TCRAP_Public/110908.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, September 8, 2011, Vol. 14, No. 178

                            Headlines



A U S T R A L I A

BURRUP FERTILISERS: Oswal Sues Receivers for Breach of Duties
CVI CORP: Goes Into Administration After Posting AU$1MM++ Loss
MERIDIEN MARINAS: Horizon Shores Development in Receivership


C H I N A

CHINA HONGQIA: Fitch Withdraws 'BB(exp)' Rating on Senior Notes


H O N G  K O N G

AMPRESS PACIFIC: Liu and Lam Appointed as Liquidators
AMPRESS PACKAGING: Liu and Lam Appointed as Liquidators
BEACON HILL: Sole Member' Final Meeting Set for Oct. 10
BENLIN LIMITED: Members' Final Meeting Set for Oct. 3
CLEAN SYSTEMS: Final Meeting Slated for Oct. 10

CT ELECTRONICS: Creditors' Meeting Set for Sept. 16
EC (ASIA): Liu and Lam Appointed as Liquidators
EC MANUFACTURING: Liu and Lam Appointed as Liquidators
FEED THE CHILDREN: Ho Mo Hing Appointed as Liquidator
FOURSEAS BOWLING: Placed Under Voluntary Wind-Up Proceedings

TONG HAI: Court Enters Wind-Up Order
TRADE GIANT: Court Enters Wind-Up Order
WELL-TEC ENTERPRISES: Court to Hear Wind-Up Petition on Oct. 12
WING HUNG: Court to Hear Wind-Up Petition on Sept. 28
YU KEE: Briscoe and Chan Appointed as Provisional Liquidators


I N D I A

GO GO INT'L: Fitch Puts Low-B Rating on Two Loan Facilities
HMA AGRO: ICRA Downgrades Rating on INR20.6cr Loan to '[ICRA]D'
HMA FOOD: ICRA Downgrades Rating on INR7.5cr Loans to '[ICRA]D'
IQU POWER: ICRA Cuts Rating on INR18.5cr Term Loan to '[ICRA]D'
JP SORTEX: ICRA Assigns '[ICRA]B' Rating to INR28cr Bank Loan

KARTIKA ISPAT: ICRA Assigns '[ICRA]D' Rating to INR6cr Cash Credit
LAILA NUTRACEUTICALS: ICRA Cuts Rating on INR3cr Loan to '[ICRA]D'
MALU PAPER: ICRA Downgrades Rating on INR42.25cr Loan to '[ICRA]D'
MIRAJ PRODUCTS: ICRA Assigns '[ICRA] BB' Rating to INR13cr Loans
NEOGAL POWER: ICRA Cuts Rating on INR18.64cr Loan to '[ICRA]D'

SHRI SAI: ICRA Assigns '[ICRA]BB' Rating to INR48.8cr Bank Limits
SOLAR SEMICONDUCTOR: ICRA Cuts Rating on INR208.55cr Loan to 'D'
SRI SARAVANA: ICRA Cuts Rating on INR14.64cr Loan to '[ICRA]B+'
SUDERSHAN BIOTECH: ICRA Rates INR6.93cr Bank Limits at '[ICRA]B'
VAIBHAV JEWELLERS: ICRA Puts '[ICRA]BB' Rating on INR12cr Loan

VARDHMAN PRECISION: Fitch Puts Rating on INR250 Mil. Fund at 'BB+'
VARUN JEWELS: ICRA Rates INR145.8cr Bank Limits at '[ICRA]BB'
VIDYA NIKETAN: ICRA Assigns '[ICRA]B' Rating to INR7cr Bank Limits
INDIA: Moody's Says 'Ba1' Bond Rating Incorporate Credit Strengths


M A L A Y S I A

MAXBIZ CORP: Reports Less Than 10% Deviation in Net Loss for 2010
SELOGA HOLDINGS: Posts MYR2.83MM Net Income in Qtr Ended June 30


N E W  Z E A L A N D

AORANGI SECURITIES: Registrar to Discuss Statutory Management
BLUE CHIP: 300 Investors Win Leave to Take Case to Supreme Court
CENTURY CITY: Owner No Chance of Receiving WGA Loan, Lawyer Says
CENTURY CITY: Phoenix Owner Owes Team Coach More Than NZ$100,000
OGGIES CAFE: Faces Liquidation Over Unpaid Tax Bill


P H I L I P P I N E S

GLOBE ASIATIQUE: Judge Issues Injunction to Stop Charges vs Owner


S I N G A P O R E

DCS ASSET: Fitch Puts 'BBsf' Rating on GD8.3-Mil. Class C Notes




                            - - - - -


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


BURRUP FERTILISERS: Oswal Sues Receivers for Breach of Duties
-------------------------------------------------------------
The West Australian reports that Burrup Fertilisers part-owner
Pankaj Oswal has lodged another legal action, this time claiming
receivers PPB Advisory has breached its duties by disclosing
confidential documents.

The entrepreneur has accused PPB of breaching confidentiality by
giving some confidential documents to potential bidders, the
report says.

According to the report, Mr. Oswal said the move could affect one
of his other law suits underway in the Supreme Court.

"During the sales process for BFPL, potential bidders were granted
access to the BFPL data room by PPB Advisory," the report quoted
Mr. Oswal as saying in a statement.

"This provided bidders with the opportunity to access legally
privileged documents including legal advice the company has
received in relation to its prospects of successfully prosecuting
an action in the Supreme Court to secure Burrup Fertliser's
supplies of gas.

"Apache is one of the parties to the gas supply agreement and
gained access to the data room as a potential bidder for my
shares.

"It appears that Apache has got access to those confidential
documents and consequently has an unfair and unlawful advantage in
the action currently underway in the Supreme Court.

"I note Apache's partners, Tap Oil and Kufpec, have commenced
separate proceedings in the Supreme Court seeking details of the
information that was made available to bidders."

The West Australian relates that Mr. Oswal said in the statement
that the receiver could only use company documents to sell the
entire company.  He said this was not the case as PPB was only
selling his share of the company - not the entire company, the
report relays.

"I have a number of concerns that PPB did not appreciate or
understand the difference between BFPL documents and my
documents," Mr. Oswal said in the statement.  "It has two separate
obligations and responsibilities and two separate roles as the
receiver of BFPL and the receiver of my shares."

The West Australian says Mr. Oswal and his wife Radhika are wading
through a quagmire of litigation, including his recent move to sue
Burrup Fertilisers for $469.5 million for what he said were cost
overruns he paid to complete the breakthrough project.

It is understood the pair, now based in Dubai, are involved in
about 15 legal proceedings, reports The West Australian.

A spokesman for PPB declined to comment on the all allegations
directly, but urged Mr. Oswal to return to Australia, the report
adds.

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

The receivers are seeking AUD95.7 million in compensation from
Mr. Oswal for allegedly acting in breach of his statutory and
fiduciary duties as a director of Burrup Fertilisers, The
Australian said.  According to The Australian, Mr. Oswal has
denied the allegations and said the use of the funds was
legitimate.

                     About Burrup Fertilisers

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

                             *     *     *

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


CVI CORP: Goes Into Administration After Posting AU$1MM++ Loss
--------------------------------------------------------------
Smart Company reports that CVI Corporation has collapsed after
posting a loss of more than AU$1 million earlier this year.  The
report relates that the collapse comes after the company had
attempted to undergo a recapitalization, and changed its name from
Citiview Corp last year after investing in Velvogen, a South
African coal company.

Jack Robert James of Palisade Business Consulting had been
appointed as the company's voluntary administrator.  The report
notes that a meeting of creditors will be convened within eight
days.

Last year, Smart Company recalls, shareholders approved a number
of transactions including a capital raising for the issue of up to
200 million ordinary shares at a price of AU$0.01 per share.
However, the report relates, the company has faced some problems
since then.

Last year, its shares had been suspended after failing to lodge
full year accounts for the year ending December 2009, Smart
Company notes.  It eventually lodged its accounts, but shares
remained suspended, Smart Company relays.

In April the company said the Australian Securities and
Investments Commission had issued an interim order on its
prospectus designed to recapitalize the business, and that no
offers, issues, sales or transfers of securities under the
prospectus could be carried out, according to Smart Company.

Smart Company says that ultimate outcome was that ASIC issued a
final order on the prospectus, with the company saying it would
submit a new prospectus "in the near future".  However, the ASX
would not grant the company a waiver for further applications, the
report notes.

A meeting of shareholders was called to authorize the
recapitalization, which eventually occurred in August, Smart
Company discloses.

Chief Executive Officer Mark Smyth wrote to prospective investors
that it was looking to raise AU$2 million, in order to pay various
costs, provide funding to Velvogen and look for new investment
opportunities, the report adds.

CVI was incorporated in May 1987.  Its name was changed to
Citiview Energy in 1996, then Citiview Corporation in 2000.  It
was then changed to CVI Corporation late last year.


MERIDIEN MARINAS: Horizon Shores Development in Receivership
------------------------------------------------------------
Ashlynne McGhee at ABC News reports that Meridien Marinas' AUD500
million Horizon Shores development, a partly developed marina, was
handed to receivers.

The partly developed marina, according to the Gold Coast City
Council, is a "critical" piece of infrastructure for the city, the
report relates.  The Shores development at Jacobs Well was to
become Australia's largest marina.

ABC News relates that the council said the development is about
half finished and a company spokesman said about $75 million has
already been spent on work to date.

According to the report, the council's chairman of city planning,
Ted Shepherd, said he is disappointed.

"It's a surprise and it's always a surprise when good operators
and developers are having financial troubles but I'm heartened by
the news that the receivers will actually try to trade this
company through," ABC News quotes Mr. Shepherd as saying.  "I'm
hopeful they can recover."

The company's Abel Point marina and Port of Airlie development in
north Queensland have also been handed to receivers, ABC News
notes.

Meridien Marinas is an Australian-based resort-style marinas
developer.


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C H I N A
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CHINA HONGQIA: Fitch Withdraws 'BB(exp)' Rating on Senior Notes
---------------------------------------------------------------
Fitch Ratings has withdrawn the expected 'BB(exp)' ratings of
China Hongqiao Group Limited's proposed USD and offshore CNY
senior unsecured notes.  The ratings have been withdrawn after the
company cancelled the issue of the proposed notes.


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


AMPRESS PACIFIC: Liu and Lam Appointed as Liquidators
-----------------------------------------------------
Liu Tin Chak Arnold and Lam Chi Wai Peter on Aug. 30, 2011, were
appointed as liquidators of Ampress Pacific Limited.

The liquidators may be reached at:

         Liu Tin Chak Arnold
         Lam Chi Wai Peter
         19/F, Henry Centre
         131 Wo Yi Hop Road
         Kwai Chung, New Territories
         Hong Kong


AMPRESS PACKAGING: Liu and Lam Appointed as Liquidators
-------------------------------------------------------
Liu Tin Chak Arnold and Lam Chi Wai Peter on Aug. 30, 2011, were
appointed as liquidators of Ampress Packaging Limited.

The liquidators may be reached at:

         Liu Tin Chak Arnold
         Lam Chi Wai Peter
         19/F, Henry Centre
         131 Wo Yi Hop Road
         Kwai Chung, New Territories
         Hong Kong


BEACON HILL: Sole Member' Final Meeting Set for Oct. 10
-------------------------------------------------------
Sole Member of Beacon Hill Investment International Limited will
hold their final meeting on Oct. 10, 2011, at 9:00 a.m., at Room
502, Finance Building, No. 256 Des Voeux Road Central, in Hong
Kong.

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


BENLIN LIMITED: Members' Final Meeting Set for Oct. 3
-----------------------------------------------------
Members of Benlin Limited will hold their final general meeting on
Oct. 3, 2011, at 10:00 a.m., at 5/F., Dah Sing Life Building, 99-
105 Des Voeux Road Central, in Hong Kong.

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


CLEAN SYSTEMS: Final Meeting Slated for Oct. 10
-----------------------------------------------
Clean Systems Korea Inc. Limited will hold a final meeting on
Oct. 10, 2011, at 9:40 a.m., at Room 502, Finance Building, No.
256 Des Voeux Road Central, in Hong Kong.

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


CT ELECTRONICS: Creditors' Meeting Set for Sept. 16
---------------------------------------------------
Creditors of CT Electronics Limited will hold their meeting on
Sept. 16, 2011, at 10:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.

The meeting will be held at Room 103 Duke of Windsor Social
Service Building, 15 Hennessy Road, Wanchai, in Hong Kong.


EC (ASIA): Liu and Lam Appointed as Liquidators
-----------------------------------------------
Liu Tin Chak Arnold and Lam Chi Wai Peter on Aug. 30, 2011, were
appointed as liquidators of EC (Asia) Limited.

The liquidators may be reached at:

         Liu Tin Chak Arnold
         Lam Chi Wai Peter
         19/F, Henry Centre
         131 Wo Yi Hop Road
         Kwai Chung, New Territories
         Hong Kong


EC MANUFACTURING: Liu and Lam Appointed as Liquidators
------------------------------------------------------
Liu Tin Chak Arnold and Lam Chi Wai Peter on Aug. 30, 2011, were
appointed as liquidators of EC Manufacturing Limited.

The liquidators may be reached at:

         Liu Tin Chak Arnold
         Lam Chi Wai Peter
         19/F, Henry Centre
         131 Wo Yi Hop Road
         Kwai Chung, New Territories
         Hong Kong


FEED THE CHILDREN: Ho Mo Hing Appointed as Liquidator
-----------------------------------------------------
Ho Mo Hing on Aug. 31, 2011, was appointed as liquidator of Feed
the Children Hong Kong.

The liquidator may be reached at:

         Ho Mo Hing
         Unit 23, 28/F
         Soundwill Plaza
         38 Russell Street
         Causeway Bay
         Hong Kong


FOURSEAS BOWLING: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Aug. 26, 2011,
creditors of Fourseas Bowling Centre Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F, Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


TONG HAI: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Aug. 24, 2011, to
wind up the operations of Tong Hai Enterprises (Hong Kong)
Limited.

The Official Receiver is Teresa S W Wong.


TRADE GIANT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Aug. 19, 2011, to
wind up the operations of Trade Giant Limited.

The company's liquidator is:

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


WELL-TEC ENTERPRISES: Court to Hear Wind-Up Petition on Oct. 12
---------------------------------------------------------------
A petition to wind up the operations of Well-Tec Enterprises
Limited will be heard before the High Court of Hong Kong on
Oct. 12, 2011, at 9:30 a.m.

Guangzhou Tachibana Electronics Company Limited filed the petition
against the company July 29, 2011.

The Petitioner's solicitors are:

          Eddie Lee & Company
          Rooms 1710-12, 17th Floor
          Nan Fung Tower
          173 Des Voeux Road
          Central, Hong Kong


WING HUNG: Court to Hear Wind-Up Petition on Sept. 28
-----------------------------------------------------
A petition to wind up the operations of Wing Hung Knitwear Garment
Factory Limited will be heard before the High Court of Hong Kong
on Sept. 28, 2011, at 9:30 a.m.

Kwong Hing Knitting Fabric Trading Company Limited filed the
petition against the company on July 27, 2011.

The Petitioner's solicitors are:

          Kenneth C.C. Man & Co.
          7th Floor, New Henry House
          010 Ice House Street
          Central, Hong Kong


YU KEE: Briscoe and Chan Appointed as Provisional Liquidators
-------------------------------------------------------------
Stephen Briscoe and Chan Pui Sze of Briscoe Wong Ferrier on
Aug. 19, 2011, were appointed as provisional liquidators of
Yu Kee Food Company Limited.

The liquidators may be reached at:

         Stephen Briscoe
         Chan Pui Sze
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


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GO GO INT'L: Fitch Puts Low-B Rating on Two Loan Facilities
-----------------------------------------------------------
Fitch Ratings has assigned India's Go Go International Private
Limited a National Long-Term rating of 'Fitch BB+(ind)'.  The
Outlook is Stable.

The ratings reflect the long experience of GGIPL's promoters in
ready-made garment manufacturing and its established relationships
with the leading brands like GAP (Issuer Default Rating (IDR):
'BBB-'/Stable), Levi Strauss (IDR: 'B+'/Stable), Mothercare and
Bestseller.  Further, Fitch notes that despite majority of the
company's production being exported, it demonstrated resilience
during the economic slowdown (FY09-FY10) and maintained its
operating profitability at moderate levels compared to its
industry peers' during the same period.

The ratings remain constrained by GGIPL's high financial leverage
due to its low operating margins on account of the challenging
environment in its addressable markets in the developed countries.
The ratings also remain constrained by the absence of any long-
term contracts with customers, forex risk and government policies
with respect to export incentives like duty drawback.  In
addition, Fitch has a negative-to-stable outlook for the Indian
cotton apparel/made-ups manufacturers for 2011.

A positive rating guideline would be a significant improvement in
GGIPL's revenues and profitability while it maintains financial
leverage of below 3.5x.  A negative guideline would be its net
debt/EBITDA exceeding 6.0x.

GGIPL's turnover increased to INR1,709.4 million in FY11 from
INR1,473.2 million in FY10, while its EBIDTA margin marginally
decreased to 8.15% from 8.69% during the same period.  Its net
debt to EBITDA remained high at 5.15x in FY11.

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

  -- INR241.9 million long-term loan: 'Fitch BB+(ind)'
  -- INR628 million fund-based working capital limits: 'Fitch BB+
     (ind)'/'Fitch A4+(ind)'
  -- INR22 million non-fund based working capital limits:
     'Fitch A4+(ind)'


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

HMA Agro Industries Limited is a public limited company promoted
by the members of the Qureshi family in 2008. The company has been
promoted by the group to set up a fully integrated buffalo meat
facility which is presently under commissioning. The facility is
located in Aligarh, Uttar Pradesh (U.P.) and has a capacity to
process up to 15,000 tonnes per annum (TPA) of buffalo meat. The
facility has been approved by the Agricultural and Processed Food
Products Export Development Authority for export of buffalo meat.


HMA FOOD: ICRA Downgrades Rating on INR7.5cr Loans to '[ICRA]D'
---------------------------------------------------------------
ICRA has revised the long-term rating of HMA Food Export Private
Limited from 'LB' to '[ICRA]D' for its INR 7.5 crore fund based
limits. The rating revision takes into account the continued
irregularities in servicing of debt by the company.

HMA Food Export Private Limited is engaged in the production and
sale of frozen processed buffalo meat. HMA has also recently
started exporting frozen processed meat under its brand name
'Kamil'. Promoted by the Qureshi family in 2002, HMA was initially
operated as a partnership firm which was subsequently converted
into a private limited company in November 2009. The production
facility of the company is located in Agra, Uttar Pradesh (UP) and
has a capacity to process upto 75 tonnes per day (TPD) of buffalo
meat.


IQU POWER: ICRA Cuts Rating on INR18.5cr Term Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has revised the rating assigned to the INR 18.50 crore term
loan programme of Iqu Power Company Private Limited to '[ICRA]D'
from 'LC' earlier.

The rating revision factors in the delays in debt servicing since
the last rating action in March 2011. While Iqu Power had been
commissioned in February 2011, ICRA notes that there continue to
be delays in debt servicing. While the project has been
substantially delayed from the scheduled commissioning date of
May/June 2009, debt servicing in the interim (debt repayments
commenced in June 2010) had been supported by equity infusions
from the sponsors. Given the inherent irregularity of cash flows
for hydro power projects and the strained financial position of
the SPML Group, ICRA expects timely debt servicing to continue to
be challenging.

Iqu Power is an SPV promoted by SPML Group for the development,
operation and maintenance of a 4.5 MW pure run of the river hydro
power project in Kangra District, Himachal Pradesh. The 40-year
concession granted by the Government of Himachal Pradesh (GoHP)
expires in November 2042. The original cost estimate for the
project was at INR 31.12 crore to be funded by debt of INR 18.50
crore and equity of INR 12.62 crore. The project had been
commissioned in February 2011 against a scheduled project
commissioning date of May/June 2009. The cost overrun of approx
INR 4 crore has been fully funded by equity infusions. The total
capacity of 4.5 MW has been contracted to HPSEB under a 40-year
PPA expiring in November 2042.


JP SORTEX: ICRA Assigns '[ICRA]B' Rating to INR28cr Bank Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR 28.00
crore fund based facilities of JP Sortex Private Limited. ICRA has
also assigned a short term rating of '[ICRA]A4' to the INR 14.00
crore packing credit sublimit of the fund based limits of JP
Sortex Private Limited.

The ratings of JPSPL take into consideration its moderate scale of
operations, its low profitability metrics, its high gearing levels
and its weak debt protection indicators. The ratings also factor
in the company's high working capital intensity and the intensely
competitive nature of industry which exerts pressure on operating
margins. However, the ratings favorably take into account JPSPL's
experienced management and its concentration on export of basmati
rice. Further, ICRA also takes into account the favorable demand
prospects of the rice industry with India being the second largest
producer and consumer of rice in the world.

                          About JP Sortex

JP Sortex Private Limited is a private limited company established
in 1999. The company is primarily engaged in milling of basmati
rice. JPSPL's milling unit is based out of Firozpur, Punjab, in
close proximity to the local grain market. JPSPL sells rice under
its five registered brands in the domestic market. The sales and
distribution of the company is overseen by its offices in
New Delhi and Dubai. JPSPL has its sales force present in various
states in India including Delhi, Tamil Nadu, Gujarat, Maharashtra,
and Madhya Pradesh, and is also involved in export of rice
primarily to countries in the Middle East.

In FY 2011, the company reported an operating income of
INR48.18 crore and a net profit after tax of INR0.12 crore.


KARTIKA ISPAT: ICRA Assigns '[ICRA]D' Rating to INR6cr Cash Credit
------------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR6.00 crore Cash
Credit facility and INR 2.50 crore Term Loan facility of Kartika
Ispat Private Limited. ICRA has also assigned an '[ICRA]D' rating
to the INR0.50 crore short term non fund based facilities of KIPL.

The assigned ratings reflect instances of irregularities in debt
servicing by KIPL. KIPL's financial profile is weak characterized
by high gearing and stretched liquidity. Since FY11 was the first
year of operations, stabilization of operations of the company
will take time which is expected to push pressure on cash flows of
the company in near term. ICRA also takes into consideration
limited value addition in business of KIPL and highly fragmented
nature of the industry, leading to intense competition, both of
which result in thin operating and net profitability. The company
is also exposed to the risks associated with the cyclicality
inherent in steel prices.

Incorporated in 2008, KIPL is engaged in manufacturing of mild
steel Ingots through induction furnace process. The company has an
installed capacity of 23800 MT per annum. Manufacturing facility
of the company is located in Malegaon MIDC near Nashik in
Maharashtra. The company uses sponge iron and steel scrap as raw
material for manufacturing of Ingots. Commercial operations of the
company commenced in December 2010.

Recent Results

KIPL has reported a profit before tax (PBT) of INR 0.17 crore in
FY11 on an operating income of INR 14.52 crore. The company has
reported operating profit before depreciation, interest,
amortization and tax (OPBDITA) of INR 0.58 crore in the same
period.


LAILA NUTRACEUTICALS: ICRA Cuts Rating on INR3cr Loan to '[ICRA]D'
------------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR3.00
crore term loan facilities of Laila Nutraceuticals to '[ICRA]D'
from 'LB+'.  ICRA has also revised the short-term rating
outstanding on the INR 35.00 fund based facilities of the Firm to
'[ICRA]D' from 'A4'.

The revision in the rating reflects the continued delays in debt
servicing by Laila Nutra. The business profile of the firm is
constrained by high product, customer and geographic
concentration. The financial profile is characterized by volatile
revenue generation, high working capital intensity and frequent
profit withdrawals by promoters which viewed in light of the
aggressive debt funded capex, is likely to strain the Firm's
capital structure.

Laila Nutraceuticals is one of the flagship firms of the Laila
Group of firms and companies with business interest across diverse
sectors such as pharmaceuticals, nutraceuticals, ayurvedic
products, sugar, paper, finance, hospitality, real estate and
education. Laila Nutra was registered in March 2005 as a 100% EoU,
dealing with the manufacture and export of herbal extracts. The
Firm is largely dependent on three key herbal extracts (Boswellia,
Garcinia and Gymnema) deriving over 95% of its revenues from these
products.

According to unaudited results, during the nine months ended
December 2010, the Firm recorded an operating income of INR 47.7
Crores and a profit before tax of INR 21.6 Crore. For the
financial year ended 2010, the Firm recorded an operating income
of INR 58.9 crores and a profit after tax of INR 33.1 crores as
against an operating income of INR 112.9 crores and a profit after
tax of INR 53.9 crores for the previous year.


MALU PAPER: ICRA Downgrades Rating on INR42.25cr Loan to '[ICRA]D'
------------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the term
loans and fund based facilities of Malu Paper Mills Limited
aggregating to INR 42.25 crore1 and INR 24.75 crore respectively
from 'LB' to '[ICRA]D'.  ICRA has also revised the short term
rating assigned to the non-fund based limits of MPML aggregating
to INR 16.20 crore from 'A4' to '[ICRA]D'.

The downgrade in ratings takes into account the continued delays
by MPML in meeting its debt obligations owing to stretched
liquidity position and the subsequent referral to Corporate Debt
Restructuring (CDR) Cell that was admitted in August 2011.
Accordingly, a restructuring of the existing term loans and
working capital facilities of the company would be carried out
with the possibility of additional moratorium period being
provided to the company in order to improve its cash flow position
so as to repay its future debt obligations. The company's
financial position at present continues to remain weak with net
losses reported for Q1 FY 2012 on account of capacity utilisation
levels being impacted by shortage of working capital funds and
high interest burden. Going forward, the moratorium period
provided to the company as part of the debt restructuring deal
would remain important to ease the pressures on its cash flows for
the near term.

                         About Malu Paper

Malu Paper Mills Limited, the flagship company of Malu group, was
incorporated on 11th January 1994 as Malu Solvex Ltd. Subsequently
the name of the company was changed to Malu Paper Mills Ltd. with
effect from 24th April 1998. MPML is promoted by the Malu family.
The company is involved in the manufacture of kraft paper,
newsprint paper and writing & printing paper and has plants
located in Saoner-Taluka district, about 30 km away from Nagpur
city in the state of Maharashtra. The first paper machine of the
company was commissioned for commercial production in 1996 with a
capacity to produce 5940 TPA of kraft paper which was later
upgraded to 8250 TPA. MPML set up another unit at the same
location to produce 19800 TPA of newsprint in 2001 and later
modified the same for production of kraft paper from FY 2011. The
company also setup a new plant of 49500 TPA for production of
newsprint and writing & printing paper, alongwith captive power
generation capacity of 6 MW, in the nearby area for which the
equity requirement was met through company's Initial Public Offer
(IPO) issued in March 2006 raising proceeds of about INR 20 crore.
The plant commenced operations on 10th March 2008.

During FY 2011, the company reported net losses of INR2.98 crore
on an operating income of INR171.93 crore.


MIRAJ PRODUCTS: ICRA Assigns '[ICRA] BB' Rating to INR13cr Loans
----------------------------------------------------------------
ICRA has assigned '[ICRA] BB' rating to INR13.00 crore (enhanced
from INR10.00 crore) fund based bank facilities of Miraj Products
Private Limited. ICRA also has '[ICRA]A4' rating outstanding for
the above fund based bank facilities which can be availed as a
short term loan to the extent of INR10.00 crore. ICRA also has
'[ICRA]BB' rating outstanding for INR12.00 crore term loan
facilities of MPPL. The outlook on the long term rating is Stable.

MPPL is the flagship company of the diversified Miraj Group which
is promoted by Mr. Madan Lal Paliwal and was incorporated in 1996
with an objective of manufacturing and trading of tobacco. The
company has its tobacco manufacturing operations at Nathdwara in
the state of Rajasthan where it processes tobacco with lime and
peppermint and packs it in various sizes. The sales are largely
from domestic markets and accounted by four main states i.e.
Gujarat, Madhya Pradesh, Maharashtra and Rajasthan.


NEOGAL POWER: ICRA Cuts Rating on INR18.64cr Loan to '[ICRA]D'
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR 18.64 crore term
loan programme of Neogal Power Company Private Limited to
'[ICRA]D' from 'LC' earlier.

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

Neogal Power is an SPV promoted by SPML Group for the development,
operation and maintenance of a 4.5 MW pure run of the river hydro
power project in Kangra District, Himachal Pradesh. The 40-year
concession granted by the Government of Himachal Pradesh (GoHP)
expires in November 2042. The original cost estimate for the
project was at INR 30.62 crore to be funded by debt of INR 18.64
crore and equity of INR 11.98 crore. The project is expected to be
commissioned in September/October 2011 against a scheduled project
commissioning date of March 2010. Of the total capacity of 4.5 MW,
3 MW has been contracted to HPSEB under a 40-year PPA expiring in
November 2042.


SHRI SAI: ICRA Assigns '[ICRA]BB' Rating to INR48.8cr Bank Limits
-----------------------------------------------------------------
ICRA has assigned '[ICRA]BB' and '[ICRA]A4' rating to the INR 48.8
crore1 fund based bank limits of Shri Sai Jewels Private Limited.
The long term rating carries stable outlook.

The rating favorably factors in the decade long experience of
SSJPL's promoters in the cut and polished diamonds (CPD) industry,
its robust sales in the last three years and its diversified
customer profile in the export markets. The ratings are
constrained by SSJPL's low margins resulting from inherently low
value addition as well as high competition in the CPD trading
business, high working capital intensity in the business
operations, weak capital structure and modest coverage indicators.

Shri Sai Jewels Private Limited was established in March 2006 for
trading and export of cut and polished diamonds (CPDs) as well as
other gems and jewellery. The company is a 100% exporter and
almost entire of its sales catering to the global markets is
routed through the popular gems and jewellery hubs like Hong Kong
and Dubai.

SSJPL is a 51% subsidiary of Varun Industries Limited which is
engaged in manufacture and export of stainless steel cookware,
kitchenware, houseware and general merchandise. Established in
1996, VIL is the flagship company of the Varun Group and is also
engaged in diverse business activities like export trading of CPDs
{through its subsidiaries: Varun Jewels Private Limited -- rated
[ICRA]BB (stable) / [ICRA]A4 by ICRA and Shri Sai Jewels Private
Limited}, production of wind energy, providing integrated drilling
services to the oil and gas industry in India (through its 100%
subsidiary Varun Petroleum Corporation Ltd.), mining & related
activities (through its 100% subsidiary Varun Minerals Corporation
Ltd.), etc.

Recent results

For the financial year ended March 2011, the company reported a
Net Profit of INR 1.2 crore on an operating income of
INR161.8 crore.


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

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

                     About Solar Semiconductor

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

During the 9 month period of FY 2011, the company has reported net
losses of INR32.22 crore on an operating income of INR595.91 crore
(provisional).


SRI SARAVANA: ICRA Cuts Rating on INR14.64cr Loan to '[ICRA]B+'
---------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR14.64
crore term loan facilities (enhanced from INR11.40 crore) and the
INR15.00 crore fund based bank facilities (enhanced from INR13.00
crore) of Sri Saravana Tex Exports India Private Limited to
'[ICRA]B+' from 'LBB-'. ICRA has reaffirmed the short-term rating
of '[ICRA]A4' outstanding on the INR5.00 crore non-fund based bank
facilities of the Company.

The revision in long-term rating reflects the expected
deterioration in SSTEIPL's financial profile following the sharp
decline in demand and realization of yarn. The ratings consider
the small scale of the Company's operations which restricts
economies of scale and financial flexibility, the intense
competition in a highly fragmented industry structure which
restricts pricing flexibility of spinners, its stretched capital
structure and weak coverage indicators. The ratings also consider
the experience of promoters in the textile industry for about
three decades.

SSTEIPL, situated in Rajapalayam (Tamil Nadu), currently operates
with 31,152 spindles and 302 looms. The Company primarily produces
cotton yarn, which contributes about 70% to revenues. The Company
also manufactures and exports grey fabric to Europe, which
contributes to the remaining revenues.

Mr. V. Shanmugam, the Chairman and Managing Director of SSTEIPL,
has been engaged in the manufacture of garments since 1972. Mr.
Shanmugam set up spinning operations in early 1990s through a
partnership firm. SSTEIPL was formed by conversion of the
partnership firm in 2005.

Recent Results

SSTEIPL reported net profit of INR0.8 crore on operating income of
INR55.9 crore during 2010-11 (according to unaudited results),
against net profit of INR0.6 crore on operating income of
INR42.5 crore during 2009-10.


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

The ratings assigned by ICRA take into account the current project
phase of the company, limited track record, continuing losses and
consequent stretched liquidity position of the company. This has
led to restructuring of its term loans in June 2010. SBL did not
receive equity investment to fund its production facilities for
various products, according to the original plan. Moreover, it
also recorded losses from its trading business in FY'10. SBL is
yet to start commercial scale manufacturing of any of its products
and therefore depends solely on equity infusion to meet its debt
service obligations in near future. Company has plans of setting
up manufacturing facilities for production of Chymosin, Interferon
Beta and Human Serum Albumin in next 3 years; these green field
projects will be exposed to typical project execution risks and
timely equity investment will be critical for completion of the
projects. The ratings however draw comfort from strong research
and development team of SBL; the company owns a pool of patented
products and processes which gives it a competitive advantage in
terms of technology. SBL has signed a share holder agreement with
a new equity investor to fund its upcoming green field projects
and research activities. The ratings also take into account the
fact that the company has recently started manufacturing of
antigens on a small scale and the sales of these antigens is
expected to contribute towards cash flows in FY'12. Company's
ability to meet funding requirements from equity investments to
execute upcoming green-field projects and to competitively
manufacture and market its products will be the key rating
sensitivities.

SBL is a research led organization, registered in the year 1999
and came into operation in 2001. SBL started as R&D unit,
specializing in recombinant DNA technology that has evolved into
an organization with focus in the areas of industrial Enzymes,
Diagnostic Proteins and Therapeutic Proteins. The company was
started by Dr. V. Guntaka, who is currently a professor at the
University of Tennessee, Memphis, TN, USA, as its Chief Scientific
Advisor. The company has 15000 sq ft R&D facility including an
antigen manufacturing facility in Hyderabad.


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

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

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


VARDHMAN PRECISION: Fitch Puts Rating on INR250 Mil. Fund at 'BB+'
------------------------------------------------------------------
Fitch Ratings has assigned India's Vardhman Precision Profiles &
Tubes Pvt. Ltd. a National Long-Term rating of 'Fitch BB+(ind)'.
The Outlook is Stable.

The ratings reflect VPPTL's established decade-long track record
in pre-engineered steel building (PEB) industry, its significant
revenue growth and modest profitability over FY10-FY11, as well
as its moderate net financial leverage (total adjusted net
debt/operating EBITDAR) over the past four years.  The ratings are
underpinned by company's order book size of INR1,339.7 million as
at June 30, 2011 (2.6x of FY11 revenues).  Consequently, Fitch
expects VPPTL to maintain its current credit profile over the
short-to-medium term.

The ratings are however constrained by VPPTL's small size of
operations, high working capital intensity, and its exposure to
the highly competitive and fragmented PEB industry.  Fitch notes
the company's susceptibility to order book cyclicality due to the
tender-based nature of its business, which highly depends on
orders from corporate and government agencies.  The ratings are
further constrained by the customer concentration risk as the
company derives about 75% of its revenues from top five customers.

A negative rating action may result from any unanticipated debt-
led capex at VPPTL or stretching of its working capital cycle,
resulting in sustained deterioration of its net financial
leverage. Conversely, a positive rating action may result from a
significant improvement in its revenue and profitability resulting
in a sustained improvement in its financial leverage.

VPPTL is a manufacturer of pre-fabricated structures and also
provides turnkey solutions such as designing and erection of
buildings for its clients.  Its revenue grew by 45.6% yoy to
INR517.4 million in FY11, and by 25.3% yoy in FY10, its EBITDA
margin was 7.3% over FY10-FY11 and net financial leverage was
around 3.5x over FY08-FY11.

Fitch has assigned ratings to VPPTL's instruments, as follows:

  -- INR250m fund-based working capital bank limits: 'Fitch BB+
     (ind)'/'Fitch A4+(ind)'

  -- INR220m non-fund based working capital bank limits: 'Fitch
     BB+(ind)'/'Fitch A4+(ind)'


VARUN JEWELS: ICRA Rates INR145.8cr Bank Limits at '[ICRA]BB'
-------------------------------------------------------------
ICRA has assigned [ICRA]BB/[ICRA]A4 rating to the INR 145.8 crore
fund based bank limits of Varun Jewels Private Limited. The long
term rating carries stable outlook.

The rating favorably factors in the decade long experience of
VJPL's promoters in the cut and polished diamonds (CPD) industry,
its robust sales in the last three years and its diversified
customer profile in the export markets. The ratings are
constrained by VJPL's low margins resulting from inherently low
value addition as well as high competition in the CPD trading
business, high working capital intensity in the business
operations, weak capital structure and modest coverage indicators.

Varun Jewels Private Limited was established in June 2003 for
trading and export of cut and polished diamonds (CPDs) as well as
other gems and jewellery. The company is a 100% exporter and
almost entire of its sales catering to the global markets is
routed through the popular gems and jewellery hubs like Hong Kong
and Dubai.

VJPL is a 51.54% subsidiary of Varun Industries Limited (VIL)
which is engaged in manufacture and export of stainless steel
cookware, kitchenware, houseware and general merchandise.
Established in 1996, VIL is the flagship company of the Varun
Group and is also engaged in diverse business activities like
export trading of CPDs {through its subsidiaries -- Varun Jewels
Private Limited and Shri Sai Jewels Private Limited -- rated
[ICRA]BB (stable) / [ICRA]A4 by ICRA, production of wind energy,
providing integrated drilling services to the oil and gas industry
in India (through its 100% subsidiary Varun Petroleum Corporation
Ltd.), mining & related activities (through its 100% subsidiary
Varun Minerals Corporation Ltd.), etc.

Recent results

For the financial year ended March 2011, the company reported a
Net Profit of INR3.9 crore on an operating income of
INR430.5 crore.


VIDYA NIKETAN: ICRA Assigns '[ICRA]B' Rating to INR7cr Bank Limits
------------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the
INR7.00 crore fund-based bank limits of Vidya Niketan Samiti.

The rating takes into account the vulnerable financial risk
profile of VNS, given that continuing losses over the past four
years have exceeded the society's net worth. Further, VNS'
coverage indicators and profit margins are modest and have
remained subdued over the last three years because of several
factors, including low occupancy for the newly-launched courses,
increasing faculty costs, and heavy interest burden. While the
society's borrowings consist mostly of unsecured loans from
trustees, its debt levels remain high.

The rating, however, draws some comfort from the fact that most of
the courses that VNS offers have been reporting satisfactory
occupancy levels, which ICRA sees as a function of the society's
established reputation, its adequate infrastructure, and the
favorable demand-supply scenario in the domestic higher education
sector.

Established in 1994 under the Madhya Pradesh Societies
Registration Act, 1973, Vidya Niketan Samiti offers courses in
higher education in the streams of pharmacy, management and
engineering. Currently, VNS has six institutes within its fold,
all at Neelbud near Bhopal. Initially, VNS set up a pharmacy and
an MBA institute, and over time, both the institutes been able to
build up a fair reputation in Madhya Pradesh and now enjoy strong
occupancy levels. VNS introduced its engineering programme in 2006
and started its business school in 2010. These initiatives, being
still in the early phase, are yet to report significant returns in
terms of profitability. VNS changed hands in 2007-08, and is
currently managed by a set of trustees that has Dr. Sudhir Sharma
as the Chairman.


INDIA: Moody's Says 'Ba1' Bond Rating Incorporate Credit Strengths
------------------------------------------------------------------
In its annual sovereign credit update on India, Moody's Investors
Services says that India's Baa3 foreign-currency government bond
rating and Ba1 local-currency government bond rating incorporate
credit strengths such as: (i) strong actual and potential growth,
(ii) a diversified economic structure, (iii) a high domestic
savings rate and (iv) a comfortable balance of payments position.
The ratings also reflect challenges such as: (i) weak government
finances, (ii) a policy process often slowed down by domestic
politics, (iii) susceptibility to inflationary pressures and (iv)
the constraints that poor physical and social infrastructure place
on future growth.

According to Moody's, although rising domestic interest rates and
an uncertain global economic environment could dampen India's near
term GDP growth, a cyclical slowdown is unlikely to alter its
credit outlook. India's medium to long term economic potential
continues to be buoyed by its demographic profile, robust savings
and investment rates and the rising international competitiveness
of its corporations.

The report notes that the Indian economy has demonstrated
resilience to political, economic and financial shocks over the
years. While it is not immune to an international growth slowdown,
the strength of domestic demand and the diversity of the economy
provides a buffer against a deceleration in globally exposed
sectors. The country's foreign currency assets are almost four
times its annual foreign debt repayment obligations. Moody's
expects that this ample stock of reserves will facilitate meeting
foreign exchange obligations, should external shocks lead to a
cessation of foreign exchange inflows for a significant period.

Moody's assesses India's institutional strength as moderate.
Democratic politics, a free press, and a well defined system of
checks and balances allows the political process to aggregate the
interests of the billion people that populate a culturally diverse
and economically unequal society. The growing transparency of
fiscal and monetary policy also contributes to the country's
institutional strengths. However, institutional weaknesses are
apparent in the slow pace of policy implementation as well as in
recent corruption scandals.

The report observes that government debt equals 71% of GDP. The
government's interest payments on this debt account for
approximately 25% of its revenues, a ratio higher than the median
for Baa and Ba rated countries. This significant debt and interest
burden limits the fiscal flexibility to respond to future shocks
and to increase spending on much needed social and physical
infrastructure. Still, the report adds that the risk that external
or currency shocks could pose to government debt repayments is
mitigated by the following factors: about 95% of government debt
is owed to domestic institutions, is denominated in rupees, and
has a favourable maturity structure. Furthermore, Moody's expects
that continued GDP growth and incremental fiscal consolidation
efforts will continue to lower the government debt/GDP ratio.

The issuance of this credit report by Moody's is an annual update
to the markets and is not a formal action to alter the credit
rating of the issuer.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


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


MAXBIZ CORP: Reports Less Than 10% Deviation in Net Loss for 2010
-----------------------------------------------------------------
Pursuant to paragraph 9.19(35) of Chapter 9 of the Main Market
Listing Requirements of Bursa Malaysia Securities Berhad, Maxbiz
Corporation Berhad said that the Group's Audited Financial
Statements for the financial year ended Dec. 31, 2010, recorded a
Loss After Tax of MYR2.394 million as compared to the Group
Unaudited Results of a Loss Before Tax of MYR1.961 million as
announced on Feb. 28, 2011.  This resulted to a deviation of less
than 10%.

The deviation is mainly due to the provision for taxation of
MYR519,827 provided by the auditors.

MAXBIZ also said that the Group's Audited Financial Statements for
the financial year ended Dec. 31, 2010, recorded a Loss Before Tax
of MYR1.874 million as compared to the Group Unaudited Results of
a Loss Before Tax of MYR1.961 million as announced on Feb. 28, 2
2011.  This resulted to a deviation of less than 10%.

                       About Maxbiz Corporation

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

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

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


SELOGA HOLDINGS: Posts MYR2.83MM Net Income in Qtr Ended June 30
----------------------------------------------------------------
Seloga Holdings Berhad disclosed with the Bursa Malaysia
Securities its financial report for the quarter ended
June 30, 2011.

For the current quarter, the company reported MYR2.83 million
net income on revenue of MYR18.78 million compared with
MYR4.87 million net income on revenue of MYR15.61 million in the
same quarter of 2010.

As of June 30, 2011, the company's balance sheet showed total
assets of MYR96.34 million, total liabilities of MYR58.31 million
and shareholders' equity of MYR38.04 million.

                        About Seloga Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

                         *     *     *

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.

The Securities Commission has granted an extension of time to
Dec. 31, 2011, for the Group to submit its Regularisation Plan.
The Group is currently in discussion with the advisors to
formulate a plan for submission to the authorities.


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


AORANGI SECURITIES: Registrar to Discuss Statutory Management
-------------------------------------------------------------
The National Business Review reports that the Registrar of
Companies, Neville Harris, will consult with Jean Hubbard and her
advisers before making a final decision on the future of her
statutory management following Allan Hubbard's death last weekend.

NBR relates that Mr. Harris said at the time of Mr. Hubbard's
death he had been considering whether to advise the government to
release either of them from statutory management.

Mr. Harris had been considering the Hubbard's response to a report
he had commissioned on the statutory management by former National
Bank head John Anderson and Deloitte insolvency specialist Rod
Pardington, according to NBR.

"Mr. Hubbard's death changes the position in a number of respects.
It will now be necessary to consult with Mrs. Hubbard and her
advisers before this review can be completed," NBR quotes
Mr. Harris as saying.

"Once a conversation is held with Mrs Hubbard, at an appropriate
time when she is ready, I would expect it will be possible to
complete that consideration, consult with the reviewers, and
provide advice to the Minister in a week to ten days."

NBR quotes Mr. Harris as saying that, "The position of Aorangi
Securities Limited and Hubbard Management Funds is complicated and
investors have suffered losses. It is not yet clear where all of
those losses will fall."

Mr. Harris, as cited by NBR, said Mrs. Hubbard, who was a director
of Aorangi and had a number of other involvements in other trusts
and companies, needed to be involved in the first stages of the
statutory management.

"Circumstances have now changed but under the Corporations
(Investigation and Management) Act the main focus, and my first
priority, must be the interests of the investors as creditors."

                     About Aorangi Securities

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

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

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

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

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

The Serious Fraud Office has announced that it is dropping the
fraud charges against Allan Hubbard.


BLUE CHIP: 300 Investors Win Leave to Take Case to Supreme Court
----------------------------------------------------------------
Anne Gibson at nzherald.co.nz reports that about 300 victims in
the NZ$80 million Blue Chip property disaster have been granted a
last chance to fight deals to buy units in five inner-city
Auckland high-rise blocks.

The Supreme Court on Tuesday granted Blue Chip investors leave to
challenge a Court of Appeal decision which in March went against
them, nzherald.co.nz says.

According to the report, Paul Dale, the Auckland barrister
representing the group, said he was pleased with this step and
expected the case to go to court next year.

"This is about the question of whether investment products offered
by Blue Chip breached the Securities Act and if so, what the
answer is and if not, whether the agreements are unenforceable by
the developers," nzherald.co.nz quotes Mr. Dale as saying.

The report says the investors agreed to buy units in the Barclay,
Bianco, Icon, Chatham and The Stadium blocks which were finished
some time ago.

Some Blue Chip investors took ownership of the units, some have
made arrangements with the developers and others are challenging
the deals they signed because they were told they would never have
to buy the apartments when they put their money into unusual
investment products Blue Chip was selling, the report relays.

According to nzherald.co.nz, corporate entities involved in the
litigation include Turn and Wave, Greenstone Barclay Trustees and
Icon Central.  Blue Chip investors who appealed the High Court
case include Neil Tony Hickman, David John Lester and Anthony
Collingwood, the report notes.

In granting leave to appeal, nzherald.co.nz relates, the Supreme
Court said the issue was whether the marketing by Blue Chip
companies and sales agents of investment products amounted to
offers to the public of equity and debt securities.

If the outcome was favorable to the investors, the court must
decide if that impeached the developers' ability to enforce the
agreements for sale and purchase, the report says.

In March, nzherald.co.nz recalls, the appeal court dismissed
litigation brought by Blue Chip investors who signed up for units
in the multimillion-dollar apartment complexes.  They had fought
to have a High Court decision overturned on sale and purchase
deals they signed, the report adds.

                         About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division is
engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.


CENTURY CITY: Owner No Chance of Receiving WGA Loan, Lawyer Says
----------------------------------------------------------------
The Dominion Post reports that Century City owner Terry Serepisos
has no chance of receiving a US$100 million loan from Western Gulf
Advisory, according to a lawyer representing 12 Australian
businesses allegedly scammed by WGA.

According to the report, Andrew Bryce said he could find no
evidence that WGA had paid out on any of its loan deals.  "We
certainly believe that we have sufficient and credible evidence to
demonstrate the WGA is a substantial international fraud," the
report quotes Mr. Bryce as saying.

WGA is owned by Indian-born Ahsan Ali Syed, who has allegedly
accepted millions of dollars of fees from businesses on both sides
of the Tasman for loans that never eventuate, The Dominion Post
discloses.

Mr. Bryce, as cited by The Dominion Post, said the Australians he
represented have lost about AUD25 million in loan fees paid to
WGA, but combined losses could be as much as AUD100 million.

According to The Dominion Post, Mr. Serepisos has been waiting for
his US$100 million loan since February. It is understood that he
paid WGA somewhere between NZ$1.5 million and NZ$1.8 million in
fees, the report notes.

Mr. Serepisos has always maintained that WGA will provide the
loan, despite mounting evidence to the contrary, the report
relates.

The Dominion Post notes that Mr. Bryce said there were a number of
indicators that WGA was a "sophisticated fraud".

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 30, 2011, The Dominion Post said property developer and
Wellington Phoenix football boss Terry Serepisos has crumpled
under the weight of NZ$200 million debt and is putting forward a
proposal to sell his assets. A judge in the High Court at
Wellington was told August 29 that Mr. Serepisos' portfolio of
about 150 residential properties and at least six major commercial
buildings in Wellington is worth NZ$232,472,000.  The Dominion
Post said Mr. Serepisos' liabilities are calculated at
NZ$203,095,206.  The consequences of these proceedings for the
Wellington Phoenix football club are uncertain at the moment, The
Dominion Post noted.

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 Owes Team Coach More Than NZ$100,000
----------------------------------------------------------------
The National Business Review reports that Wellington Phoenix coach
Ricki Herbert is owed more than NZ$100,000 by the Terry Serepisos-
owned club and has engaged lawyers.

Former Supreme Court judge Bill Wilson confirmed to NBR that he
was acting for Mr. Herbert, although he could not go into detail
about the nature of the work.

NBR recounts that it was reported late last year that Mr. Herbert
had not been paid for weeks but that he was sticking by club owner
Terry Serepisos out of loyalty.

The National Business Review understands that since that time the
amount owed has increased to well over NZ$100,000.

The Wellington Phoenix is owned by Century City Football, which
itself is owned by Century City Trust, whose sole shareholder is
Mr. Serepisos.

As Mr. Serepisos' financial problems have deepened, NBR notes,
Mr. Herbert has increasingly run the risk of being left as an
unsecured creditor, should the embattled property developer's
empire fall.

While employment details are confidential, it has been estimated
that Mr. Herbert is supposed to be paid about NZ$200,000 a year
for coaching the Phoenix, according to NBR.

Meanwhile, The National Business Review reports that the five-
strong consortium of Wellington businessmen who are ready to step
in and buy the club to keep the A-League franchise in Wellington,
are preparing themselves for a takeover.

A source told NBR that one of the Phoenix five had already flown
to Australia for discussions with the Football Federation of
Australia.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 30, 2011, The Dominion Post said property developer and
Wellington Phoenix football boss Terry Serepisos has crumpled
under the weight of NZ$200 million debt and is putting forward a
proposal to sell his assets. A judge in the High Court at
Wellington was told August 29 that Mr. Serepisos' portfolio of
about 150 residential properties and at least six major commercial
buildings in Wellington is worth NZ$232,472,000.  The Dominion
Post said Mr. Serepisos' liabilities are calculated at
NZ$203,095,206.  The consequences of these proceedings for the
Wellington Phoenix football club are uncertain at the moment, The
Dominion Post noted.

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.


OGGIES CAFE: Faces Liquidation Over Unpaid Tax Bill
---------------------------------------------------
Wanganui Chronicle reports that the Commissioner for Inland
Revenue has applied to liquidate Wanganui business Oggies over
non-payment of tax.

The Chronicle says the move comes amid an apparent time of
transition in the city eatery market, with several businesses
recently closed and a number for sale.

According to the report, the application was made in May and will
be heard in the High Court on September 14.  The Inland Revenue
Department (IRD) would not say how much was owed, the Chronicle
notes.

The Chronicle relates that real estate agent Noel Mouldey said
there was genuine interest from buyers "which is reason enough for
optimism that something should happen".

A sale or an agreement with the IRD could yet save the business
from liquidation, the report adds.

Oggies, a popular Wilson St cafe, is owned by Robert and Karen
Sewell, who also own the new Zinc cafe in Wanganui's information
centre.   They were also the owners of Majestic Square's Indigo
Cafe and Bar, which closed in May.


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


GLOBE ASIATIQUE: Judge Issues Injunction to Stop Charges vs Owner
-----------------------------------------------------------------
ABS-CBN News reports that Pasig City Regional Trial Court Branch
167 Judge Rolando Mislang on Monday issued a preliminary
injunction, stopping the Department of Justice from pursuing a
criminal case against Delfin Lee, owner of Globe Asiatique Realty
Holdings Corp.

ABS-CBN News relates that the injunction came in spite of the
Supreme Court's Office of the Court Administrator order directing
Judge Mislang to explain his issuance of a temporary restraining
order on the filing of syndicated estafa charges by the DOJ
against Mr. Lee, his son Dexter, and three others in connection
with the PHP6.65 billion in loans taken by GA's alleged ghost and
special buyers from Pag-IBIG Fund, questions raised by the DOJ on
such issuance, and an administrative complaint filed Tuesday
against him before the OCA by Pag-IBIG.

According to the news agency, Solicitor General Anselmo Cadiz has
expressed "shock" at Judge Mislang's latest order which the judge
handed down even if the 20-day TRO he issued earlier had not yet
lapsed.  "This particular judge did not exercise restraint at
all," ABS-CBN News quotes Mr. Cadiz as saying.  The Office of the
Solicitor General, representing the DOJ, was supposed to formally
ask Judge Mislang to lift the TRO, the report notes.

Justice Secretary Leila de Lima, in a text message to ABS-CBN
News, said: "Worse, Judge Mislang issued the Order granting
preliminary injunction without waiting for the parties' Memoranda.
The parties agreed, during the Aug. 26 hearing, to submit their
respective memoranda within 15 days or until Sept. 10.  But
without waiting the memoranda, he issued the injunction."

ABS-CBN News reports that the Supreme Court Administrator on
Wednesday said he is still waiting for Judge Mislang's explanation
on why he issued an order to stop the filing of syndicated estafa
charges against GA's top officials.

ABS-CBN News relates that Court Administrator Jose Midas Marquez
said Judge Mislang has been given 10 days to explain why he issued
a 20-day temporary restraining order stopping the filing of
syndicated estafa charges against Mr. Delfin Lee and other
officials.

"I gave him 10 days to explain.  He was informed last Friday and
the office called him up personally.  He received the order last
Monday so he is being given 10 days from Monday to explain,"
Mr. Marquez told ANC's "Dateline Philippines."

According to the report, the DOJ found probable cause to charge
Mr. Lee with syndicated estafa constituting economic sabotage
before a trial court for taking out the housing loans of GA's
alleged "special buyers" and "ghost buyers" in its Xevera housing
units in Mabalacat, Pampanga amounting to PHP6.65 billion.

Aside from Mr. Lee, also recommended charged were his son, Dexter,
who is GA executive vice president and chief finance officer;
Christina Sagun, head of Finance Department; Cristina Salagan,
head of Accounting Department; and lawyer Alex Alvarez, manager of
the Foreclosure Department of the Pag-IBIG Fund, ABS-CBN News
discloses.

                      About Globe Asiatique

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


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


DCS ASSET: Fitch Puts 'BBsf' Rating on GD8.3-Mil. Class C Notes
---------------------------------------------------------------
Fitch Ratings has assigned ratings to DCS Asset Funding Pte.
Ltd.'s working capital facility, class A1 and A2 notes
(collectively class A notes), class B and C notes.  The
transaction is a securitization of credit card receivables in
Singapore, originated by Diners Club (Singapore) Private Limited.
The rating actions are listed below:

  -- WCF with a facility limit of SGD6m due March 2014 (extendable
     up to March 2016, subject to agreement by the WCF provider):
     assigned 'A-sf'; Outlook Stable

  -- SGD100m senior secured class A1 notes due March 2016:
     assigned 'A-sf'; Outlook Stable SGD26m senior secured class
     A2 notes due March 2016: assigned 'A-sf'; Outlook Stable

  -- SGD9.9m senior secured class B notes due March 2016: assigned
     'BBBsf'; Outlook Stable

  -- SGD8.3m senior secured class C notes due March 2016: assigned
     'BBsf'; Outlook Stable

The amounts of class A1, A2, B and C notes represent the sizes
issued at closing.

The ratings and Outlooks reflect the credit enhancement of
each of the rated notes and WCF provided by their respective
subordination, a cash reserve funded at closing which covers three
months of fees and yields of WCF and class A through C notes,
senior expenses and dilution risk, as well as servicer transition
costs.  The ratings are further supported by the presence of early
amortization and servicer termination triggers, and the sound
legal and financial structure of the transaction.

Fitch has derived its base case assumptions based on DCS's
historical data, including that during the last global financial
crisis.  Favorable economic conditions in Singapore are likely to
continue to support the steady performance of the underlying
credit card portfolio.

Each class of notes comprises a proportion of the capital
structure as follows: class A and WCF: 76%; class B: 6%; class C:
5%; class D: 7% and seller notes: 6%. Class A1 has a fixed size of
SGD100m, while all other notes' balances can be increased or
decreased during the revolving period, subject to the
aforementioned proportion for class A, B, C and D notes and the
maximum programme limit at SGD223 million.

As of the cut-off date on 23 August 2011, the eligible portfolio
funded by the investor notes and seller notes consisted of 224,714
accounts with a total outstanding principal balance of
SGD166 million.  The transaction features a 30-month revolving
period, followed by a 24-month pass-through period.  Early
amortization events, upon declaration by the trustee at the
instruction of the noteholders, can end the revolving period and
accelerate the pass-through period, thus protecting investors
against any further deterioration in the portfolio.


                             *********

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

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

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


                            *********


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

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

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

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

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





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