lowered to Prime-3 from
Prime-2.  The BFSR maps to a rating of Ba1 on Moody's traditional
rating scale.  The difference between this rating and the Baa3
senior unsecured rating incorporates the assumption of one notch
of support from the parent, Investec Bank plc.  The outlook for
all ratings remains negative.

"The downgrade primarily reflects persistent asset quality
pressures relating to commercial property development exposures
originated in 2005-2008, which have not yet been resolved" said
Daniel Yu, an Analyst with Moody's Sydney office.

"Provision expenses have remained high, reducing overall
profitability and lowering the bank's capacity to generate free
capital internally", added Mr. Yu.

Ratings Rationale

IBAL's asset quality problems have been driven by a number of
large exposures to commercial property developers originated
during the period 2005 - 2008. New loan impairments have continued
to arise in the second quarter of 2011 from loans written in this
historical period.

The bank has developed exit strategies to shed its troubled
exposures, but this process has taken time as developments had to
be completed and loan terms renegotiated. IBAL has now largely
completed this phase and is moving to realize these assets. Until
this is completed, these exposures may continue to cause a drag on
IBAL's operating performance.

IBAL has ceased originating loans to pure-play property
developers, reflecting a realigned risk appetite away from stand-
alone property exposures. This will likely improve the risk
profile of the bank, but the speed of the improvement will depend
on the net growth of aggregate exposures relative to the size of
the remaining problem loans. Furthermore, existing exposures
remain at risk of further declines in asset quality, in light of
the pressures on Australia's non-resource sector and concerns
about the global economic outlook.

IBAL's profitability has been challenged by high provision
expenses, reduced fee income and from the bank's large holdings of
liquid assets, which were prudently built up during the crisis.
Furthermore, the bank's specialized lending to professionals may
generate lower margins, when compared to high risk development
property lending (which the bank no longer pursues), but it is
also more stable.

The negative outlook on IBAL's ratings reflects the possibility of
further impairments to the bank's loan portfolio or an inability
by the bank to improve key asset quality metrics to a level that
would be consistent with its current rating. Any signs of
diminished support from IBAL's parent would also be a negative
rating factor. On the other hand, the outlook on the current
ratings could be stabilized should the bank show a sustainable
improvement in asset quality trends.

IBAL has continued to exhibit a number of positive aspects
including capital resources, which despite declining over the past
year, remain strong and provide a buffer against loan losses. The
bank also maintains strong liquidity cushions which cover all of
its wholesale funding maturities out to two years.

IBAL's growth plans are focused on the bank's Professional Finance
portfolio, whose customer base is predominantly made up of medical
and accounting professionals. Growth in this area has already, and
is expected to continue to improve the granularity and quality of
IBAL's loan portfolio, as these business-related loans are
typically smaller in size and less volatile than larger commercial
property loans. Given its strong growth, the portfolio remains
relatively unseasoned under IBAL's ownership. However, other
comparable but more seasoned loan portfolios have demonstrated a
strong and stable asset quality.

By tapping into the Professional Finance customer base, IBAL has
been successful in growing its retail deposits and customer
numbers, which has reduced the bank's deposit concentration.
Moody's notes that a large proportion of these deposits are in
term/investment accounts which are likely to be more price
sensitive than traditional transaction deposits.

The bank has also taken steps to support profitability by
establishing a number of new businesses (such as Equity
Derivatives and Institutional Stockbroking), which over time
should assist in diversifying and improving fee income generation.

The ratings of IBAL's subordinated debt have been lowered to Ba1
from Baa3 in accordance with Moody's standard notching process.
There is no impact from this action on the Aaa ratings of the debt
securities issued by IBAL between 2008 and 2010 under the
Australian government's guarantee scheme.

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in
March 2007. Please see the Credit Policy page on www.moodys.com
for a copy of these methodologies.

IBAL is headquartered in Sydney, Australia. It reported assets of
AUD5,375 million (approximately US$5,198 million) at FY2011,
ending March 31, 2011.


KOALA FARMS: To Hold Second Creditors' Meeting on September 8
-------------------------------------------------------------
SmartCompany reports that BDO administrator Geoffrey Hancock is
preparing to hold a second meeting of creditors on September 8 for
Koala Farms Macadamia Nut Company and the associated firm
Printpack Pty Ltd.

Koala Farms was placed in the hands of administrators in early
July, SmartCompany discloses.

Koala Farms Macadamia Nut Co Pty Ltd produces and distributes a
wide variety of Australia's finest macadamia nut products.


MARINA MIRAGE: Sale of Shopping Centre Put on Hold
--------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that the slump in the
retail and property sectors has caused receivers to put the sale
of Marina Mirage on hold, with a marketing campaign for the Gold
Coast's prestige shopping centre not expected until next year.

According to the report, KordaMentha's David Winterbottom said the
company was in no hurry to find a buyer for the shopping centre.

"We will continue to hold Marina Mirage until the property market
is deemed appropriate to remarket the centre," goldcoast.com.au
quotes Mr. Winterbottom as saying.

Receivership was triggered when St George Bank moved in to recover
its debt from centre owner Fenix Real Estate, which was under
financial pressure from the AUD40 million revamp of the centre in
2009, according to goldcoast.com.au.

Mr. Winterbottom, as cited by goldcoast.com.au, said the centre
was trading well despite the difficult economic climate, and new
businesses had moved in since KordaMentha was put in charge,
meaning there were now few vacancies.

Marina Mirage is home to fashion labels Calvin Klein, Tommy
Hilfiger and Hermes, as well as host to the city's finest
nosheries, including Fellini and Glass.  Fenix Real Estate, a
private Sydney company controlled by Steven Moss, bought the
property from the failed MFS group in 2005 for AUD40 million.


PHILLIPS FABRICATIONS: Receivers Put Business Up for Sale
---------------------------------------------------------
SmartCompany reports that receivers Neil Cussen and Vaughan
Strawbridge of Deloitte have placed steel group Phillips
Fabrications up for sale after the business was placed in the
hands of administrators on August 12 and receivers on August 25.

According to SmartCompany, the receivers' advertisement said the
business has a strong order book and major government and council
contracts.

Phillips Fabrications, located in the Sydney suburb of
Silverwater, operates a steel and truck tray fabrication business.


TIMBERCORP LIMITED: Investors Lose Class Action Suit
----------------------------------------------------
Andrew Main at The Australian reports that Victorian judge James
Judd rejected Thursday a class action claim by 2,200 investors in
Timbercorp Securities who alleged misleading and deceptive conduct
by the group's management in the way it solicited investments.

According to The Australian, Alan Woodcroft-Brown and fellow
investor Francis Van Hoff were lead claimants in the group,
financed by the claimants and managed by Ron Willemsen of
Melbourne solicitors Macpherson and Kelley.  They claimed
inadequate disclosure in product disclosure statements issued by
Timbercorp, which was incorporated in 2000 and went into
administration in 2009.  The claimants had invested not only in
timber lots but also in horticultural schemes such as the 2007
almond project and the 2008 olive project.

The Australian notes that Timbercorp collapsed partly because of
an adverse ruling on horticultural schemes issued in February 2007
by the Australian Tax Office, but mainly because the demand for
tax-driven rural managed investment schemes slumped after the
global financial crisis of 2008.

According to the report, Mr. Willemsen said he expected the case,
the outcome of which "could result in some claimants losing their
houses", to go to appeal after a further orders hearing on
October 6.

The Australian relates that Justice Judd of the Victorian Supreme
Court said the claimants alleged they had been given false
financial representations in relation to Timbercorp's situation
from February 2007 onwards and that Timbercorp management failed
to disclose the "adverse matters" as described above after they
occurred, as a substantial risk in connection with each scheme.

"The first part of the allegation was not supported by the
evidence; and I have found that Timbercorp Securities was not
required to disclose the information about the adverse matters as
formulated by the plaintiff," the news agency quotes Justice Judd
as saying.

The judge also said that the investors' claims that if they had
known about the risks they would not have invested, to "lack
credibility", that their witness statements "contained formulaic
incantations" and that their evidence that they were more focused
on long-term investment objectives than on tax benefits was
"implausible," The Australian reports.

Justice Judd said that between its original incorporation in 1992
and its collapse in 2009 Timbercorp invested more than
AUD2 billion in agribusiness projects on behalf of about 18,500
investors.  The judge, as cited by The Australian, also noted that
at the time the group collapsed, an associated company called
Timbercorp Finance (also a defendant) had outstanding loans to
14,500 investors totalling AUD477.8 million.

Justice Judd said one purpose of the legal action was "an attempt
by borrowers to avoid their legal obligations," The Australian
adds.

                          About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp called in voluntary administrators to
the company and its subsidiaries.  The company appointed Mark
Korda and Leanne Chesser of KordaMentha as voluntary
administrators.  "The company had been hurt by the combined impact
of declining global asset values, tightening credit, the economic
downturn and drought," according to a statement issued by
Kordamentha.

On June 29, 2009, the creditors voted unanimously to wind up the
41 companies in the Timbercorp Group and put them into
liquidation.


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


SPG LAND: S&P Puts 'BB-' Corp. Credit on Watch on Weak Sales
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on China-based SPG Land Holdings Ltd. and
the 'B+' issue rating on the company's senior unsecured notes on
CreditWatch with negative implications. "We also placed our
'cnBB+' Greater China credit scale rating on the company and the
'cnBB' issue rating on CreditWatch with negative implications,"
S&P related.

"We placed the ratings on CreditWatch to reflect our view that SPG
Land's financial strength and liquidity are likely to remain weak
over the next 12 months, given lower-than-expected sales in the
first half of this year and slim prospects of a sales recovery,"
said Standard & Poor's credit analyst Frank Lu. "A deepening
correction in China's property market and the company's weak
execution ability will make any turnaround challenging. In
addition, we believe SPG Land's already-high leverage may further
increase due to liquidity pressure."

"We believe SPG Land's liquidity is likely to be less than
adequate over the next six to 12 months, due to weak sales and
because capital markets are tight for developers. The company's
contract sales reached Chinese renminbi (RMB) 1.67 billion in the
first half of 2011, only 18% of the full-year target it set at the
beginning of the year. SPG Land could therefore face refinancing
pressure in 2012. As of the end of June 30, 2011, the company has
about RMB1.55 billion in debt due in the next 12 months, against
an unrestricted cash balance of RMB885 million and restricted cash
balance of RMB796 million. At the same time, payments on
outstanding land premiums totaling RMB2.64 billion are due before
the end of 2012," S&P said.

"We aim to resolve the CreditWatch action within the next three
months after reviewing SPG Land's updated sales plan and growth
strategy. This will help us to evaluate the company's liquidity
position in the next six to 12 months," S&P related.

"We may lower the rating on SPG Land by one notch if we believe
visibility over the company's property sales and its profitability
prospects for the next 12 months are weaker than we expected or if
its leverage remains higher than expected," said Mr. Lu. "We may
also downgrade SPG Land if we believe the company's debt-to-EBITDA
ratio remained at more than 5x or EBITDA interest coverage less
than 3x by the end of 2011. In addition, we may lower the rating
if SPG Land's liquidity deteriorates or its refinancing risk
heightens."


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


AUSTRIAN GAMING: Creditors' Proofs of Debt Due Oct. 7
-----------------------------------------------------
Creditors of Austrian Gaming Industries Hong Kong Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Oct. 7, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

         Ha Yue Fuen Henry
         Unit A, 5/F
         Amtel Building
         144-148 Des Voeux Road
         Central, Hong Kong


AUTO ELECTRIC: Lam and Boswell Step Down as Liquidators
-------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Auto Electric Limited on Aug. 23, 2011.


CLIPPER MOTOR: Creditors' Meeting Set for Sept. 22
--------------------------------------------------
Creditors of Clipper Motor Yachts Limited will hold their meeting
on Sept. 22, 2011, at 11:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at 602 The Chinese Bank Building, 61-65
Des Voeux Road, Central, in Hong Kong.


HUGE DATA: Creditors' Proofs of Debt Due Oct. 3
-----------------------------------------------
Creditors of Huge Data Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct. 3,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Lai Wai Man Vincent
         Room 1105, 11th Floor
         Haleson Building
         1 Jubilee Street
         Central, Hong Kong


IMAGE EMERALD: Members' Final Meeting Set for Oct. 3
----------------------------------------------------
Members of Image Emerald Limited will hold their final general
meeting on Oct. 3, 2011, at 11:00 a.m., at 20/F, Fung House, at
No. 19-20 Connaught Road, Central, in Hong Kong.

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


JPOWER (HK): Commences Wind-Up Proceedings
------------------------------------------
Members of JPower (Hong Kong) Co., Limited, on Aug. 19, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Pui Chiu Wing
         Suites 1303-06, 13/F
         Asian House, 1 Hennessy Road
         Wanchai, Hong Kong


KEE HING: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Aug. 25, 2011,
creditors of Kee Hing Cheung Kee Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Choy Sik Fai
         Room 2302, Tung Wai Commercial Building
         109-111 Gloucester Road
         Wanchai, Hong Kong


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced Aug. 26 that
investigation of over 99% of a total of 21,818 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 15,780 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,719 cases which have been resolved through the enhanced

      complaint handling procedures required by the settlement
      agreement;

    * 2,207 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 858 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 703 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 155 cases; and

    * 146 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 106 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?76c9

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


LI & FUNG: Lam and Boswell Step Down as Liquidators
---------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Li & Fung Pacific Holdings Limited on
Aug. 23, 2011.


LI & FUNG RETAILING: Lam and Boswell Step Down as Liquidators
-------------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Li & Fung Retailing (Taiwan) Limited on
Aug. 23, 2011.


RICH LONG: Creditors' Proofs of Debt Due Oct. 8
-----------------------------------------------
Creditors of Rich Long Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 8, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 27, 2011.

The company's liquidator is:

         Choi King Hung
         Rm. 1321, Leighton Centre
         77 Leighton Road
         Causeway Bay, Hong Kong


SINGAPORE BONG: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Aug. 24, 2011,
creditors of Singapore Bong Hiptsun Association Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

         Lau Chun Ngam
         Flat B-C, 2/F
         Overseas Trust Bank Building
         51-57 Des Voeux Road West
         Hong Kong


SIRIUS TECHNOLOGIES: Pui Chiu Wing Appointed as Liquidator
----------------------------------------------------------
Pui Chiu Wing on Aug. 19, 2011, was appointed as liquidator of
Sirius Technologies (HK) Co., Limited.

The liquidator may be reached at:

         Pui Chiu Wing
         Suites 1303-06, 13/F
         Asian House, 1 Hennessy Road
         Wanchai, Hong Kong


TV ASAHI: Lam and Boswell Step Down as Liquidators
--------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of TV Asahi Music H.K. Co., Limited on
Aug. 23, 2011.


UAP-ASIA LIMITED: Creditors' Proofs of Debt Due Oct. 8
------------------------------------------------------
Creditors of UAP-Asia Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Oct. 8, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Keung Ping Yin Raymond
         Room 313, Central Building
         Pedder Street, Central
         Hong Kong


UL INTERNATIONAL: Members' Final Meeting Set for Oct. 3
-------------------------------------------------------
Members of UL International Services Limited will hold their final
meeting on Oct. 3, 2011, at 10:00 a.m., at 27/F, Alexandra House,
at 18 Chater Road, Central, in Hong Kong.

At the meeting, Patrick Cowley and Paul Edward Mitchell, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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


ANUSHA PROJECTS: CARE Puts 'CARE BB' Rating on INR5cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Anusha Projects P. Ltd.

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

Rating Rationale

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

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

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


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

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

Rating Rationale

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

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

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


FOODS & INNS: ICRA Reaffirms '[ICRA]B+' Rating on INR0.74cr Loan
----------------------------------------------------------------
The long term rating assigned to the INR0.74 crore term loans and
INR23.5 core cash credit facility of Foods & Inns Limited has been
reaffirmed at '[ICRA]B+'.  The rating to the INR89.73 crore
(includes sublimit of INR15.85 crore under CC limits; earlier
INR80.63 crore) short term fund based and INR21.88 crore
(increased from INR19.3 crore) short term non-fund based limits of
Foods & Inns Limited has been reaffirmed at '[ICRA]A4'.

The ratings favourably factor in the established position of FIL
in the export of mango pulp and its reputed client base in the
domestic and overseas markets; the strong growth in sales backed
by the increasing demand for natural juices aided by capacity
expansion and entry into newer markets. ICRA also factors in FIL's
history of moderate profitability despite inherent risks in the
business and the advantages accruing in terms of sourcing of raw
materials derived from the multi location facilities of the
company.

The ratings, however, remain constrained by the seasonal nature of
the industry in which the company operates leading to stressed
liquidity during the peak months, the risks related to the
availability and prices of raw materials leading to variability in
profitability year on year and the high dependence of the company
on export incentives for profitability. The financial risk profile
remains weak on account of the stretched debt servicing indicators
and weak capital structure and delay in equity infusion through
rights issue because of weak market conditions. ICRA also takes
note of the increased exposure to its group company by way of
corporate guarantee.

                       About Foods and Inns

Foods and Inns Limited, promoted by Mr. Utsav Dhupelia, is a
multi-location manufacturer and exporter of a range of processed
fruits and vegetables, with factories in Mumbai, Chitoor, Bulsar,
Sinnar and Gonde (the last two are in the district of Nashik).
FIL's manufacturing locations are strategically situated at close
proximity to the source of fruits and vegetables and are sourced
from the adjacent areas of Ratnagiri, Bulsar, Nashik, Mysore and
Chitoor regions, and the company has facilities for processing the
fruits and vegetables through various processes like Spray Drying,
Canning, Aseptic and Individual Quick Frozen (IQF).


HMA AGRO: ICRA Revises Rating on INR20.6cr Loan to '[ICRA]D'
------------------------------------------------------------
ICRA has revised the long-term rating of HMA Agro Industries
Limited from LC to '[ICRA]D' for its INR20.6 crore fund based
limits. ICRA has also reassigned the short-term rating from A5 to
[ICRA]D for INR0.20 crore non fund based limits of HAIL. The
rating revision takes into account the continued irregularities in
servicing of debt by the company.

HMA Agro Industries Limited is a public limited company promoted
by the members of the Qureshi family in 2008. The company has been
promoted by the group to set up a fully integrated buffalo meat
facility which is presently under commissioning. The facility is
located in Aligarh, Uttar Pradesh (U.P.) and has a capacity to
process up to 15000 tonnes per annum (TPA) of buffalo meat. The
facility has been approved by the Agricultural and Processed Food
Products Export Development Authority (APEDA) for export of
buffalo meat.


JG AGRO: ICRA Assigns '[ICRA]B' Rating to INR9cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR9.00
crore fund based facilities of JG Agro Industries.

The rating of JGAI takes into consideration its moderate scale of
operations, its low operating profit margins, its high gearing
levels and its weak debt protection indicators. The rating also
factors in the firm's limited track record of operations and
intensely competitive nature of industry which exerts pressure on
operating margins. However, the rating favourably takes into
account JGAI's experienced management and its concentration on
export of basmati rice. Further, ICRA also takes into account the
favourable demand prospects of the rice industry with India being
the second largest producer and consumer of rice in the world.

JG Agro Industries is a partnership firm established in 2008 with
Mr. Tijinder Mohan Jindal and his son Mr. Ankur Jindal as equal
partners. The firm is primarily engaged in milling of basmati
rice. JGAI's milling unit is based out of Rajpura, Patiala and is
in close proximity to the local grain market. The firm also
exports rice primarily to countries in the Middle East like Saudi
Arabia and Dubai.

In FY 2011, the firm reported an operating income (provisional) of
INR29.83 crore and a net loss (provisional) of INR0.04 crore.


JINDAL CHAWAL: ICRA Assigns '[ICRA]B+' Rating to INR10cr Limits
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR10.0
crore fund based limits of Jindal Chawal Nigam.

The rating of JCN takes into consideration its moderate scale of
operations, its low net profit margins, its high gearing levels
and its high working capital intensity of operations. The rating
also factors in the intensely competitive nature of industry which
exerts pressure on margins. However, the rating favorably takes
into account the firm's long track record of operations, its
experienced management and its concentration on export of basmati
rice. Further, ICRA also takes into account the favorable demand
prospects of the industry with India being the second largest
producer and consumer of rice in the world.

Jindal Chawal Nigam is a partnership firm established in 1984. The
firm is primarily engaged in milling of basmati rice. JCN's
milling unit is based out of Sanaur, Patiala and is in close
proximity to the local grain market. The firm also exports rice
primarily to countries in the Middle East like Saudi Arabia and
Dubai.

In FY 2011, the firm reported an operating income (provisional) of
INR27.90 crore and a net profit after tax (provisional) of INR0.20
crore.


MALAR PAPER: ICRA Places '[ICRA]B+' on INR14.5cr Term Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR14.5
crore term loans and fund based working capital facilities of
Malar Paper Mills Private Limited. ICRA has also assigned a short
term rating of '[ICRA]A4' to the INR0.5 crore non-fund based bank
limits of MPMPL.

The ratings factor in the presence of the company in the highly
fragmented and competitive B-grade paper segment; limited scale of
operations; and the weak profitability of the business due to the
high operating and financing costs. While the unavailability of
continuous power supply for operating the plant has led to low
capacity utilizations, the fluctuations in raw materials costs
have resulted in volatility in operating margins. The ratings are
also impacted by the weak financial risk profile characterized by
high gearing levels, poor cash accruals and weak debt coverage
indicators. The ratings, however, consider the favorable prospects
for the paper industry, given the increasing demand; promoters
track record in managing diverse businesses and the established
network of dealers for PWP and repeat orders for newsprint.

                         About Malar Paper

Malar Paper Mills Private Limited was incorporated in 2006 as a
private limited company to manufacture 42-110 gram per square
metre (gsm) printing and writing paper (PWP) and newsprint.
MPMPL's factory was setup in Kallur village, Pudukottai, Tamil
Nadu and commercial production began in 2007. The factory has a
capacity of 65 tonnes per day (TPD) / 21,000 metric tonnes per
annum (MTPA). The factory uses recycled paper, both from domestic
and international suppliers, as raw material to produce PWP and
newsprint. The company has medium term expansion plans including
modernization of current machinery and long term plans for
installation of a second duplex or kraft paper production line.


MODI REALTORS: CARE Rates INR26cr LT Bank Loan at ' CARE BB'
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Modi
Realtors Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      26.00     'CARE BB' Assigned

Rating Rationale

The rating is constrained by the moderate booking status of the
project, interest rate risk and cyclical nature of the real estate
industry. The above factors far outweigh the promoters' experience
and the established track record of the group.  The ability of
Modi Realtors Pvt. Ltd (MRPL) to complete the project as per
schedule and achieve the envisaged sales at anticipated prices
remains the key rating sensitivity.

MRPL was incorporated on February 12, 2007 to carry out the real
estate business. MRPL belong to the Himalaya group of Ahmedabad,
which is into the real estate business since 1991 and has
developed 22 schemes of the residential and commercial buildings.
MRPL has been promoted by Mr. Rohit Modi and Mr. Kamlesh Modi who
have more than 20 years of experience in the real estate
business. The Himalaya group has developed more than 25 lakh sq ft
of the construction, both in the residential and commercial
sector.

As on March 31, 2011, total cost incurred on the project was
INR45.63 crore out of the total estimated project cost of
INR53.52 crore. As on July 07, 2011, about 28% of flats, 42% of
shops and 23% of bungalows (including bungalows and row houses)
are booked.


MODY ENTERPRISE: CARE Rates INR20cr LT Bank Loan at 'CARE BB'
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Mody Enterprise.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     20.00      'CARE BB' Assigned
   Long term/Short-term Bank      7.50      'CARE BB/CARE A4'
                  Facilities                 Assigned

Rating Rationale

The ratings are constrained by the proprietary nature of Mody's
business, its high supplier concentration, thin profitability
margins, high gearing and tight liquidity position as seen in its
high working capital limit utilization, the inherent risk of
volatility in prices associated with crude oil-based chemicals
business and the increasing competition from domestic players.
The ratings, however, derive strength from the experience of
Mody's promoters, its reliable suppliers and steady clientele as
well as sharp growth in business witnessed during FY11.
The firm's ability to improve its profitability amidst volatility
in chemical prices and to manage its working capital more
efficiently are the key rating sensitivities.

Mody, promoted by Mr. Amresh Anantrai Mody (proprietor) in 1989,
is engaged in trading of industrial chemicals and solvents such as
butanol, iso butanol, toluene, acetic acid, acetone, bisphenol-A,
butyl acrylate monomer, 2 ethyl hexanol etc. Its products find
application across various industries such as paints, resins,
pharma, plasticizers and petrochemicals.


NEOGAL POWER: ICRA Cuts Rating on INR18.64cr Loan to '[ICRA]D'
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR18.64 crore term
loan programme of Neogal Power Company Private Limited to
'[ICRA]D' from LC earlier.

The rating revision factors in the continued delays in debt
servicing since the last rating action in March 2011. While Neogal
Power is in advanced stages of progress in the development of a
4.5 MW hydro power project, substantial delays in development have
resulted in a cost overrun. Although debt repayments have been
rescheduled to commence in September 2011, interest servicing is
being supported by equity infusions from the sponsors. Successful
commissioning of the plant could possibly result in an improvement
in the debt servicing track record. However the constrained
financial position of the SPML Group would continue to result in
vulnerability to irregularities in debt servicing particularly
considering the irregular cash flows for hydro power projects.

Neogal Power is an SPV promoted by SPML Group for the development,
operation and maintenance of a 4.5 MW pure run of the river hydro
power project in Kangra District, Himachal Pradesh. The 40-year
concession granted by the Government of Himachal Pradesh (GoHP)
expires in November 2042. The original cost estimate for the
project was at INR30.62 crore to be funded by debt of INR18.64
crore and equity of INR11.98 crore. The project is expected to be
commissioned in September/October 2011 against a scheduled project
commissioning date of March 2010. Of the total capacity of 4.5 MW,
3 MW has been contracted to HPSEB under a 40-year PPA expiring in
November 2042.


RADHE RENEWABLE: ICRA Assigns '[ICRA]BB-' Rating to INR20cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR20.0 crore cash
credit facility and INR3.06 crore term loan facility of Radhe
Renewable Energy Development Private Limited.  The outlook for the
long term rating is stable.  ICRA has also assigned an '[ICRA]A4'
rating to the INR1.0 crore short-term non-fund based facility of
RREDPL.

The ratings are constrained by the small size of the firm's
operations; vulnerability of revenues and profitability to raw
material price fluctuations and to the cyclical downturns in the
economy as witnessed from the fall in the operating income &
deterioration in the profitability margins during the last two
years. ICRA notes that RREDPL has made significant investments in
group companies as well as provided Corporate Guarantees to some
of the weaker and non profitable entities in the Group, which may
lead to incremental claim on cash flows going forward.

The rating however favorably factors in the long track record of
the promoters in the business; strong market position on account
of limited competition in its product segment and comfortable
capital structure with gearing at 0.91 time as on March 31, 2011.
ICRA notes that the company is commencing its coal trading
business which has favorable growth prospects driven by the rising
coal supply deficit in the country. Nevertheless, limited past
experience of the company; possible delays in clearances besides
regulatory and country risks remain for its new line of business.

                       About Radhe Renewable

Radhe Renewable Energy Development Private Limited (RREDPL), the
flagship of Radhe Group of Companies, promoted by Dr. Shailesh
Makadia. The Radhe group has revenues in excess of INR250 Cr. The
company was founded in 1998 and is headquartered at Rajkot,
Gujarat, India. It is engaged in development, designing,
supplying, installing and serving non-conventional & renewable
energy equipments, viz. Biomass and Coal -based Gasifiers, Electro
Static Precipitator (ESP) and Fluidized Hot Air Generator (FHAG).

Recent Results

For the year FY 11, the company reported an operating income of
INR20.82 crores and profit before depreciation and tax of
INR0.72 crores (provisional).


SHILPI CABLE: ICRA Puts '[ICRA]BB+' Rating on INR93.97cr Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to the INR93.97 crore fund
based bank facilities and term loans of Shilpi Cable Technologies
Limited.  The outlook on the long term rating is stable. ICRA has
also assigned '[ICRA]A4+' rating to the INR176.03 crore non-fund
based facilities of the company.

The ratings take into account SCTL's experienced management, its
reputed client base, its healthy growth in operating income due to
stabilizing operations and its comfortable debt protection
indicators. The ratings also take into consideration the
improvement in capital structure post the Initial Public Offering
in April 2011 and subsequently, its comfortable debt protection
indicators.

The ratings are however constrained by SCTL's limited track record
of operations, its relatively high working capital intensity of
the business on account of high receivables, exposure of
profitability to volatility in the raw material prices and
increasing competition from domestic and international players.
The ratings also take into account SCTL's limitations in scaling
its business as its business offerings form a very small part of
the active tower infrastructure. However this is mitigated to some
extent with the proposed addition of cable assembly, other cables
and services in the business mix of the company.

Shilpi Cable Technologies Limited was incorporated in July 2006 as
Rosenberger Shilpi Cable Technologies Limited, which was a 50:50
joint venture between Shilpi Communications Private Limited and
Rosenberger Hochfrequentechnik GmbH & Co. KG, Germany. The venture
was setup for manufacturing of Radio Frequency (RF) Cables used in
telecom towers. The project started commercial production in
January 2008. However, on account of differences among the
partners, the plant stopped production immediately after January
2008 and the production restarted only in September 2008 after the
stake of the German partner was bought by the Indian Partner.
Recent Results

SCTL has reported a net profit after tax of INR13.32 crore on an
operating income of INR230.40 crore during FY2011. During first
quarter of FY2012, the company reported a net profit after tax of
INR4.77 crore on an operating income of INR70.08 crore.


SOLAR SEMICONDUCTOR: ICRA Cuts INR208.5cr Loan Rating to '[ICRA]D'
------------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the term
loans and fund based facilities of Solar Semiconductor Private
Limited aggregating to INR208.55 crore and INR208.13 crore
respectively from LC to [ICRA]D.  ICRA has also reassigned the
short-term rating assigned to the non-fund based limits of SSPL
aggregating to INR92.00 crore from A5 to [ICRA]D.

The downgrade in ratings takes into account the weak financial
profile and stretched liquidity position of the company that has
led to delays in meeting its debt obligations in a timely manner.
Owing to the same, the company has been referred and admitted to
the Corporate Debt Restructuring (CDR) Cell recently. Accordingly,
a restructuring of the existing term loans and working capital
facilities of the company would be carried out with the
possibility of additional moratorium period being provided to the
company in order to improve its cash flow position so as to repay
its future debt obligations. ICRA notes that a favourable debt
restructuring package remains critical for the company in order to
ease the pressures on its cash flows for the near term.

                      About Solar Semiconductor

Solar Semiconductor Private Limited specializes in Solar Photo
Voltaic technology products, services and solutions. The company
was established in 2006 and its holding company, Solar
Semiconductor Inc. has 92.3% equity stake in the company. SSPL
leased facility in Gundlapochampally in Hyderabad for
manufacturing 75 MW Solar Module Line Facility which is a 100% EOU
registered with Vishkhapatnam Special Economic Zone. The company
commenced commercial operations in the second half of FY 2008 from
this facility. The company also has a 120 MW Solar Module Line
Facility (commissioned in February 2009) and 30 MW Cell Line
Facility (commissioned in June 2010) at FabCity in Hyderabad. The
company plans to setup another 30 MW cell line facility during FY
2012. During the 9 month period of FY 2011, the company has
reported net losses of INR32.22 crore on an operating income of
INR595.91 crore.


SUDERSHAN BIOTECH: ICRA Rates INR6.93cr Bank Loan at '[ICRA]B'
--------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR6.93 crore fund based
limits of Sudershan Biotech Limited.  In addition, ICRA has also
assigned '[ICRA]A4' rating to the INR2.00 crore non-fund based
limit of the company.

The ratings assigned by ICRA take into account the current project
phase of the company, limited track record, continuing losses and
consequent stretched liquidity position of the company. This has
led to restructuring of its term loans in June 2010. SBL did not
receive equity investment to fund its production facilities for
various products, according to the original plan. Moreover, it
also recorded losses from its trading business in FY'10. SBL is
yet to start commercial scale manufacturing of any of its products
and therefore depends solely on equity infusion to meet its debt
service obligations in near future. Company has plans of setting
up manufacturing facilities for production of Chymosin, Interferon
Beta and Human Serum Albumin in next 3 years; these green field
projects will be exposed to typical project execution risks and
timely equity investment will be critical for completion of the
projects.

The ratings however draw comfort from strong research and
development team of SBL; the company owns a pool of patented
products and processes which gives it a competitive advantage in
terms of technology. SBL has signed a share holder agreement with
a new equity investor to fund its upcoming green field projects
and research activities. The ratings also take into account the
fact that the company has recently started manufacturing of
antigens on a small scale and the sales of these antigens is
expected to contribute towards cash flows in FY'12. Company's
ability to meet funding requirements from equity investments to
execute upcoming green-field projects and to competitively
manufacture and market its products will be the key rating
sensitivities.

SBL is a research led organization, registered in the year 1999
and came into operation in 2001. SBL started as R&D unit,
specializing in recombinant DNA technology that has evolved into
an organization with focus in the areas of industrial Enzymes,
Diagnostic Proteins and Therapeutic Proteins. The company was
started by Dr. V. Guntaka, who is currently a professor at the
University of Tennessee, Memphis, TN, USA, as its Chief Scientific
Advisor. The company has 15,000 sq ft R&D facility including an
antigen manufacturing facility in Hyderabad.


TAJ FROZEN: ICRA Cuts Rating on INR8.33cr Loan to '[ICRA]BB+'
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to
INR8.331 crore term loan and INR0.501 crore cash credit (sublimit
of FOBN) of Taj Frozen Foods India Limited from 'LBBB-' to
'[ICRA]BB+'.  ICRA has also revised downwards the short term
rating assigned to INR5.75 crore fund based limits from 'A3' to
'[ICRA]A4+'. The outlook assigned to the long term rating is
stable.

The ratings revision takes into account the strain on the
liquidity position of the company arising from high working
capital requirements as well as a moderately geared capital
structure. The company continues to be vulnerable to the agro-
climactic risks which affect the availability of
fruits/vegetables, the seasonal nature of the industry leading to
variability in cash flows and a difficult operating environment
reflected in sluggish top line growth in the last few years. The
ratings, however, favorably factor in the track record of the
promoters in food processing business, established business
relationship and tie-ups with various suppliers and distributors
worldwide and the subsidies available from the Government of India
by virtue of its presence in the fruit and vegetable processing
industry.

                         About Taj Frozen

TFFIL was incorporated in the year 2004 as a public limited
company. TFFIL is mainly engaged in the business of export of
Individual Quick Freezer (IQF) Frozen Fruits, Vegetables and ready
to eat foods. The company has a registered office at Bhandup,
Mumbai and two manufacturing units at Yewalewadi and Jejuri in
Pune.

Recent results:

TFFIL recorded a net profit of INR0.64 crore on an operating
income of INR19.50 crore for the year ending March 31, 2010, a net
profit of INR0.87 crore on an operating income of INR22.87 crore
as per the provisional figures for the year ending March 31, 2011
and a net profit of INR1.27 crore on an operating income of
INR9.40 crore as per the Quarter I figures ending June 30, 2011.


VAIBHAV JEWELLERS: ICRA Assigns '[ICRA]BB' to INR12cr Bank Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the Rs 12
crore fund based bank facilities of Vaibhav Jewellers.  The
outlook for long-term rating is Stable.

The ratings assigned by ICRA reflect the long-standing experience
of Vaibhav Jewellers's promoters and management in the jewellery
business which has enabled the company to establish leadership
position in retail jewellery business in the Eluru market. The
ratings favourably factor in the strong growth in revenues
observed in recent years despite slowdown and rising gold prices.
The ratings however are constrained due to its limited financial
flexibility on account of highly leveraged capital structure, poor
coverage indicators and high working capital intensity
characterized by the high inventory maintained by the entity which
also exposes it to volatility in gold prices. The assigned rating
also factors in the highly competitive nature of the jewellery
market characterized by the presence of a large number players and
low entry barriers for new entrants. The ratings are also
constrained due to concentration risks arising from the fact that
the company operates through a single showroom. Ability of the
entity to maintain its growth and manage its inventory amidst
intense competition will be a continued challenge in this market
and will be a key rating sensitivity.

Vaibhav Jewellers is a partnership firm which was constituted in
1991 in Eluru village as a manufacturer and retailer of gold
Jewellery by Mr. GSV Amarandra, Mr. G Narendra and Mr. G Manoj
Kumar. In 1997 Vaibhav Jewellers was converted as a proprietary
concern with Mr. GSV Amarendra as a sole proprietor. VJ's showroom
size is about 2000 sq feet and it employs about 30 people.


VINESH TRADERS: ICRA Places '[ICRA]BB-' Rating on INR14.75cr Loan
-----------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to INR14.75 crore long term
fund based bank limits of Vinesh Traders Private Limited. The
outlook on the rating is stable.

The ratings take into account VTPL's moderate scale of operations,
its low profitability, weak capital structure characterized by
high gearing which coupled with low profitability has led to weak
debt protection indicators, Moreover the rating takes into
consideration the competitive nature of the industry and the risks
inherent in the trading business. However the ratings derive
comfort from VTPL's experienced management and its established
relationship with its customers and suppliers.

Vinesh Traders private Limited has been incorporated by Mr. H P
Gupta and his son Mr. Vinesh Gupta in the year 1993. Prior to this
they were involved in the business of coal trading in the form of
proprietorship concern. Mr. H P Gupta started business as a
supplier of coal breeze from Bhilai to North India. However
gradually the company expanded its operations and also started
trading in iron and steel products.

Recent Results

For the year ended FY2011, the company posted a profit after tax
of INR0.41 crore on a turnover of INR83.09 crore.


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


NATHANS FINANCE: Directors Get More Than Two Years Prison Terms
---------------------------------------------------------------
BusinessDay reports that two former Nathans Finance company
directors have received prison sentences of more than two years
each for distributing misleading investments statements while a
third will serve nine months home detention.

According to BusinessDay, director Mervyn Ian Doolan received
Friday a sentence of two years and four months, while his fellow
director Kenneth Roger Moses will serve two years and two months
in prison.

Meanwhile another director Donald Menzies Young will serve his
home detention at a Remuera address and do 300 hours of community
service, BusinessDay discloses.

Mr. Moses has offered NZ$425,000 in reparations while Mr. Young
will pay NZ$310,000.

Mr. Doolan's NZ$150,000 offer has been borrowed from friends and
family, his lawyer Nathan Gedye said.

In sentencing the directors, BusinessDay notes, Justice Paul Heath
characterized their offending as "gross negligence" and said that
the sentence needed to reflect the loss of confidence and capital
in New Zealand's investment market.

BusinessDay relates that Justice Heath said the consequences were
"massive, both in terms of financial and emotional harm" and that
the men had to be held accountable for failing to carry out their
statutory functions as directors.

As reported in the Troubled Company Reporter-Asia Pacific on
July 11, 2011, nzherald.co.nz said former Nathans Finance
directors Mervyn Doolan, Donald Young and Kenneth Moses have been
found guilty on five charges of breaching the Securities Act.
According to nzherald.co.nz, the Crown claimed the financial
statements the directors -- including fourth director John Hotchin
-- issued concerning related party lending to VTL, the quality of
its loan book, its loan management practices and its management of
liquidity were untrue.  The Crown also said the directors made
untrue statements in the company's offer documents of Dec. 13,
2006, and in a signed extension certificate on March 30, 2007,
nzherald.co.nz related.

                        About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers on
Aug. 20, 2007.  The company owed approximately NZ$174 million to
some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into receivership
in November 2008.  VTL Group owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.


                             *********

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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