TCRAP_Public/110907.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, September 7, 2011, Vol. 14, No. 177

                            Headlines



A U S T R A L I A

ANDREW MCMANUS: Owner Blames ATO Over Firm's Collapse
GENERAL MOTORS: Left Holden in "Financial Wilderness," Wikileaks
HERITAGE RESTAURANT: Bank of Western Australia Calls In Receivers
PASMINCO: Site Progressing Amid Decade-Old Administration
RICK DAMELIAN: Appoints Ferrier Hodgson as Receivers

SATCH CLOTHING: Goes Into Administration on Economic Downturn
SPORTS ALIVE: Managers Mislead Regulators, Staff Says
STORM FINANCIAL: Widow Files Claim vs. Finance Groups, Adviser


C H I N A

SHENGDATECH INC: Special Committee Wants Michael Kang Named as CRO
SHENGDATECH INC: Special Comm. Wants Injunction vs. Shareholders


H O N G  K O N G

KILOTON LOGISTICS: Court Enters Wind-Up Order
LUCKY DRAGON: Court to Hear Wind-Up Petition on Oct. 12
LUEN HING: Creditors' Proofs of Debt Due Sept. 16
NEW MODERN: Court to Hear Wind-Up Petition on Oct. 19
POLY CHEMICAL: Court to Hear Wind-Up Petition on Oct. 12

PEACE MARK: Court Enters Wind-Up Order
STAR WORLD: Briscoe and Hill Step Down as Liquidators
SUCCESS TOP: Court Enters Wind-Up Order
SUZUYA INT'L: Creditors and Contributories to Meet on Sept. 15
TICKTOCK GRAPHIC: Court Enters Wind-Up Order


I N D I A

ASAP FLUIDS: CRISIL Assigns 'CRISIL BB' Rating to INR9MM LT Loan
BOWREAH JUTE: CRISIL Places 'CRISIL BB+' Rating on INR18.5MM Loan
FANTOOSH INDIA: CRISIL Assigns 'CRISIL D' Rating to INR60MM Loan
GOLKONDA HOSPITALITY: Fitch Lifts Rating on Nat'l Long-Term to BB-
JMD CHAIN: CRISIL Assigns 'CRISIL D' Rating to INR58.3MM Term Loan

MEHTA ALLOYS: CRISIL Places 'CRISIL BB-' Rating on INR65MM Loan
METAL & SCRAP: CRISIL Rates INR160MM Cash Credit at 'CRISIL BB+'
NANAK HI-TECH: CRISIL Assigns 'CRISIL B' Rating to INR77.4MM Loan
PUNYA COAL: CRISIL Puts 'CRISIL B+' Rating on INR20MM Cash Credit
RADHA MADHAV: CRISIL Assigns 'CRISIL B-' Rating to INR65.2MM Loan

RADHARAMAN STAINLESS: CRISIL Rates INR7.5MM Loan at 'CRISIL BB-'
ROYAL SUITINGS: CRISIL Puts 'CRISIL BB-' Rating on INR1MM Loan
RVJ ENTERPRISES: CRISIL Rates INR60MM Cash Credit at 'CRISIL BB-'
SAKTI STEEL: CRISIL Rates INR110MM Cash Credit at 'CRISIL BB+'
SANTOSH KUMAR: CRISIL Assigns 'CRISIL BB' Rating to INR8MM Loan

SHAH SPONGE: CRISIL Rates INR640MM LT Loan at 'CRISIL BB+'
SHRI SOMESHWARA: CRISIL Places 'CRISIL B+' Rating on INR8.6MM Loan
TIRUPATI BASMATI: CRISIL Rates INR38.3MM Term Loan at 'CRISIL BB-'
TURTLE LIMITED: CRISIL Ups Rating on INR60MM Loan to 'CRISIL BB-'
VASU YARN: CRISIL Cuts Rating on INR144.8MM Loan to 'CRISIL D'

VEEKAS PIPES: CRISIL Assigns 'CRISIL B+' Rating to INR50MM LT Loan
VIJAY DEEP: Fitch Puts Rating on National Long-Term at 'BB-'


M A L A Y S I A

BANENG HOLDINGS: Posts MYR790,000 Net Loss in Qtr Ended June 30
HOVID BERHAD: Posts MYR879,000 Net Loss in Qtr Ended June 30
LINEAR CORP: Incurs MYR1.1MM Net Loss in Quarter Ended June 30
TRACOMA HOLDINGS: Posts MYR4.13MM Net Loss in Qtr Ended June 30
VTI VINTAGE: Swings to MYR626,000 Net Income in June 30 Quarter


N E W  Z E A L A N D

CENTURY CITY: Doubts Raised Over Value of Owner's Properties
CENTURY CITY: Phoenix Owner's Next Move Crucial to Club' Future
CERVINO HOLDINGS: Former Kestrel Owner Found Guilty of Fraud
NATHANS FINANCE: Former Chairman Loses Bail Bid
SOUTH CANTERBURY: Sale Process to Continue Despite Hubbard's Death

WATERTIGHT PLUMBING: Placed in Liquidation; 17 Workers Lose Jobs
ZION WILDLIFE: Cheetah Escape 'No Accident,' Operator Says


S I N G A P O R E

AIMS AMP: Moody's Upgrades Corp. Family Rating to 'Ba1'
TRUE SPA: Creditors Reject IBWA Redemption Offer


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


ANDREW MCMANUS: Owner Blames ATO Over Firm's Collapse
-----------------------------------------------------
The Age reports that promoter Andrew McManus has blamed the
Taxation Office for the collapse of Andrew McManus Presents
(International), one of his touring companies, which went into
liquidation last week owing more than AUD4.2 million.

According to the report, corporate records show the ATO is owed
more than AUD1.1 million by Andrew McManus Presents
(International), making it the company's biggest creditor.

"They just keep sending massive bills and it's cheaper for me to
do it this way than try and fight them in court," The Age quotes
Mr. McManus as saying.

The Age relates that Mr. McManus said coming tours by artists
including Stevie Nicks, Motley Crue and Joan Collins, would not be
affected as they were promoted by a different company, McManus
Entertainment. "That old Andrew McManus Presents hasn't operated
since March last year," Mr. McManus said, The Age reports.

The Age relates that a property trust associated with Mr. McManus
is owed about AUD1.95 million.  Mr. McManus, as cited by The Age,
said he had put AUD5 million into the company to keep it going.
Other creditors include the Australian Performing Right
Association, which collects performance royalties on behalf of
songwriters, owed AUD196,000.

According to the report, liquidator Nicholas Giasoumi said he
would investigate how the company had run up its debts, where its
money had gone and whether there had been any insolvent trading.
The company has cash of just AUD15,251, but Mr. Giasoumi said it
was possible creditors might finance further investigations, The
Age adds.

Andrew McManus Presents is a promoter of local and international
music, theatre and sporting events throughout Australia,
New Zealand and Asia.


GENERAL MOTORS: Left Holden in "Financial Wilderness," Wikileaks
----------------------------------------------------------------
CarAdvice, citing documents released by Wikileaks, reports that
Holden's manufacturing operations in Australia were placed under
serious threat during the global financial crisis as parent
company General Motors sought to protect its US business.

Written by an unknown source, CarAdvice says the leaked documents
date back to June 2009, two weeks after GM filed for bankruptcy in
the US.  They are believed to have surfaced from a meeting
involving then-Holden Chairman and Managing Director, Mark Reuss,
at the US Consul in Melbourne, the report says.

According to CarAdvice, the documents claim that Mr. Reuss was
"frustrated that GM had effectively left Holden in the financial
wilderness", and that he believed the local operations would
struggle before production of the small Holden Cruze commenced.

"Holden is scraping by in the competitive Australian automotive
market, even though financing from its parent company has all but
dried up," the Wikileaks documents reveal.  "While Holden will
remain a part of the new GM, the Australian subsidiary was 'fenced
off' from the parent in an attempt to prevent US tax dollars from
flowing out of the United States."

The documents also claim Holden received help from the Federal
Government as it attempted to lend money from Australian banks,
CarAdvice notes.

In a short statement, Holden's Emily Perry told CarAdvice the
documents contained a lot of inaccurate information.

"The material appears to notes taken by someone making
observations of a conversation -- it's certainly not a statement
of fact and includes a number of inaccuracies about potential
export volume and our financial arrangements," CarAdvice quotes
Ms. Perry as saying. "Correct information about these programs and
other points is publicly available in our financial results and
media statements over the last two years."

Holden's claim that it played a significant role in GM's
international design team got it over the line to secure continued
funding from the parent company, according to the documents
obtained by CarAdvice.

GM Holden is Australia's oldest automotive company, having grown
from a saddlery business established in Adelaide in 1856.  GM
HOlden is the Australian arm of General Motors Co.

                        About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company (NYSE:GM, TSX: GMM) -- http://www.gm.com/-- is one of the
world's largest automakers, traces its roots back to 1908.  GM
employs 208,000 people in every major region of the world and does
business in more than 120 countries.  GM and its strategic
partners produce cars and trucks in 30 countries, and sell and
service these vehicles through the following brands: Baojun,
Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang,
Opel, Vauxhall, and Wuling.  GM's largest national market is
China, followed by the United States, Brazil, the United Kingdom,
Germany, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. was formed to acquire the operations of General
Motors Corp. through a sale under 11 U.S.C. Sec. 363 following Old
GM's bankruptcy filing.  The U.S. government once owned as much as
60.8% stake in New GM on account of the financing it provided to
the bankrupt entity.  The deal was closed July 10, 2009, and Old
GM changed its name to Motors Liquidation Co.  New GM has a 'BB-'
corporate credit rating from Standard & Poor's and a 'BB-' issuer
default rating from Fitch.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.


HERITAGE RESTAURANT: Bank of Western Australia Calls In Receivers
-----------------------------------------------------------------
Morgan Kelly and Max Donnelly of Ferrier Hodgson were appointed as
receivers and managers to the assets and undertakings of Heritage
Restaurant Pty Limited, Epoque Brasserie Pty Limited, and Heritage
Balmain Pty Limited, on Aug. 31, 2011, by Bank of Western
Australia Limited, the holder of a fixed and floating charge over
the assets and undertakings of the Companies.

The receivers are continuing to trade the venues (Epoque Belgian
Beer Cafe, Cammeray and Heritage Belgian Beer Cafe, The Rocks) in
the ordinary course while an urgent assessment of the financial
position of the Companies is completed.  As part of the review,
the receivers will also be considering realization alternatives
for the Companies' assets.

Creditors with claims against Heritage Restaurant Pty Limited
should forward details of same to the company's Administrators:

          Alan Hayes
          Jack Bournelis
          PPB Advisory
          GPO Box 5151
          Sydney NSW 2001


PASMINCO: Site Progressing Amid Decade-Old Administration
---------------------------------------------------------
Damon Cronshaw at New Castle Herald reports that it has been a
decade since Pasminco went into administration, leading to the
closure of the 106-year-old Boolaroo lead and zinc smelter two
years later.

The site's former industrial buildings have been razed to make way
for a redevelopment of about 800 houses, light industry,
commercial projects, bulky goods warehouses and conservation
areas, according to New Castle Herald.  The report relates that
development applications for housing are planned to be lodged next
year, after Lake Macquarie City Council completes overarching
plans for the area.

However, the report notes, with more council and state planning
hoops to jump through, it is expected to be at least another
decade before the last house is sold on the site.

Administrator Ferrier Hodgson is handling the site's
redevelopment, the report says.

By the middle of next year, the administrator plans to close a 20-
hectare cell on the site that will contain more than 2 million
tons of contaminated soil, New Castle Herald notes.  The report
says that options for the cell site include two AFL ovals or open
space.

Ferrier Hodgson, the council and the Roads and Traffic Authority
agreed to consider a roundabout that would maintain direct access
to Boolaroo, New Castle Herald discloses.  The report adds that
Mr. Woodward said plans for the roundabout were progressing well.


RICK DAMELIAN: Appoints Ferrier Hodgson as Receivers
----------------------------------------------------
Steven Sherman and Jim Sarantinos of Ferrier Hodgson were
appointed joint and several receivers and managers of the
companies comprising the Rick Damelian Group on Sept. 5, 2011,
pursuant to the provisions of a registered debenture charge
created by the companies.

The receivers and managers are currently assessing the future
course of action in respect to the Group and will provide a
further update in due course.

The Rick Damelian Group is located on Parramatta Road in Sydney's
inner west and comprises of 9 motor vehicle dealerships Honda,
Suzuki, Renault, Citroen, Fiat, Alfa, Used Prestige, and Skoda
(not subject to the receivership).


SATCH CLOTHING: Goes Into Administration on Economic Downturn
-------------------------------------------------------------
Vittorio Hernandez at Australian International Business Times
reports that Australia's retail sector continues to suffer from
the economic downturn, with high-end clothing store Satch as the
latest victim.  Satch Clothing was placed under administration on
Sept. 1, 2011.

Appointed joint administrators of the men's and women's fashion
chain were BDO partners Stephen Robert Dixon and Laurence Andrew
Fitzgerald, according to IBTimes.  The report relates that the
administrators said they will continue to run Satch's 14 outlets
in Melbourne, Sydney and Perth.

However, they are open to receive expressions of interest for
potential buyers of Satch, owned by Jim Satch, the report notes.

IBTimes discloses that the chain has about 60 employees, but it is
still not clear how many jobs would be affected by the financial
difficulties of Satch since the clothes it sells are designed and
made in Australia.

Satch owes creditors AU$1.2 million and a substantial amount to
two large banks and the tax office, the report says.

"There has been a decline in sales, but we are in the process of
investigating what has caused that decline," Mr. Dixon told the
Herald Sun, the report relates.

IBTimes notes that Satch is one of the growing lists of retailers
in Australia that have shuttered in 2011.  The report relates that
analysts have warned that if conditions in the retail industry
would worsen further, there would be more bankruptcies.

Satch Clothing is a high-end clothing store.


SPORTS ALIVE: Managers Mislead Regulators, Staff Says
-----------------------------------------------------
Michael Bachelard at The Age reports that staff of Sports Alive
Pty Ltd have claimed the company's managers deliberately misled
regulators as it spiralled towards liquidation last month.

The Age relates that almost 13,000 punters stand to lose up to
AUD3.2 million after Sports Alive, which is registered in Canberra
but based in Melbourne, appointed liquidators on August 25.  The
figure includes $2.6 million in payouts not made to winners as
well as $600,000 held in "wagered open bets" -- money held by the
agency for punters placing long-term wagers, for example a bet at
the beginning of the AFL season on who will win the AFL grand
final.

According to The Age, liquidator Hamish MacKinnon of Bent & Cougle
said agency staff were also owed AUD300,000 in unpaid
superannuation and the AUD250,000 the company was required by law
to hold as a buffer was funded by a loan from Bank of Queensland.

The Age notes that company records show that, two days before the
liquidation, two Melbourne directors of Sports Alive, racing
identity Danny Finley and lawyer Colin Hiles, suddenly quit the
board.  Mr. MacKinnon, as cited by The Age, also said that around
the time of the liquidation, a loan by Mr. Finley to the company
was taken over by another finance group.

Mr. MacKinnon said the company had made losses in the past two
years, and he was investigating whether the company had been
illegally trading while insolvent, according to The Age.

According to the report, Alex Bailey, who ran the company's
Canberra call centre, said that long before the liquidator came in
customers were not being paid their winnings.

Even though no money was being transferred to punters' bank
accounts, staff have confirmed that company managers were falsely
marking customers' betting accounts as "paid," The Age reports.

The Age relates that Mr. Bailey said he believed this was being
done to trick the ACT regulator, the Gambling and Racing
Commission.

Three other staff members, speaking anonymously, have backed
Mr. Bailey's stories, the report notes.

A Gambling and Racing Commission spokesman said the commission was
"undertaking inquiries in relation to Sports Alive at the time it
went into liquidation", but could make no further comment.

Sports Alive Pty Ltd is an Australian-based online betting agency.


STORM FINANCIAL: Widow Files Claim vs. Finance Groups, Adviser
--------------------------------------------------------------
Ben Butler at The Sydney Morning Herald reports that Eileen Miller
is in danger of losing the only substantial thing she has left,
her house, after investing in products offered by ill-fated
finance group Storm Financial.

After her husband died in 2005, she inherited the house, two-
thirds of a boat and AUD300,000 in cash.  The cash is gone,
swallowed by Storm, and so is the boat, sold to pay living
expenses, according to SMH.

Now the financier that backed her disastrous investment in Storm
wants to take the house, a comfortable weatherboard cottage in
Williamstown renovated and extended by her husband, a builder, the
report says.

But Ms. Miller is fighting back, launching a counter-claim against
three finance groups and the adviser who tipped her into Storm,
Paul Florence, SMH relays.

"I know it sounds stupid, but I put my trust in him to look after
me and that's what I thought was happening," SMH quotes Ms. Miller
as saying.  "Looking back I think I would have been a better
financial adviser myself."

According to the report, Ms. Miller is just one of thousands of
victims to be "Stormified" - tipped into highly leveraged
financial products sold by Storm and its founders, Queensland
couple Emmanuel and Julie Cassimatis, by financial planners paid
generous commissions.

Because it relied on customers borrowing heavily against their
family homes to fund their investment, the Storm model could not
survive a market crash, the report notes.

When the global financial crisis hit in 2008, SMH recounts, an
estimated AUD3 billion that investors, many of them elderly, had
trusted to Storm was wiped out.

The collapse, says SMH, prompted lawsuits by the corporate
regulator and planned reforms of the financial advice system by
Assistant Treasurer Bill Shorten, who has proposed new laws to
wipe out commissions paid to advisers.

In Ms. Miller's case, SMH notes, Perpetual Trustees holds the
mortgage over her home and has sued her for possession of the
property in the Victorian Supreme Court.

But in .a counter-claim filed with the court, Ms Miller alleges
Perpetual made no attempt to determine whether the loan was
suitable for her.

Ms. Miller makes similar allegations against two other finance
companies involved in the loan, Challenger and Australian First
Mortgage, and financial adviser Paul Florence, SMH adds.

                        About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


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C H I N A
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SHENGDATECH INC: Special Committee Wants Michael Kang Named as CRO
------------------------------------------------------------------
The Special Committee of the Board of Directors of Shengdatech,
Inc., notified the U.S. Bankruptcy Court for the District of
Nevada that it supports the Debtor's motion to confirm the (I)
employment of Alvarez & Marsal North America, LLC, to provide the
Debtor a chief restructuring officer and certain additional
personnel and (II) appointment of Michael Kang as chief
restructuring officer.

The board of directors delegated to the Special Committee
authorization (1) to conduct an investigation of potentially
serious discrepancies and unexplained issues identified by KMPG;
(2) to take any legal or other action(s) that the Special
Committee in its sole discretion deems in the best interest of the
Company and its stockholders; and (3) to commence any actions as
may be needed to identify, collect and safeguard the Company's
assets.

Thus, after careful deliberations over options available to the
Debtor, the Special Committee decided that the appointment of
Mr. Kang as CRO and his firm Alvarez and Marsal would be the best
option under chapter 11 to maximize value for stakeholders as
opposed to seeking the appointment of a chapter 11 trustee.

As reported in the Troubled Company Reporter on Sept. 5, 2011, the
Debtor sought 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.

The Special Committee is represented by:

         John WM. Butler, Jr., Esq.
         John K. Lyons, Esq.
         SKADDEN, ARPS, SLATE MEAGHER & FLOM
         155 N. Wacker Dr., Suite 2700
         Chicago, IL 60606
         Tel: (312) 407-0700
         Fax: (312) 407-0411
         E-mail: Jack.Butler@skadden.com
                 John.Lyons@skadden.com

         Jennifer A. Smith, Esq.
         LIONEL SAWYER & COLLINS
         1100 Bank of America Plaza
         50 W. Liberty St.
         Reno, NV 89501
         Tel: (775) 788-8666
         Fax: (775) 788-8682
         E-mail: jsmith@lionelsawyer.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.

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: Special Comm. Wants Injunction vs. Shareholders
----------------------------------------------------------------
The Special Committee of the Board of Directors of Shengdatech,
Inc., asks the U.S. Bankruptcy Court for the District of Nevada to
enter judgment against Xiangzhi Chen, et al.

Specifically, the Special Committee asks that the Court enjoin the
shareholders and the Debtor's board from interfering with the
Special Committee or CRO, or take any steps to remove the members
of the Special Committee or the CRO, or to modify any of the
powers granted to the Special Committee or the CRO pursuant to the
March 4, 2011, resolution or the Aug. 19, 2011, resolution or any
powers delegated thereunder.

The Special Committee notes that the Debtor's former management
thwarted and obstructed the Special Committee's effort to obtain a
true understanding of the Debtor's affairs.

The Special Committee relates that it is authorized and directed
the filing of a Chapter 11 case, on behalf of the Debtor, in order
to restructure the Debtor's business operations and to allow the
Debtor, through its Special Committee, to continue its ongoing
special investigation into the financial affairs of the Debtor and
the actions which occurred under the direction and knowledge of
former management, including the Debtor's former president and
chief executive officer and largest shareholder, Chen Xiangzhi.

As part of the special investigation, the Special Committee has
determined that certain of the Debtor's financial records may have
been falsified in whole or in part and that serious issues remain
unanswered regarding the financial condition of the Debtor and its
overall business operations.

In this relation, the Special Committee, after consultation with
the Debtor's business and legal professionals, removed the
management, including Mr. Chen and appoint an independent party,
Michael Kang, of Alvarez & Marsal North America LLP to act as
chief restructuring officer and the Debtor's sole officer.

                         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.  GCG Inc. serves as the notice, claims and
solicitation agent.


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


KILOTON LOGISTICS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on June 29, 2011, to
wind up the operations of Kiloton Logistics Limited.

The company's liquidator is:

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


LUCKY DRAGON: Court to Hear Wind-Up Petition on Oct. 12
-------------------------------------------------------
A petition to wind up the operations of Lucky Dragon Boat
Restaurant Limited, will be heard before the High Court of
Hong Kong on Oct. 12, 2011, at 9:30 a.m.


LUEN HING: Creditors' Proofs of Debt Due Sept. 16
-------------------------------------------------
Creditors of Luen Hing Fat Limited, which is in members' 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 liquidators are:

          Stephen Liu Yiu Keung
          David Yen Ching Wai
          62/F, One Island East
          18 Westlands Road
          Island East, Hong Kong


NEW MODERN: Court to Hear Wind-Up Petition on Oct. 19
-----------------------------------------------------
A petition to wind up the operations of New Modern Financial
Services Limited, formerly known as New Modern International
Limited, will be heard before the High Court of Hong Kong on
Oct. 19, 2011, at 9:30 a.m.

NewEast Development Limited filed the petition against the company
Aug. 17, 2011.

The Petitioner's solicitors are:

          Ford, Kwan & Company
          Suite 3304, 33rd Floor
          Tower Two
          Nina Tower, No. 8 Yeung UK Road
          Tsuen Wan, New Territories
          Hong Kong


POLY CHEMICAL: Court to Hear Wind-Up Petition on Oct. 12
--------------------------------------------------------
A petition to wind up the operations of Poly Chemical (China) Co.,
Limited, will be heard before the High Court of Hong Kong on
Oct. 12, 2011, at 9:30 a.m.

Chung Mei Properties (No. 1) (HK) Limited filed the petition
against the company on Aug. 2, 2011.

The Petitioner's solicitors are:

          ONC Lawyers
          15th Floor, The Bank of East Asia Building
          10 Des Voeux Road
          Central, Hong Kong


PEACE MARK: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Aug. 22, 2011, to
wind up the operations of Peace Mark (Holdings) Limited.

The Official Receiver is Teresa S W Wong.


STAR WORLD: Briscoe and Hill Step Down as Liquidators
-----------------------------------------------------
Stephen Briscoe and Nicolas Timothy Cornforth Hill stepped down as
liquidators of Star World International Limited on Aug. 15, 2011.


SUCCESS TOP: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Aug. 25, 2011, to
Success Top Enterprises Limited wind up the operations of Limited.

The company's liquidator is:

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


SUZUYA INT'L: Creditors and Contributories to Meet on Sept. 15
--------------------------------------------------------------
Creditors and contributories of Suzuya International (H.K.)
Company Limited will hold their first meetings on Sept. 15, 2011,
at 10:00 a.m., and 11:00 a.m., respectively 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.


TICKTOCK GRAPHIC: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Aug. 22, 2011, to
wind up the operations of TickTock Graphic Equipment Company
Limited.

The Official Receiver is Teresa S W Wong.


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


ASAP FLUIDS: CRISIL Assigns 'CRISIL BB' Rating to INR9MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/ CRISIL A4+' ratings to
the bank facilities of ASAP Fluids Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR25 Million Cash Credit          CRISIL BB/Stable (Assigned)
   INR9 Million Long-Term Loan        CRISIL BB/Stable (Assigned)
   INR26 Million Proposed Long-Term   CRISIL BB/Stable (Assigned)
                 Bank Loan Facility
   INR50 Million Letter of Credit &   CRISIL A4+ (Assigned)
                     Bank Guarantee

The ratings reflect the support that ASAP derives from its parent
company, Gumpro Drilling Fluids Pvt Ltd (GDFPL, rated 'CRISIL BBB-
/Stable'), which has an established position in the drilling
fluids industry. This rating strength is partially offset by
ASAP's short track record of operations and weak financial risk
profile, marked by high gearing and weak debt protection metrics.

Outlook: Stable

CRISIL believes that ASAP will continue to benefit from its
promoters' industry experience and from GDFPL's strong technical
expertise. The outlook may be revised to 'Positive' in case ASAP
reports higher-than-expected revenue growth and significant
improvement in its operating margin. Conversely, the outlook may
be revised to 'Negative' in case of a lower than expected sales
and profitability, or stretching of receivables leads to leading
to further material deterioration of financial risk profile. Any
outlook or rating change for the parent, GDFPL, also may lead to
similar rating action for ASAP.

                         About ASAP Fluids

Set up in February 2010, ASAP provides drilling and completion
engineering services, drilling and completion fluids additives,
waste management services and imparting training to new mud
engineers through its own school. The company was established as a
subsidiary of GDFPL with 60 per cent equity being held by GDFPL
and balance 40 per cent being sweat equity to; Mr. Bob
Pantermuehl, Mr. Sunil Shitole and Mr. Aslam Khan. Mr. Vivek Gupta
is the Managing Director of the company.

ASAP is expected to report a net loss of INR4.8 million on net
sales of INR52 million for 2010-11 (refers to financial year,
April 1 to March 31).


BOWREAH JUTE: CRISIL Places 'CRISIL BB+' Rating on INR18.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Bowreah Jute Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR18.5 Million Term Loan        CRISIL BB+/Stable (Assigned)
   INR75 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR36.5 Mil. Letter of Credit    CRISIL A4+ (Assigned)
   INR10 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect BJMPL's above-average financial risk profile,
marked by low gearing and strong debt protection metrics, and
promoters' extensive experience in the jute industry. These rating
strengths are partially offset by BJMPL's working-capital-
intensive operations and exposure to government regulations for
the jute industry.

Outlook: Stable

CRISIL believes that BJMPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's business
risk profile improves, driven by improvement in product diversity
and operating profitability. Conversely, the outlook may be
revised to 'Negative' in case a change in government regulations
lead to a decline in the company's revenue and profitability or if
there is a material increase in cash flows from BJMPL to any of
its group companies.

                         About Bowreah Jute

Incorporated in 2008, BJMPL is based in West Bengal and
manufactures jute products. The company's product range includes
jute bags and hessian cloth, with the former accounting for around
80 per cent of its total revenue. BJMPL started its operations in
2009 with a jute processing capacity of 100 tonnes per day (tpd).
In 2010-11 (refers to financial year, April 1 to March 31), the
company increased its capacity to 123 tpd.

BJMPL's associate companies, Vijay Shree Ltd with a capacity of
around 60 tpd and Hooghly Infrastructure Pvt Ltd with a capacity
of just over 300 tpd are also engaged in manufacture of jute
products.

BJMPL reported a profit after tax (PAT) of INR5.5 million on net
sales of INR936.2 million for 2009-10, as against a PAT of
INR0.2 million on net sales of INR165.1 million for 2008-09.


FANTOOSH INDIA: CRISIL Assigns 'CRISIL D' Rating to INR60MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Fantoosh India.  The rating reflects Fantoosh's
overdrawn cash credit limit due to weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR60 Million Cash Credit        CRISIL D (Assigned)
   INR20 Million Proposed Cash      CRISIL D (Assigned)
                  Credit Limit

Fantoosh also has a small scale of operations, limited product
diversity, and below-average financial risk profile, marked by a
small net worth, below-average debt protection metrics, aggressive
gearing, and working-capital-intensive operations. These rating
weaknesses are partially offset by Fantoosh's established business
risk profile aided by its long-standing regional presence and
partners' extensive experience in manufacturing and trading ready-
made garments.

                         About Fantoosh India

Established in 1996 as a partnership firm, Fantoosh manufactures
and trades ready-made garments for men and children. The firm
manufactures shirts, T-shirts, jeans, and trousers. Based in
Hyderabad (Andhra Pradesh [AP]), Fantoosh sells its garments
through a network of around 75 dealers spread across AP,
Karnataka, and Maharashtra. The firm has a manufacturing capacity
of around 3000 pieces per day of shirts, trousers, and jeans.
Fantoosh currently operates at around 85 per cent of its installed
capacities.

Fantoosh reported a provisional profit after tax (PAT) of INR1
million on net sales of INR526 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR1
million on net sales of INR251 million for 2009-10.


GOLKONDA HOSPITALITY: Fitch Lifts Rating on Nat'l Long-Term to BB-
------------------------------------------------------------------
Fitch Ratings has upgraded India-based Golkonda Hospitality
Services and Resorts Limited's National Long-Term rating to 'Fitch
BB-(ind)' from 'B+(ind)'.  The Outlook is Stable.

The upgrade reflects GHSRL's improved performance over the last
two financial years as a result of operating at full capacity post
renovation works and the fact that there are no major capex plans
over the next two to three years.  The ratings continue to benefit
from Golkonda's long operating history of 22 years, prime location
and its increasing occupancy levels over the past five years.

The ratings are constrained by increased competition resulting in
low average room rent over the past two years, volatile EBITDA
margins and high adjusted debt/EBITDA of 5.6x in the financial
year ended March 2011 (FY10: 4.9x).  The high leverage was due to
its corporate guarantee extended for a term loan of INR106.5m
(FY10: INR95m) of the sister company, Golkonda Resorts Private
Ltd.

A positive rating action may arise from adjusted leverage being
sustained below 4.5x. Conversely, a negative rating action may
result from adjusted leverage exceeding 6.5x on a sustained basis.

GHSRL was established in 1990 and operates a four-star business
class hotel in Banjara Hills, Hyderabad, with 141 rooms, a
restaurant, coffee-shop and a bar.  The company reported a
turnover of INR200.1 million in FY11 (FY10: INR167.3 million) and
EBITDA of INR52.6 million (INR56.1 million) with an interest cover
of 2.2x (FY10: 2.3x).

Fitch has also upgraded GHSRL's bank loans as follows:

  -- INR99.9m long-term loan (reduced from INR127.5m): upgraded to
     'Fitch BB-(ind)' from 'Fitch B+(ind)'
  -- INR12.5m Cash Credit limit: upgraded to 'Fitch BB-(ind)' from
     'Fitch B+(ind)'
  -- INR7.5m non-fund based working capital limit (with INR5m
     fungible to cash credit and reduced from INR12.5m): upgraded
     to 'Fitch BB-(ind)' from 'Fitch B+(ind)' and affirmed at
     'Fitch A4+(ind)'


JMD CHAIN: CRISIL Assigns 'CRISIL D' Rating to INR58.3MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of JMD Chain Stores Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR60.0 Million Cash Credit Limit     CRISIL D (Assigned)
   INR58.3 Million Term Loan             CRISIL D (Assigned)
   INR13.7 Million Proposed Long-Term    CRISIL D (Assigned)
                   Bank Loan Facility

The rating reflects instances of delays by JMD in servicing its
term debt obligations. JMD also has a below average financial risk
profile and large working capital requirements. These weaknesses
are partially offset by the extensive experience of JMD's
promoters in the retail leather industry.

JMD retails leather products under its brand, Leather World, at
its eight showrooms in Patna (Bihar), Ranchi, Jamshedpur (both in
Jharkhand), and Kolkata (West Bengal). JMD sells leather footwear,
bags, wallets, key rings, and other accessories. However, around
90 per cent of its revenues are from sale of footwear. The company
has more than 800 footwear designs. JMD has a warehouse at each of
its stores in Kolkata, Ranchi, and Patna.


MEHTA ALLOYS: CRISIL Places 'CRISIL BB-' Rating on INR65MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Mehta Alloys Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR65 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR11.5 Million Rupee Term Loan   CRISIL BB-/Stable (Assigned)
   INR1.5 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect MAL's established position in the stainless
steel (SS) flats and casting segment supported by its promoters'
extensive industry experience and strong relationships with
customers and suppliers. This rating strength is partially offset
by MAL's low operating margin due to the conversion nature of its
business and presence in a price-sensitive market, working-
capital-intensive operations, and a weak financial risk profile,
marked by a high gearing, small net worth, and weak debt
protection metrics.

Outlook: Stable

CRISIL believes that MAL will continue to benefit over the medium
term from its established position in the SS flats segment and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company reports better-than-expected
profitability or there is an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of any significantly large debt-funded capital expenditure
plans or deterioration in MAL's working capital management,
leading to further weakening in its financial risk profile.

                        About Mehta Alloys

MAL was established as a partnership firm in 1983 and was
subsequently reconstituted as a closely held public limited
company in 1995. The company manufactures SS flats at its unit in
Ahmedabad (Gujarat). The plant has an installed capacity of 8700
tonnes per annum and currently operates at 60 per cent of its
capacity.

MAL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR329.4 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.7 million on net
sales of INR338.1 million for 2009-10.


METAL & SCRAP: CRISIL Rates INR160MM Cash Credit at 'CRISIL BB+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the cash
credit facility of Metal & Scrap Traders Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR160 Million Cash Credit      CRISIL BB+/Stable (Assigned)

The rating reflects MSTPL's promoter's extensive experience in the
steel industry and their established relationships with reputed
customers and suppliers. These rating strengths are partially
offset by MSTPL's below-average financial risk profile marked by
high gearing and modest debt protection metrics. The rating also
factors in MSTPL's exposure to intense competition because of
industry fragmentation and its geographically concentrated revenue
profile.

Outlook: Stable

CRISIL believes that MSTPL will continue to benefit from its
promoters' experience in trading in steel products and established
relationships with reputed customers and suppliers. The outlook
may be revised to 'Positive' if MSTPL improves its capital
structure and profitability significantly and on a sustained
basis. Conversely, the outlook may be revised to 'Negative' if the
company undertakes a large, debt-funded, capital expenditure
programme, thereby weakening its capital structure, its revenues
and margins decline, or it makes large quantum of investments in
its group entities.

                        About Metal & Scrap

MSTPL, started as a proprietorship firm by Mr. H C Agarwal, was
reconstituted as a private limited company in 1999. The company
trades in all kinds of ferrous scraps. MSTPL's supplier profile
(for metal scrap) includes Hyundai Motor India Ltd ('CRISIL A1+'),
Lucas TVS (CRISIL AAA/FAAA/Stable/CRISIL A1+), JBM Auto Systems
Ltd (CRISIL BBB/Stable), Nissan Motors India Pvt Ltd, and Ford
India Pvt Ltd. MSTPL caters to end-user industries such as
foundries, fabrication, steel-long/flat and windmills. The company
has a warehouse facility of 3.5 acres in Manali, Chennai (Tamil
Nadu). MSTPL is currently managed by Mr. Kalpesh Agarwal,
Mr. Jayesh Agarwal, and Mr. Shailesh Agarwal (sons of Mr. H C
Agarwal). The promoters have two other group entities, which are
managed independently: Meenakshi Udyog (India) Pvt Ltd in Hosur
(Tamil Nadu) and Meenakshi Industries (Pondicherry), which
manufactures thermo-mechanically treated steel bars and billets.

MSTPL reported a profit after tax (PAT) of INR9.9 million on net
sales of INR1056 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.7 million on net
sales of INR557 million for 2009-10.


NANAK HI-TECH: CRISIL Assigns 'CRISIL B' Rating to INR77.4MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Nanak Hi-Tech Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR77.4 Million Term Loan      CRISIL B/Stable (Assigned)
   INR70 Million Cash Credit      CRISIL B/Stable (Assigned)

The rating reflects, NHT's limited track record in manufacturing
of mild steel (MS) bars. This rating weakness is partially offset
by the extensive industry experience of NHT's promoters.

Outlook: Stable

CRISIL believes that NHT will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
higher-than-expected growth in revenues and profitability, while
maintaining its debt protection metrics and its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
NHT's financial risk profile deteriorates, because of lower
profitability or revenues, or deterioration in its working capital
cycle

                        About Nanak Hi-Tech

Nanak Hi-Tech Private Limited was taken-over in 2008; by Jharkhand
based businessmen Mr. Gunwant Singh Saluja and his son Mr.
Harindar Singh Saluja. The company is engaged in manufacturing of
Mild Steel bars ranging from 8mm to 32 mm and the entire sales are
made in the local markets. NHT has its manufacturing facilities at
Giridh (Jharkhand). The company commenced its trial runs in FY
2008-09 and FY 2009-10 was the first complete year of operation.

NHT reported a profit after tax (PAT) of INR2.26 million on net
sales of INR122.82 million for 2010-11 on provisional basis
(refers to financial year, April 1 to March 31).


PUNYA COAL: CRISIL Puts 'CRISIL B+' Rating on INR20MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
Punya Coal Roadlines' bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR20 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR30 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect PCR's small net worth, leveraged capital
structure, and short track record of trading operations. These
rating weaknesses are partially offset by PCR's proprietor's
longstanding relationships with customers that have largely driven
the firm's revenue growth from coal-trading over the past two
years.

Outlook: Stable

CRISIL believes that PCR will continue to benefit from its stable
relationship with its principal over the medium term. The outlook
may be revised to 'Positive' if PCR improves its financial risk
profile substantially, most likely driven by sustained improvement
in profitability and accretion to reserves coupled with stable
revenue growth. Conversely, the outlook may be revised to
'Negative' if a significant decline in operating profitability or
large incremental working capital requirements, adversely affect
PCR's financial risk profile.

                        About Punya Coal

PCR is a Nagpur (Maharashtra)-based proprietorship firm
established by Mr. Yugpradhan Pannalal Mehta in 1989. The firm
trades in coal and is also into transportation. Coal-trading
activity contributed to around 5 per cent of PCR's revenues in
2008-09 (refers to financial year, April 1 to March 31) and over
80 per cent in 2010-11; the rest being contributed by
transportation agreements for Western Coalfields Ltd.

PCR has reported, on provisional basis, a profit after tax (PAT)
of INR16.8 million on net sales of INR1482.7 million for 2010-11;
the firm reported a PAT of INR7.2 million on net sales of INR418.8
million for 2008-09.


RADHA MADHAV: CRISIL Assigns 'CRISIL B-' Rating to INR65.2MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Radha Madhav Industries Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR65.2 Million Term Loan          CRISIL B-/Stable (Assigned)
   INR47.5 Million Cash Credit        CRISIL B-/Stable (Assigned)
   INR12.5 Million Letter of Credit   CRISIL A4 (Assigned)
   INR2.5 Million Bank Guarantee      CRISIL A4 (Assigned)

The ratings reflect RMIPL's relatively small scale of operations,
weak financial risk profile marked by average networth and weak
debt protection metrics, exposure to risks related to cyclicality
in the steel industry, and large working capital requirements.
These rating weaknesses are partially offset by the extensive
industry experience of RMIPL's promoters.

Outlook: Stable

CRISIL believes that RMIPL's credit risk profile will remain
constrained by delay in the project and its maturing debt
obligations in the near term. The outlook may be revised to
'Positive' if the loan repayment schedule is revised in a manner
so as to be commensurate with the revised schedule of
commissioning of the project and if RMIPL registers better-than-
expected revenues and profitability, leading to higher net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there are further delays in commercialisation of operations or if
the company is not able to meet its loan obligations in a timely
manner.

                         About Radha Madhav

Incorporated in 2003, RMIPL manufactures sponge iron. The company
has a sponge iron capacity of 100 tonnes per day. The plant was
initially located in Nayapara in Bilaspur (Chhattisgarh), but due
to its proximity to the state High Court and the pollution
restrictions, the management is in the process of shifting the
plant to Khasra in Bilaspur. The shifting of the plant, which
began in 2010, has been delayed by six months and is still under
progress. The commercial operations are expected to start by
November 2011.

RMIPL reported a loss of INR5.9 million on net sales of INR218.7
million for 2009-10 (refers to financial year, April 1 to
March 31), as against a loss of INR0.2 million on net sales of
INR267.9 million for 2008-09.


RADHARAMAN STAINLESS: CRISIL Rates INR7.5MM Loan at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Radharaman Stainless Steel Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR7.5 Million Term Loan         CRISIL BB-/Stable (Assigned)
   INR40 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR20 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect RSSPL's promoters' extensive experience in the
stainless steel (SS) sheets industry and benefits the company
derives from the location of its manufacturing unit. These rating
strengths are partially offset by RSSPL's weak financial risk
profile marked by small net worth, high gearing, and low
profitability (because of its conversion nature of business),
small scale of operations, and susceptibility to intense market
competition.

Outlook: Stable

CRISIL believes that RSSPL will continue to benefit from
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if RSSPL increases scale of operations
significantly, while maintaining profitability, leading to more-
than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if RSSPL's financial risk profile,
particularly liquidity, deteriorates further, most likely because
of larger-than-expected working capital requirements or debt-
funded capital expenditure.

                     About Radharaman Stainless

RSSPL, promoted by Mr. Purshotam Garg, manufactures SS sheets. The
company has a manufacturing unit in Bhiwadi (Rajasthan), with
installed capacity of 4200 tonnes of SS sheets per annum
(increased from 3000 tonnes during 2010). The company manufactures
low-grade (made up of 200 series SS flats) SS sheets that are
mainly used in manufacture of kitchen utensils and cutlery.

RSSPL reported, on provisional basis, a profit after tax (PAT) of
INR0.9 million on net sales of INR289.2 million for 2010-11
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR0.7 million on net sales of INR289.0 million
for 2009-10.


ROYAL SUITINGS: CRISIL Puts 'CRISIL BB-' Rating on INR1MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Royal Suitings Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR1.0 Million Term Loan        CRISIL BB-/Stable (Assigned)
   INR75.0 Million Cash Credit     CRISIL BB-/Stable (Assigned)

The rating reflects extensive experience of RSPL's promoters, and
geographical diversity in its customer profile. These rating
strengths are partially offset by RSPL's susceptibility to
volatility in polyester prices, exposure to intense competition,
and below-average financial risk profile marked by a small net
worth and moderate debt protection metrics.

Outlook: Stable

CRISIL believes that RSPL will maintain its business risk profile
over the medium term on the back of its promoters' extensive
industry experience. The company's financial risk profile is
expected to remain below average marked by moderate gearing and
debt protection measures. The outlook may be revised to 'Positive'
in case of sustained improvement in RSPL's scale of operations and
margins, while improving its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if RSPL's working capital
requirements increase significantly, or if the company undertakes
a larger-than-expected debt-funded capital expenditure programme,
leading to further deterioration in its financial risk profile.

                        About Royal Suitings

Incorporated in 1997, RSPL is engaged in manufacturing and
processing of fabrics from polyester yarn; the fabrics are used as
suiting material. Its activities include weaving, designing,
dyeing, packaging, and distribution of products. RSPL, promoted by
Mr. Rajendra Prasad Jain, is based in Bhilwara (Rajasthan), and
has an installed capacity of 4.2 million meters per annum.

RSPL's profit after tax (PAT) and net sales are estimated at
INR2.6 million and INR295.5 million, respectively, for 2010-11
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR2.1 million on net sales of INR260.5 million
for 2009-10.


RVJ ENTERPRISES: CRISIL Rates INR60MM Cash Credit at 'CRISIL BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of RVJ Enterprises Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR60 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR49.9 Million Proposed Cash    CRISIL BB-/Stable (Assigned)
                    Credit Limit
   INR90 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect RVJ's established relationship with its
customers and the extensive experience of its promoters in gold
jewellery business. These rating strengths are partially offset by
RVJ's weak financial risk profile, marked by a weak capital
structure, and modest scale of operations in a highly fragmented
and competitive gold jewellery industry.

Outlook: Stable

CRISIL believes that RVJ will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's scale of
operations and profitability increase on a sustainable basis,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if RVJ undertakes
aggressive debt-funded expansions, or if its revenues and
profitability decline substantially, leading to weakening in its
financial risk profile.

                       About RVJ Enterprises

Set up in 2007, RVJ manufactures gold and diamond jewellery and
sells them to various retail jewellery showrooms. The company was
promoted by Mr. Jagdish Prasad Agarwal, Mr. Gopal Krishna Agarwal,
and their family members. RVJ is based in Hyderabad (Andhra
Pradesh).

RVJ reported a provisional profit after tax (PAT) of INR3 million
on net sales of INR533 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR3 million on
net sales of INR277 million for 2009-10.


SAKTI STEEL: CRISIL Rates INR110MM Cash Credit at 'CRISIL BB+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the cash
credit facility of Sakti Steel Enterprises Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR110 Million Cash Credit     CRISIL BB+/Stable (Assigned)

The rating reflects SSEPL's extensive experience of promoters in
steel trading business. These rating strengths are partially
offset by the susceptibility of SSEPL's operating performance to
volatility in steel prices.

Outlook: Stable

CRISIL believes that SSEPL will continue to benefit over the
medium term from the extensive experience of its promoters in
trading iron and steel products and its established relationships
with suppliers. The outlook may be revised to 'Positive' in case
there is significant and sustained improvement in the company's
profitability, while it maintains its current capital structure.
Conversely, the outlook may be revised to 'Negative' if SSEPL
contracts more-than-expected debt to fund its working capital
requirements or if its working capital cycle deteriorates.

                         About Sakti Steel

Set up as a proprietorship concern in 1980 by Mr. Laxmi Narayan
Choudhary, SSEPL was reconstituted as a private limited company in
1984. The company trades iron and steel products, including
galvanised plain, galvanised corrugated sheets, and thermo-
mechanically treated bars. SSEPL sources commodities from
companies, such as Jindal India Ltd, Bhushan Power and Steel Ltd,
and Brahmaputra Rolling Mills. The company's clientele includes
dealers, traders, and agents spread across North East India. SSEPL
has warehouses in Amingaon (Guwahati). Mr. Pawan Choudhary looks
after the company's day-to-day operations. SSEPL's registered
office is in Guhawati (Assam).

SSEPL reported a profit after tax (PAT) on provisional basis of
INR2.4 million on net sales of INR1189.8 million for 2010-11
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.7 million on net sales of INR806.0 million for 2009-10.


SANTOSH KUMAR: CRISIL Assigns 'CRISIL BB' Rating to INR8MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of M/s. Santosh Kumar Chourasia.

   Facilities                       Ratings
   ----------                       -------
   INR40.0 Million Cash Credit      CRISIL BB/Stable (Assigned)
   INR5.0 Mil. Stand-by Fund-       CRISIL BB/Stable (Assigned)
                  Based Limit
   INR8.0 Million Long-Term Loans   CRISIL BB/Stable (Assigned)
   INR60.0 Bank Guarantee Limit     CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of SKC's partners in
the civil construction works business and its moderate financial
risk profile, marked by gearing of less than 1x as on March 31,
2011. These rating strengths are partially offset by SKC's small
scale of operations in the highly fragmented industry, geographic
concentration in its revenue profile, and its exposure to risks
related to the tender-based nature of its business.

Outlook: Stable

CRISIL believes that SKC will register healthy revenue growth and
maintain its profitability, backed by its strong order book, over
the medium term. The outlook may be revised to 'Positive' if the
firm registers more-than-expected improvement in its revenues and
profitability while diversifying its customer profile and infusing
fresh equity to support increased scale of operations. Conversely,
the outlook may be revised to 'Negative' in case the firm
registers less-than-expected revenues or its profitability
declines, if the partners withdraw capital, leading to
deterioration in the capital structure, or if SKC undertakes a
larger-than-expected, debt-funded capital expenditure programme,
thereby impacting its financial risk profile.

                        About Santosh Kumar

SKC was established as a partnership firm in 2003 by Mr. Santosh
Kumar Chourasia, Mr. Anil Kumar Srivastava, and Mr. Arvind Kumar
Chourasia. SKC undertakes civil construction work such as
maintenance of roads and construction of railway stations. The
firm mainly executes projects awarded by Rural Works Department of
Jharkhand and Bengal. SKC has also been executing projects for
certain private players as these projects are more profitable. SKC
is also planning to enter in an alliance with Delhi-based DS
Constructions Ltd to carrying out a road construction project on
National Highway-2. Since 1994, Mr. Santosh Kumar Chaurasia has
been in the same line of business, through a proprietorship firm.

For the year ended March 31, 2011, SKC reported a profit before
tax (PBT) of INR14.13 million on net sales of INR355.62 million,
against a PBT of INR12.06 million on net sales of INR332.69
million for the previous year.


SHAH SPONGE: CRISIL Rates INR640MM LT Loan at 'CRISIL BB+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the bank
facilities of Shah Sponge and Power Ltd, part of JHUL group.

   Facilities                        Ratings
   ----------                        -------
   INR640.00 Million Proposed LT     CRISIL BB+/Stable (Assigned)
              Bank Loan Facility

The rating reflects the JHUL group's moderate operating
efficiencies backed by integrated operations and healthy financial
risk profile. These rating strengths are partially offset by
SSPL's marginal market share, vulnerability to cyclicality in the
steel industry and exposure to risk related to project
implementation.

For arriving at the rating, CRISIL has consolidated SSPL, Shah
Brothers (SB), and Jai Hanuman Udyog Ltd, together referred as the
JHUL group, are under the same management, part of the same value
chain, and provide need-based financial support to each other.
Furthermore, SB serves as the backward integration arm for JHUL
and SSPL.

Outlook: Stable

CRISIL believes that the JHUL group will maintain a stable
business risk profile backed by its moderate operating
efficiencies. The outlook may be revised to 'Positive' in case of
higher-than-expected increase in the revenue and profitability, or
improvement in the business risk profile, owing to improvement in
market share or stabilization of current capacity. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected capacity utilization, which may impact cash accruals, or
in case of higher-than-expected debt-funded capital expenditure.

                         About the group

SSPL was promoted in 2005 by two brothers, Mr. Shyam Sunder Shah
and Mr. Raj Kumar Shah, in Jharkhand. The company has been
manufacturing pig iron (60 tonnes per day [tpd]) since 2009 and
sponge iron (2 kilns of 100 tpd each). The company is in the
process of setting up billet facility of 72000 tonnes per annum
and a captive power plant of 15 mega-watts.

JHUL was incorporated in May 2003. The company has a sponge iron
plant with an installed capacity of 200 tpd. SB is a partnership
firm and has iron ore mines since 1920 in Jharkhand. JHUL and SSPL
source their entire iron ore requirement from this firm. This firm
also supplies to other customers.

JHUL group's profit after tax (PAT) and net sales are estimated at
INR 60.8 million and INR2.3 billion respectively for 2010-11
(refer to financial year, April 1 to March 31); the company
reported a PAT of INR77.0 million on net sales of INR1.1 billion
for 2009-10.


SHRI SOMESHWARA: CRISIL Places 'CRISIL B+' Rating on INR8.6MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shri Someshwara Spun Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR45 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR8.6 Million Long-Term Loan   CRISIL B+/Stable (Assigned)
   INR136.4 Million Proposed LT    CRISIL B+/Stable (Assigned)
             Bank Loan Facility

The rating reflects SSSPL's weak financial risk profile, marked by
high gearing, liquidity constraints, and modest scale of
operations. These rating weaknesses are partially offset by the
extensive experience of SSSPL's promoters in the textiles
industry.

Outlook: Stable

CRISIL believes that SSSPL will continue to benefit over the
medium term from its established market position and promoters'
experience in the textiles industry. The outlook may be revised to
'Positive' if the company significantly increases its revenues and
net cash accruals, and improves its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in SSSPL's operating margin or debt protection
metrics or elongation in the company's working capital cycle.

                       About Shri Someshwara

Set up in 2006, by the Mehra family and Rathi family, SSSPL
manufactures and trades in poly blended yarn. Currently, the
company's trading and manufacturing activities contribute almost
equally to its revenues. SSPL has its manufacturing facility in
Coimbatore (Tamil Nadu) with capacity of 12,000 spindles.

SSSPL reported a profit after tax (PAT) of INR3.8 million on net
sales of INR247.3 million for 2010-11 (provisional figures)
(refers to financial year, April 1 to March 31), against a PAT of
INR2.6 million on net sales of INR194 million for 2009-10.


TIRUPATI BASMATI: CRISIL Rates INR38.3MM Term Loan at 'CRISIL BB-'
------------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL BB-/Stable' to Tirupati
Basmati Exports Pvt Ltd's bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR76.7 Million Cash Credit     CRISIL BB-/Stable (Assigned)
   INR2.5 Million Standby Line    CRISIL BB-/Stable (Assigned)
                     of Credit
   INR38.3 Million Term Loan      CRISIL BB-/Stable (Assigned)

The rating reflects TBEPL's weak financial risk profile driven by
high gearing, weak debt protection measures and moderate net
worth; and exposure to risks relating to small scale of operations
in the rice industry, to volatility in raw material prices, and to
regulatory risks. These weaknesses are partially offset by the
benefits the company derives from healthy growth prospects in the
rice industry.

Outlook: Stable

CRISIL believes that TBEPL will maintain a stable business risk
profile on the back of promoters' experience in the rice industry.
The company's financial risk profile is, however, expected to
remain weak over the medium term, owing to large working capital
requirements and resultant high debt levels. The outlook may be
revised to 'Positive' in case of less than expected increase in
working capital requirements or if the promoters infuse more funds
into the company leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative 'if
the company contracts large debt funded capex leading to
deterioration in its financial risk profile.

                       About Tirupati Basmati

Set up in 1985 as a partnership firm TBEPL (formerly, Tejinder
Kumar & Bros) was converted into a private limited company in
2008-09 (refers to financial year, April 1 to March 31). The
company mills, processes, and sells parboiled basmati rice. It
sells the entire produce to exporters in India who further sort
and export the rice. The company's plant in Taraori (Haryana), has
a milling and sorting capacity of 20 tonnes per hour (tph) and 5
tph, respectively.

TBEPL is estimated to report a profit after tax (PAT) of
INR25.2 million on net sales of INR1.02 billion for 2010-11, as
against a PAT of INR16.5 million on net sales of INR0.45 billion
for 2009-10.


TURTLE LIMITED: CRISIL Ups Rating on INR60MM Loan to 'CRISIL BB-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Turtle
Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

   Facilities                        Ratings
   ----------                        -------
   INR60 Million Rupee Term Loan     CRISIL BB-/Stable (Upgraded
                                       from 'CRISIL B+/Stable')

   INR240 Million Cash Credit        CRISIL BB-/Stable (Upgraded
                                         from CRISIL B+/Stable')

   INR90 Million Proposed LT Bank    CRISIL BB-/Stable (Upgraded
                    Loan Facility        from CRISIL B+/Stable')

   INR5 Million Bank Guarantee       CRISIL A4+ (Upgraded from
                                                  'CRISIL A4')

   INR5 Million Letter of Credit     CRISIL A4+ (Upgraded from
                                                 'CRISIL A4')

The upgrade reflects CRISIL's expectation that TL will sustain its
steady revenue growth and profitability over the medium term,
driven by its strong brand. The upgrade also reflects expected
improvement in the company's financial risk profile on the back of
steady improvement in gearing and debt protection metrics in the
absence any large debt-funded capital expenditure (capex) over the
medium term.

CRISIL's ratings continue to reflect the benefits that TL derives
from its established brand in the sub-premium menswear segment and
its wide distribution network. These rating strengths are
partially offset by TL's working-capital-intensive operations,
limited pricing power, and exposure to intense competition in the
domestic market from Indian and global brands.

Outlook: Stable

CRISIL believes that TL will continue to benefit over the medium
term from its established brand and market position in the ready-
made garments segment. The outlook may be revised to 'Positive' if
the company significantly scales up its operations while
maintaining its profitability, along with improvement in its
gearing supported by efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if any
pressure on profitability leads to weakening in TL's financial
risk profile, or delays in collecting receivables result in
pressure on its liquidity. Any large debt-funded capex may also
lead to a downward revision in the outlook.

                         About Turtle Ltd

Incorporated in 1992 as a public limited company, TL is promoted
by Mr. Sanjay Jhunjhunwala and Mr. Amit Ladsaria (nephew of Mr.
Jhunjhunwala). Future Venture India Ltd, a Future group company,
owns 26 per cent stake in TL. TL designs and manufactures ready-
made cotton menswear in India, Nepal, and the Middle East. The
company has two brands -- Turtle and London Bridge. It has three
manufacturing units in Kolkata (West Bengal) and one in Bengaluru
(Karnataka), with a combined capacity of 6800 pieces per day.

Turtle registered a profit after tax (PAT) of INR43 million on net
sales of INR859 million in 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR29 million on net sales
of INR643 million in 2009- 10.


VASU YARN: CRISIL Cuts Rating on INR144.8MM Loan to 'CRISIL D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Vasu
Yarn Mills India Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

   Facilities                         Ratings
   ----------                         -------
   INR144.80 Million Long-Term Loan   CRISIL D (Downgraded from
                                            'CRISIL BB-/Stable')

   INR30.00 Million Cash Credit       CRISIL D (Downgraded from
                                            'CRISIL BB-/Stable')

   INR10.00 Million Letter of Credit  CRISIL D (Downgraded from
                                                'CRISIL A4+')

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

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

VYPL also has working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
VYPL's promoter in the textile industry.

                          About Vasu Yarn

Set up in 2003, VYPL manufactures cotton yarn. Its facility in
Vijayamangalam (Tamil Nadu [TN]) has an installed capacity of
16,464 spindles. The company also generates wind power; its
generators in TN have installed capacity of 2.5-megawatt wind
power. VYPL's promoter-director, Mr. K S Vasudevan, has been in a
similar line of business since the past decade.

VYPL reported, on a provisional basis, a profit after tax (PAT) of
INR14.2 million on net sales of INR279.4 million for 2010-11
(refers to financial year, April 1 to March 31). The company
reported a PAT of INR4.7 million on net sales of INR202.6 million
for 2009-10.


VEEKAS PIPES: CRISIL Assigns 'CRISIL B+' Rating to INR50MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Veekas Pipes Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR50 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR50 Million Proposed LT      CRISIL B+/Stable (Assigned)
          Bank Loan Facility


The rating reflects the VPPL's small scale of operations in a
highly competitive industry, vulnerability of operating margin to
the volatility in steel prices, and a moderate financial risk
profile marked by moderate debt-protection metrics and a high
total outside liabilities to tangible net worth (TOL/TNW) ratio
These rating weaknesses are partially offset by the extensive
experience of the promoters in the pipe trading industry.

Outlook: Stable

CRISIL believes that VPPL will maintain its moderate business risk
profile over the medium term backed by the promoters' established
track record in the steel pipe trading industry. The financial
risk profile is, however, expected to remain constrained due to
moderate debt-protection metrics and a high TOL/TNW ratio. The
outlook may be revised to 'Positive' if the financial risk profile
improves through equity infusion and better-than-expected
profitability. Conversely, the outlook may be revised to
'Negative' in case the company reports lower-than-expected
profitability, adversely impacting the debt-protection metrics, or
higher-than-expected exposure to group companies.

                        About Veekas Pipes

Started in 1971 as a partnership concern, VPPL was reconstituted
as a private limited company in 1994. The company, promoted by Mr.
Prakash Patel and his cousin Mr. Deepak Patel, is a trader of
steel pipes such as electric resistance welded (ERW) steel pipe,
galvanised steel pipe, structural-rectangulars, rounds, and hollow
section steel pipes used in housing, irrigation, and various
industries. The company is a non-exclusive authorized dealer of
Asian Tubes Limited in Gujarat. Mr. Prakash Patel and Mr. Deepak
Patel have also promoted Ozone India Ltd, a company engaged in
real estate construction in Ahmedabad (Gujarat).

VPPL reported a profit after tax (PAT) of INR8.3 million on net
sales of INR390 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.5 million on net
sales of INR100.1 million for 2008-09.


VIJAY DEEP: Fitch Puts Rating on National Long-Term at 'BB-'
------------------------------------------------------------
Fitch Ratings has assigned India's Vijay Deep Silk Mills Pvt Ltd a
National Long-Term rating of 'Fitch BB-(ind)'.  The Outlook is
Stable.

The ratings reflect VDSMPL's continuous revenue growth and its
stable EBITDA margins for the past five years due to its ability
to pass on the increasing raw material price to customers despite
volatile raw material prices.

The ratings are constrained by VDSMPL's small size of operations,
commoditised nature of product, and its high working capital
intensity.  The ratings are also constrained by the company's
presence in the highly fragmented and competitive textile industry
and its track record of high net financial leverage (total
adjusted net debt/ operating EBITDA).  Further, Fitch expects the
company's financial leverage to increase in FY12 on account of its
debt-led capital expenditure.

A negative rating action may result from a sustained fall in
VDSMPL's operating profitability and a sudden increase in its
working capital requirements due to volatility in raw material
price, resulting in stressed net financial leverage position on a
sustained basis.  Conversely, a positive rating action may result
from VDSMPL's consistent revenue growth coupled with stable EBITDA
margins resulting in improved net financial leverage on a
sustained basis.

Incorporated in 1987, VDSMPL is into textile manufacturing
including synthetic fibers.  As per provisional FY11 figures, the
company reported revenue of INR236.71m (FY10: INR204.70m), EBITDA
margin of 10.72% (FY10: 10.67%), and net financial leverage of
3.86x (FY10: 3.96x).

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

  -- INR65m total fund-based limits: 'Fitch BB-(ind)'/'Fitch A4+
     (ind)'

  -- INR1.1m total non-fund based limits: 'Fitch BB-(ind)'/'Fitch
     A4+ (ind)'


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


BANENG HOLDINGS: Posts MYR790,000 Net Loss in Qtr Ended June 30
---------------------------------------------------------------
Baneng Holdings Bhd reported a net loss of MYR790,000 on
MYR19.79 million of revenue for the three months ended June 30,
2011, compared with net income of MYR324,000 on MYR30.52 million
of revenue for the same period in 2010.

The company's balance sheet as of June 30, 2011, showed
MYR116.77 million in total assets and MYR168.94 million in total
liabilities, resulting in a stockholders' deficit of
MYR52.17 million.

The company's balance sheet as of June 30, 2011, also showed
strained liquidity with MYR55.30 million in total current assets
available to pay MYR168.86 million in total current liabilities.

A full-text copy of the company's unaudited annual report is
available for free at http://ResearchArchives.com/t/s?76d3

                        About Baneng Holdings

Baneng Holdings Bhd (KUL:BANENG) is a Malaysia-based company
engaged in investment holding and provision of management
services.  The Company operates in one segment, which is the
manufacturing of fabrics and garments.  As of December 31, 2009,
the Company had five subsidiaries: Maxlin Garments Sdn. Bhd.,
which is engaged in the manufacturing of garments; Chenille
International Pte Ltd, which is engaged in trading of garments and
provision of agency services; Seri Azhimu Jaya Garments & Textiles
(B) Sdn. Bhd., which is engaged in the manufacturing of apparels,
textiles and garments; Herizen Investment Pte Ltd, and Baneng
Lesotho (Proprietary) Ltd.

Baneng Holdings Bhd 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 PN17
criteria was triggered resulting from Baneng Holding's auditors
expressing a modified opinion with emphasis on Baneng Holding's
going concern in the Company's latest audited consolidated
financial statements for the financial year ended December 31,
2009, and the Company's shareholders' equity on a consolidated
basis is less than 50% of the issued and paid-up share capital.


HOVID BERHAD: Posts MYR879,000 Net Loss in Qtr Ended June 30
------------------------------------------------------------
Hovid Bhd disclosed with the Bursa Malaysia Securities its
unaudited financial results for the fourth quarter ended June 30,
2011.

The company reported MYR879,000 net loss on MYR34.55 million
of revenues in the three months ended June 30, 2011, compared
with a net loss of MYR113.66 million on MYR86.94 million of
revenues in the same quarter of 2010.

At June 30, 2011, the company's consolidated balance sheet
showed MYR200.79 million in total assets, MYR99.08 million in
total liabilities, and MYR101.71 million in stockholders' equity.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?76d5

                          About Hovid Berhad

Hovid Berhad (KUL:HOVID) -- http://www.hovid.com/-- is a Malaysia
based company.  The Company is engaged in the business of
manufacturing pharmaceutical and herbal products. The Company
operates in two segments: pharmaceutical, which is engaged in
manufacturing and selling of pharmaceutical products, and
phytonutrient, which includes extraction and processing of
nutrients from palm oil for the purpose of manufacturing and
producing of pharmaceutical, phytonutrient and
oleochemicals/biodiesel products. The Company's geographical
segments include Asia, Africa, Europe, Pacific Island, and North
and South America.

Hovid Berhad has been considered a Practice Note 17 company based
on the criteria set by the Bursa Malaysia Securities pursuant to
Paragraph 2.1(d) of PN17.

Hovid disclosed that that a subsidiary, Carotech Berhad, has
defaulted on the repayment of certain borrowings which were due
for payment during the financial year ended June 30, 2010, which
was announced on July 1, 2010, pursuant to the Guidance Note 5 of
the Bursa Securities ACE Market Listing Requirements.  Carotech
has also sought the assistance of Corporate Debt Restructuring
Committee to mediate between Carotech and its lenders on its
Proposed Debt Restructuring scheme.  The CDRC has agreed to
mediate and allowed a period of six months from July 1, 2010, to
complete the proposed scheme.  The Company said that the lenders
of Carotech are currently reviewing and considering the proposed
scheme but no decision has been made as at the date the financial
statements for the financial year ended June 30, 2010, were
approved by the Board.


LINEAR CORP: Incurs MYR1.1MM Net Loss in Quarter Ended June 30
--------------------------------------------------------------
Linear Corporation reported a net loss of MYR1.10 million on
MYR2.83 million of revenue for the quarter ended June 30, 2011,
compared with net income of MYR2.65 million on MYR2.77 million of
revenue for the three months ended June 31, 2010.

The company's balance sheet as of June 30, 2011, showed
MYR95.37 million in total assets, MYR61.33 million in total
liabilities, and stockholders' equity of MYR34.04 million.

The company's consolidated balance sheet at June 30, 2011,
showed strained liquidity with MYR54.40 million in total current
assets available to pay MYR61.33 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?76d4

                         About Linear Corp.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was
unable to provide a solvency declaration to Bursa Securities.


TRACOMA HOLDINGS: Posts MYR4.13MM Net Loss in Qtr Ended June 30
---------------------------------------------------------------
Tracoma Holdings Berhad reported a net loss of MYR4.13 million on
revenue of MYR32.85 million for the three months ended June 30,
2011, compared with a net loss of MYR42.56 million on revenue of
MYR34.39 million for the same period ended June 30, 2010.

At June 30, 2011, the company's consolidated balance sheet showed
MYR192.16 million in total assets, MYR276 million in total
liabilities and MYR6.69 in government grant, resulting in a
stockholders' deficit of MYR90.53 million.

The company's consolidated balance sheet at June 30, 2011, also
showed strained liquidity with MYR79.41 million in total current
assets available to pay MYR161.78 million in total current
liabilities.

A full-text copy of the company's balance sheet at June 30,
2011, is available for free at:

                http://ResearchArchives.com/t/s?76d8

A full-text copy of the company's consolidated income statement
for quarter ended June 30, 2011, is available for free at:

                http://ResearchArchives.com/t/s?76d7

                       About Tracoma Holdings

Tracoma Holdings Berhad is a Malaysia-based manufacturer and
supplier of automotive parts and components.  Some of its wholly
owned subsidiary companies include Tracoma Sdn. Bhd., which is
engaged in manufacturing of automotive components; Malaysian Die-
Makers Sdn. Bhd., which is engaged in die making and servicing;
Trends Mecha Sdn. Bhd., which is engaged in parts and car design,
and Malaysian Farm Machinery Sdn. Bhd., which is engaged in
assembling and distributing agricultural tractors.

                            *     *     *

Tracoma Holdings Berhad has been classified as an Affected Listed
Issuer under Practice Note 17 of the Listing Requirements of Bursa
Malaysia Securities Berhad.

The company has triggered PN17's Paragraph 8.04 and Paragraph
2.1(a) as the consolidated shareholders' equity for the full
financial year ended December 31, 2009, is less than 25% of the
Company's issued and paid-up capital and such shareholders' equity
is less than MYR12 million.


VTI VINTAGE: Swings to MYR626,000 Net Income in June 30 Quarter
---------------------------------------------------------------
VTI Vintage Berhad posted net income of MYR626,000 on revenue of
MYR8.71 million for the quarter ended June 30, 2011, compared with
a net loss of MYR964,000 on revenue of MYR2.44 million in the
same period last year.

At June 30, 2011, the company's consolidated balance sheet showed
MYR63.13 million in total assets and MYR73.63 million in total
Liabilities, resulting in a stockholders' deficit of
MYR10.50 million.

The company's consolidated balance sheet at June 30, 2011, showed
strained liquidity with MYR25.16 million in total current assets
available to pay MYR59.52 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?76d6

                         About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


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


CENTURY CITY: Doubts Raised Over Value of Owner's Properties
------------------------------------------------------------
Phil Kitchin at The Dominion Post reports that questions have been
raised about the NZ$232-million value put on his commercial and
residential property by Terry Serepisos.

According to the report, multiple commercial property and finance
market sources believe Mr. Serepisos would struggle to get
NZ$60 million from the sale of his commercial property, leaving a
shortfall of NZ$172 million.

The sources, as cited by The Dominion Post, said there was no way
the remaining 150 or so residential properties Mr. Serepisos owns
would fetch an average NZ$1.146 million each to make up the
shortfall.

In the past year, the report discloses, the average sale price for
city residential properties has been about NZ$500,000. Just to
clear his NZ$203 million debt, those properties would need to sell
for an average NZ$953,000.

According to The Dominion Post, Wellington's Harcourts real estate
managing director, Marty Scott, said if the commercial portfolio
fetched only NZ$60 million, making up the difference would be
difficult.

Mr. Scott said the valuation "sounds significantly high" and
anyone trying to sell the properties would need to ask realistic
prices, the report relates.

Of Mr. Serepisos's residential properties, 125 are apartments. The
Dominion Post relates that sources said it was arguable whether
Mr. Serepisos still owned an "A-grade" commercial building.

The sources spoken to all believed Mr. Serepisos and his creditors
would take a bath whether there was an orderly sale or not, the
report notes.

However, most thought that the creditors would opt for an orderly
sale rather than force him into bankruptcy and see a flood of
mortgagee sales, the report adds.

According to The Dominion Post, Mr. Serepisos has been battling
financial issues within his Century City group of companies for
more than a year during which time he has faced a number of court
actions.  They included moves in November to liquidate five
Century City companies over unpaid tax and the Accident
Compensation Corporation of nearly NZ$4 million.  That amount was
repaid in a deal that subsequently lead to Mr. Serepisos losing
ownership of his flagship Century City Hotel in Tory St., The
Dominion Post noted.

The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which owns
the Wellington Phoenix football team.


CENTURY CITY: Phoenix Owner's Next Move Crucial to Club' Future
---------------------------------------------------------------
Dave Burgess at The Dominion Post reports that the long-running
saga of Terry Serepisos and his mounting debts would be of little
more interest than a property developer falling on hard times if
it weren't for his ownership of the Wellington Phoenix.

It is the football club and the NZ$1.5 million he pumps into it
each year that makes his financial prospects of interest to fans
and Wellington City Council, the report notes.

According to the Dominion Post, Mr. Serepisos has made it clear
the Phoenix is not for sale, even though he has proposed in the
High Court an "orderly" sale of assets he says are worth NZ$232
million to repay debts of NZ$203 million.

But council sports portfolio leader John Morrison said
Mr. Serepisos should start any asset sale with the Phoenix, the
report relates. "This is the ultimate test for Terry. Does he
really care about the Phoenix or is he going to destroy it,?" the
report quotes Mr. Morrison as saying.

"If he stuck up his hand and said: 'I love the Phoenix but I'm not
in a position to continue to fund it', with the recession,
downturn in the property market, and his well-documented financial
troubles, then everyone would accept that.

"He could work with whoever and would end up as being founding
president of the club. Everyone would recognize his valuable
contribution and applaud him at Phoenix matches," the report
quotes Mr. Morrison as saying.

A Yellow Fever member writing on the fan club's website also wants
Mr. Serepisos to move aside, The Dominion Post reports.

"Time to put the fans before your ego, Terry, and sell the club to
someone . . . who can fund it properly and get in the players we
need," Mr. Malky said.

According to The Dominion Post, Mr. Serepisos has been battling
financial issues within his Century City group of companies for
more than a year during which time he has faced a number of court
actions.  They included moves in November to liquidate five
Century City companies over unpaid tax and the Accident
Compensation Corporation of nearly NZ$4 million.  That amount was
repaid in a deal that subsequently lead to Mr. Serepisos losing
ownership of his flagship Century City Hotel in Tory St., The
Dominion Post noted.

The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which owns the
Wellington Phoenix football team.


CERVINO HOLDINGS: Former Kestrel Owner Found Guilty of Fraud
------------------------------------------------------------
Jamie Morton at nzherald.co.nz reports that Michael Colosimo, a
prominent Tauranga businessman, has been barred from leaving
New Zealand after being found guilty of fraud charges over the
sale of his former floating restaurant, Kestrel at the Landing.

The Kestrel, a 105-year-old vessel and the last working survivor
of Auckland's historic ferry fleet, returned to Auckland last year
after an onboard restaurant floating restaurant at Tauranga's
waterfront went into liquidation in June 2008, nzherald.co.nz
says.

According to the report, Mr. Colosimo, the fleet's former owner,
was last year charged with fraud after an allegation he provided a
forged set of financial documents to Michael and Sue Dyke in early
2007 when the couple was considering buying the floating
restaurant and bar from Mr. Colosimo's company Cervino Holdings.

Shortly after the Dykes bought the business, Cervino went into
voluntary liquidation, the report notes.

In Tauranga District Court at the weekend, nzherald.co.nz says,
Mr. Colosimo was found guilty of making a false financial document
and dishonestly using a false document to obtain a pecuniary
advantage after an 11-day trial.

Judge Peter Rollo asked for pre-sentence reports, including
suitability for home detention, but said that did not mean
Colosimo would not go to prison, reports nzherald.co.nz.

As part of his bail conditions, Mr. Colosimo was ordered to
surrender his passport.

Mr. Colosimo was remanded on bail until October 11 for sentencing,
the report adds.


NATHANS FINANCE: Former Chairman Loses Bail Bid
-----------------------------------------------
The National Business Review reports that the Auckland High Court
has rejected former Nathans Finance chairman Roger Moses' bail
application.

NBR relates that Mr. Moses and fellow Nathans director Mervyn
Doolan were handed prison sentences last week having been found
guilty, eight weeks ago, of lying to thousands of out-of pocket
investors about a Nathans prospectus aimed at raising
NZ$100 million from the public.

Both will now head to the Court of Appeal arguing instead for home
detention, the report notes.

NBR says Mr. Moses applied on Monday for bail pending the appeal
on the basis that the extra month in prison before the Court of
Appeal hearing would be damaging because of his health and age.

According to the report, Justice Paul Heath ruled it was not in
the interests of justice in this case to grant bail. He said the
time in jail before the Court of Appeal hearing would be taken
into account if home detention was granted.

A Court of Appeal date has been set down for September 27, NBR
adds.

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

                        About Nathans Finance

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


SOUTH CANTERBURY: Sale Process to Continue Despite Hubbard's Death
------------------------------------------------------------------
Anne Gibson at nzherald.co.nz reports that the death of Timaru
financier Allan Hubbard makes little difference to the ongoing
sale of his businesses -- but compassion is being exercised.

According to the report, Kerryn Downey, South Canterbury Finance
receiver at McGrathNicol with William Black, said SCF staff
numbers were gradually being reduced, offices in three main
centres were being sold and negotiations were continuing over
further asset sales.

The process is continuing according to plan despite the death, but
Mr. Downey indicated he was taking an empathic approach, the
report says.

"It's an absolute tragedy," the report quotes Mr. Downey as saying
of Friday's car accident.  "We're being low-key this week but any
communications with the Hubbards has been fairly sparse now as we
have most of the records and information which we required.

"There was a little information one of my staff was waiting for a
response from Allan on," Mr. Downey said, adding that his offices
would deal with accountants HC Partners, formerly Hubbard
Churcher.

The six-monthly statutory report to August 31 is still on target
to be released next month, showing a running tally of the amounts
recovered so far, according to nzherald.co.nz.

The report notes that SCF has about 90 staff, many in
Christchurch, and some are due to leave shortly.

"We are providing re-employment counselling. It's a gradual wind-
down because that helps people have what I call a soft landing.
The group will be downsized from October onwards."

Mr. Downey, as cited by nzherald.co.nz, said SCF offices in
Timaru, Ashburton and Hamilton were for sale but its premises were
yet to be discharged from the books.

Other properties which had been classified as being in the "bad
bank" or toxic loans were also being prepared for sale, such as
Belfast properties outside Christchurch, Mr. Downey added.

The report relates that Mr. Downey's next big deal could be the
sale of SCF's 33.6% stake of New Zealand's largest dairy farming
group, Dairy Holdings, part of an 83% stake up for sale.

"That is one of our big work streams, one of our top priorities,"
nzherald.co.nz quotes Mr. Downey as saying.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the
provision of financial services.  The Company's principal
activities are borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advances funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


WATERTIGHT PLUMBING: Placed in Liquidation; 17 Workers Lose Jobs
----------------------------------------------------------------
Simon Hartley at Otago Daily Times reports that Watertight
Plumbing and Heating Ltd has been placed in voluntary liquidation
with the loss of 17 jobs.  The company owes about NZ$1.15 million
to almost 150 creditors, the report says.

According to the report, Watertight is understood by receivers to
be owed almost NZ$420,000 in bad debts and separate retention
payments, the latter held by the main contractors from earlier,
completed, construction projects, some of which will be claimed
back during the next 12 months. Asset values have not been
estimated, the report notes.

Otago Daily relates that Gus Jenkins, of Insolvency Management
Ltd, understood Watertight had been through a period of expansion
during the previous three to four years, then with the recession,
had laid off some staff but its fixed overhead costs, such as
vehicles and premises, had been "quite high".

The insolvency was attributed to a number of accumulated bad debts
which resulted in a "significant loss", which led to cash flow
problems "which has ultimately resulted in the inability to keep
trading," Otado Daily quoted Mr. Jenkins in his first report.

Mr. Jenkins forecast there would be an unspecified dividend likely
for 16 known secured creditors and 18 preferential creditors, 17
employees and IRD, but financial information was still being
collated.  There are 112 known unsecured creditors at present.

According to Otago Daily, Mr. Jenkins said staff were laid off
from Watertight two days before the company was formally placed in
liquidation, on August 31.

Securities are held on a variety of plant, machinery and vehicles,
with some of the 16 secured creditors including ANZ, Monument
Finance, Solar Group, Mosgiel Motor Court and listed Steel and
Tube, Otago Daily notes.

Watertight was incorporated in mid-2004, with its directors Craig
Borley and Gary Burgess, of Mosgiel, being equal majority
shareholders.


ZION WILDLIFE: Cheetah Escape 'No Accident,' Operator Says
----------------------------------------------------------
Neil Reid at Sunday Star Times reports that a cheetah escaped from
its enclosure and ran loose around the Zion Wildlife Gardens.

Documents obtained from the Ministry of Agriculture and Forestry
(MAF) revealed that a cheetah roamed free from its enclosure in
April, according to Sunday Star Times.

The report notes that the park's operator Patricia Busch suspects
the cheetah's escape was an act of "sabotage" while MAF said it
was caused by human error.  Sunday Star Times relates that a copy
of MAF's non-compliance report into the incident stated: "It is
believed that human error led to the animal escaping through a
door rather than a structural failing of the enclosure.  This
incident is considered a high biosecurity risk but, due to the
prompt actions of staff, the animal did not breach the facility
perimeter and was quickly contained again."

"There is the suspicion it was deliberate, that it was sabotage.
There is suspicion that it wasn't an accident," Ms. Busch said in
a statement obtained by the news agency.

The MAF document said that the escape was in breach of the
Biosecurity Act, 1993, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
July 28, 2011, stuff.co.nz said that Rabobank has called in
receivers from PricewaterhouseCoopers to place Zion Wildlife into
receivership.  PWC partner and receiver Colin McCloy confirmed the
move several hours after park operator Patricia Busch went public
with her concerns that some of the Northland wildlife reserve's
big cat could be "put down" or relocated, according to
stuff.co.nz.  The report noted that Mrs. Busch said her farm and
all of her land had been mortgaged in a bid to save the park.
stuff.co.nz disclosed that Mrs. Busch said that the park's income
had been drastically reduced due to a series of incidents;
including the stopping of wildlife encounters, the tragic death of
big cat handler Dalu Mncube and ongoing litigation between her
son, Craig "Lion Man" Busch, herself and various companies.  Zion
Wildlife Gardens is a famous park in New Zealand.


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


AIMS AMP: Moody's Upgrades Corp. Family Rating to 'Ba1'
-------------------------------------------------------
Moody's Investors Service has upgraded AIMS AMP Capital Industrial
REIT's corporate family rating to Ba1 from Ba2.  The rating
outlook is stable.

Ratings Rationale

"The upgrade reflects AIMSAMPIReit's demonstration of prudence in
managing its capital structure and in its expansion strategy after
a major corporate restructuring in late 2009," says Alvin Tan, a
Moody's Analyst.

Over the past year, the trust has adopted a "reconstitution"
strategy for its portfolio, and through which it has divested
properties that have reached the optimal stages of their life
cycles. Moreover, the trust can reinvest sales proceeds into
assets which have potential for value enhancement.

In 2010, AIMSAMPIReit sold 23 Changi South, Singapore and Asahi
Ohmiya Warehouse, Japan, and acquired 27 Penjuru Lane and 29
Woodlands Industrial Park E1, both situated in Singapore. The two
acquisitions were funded via a debt/equity mix to maintain a
conservative gearing level. As a result of these transactions, the
trust's property size increased to S$853 million as of 30 June
2011 from S$566 million in December 2009.

More recently, the trust also announced plans to redevelop 20 Gul
Way into a five-storey ramp up industrial property to improve its
asset quality and maximize use of existing land. The redevelopment
is set to complete in 2 separate phases over 2.5 years.

"After recent acquisitions, and after incorporating the
redevelopment project into Moody's projections, the trust's
Debt/Total Assets could gradually increase to approximately 40%
through until FY2014, although it still targets its longer-term
gearing at 30-40%. Such levels, with projected debt/EBITDA of
below 6.5x and EBITDA/Interest coverage of over 4x over the same
period, position it well within the Ba1 rating," says Tan.

While AIMSAMPIReit's current financial profile could weaken -- as
it seeks to grow its portfolio -- the upgrade factors in the
cushion available for further acquisitions, as well as the trust's
plan to maintain its gearing below the targeted 40%.

Although the trust's portfolio remains small, the properties are
seasoned, well-maintained and in close proximity to major road
networks, as well as airports, seaports and key industrial belts,
as evidenced by high occupancies and strong, predictable cash
flows.

"The presence of AMP Capital Investors as a joint sponsor has also
enabled AIMSAMPIReit to broaden its banking relationships, and
gain access to bank financing, as it seeks funding to grow its
portfolio and refinance its debts. Therefore, the trust has also
been able to extend its debt maturities and obtain more favorable
financing terms for its bank loans," adds Tan.

Accordingly, AIMSAMPIReit has no major near-term refinancing needs
until October 2013.

The Ba1 rating further reflects its small operating scale, as well
as its geographic and tenant concentration. It also reflects its
limited financial flexibility, given its high level of encumbered
assets.

The stable outlook reflects Moody's expectation that AIMSAMPIReit
will maintain a prudent capital structure while it expands, such
that adjust debt/total assets is maintained below 40% over time.

The rating may experience upward pressure if (1) AIMSAMPIReit's
sponsors further demonstrates its support for the trust by
providing access to their property pipelines and improves the
trusts access to funds; (2) it substantially expands its business
scale to S$1.5-2.0 billion in total assets, while not materially
deteriorating its current credit metrics; (3) it further
diversifies its portfolio across the industrial property sector,
which includes business parks and hi-tech space; and (4) it
improves on its financial flexibility by further broadening its
banking relationships and increasing the level of unencumbered
assets in its portfolio.

The rating may experience downward pressure if (1) its operating
environment deteriorates, such that it suffers high vacancy rates
and a decline in rentals and operating cash flows, and/or
financial metrics with Debt/EBITDA exceeding 8x, Debt/Total Assets
above 40%, and EBITDA/interest coverage below 3x on a consistent
basis; (2) further acquisitions are made without committed funding
in place; and (3) a more aggressive growth policy is undertaken to
fund new investments.

The principal methodology used in this rating was Moody's Approach
for REITs and Other Commercial Property Firms published in July
2010.

Headquartered in Singapore, AIMSAMPIReit is a real estate
investment trust that owns and invests in industrial properties.
The company reported investment property assets of approximately
S$853 million as of June 30, 2011.


TRUE SPA: Creditors Reject IBWA Redemption Offer
------------------------------------------------
Tanya Fong at Today Online reports True Spa customers, fed up with
the twists and turns in their quest to have their money returned,
are rejecting the initial terms of offer from the spa companies
who have collectively - under the Intercontinental Beauty and
Wellness Association (IBWA) - agreed to take over their packages.

In an e-mail to the media, Today Online relates that the 331
customers involved in the winding up application against True Spa
in the High Court said they are "not prepared to be passed from
spa to spa like orphans put up for adoption", and they "just want
their money back".

"How can there be an offer when it was not even presented to the
creditors and plaintiffs first,?" the report quotes Mr. Nimrod
Chuang, one of the affected customers, as saying.
Mr. Chuang referred to a True Spa media statement on Friday, which
announced that the IBWA was offering full redemption of their
unrealised True Spa packages, the report notes.

Today Online relates that a deal between True Spa and Body
Contours had first emerged in the High Court last Friday, but this
was then followed by True Spa's statement later in the day
announcing that the IBWA would be part of the agreement - details
of which the affected customers only learnt about through media
reports the next day.

Today Online quotes Mr. Chuang as saying that, "It was our
understanding that the court adjournment was to give the parties
time to review the arrangement between True Spa and Body Contours
to ensure that the terms of the agreement are acceptable to the
customers. To date, we have not yet received any official
correspondence from them."

Other customers are wary, especially after a failed deal last year
where Subtle Senses had agreed to take over True Spa's operations,
only to go into liquidation, the report relays.

"I'm very suspicious. In the five months that Subtle Senses was
handling my account, I only managed to get three appointments.
Then it closed down," Today Online quotes Professor Richard
Davies, one of the customers, as saying.

According to the report, IBWA vice-president Ananda Rajah, who is
also the chief executive officer of Body Contours, said the
association is aiming to get more spa companies to take part in
the redemption offer.  "We are encouraging IBWA members to sign a
performance guarantee with a leading insurance company to assure
clients of their financial stability," he said.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, channelnewsasia.com said some 247 creditors of True
Spa who have banded together to wind up the company to reclaim
about SGD701,000 of unused pre-paid treatments.  The move came
after several letters of demand and statutory demand were issued
in March by customers to True Spa asking for their money back but
no payment was made.  channelnewsasia.com related that Salem
Ibrahim, who represents the creditors, said 31 more creditors had
since stepped forward, bringing the claim now to about SGD796,000.

True Spa was reported to have had 8,000 customers but some might
have transferred their spa credits to True Yoga and True Fitness
memberships.

True Spa Pte Ltd is a luxury spa.


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


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


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

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

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

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

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

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

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

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

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

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

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

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


                             *********

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

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

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


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

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

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

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

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





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