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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, September 6, 2011, Vol. 14, No. 176

                            Headlines



A U S T R A L I A

ALLCO FINANCE: Two Former Directors to Return to Court this Week
COOROY MOUNTAIN: Placed in Administration
DAMELIAN AUTOMOBILE: Goes Into Receivership, Owes AU$80 Million
H.R. COOK: Jury Charges Liquidator of AUD1.8MM Fraud
JT PRESS: Placed Into Liquidation; Liquidators Finalize Asset Sale

MORTIMER CLOSE: Director Sentenced in Court to Three Years Jail
PERLE PROPRIETARY: MP Urges ICAC to Probe Stalled Housing Projects


C A M B O D I A

ACLEDA BANK: Moody's Downgrades Deposit and Issuer Ratings to Ba2


C H I N A

SHENGDATECH INC: Seeks Nod for Michael Kang as CRO
SHENGDATECH INC: 341(a) Creditors' Meeting Moved to Oct. 17
SHENGDATECH INC: U.S. Trustee Appoints 3-Member Creditor's Panel
SINO-FOREST CORP: OSC Seeks to Extend Trade Halt
SPG LAND: Moody's Reviews 'Ba3' CFR and 'B1' Sr. Unsecured Rating


H O N G  K O N G

AGW HOLDINGS: Court to Hear Wind-Up Petition on Sept. 28
ASOSIASI PPTKI: Court to Hear Wind-Up Petition on Oct. 12
CHARTER LAND: Creditors' General Meeting Set for Sept. 14
DIAMOND COAST: Court Enters Wind-Up Order
EASTLINK ENGINEERING: Court to Hear Wind-Up Petition on Sept. 14

FOREST VIEW: Court Enters Wind-Up Order
GRACELAND INDUSTRIAL: Creditors' Proofs of Debt Due Sept. 19
HEMPSTONE LIMITED: Court Enters Wind-Up Order
HK ZHONGXING: Court to Hear Wind-Up Petition on Oct. 12
HOI SING: Briscoe and Hill Step Down as Liquidators

TEXHONG TEXTILE: S&P Affirms 'BB' Corp. Credit Rating; Outlook Neg


I N D I A

BARDIA JEWELLERS: CRISIL Puts 'CRISIL BB-' Rating on INR20MM Loan
DEVKIRAN PAPER: CRISIL Cuts Rating on INR20MM Loan to 'CRISIL D'
DIYA SYSTEMS: CRISIL Rates INR280MM Term Loan at 'CRISIL BB+'
GREENLANDS A&M: CRISIL Rates INR25MM LT Loan at 'CRISIL B+'
GREENLAND MOTORS: CRISIL Rates INR122.5MM Loan at 'CRISIL B+'

JAYAHO AGRI: CRISIL Rates INR120MM Cash Credit at 'CRISIL B'
JM HOLDINGS: CRISIL Puts 'CRISIL B+' Rating on INR20MM LT Loan
JNV VIRA: CRISIL Assigns 'CRISIL B-' Rating to INR46.3MM LT Loan
JR METAL: CRISIL Places 'CRISIL D' Rating on INR137.5MM LT Loan
HILTON MOTORS: CRISIL Assigns 'CRISIL BB' Rating to INR6MM LT Loan

INFRASTRUCTURE: CRISIL Rates INR125MM Loan at 'CRISIL BB'
KONGUNADU EDUCATIONAL: CRISIL Rates INR120MM Loan at 'CRISIL B'
LIVANTO CERAMIC: CRISIL Places 'CRISIL B+' Rating on INR60MM Loan
MANGALDAS VENICHAND: CRISIL Rates INR40MM Loan at 'CRISIL BB-'
M.K. PATEL: Low EBITDA Cues Fitch to Hold Low-B Rating

R F MOTORS: CRISIL Assigns 'CRISIL B+' Rating to INR131.8MM Loan
SAGAR ENTERPRISES: CRISIL Puts 'CRISIL BB-' Rating on INR5MM Loan
SANGHAR EXPORTS: CRISIL Rates INR280MM Cash Credit at 'CRISIL BB'
SEVEN SEAS: CRISIL Rates INR1.37BB Term Loans at 'CRISIL B+'
SHAKTI INDUSTRIES: CRISIL Rates INR60MM Cash Credit at 'CRISIL B'

SH-HARYANA WIRES: Fitch Puts Rating on National Long-Term at 'BB'
SUNCITY REALTORS: CRISIL Raises Rating on INR235MM Loan to 'BB+'
S.VEERASAMY CHETTIAR: CRISIL Rates INR171.2MM Loan at 'CRISIL D'
VIKAS ENTERPRISES: CRISIL Rates INR2MM LT Loan at 'CRISIL BB-'


M A L A Y S I A

HAISAN RESOURCES: Posts MYR12.4MM Net Loss in Qtr Ended June 30
HO HUP: Posts MYR6.93 Million Net Loss in Quarter Ended June 30
HOCK SIN: Posts MYR5.34 Million Net Loss in Qtr Ended June 30
LUSTER INDUSTRIES: Reports MYR1.31 Million Net Loss in June 30 Qtr
MAXBIZ CORP: Incurs MYR2.03 Million Net Loss in Qtr Ended June 30

MISC BHD: S&P Assesses Stand-Alone Credit Profile at 'BB+'
NGIU KEE: Posts MYR620,000 Net Loss in Quarter Ended June 30


N E W  Z E A L A N D

AORANGI SECURITIES: SFO to Drop Fraud Charges Against Hubbard
BRIDGECORP LTD: Roest Gets Legal Aid; Trial Adjourned Next Month
LOVITT'S NZ: Supplier Out of Pocket Due to Shortage of Fund
STRATEGIC FINANCE: Investors to Lose NZ$25MM Over Bendemeer Sale
WINDFLOW TECHNOLOGY: Seeks Further Capital from Shareholders


S I N G A P O R E

E.K. DEVELOPMENTS: Creditors Get 100% Recovery on Claims
ORCHARD CUPPAGE: Creditors' Proofs of Debt Due Sept. 16
PLATINUM ASSETS: Creditors' Proofs of Debt Due Sept. 30
SCHOOL OF APPLIED: Court to Hear Wind-Up Petition on Sept. 9
SOLVATORS HOLDING: Court to Hear Wind-Up Petition on Sept. 9

XENON CAPITAL: Creditors' Proofs of Debt Due Sept. 30


V I E T N A M

* VIETNAM: Moody's Says Outlook for Banking System Remains Neg.


X X X X X X X X

* BOND PRICING: For the Week Aug. 29 to Sept. 2, 2011




                            - - - - -


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


ALLCO FINANCE: Two Former Directors to Return to Court this Week
----------------------------------------------------------------
Susannah Moran at The Australian reports that former Allco Finance
directors David Coe and Gordon Fell will return to the witness box
this week to face another round of questioning over the events
leading up to the AUD1.1 billion collapse of the financial
services company.

According to the report, the focus of the interrogation in the
Federal Court in Sydney is likely to be the controversial 2007
Rubicon deal.

Last year an initial round of questioning yielded information on
the inner workings of Allco in the lead-up to its collapse, The
Australian recounts.

Others that had been expected to be questioned -- David Clarke,
Michael Stefanovski and Thomas Lennox -- were last week excused
from further attendance, according to The Australian.

The news agency says the second round of questioning will start
this Thursday, September 8, when Dr. Fell will be examined. He
will be followed by Mr. Coe.

The Australian notes that among the documents held by Ferrier
Hodgson is a transcript of talks between the corporate regulator
and Dr. Fell, the founder of property company Rubicon.

According to the report, the Australian Securities & Investments
Commission obtained documents from Rubicon Asset Management, now
in liquidation, which it also gave to Ferrier Hodgson, as a result
of Federal Court orders.

The Rubicon transaction was not covered in detail during last
year's examinations, although it was revealed Allco deputy
chairman Bob Mansfield had queried whether Rubicon was "a pile of
shit," The Australian relays.  The Rubicon deal resulted in three
of its shareholders sharing in AUD63 million cash and AUD132
million worth of Allco stock, the report says.

Two of those shareholders, Mr. Coe and Dr. Fell, were also
directors of Allco. Dr. Fell owned 45% cent of Rubicon.

                        About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management.  The company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private equity
and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities.  It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath and
Joseph Hayes of McGrathNicol as the voluntary administrators of
the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco has more than AU$1 billion in total
debt.


COOROY MOUNTAIN: Placed in Administration
-----------------------------------------
Mark Bode at Noosa News reports that the Cooroy Mountain Group,
which includes Cooroy Mountain Spring Water, was placed in
administration on Sept. 1, 2011.

News of the administration followed a report in the Daily on
Monday in which the group said it had been forced to call in
experts to help it survive, and came only one day after the
company insisted it was "business as usual," according to Noosa
News.

Noosa News says the group downplayed the significance of its
administrative arm being placed in liquidation, saying its other
companies were unaffected by the action.

Cooroy Mountain Services Pty Ltd went into liquidation on June 12
with debts of almost AUD1 million, the report notes.  More than
AUD850,000 of that amount is owed to the Australian Taxation
Office, the report says.

"We urge Sunshine Coast residents to get behind a Sunshine Coast
company and buy local products," a spokeswoman for the group told
the Daily on Wednesday.

Noosa News, citing Australian Securities and Investments
Commission records, discloses that the group's new administrative
arm, Cooroy Mountain Shared Services Pty Ltd, was still registered
as of September 1.

Cooroy Mountain Group, which employees between 70 and 100 staff
and has operated from Cooroy Mountain since 1991, also includes
Wimmers Soft Drink and Cooroy Mountain Transport.


DAMELIAN AUTOMOBILE: Goes Into Receivership, Owes AU$80 Million
---------------------------------------------------------------
Australian Associated Press reports that Damelian Automobile has
been placed in receivership with debts of at least AU$80 million.

Ferrier Hodgson partners Steve Sherman and Jim Sarantinos have
been appointed receivers and managers after the firm was put into
receivership by an unnamed secured creditor, according to AAP.
The report relates that the appointment of receivers came after an
extended period of support by the creditor, who is owed about
AU$80 million by firm.

During this time, the report notes, the Damelian group had been
working towards a possible restructure and reduction of its debt.
AAP notes that Mr. Sherman said the receivers would engage with
the manufacturers of cars sold by the group.

AAP says that this would clarify the position of new car
warranties and whether sales could be completed to customers who
had paid deposits on vehicles.

The receivers, together with their staff, are working with the
various car manufacturers, including Honda, Suzuki, Renault,
Citroen, Fiat and Alfa, AAP discloses.

Mr. Sherman also said the servicing of vehicles had been suspended
until further notice.

The receivers said they anticipate that their discussions with the
manufacturers will "result in clarity with respect to the ongoing
service requirements," the report adds.

Damelian Automobile is a motor vehicle dealership.


H.R. COOK: Jury Charges Liquidator of AUD1.8MM Fraud
----------------------------------------------------
The Sydney Morning Herald reports that the jury hearing charges
that Stuart Ariff fraudulently transferred AUD1.18 million from HR
Cook Investments Pty Ltd where he was liquidator has been shown
the statement of an ANZ bank account in his name on which a cheque
for more than AUD515,000 was drawn when it had AUD150 on deposit.

The statement showed the large withdrawal was reversed the
following day, SMH says.

According to the report, the prosecutor, Trish McDonald, SC, said
on Wednesday that Mr. Ariff opened an ANZ account the day after he
was challenged by members of the Cook family, who appointed him
liquidator of HR Cook Investments in 2006.

"The Crown anticipates that evidence will be given of the accused
creating the impression, the Crown will say, of HR Cook having
funds when those funds didn't exist," SMH quotes Ms. McDonald as
saying.

SMH relates that Mr. Ariff disputes that he intentionally "caused
money to be withdrawn" from HR Cook's bank account, that he at any
time acted with an intention to defraud or that he signed any
forms lodged with ASIC knowing that they were false or misleading.

Ms. McDonald, as cited by SMH, said HR Cook was being voluntarily
wound up because it had outlived its use as an investment vehicle.

On Feb. 3, 2009, SMH recounts, Mr. Ariff received a request from
the family for "evidence of the balance of the HR Cook bank
account," Ms. McDonald said.  The ANZ statement showed the account
was opened on Feb. 4, 2009.  The same day it recorded two deposits
totalling AUD150 and a debit via bank cheque of more than
AUD515,000, according to SMH.

On Feb. 5, 2009, the cheque entry was reversed and a dishonour fee
of AUD35 and a stop-payment fee of AUD15 were recorded, the report
notes.

SMH relates that Ms. McDonald said the ANZ cheque was deposited
into a National Australia Bank account, Stuart Ariff Insolvency
Administrators Client Wages Account. The name of the account was
changed to Stuart Ariff Insolvency Administrators HR Cook
Investments Account, she said.

"A snapshot was taken of that account from the internet banking
screen which showed, because the ANZ cheque had been deposited, a
credit in that account for over AUD515,000," SMH quotes
Ms. McDonald as saying.

Ms. McDonald said the snapshot was forwarded to the Cook family's
accountant, Tim McKenzie, SMH adds.

Mr. Ariff has been charged by the Australian Securities and
Investments Commission with 13 counts of transferring
AUD1.18 million with intent to defraud HR Cook Investments Pty Ltd
and six counts of falsifying the half-yearly accounts for HR Cook
while he was liquidator from 2006 to 2009.

The trial continues in the NSW District Court.

As reported in the Troubled Company Reporter-Asia Pacific on
July 14, 2006, at an extraordinary general meeting on June 9,
2006, the members of H.R. Cook Investments Pty Limited resolved to
close the Company's business operations and distribute the
proceeds of its assets disposal.  Subsequently, Stuart Ariff was
appointed as liquidator.


JT PRESS: Placed Into Liquidation; Liquidators Finalize Asset Sale
------------------------------------------------------------------
ProPrint reports that JT Press' administrators have been given the
all-clear to liquidate the company, while a sale of the Queensland
printer's assets is being finalised.

Babford Pty Ltd, which traded as JT Press, was placed into
liquidation by SV Partners following a creditors meeting on
August 26, according to ProPrint.

ProPrint relates that a sale of the assets to a company called
Green Grass Forever is currently being finalized, with JT Press
still operating under a purchaser license issued by SV Partners.
The trading name JT Press is expected to continue, the report
notes.

According to the report, liquidator David Stimpson said it would
be unlikely for unsecured creditors to see a return on their debt.

Mr. Stimpson added that SV Partners still needed to investigate
further before they could determine if the company had been
trading insolvent, ProPrint reports.

"There are two possibilities [if the company is found to be
trading insolvent]. One is that ASIC will seek an order to
disqualify the directors, or we as the liquidators can pursue the
directors directly for debts accumulated while trading insolvent,"
ProPrint quotes Mr. Stimpson as saying.


MORTIMER CLOSE: Director Sentenced in Court to Three Years Jail
---------------------------------------------------------------
Mark Travis Goldenberg, formerly of West Leederville, Western
Australia, has been sentenced to three years and one month jail in
the Perth District Court on charges of breaching his duty as a
director of Mortimer Close Pty Ltd., brought by the Australian
Securities and Investments Commission.  A reparation order of
AUD1.7 million was also made against Mr. Goldenberg.

In June 2011, Mr. Goldenberg pleaded guilty to 39 counts of
breaching his duties as a director of Mortimer Close.  ASIC
alleged that Mr. Goldenberg breached his obligations to the
company by transferring approximately AUD1.5 million of investors'
money out of Mortimer Close for his personal benefit.

Investments in Mortimer Close were intended to be used for a land
development in Wellard, south of Perth, however, the development
never took place.

ASIC Chairman, Mr. Greg Medcraft, said Mr. Goldenberg put his own
interests ahead of the company and investors and in doing so, had
breached a fundamental responsibility of directors.

"ASIC will act to ensure that misconduct by directors and other
gatekeepers who fail in their responsibilities to uphold and
safeguard the interests of shareholders, investors and other
stakeholders are brought to account," Mr. Medcraft said.

Mr. Goldenberg's sentence commences on April 18, 2012, at which
time it is expected he will be released on parole following a jail
sentence for other offences.  He will be required to serve at
least 21 months in jail for the ASIC charges.  After serving 21
months (i.e. from Jan. 17, 2014), he will be eligible to be
released from prison, subject to him signing a recognisance which
will allow him to serve out the remaining 16 month sentence in the
community.  If Mr. Goldenberg breaches his recognisance, he will
have to pay AUD10,000 to the Court and return to prison.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

                          Background

On Sept. 26, 2008, ASIC suspended the Australian financial
services (AFS) license of Concentric Wealth Management following
the appointment of a receiver and manager.  Mr. Goldenberg was
CWM's sole director.

On March 12, 2009, the Federal Court ordered the appointment of a
liquidator to Mortimer Close.  Mr. Goldenberg was Mortimer Close's
sole director.

On May 19, 2009, ASIC permanently banned Mr. Goldenberg from
providing financial services and cancelled the AFS licence of CWM.
Mr. Goldenberg was formerly employed as an authorized
representative of CWM.

On March 23, 2010, ASIC disqualified Mr. Goldenberg from managing
corporations for five years.


PERLE PROPRIETARY: MP Urges ICAC to Probe Stalled Housing Projects
------------------------------------------------------------------
ABC News reports that stalled public housing projects on the Coffs
coast have been referred to the Independent Commission Against
Corruption (ICAC) and the state's auditor-general.

Perle Proprietary Limited went into administration in January
owing hundreds of local tradesmen a total of more than
AU$1.7 million, according to ABC News.  The report relates that
Perle Proprietary was awarded a contract by the previous
government to build Housing New South Wales projects around Coffs.

Coffs Harbour Member of Parliament Andrew Fraser has now referred
the matter to the corruption watchdog, ABC News notes.

"I believe the department was negligent in the way the contracts
were actually issued and that's what I want to prove. . . . If I
can prove that, we can get some resolution to the issue and get
the payments made," ABC News quoted Mr. Fraser as saying.

ABC News notes that there is also to be a State Government inquiry
into the stalled public housing.

The report discloses that the inquiry will include contracts let
by the previous government to Perle Pty Ltd.


===============
C A M B O D I A
===============


ACLEDA BANK: Moody's Downgrades Deposit and Issuer Ratings to Ba2
-----------------------------------------------------------------
Moody's Investors Service has downgraded ACLEDA Bank Plc's local
currency long-term deposit and issuer ratings to Ba2 from Ba1.
The ratings outlook is negative.

At the same time, Moody's has kept ACLEDA Bank's D bank financial
strength rating (BFSR) unchanged, but changed its outlook to
negative from stable. The D BFSR maps to a baseline credit
assessment of Ba2.

ACLEDA Bank's other ratings are unchanged and continue to have a
stable outlook:

- B3 foreign currency long-term deposit rating

- B1 foreign currency long-term issuer rating

- Non-Prime local and foreign currency short-term issuer and
  deposit ratings

Ratings Rationale

"The rating downgrade reflects Moody's assessment that the one-
notch rating uplift from shareholder support, previously
incorporated in ACLEDA Bank's deposit and issuer ratings, is no
longer appropriate, given the material changes in the bank's
shareholders. Two of its major shareholders have now divested
their stakes of 12.25% each," says Christine Kuo, a Moody's Vice
President and Senior Credit Officer.

In 1H2011, Deutsche Investitions-und Entwicklungsgesellschaft mbH
(DEG), a European development financial institution, sold its
stake to COFIBRED S.A., a fully-owned subsidiary of BRED Banque
Populaire. And previously in 1H2010, the Netherlands Development
Finance Company, the international development bank of the
Netherlands, sold its stake to JSH Asian Holdings Limited, a
member of the Jardine Matheson Group.

When Moody's had originally incorporated shareholder support into
ACLEDA's ratings, it had expected all its major shareholders to
remain unchanged. The divestments by FMO and DEG have
significantly weakened Moody's assumption of long-term commitment
from its shareholders.

ACLEDA's current ratings also reflect its stand-alone
creditworthiness. Therefore, further divestments by other
shareholders, should they happen, would not affect the ratings.

"On the negative outlook for the bank's BFSR and local-currency
long-term ratings, it is mainly driven by ACELDA Bank's increasing
risk profile, the result of rapid credit growth over many years,
and its moderating capital strength," adds Kuo.

ACLEDA Bank's gross loans grew to US$828 million at end-June 2011
from US$158 million at end-2006. And, its tangible common equity-
to-risk weighted assets ratio declined to about 16% from 24%
during the same period.

Moreover, ACLEDA Bank is increasingly exposed to sovereign risk
(the government bond rating for Cambodia is B2) as it deposits its
increasing excess liquidity with the central bank.

The bank's ratings reflect its strong and leading franchise in
Cambodia, ample liquidity, and good asset quality and
profitability. On the other hand, they also take into account the
challenges associated with the bank's operating environment,
including its narrow economic base, its poor infrastructure and
transparency, and the presence of corruption.

On the issue of support, Moody's believes that the Cambodian
government would have a strong incentive to assist ACLEDA, if
needed, given its systemic importance. It plays a key role in the
country's payment system as it is the only bank with a nation-wide
footprint, and had a 21% share of deposits at end-2010.

Nonetheless, the Cambodian government has very limited resources
to assist the bank. As a result, even if Moody's incorporated a
very high level of systemic support, it would not result in any
uplift in the ratings.

The bank's foreign currency long-term deposit and issuer ratings
are constrained by the country's deposit ceiling of B3 and debt
ceiling of B1.

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.

ACLEDA Bank is headquartered in Phnom Penh.  At end-2010, it
reported assets of US$1,192 million.


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


SHENGDATECH INC: Seeks Nod for Michael Kang as CRO
--------------------------------------------------
Shengdatech Inc. asks the U.S. Bankruptcy Court for the District
of Nevada for permission to appoint Chief Restructuring Officer
Michael Kang and A. Carl Mudd and Sheldon Saidman, members of the
Special Committee of the Board of Directors of Shengdatech Inc. as
representatives authorized to act on behalf of the Debtor.

According to the report, by virtue of the CRO's appointment which
was confirmed by this Court and the Special Committee's powers
granted under the Resolution, the Debtor believes that the CRO and
the Members are already statutorily authorized representatives of
the Debtor under Nevada law.

                         About ShengdaTech

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

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

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

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

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


SHENGDATECH INC: 341(a) Creditors' Meeting Moved to Oct. 17
-----------------------------------------------------------
ShengdaTech, Inc.'s 11 U.S.C. Sec. 341(a) meeting of creditors on
has been continued from Sep. 19, 2011 at 3:00 p.m. (Pacific
Standard Time) to Oct. 17, 2011, at 2:00 p.m. (Pacific Standard
Time).  The meeting will be held at:

     300 Booth Street,
     Room 3024,
     Reno, Nevada
     89509

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                         About ShengdaTech

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

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

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

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

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


SHENGDATECH INC: U.S. Trustee Appoints 3-Member Creditor's Panel
----------------------------------------------------------------
August B. Landis, United States Trustee for Region 17, under 11
U.S.C. Sec. 1102(a) and (b), appointed three unsecured creditors
to serve on the Official Committee of Unsecured Creditors of
ShengdaTech, Inc.

The Creditors Committee members are:

      1. AG OFCON, LLC
         Represented by: Timothy A. Hutfilz
         245 Park Avenue, 26th Floor
         New York, NY 10167
         Tel: (212) 692-2016
         Fax: (212) 867-6395
         E-mail: thutfilz@angelogordon.com

      2. THE BANK OF NEW YORK MELLON
         as Indenture Trustee
         One Canada Square
         London E145A
         United Kingdom
         Represented by: Mark Jeanes
         BNY Mellon
         6525 West Campus Oval
         New Albany, OH 43054
         Tel: (207) 964-4468
         Fax: (207) 964-2536
         E-mail: mark.jeanes@bnymellon.com

      3. ZAZOVE ASSOCIATES, LLC
         Represented by: Mario Valente
         1001 Tahoe Blvd.
         Incline Village, NV 89451
         Tel: (775) 886-1500
         Fax: (775) 886-1599
         E-mail: mvalente@zazove.com

                         About ShengdaTech

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

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

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

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.


SINO-FOREST CORP: OSC Seeks to Extend Trade Halt
------------------------------------------------
Bloomberg News reports that the Ontario Securities Commission will
hold a hearing next week to consider extending a temporary order
that has suspended trading in Sino-Forest Corp.'s shares and
prevented five executives from buying or selling securities.

Bloomberg, citing Canada's main securities watchdog in a notice on
its Web site, says the cease-trade order on Sino-Forest shares may
be extended to Nov. 23 and the order on securities trading by
Allen Chan, Albert Ip, Alfred C.T. Hung, George Ho and Simon Yeung
may be lengthened to Jan. 25, 2012.

According to the report, the OSC said Aug. 26 that officers and
directors of Hong Kong- and Mississauga, Ontario-based Sino-Forest
may have engaged in acts "related to its securities" that they
"knew or should have known" perpetuated a fraud.  The agency also
suspended the company's Toronto shares from trading for 15 days,
Bloomberg notes.

Bloomberg notes that Sino-Forest's stock has plunged 67% since
short seller Carson Block's Muddy Waters LLC published a June 2
report alleging that the company overstated its timber holdings.
Sino-Forest has denied Muddy Waters' allegations and has assigned
an independent committee to investigate the claims, hiring
PricewaterhouseCoopers LLP to assist, according to Bloomberg.

The OSC on Aug. 26 ordered the five executives to resign, before
rescinding the move later the same day, Bloomberg recounts. The
regulator said it needs to hold a hearing first.  Mr. Chan
resigned as chairman and chief executive officer of Sino-Forest
on Aug. 28, Bloomberg says.

The OSC hearing to extend the temporary orders will be held on
Thursday, Sept. 8 at 9:30 a.m. at OSC headquarters at 20 Queen
Street West in Toronto, according to the announcement obtained by
Bloomberg.

                    Joint Venture Had Sales, Output

According to Bloomberg News' Christopher Donville, the Globe and
Mail newspaper, citing Qi Shuxiong, a former Sino-Forest
executive, reported that the company reported sales in the
millions between 1994 and 1997 from a wood-panel joint venture in
China that never produced a single piece of the building material.

Bloomberg relates that the newspaper said Zhanjiang Leizhou
Eucalyptus Resources Development Co. didn't generate any revenue
from the fiber board product before the joint venture was
disbanded in 1998.

                          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.


SPG LAND: Moody's Reviews 'Ba3' CFR and 'B1' Sr. Unsecured Rating
-----------------------------------------------------------------
Moody's Investors Service has put SPG Land (Holdings) Limited's
Ba3 corporate family rating and B1 senior unsecured rating on
review for downgrade.

"The review is prompted by the weaker-than-expected performance of
SPG Land's contract sales year-to-date. This has in turn weakened
its liquidity and financial position," says Kaven Tsang, a Moody's
Assistant Vice President and Analyst.

"While the company will have more project launches in 2H2011,
achieving significant improvement in sales will be challenging,
given that most of its projects are located in cities with
restrictions on home purchases," he adds.

The weaker sales performance in the next 12 months could also
affect the company's interest coverage and debt leverage that in
turn could limit its financial flexibility.  Such a development
mean that its financial position would be weaker than that of its
Ba3 peers.

Moody's notes that SPG Land had around RMB2.7 billion of cash on
hand as of end-August 2011.

Still, it has to rely on the successful achievement of its sales
plan in next six to 12 months to fund its obligations, including
development expenses, unpaid land premiums and maturing debt of
RMB1.5 billion.

In its review, Moody's will focus on the extent of SPG Land's
improvement in its sales performance along with its financial and
liquidity position in the near term.

The ratings could be downgraded if the firm cannot show any
improvement in contract sales and its financial ratios do not
improve to a level more appropriate for its Ba3 corporate family
rating.

Also, if the company makes more land acquisitions without a
corresponding increase in sales, and its liquidity weakens and
cash holdings fall below RMB1.5 billion, its rating could be
negatively pressured.

On the other hand, the rating could be confirmed with a negative
outlook if: 1) SPG Land achieves contract sales close to its
target of about RMB7 billion by the end of 2011, and 2) its
adjusted debt/capitalization ratio trends towards 55% and EBITDA
interest coverage towards 3x by the year end.

The principal methodology used in rating SPG Land (Holdings)
Limited was the "Global Homebuilding Industry Methodology"
published in March 2009.

SPG Land (Holdings) Ltd is a Chinese property company focused on
large-scale residential and integrated property development in the
Yangtze River Delta. It has a land bank of 6.2 million square
meters in gross floor area in nine cities in China. Around 70% of
the land bank is in cities along the Yangtze River, such as
Shanghai, Suzhou, Wuxi, Changshu, and Huangshan.


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


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

The Petitioner's solicitors are:

          Messrs. Shaw & Ng
          Room 605, 6th Floor
          Tower One, Lippo Centre
          89 Queensway
          Hong Kong


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

Mei Foo Employment Agency Limited filed the petition against the
company on Aug. 2, 2011.

The Petitioner's solicitors are:

          Johnnie Yam, Jacky Lee & Co.
          5th Floor, San Toi Building
          137-139 Connaught Road
          Central, Hong Kong


CHARTER LAND: Creditors' General Meeting Set for Sept. 14
---------------------------------------------------------
Creditors of Charter Land Limited will hold their general meeting
on Sept. 14, 2011, at 2:30 p.m. at the Official Receiver's Office,
10th Floor, Queensway Government Offices, at 66 Queensway, in
Hong Kong.

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


DIAMOND COAST: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Aug. 19, 2011, to
wind up the operations of Diamond Coast International Kart Circuit
Company Limited.

The company's liquidator is:

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


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

Far East Engineering Services Limited filed the petition against
the company on July 11, 2011.

The Petitioner's solicitors are:

          Lily Fenn & Partners
          Room D, 32nd Floor
          Lippo Centre, Tower 1
          89 Queensway, Hong Kong


FOREST VIEW: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Aug. 24, 2011, to
wind up the operations of Forest View Investment Limited.

The Official Receiver is Teresa S W Wong.


GRACELAND INDUSTRIAL: Creditors' Proofs of Debt Due Sept. 19
------------------------------------------------------------
Creditors of Graceland Industrial Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 19, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          The Official Receiver
          10th Floor, Queensway
          Government Offices
          66 Queensway
          Hong Kong


HEMPSTONE LIMITED: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Aug. 24, 2011, to
wind up the operations of Hempstone Limited.

The Official Receiver is Teresa S W Wong.


HK ZHONGXING: Court to Hear Wind-Up Petition on Oct. 12
-------------------------------------------------------
A petition to wind up the operations of Hong Kong ZhongXing Group
Co. Ltd. will be heard before the High Court of Hong Kong on
Oct. 12, 2011, at 9:30 a.m.

The Petitioner's solicitors are:

          Joseph Leung & Associates
          8th Floor
          Chuang's Tower
          Nos. 32-32 Connaught Road
          Central, Hong Kong


HOI SING: Briscoe and Hill Step Down as Liquidators
---------------------------------------------------
Stephen Briscoe and Nicolas Timothy Cornforth Hill stepped down as
liquidators of Hoi Sing Construction Company Limited on June 24,
2011.


TEXHONG TEXTILE: S&P Affirms 'BB' Corp. Credit Rating; Outlook Neg
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
China-based textile company Texhong Textile Group Ltd. to negative
from stable. "At the same time, we affirmed the 'BB' long-term
corporate credit rating on Texhong and the 'BB' issue rating on
the company's senior unsecured notes. Standard & Poor's also
lowered its Greater China credit scale ratings on Texhong and on
the company's notes to 'cnBB+' from 'cnBBB-'.

"We revised the rating outlook on Texhong to reflect our view that
the company's profitability is likely to sharply deteriorate in
the second half of 2011 and visibility over its recovery prospects
is uncertain," said Standard & Poor's credit analyst Joe Poon. "We
expect Texhong's financial performance to weaken because of
reduced demand and the negative impact from the cotton purchase
contracts that the company signed with suppliers in 2010."

"In our base case scenario, Texhong could make a small profit in
the second half of 2011. This assessment is based on the company's
current sales and cotton price trends. It also assumes that
Texhong can fully digest its high-cost inventory over the next few
months. The company could report an operating loss if sales and
prices do not recover from their low levels in July 2011. We
estimate that its EBITDA margin could decline to about 10% in
2011 from 20.6% in 2010, and the ratio of adjusted debt to EBITDA
may rise to more than 3.0x in 2011 from 1.6x in the first half of
2011 and 1.1x in 2010," S&P related.

"We expect Texhong to sell off its high-cost inventory in the
second half of 2011 at the expense of margins. The company took a
position when forward purchasing cotton in October 2010, in
anticipation of higher production in 2011. The high volatility in
cotton prices depressed demand for low-end and denim yarns,
resulting in an overstock of cotton in the first half of 2011,"
S&P stated.

The company's profitability could begin to strengthen in the first
half of 2012 if its sales improve, cotton prices stabilize, and
management reverts to a "just in time" model for inventory. Full
visibility over a recovery is limited, however, because of
continued volatility in cotton prices and an uncertain global
economic outlook.

The rating on Texhong reflects the company's debt-funded
expansion, narrow product range, and lower profitability than that
of peers in the 'BB' rating category. The company's good niche
market position in core-spun yarns, stable cash flows, and record
of prudent financial management temper these weaknesses. Texhong's
steady growth profile, driven by its expansion in Vietnam and
above-average operating efficiency, is an additional supporting
factor.

"Although we expect Texhong's financial performance to be poor in
the second half of 2011, liquidity is likely to remain adequate,
in our opinion. The company has the flexibility to defer the
capital expenditure for a new project in Vietnam, and it has ample
cash and undrawn facilities. Further, Texhong could sell inventory
in the open market to raise funds," said Mr. Poon.

"Our negative outlook signals that we believe there is a
likelihood of at least one-in-three of a downward rating
adjustment over the next 12 months," S&P stated.

"We could lower the rating if Texhong's financial risk profile
deteriorates materially, such that the adjusted ratio of total
debt to EBITDA is consistently more than 3.0x and shows no sign of
improvement. We may also lower the rating if Texhong poorly
executes its new project in Vietnam," S&P said.

"We could revise the outlook to stable from negative if Texhong
maintains a significant financial risk profile, in particular if
it sustains an EBITDA margin of more than 10% and an adjusted
ratio of total debt to EBITDA below 3x over the next 12 months,"
S&P added.


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


BARDIA JEWELLERS: CRISIL Puts 'CRISIL BB-' Rating on INR20MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Bardia Jewellers Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR40 Million Cash Credit     CRISIL BB-/Stable (Assigned)
   INR20 Million Proposed LT     CRISIL BB-/Stable (Assigned)
          Bank Loan Facility

The rating reflects the extensive experience of the promoters in
gold jewellery industry. This rating strength is partially offset
by BJPL's below-average financial risk profile, marked by a small
net worth and large working capital requirements, and
vulnerability to volatility in diamond and gold prices and hedging
policy.

Outlook: Stable

CRISIL believes that BJPL will maintain its business risk profile
on the back of the extensive experience of its promoters. The
outlook may be revised to 'Positive' if the company generates
higher-than-expected net cash accruals and lower-than-anticipated
gearing levels, or if there is a large equity infusion results in
significant improvement in the financial risk profile of the
company. Conversely, the outlook may be revised to 'Negative' if
liquidity deteriorates due to significant increase in working
capital requirements.

                       About Bardia Jewellers

BJPL was set up in 2002 by Mr. Sunil Bardia and family. The Bardia
family has been engaged in the gold jewellery business for about
100 years. The company is managed by Mr. Sunil Bardia, Mr. Anil
Bardia (Mr. Sunil's brother), Mr. Siddhesh Bardia (nephew of Mr.
Sunil), and Mr. Dhanesh Bardia (son of Mr. Anil). The company
currently gets diamond and gold jewellery manufactured through its
own goldsmiths and on a job-work basis and sells it through retail
customers through outlets and to retailers (about 10% of total
revenue) near the vicinity.

BJPL reported a profit after tax (PAT) of INR5.9 million on net
sales of INR107.2 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a reported PAT of INR0.3 million
on net sales of INR78.1 million for 2008-09.


DEVKIRAN PAPER: CRISIL Cuts Rating on INR20MM Loan to 'CRISIL D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Devkiran Paper Mills Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

   Facilities                        Ratings
   ----------                        -------
   INR20.00 Million Cash Credit      CRISIL D (Downgraded from
                                              'CRISIL B/Stable')

   INR97.50 Million Long-Term Loan   CRISIL D (Downgraded from
                                              'CRISIL B/Stable')

   INR5.00 Million Bank Guarantee    CRISIL D (Downgraded from
                                               'CRISIL A4')

   INR7.50 Million Letter of Credit  CRISIL D (Downgraded from
                                               'CRISIL A4')

The rating downgrade reflects instances of delay by DPMPL in
servicing its debt. The delays have been caused by DPMPL's weak
liquidity because of delays by over a year in construction of its
new plant and its low cash accruals from existing operations
against its huge maturing term debt obligations. The new capacity
is expected to be commercialized by November 2011.

DPMPL has a weak financial risk profile because of its large,
ongoing, debt-funded capital expenditure (capex) programme. The
company has small scale of operations and is susceptible to
intense competition in the kraft paper industry and to volatility
in raw material prices. However, DPMPL has an established market
position in the local kraft paper industry.

                        About Devkiran Paper

Established in April 1985 in Bengaluru (Karnataka), DPMPL
manufactures kraft paper, and has a capacity of 15 tonnes per day
(tpd). The company's products are used in manufacturing corrugated
boxes, and are mainly sold to customers located in Bengaluru. The
company is setting up another kraft paper manufacturing unit, with
capacity of 100 tpd, and a 1-megawatt steam-based captive power
plant, in Bengaluru. The estimated project cost of INR225 million
is funded in a debt-to-equity mix of 3.5:1.

DPMPL reported a profit after tax (PAT) of INR13.5 million on net
sales of INR59.6 million for 2009-10 (refers to financial year
April 1, to March 31), against a PAT of INR2.9 million on net
sales of INR65.7 million for 2008-09. DPMPL reported provisional
revenues of INR8.5 million for 2010-11.


DIYA SYSTEMS: CRISIL Rates INR280MM Term Loan at 'CRISIL BB+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the foreign
currency term loan facility of Diya Systems (Mangalore) Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR280 Million Foreign Currency    CRISIL BB+/Stable (Assigned)
                         Term Loan

The rating reflects Diya's well entrenched position in the
information technology-enabled services (ITeS) industry & strong
efficiencies on the back of established pool of talent as well as
Healthy financial risk profile marked by robust net worth, low
gearing & comfortable repayment profile of debt. The rating
strengths are partially offset by customer concentration in its
revenue profile.

Outlook: Stable

CRISIL believes that the business risk profile of Diya Systems
(Mangalore) Pvt Ltd (Diya) will remain stable over the medium term
on the back of the company's established presence in the
information technology-enabled services (ITeS) industry & its
established talent base. The outlook may be revised to 'Positive'
if Diya reports significant improvement in revenues and
profitability, diversification in its client base while
maintaining its capital structure & debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case there
is slowdown in revenues or deterioration in profitability, capital
structure or debt protection indicators.

                           About Diya Systems

Diya Systems (Mangalore) Pvt. Ltd., started in 2003, is a
Mangalore based private limited company engaged in providing
business process outsourcing (BPO) services. The company is
promoted by Dr. Ravi Chandran & his family. Presently 99 % of the
share capital of Diya is held by Treg International LLC, a British
Virgin Island based company which is held equally by Ravi Chandran
family and a group of other foreign investors.

Diya reported a profit after tax (PAT) of INR66.7 million on net
sales of INR245.2 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR32.4 million on net
sales of INR200.1 million for 2008-09.


GREENLANDS A&M: CRISIL Rates INR25MM LT Loan at 'CRISIL B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Greenlands A&M Corporation.

   Facilities                      Ratings
   ----------                      -------
   INR93 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR25 Million Proposed LT       CRISIL B+/Stable (Assigned)
          Bank Loan Facility
   INR3 Million Bank Guarantee     CRISIL A4 (Assigned)
   INR5 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect GAMC's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
small scale of operations in the intensely competitive automotive
dealership business, and its large working capital requirements.
These rating weaknesses are partially offset by the extensive
industry experience of GAMC's partners and its established
relationship with its principals and moderate revenue diversity.

CRISIL has treated 50% of the unsecured loans extended by GAMC's
partners as neither debt nor equity, and the remainder as debt, as
these are low interest-bearing in nature. However, these are not
subordinated to the bank.

Outlook: Stable

CRISIL believes that GAMC will benefit over the medium term from
its partners' extensive industry experience and established
relationships with its principals. The outlook may be revised to
'Positive' if the firm significantly increases its scale of
operations while strengthening its capital structure. Conversely,
the outlook may be revised to 'Negative' if the firm's financial
risk profile deteriorates owing to a larger-than-expected increase
in working capital borrowings or if its profitability declines.

                         About Greenlands A&M

Based in Allahabad (Uttar Pradesh), GAMC started operations in
1950 with a Tractor and Farm Equipment Ltd dealership. The firm's
partners have since added the dealerships of five other original
equipment manufacturers -TVS Motors (TVS; since 1985), Force
Motors (since 2008), Terex Equipments Pvt Ltd (since 2009), Atul
Auto Ltd (since 2010), and VE Commercial Vehicles Ltd (since
October 2010). The firm also provides transportation services,
mainly to India Yamaha Motor Pvt Ltd and TVS.

GAMC is expected to report a profit after tax (PAT) of INR1.2
million on net operating income of INR320 million for (refers to
financial year, April 1 to March 31), as against a PAT of INR0.6
million on net operating income of INR280 million for 2009-10.


GREENLAND MOTORS: CRISIL Rates INR122.5MM Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Greenland Motors.

   Facilities                       Ratings
   ----------                       -------
   INR122.5 Million Cash Credit     CRISIL B+/Stable (Assigned)
   INR10 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect GM's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
small scale of operations in the intensely competitive automotive
dealership business, and its large working capital requirements.
These rating weaknesses are partially offset by the extensive
industry experience of GM's partners and its established
relationship with Maruti Suzuki India Ltd (Maruti; rated CRISIL
AAA/Stable /CRISIL A1+).

CRISIL has treated 50% of the unsecured loans extended by GM's
partners as neither debt nor equity, and the remainder as debt, as
these are low interest-bearing in nature. However, these are not
subordinated to the bank.

Outlook: Stable

CRISIL believes that GM will benefit over the medium term from its
partners' extensive industry experience and established
relationships with its principal, Maruti. The outlook may be
revised to 'Positive' if the firm significantly increases its
scale of operations while strengthening its capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile deteriorates owing to a larger-than-
expected increase in working capital borrowings or if its
profitability declines.

                            About Greenland Motors

Based in Allahabad (Uttar Pradesh [UP]), GM started operations in
2005 with a Maruti car dealership. GM has two showrooms-cum-
workshops in Allahabad and Pratapgarh (UP). The dealership at
Pratapgarh was started in April 2011. Currently, GM is the sole
dealer for Maruti in Pratapgarh and one of the two dealers in
Allahabad.

GM reported a profit after tax (PAT) of INR1.23 million on net
operating income of INR604 million for 2010-11, as against a PAT
of INR1.08 million on net operating income of INR569 million for
2009-10.


JAYAHO AGRI: CRISIL Rates INR120MM Cash Credit at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the Cash
Credit facility of Jayaho Agri Ventures Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR120 Million Cash Credit  CRISIL B/Stable (Assigned)

The rating reflects JAVPL's limited industry track record, and
below-average financial risk profile marked by a small net worth.
These rating weaknesses are partially offset by the strong
technical background of its promoters.

Outlook: Stable

CRISIL believes that JAVPL will benefit over the medium term on
the back of stable demand for its product in the global markets.
The outlook may be revised to 'Positive' in case the company's
revenues and accruals improve significantly thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in offtake or
substantial decline in profitability, leading to deterioration in
JAVPL's gearing and debt protection metrics.

                         About Jayaho Agri

Incorporated in 2009, JAVPL trades in tobacco; it commenced
operations in 2010-11 (refers to financial year, April 1 to
March 31). The company is promoted by Mr. Nagothu Sleeva Raju and
his family.


JM HOLDINGS: CRISIL Puts 'CRISIL B+' Rating on INR20MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of JM Holdings Pvt Ltd (JM).

   Facilities                        Ratings
   ----------                        -------
   INR10 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR20 Million Proposed Long-Term  CRISIL B+/Stable (Assigned)
                Bank Loan Facility
   INR20 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect the company's limited track record of
operations and small net worth. These rating weaknesses are
partially offset by JM's moderate business risk profile, which is
supported by the promoter's experience in the industry.

Outlook: Stable

CRISIL believes that JM will benefit from the stable demand for
polyvinyl chloride (PVC) polymers in domestic markets over the
medium term. The outlook may be revised to 'Positive' if the
company witnesses robust growth in revenue and accruals, thus
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of significant decline in offtake
or profitability, leading to deterioration in gearing and debt
protection metrics.

                           About JM Holdings

JM was promoted by Mr. O P Agarwal in 1996. The company was
incorporated with a view to undertake equity share broking/trading
and was doing it till 1999-00 (refers to financial year, April 1
to March 31). From 2000-01, JM became defunct till 2008-09, when
it started trading in PVC polymers. JM, however, undertook
negligible trading in polymers in 2008-09 and 2009-10. It was only
in 2010-11, when the company began full-fledged operations in
polymer trading and achieved a revenue of nearly INR120 million.


JNV VIRA: CRISIL Assigns 'CRISIL B-' Rating to INR46.3MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of JNV Vira Engineering Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL B-/Stable (Assigned)
   INR46.3 Million Long-Term Loan   CRISIL B-/Stable (Assigned)
   INR70 Million Bank Guarantee     CRISIL A4 (Assigned)
   INR30 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect JNV's high working capital requirements
leading to weak liquidity, small scale of operations, and exposure
to cyclical nature of the capital goods sector. These rating
weaknesses are partially offset by JNV's healthy order book.

Outlook: Stable

CRISIL believes that JNV will continue to benefit over the medium
term from its healthy order book position. The outlook may be
revised to 'Positive' if the company strengthens its market
position, increases its scale of operations, and improves its
financial risk profile and liquidity significantly. Conversely,
fresh, large debt-funded capex, further deterioration in
liquidity, leading to weakening of the company's financial risk
profile, could result in a revision in outlook to 'Negative'.

                              About JNV Vira

JNV is engaged in the manufacture of floating and fixed roofs for
oil tanks and storage tanks for oil refineries; it is also engaged
in manufacturing and erection of structures for oil refineries.
The company is promoted by Mr. Jaykumar Madhubhai Patel and Mr
Vinodkumar Amrutlal Shah from Baroda. Majority of the company's
revenues are earned from sales to the oil and gas industry and the
steel industry. The company carries out its manufacturing
activities at a 43,000 square foot manufacturing unit at Vadodara.

JNV has provisionally reported a profit after tax (PAT) of
INR7.8 million on net sales of INR211 million for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of
INR13 million on net sales of INR270 million for 2009-10.


JR METAL: CRISIL Places 'CRISIL D' Rating on INR137.5MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of JR Metal Chennai Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR137.5 Million Long-Term Loan     CRISIL D (Assigned)
   INR25 Million Cash Credit           CRISIL D (Assigned)
   INR7.5 Mil. Foreign Bill Purchase   CRISIL D (Assigned)
   INR150 Million Letter of Credit     CRISIL D (Assigned)
   INR15 Million Packing Credit        CRISIL D (Assigned)

The rating reflects delays by JR Metal in servicing its term loan;
the delays have been caused by JR Metal's weak liquidity.

JR Metal has a below-average financial risk profile, marked by
high gearing, and weak debt protection measures, on account of its
recent debt-funded capital expenditure programme. It is also
exposed to intense competition in the thermo-mechanically-treated
(TMT) bar industry and its operating margin is vulnerable to
cyclicality in steel business and volatility in raw material
prices. The company, however, benefits from the extensive
experience of its promoters in the steel manufacturing industry.

                          About JR Metal

JR Metal was set up in 2008 but commenced commercial production
only in April 2011. It has an integrated TMT bar manufacturing
unit in Thiruvallur, near Chennai (Tamil Nadu), which has a
capacity of 600 tonnes per day (tpd). JR Metal markets it product
under the brand name JR TMT. The company is backward integrated
with furnace capacity of 450 tpd.

The company posted, on a provisional basis, a deficit of INR4.7
million on an income of INR16.6 million in 2010-11 (refers to
financial year, April 1 to March 31).


HILTON MOTORS: CRISIL Assigns 'CRISIL BB' Rating to INR6MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facilities of Hilton Motors.

   Facilities                       Ratings
   ----------                       -------
   INR6.0 Million Long-Term Loan    CRISIL BB/Stable (Assigned)
   INR89.0 Million Cash Credit      CRISIL BB/Stable (Assigned)

The rating reflects HM's average financial risk profile, marked by
moderate gearing, and its established presence in the extensive
experience of HM's proprietor in the automobile dealership
business. These rating strengths are partially offset by HM's
exposure to intense competition in the automotive dealership
market.

Outlook: Stable

CRISIL believes that HM will benefit over the medium term from its
established market position and higher revenue contribution from
workshop services, over the medium term. A significant improvement
in debt protection metrics may result in the outlook being revised
to 'Positive'. Conversely, the outlook may be revised to
'Negative' if there is a decline in profitability from the current
levels or if HM undertakes larger-than-expected debt-funded
capital expenditure programme, thereby impacting the capital
structure.

                       About Hilton Motors

Hilton is a proprietorship concern set up by Mr. Josepherson
Antony that undertakes automobile dealership and services for
Hyundai Motor India Ltd (HMIL). It is the first dealer of HMIL in
Trivandrum since 1998 when Hyundai has started its business in
India. The dealership is for sale of passenger cars of all the
segments and for sale of spares, accessories, and service of
vehicles.

HMIL reported a profit after tax (PAT) of INR3.6 million on net
sales of INR738 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.4 million on net
sales of INR766 million for 2009-10.


INFRASTRUCTURE: CRISIL Rates INR125MM Loan at 'CRISIL BB'
---------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the long-term bank
facilities of KNS Infrastructure Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR125 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR0.6 Million Long-Term Loan    CRISIL BB/Stable (Assigned)

The rating reflects KNS's above-average financial risk profile,
marked by a healthy gearing, promoter's extensive entrepreneurial
experience, and established relationships with its customers.
These rating strengths are partially offset by KNS's limited track
record in the land development segment and susceptibility to
downturns in the residential real estate industry.

Outlook: Stable

CRISIL believes that KNS will continue to benefit from its
significant land-holdings and will maintain its healthy capital
structure over the medium term. The outlook may be revised to
'Positive' if there is healthy offtake of KNS's land-development
projects, resulting in an increase in its cash accruals, without
any weakening in its capital structure. Conversely, the outlook
may be revised to 'Negative' if KNS undertakes larger-than-
expected debt-funded capital expenditure programme, thereby
adversely affecting its capital structure, or if its revenues and
profitability decline because of issues regarding saleability of
its projects, or if the company extends any substantial funding
support to its group entities, resulting in weakening in its
liquidity.

                      About KNS Infrastructure

KNS was set up in 2007 by Mr. K N Surendra in Bengaluru
(Karnataka). The company KNS undertakes land-development
activities for co-operative housing societies. It has developed
nearly 300 acres of land in Bengaluru. KNS's promoter also owns
KNS Overseas Pvt Ltd (rated 'CRISIL A4+') that trades in iron ore,
and KN Surendra, a proprietorship concern engaged in civil
construction.

KNS reported, on provisional basis, a profit after tax (PAT) of
INR26 million on net sales of INR549 million for 2010-11 (refers
to financial year, April 1 to March 31); the company reported a
PAT of INR21 million on net sales of INR420 million for 2009-10.


KONGUNADU EDUCATIONAL: CRISIL Rates INR120MM Loan at 'CRISIL B'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the rupee term
loan facility of Kongunadu Educational Charitable Trust.

   Facilities                         Ratings
   ----------                         -------
   INR120.0 Million Rupee Term Loan   CRISIL B/Stable (Assigned)

The rating reflects KECT's constrained debt servicing ability,
weak profitability, and limited track record in the education
field. These rating weaknesses are partially offset by the strong
funding support that KECT receives from its promoter and the
company's sound operating capabilities.

Outlook: Stable

CRISIL believes that KECT will continue to receive timely funding
support from its promoter, over the medium term. The outlook may
be revised to 'Positive' if there is a higher-than-expected
increase in fees and profitability, leading to a substantial
increase in the trust's fund account and cash balances.
Conversely, the outlook may be revised to 'Negative' if KECT
undertakes a substantial debt-funded capital expenditure
programme, or if the promoter does not extend timely financial
support to the trust, thereby negatively impacting its debt
repayment ability.

Set up in 2006, KECT manages three educational institutions:
Kongunadu College of Engineering and Technology, Kongunadu
Polytechnic College, and Kongunadu College of Education. The trust
offers bachelor degree courses in engineering and education, and
diplomas in polytechnic courses. KECT is managed by Mr. R
Periyasamy, promoter of P.S.K. Engineering Construction & Co.
(rated 'CRISIL BBB-/Stable/CRISIL A3') and Saranya Spinning Mills
(P) Ltd (rated 'CRISIL B/Negative/CRISIL A4').

KECT reported a net loss of INR2.2 million on net sales of
INR95.8 million for 2010-11 (refers to financial year, April 1 to
March 31), against a profit after tax of INR47.8 million on net
sales of INR71.5 million for 2009-10.


LIVANTO CERAMIC: CRISIL Places 'CRISIL B+' Rating on INR60MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Livanto Ceramic Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR60 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR30 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR7.5 Million Bank Guarantee   CRISIL A4 (Assigned)

The ratings reflect LCPL's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, and exposure to
high competition in ceramic tiles industry. These rating
weaknesses are partially offset by the extensive industry
experience of LCPL's promoters and support from the community.

Outlook: Stable

CRISIL believes that LCPL will benefit from its promoters'
extensive experience in the ceramic tiles industry. The outlook
may be revised to 'Positive' if the company successfully ramps up
its operations and reports better-than-expected growth in topline
and profitability. Conversely, the outlook may be revised to
'Negative' if LCPL undertakes debt-funded capital expenditure
programme or reports lower-than-expected revenues or profits due
to delay in project implementation.

                       About Livanto Ceramic

Incorporated in February 2011, LCPL is setting up a non-vitrified
ceramic floor-tile manufacturing unit. The company is promoted by
Mr. Prafulkumar Detroja, Mr. Rameshkumar Patel, Mr. Nileshkumar
Desai, Mr. Jayesh Rangpariya, and Mr. Anilkumar Surani. The unit
is being set up at a project cost of about INR120.4 million in
Morbi (Gujarat) with installed capacity of 30,000 tonnes per
annum. The project is being funded with a term loan of
INR60 million and promoters' contribution in the form of equity of
INR40.5 million and unsecured loans of INR19.9 million. The unit
is expected to begin commercial production by October 2011.


MANGALDAS VENICHAND: CRISIL Rates INR40MM Loan at 'CRISIL BB-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/Crisil A4+' ratings to
the bank facilities of Mangaldas Venichand.

   Facilities                        Ratings
   ----------                        -------
   INR40 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR10 Million Letter of Credit    CRISIL A4+ (Assigned)
   INR10 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect MV's established position in the building
material trading industry. This rating strength is partially
offset by MV's average financial risk profile, marked by low net
worth, weak debt protection metrics and weak capital structure,
small scale of operations with high concentration of revenue to
cyclical real estate industry and geographical presence.

Outlook: Stable

CRISIL believes that MV will maintain its business risk profile
because of its established position in the building material
trading industry. The outlook may be revised to 'Positive' in case
MV's scale of operations increases significantly along with
improvement in its financial risk profile on account of increase
in cash accruals or improvement in capital structure. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in its financial risk profile due to increase in working capital
requirements or lower profitability, leading to lower cash
accruals.

                     About Mangaldas Venichand

MV was promoted by the late Mr. Mangaldas Venichand in 1935. The
firm was based in Gujarat and was initially engaged in trading of
agricultural commodities. In the 1980s, the family shifted to
Pune. Mangaldas Venichand's sons Mr. Jayantilal Mangaldas Shah and
Mr. Kumar Mangaldas Shah diversified the business by trading in
building material especially drainage systems - cast iron pipes
and fittings, PVC pipes and fittings and other construction
essentials. The firm is a part of the Sanghar Group. Other
entities in the Sanghar Group are Sanghar Exports, Shah Marketing
Corporation, Kumar Marketing Corporation, Sanghar Ceramics and
Sanghar Bath & Ceramics, Sanghar Warehousing and Sanghar
Enterprises.

MV reported a profit after tax (PAT) of INR6.6 million on net
sales of INR443.6 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.3 million on net
sales of INR445.8 million for 2008-09.


M.K. PATEL: Low EBITDA Cues Fitch to Hold Low-B Rating
------------------------------------------------------
Fitch Ratings has affirmed India-based forestry company M.K. Patel
Exim Pvt. Ltd.'s National Long-Term rating at 'Fitch B+(ind)'.
The Outlook is Stable.

The rating reflects M.K. Patel's low EBITDA/gross interest
expenses and deterioration in net leverage balanced against
improved EBITDA margins and its still reasonable net interest
coverage.

EBITDA/gross interest expenses was only at 0.9x in the financial
year ended March 2011 and 1.0x in FY10 while net leverage (net
debt/EBITDA) worsened to 3.6x from 2.8x mainly due to an increase
in unsecured loans.  Fitch expects further leverage deterioration
in FY12 as a result of increased working capital requirements and
more unsecured loans to meet growing business activity.

The rating also reflects the company's improved EBITDA margins to
2.4% in FY11 (FY10: 1.9%) due to improved sales realisation from
per tonne of timber.  It also factors in its still comfortable
EBITDA/net interest expenses (net interest coverage) of 1.8x in
FY11 (FY10: 2.7x) due to interest earned (FY11: INR20.8m) through
fixed deposits (FY11: INR267.7m) maintained with banks as margin
money against cash credit and letters of credit.

Positive rating guidelines include improvement in EBITDA margins
to above 2.5% on a sustained basis with net interest coverage of
above 2x. Negative rating guidelines include a decline in EBITDA
margins to below 1.5% along with net interest coverage to below
1.2x.

In FY11, M.K. Patel reported revenues of INR1,431.4m (FY10:
INR1,429.6m).  Total debt increased to INR132m at FYE11 (FYE10:
INR82.9m).  Cash flow from operations was negative INR97.5m in
FY11 (FY10: negative INR96.8m).  Fitch expects this to remain
negative in short-to-medium term because of expected increase in
working capital requirements.

M.K. Patel's bank facilities have been affirmed as follows:

  -- INR80m cash credit limit: 'Fitch B+(ind)'
  -- INR730m (increased from INR600m) non-fund based facilities:
     'Fitch A4(ind)'


R F MOTORS: CRISIL Assigns 'CRISIL B+' Rating to INR131.8MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R F Motors Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR131.8 Million Cash Credit     CRISIL B+/Stable (Assigned)
   INR15.2 Million Bank Guarantee   CRISIL A4 (Assigned)

The ratings reflect the extensive entrepreneurial experience of R
F Motors' management and the company's established relationship
with its principal, Tata Motors Ltd (TML, rated 'CRISIL AA-
/Stable/CRISIL A1+'). These rating strengths are partially offset
by R F Motors' weak financial risk profile, marked by weak debt
protection metrics and high gearing, susceptibility to intense
competition in the automobile dealership business.

Outlook: Stable

CRISIL believes that R F Motors will continue to benefit from the
entrepreneurial experience of its management and its established
market position in Ernakulum (Kerala). The outlook may be revised
to 'Positive' if R F Motors' financial risk profile improves, with
increase in its scale of operations and profitability on a
sustained basis. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
because of less-than-expected cash accruals or larger-than-
expected debt-funded capital expenditure (capex), or if its
relationship with the principal deteriorates.

                         About R F Motors

R F Motors was set up in 2004 and is a leading dealer of TML's
passenger cars in Ernakulum. It has three showrooms and three
authorised service stations in Kerala. The company was promoted by
Mr. M M Farook and his family. Mr. Farook has diversified business
interests, including sea food exports, diary business, and two-
wheeler dealership.

R F Motors reported a profit after tax of INR2 million on net
sales of INR1586 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a net loss of INR2 million on net
sales of INR1458 million for 2008-09.


SAGAR ENTERPRISES: CRISIL Puts 'CRISIL BB-' Rating on INR5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Sagar Enterprises.

   Facilities                     Ratings
   ----------                     -------
   INR85 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR5 Million Proposed LT       CRISIL BB-/Stable (Assigned)
         Bank Loan Facility

The rating reflects the benefits that Sagar derives from its
promoters' extensive industry experience and its established
relationship with its customer. These rating strengths are
partially offset by Sagar's weak financial risk profile marked by
modest net worth and high gearing, and susceptibility to offtake-
related risks associated with its sole customer, Canteen Stores
Department (CSD).

Outlook: Stable

CRISIL believes that Sagar will continue to benefit over the
medium term from its established relationship with CSD. The
outlook may be revised to 'Positive if the firm's operating
revenues and margin are significantly better than expected, while
there is improvement in its debt protection metrics, leading to
significant improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if Sagar's working
capital cycle lengthens significantly or there is a significant
decline in its revenues or profitability.

                      About Sagar Enterprises

Sagar, a proprietorship concern of Mr. Sunil Khanna, is in the
business of ready-made garments and home furnishings. It has more
than 90 products, including shirts, t-shirts, hosiery, track
suits, blankets, bed sheets, and towels. It gets these products
manufactured from other local manufacturers. Sagar sells to CSD of
the Ministry of Defence, which provide consumer items needed by
troops, wherever they are posted at prices cheaper than the market
prices.

Sagar reported, on provisional basis, a profit after tax (PAT) of
INR5.7 million on net sales of INR350 million for 2010-11 (refers
to financial year, April 1 to March 31); the firm reported a PAT
of INR5.8 million on net sales of INR348.8 million for 2009-10.


SANGHAR EXPORTS: CRISIL Rates INR280MM Cash Credit at 'CRISIL BB'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Sanghar Exports.

   Facilities                       Ratings
   ----------                       -------
   INR280 Million Packing Credit    CRISIL BB/Stable (Assigned)
   INR20 Million Letter of Credit   CRISIL A4+ (Assigned)
                 & Bank Guarantee

The ratings reflect SE's established position in the agro
commodity trading industry along with established customer
relationships. These rating strengths are partially offset by SE's
average financial risk profile, marked by weak debt protection
metrics and low net worth, and vulnerability of operating margin
to fluctuations in prices of agro commodities and changes in
government regulations.

Outlook: Stable

CRISIL believes that SE will maintain its business risk profile
because of its established position in the agro-commodity trading
industry. The outlook may be revised to 'Positive' in case SE's
scale of operations increases significantly, along with
improvement in financial risk profile on account of improvement in
profitability and debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case the firm's financial risk
profile deteriorates due to significant increase in working
capital requirements or lower-than-expected profitability.

                       About Sanghar Exports

SE was promoted by late Mr. Jayantilal Mangaldas Shah and his
brother late Mr. Kumar Mangaldas Shah in 1985. The firm is engaged
in trading of agricultural commodities such as onions, chickpeas,
pulses, groundnuts, and oil seeds. The firm primarily trades in
onions which constitutes 50 to 60% of the total revenues. Exports
constitute around 80% of the total revenues and the balance 20% is
from the domestic market. SE, based in Pune (Maharashtra), is a
part of the Sanghar group. The group was promoted by late Mr.
Mangaldas Venichand in 1935. Other entities in the Sanghar Group
are Mangaldas Venichand (MV), Shah Marketing Corporation, Kumar
Marketing Corporation, Sanghar Ceramics and Sanghar Bath &
Ceramics, Sanghar Warehousing and Sanghar Enterprises.

SE reported a profit after tax (PAT) of INR5.6 million on net
sales of INR1.5 billion for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.6 million on net
sales of INR1.40 billion for 2008-09.


SEVEN SEAS: CRISIL Rates INR1.37BB Term Loans at 'CRISIL B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the rupee
term loans facility of Seven Seas Hospitality Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR1.37 Billion Rupee Term Loans    CRISIL B+/Stable (Assigned)

The rating reflect SSHPL's exposure to project-implementation-
related risks associated with its upcoming four-star hotel, and
its weak financial risk profile, marked by a highly leveraged
capital structure because of debt contracted to fund the project.
These rating weaknesses are partially offset by the extensive
industry experience of SSHPL's promoters and its well-established
brand image in the banqueting segment.

Outlook: Stable

CRISIL believes that SSHPL's banquet halls, which are currently
operational, will continue to generate healthy revenues and
maintain healthy profitability. CRISIL also believes that although
SSHPL will remain exposed to implementation-related risks in its
ongoing project over the medium term, its exposure to revenue-
related risks associated with the project will be relatively low
because of its established market position. The outlook may be
revised to 'Positive' if SSHPL's hotel project is completed on
time and the hotel generates healthy accruals, thereby improving
the company's capital structure. Conversely, the outlook may be
revised to 'Negative' if delays in completion of the project or
more-than-expected debt inflow to fund the project significantly
weaken the company's financial risk profile.

                         About Seven Seas

SSHPL, incorporated in 2006, is a private limited company promoted
by the Dang group. The company provides banqueting and catering
services from its three banquet halls at Lawrence Road, Delhi,
with a combined seating capacity for 1500 people. The company is
setting up a four-star hotel-cum-restaurant-cum-banquet-hall in
Rohini, Delhi, at an estimated cost of INR1.98 billion. The hotel
is expected to start operations by October 2013.


SHAKTI INDUSTRIES: CRISIL Rates INR60MM Cash Credit at 'CRISIL B'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/ Stable' rating to the cash
credit facility of Shakti Industries.

   Facilities                       Ratings
   ----------                       -------
   INR60 Million Cash Credit        CRISIL B/Stable (Assigned)

The rating reflects Shakti's weak financial risk profile, because
of its working-capital-intensive operations, and vulnerability to
volatility in raw material prices, to erratic monsoon, and to
adverse changes in government policies. These rating weaknesses
are partially offset by the extensive experience of the firm's
promoters.

Outlook: Stable

CRISIL believes that Shakti's financial risk profile will remain
weak over the medium term because of the firm's working-capital-
intensive operations. The outlook may be revised to 'Positive' in
case of higher-than-expected cash accruals and any substantial
improvement in Shakti's capital structure. Conversely, the outlook
may be revised to 'Negative' in case of any further deterioration
in Shakti's capital structure or pressure on profitability because
of steep decline in the prices of rice.

                      About Shakti Industries

Shakti, a partnership firm, was set up in 1996 by Mr. Pawan Kumar,
Mr. Sudhir Kumar Midha and Mr. Sandip Kumar Midha. Shakti is
engaged in processing and export of basmati rice to countries in
the Middle East. It has a plant at Jalalabad (Punjab) which has a
milling capacity of 3 tonnes per hour.

Shakit's profit before tax (PBT) and net sales are estimated at
INR1.04 million and INR179.7 million respectively for 2010-11
(refers to financial year, April 1 to March 31); the firm reported
a PBT of INR0.3 million on net sales of INR157.3 million for
2009-10.


SH-HARYANA WIRES: Fitch Puts Rating on National Long-Term at 'BB'
-----------------------------------------------------------------
Fitch Ratings has assigned India's SH-Haryana Wires Limited a
National Long-Term rating of 'Fitch BB-(ind)'.  The Outlook is
Stable.

The ratings reflect SHHW's business model which protects the
company against commodity price risk.  SHHW bills its customers on
a cost-plus basis, that is, raw material (copper rods) cost plus
margin. Fitch notes that the company is well positioned to cater
to the demand originating from various parts of the country, with
installed capacity of 7,920 metric tonne per annum at its two
facilities located in Palwal (Haryana) and Hyderabad (Andhra
Pradesh).  The ratings also factor in SHHW's moderate net working
capital cycle of around 30 days.

The ratings are however constrained by SHHW's low profitability
(EBITDA margin for FY10: 4.4%, FY11: 4.6%).  The agency notes that
moderate profits had led to high financial leverage in the past
(net debt/EBITDA of 4.9x in FY10 and 3.5x in FY11).  EBITDA net
interest coverage was 2.7x in FY10 and 2.8x in FY11.  Risks also
emanate from the company's high revenue concentration towards top
customers; 50% of revenues come from top two customers.  Fitch
notes that company had an operating loss in FY09 because of
termination of contracts with some key customers.

Positive rating guidelines include SWWH's better-than-expected
operating performance leading to an improvement in its interest
coverage (EBITDA net interest coverage) ratio on a sustained
basis.  Negative rating guidelines include the company's low
operating profits and high debt-funded capex leading to
deterioration of its interest coverage ratio on a sustained
basis.

SHHW is a manufacturer of enamelled round copper wires.  It was
incorporated as Haryana Wires in 1980 and started operations in
1981.  In 1997, a German company -- Schwering & Hasse Elektrodraht
GMBH (SH Elektro) -- acquired a 40% stake in the company and
Haryana Wires was renamed SH-Haryana Wires.  The promoters bought
back the entire stake in the company in 2003.  In FY11, the
company generated revenues of INR1,511m (FY10: INR941m) and earned
a net income of INR27m (FY10: INR11m).

SHHW's bank facilities have been assigned ratings as follows:

  -- INR63.7m long-term loans: 'Fitch BB-(ind)',
  -- INR110m fund-based working capital limits: 'Fitch BB-(ind)'/'
     Fitch A4+(ind)', and
  -- INR171.2m non-fund based working capital limits: 'Fitch BB-
     (ind)'/' Fitch A4+(ind)'.


SUNCITY REALTORS: CRISIL Raises Rating on INR235MM Loan to 'BB+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the bank loan facility of
Suncity Realtors Pvt Ltd to 'CRISIL BB+/Positive' from 'CRISIL
BB/Stable'.

   Facilities                   Ratings
   ----------                   -------
   INR235.0 Million Term Loan   CRISIL BB+/Positive (Upgraded from
                                               'CRISIL BB/Stable')

The rating action reflects sharp improvement in SRPL's financial
risk profile, driven by its improved liquidity, capital structure,
and debt protection metrics. The company's operating income is
estimated to have increased by 41% to INR 144.4 million in 2010-11
(refers to financial year, April 1 to March 31), while its
operating profitability improved to around 44.46% from 38.84% in
the previous year. The healthy growth in its operating margin,
driven by stabilization of operations at its Suncity School, has
lead to robust cash accruals, thereby improving SRPL's liquidity.
The rating action also factors in the expected improvement in the
capital structure and debt protection metrics owing to the
ballooning structure of debt repayments to be made by SRPL till
2015-16, which will be supported by the expected increase in cash
accruals over the medium term. CRISIL believes that SRPL will not
undertake any large, debt-funded capital expenditure (capex)
programme, leading to sustenance of expected improvement in the
capital structure over the medium term.

The rating also reflects the company's moderate financial risk
profile, marked by moderate debt protection metrics and
comfortable gearing. SRPL has been able to increase its student
occupancy levels at Suncity School, supported by experienced
management, sound infrastructure facilities, and overall healthy
demand prospects for the industry. These rating strengths are
partially offset by SRPL's modest scale of operations, with its
presence in Gurgaon (Haryana), and its exposure to regulatory
risks associated with educational institutions.

Outlook: Positive

CRISIL believes that SRPL's financial risk profile will improve
over the medium term backed by improving capital structure and
increasing cash accruals owing to the stabilisation of operations.
The rating may be upgraded in case of better-than-expected
improvement in the company's cash accruals, leading to larger-
than-expected accretions to net worth. Conversely, the outlook may
be revised to 'Stable' if less-than-expected growth in SRPL's cash
accruals adversely affects its liquidity, or in case its capital
structure weakens or debt protection metrics decline because of a
larger-than-expected, debt-funded capex programme.

                      About Suncity Realtors

SRPL, incorporated in 2003, provides education from kindergarten
to high school level. SRPL has been running a school, Suncity
School, based at Sector 54, Gurgaon since 2006-07. SRPL is part of
the Suncity group of companies. The Suncity group was started by
the Essel group, the Action group, and Odeon Builders Pvt Ltd to
undertake real estate development activities. The Suncity School
became operational from the academic year 2006-07. The school is
affiliated to the Central Board of Secondary Education (CBSE).
Currently, the school has a capacity to accommodate around 1850
students. However, with completion of the new school building by
end of March 2011, this may increase to around 2600 students.

SRPL is expected to report a profit after tax (PAT) of INR1.27
million on operating income of INR144.68 million for 2010-11, as
against a net loss of INR30.18 million on operating income of
INR103.49 million for 2009-10.


S.VEERASAMY CHETTIAR: CRISIL Rates INR171.2MM Loan at 'CRISIL D'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of S. Veerasamy Chettiar Educational & Charitable
Trust.

   Facilities                            Ratings
   ----------                            -------
   INR171.20 Million Long-Term Loan      CRISIL D(Assigned)
   INR10.00 Million Overdraft Facility   CRISIL D(Assigned)

The rating reflects instances of delays by SVCECT in servicing its
debt obligations; the delays are because of the society's weak
liquidity.

SVCECT is also exposed to regulatory risks as the establishment
and running of higher educational institutions are governed by
various governmental and quasi-governmental agencies such as
University Grants Commission (UGC), AICTE, universities, and state
governments. Each body has detailed procedures for granting
permission to set up new institutions, or even increase the number
of seats for a course.

Established by the late Mr. V. Murugaiah in 1997, SVCECT runs four
educational institutes offering courses on management,
engineering, education and polytechnic in Puliangudi (Tirunelveli
district, Tamil Nadu). The technical courses are approved by
AICTE, whereas the teachers' educational courses are approved by
National Council for Teachers' Education (NCTE).The society has a
current intake of around 2635 students.

SVCECT's reported a surplus (excess of income over expenditure)
and revenues for 2010-11 (refers to financial year, April 1 to
March 31) are estimated at INR20 million and INR123 million
respectively. SVCECT reported a surplus of INR8 million on net
revenues of INR85 million for 2009-10, as against a surplus of
INR11 million on net revenues of INR64 million for 2008-09.


VIKAS ENTERPRISES: CRISIL Rates INR2MM LT Loan at 'CRISIL BB-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
Vikas Enterprises' bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR78.0 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR2.0 Million Proposed LT         CRISIL BB-/Stable (Assigned)
           Bank Loan Facility
   INR35.0 Million Letter of Credit   CRISIL A4+ (Assigned)
   INR25.0 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect VE's high customer concentration in revenue
profile, working capital intensive nature of operations and small
scale of operations in a fragmented industry. These rating
weaknesses are partially offset by VE's comfortable financial risk
profile marked by low gearing and healthy debt-protection metrics
and established presence in the manufacture of transformers.

Outlook: Stable

CRISIL believes that Vikas Enterprises (VE) will be able to
maintain its current credit risk profile over the medium term
backed by its longstanding presence in the industry and its
comfortable financial profile. The outlook may be revised to
'Positive' if the company's revenue and profitability improve
substantially; consequently increasing its net worth. Conversely,
it may be revised to 'Negative' in case of significant delays in
recovery of debtors or in case of a large debt-funded expansion,
both leading to deterioration on the firm's debt protection
measures.

                         About Vikas Enterprises

VE is a manufacturer of small sized transformers, mainly catering
to distribution companies in Rajasthan. The proprietorship firm is
managed by Ms Pushpa Gupta. VE has been in this business for over
25 years.

VE reported on a provisional basis, a profit after tax (PAT) of
INR15.8 million on net sales of INR550 million; it had reported a
PAT of INR13 million on net sales of INR524.1 million in the
previous year.


===============
M A L A Y S I A
===============


HAISAN RESOURCES: Posts MYR12.4MM Net Loss in Qtr Ended June 30
---------------------------------------------------------------
Haisan Resources Berhad filed its quarterly report showing a net
loss of MYR12.40 million on MYR13.09 million of revenue for the
three months ended June 30, 2011, compared with a net loss of
MYR2.38 million on MYR15.15 million of revenue for the same period
in 2010.

The Company's balance sheet as of June 30, 2011, showed
MYR208.53 million in total assets and MYR222.64 million in total
liabilities, resulting in a MYR14.11 million total stockholders'
deficit.

The Company's balance sheet as of June 30, 2011, also showed
strained liquidity with MYR92.42 million in total current assets
available to pay MYR216.03 million in total current liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?76ce

                       About Haisan Resources

Based in Malaysia, Haisan Resources Berhad --
http://www.haisan.com/-- is principally engaged in the investment
holding and provision of management services to subsidiaries.  The
Company operates in three business segments. Its engineering
segment is engaged in the refrigeration, civil, mechanical,
electrical, general engineering works and construction, trading of
refrigerating equipment, spare parts, hot dip metal galvanizing
and electroplating. The temperature controlled logistics/
warehousing segment is engaged in the temperature-controlled
logistics services, handling, value added processing, refrigerated
transportation and distribution services, leasing of cold rooms,
bonded and general warehousing services. Its ice manufacturing
segment is engaged in the manufacturing and marketing of tube ice.
The Company's other segment is engaged in the investment holding,
provision of information technology maintenance and support
services.

Haisan Resources Berhad has been considered a PN17 Company as the
external auditors of the Company, Messrs. BDO had expressed a
modified opinion with emphasis of matter on going concern in the
Company's Audited Financial Statements for financial year ended
December 31, 2009.  Based on its quarterly report for the period
ended March 31, 2010, the Company's shareholders' equity is less
than 50% of its issued and paid-up capital.


HO HUP: Posts MYR6.93 Million Net Loss in Quarter Ended June 30
---------------------------------------------------------------
Ho Hup Construction Company Bhd reported a net loss of
MYR6.93 million on revenues of MYR6.73 million in the quarter
ended June 30, 2011, compared with a net loss of MYR4.04 million
on MYR3.16 million of revenues in the same quarter in 2010.

As of June 30, 2011, the Company had MYR198.76 million in total
assets and MYR233.65 million in total liabilities, resulting in
total shareholders' deficit of MYR34.89 million.

The company's balance sheet as of June 30, 2011, also showed
strained liquidity with MYR66.46 million in total current assets
available to pay MYR233.59 million in total current liabilities.

A full-text copy of the Company's Quarterly Results is available
for free at: http://ResearchArchives.com/t/s?283

                           About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.


HOCK SIN: Posts MYR5.34 Million Net Loss in Qtr Ended June 30
-------------------------------------------------------------
Hock Sin Leong Group Berhad reported a net loss of MYR5.34 million
on revenues of MYR6.16 million in the quarter ended June 30, 2011,
compared with a net loss of MYR4.98 million on MYR15.89 million of
revenues in the same quarter in 2010.

As of June 30, 2011, the company had MYR58.38 million in total
assets and MYR58.97 million in total liabilities, resulting in a
shareholders' deficit of MYR588,000.

The company's balance sheet as of June 30, 2011, also showed
strained liquidity with MYR25.21 million in total current assets
available to pay MYR57 million in total current liabilities.

A full-text copy of the Company's Quarterly Results is available
for free at http://ResearchArchives.com/t/s?76d2

                http://ResearchArchives.com/t/s?6fa3

                           About Hock Sin

Hock Sin Leong Group Berhad -- http://www.hslg.com.my/-- is an
investment holding company.  It also provides management services
to its subsidiary companies.  The Company, through its
subsidiaries, is engaged in consumer electrical and electronics
industry in Malaysia.

Hock Sin Leong Group Berhad is now listed as an Amended Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the company
triggered the PN17 listing as its external auditors have
expressed, albeit, an unqualified opinion and have emphasized that
the Group incurred a net loss of MYR26,587,834 during the year
ended September 30, 2009, and as of that date, the Group's current
liabilities exceeded its current assets by MYR28,172,442.


LUSTER INDUSTRIES: Reports MYR1.31 Million Net Loss in June 30 Qtr
------------------------------------------------------------------
Luster Industries Berhad reported a net loss of MYR1.31 million on
revenue of MYR10.61 million for the three months ended June 30,
2011, compared with a net loss of MYR2.50 million on revenue of
MYR14.22 million in the same quarter of 2010.

As of June 30, 2011, the company's consolidated balance sheet
showed MYR57.56 million in total assets, MYR80.51 million in total
liabilities and a shareholders' deficit of MYR22.95 million.

The company's consolidated balance sheet at June 30, 2011, also
showed strained liquidity with MYR29.13 million in total current
assets available to pay MYR80.35 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?76cf

                      About Luster Industries

Luster Industries Berhad is a Malaysia-based investment holding
company that provides management services to its subsidiaries.
The company is principally engaged in the manufacture of
precision plastic parts and components, and sub assembly and
full assembly of plastic parts and products.  During the year
ended December 31, 2005, the company acquired Mctronic Plastic
Sdn. Bhd., Mature Step International Limited and Poly Link
Limited.  On June 29, 2006, the company disposed of its
investment in its joint venture, Luster Nakazawa R&D Sdn Bhd,
representing 51% of Luster Nakazawa R&D Sdn Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2008, the company was considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the external auditors have expressed a
modified opinion on the company's going concern and on its
consolidated shareholders' equity amounting to MYR25,191,597,
which is less than 50% of its total issued and paid-up share
capital of MYR61,183,000.


MAXBIZ CORP: Incurs MYR2.03 Million Net Loss in Qtr Ended June 30
-----------------------------------------------------------------
Maxbiz Corporation Berhad reported a net loss of MYR2.03 million
on MYR777,000 of revenue for the three months ended June 30,
2011, compared with a net loss of MYR33,000 on MYR1.19 million of
revenue for the three months ended June 30, 2010.

As of June 30, 2011, the company's consolidated balance sheet
showed MYR57.69 million in total assets, MYR27.12 million in total
liabilities, and MYR30.57 million in total shareholders' equity.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?76d0

                       About Maxbiz Corporation

Maxbiz Corporation Berhad is a Malaysia-based company engaged in
investment holding and provision of management services to the
subsidiaries.  The principal activities of the subsidiaries are
commercial dyeing for fabrics and supply of chemicals.

Maxbiz Corporation has triggered the criteria pursuant to Practice
Note No 17 (PN17) of the Main Market Listing Requirements of Bursa
Securities.

Maxbiz disclosed that Messrs. Gomez & Co had on Jan. 17, 2011,
submitted its assessment report to Bursa Malaysia.  Messrs. Gomez
had indicated that the shareholders' equity reported as at
June 30, 2010, was MYR36,898,803 after taking into consideration
the additional losses of MYR1,330,747 as per its assessment report
dated Dec. 3, 2010, and further losses as above of MYR1,220,042.
In view of this, the amount is below 25% of the consolidated
shareholders' equity of MYR35,557,726.


MISC BHD: S&P Assesses Stand-Alone Credit Profile at 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Malaysia-based energy shipping company MISC Bhd.
to 'BBB+' from 'A-'. The outlook is negative. "At the same time,
we lowered our issue rating on the $700 million 6.125% senior
unsecured notes due July 1, 2014, to 'BBB+' from 'A-'. The notes
are issued by MISC Capital (L) Ltd. and fully guaranteed by MISC,"
S&P related.

"We lowered the rating on MISC because we expect the company's
credit protection measures to largely remain at their weak June
2011 levels for the next 12 months. This is attributable to the
effects of MISC's high debt and the downturn in the cyclical
shipping industry," S&P stated.

"The company's leverage has increased in the past few years
because it expanded and renewed its fleet," said Standard & Poor's
credit analyst Manuel Guerena. "In addition, MISC faces prevailing
weak prices in the liner, petroleum, and chemical tanker spot
markets, where we believe asset valuations and cargo volumes will
remain volatile."

"We assess MISC's stand-alone credit profile at 'bb+'.  However,
we believe that MISC's importance to its 62.7% owner Petroliam
Nasional Bhd. (PETRONAS; foreign currency A-/Stable/--; local
currency A/Stable/--; axAA+/--) bolsters the rating. This
importance has grown beyond MISC's historical role as PETRONAS'
sole liquefied natural gas (LNG) transporter," Mr. Guerena said.

The rating on MISC reflects (1) the company's growing importance
for PETRONAS, from whom it gets recurring cash flows from long-
term charter contracts at its LNG business; (2) contracted
revenues from the heavy engineering projects; and (3) and its
strengthening position in the offshore and terminals businesses.
The inherent risks of the shipping industry, which is volatile and
capital intensive, plus existing global overcapacity and MISC's
leverage, temper these strengths.

"The negative outlook reflects our opinion that the severe
downturn in the shipping industry (particularly the container
segment) could cause MISC's credit protection metrics to
deteriorate further. The outlook also factors in some uncertainty
surrounding the company's capital expenditure plan, which includes
a significant expansion in its petroleum tanker fleet, a segment
that is more volatile than the stable LNG business," S&P stated.

"We could revise the outlook to stable if MISC reduces its debt or
losses at the company's liner operations are lower than we expect,
such that the ratio of net operating lease-adjusted (OLA) debt to
EBITDA improves to less than 5.0x within the next year on a
sustainable basis. We net OLA debt with cash in excess of MYR1.5
billion, which we believe is a comfortable minimum operating
cash reserve MISC needs for its operations," S&P related.

"We could lower the rating if: (1) PETRONAS' ownership in MISC
declines or business from the parent declines significantly; (2)
the ratio of net OLA debt to EBITDA does not decrease below 5x
over the next four quarters, which we believe might happen
especially if the liner operation deteriorates further or
MISC's capital expenditure further increases its indebtedness,"
S&P added.


NGIU KEE: Posts MYR620,000 Net Loss in Quarter Ended June 30
------------------------------------------------------------
Ngiu Kee Corporation (M) Berhad posted a net loss of MYR620,000
on revenue of MYR31.72 million for the three months ended
June 30, 2011, compared with a net loss of MYR12.71 million on
revenue of MYR33 million in the same quarter of 2010.

As of June 30, 2011, the Company's consolidated balance sheet
showed MYR44.66 million in total assets and MYR83.96 million
in total liabilities, resulting in a shareholders' deficit of
MYR39.30 million.

The Company's consolidated balance sheet at June 30, 2011, also
showed strained liquidity with MYR35.08 million in total current
assets available to pay MYR64.44 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?76d1

                          About Ngiu Kee

Ngiu Kee Corporation (M) Berhad (NKC) is a Malaysia-based company.
The Company is an investment holding company with its subsidiary
companies involved in the operation of supermarkets and
departmental stores in East Malaysia.  The Company's subsidiaries
include Ngiu Kee Sdn. Bhd., which is engaged in investment
holding, and operating a supermarket and departmental store;
B.I.G. Store Sdn. Bhd., which is engaged in investment holding;
Pacific-Ngiu Kee Sdn. Bhd., which is engaged in operating a
supermarket and departmental store; Ngiu Kee (Sibu) Sdn. Bhd.,
which is engaged in operating a supermarket and departmental
store; Ngiu Kee (Wisma Saberkas)Sdn. Bhd., which is engaged in
operating a supermarket and departmental store; Ngiu Kee (Sarikei)
Sdn. Bhd., which is engaged in operating a supermarket and
departmental store and Ngiu Kee (Mukah) Sdn. Bhd., which is
engaged in operating a supermarket and departmental store.

                           *     *     *

Ngiu Kee Corporation (M) Berhad has been classified as a Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, NKCB has
triggered one of the prescribed criteria under paragraph 2.1(f).
The company's subsidiary has defaulted in its loan payment and is
unable to provide a solvency declaration to the exchange.


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


AORANGI SECURITIES: SFO to Drop Fraud Charges Against Hubbard
-------------------------------------------------------------
Radio New Zealand reports that the Serious Fraud Office has
announced that it is dropping the fraud charges against failed
financier Allan Hubbard.

Mr. Hubbard, 83, died after a head-on collision near Oamaru on
Friday.  His wife Jean Hubbard remains in Dunedin Hospital with
multiple fractures.

Radio NZ says Mr. Hubbard had been due in court in October to
answer 50 charges of fraud laid by the SFO, following an
investigation into failed companies he ran.

According to Radio NZ, the SFO's chief executive, Adam Feeley,
said criminal proceedings against Mr. Hubbard can no longer
continue.

Mr. Feeley, as cited by Radio NZ, said the Office will now contact
the District Court to take the necessary steps to bring the
prosecution to an end.

Meanwhile, Radio New Zealand reports that Prime Minister John Key
said he does not expect any decision on whether to release
Mrs. Hubbard from statutory management until early next week.

The couple has been under statutory management since June last
year, along with seven charitable trusts, Aorangi Securities, and
later, Hubbard Management Funds.

Radio NZ relates that Mr. Key said the Government was making sure
any funeral costs and related expenses were met and also wanted to
give the family "space and time".

He said, as a result, he was not expecting a decision to be made
on removing Mrs. Hubbard from statutory management this week but
expected it to be announced early next week.

                      About Aorangi Securities

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

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

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

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

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


BRIDGECORP LTD: Roest Gets Legal Aid; Trial Adjourned Next Month
----------------------------------------------------------------
Nick Krause at BusinessDay reports that the much-delayed High
Court trial of five Bridgecorp Ltd directors on Securities Act
charges may now be held in October.

BusinessDay says the High Court at Auckland on Friday learned
former director Rob Roest has been granted legal aid.

According to the report, Mr. Roest and fellow former director
Rod Petricevic were in court applying for a stay or adjournment
of their trial which was due to begin yesterday, Sept. 5.

The court must now put off the trial to allow Mr. Roest's lawyer
time to prepare for the case, BusinessDay notes.

BusinessDay recalls that Mr. Petricevic had also sought legal aid
but was turned down by a legal aid review panel. His appeal to the
High Court against that decision in June was unsuccessful and an
attempt to stay criminal proceedings because he could not afford
legal representation was rejected by Justice Geoffrey Venning in
July, the report says.

The court, according to BusinessDay, ruled Mr. Petricevic could
use money in a family trust to fund his defence.  The family
trust's only asset is a NZ$4.4 million luxury home.

Messrs. Roest and Petricevic and three other directors -- Gary
Urwin, Peter Steigrad and Bruce Davidson -- are accused of
misleading investors in offer documents registered in December in
2006, as well as in later advertisements for Bridgecorp secured
debentures and capital notes issued by Bridgecorp Investments.

                      About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


LOVITT'S NZ: Supplier Out of Pocket Due to Shortage of Fund
-----------------------------------------------------------
Maria Slade at BusinessDay.co.nz reports that the wisdom of
continuing to do business with a company in receivership has been
called into question by a case before the Court of Appeal.

BusinessDay.co.nz relates that packaging company Huhtamaki is
NZ$280,000 out of pocket after the receivers of pet food
manufacturer Lovitt's NZ Ltd ordered ongoing supplies, but then
declared there were no available funds to pay for them.

According to the report, the case has raised the issue of whether
suppliers stand behind a secured lender in the creditors' queue
even when it is the receiver who is responsible for the debt.

BusinessDay.co.nz notes that Lovitt's went into receivership in
late 2008.  Receiver Deloitte kept trading the business and wrote
to suppliers outlining the terms on which it would deal with them,
the report relates.  These included not supplying any goods or
services without a written receivers' order, the report notes

Huhtamaki agreed, and in the next four months got three receivers'
orders for pet food packaging pouches, according to the report.

BusinessDay.co.nz recounts that by mid-2009 Huhtamaki had run into
problems getting paid and held back delivery of some of the
pouches. By December 2009, the report notes, Huhtamaki decided to
invoice Lovitt's for the undelivered pouches as well.

In March 2010 the business was sold, and Deloitte wrote to
Huhtamaki saying that after security holder Westpac had been
repaid there was nothing left, BusinessDay.co.nz relays.

BusinessDay.co.nz relates that Huhtamaki took Deloitte to the
High Court, but Deloitte argued that the packaging firm had signed
a form agreeing the receivers' liability was limited to the
available assets of Lovitt's.

According to BusinessDay.co.nz, Associate Judge Christiansen said
while the limitation provision was not prominent in the
documentation, Huhtamaki had signed it.  "To the court's mind the
purpose of the words . . . are unambiguous."

However, it was far from clear what the "available assets" were.

BusinessDay.co.nz notes that the receivers' position had always
been there was insufficient assets to meet Westpac's NZ$10-million
debt. Judge Christiansen said the receivers' decision to continue
trading to maximise returns to the bank had to be looked at in
this context, and what "available assets" meant seemed to depend
on the receivers' assessment at any particular time.

"If that is so then that would appear to place in the hands of the
receivers an element of arbitrary control," the report quotes
Judge Christiansen as saying. Thus the limitation provision
defence might not stand, he said.

The Court of Appeal heard the case in mid-August and has yet to
issue a judgment, BusinessDay.co.nz discloses.


STRATEGIC FINANCE: Investors to Lose NZ$25MM Over Bendemeer Sale
----------------------------------------------------------------
Sunday Star Times reports that Strategic Finance investors are
likely to be facing a loss of NZ$25 million to NZ$29 million
following the sale of the Bendemeer development near Queenstown.

Bendemeer, an upmarket residential subdivision overlooking Lake
Hayes, was tipped into receivership in November last year owing
Strategic Finance nearly NZ$40 million, according to the report.

Situated on a plateau with sweeping views of the lake and The
Remarkables, the development comprised 40 sections ranging in size
from about 1ha to 1.5ha, located around a series of private lakes,
Sunday Star Times discloses.  According to the report, the
sections were originally put on the market for about NZ$2 million
each but sales started to dry up following the global financial
crisis and a plunge in property values in the Queenstown-Lakes
District.

Sunday Star Times relates that the remaining 23 sections which had
not been sold have now been bought from the receiver by UK-based
businessman Alistair Jeffery.

Mr. Jeffery, a banker who was raised in New Zealand but now lives
in the UK, founded Australian mortgage company Bluestone in 2000.

Over the past few months he has been picking over the bones of
several failed developments in this country, looking for
distressed assets he thought had potential but which he could buy
at discounted prices.

The report notes that Mr. Jeffery wouldn't disclose how much he is
paying for the 23 sections but confirmed it was at a significant
discount to their original prices.

However, the price is unlikely to be higher than the NZ$12 million
purchase price agreed between the receivers and another buyer in a
deal which fell through in July, Sunday Star Times relates.

                     About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operated as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provided specialist financial and advisory services to the
property and corporate sectors.  The Company operated in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, was wholly owned by Australian-based finance company Allco
HIT Limited.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ended the moratorium arrangement that had
been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd. on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.


WINDFLOW TECHNOLOGY: Seeks Further Capital from Shareholders
------------------------------------------------------------
Windflow Technology Ltd said it is seeking capital from
shareholders through a Share Purchase Plan (SPP) opening Thursday
Sept. 15, 2011.  The SPP will provide the company with funds to
conduct a formal licensing sale process for its intellectual
property assets, maintain its presence in the UK and continue to
support its O&M and warranty obligations to NZ Windfarms Ltd.

Windflow's 500 kW turbine and innovative drive-train is now
technically and commercially proven, with IEC Class 1A
Certification and 170 turbine-years of track record at the Te Rere
Hau wind farm where 97 turbines are operating at over 95%
availability in some of the strongest winds in the world.

Windflow has identified numerous potential licensees who have an
interest in its technology. It has had preliminary discussions
with several substantial international companies with a view to
licensing the existing 500 kW design and/or providing engineering
design services to develop variants for different markets.
Windflow intends to conduct a formal competitive process to
maximise the value of the IP to the Company and its shareholders.
Indications to date suggest that the IP has a value significantly
in excess of the capital being sought.

Windflow's last capital raising in November was focused on
providing working capital for the Company while working to obtain
sales in the UK where its mid-size turbine offers landowners
attractive revenues under the Feed-In Tariff (FIT) scheme. While
the UK market still looks promising, some of the risks signalled
in the November 2010 have eventuated. The delay in receiving cash
from anticipated UK orders has resulted in Windflow's cash
reserves, which were replenished in November, becoming depleted,
despite Windflow's actions to preserve cash.

Nevertheless Windflow intends to continue its low-cost market
presence in the UK in the expectation that the uncertainty created
by the FIT scheme review will be finally determined by the end of
2011, and that orders in at least modest volumes will be
forthcoming.

All eligible shareholders as of the record date of Sept. 14, 2011,
will be sent a copy of the Share Purchase Plan with the
opportunity to subscribe for a one-off parcel of shares in parcels
of up to NZ$15,000 value, regardless of existing shareholding.

                      About Windflow Technology

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.

                           *     *     *

Windflow Technology incurred a net loss of NZ$7.95 million in the
financial year ended June 30, 2010, compared with the NZ1.23
million loss booked in the prior financial year.  The company
posted a net loss of NZ$1.45 million for the year ended June 30,
2008.


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


E.K. DEVELOPMENTS: Creditors Get 100% Recovery on Claims
--------------------------------------------------------
E.K. Developments Pte Ltd will declare the first and final
dividend on Sept. 8, 2011.

The company will pay 100% for preferential and 0.558% for ordinary
claims.


ORCHARD CUPPAGE: Creditors' Proofs of Debt Due Sept. 16
-------------------------------------------------------
Creditors of Orchard Cuppage Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by Sept. 16, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o S K Lai & Co
          8 Robinson Road
          #13-00 ASO Building
          Singapore 048544


PLATINUM ASSETS: Creditors' Proofs of Debt Due Sept. 30
-------------------------------------------------------
Creditors of Platinum Assets Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 30, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lim Tiong Beng
          C/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


SCHOOL OF APPLIED: Court to Hear Wind-Up Petition on Sept. 9
------------------------------------------------------------
A petition to wind up the operations of The School of Applied
Studies Pte Ltd will be heard before the High Court of Singapore
on Sept. 9, 2011, at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited as Trustee
of Suntec Real Estate Investment Trust filed the petition against
the company on Aug. 23, 2011.

The Petitioner's solicitor is:

          Allen & Gledhill LLP
          One Marina Boulevard #28-00
          Singapore 018989


SOLVATORS HOLDING: Court to Hear Wind-Up Petition on Sept. 9
-------------------------------------------------------------
A petition to wind up the operations of Solvators Holding Pte Ltd
will be heard before the High Court of Singapore on Sept. 9, 2011,
at 10:00 a.m.

Solvators Inc Pte Ltd filed the petition against the company on
Aug. 18, 2011.

The Petitioner's solicitors are:

          Messrs Harry Elias Partnership LLP
          SGX Centre 2, #17-01
          4 Shenton Way
          Singapore 068807


XENON CAPITAL: Creditors' Proofs of Debt Due Sept. 30
-----------------------------------------------------
Creditors of Xenon Capital Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Sept. 30, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lim Tiong Beng
          C/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


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


* VIETNAM: Moody's Says Outlook for Banking System Remains Neg.
---------------------------------------------------------------
Moody's Investors Service says the outlook for the Vietnamese
banking system over the next 12 to 18 months remains negative, in
line with the country's sovereign outlook.

"Both outlooks reflect a difficult operating environment
characterized by the imbalances in the various components of the
domestic economy," says Karolyn Seet, a Moody's Assistant Vice
President and Analyst.

"Such an environment poses risks to the asset quality of the
banks. This, along with the opacity in the reporting of financial
results, makes funding a bigger challenge," Ms. Seet adds.

Ms. Seet was speaking on the release of Moody's outlook on
Vietnam's banking sector.  The report focuses on the six banks
rated by Moody's.

The bank financial strength ratings of these banks range from E+
to D-. All six banks have a long-term foreign currency rating of
B2. Their average asset-weighted ratings are E+ and B2.

Moody's is concerned that the profitability and capital buffers of
the banks will fall. Both are already inadequate relative to the
risk profile of the banks.

Vietnam's accommodative monetary policy has led to high inflation
and prohibitive borrowing costs, despite the strong rebound in
economic growth from the global financial crisis.

After a rapid increase in loan books over the past two years,
credit growth is now slowing down and asset quality is
deteriorating.

Another troubling trend is the increase in US dollar loans; the
lending rates for which are 6% to 8% in the Vietnamese market.

Moody's is concerned that this exposes borrowers to refinancing
risks, if the exchange rate of the US dollar to Vietnamese Dong
becomes unfavorable for the borrower at the time of loan
repayment.

"Moreover, a persistent problem in Vietnam is the lack of detail
about the country's true economic position and the policy
direction of the government. This makes it harder to assess the
extent of the banking system's weaknesses and its challenges,"
Seet says.

Moody's believes the asset quality of the banks is far worse than
the 2% non-performing loans officially reported.

At the same time, some corporate groups have begun reducing their
deposits as a result of weakening earnings and challenges in
refinancing -- which is adding more funding pressure on the banks.

"A combined deterioration in asset quality and funding would cause
impairment charges to increase and competition for deposits (and
other sources of funding) to intensify, which would unavoidably
result in the narrowing of profit margins," adds Seet.

If these trends persist, they will significantly reduce the banks'
capacity to retain capital, and expose capital buffers to erosion.

The six banks that Moody's rates are -- Bank for Investment and
Development of Vietnam, Asia Commercial Joint Stock Bank, Vietnam
Technological and Commercial Joint Stock Bank, Military Commercial
Joint Stock Bank, Vietnam International Commercial Joint Stock
Bank, and Saigon-Hanoi Commercial Joint Stock Bank.

Moody's currently has a B1 rating on Vietnam's government bonds.


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


* BOND PRICING: For the Week Aug. 29 to Sept. 2, 2011
-----------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.28
AMITY OIL LTD           10.00    10/31/2013   AUD       2.02
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
BECTON PROP GR           9.50    06/30/2012   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.88
DIVERSA LTD             11.00    09/30/2014   AUD       0.04
EXPORT FIN & INS         0.50    12/16/2019   NZD      66.77
EXPORT FIN & INS         0.50    06/15/2020   AUD      64.74
EXPORT FIN & INS         0.50    06/15/2020   NZD      67.01
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.41
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.69
NEW S WALES TREA         1.00    09/02/2019   AUD      72.93
NEW S WALES TREA         0.50    09/14/2022   AUD      60.74
NEW S WALES TREA         0.50    10/07/2022   AUD      60.26
NEW S WALES TREA         0.50    10/28/2022   AUD      60.02
NEW S WALES TREA         0.50    11/18/2022   AUD      59.85
NEW S WALES TREA         0.50    12/16/2022   AUD      58.52
NEW S WALES TREA         0.50    02/02/2023   AUD      58.97
NEW S WALES TREA         0.50    03/30/2023   AUD      58.41
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      74.03
RESOLUTE MINING         12.00    12/31/2012   AUD       1.57
SUNCORP METWAY           6.75    09/23/2024   AUD      72.70
TREAS CORP VICT          0.50    08/25/2022   AUD      60.95
TREAS CORP VICT          0.50    11/12/2030   AUD      59.09
TREAS CORP VICT          0.50    11/12/2030   AUD      41.49


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.83
HENAN INVEST             4.85    04/15/2019   CNY      54.00
YC ASTES OPERT           5.80    12/16/2016   CNY      53.00


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      28.50


  INDIA
  -----

KSL REALTY               2.00    05/19/2012   INR      74.75
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.55
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.12
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.94
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.03
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.31
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.77
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.39
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.16
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.09
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.05
VIDEOCON INDUS           6.75    12/16/2015   USD      73.63


  JAPAN
  -----

JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      61.24
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      60.80
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         1.48    04/28/2020   JPY      74.46
TOKYO ELEC POWER         1.39    05/28/2020   JPY      73.30
TOKYO ELEC POWER         1.31    06/24/2020   JPY      72.69
TOKYO ELEC POWER         1.22    07/29/2020   JPY      71.45
TOKYO ELEC POWER         1.55    09/08/2020   JPY      71.62
TOKYO ELEC POWER         2.34    09/29/2028   JPY      72.48
TOKYO ELEC POWER         2.40    11/28/2028   JPY      72.84
TOKYO ELEC POWER         2.20    02/27/2029   JPY      70.16
TOKYO ELEC POWER         2.11    12/10/2019   JPY      68.04
TOKYO ELEC POWER         1.95    07/27/2030   JPY      68.85
TOKYO ELEC POWER         2.36    05/28/2040   JPY      64.11


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.08
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.45
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.09
CRESENDO CORP B          3.75    01/11/2016   MYR       1.12
DUTALAND BHD             6.00    04/11/2013   MYR       0.67
DUTALAND BHD             6.00    04/11/2013   MYR       0.39
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.55
ENCORP BHD               6.00    02/17/2016   MYR       0.86
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.78
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.62
MALTON BHD               6.00    06/30/2018   MYR       0.79
MITHRIL BHD              3.00    04/05/2012   MYR       0.43
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.46
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.24
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.53
REDTONE INTL             2.75    03/04/2020   MYR       0.06
RUBBEREX CORP            4.00    08/14/2012   MYR       0.71
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.70
SCOMI GROUP              4.00    12/14/2012   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.81
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.59
WAH SEONG CORP           3.00    05/21/2012   MYR       2.20
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.46
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.02


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      34.52
BLUE STAR GROUP          9.10    09/15/2015   NZD       5.50
DORCHESTER PACIF         5.00    06/30/2013   NZD      67.01
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       9.20
INFRATIL LTD             4.97    12/29/2049   NZD      59.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.07
NEW ZEALAND POST         7.50    11/15/2039   NZD      62.71
NZF GROUP                6.00    03/15/2016   NZD      32.07
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.60
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.85
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      41.75
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.99
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.98
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.92
SENGKANG MALL            4.00    11/20/2012   SGD       0.04
SENGKANG MALL            8.00    11/20/2012   SGD       0.05
UNITED ENG LTD           1.00    03/03/2014   SGD       1.02
WBL CORPORATION          2.50    06/10/2014   SGD       1.20


SOUTH KOREA
-----------

CN 1ST ABS               8.00    02/27/2015   KRW      31.31
DAEWOO MTR SALES         7.00    04/24/2012   KRW      72.15
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      70.24
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      70.13
SHINHAN BANK             7.00    09/08/2011   KRW      37.88
SOLOMON MUTUAL B         8.00    10/29/2014   KRW      49.94
TOMATO MUTUAL SA         8.50    08/12/2014   KRW      71.93
TOMATO MUTUAL SA         7.90    07/18/2015   KRW      70.11
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      70.54


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR      67.44


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      72.80


                             *********

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.





                 *** End of Transmission ***